Full year results 2019

Fyber N.V.

30 April 2020

1Highlights &

newsAgenda

2Products &

differentiators

3Global growth

market

4Financials &

outlook

2

1

Highlights &

news

We build

technology that

empowers app

developers to grow

their business

through quality

advertising

4

Highlights 2019

Product & business

▪ 22% growth in programmatic business YoY in 2019; programmatic is 66%

of overall revenue

▪ Successful ongoing roll-out of Fyber’s proprietary monetization technology

Fyber FairBid

▪ 2019 was the first year relying solely on the core business – full ad space

supply is in-app and comes exclusively from direct integrations with app

developers

Financials

▪ Adjusted EBITDA improved by +62%; Positive adjusted EBITDA in Q4 2019

▪ Operational cost base reduced by 20% YoY in 2019

▪ Completed debt restructuring and returned to positive equity position

5

Preliminary Q1 2020 financials

▪ 36% growth of programmatic business in Q1 2020

▪ Overall revenue +12% growth to €31 million; adjusted

EBITDA of €-1 million

Initial effects from COVID-19 on Fyber

▪ Fyber’s mix of advertising sources shifted:

▪ Stable development of performance advertising

▪ Decrease in brand advertising spend

▪ Decline in revenue margin due to mix effects

▪ Initiated cost saving initiatives to maintain goal of positive

adj. EBITDA for the full year 2020

6

Recent news 2020

Q1

In € million 2020* 2019 YoY Change

Programmatic business 19.7 14.5 36%

Non-programmatic business 11.0 13.0 -15%

Total revenue 30.7 27.5 12%

Adj. EBITDA (1.0) (1.3) 23%

*Note: Preliminary non-audited figures

Preliminary Results Q1 2020Programmatic core business continues to grow; Improved adj. EBITDA

▪ Continued growth in the

programmatic business

▪ 12% growth in total revenue

translated into 23% improvement in

adjusted EBITDA

▪ Overcame short-term revenue

decline in offer wall business during

2019 – expecting to return to growth

for the full year 2020

7

8

Mixed impact of COVID-19 on ad tech

and app ecosystem

▪ Mobile device engagement

increases as more people

are required to stay at home

▪ Significant growth in activity

for gaming apps

▪ Spend on user acquisition

ads (performance

advertising is stable or

growing, as app developers

seek to grow their following

and user base

▪ Other growing app

segments include fitness,

delivery, streaming,

e-learning

▪ Brand advertising decreases

as marketing budget are

affected by cost cuts and ad

campaigns are being paused

▪ Activity and marketing spend

within certain app verticals

such as travel, ride sharing,

dating decline

▪ While ad tech companies

and app publishers are well

suited for remote work,

product development and

business conversation are

generally slower and less

effective

Opportunities Immediate impact

▪ As more people are affected

by economical challenges

due to a general economic

downturn, user spend on in-

app purchases may decline;

potentially translating into

reduced marketing spend on

user acquisition

▪ Increased seasonality in

advertising spend during and

following the crisis

▪ Increased collection

challenges as typical

payment cycles may expand

Mid-term risk

2

Products &

differentiators

Publisher Buyer

Fyber’s comprehensive solutionState-of-the-art publisher-facing app monetization

10

Fyber FairBidThe evolution of app monetization

Why Fyber?In-app header biddingMediation

■ Pro: get access to a large

amount of ad partners with one

integration

■ Con: ad partners bidding one at

a time based on predefined

ranking

■ Con: potential revenue loss for

publishers & ad spot loss for

advertisers

■ Con: increased manual effort

by publishers to establish the

ranking

■ Con: limited number of

advertisers that publishers can

enable

■ Enables publishers to offer every

ad opportunity to all demand

partners in real-time

■ All demand partners, regardless

of their technical integration,

participate in every auction

■ Highest bid wins = true yield

optimization for publishers

■ Maximize competition =

Maximize revenue

■ In web, header bidding created

an uplift of 20%-50% in publisher

revenue

■ Proven expertise in mediation

and real-time bidding

■ Extensive network of over 180

programmatic demand partners

■ Advanced analytics tools,

granular data & intuitive

dashboard

■ Partnerships in place with

market leading ad networks &

strong pipeline

Previously Now up

11

APP

Global

programmatic

marketplaceFyber Marketplace

Open auction

Private marketplace

Audience & data tools

Fyber

Direct

Top brand DSPs

Top performance DSPs

■ Healthy demand mix

creating a superior user

experience

■ Clean, direct traffic (SDK

integration)

■ Over 180 directly

integrated buyers and

advertising partners

12

Top 4 performer in

AdLibertas ranking

Top 3 banner demand source,

Top 7 interstitial demand

source in AppoDeal ranking

Source: Ad Libertas, Top Network Performance 2019,

Appodeal Performance Index, H1 2018 Edition

13

Boosts revenue,

retention, and re-

engagement

■ Non-intrusive opt-in ad format,

popular among gaming publishers

■ Enables users to explore more

free content within the app, driving

engagement and retention

13

Differentiation

through

technology &

service

Seconds

Seconds

▪ Technology & innovation: first-to-

market true app bidding with Fyber

FairBid

▪ One-stop-shop for publisher,

covering all aspects of in-app

advertising

▪ Expert guidance for publishers by

our monetization experts

▪ Deliberate focus on publisher-side

of value chain

▪ Direct technical publisher

integrations

▪ Diversified revenue base by

geography and product

14

Our growth strategy is based on

technology & innovation

1515

Our programmatic

business grew 22% in

2019 YoY

Innovations in areas of

fastest market growth laying

foundations for long-term

value creation

Existing products New products

Sustainable, loyal client network based on

SDK integrations with a consistent retention

rate of 85%+

Existing publishers

Onboarded 100+ high-profile publishers in 2019 | Strong

client pipeline for 2020

New publishers

15

16

3

Global growth

market

The Opportunity | Fyber is wholly focused on

in-app, the fastest growing segment in digital advertising

Source: eMarketer, October 2019, US market

2019

In-app

83%

($82bn)

Mobile Web

17%

($17bn)

In-App is dominating US

mobile advertising spend

17

99

120138

153167

23

22

23

22

21

7

9

11

13

14

2019 2020 2021 2022 2023

Mobile Desktop Connected TV

US digital ad spend in $bn

In-app dominates digitalin terms of ad spend & user time

Users spend

>3hrs/day on mobile (more than on

TV)

of that within apps

80%

Source: eMarketer

2018, 2019 / App

Annie 2020, data for

2019

18

3.2 billion

active

smartphone

users

$120 billion

global user

spend

on apps

$190 billion

global mobile

ad spend

200 billion app

downloads

worldwide

Gamingnot just for kids

The gaming audience

spans all ages, is highly

engaged, and is more

likely to make purchases.

19

4

Financials &

outlook

Fyber’s programmatic business is on a positive

momentum despite challenging business environment

21

Adj. EBITDA

-4

-2 -1.9

0.6

-7.2

-1.3 -0.3-1.7

0.6

-2.7

Q1 Q2 Q3 Q4 Full year

2018 2019

Total operating cost

14.2 13 13.2 12.9

53.3

11.2 10.1 10.8 10.9

43

Q1 Q2 Q3 Q4 Full year

2018 2019

12.415.2 16.9

22

65

14.518.6 20.3

25

79

Q1 Q2 Q3 Q4 Full year

2018 2019

29.3 29.5 31.138.6

128.5

27.5 26.6 28.636.3

119.0

Q1 Q2 Q3 Q4 Full year

2018 2019

+22%

+62%-19%

-7%

Total revenue Programmatic business revenue

▪ FY’2019: -7% in revenue; slight decline due to

external market effects in the offer wall

segment; revenue fully based on core business

▪ Q4’19: -6% in revenue due to the decline in

the non-programmatic business. The

programmatic business grow by 14%

▪ FY’2019: Cost of sales includes revenue

share to 3rd parties and other components, 6%

decrease YoY, resulting in 16% gross profit

margin

Q4’19: 85% of revenue

▪ FY’2019: Operational cost base reduced by

20% YoY, based on completed integration of

former group companies

Q4’19: Operational cost base reduced by 18%

YoY

▪ FY’2019: 62% improvement in adj. EBITDA

Q4’19: Positive adj. EBITDA of €0.6 million

Full year Q4

In € million 2019 2018YoY

change2019 2018

YoY

change

Revenue 119.0 128.5 -7% 36.3 38.6 -6%

Cost of sales (99.5) (105.6) 6% (30.6) (30.0) 1%

Gross profit 19.5 23.0 -15% 5.6 8.6 -15%

IT cost* (9.7) (11.2) 13% (2.5) (2.5) -

R&D cost* (11.6) (13.5) 14% (2.8) (3.6) 22%

S&M cost* (15.0) (19.6) 23% (3.5) (4.8) 27%

G&A cost* (6.8) (9.0) 24% (2.1) (1.9) 7%

Total operating

cost*(43.0) (53.3) 19% (10.9) (12.9) 16%

EBITDA* (2.7) (7.2) 63% 0.6 0.6 -

EBITDA margin* -2.3% -5.6% 3.3pp 1.6% 1.7% 0.1pp

Key Financials 2019Revenue fully based on in-app and core business

20% reduction in operational cost enabled adj. EBITDA improvement

*Note: Adjusted, non-IFRS figures excluding one-off impacts such as impairment of goodwill, acquisition related

costs and option plans.22

Revenue Composition 2019Programmatic business grew +22% FY 2019 YoY, +14% Q4 2019 YoY

FULL YEAR Q4

In € million 2019 2018 % Change 2019 2018 % Change

Programmatic business 79 65 22% 25 22 14%

Non-programmatic business 39 57 -32% 11 17 -35%

One-off effects 1 7 -86% - 0.5 n/a

Total revenue 119 129 -7% 36 39 -8%

▪ Total revenue declined by 7% in 2019 YoY and 8% in Q4 YoY, due to changes in the market

environment effecting the wider industry

▪ Ongoing growth in programmatic business

▪ Set stable foundations: revenue now exclusively coming from core business, fully in-app, direct

technical integrations with publishers only

23

Break-down by quarter 2019Steady growth of programmatic business

▪ Stable increase in programmatic

core business quarter-over-quarter

▪ Non-programmatic business (Offer

Wall Edge) was affected by

extraordinary market circumstance

slowing down the entire market;

turn-around achieved already

during the year 2019

▪ Natural slight decline in revenue

margin based on increase of

programmatic business share

▪ Positive adj. EBITDA for Q4 2019,

significant improvement for the full

year adj. EBITDA

2019 2019

In € million, rounded Q1 Q2 Q3 Q4 FY

Programmatic

business15 19 19 25 79

Non-programmatic

business13 8 7 11 39

Total revenue 27.5 26.6 28.6 36.3 119.0

Gross profit 4.9 4.9 4.0 5.6 19.5

Total operating cost (11.2) (10.1) (10.8) (10.9) (43.0)

Adj. EBITDA (1.3) (0.3) (1.7) 0.6 (2.7)

24

Balance SheetReturning to positive equity following debt-to-equity exchange

▪ Apr 2019: Voluntary debt-to-equity

swap of €74 million of the

outstanding convertible bonds

▪ Nov 2019: Bondholder meeting

prolonged the remaining portion of

bonds until July 2022 including

interest payments

Currently no short-term liability from

bonds

▪ Prolonged existing debt facilities

from BillFront and Bank Leumi

▪ Shareholder loans from Tennor

Holding B.V. amount to €30 million

Year ended 31 Dec

In € millions 2019 2018

Intangible assets 148.3 155.6

Other assets 10.0 2.3

Cash and cash equivalents 12.9 12.3

Trade and other receivables 29.5 31.2

Other financial assets 8.2 8.3

Total assets 208.9 209.7

Interest bearing loans 120.7 173.0

Trade and other payables 36.7 38.4

Employee benefits 5.8 8.3

Other liabilities 12.7 4.6

Deferred tax liabilities - 1.0

Total liabilities 175.8 225.3

Total equity 33.1 (15.6)

*Note: Preliminary pro-forma figures including the debt-to-equity swap 25

Profit and Loss Statement 2019

Year ended 31 Dec Three months ended 31 Dec

In € million 2019 2018 2019 2018

Revenue 119.0 128.5 36.3 38.6

Cost of sales (99.5) (105.6) (30.7) (30.0)

Gross profit 19.5 23.0 5.6 8.6

Research and development expenses (12.8) (14.0) (3.1) (3.7)

Sales and marketing expenses (15.9) (20.2) (3.7) (5.0)

General and administrative expenses (8.8) (10.4) (2.5) (2.8)

Other operating expenses (2.5) - (2.7) -

Earnings before interest and tax (EBIT) (20.5) (21.6) (6.4) (2.9)

Net finance cost (28.7) (14.1) 4.0 (4.2)

Profit (loss) before taxes (49.2) (35.7) (2.4) (7.0)

Income tax gain (expense) 0.5 0.2 (0.3) (0.6)

Profit (loss) for the year after tax (48.8) (35.4) (2.7) (7.6)

26

In € millions 31 Dec 19 31 Dec 18

Non-current assets 161.1 157.6

Goodwill 134.9 133.3

Other intangible assets 13.4 22.3

Property & equipment 8.5 1.2

Non-current financial assets 4.3 0.8

Current assets 47.8 52.1

Inventories - 0.1

Trade and other receivables 29.5 32.2

Other current financial assets 3.9 6.5

Prepayments 1.4 1.0

Cash and cash equivalents 12.9 12.3

Total assets 208.9 209.7

In € thousands 31 Dec 19 31 Dec 18

Equity (Deficit) 33.1 (15.6)

Issued capital 36.2 11.5

Share premium 250.4 184.8

Treasury shares (4.7) (4.7)

Other capital reserves 30.5 25.3

Legal reserve 8.0 7.2

Retained earnings (287.0) (237.3)

Other components of equity (0.3) (2.2)

Non-current liabilities 115.5 159.0

Employee benefits 0.2 0.2

Loans and borrowings 102.7 154.1

Deferred tax liabilities - 1.0

Other non-current liabilities 12.5 3.7

Current liabilities 60.4 66.2

Trade and other payables 36.7 38.4

Employee benefits 5.5 8.0

Loans and borrowings 18.0 18.8

Current tax liabilities 0.2 0.9

Total liabilities 175.9 225.2

Total equity and liabilities 208.9 209.7

Financial Position 2019

▪ Positive equity due to reduction in convertible

bonds facility

▪ Outstanding facility of €76 million convertible

bonds, maturity 202227

In € millions1 Jan –

31 Dec 2019

1 Jan –

31 Dec 2018

Net cash flow from operating activities (9.2) (16.7)

Net cash flow from investing activities (5.5) (4.1)

Net cash flow from financing activities 14.9 15.2

Net change in cash & cash equivalents 0.2 (5.6)

Net foreign exchange difference 0.4 0.3

Opening balance cash & cash equivalents 12.3 17.6

Closing balance cash, cash equivalents & cash

deposits12.9 12.3

Cash Flow Statement 2019

28

Share

Information

Issuer Fyber N.V.

Ticker Symbol FBEN

ISIN NL0012377394

MarketFrankfurt SE

Prime Standard

Currency Euro

Number of shares 361.87 million

52 weeks high / -low (as of 08 Apr) 0.37 / 0.09

Shareholder registered above 3% (as of Apr 2020) % Voting Rights

Advert Finance B.V. 94%

29

1yr Xetra closing price

as of 08 Apr 2020

As per 31 Dec 2019:

Fyber enables investing

into digital’s strongest segment

▪ Fast-growing market dominated by few key players | High entry barriers

▪ Defensible competitive position | Deliberate focus on publisher-side

▪ Direct publisher integrations | Trust & client loyalty | Global reach & scale

▪ Diversified revenue base

▪ Commitment to profitability & stable growth

3030

“These materials may contain forward-looking statements based on current assumptions and

forecasts made by Fyber N.V.’s management and other information currently available to

Fyber N.V. By their nature, forward-looking statements involve a number of risks,

uncertainties and assumptions that could cause actual results, performance or events to differ

materially from those expressed or implied by the forward-looking statements. Statements

contained in these materials regarding past trends or events should not be taken as a

representation that such trends or events will continue in the future. Neither Fyber N.V. nor

any other party is under any duty to update or inform you of any changes, whether as a result

of new information, future events or otherwise, to the information in these materials.

Certain market data and financial and other figures (including percentages) in these materials

were rounded in accordance with commercial principles. Figures rounded may not in all cases

add up to the stated totals or the statements made in the underlying sources. For the

calculation of percentages used in the text, the actual figures, rather than the commercially

rounded figures, were used. Accordingly, in some cases, the percentages provided in the text

may deviate from percentages based on rounded figures. The financial information relating to

the Group contained in this document has not been audited or reviewed.

No reliance may be placed for any purposes whatsoever on the information contained in this

document or on its completeness. No representation or warranty, expressed or implied, is

given by or on behalf of Fyber N.V. or any of its affiliates, directors, officers or employees,

advisors or any other person as to the accuracy or completeness of the information or

opinions contained in this document, and no liability whatsoever is accepted for any such

information or opinions or any use which may be made of them. This document does not

constitute an offer to sell, or a solicitation of an offer to buy, any securities.”

Disclaimer

31

Thank You!

32

Contact

ir@fyber.com +49 30 609 855 555

Office Address

Wallstr. 9-13, 10179 Berlin, Germany

About Fyber N.V.

Fyber is an app monetization company, developing a next-generation monetization

platform for app developers. Fyber combines proprietary technologies and expertise in

mediation and real-time bidding with centralized revenue data to help app developers

discover better ways to monetize mobile games. Fyber has seven global offices in Berlin,

San Francisco, New York, London, Tel Aviv, Beijing, and Seoul and is publicly traded on

the Frankfurt Stock Exchange under the symbol FBEN.