Wanda Sports : First Quarter 2020 Earnings Conference Call Presentation

EARNINGS CONFERENCE CALL PRESENTATION

First Quarter 2020

June 9, 2020

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, management quotes and the Company's financial outlook. These forward-looking statements can be identified by terminology such as "will," "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements and, consequently, could be affected

by the uncertain and unprecedented impact of COVID-19 on the Company's business and operations and the related impact on its liquidity needs. These forward-looking statements include, but are not limited to, statements about: the impact of the spread of COVID-19 and related mitigation efforts on the Company's business, operations and operating results; the Company's goals and strategies, including following the completion of the sale of the IRONMAN Group; the expected growth in the Company's industry; the Company's expectations regarding its ability to attract rights-in partners and monetize their rights through rights-out arrangements; changes in consumer behavior and consumer and corporate spending, including as a result of the COVID-19 crisis; the Company's ability to reach acceptable levels of engagement with its athletes following the COVID-19 crisis; the Company's future business development, results of operations and financial condition; competition in the Company's industry; general economic and business conditions, including as a result of the COVID-19 crisis; the outcome of discussions with rights owners and lenders to mitigate the impact of the effects of COVID-19 on the Group; and assumptions underlying or related to any of the foregoing as well as risks, uncertainties, and other factors described in "Risk Factors" and elsewhere in the Company's annual report on Form 20- F for the year ended December 31, 2019, which is available on the SEC's website at www.sec.gov. Additional information will be made available in other filings that the Company makes from time to time with the SEC.

In addition, any forward-looking statements contained in this press release are based on assumptions that the Company's believes to be reasonable as of this date. The Company undertakes no obligation to update any forward- looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

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USE OF NON-IFRS FINANCIAL MEASURES

To supplement our consolidated financial statements which are presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"), we also use Adjusted EBITDA as a non-IFRS financial measure. We present this non-IFRS financial measure because it is used by our management in evaluating our operating results and for financial and operational decision-making purposes. We define Adjusted EBITDA as net income excluding share-based compensation and other non-recurring expenses. We also believe that this non-IFRS financial measure provides useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as our management and in comparing financial results across accounting periods and to those of our peer companies.

Non-IFRS financial measures should not be considered in isolation or construed as an alternative to profit/(loss) from operations and net profit/(loss) or any other measure of performance, or as an indicator of our operating performance. Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

Reconciliation of Adjusted EBITDA and EBITDA, another non-IFRS financial measure, to the most directly comparable IFRS financial measure is set forth at the end of this release.

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Who We Are

We are aGlobal Sports Events, Media andMarketing Platform with

Significant	Long-term	Broad
Intellectual Property Rights	Relationships	Execution Capabilities

Uniting People in Sports and Enabling Athletes and Fans to Live Their Passions and Dreams

FINANCIAL RESULTS

Q1 2020 (1)

• Total Revenuereached €163.7million
• • Excluding the impact of reimbursement revenue(2), total revenue was € 163.1 million
• Gross Profitwas €57.8 million
• Net Losswas €4.3 million
• Adjusted EBITDAwas €20.7 million

Notes:

R E V E N U E

EUR MM

-26%

YOY Change

-26%

219.9

0.0

163.7

0.6

219.9

163.1

1Q191Q20

Reimbursement Revenue

Revenue (ex. reimbursement )

G R O S S P R O F I T

EUR MM
Gross	24%	35%
margin
	YOY Change	8%

53.657.8

1Q191Q20

A D J U S T E D E B I T D A

EUR MM
Adj
EBITDA 13%	13%
margin
YOY Change	-27%

28.220.7

1Q191Q20

1. Because the previously announced sale of The IRONMAN Group is still pending, it is treated for purposes of our results for the first quarter of 2020 as an asset held for sale and its historical results are reflected as discontinued operations. Its results and operating data also have been excluded from the comparative first quarter 2019 results and operating data. Unless otherwise indicated, the financial statement line items andnon-IFRS financial measures are presented on a continuing operations basis.
2. Reimbursement revenues represent revenue that has associated costs of a similar, generally matching, amount (reimbursement costs), thereby resulting in a negligible gross margin impact. The negligible gross margin impact from

reimbursement revenues and reimbursement costs (as opposed to a zero gross margin impact as may be otherwise expected) is due to temporary timing differences mainly resulting from foreign exchange effects on invoice settlements.

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SEGMENT ANALYSIS

SPECTATOR SPORTS SEGMENT

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SPECTATOR SPORTS - Q1 2020

R E V E N U E

EUR MM

YOY Change -28%

194.1
	139.8
1Q19	1Q20

G R O S S P R O F I T

EUR MM
Gross	23%	34%
margin
	YOY Change	8%

44.047.5

1Q191Q20

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DPSS SEGMENT

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DPSS - Q1 2020

R E V E N U E

EUR MM

6%

YOY Change

4%

21.5	22.9
0.6
0.0

21.522.3

1Q191Q20

Reimbursement Revenue

Revenue (ex. reimbursement )

G R O S S P R O F I T

EUR MM

Gross	44%	45%
margin
	YOY Change	9%

9.310.2

1Q191Q20

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MASS PARTICIPATION SEGMENT

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MASS PARTICIPATION - Q1 2020

R E V E N U E

EUR MM

YOY Change -78%

4.3

1.0

G R O S S P R O F I T

EUR MM

Gross
margin	7%	14%
	YOY Change	-54%

0.3

0.1

1Q191Q20

1Q191Q20

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FINANCIAL POSITION ANALYSIS

CASH AND CAPITAL EXPENDITURE

C a s h a n d C a s h E q u i v a l e n t s

EUR MM

163.2164.7

Dec.31 2019*

Mar.31 2020**

Notes:

• Inclusive of discontinued operations
• From continuing operations

C a p i t a l E x p e n d i t u r e

EUR MM

% to Revenue

1.5%1.8%

3.33.0

1Q19**1Q20**

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LIQUIDITY

C a s h a n d C a s h E q u i v a l e n t s

EUR MM

~ 509.7M to 527.8M

Est Net

Proceeds

€ 345 to

363M

164.7164.7

Mar.31 2020*

Pro-forma

Estimated net proceeds

Cash and Cash Equivalents

Notes:

* From continuing operations

• We had €164.7 million of cash and cash equivalents at the end of the first quarter 2020, exclusive of cash and cash equivalents attributable to discontinued operations.
• We expect to receive approximately €345 to 363 million of net proceeds from the sale of The IRONMAN Group.

A disciplined approach to manage liquidity, including：temporary wage reductions through work rotation, global hiring freeze, travel and marketing expense reductions,

deferring the planned acquisition initiatives, and reductions

in capital expenditure.

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2020 ESTIMATES - NET INTEREST EXPENSES AND INDEBTEDNESS

I n d e b t e d n e s s

EUR MM

930.5

Repay CS

208.4

Credit Facility:

€ 208M

249

473.1

473.1

Mar.31 2020*

Infront The IRONMAN Group Corporate

Notes:

* Inclusive of discontinued operations

Net Interest Expenses in FY 2019 (inclusive of discontinued operations) were €67.8 million. Expected to reduce by more than 40% (inclusive of discontinued operations) in 2020 YOY.Through:

• Repaying CS Credit Facility (€208 million/US$230million) using part of the net proceeds from sale of The IRONMAN Group;
• Discontinued interest expense after the completion of The IRONMAN Group transaction.
• Net Interest Expenses in Q1 2020 were €12.8 million (inclusive of discontinued operations);
• Net Interest Expense in Q2 2020 are expected to be approximately €13 million (inclusive of discontinued operations).

2020 Net Interest Expenses estimates based on the assumption of current credit terms.

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		Sustainable	• Extending existing rights agreements with long-term partners and winning new contracts;
		Value Creation	• Positioning China business to capture the growth opportunities;
		in Key	•	Increasing digital offerings for transformation; and
		Strategic	•	Expanding Mass Participation IP portfolio with attractive events in growing markets.
		Initiatives

Financial	• Disciplined spending and effective expense management;
• Strengthening balance sheet with debt deleveraging; and
Strengths as
• Cash preservations
Key Driver to
Value Creation

• Due to the significant uncertainties relating to scope, duration and impact ofCOVID-19, we

Financial	currently are unable to reasonably estimate our 2020 financial performance, and
accordingly, are not providing any guidance.
Guidance

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APPENDIX

APPENDIX I - MASS PARTICIPATION EVENTS AND GROSS - PAID ATHLETES IMPACTED BY COVID-19

N U M B E R O F

G R O S S - P A I D A T H L E T E S

	Number of Gross-paid
		Athletes*
Period	2020	2019	YoY
Change
Q1	4,000	45,000 -91%

N U M B E R O F E V E N T S

	Number of Events*
Period	2020	2019	YoY
Change
Q1	2	2	0%

*from continuing operations

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APPENDIX II - REVENUE BY SEGMENT

2019 Q1 Segment Revenue

Mass

Participation

2%

DPSS

10%

Spectator Sports

88%

(in EUR MM)	EUR	% of Rev.
Spectator Sports	194.1	88%
DPSS	21.5	10%
Mass Participation	4.3	2%
Total Revenue	219.9	100%

2020 Q1 Segment Revenue

Mass

Participation

1%

DPSS

14%

Spectator Sports

85%

(in EUR MM)	EUR	% of Rev.	YoY Change
Spectator Sports	139.8	85%	-28%
DPSS	22.9	14%	6%
Mass Participation	1.0	1%	-78%
Total Revenue	163.7	100%	-26%

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APPENDIX III - INDEBTEDNESS

Interest-bearing Liabilities

	Wanda Sports
The IRONMAN	Group
Company
Group
Limited
27%
22%

Infront

51%

	March 31, 2020
(in millions)	EUR €
Wanda Sports Group Company Limited	208.4
Infront	473.1
The IRONMAN Group
	249.0
Total	930.5

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THANK YOU

http://investor.wsg.cn/ [e-mail]