FL Entertaiment SPAC

6 Guidance & Outlook B Banijay BetClic Everest GROUP FL Entertainment Guidance 2022E • Revenue : ~€3.0bn Adjusted EBITDA: ~€450m Revenue: ~€0.8bn • Adjusted EBITDA: ~€200m • Revenue: ~€3.8bn • Adjusted EBITDA: ~€645m¹ • Adjusted FCF: ~80% cash conversion² Leverage between 3.0-3.5x4 Midterm Outlook Annual organic revenue growth: mid single digit Stable adjusted EBITDA margin Annual organic revenue growth: low teens Stable adjusted EBITDA margin Adjusted FCF: ~80% cash conversion² Dividend payout ratio: not less than 1/3 of adjusted net income³ Leverage policy: <3.0x4 Note: See page 34 for further background on the 2022E guidance and midterm outlook, including applicable factors and assumptions. The Group has not defined and does not intend to define by reference to specific periods the term "midterm". 1. Including ~€5m holding costs 2. Defined as (Adjusted EBITDA - Purchase of PP&E and of intangible assets - Total cash outflows for leases that are not recognised as rental expenses)/Adjusted EBITDA 3. Net income adjusted for restructuring charges and other non-recurring items, LTIP and employment-related earn-out and option expenses, and other financial income 4. Defined as Net debt post IFRS 16/Adjusted EBITDA 21

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