The document outlines Noah Advisors' focus on the digital magazine industry, highlighting the growth opportunities and high-quality subscription service offered by Readly, which has over 4,500 international titles and a strong user engagement. It discusses the financial performance and future outlook for Readly, emphasizing revenue growth, improving margins, and the potential for positive EBITDA in 4-5 years. Additionally, it details Noah Advisors' extensive experience in M&A transactions within the internet sector and their role in facilitating successful deals.

1. NOAH | London, 30th October 2019

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3. 2
● Unlimited high-quality content @ £7.99/mth
● Digital reader experience
● 4500+ international titles from 9 markets
● Environmentally conscious alternative
Readly | Anytime, Anywhere
NOAH | LONDON

4. 33
European category leader
≈800
Publishers
4500
Titles
114k+
Issues
9
Markets
50
0
Countries
4.8
App Store
rating
16
Languages
4
Offices
Placeholder image
version 2.
No.1

5. The magazine market worth USD 74bn is about to go digital
Global recorded music industry
Digital penetration of total market excluding advertising
Global magazine industry

6. The publisher base and content portfolio
is growing
Publishers Titles
Year

7. Best-in-class engagement and retention
7 hrs
time spent
per user/month
36%
Daily active users
/ Monthly active
users ratio
95%
monthly active users
/paying subscribers
ratio
Revenue retention over time
44%47%53%62%74%

8. 2016 A 2017 A 2018 A 2019 E
42%%YoY
54%
≈35%
High growth and improving margins
Subscription revenue (SEKm)
High revenue growth
27%
195
127
65
2016 A 2017 A 2018 A
Gross margin (%)
Contribution margin (%)
30%
27%
20%
-28%
-7%
Improving margins
-14%

9. Financial targets
Partnerships
Digital penetration of the magazine industry
Growth in existing and new markets
New revenue streams
Key growth drivers
Path towards positive EBITDA in 4-5 years
Long term gross margin of 35%
Revenue growth 30-35% mid-term

10. More Exclusives
Trusted & Curated
Content
Mobile First
Market trends | Future Outlook
Mobile optimization
eCommerce
Market place
Daily newspapers
Curation +
Audio capabilities
Monetisation of data
Expansion | Readly Ads
Big data
Willingness to pay

11. Readly Insights | Bringing data to the magazine business
Develop the Readly product and business
Optimisation of editorial content
Optimisation of print and digital ads
Develop publishers core business
20bn+ data points

12. www.readly.com
Thank you!

13. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 10th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
30 successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE®
The NOAH Advisors Core Banking Team
Marco Rodzynek
Managing Director & Founder
Jan Brandes
Managing Director
Nikhil Parmar
Director
Olek Skwarczek
Associate
Lukas Schlund
Analyst
December 2014 October 2014
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
October 2016
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
December 2016
August 2017
Financial Advisor to Silver Lake
Financial Advisor to EMK Capital
Investment in
Acquisition of a Majority Stake in
by
by
at a valuation of $200m
November 2019 July 2019
September 2018
Financial Advisor to MagicLab
Financial Advisor to AU10TIX
and its shareholders
Financial Advisor to 10bis
and its shareholders
Acquisition of a 79% stake in $60m Investment in
Sale of 100% in
by
at a valuation of ~$3 billion
at a valuation of $260m by
for €135m to
10Bis