Investor Presentation

Here's a concise summary of Zee Entertainment's earnings update: **Business Performance:** Zee Entertainment reported Q3 FY26 operating revenue of Rs 2,280.1 Cr, up 15% YoY, but 9M FY26 revenue slightly dipped 1% YoY to Rs 6,074.1 Cr.

Q3 EBITDA was Rs 240.5 Cr (10.5% margin), down 24% YoY, with net profit at Rs 154.8 Cr (-5% YoY). Subscription revenue and Other Sales & Services boosted Q3, while domestic advertising saw a 10% YoY decline due to FMCG slowdown. **Growth Drivers or Strategy:** Strategic focus areas include strengthening TV network share, up 60 bps YoY to 17.5%. Its digital platform, ZEE5, is a key growth driver, achieving 45% YoY revenue growth in 9M FY26 (Rs 1,018.8 Cr) and positive EBITDA of Rs 56.4 Cr in Q3. Cost management significantly cut 9M FY26 EBITDA losses. **Recent Developments:** Recent developments include 39 new shows/movies on ZEE5, 8 new movie distributions by Zee Studios, and Zee Music Company growing to 175 Mn YouTube subscribers. **Management Commentary / Outlook:** Management expects ZEE5's positive momentum to continue and anticipates a revival in domestic advertising.

The company maintains a healthy balance sheet with Rs 2,183.7 Cr in cash & treasury investments and optimized content inventory at Rs 6,930 Cr.