B2B Growth Avenues

Attractive Cash Conversion Profile FY '21, in Єm Live Streaming Adj. EBITDA (1) Working Capital Capex Leases Repayment and Other (65) Source: Company information. (1) See appendix for definition of adjusted metrics. +37 (2) (6) Low capex model with most R&D costs expensed in P&L (11) Structurally positive inflows from working capital Cash Flow Pre-funding Includes €7m investments in Driift and Dreamstage (47) 75

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