Universal Registration Document 2021

OPERATING AND FINANCIAL REVIEW AND PROSPECTS RESULTS OF OPERATIONS FOR 2020 AND 2021

Analysis of operating expenses and profit (loss) from continuing 2.2.3 operations before tax and net financial expense COST OF SALES

RESTRUCTURING COSTS In 2021, the Group continued its efforts to reduce costs through facilities optimization and headcount reductions, which generated high restructuring costs, but they are much lower than in 2020, in line with Panorama plan phasing. Restructuring costs for continuing operations amounted to €37 million in 2021, or 1.3% of revenues, including €6 million in Technicolor Creative Studios on cost streamlining actions, €4 million in Connected Home, pursuant to the three-year transformation plan, €17 million in DVD Services, mainly resulting from optimization of sites, and €10 million for Corporate and Other (Group’s Transversal Functions). In 2020, restructuring costs for continuing operations amounted to €100 million, or 3.3% of revenues. NET IMPAIRMENT LOSSES ON NON-CURRENT OPERATING ASSETS In 2021, Technicolor recorded a net impairment charge of €5 million, compared to a net impairment charge of €75 million in 2020 (mainly coming from a depreciation of DVD Services business goodwill). For more information, please refer to notes 4.5 to the Group’s consolidated financial statements. OTHER INCOME (EXPENSE) Other income (expense) was a gain of €14 million in 2021, compared to a gain of €8 million in 2020. For further information, please refer to note 3.3.3 to the Group’s consolidated financial statements. Profit from continuing operations before tax and net financial expense amounted to €30 million in 2021, or 1.0% of revenues, compared to a loss of €267 million, or (8.9)% of revenues in 2020 mostly explained by higher gross margin of €126 million, lower selling and administrative expenses by €20 million, lower R&D costs of €10 million, higher other income for €6 million, lower restructuring costs of €63 million, and lower net impairment losses on non-current operating assets of €70 million. PROFIT (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND NET FINANCIAL EXPENSE

Cost of sales amounted to €2,494 million in 2021 or 86.1% of revenues, compared to €2,729 million in 2020, or 90.8% of revenues. Cost of sales decreased by €235 million compared with 2020, reflecting lower revenue in Connected Home explained by key component shortages and supply chain dislocation which prevented the business from fully servicing strong customer demand. Cost of sales in percentage of revenue is decreasing due to the proportion of Technicolor Creative Studios sales increasing in total Technicolor revenue. The principal components of the Group’s cost of sales were the costs of finished goods for resale (mainly in the Connected Home segment), raw materials (mostly in the Connected Home and DVD Services segments), labor costs (mostly in Technicolor Creative Studios and in DVD Services segments), as well as costs related to real estate and fixed asset depreciation (mainly in Technicolor Creative Studios and DVD Services segments). Gross margin from continuing operations amounted to €404 million in 2021, or 13.9% of revenues, compared to €278 million in 2020, or 9.2% of revenues. This higher gross margin mainly reflects the higher sales impact in Technicolor Creative Studios segment. SELLING & ADMINISTRATIVE EXPENSES Selling and marketing expenses amounted to €87 million in 2021, or 3.0% of revenues, compared to €92 million in 2020, or 3.1% of revenues. General and administrative expenses amounted to €175 million in 2021, or 6.0% of revenues compared to €191 million in 2020, or 6.4% of revenues. This decrease reflects the cost structure optimization done throughout the Group with the Panorama plan. For more information, please refer to note 3.3.2 to the Group’s consolidated financial statements. NET RESEARCH AND DEVELOPMENT EXPENSES Net research and development (“R&D”) expenses amounted to €84 million in 2021, or 2.9% of revenues, compared to €94 million in 2020, or 3.1% of revenues. For more information, please refer to note 3.3.1 to the Group’s consolidated financial statements.

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TECHNICOLOR UNIVERSAL REGISTRATION DOCUMENT 2021