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Investor Presentation • Mar 22, 2022

CAPITAL MARKETS DAY 2022

CORPORATE STRATEGY

JOSEPH OUGHOURLIAN

Grupo PRISA Chairman

PRISA'S PERIMETER WITH A CLEAR ROADMAP

PRISA GROUP PERIMETER

Education Leading K-12 Ed-Tech platform in LatAm

Prisa Media Largest Hispanic Media House

Managed by experts in the know-how of each business

STABILITY SECURED

In 2021, we have focused on securing the stability of the Group for the years ahead

2021 YEAR OF STRENGTHENING CORPORATE GOVERNANCE

Heavy chain of command with duplicity of managers

Lean chain of command

New culture focusing on savings, deleveraging and business growth

PRISA GROUP STRATEGIC PILLARS

01	02	03	04	05
FINANCIAL STABILITY	FOCUS	GROWTH	BEST-IN CLASS	ESG
· Extended runaway of 5 years · Lenders supporting business growth · Increased flexibility with ability to grow	· Well defined perimeter (Education & Media) · Accountability · Renewed culture	· Mainly organic · Accelerating digital · Content innovation	· Leading position across businesses · Strong Brands · Global Platforms	· Robust solid commitment 5 main strategic SDGs · Tangible objectives to meet commitments

REFINANCING FRAMEWORK

DAVID MESONERO

Grupo PRISA CFO

NEW FINANCING STRUCTURE PROVIDING STABILITY TO FOCUS ON BUSINESS PLAN EXECUTION DURING THE NEXT 5 YEARS

• · Extension of maturities
• · Material improvements in flexibility
• · Ability to grow
• · Increased focus on ESG

SUMMARY TERMS OF THE NEW FINANCING

TRANCHE	QUANTUM(1)	MARGIN	MATURITY
· Super Senior	c. 160 M€ + 80 M€ RCF	E+5.00% Cash	JUN-26
· Senior	c. 575 M€	E+5.25% Cash	DEC-26
· Junior	c. 185 M€	E+3.00% Cash + 5.00% PIK	JUN-27
TOTAL	c. 920 M€	Blended E+5.94%	-

(1) Debt quantum assumes funding as of 31 March 2022, includes applicable OIDs.

THE NEW FINANCING REDUCES COST OF DEBT…

2022-2025 HoldCo Interest Expense

Million euros

• Blended margin decrease from 7.19%(1) to 5.94%(2)
• 53 M€ interest savings over 2022-2025

(1) Blended cost of debt from 31 March 2022 until 30 June 2026. For the former financing, blended cost assumes Company's current debt is extended until June 2026 at current terms. (2) Excludes warrants issued by Shareholders.

…AND EXTENDS MATURITIES

Debt Maturity Profile

Former financing New Financing

• Extension of average debt maturity profile by c. 2 years
• 5 years of stability to focus on the execution of the Business Plan

THE NEW FINANCING ALSO PROVIDES A STABLE FRAMEWORK FOR THE COMPANY…

ND / EBITDA COVENANT

• Covenant-lite during first 18 months (minimum liquidity test only)
• ND / EBITDA and DSCR covenants with Increased headroom

	2022	2023	2024	2025
Former Financing	8.10x	4.25x	4.25x	n.a.
New Financing (1)	n.a.	7.90x	6.25x	5.50x
	Increased headroom

…PROVIDES ENHANCED FLEXIBILITY FOR THE COMPANY GOING FORWARD…

FORMER FINANCING NEW FINANCING

● Significant margin step-up and covenant compression to incentivise capital increase or material M&A divestiture

• Preservation of corporate perimeter
• Ability to prepay Senior & Junior debt at the Company's discretion without penalties
  • Potential to reduce blended cost of debt to c. 5%(1)

(1) Cost of debt reduction achieved through potential repayment of Junior tranche ahead of Super Senior and Senior tranches under certain circumstances.

…AND FACILITATES NON-ORGANIC GROWTH TO ACCELERATE THE RECOVERY OF THE BUSINESS

	FORMER FINANCING	NEW FINANCING
PERMITTED DISPOSALS	Restrictive regime subject to consent from majority lenders	Flexible if conducted at Fair Value and with >80% of consideration in Cash
REINVESTMENT OF PROCEEDS	Proceeds from divestitures fully allocated to debt prepayment	Ability to reinvest first 75 M€ of proceeds in the business, decreasing prepayment ratchet thereafter
PERMITTED ACQUISITIONS	20 M€ basket for Santillana + 20 M€ basket for Media	Flexible subject to proforma leverage ratios

PROFORMA CAPITAL STRUCTURE OF THE GROUP UNDER THE NEW FINANCING

(1) HoldCo gross debt assumes refinancing implemented as of 31 March 2022 (incl. OIDs and accrued PIK interests since 31-Dec-21 until 31-Mar-22), rest of metrics as of 31 December 2021.

(2) Ratio calculated based on covenant EBITDA definition as per current financing agreements (i.e. excluding severance costs, minority interest in Prisa Radio (20%), MIP expenses and pension plan expenses).

MEDIA

CARLOS NÚÑEZ

03

PRISA Media CEO

THE LARGEST HISPANIC MEDIA HOUSE

PRISA MEDIA: THE LARGEST HISPANIC MEDIA HOUSE

WE OPERATE ACROSS MAJOR SPANISH SPEAKING REGIONS IN PRESS AND RADIO…

Addressable Spanish – speaking population > 500M GDP Radio Trillion USD Press REST OF LATAM (1) COLOMBIA CHILE MEXICO HISPANIC USA SPAIN Population Millions 51.0 0.3 19.7 0.3 129.0 1.3 62.3 n.a. - 213.8 1.4 - 47.2 1.4 Our presence – Addressable Markets

Source: IMF – World Economics Outlook Oct 2021, Instituto Cervantes 2021. Note 1 – Considers Argentina, Bolivia, Costa Rica, Guatemala, Honduras, Ecuador, Nicaragua, Panama, Paraguay, Puerto Rico, Peru, El Salvador, Uruguay, Venezuela. Note 2 – Mexico's results accounted for as equity method Prisa Media earning results

…THROUGH A PORTFOLIO OF PREMIUM BRANDS AROUND NEWS, SPORTS & ENTERTAINMENT AND MUSIC

WE CURRENTLY MANAGE OVER >230M MONTHLY UNIQUE DIGITAL USERS AND >23M DAILY NON-DIGITAL USERS WORLDWIDE…

02

Source: Prisa Media as of Feb 2022, EGM Laborables (2021), Ipsos Media CT, ECAR. Note 1 – Monthly average values. Note 2 – Digital Users understanded as unique (different) browsers. Note 3 – Daily average values. Note 4 – Digital Subscribers as of Jan 2022. Note 5 – EP, As & Cinco Días dup. daily readers (EGM). Note 6 – Diffusion Indicator, Note 7 Digital only subscriber and paper with digital enablement as of Jan 22

+134M

Social media followers

+30M

Monthly reactions

+3.2B

Monthly Video Views

Where we are today

Leveraging our large existing communities to explore new digital territories, adapting to younger audiences and new ways of consuming and monetizing content

Where we'll be "tomorrow"

WITH THIS, WE HOLD TOP POSITIONS IN OUR CORE MARKETS

	AUDIENCE Millions		MARKET POSITION Ranking
	DIGITAL Monthly Unique Users	OFF Daily Unique Users	DIGITAL Monthly Unique Users	OFF Daily Unique Users
SPAIN	89.0	10.4	#1	#1
COLOMBIA	27.4	6.9	#2	#1
CHILE	17.9	3.9	#1	#1
MEXICO	27.1	1.9	#4	#2
HISPANIC USA	21.2	N/A	N/A	N/A

Note 1: Digital measuring Unique Browsers. Note 2: Excluding players which have TV and OTT as their core business. Sources: Prisa Media, Estudio ECAR 2021, Ipsos Chile – Santiago, Comscore, INRA Mediómetro Radio Nac (2021, dec), GFK, EGM Spain

IN SPAIN, WE ARE THE LEADING PLAYER WITH A UNIQUE COMBINED PROPOSITION PRESS AND RADIO…

Source: GFK (Digital), Kantar Media Feb 22, EGM 3º Acum. 2021, Prisa Media. Note 1 – Media reach deduplicated calculation taking into account different information sources from all media (TV, radio newspapers, digital, etc)

…AND THROUGH EL PAÍS, WE LEAD THE DIGITAL NEWSPAPER SUBSCRIBERS MARKET…

Digital Subs as a Critical Value Driver for Prisa Media

3x higher contribution margins than paper subs (>90%)

Growing revenue stream to complement advertising business

Better advertising performance (~ x100)

…SHOWING A STRONG GROWTH PACE WITH BEST IN CLASS METRICS

Quarterly number of digital subscriptions – EL PAÍS '000 active subscribers

Compounded Quarterly Rate

16%

ARPU and Churn of subs. Base

Vs. Spanish market approximate average

ARPU per month (In €; 2021)

Average monthly churn (2021)

WE HAVE THE BEST POSITION IN OUR CORE MARKETS WHILE KEEPING ROOM FOR GROWTH

	News Music			Sports
	Radio		Press
	LOS40	SER	EL PAÍS	AS
Global Commercial Perception Rank (1)	#1	#1	#1	#2
Market Share	58%	42%	26%	33%
	Various	Caracol/W
Market Share		40%	<1%	<1%
	Various	ADN
Market Share		28%	<1%	<1%
	Various	La W
Market Share		15%	<1%	<1%
Market Share			<1%	<1%

Source: (1) Media Scope 2021; "Estudio de la Imagen, Calidad y Eficacia Comercial de los medios de comunicación en España"; AMI; AERC; (2) Market share in radio only considers three incumbents (SER, COPE and Onda Cero); Spain Music market share includes Cadena Dial.

WE HAVE THE RIGHT ASSETS TO CONSOLIDATE AND DEVELOP A RESILIENT POSITION IN THE ADVERTISING FUNNEL

03

xx Market weight (Spain)

Source: Media Hotline; Prisa Media

WE HAVE ALREADY DEVELOPED AN ASSET BASE AROUND "NON LINEAR" AUDIO AND VIDEO THROUGH TWO SPECIFIC PLATFORMS

Objectives Audio &

Video Platforms

PRISA AUDIO HAS BECOME THE FIRST WORLDWIDE AUDIO PRODUCER IN SPANISH

Media brands

APPLE PODCAST PLATFORM - GLOBAL RANKING 04

WE ARE DEVELOPING NEW VIDEO FORMATS AND CONCEPTS LEVERAGING ON OUR VIDEO PRODUCTION CAPABILITIES 04

BUSINESS APPROACH

A VERY CLEAR MEDIA STRATEGY TO EXECUTE

WE ARE FOCUSED ON PRODUCING THE BEST CONTENT ACROSS ALL FORMATS AND MAXIMISE ITS DISTRIBUTION

WE AIM TO INCREASE OUR DIGITAL SCALE WHILE IMPROVING OUR AUDIENCE KNOWLEDGE TO MAXIMIZE MONETIZATION

Best editorial products 360º Expansion in

Aggregation of digital audiences (Press & Radio)

distribution

Premium commercial products Subscription models Content production for 3rd parties Adjacent revenue lines

TO FULFILL OUR STRATEGY, WE HAVE IMPLEMENTED A NEW ORGANIZATION WITH TRANSVERSAL SERVICES

• Break organizational silos
• Culture: collaborative, agile and based on data-driven
• Efficiencies and operational synergies
• Customer centric approach

	Outlets
SERVICE PLATFORMS	PRESS	RADIO
Marketing
Commercial
Digital & Tech	S	N
Operations and Control	A DÍ 5	D A / L
HR & Talent	/ S A / S	O C A R A
Legal	AÍ P L E	C / R E
CONTENT PLATFORMS		S
Audio
Video

EXECUTION – THE NAME OF THE GAME

2H21 IN A NUTSHELL

SOME SUCCESS STORIES

• Boosted our digital journey 1
• Executed a one-shot restructuring 2
• Delivered results 3
• "Hoy en EL PAÍS" podcast 4
• Retina, our vertical in Technology 5
• Acceleration of digital in radio 6

IN 2H21 WE HAVE BOOSTED OUR DIGITIZATION JOURNEY…

… AND WE HAVE DESIGNED AND EXECUTED A ONE-SHOT RESTRUCTURING PROCESS

SO FAR, WE HAVE DEMONSTRATED OUR CAPACITY TO DELIVER RESULTS DURING THIS TRANSITION YEAR

2021 Prisa Media EBITDA x € Million

CRITICAL SUCCESS FACTORS

⁴ IN JUST 20 DAYS "HOY EN EL PAÍS" HAS BECOME THE LEADING DAILY PODCAST IN SPAIN IN NARRATIVE AND LATEST THEMES

¿QUÉ PERDEMOS SI CAE ODESA? (18/03/22)

5 NOMBRES DE MUJER, 5 LEYES QUE ESTÁN TRANSFORMANDO LATAM (8/03/22)

LO QUE SABEMOS Y LO QUE FALTA POR SABER DE JUAN CARLOS I (7/03/22)

Daily downloads. '000. Total cumulative downloads

WITH RETINA, WE AIM TO LEAD THE EDITORIAL TECHNOLOGY SPACE IN 5 SPANISH

OUR LEARNING CURVE IN PRESS ALLOWS US TO ACCELERATE OUR DIGITAL JOURNEY IN RADIO

6

Washington Post CMS (Arc) deployed, improved and fine-tuned in EL PAÍS since 2019

Once a product is deployed it can be quickly scaled to other outlets

EL PAÍS Digital version Cadena SER New Digital version

• CMS migration done in just 4 months with great efficiencies and immediate results
• Cadenaser.com only "audio first web" in Spain, beating all traffic expectations in feb-22:
  • >7 million digital listeners
  • >16 million listening hours
  • >47 million downloads

PRISA MEDIA 2025

OUR 2025 AMBITION IS FRAMED ON HEALTHY GROWTH PROSPECTS ACROSS ALL OUR MARKETS

Source: eMarketer; Media Hotline/i2p and Prisa Media

WE WILL BOOST OUR DIGITAL REVENUE MIX, ACCELERATE OUR EXPANSION TO HISPANIC AMERICA, WHILE DEEPENING IN OUR PROFITABILITY TRACK

BOOST DIGITAL REVENUE STREAMS

INCREASE EXPOSURE TO "HISPANIC AMERICA"

REDUCE COST AND INCREASE PRODUCT PROFITABILITY

OUR PLAN GOES AROUND INCREASING OUR REVENUES AND BOOSTING OUR DIGITAL MIX…

…DIVERSIFYING OUR GEOGRAPHIC MIX…

… BEING EL PAÍS A MAJOR GROWTH DRIVER FOR THIS EXPANSION

WE WILL ALSO CONTINUE OUR COST EFFICIENCY PROGRAM AND COST CULTURE …

…TO UNLOCK EBITDA GROWTH IN THE NEXT 4 YEARS

and lean culture

We have the markets and the scale

We have the brands and the products

We have the digital approach

We have the organization

EDUCATION

04

FRANCISCO CUADRADO

Santillana CEO

01

Santillana, leader in the K-12 market in LATAM

03

Public business. Santillana, leader in public sales

SANTILLANA, LEADER IN THE K-12 MARKET IN LATAM

GOAL

Creating life chances through the EDUCATION.

STRATEGIC VISION

Leading the transformation and digitization of the K-12 ecosystem in Latin America through INNOVATIVE CONTENT and the BEST TECHNOLOGY SOLUTIONS for students and schools.

SANTILLANA, LEADER IN THE K-12 MARKET IN LATAM

Present in 19 countries in Latin America, market leader in 18 countries and top 3 in Brazil.

With an integrated and scalable technological platform, to lead the digital transformation, accelerated after the Covid-19 crisis.

Talent leveraged on c. 3,300 people on staff: commercial network with wide capillarity and specialised content creation team.

And fully committed to the Sustainable Development Goals.

Managing two separate businesses after a successful operational and corporate carveout:

· private market (70% sales) · public market (30% sales)

SANTILLANA, LEADER IN THE K-12 MARKET IN LATAM

A PROFITABLE BUSINESS (€m)

	2021
350 Sales	69 EBITDA
20% EBITDA Margin	25% Normalised EBITDA margin (Pre-covid)

PRIVATE MARKET CONSTITUTES 70% OF SANTILLANA'S BUSINESS, BASED ON DIGITAL SUBSCRIPTION MODELS

Brazil, Mexico and Colombia contribute 2/3 of total revenues in 2021

PUBLIC MARKET CONSTITUTES 30% OF SANTILLANA'S BUSINESS, A RESILIENT MARKET

PUBLIC MARKET

5 Countries, with focus on Brazil and Mexico

Leaders in LATAM

Didactic business (BsG) based on sales of textbooks and digital solutions

Total public market turnover by geography 2021 (%)

Brazil and Mexico account for around 80% of Santillana Public turnover in 2021

WITH TECHNOLOGY AS THE DRIVING FORCE BEHIND THE PROJECT

Market Analysis

BIG DATA Strategic approach

Learning Analytics

ENGAGEMENT WITH OUR CUSTOMERS: LOYALTY AND SATISFACTION

2021

LOYALTY RATES CUSTOMER SATISFACTION INDEX

Increasingly satisfied customers

Market study with 6,000 managers and teachers who are customers of Santillana's LATAM subscription systems (Nov-21)

IMPROVE satisfaction FOCUS on SERVICE AND CUSTOMER GUIDANCE to maintain high satisfaction rates

SANTILLANA'S COMMITMENT TO SUSTAINABLE DEVELOPMENT GOALS AS PART OF ITS CORPORATE STRATEGY: PROMOTING ESG PILLARS

Minimising the ENVIRONMENTAL IMPACT of Santillana's activities

• 100% Carbon Neutral by 2030
• Paper 100% from sustainable sources
• Educate students on the mitigation of climate change

Strong and consistent support for upholding the PRINCIPLES OF EQUALITY, DIVERSITY AND INCLUSION

• Incorporate sustainability in 100% of teacher training and new education projects
• Develop learning programmes for students with special needs
• Stimulate and foster schools being sustainably managed centres
• Guarantee equality and diversity

ENVIRONMENT SOCIAL GOVERNANCE

Developing a robust GOVERNANCE MODEL that adequately addresses the interests of all stakeholders

• 100% of new suppliers signed up to the Code of Ethics

A NEW ORGANIZATION TO ACCELERATE GROWTH

01 CHANGE OF CEO of the company

TWO BUSINESSES (Private market and public market) Two different and specialised teams

Renewed PROFILES AND DIRECT TEAMS of the three main countries Brazil/Mexico/Colombia

04

02

03

New COMMERCIAL MODEL (Hunter and Farmer) Transformation of commercial teams and remuneration models

05 Driving NEW, MORE TECHNOLOGICAL PROFILES Accross all areas of the company (content, business...)

PRIVATE BUSINESS

SANTILLANA, DRIVES TRANSFORMATION

(1) Santillana's estimated value for 2020

Morgan Stanley values the Core private market for Brazil in 2020 at R\$4,000m (€680m)

A NEW CONTEXT FOR EDUCATION MARKET

PRIVATE

UNIQUE MOMENT TO ACCELERATE EDUCATION TRANSFORMATION…

Increased DIGITIZATION and use of TECHNOLOGY PLATFORMS

• Covid-19 has accelerated the TRANSFORMATION in education
• It is expected that the future of K12 education in LatAm will be based on EDUCATIONAL PLATFORMS

NEW EDUCATIONAL CONTENT AND SERVICES beyond the curriculum

• Empowerment of TEACHERS AND SCHOOLS and increased involvement of FAMILIES is expected
• Demand for SUPPLEMENTAL offerings and DIGITAL services is growing

Subscription models have EMERGED STRONGER from the COVID-19 crisis

• K-12 education in LatAm is STRENGTHENED by its quality and potential
• The didactic market is confirmed as an OBSOLETE EDUCATIONAL MODEL

… our penetration of subscription models

IT IS NOW TIME TO ACCELERATE… … digitization in our value proposition

… our growth and market leadership

SUBSCRIPTION MODELS: THE EDUCATION PROPOSITION OF THE FUTURE OVERCOMING AN OBSOLETE BUSINESS MODEL

PRIVATE

BUSINESS ^A TRANSFORMATION

SANTILLANA, A DIGITAL SUBSCRIPTION SYSTEMS COMPANY

FLEXIBLE SYSTEMS as an engine of growth

PRIVATE

Growth strategy based on CONQUEST of weakened small systems

Growth focused on the TRANSFORMATION of the didactic market

High potential to gain market share and differential positioning

Private market LEADER and the only major player in the subscription systems market

Focus on the TRANSFORMATION of the DIDACTIC MARKET

With a strategy based on a BROAD PORTFOLIO and with TECHNOLOGY as a key player

STUDENT TRANSFORMATION ADDS + 4M STUDENTS TO THE GROWTH SUBSCRIPTION MARKET

(1) Estimated by Santillana

STUDENT SANTILLANA PRIVATE: 2025 GOALS GROWTH

BROAD BRAND PORTFOLIO BEING STRENGTHENED WITH PORTFOLIO SUPPLEMENTAL SOLUTIONS

Students in subscription models will grow substantially across all offerings due to the migration of the learning market

PRIVATE

BUSINESS ^C

CONTENT & ED-TECH PLATFORM (B2B2C)

COMMERCIAL NETWORKS SPECIALISED IN GROWTH NETWORK

Changing PROFILES taking on the transformation of the sales force

Changes in the RETRIBUTIVE MODELS for achievement of targets

TECHNOLOGY: BIG DATA AND AI TO IMPROVE BUSINESS TECHNOLOGY QUALITY

PRIVATE

Improving USABILITY and USER EXPERIENCE

Being close to the NEEDS OF FAMILIES

ABILITY TO IMPROVE OUR PROFITABILITY PRIVATE

POST-COVID-19 Market

Increased REVENUE in the business

• Recovery to pre-covid market levels
• Increased enrolment in the private market
• Improved purchase rates
• Increase ARPU and improve profitability per customer
• Transformation to subscription + upselling + cross-selling
• Technological solutions and portfolio of scalable products and services

SCALABLE business MODEL

• Ability to improve costs of our structure and service business business model 100% EdTech

SYNERGIES in structure

• The costs of the didactic model disappear

PRIVATE BUSINESS

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS PRIVATE

SALES (EURm) CASH FLOW (EURm) 2021 2025BP 214 C. 15% 340-400

PUBLIC BUSINESS

SANTILLANA, LEADER IN PUBLIC SALES

CLEAR AND TRANSPARENT PUBLIC SALES PROCESSES PUBLIC

SUSTAINED LEADERSHIP POSITION IN PUBLIC BUSINESS PUBLIC

MARKET SHARE (%) BY TOTAL REVENUES

BUSINESS

WITH A STRONG COMMITMENT TO PUBLIC EDUCATION PUBLIC

FUTURE VISION OF SANTILLANA

The decisive commitment to the public market and continued GROWTH in public sales

Support in the inevitable process of DIGITALISATION of official schools, where Santillana is prepared and experienced

PROFITABLE market with high CASH GENERATION Continue to GROW MARKET SHARE

Santillana recognised as a LEADING BRAND and a REFERENCE as a supplier of products and services.

STABLE BUSINESS WITH HIGH CASH GENERATION PUBLIC

2021 2025BP 136 110-150 M€ (€m) SALES (EURm) Margin(%) 22.3% 22%-24% EBITDA 2025BP (EURm) 2021

During the Covid 19 crisis, public sale plans were STRENGTHENED and Santillana improved its positioning

SANTILLANA IN 2025

SANTILLANA IN 2025

EURm	2025
Sales	340-400
%EBITDA Mg.	27%-29%

PRIVATE BUSINESS		EURm	2025	PUBLIC BUSINESS
EURm	2025	Sales	450-550	EURm	2025
Sales	340-400	EBITDA	>130	Sales	110-150
%EBITDA Mg.	27%-29%	%EBITDA Mg.	>26%	%EBITDA Mg.	22%-24%

FCF >60 M€

EURm	2025
Sales	110-150
%EBITDA Mg.	22%-24%

• Key players in the TRANSFORMATION of the market to digital subscription models in LATAM
• With cutting-edge TECHNOLOGY and big data at the heart of decision making
• With the MOST SATISFIED CUSTOMERS in the market
• Increasing PROFITABILITY with a digital business

• Leading a PROFITABLE market

• Prepared for the DIGITIZATION of public sales processes in the coming years

FINANCIAL OVERVIEW

DAVID MESONERO

Grupo PRISA CFO

The streamlined Holding Company aims to cash flow growth maximization and balance sheet strengthening, with increasingly lower costs

Total HoldCo Costs and Headcount 2020-2021 vs 2025

GROWTH FUNDAMENTALS FOR 2025 ARE CLEARLY DEFINED

FOCUS ON CASH GENERATION TO OUTPACE YEARS OF CASH CONSUMPTION

• ❑ Profitability supported by improving operating leverage
• ❑ Enhanced working capital management
• ❑ Controlled Capital Expenditure to bolster digital transformation
• ❑ Sustained financial strength: cash generation increase and continuous debt reduction
• ❑ Resounding commitment with sustainability and ESG criteria

Revenues around 1,000 M€ in 2025, on the back of strong growth in both businesses…

…with increasing digital contribution and higher international presence

Cost control initiatives will permit the Group to hold expenses growth below nominal economy rates

(1) All costs are included, except pure variable costs: industrial, commercial, circulation, events, promotions, commissions and copyright costs.

Revenue expansion and cost control to multiply EBITDA around 3.5x vs 2021

Group's EBITDA margin expected to overcome historical pre-Covid levels, estimating to reach >22% in 2025

Enhanced management of working capital…

...to keep ratio to revenues below 12% despite important increase in sales

Capex goals defined to enable growth, but exhaustively monitored to keep focus…

…with ratio to revenues around 6% despite relevant expected digital growth

Significant positive cash flow generation over the period, with c. 100 M€ FCF by 2025

FCF/EBITDA conversion around 50% in 2025

Santillana and Prisa Media increasing contribution to FCF growth

Net Debt to EBITDA ratio reduction (<3.0x by 2025), with no debt maturity events over the period

Net Debt to EBITDA long term ratio <2.5x

GROUP'S SUSTAINED FINANCIAL STRENGTH: A VIRTUOUS CIRCLE SUPPORTED BY 3 KEY PILLARS

1

3

2

Adequate level of liquidity

• Despite focusing financial resources on growth, new refinancing framework (expected 2022) together with successful renegotiation of leases (2021) allows to maintain enough liquidity over the period
• With also additional potential upsides such as a potential senior and junior debt replacement

Lower financial leverage

• Better results in the businesses allow to reach much lower (thus, sustainable) net debt to EBITDA ratios
• Which could also may lead to potential even better financing scenarios

Digital Growth financing

• Funds allocated for digital business growth besides debt servicing return better business performance and subsequent better results and cash generation
• Which feeds back this financial strength virtuous circle for the Prisa 2025

Reinforced commitment with sustainability and ESG criteria

COMMITMENT WITH SUSTAINABILITY AND ESG CRITERIA

100% renewable energy consumption in Spain

ESG governance improvement

• Sustainability committee created within PRISA's board of directors
• Sustainability ESG meeting on a monthly basis lead by CFO

Gender equality increase

• 35.7% female directors, above the CNMV's Good Governance Code recommendations

• F Sustainability in financing • Finance for growth along with sustained Financial strength over the period
  • 3bps margin incentive linked to 2 ESG KPIs in the new debt refinancing

SIGNIFICANT ACHIEVEMENTS IN 2021, THAT CONTINUE IN 2022

sustainability in 2021:

Increasing commitment with new sustainability projects in 2022: A stronghold to boost

AND AMBITIOUS TARGETS TO BE INTENSIVELY PURSUED: 11 ESG GOALS TO SUPPORT THE PRISA 5 MAIN STRATEGIC SDGS

Create and distribute content that contributes to sustainable development Promote sustainable development in educational projects

GUIDANCE 2025

Promote women in managerial positions Increase gender equality in management board

Social KPIs considered for overall ESG-linked financing

Increase advertising contribution to social and cultural institutions Improve talent management

Persistent Greenhouse Gas Emissions reduction Minimize environmental impact produced by paper consumption

Promote ethical behavior in PRISA Promote professional ethics in supply chain Ensure data privacy and security

KEY TAKEAWAYS

06

JOSEPH OUGHOURLIAN

Grupo PRISA Chairman

KEY TAKEAWAYS

01	Strong fundamentals of the businesses with a clear strategic approach
02	Focus on sustainable growth with capital allocation to bolster digital transformation
03	Committed to delivery
04	Robust social approach

For the first time in the Group's history, we present a business plan for the next 4 years offering guidance to meet

CAPITAL MARKETS DAY 2022

APPENDIX

Key Brands around EL PAIS

Economy & Finance

Lifestyle

Geographical Presence

International Digital Audience (000)

+180k

paid subscriptions as of Jan '22

brands

#1

News platform in Spain

OVERVIEW

newsrooms in Spain (Madrid & Barcelona), Mexico and Colombia

• Largest global news platform in the Hispanic market, with

market, w/ >180k subscriptions

• Leading the digital subscription news provider in the Spanish

• Strong diversified value-offer w/ a wide portfolio of profitable

Press - Average Daily Audience

'000 audience in News

Digital – Monthly Audience

'000 audience in News

DIARIO AS IS GLOBAL HISPANIC LEADING SPORTS AND ENTERTAINMENT A.2 NEWSPAPER

OVERVIEW

• Global Ibero-American leading sports newspaper, with nine different editions across Spain, LatAm and USA (in English and
• Long term partnerships with key sports associations (e.g. Mediapro, DAZN), enabling high value unique content
• Strong entertainment product diversification: Meristation (leading video gamming magazine), As TV (sports videos

Digital – Monthly Audience

CADENA SER IS THE TOP LEADER NEWS AND INFORMATION RADIO A.2 BRAND IN SPAIN

+24M

Monthly audio downloads

+1,6M

Monthly digital listeners

Key Brands around Cadena SER OVERVIEW

Geographical Presence

• Leading news & information radio brand in Spain, >4M daily users
• Premium radio programs with multiple genres and renowned commentators: news, sports, comedy, leisure among others
• Strong digital presence and product development: new 'Audio First' web in Jan '22, friendly picture-in-picture streaming audio player, podcast products and recommendation features, etc.

Radio – Daily Reach '000 audience (Spain)

LOS 40 AND THE REST OF MUSICAL RADIO BRANDS LEAD THE SPANISH A.2 MARKET, WITH STRONG PRESENCE ACROSS LATIN AMERICAN COUNTRIES

Key Brands around LOS 40

Geographical Presence

International Digital Audience (000)

418

301

458

+20,6M

Monthly digital streaming hours

+3,0M

Monthly digital listeners

OVERVIEW

• Spanish leading (#1) music radio w/ strong presence across LatAm countries
• Diversified into producing live music events; concerts and festivals, with presence in multiple countries
• Reinforced digital audio distribution agreements and developments with multiple platforms (Amazon Alexa, Google Home, Sonos, Tunein), as well as owned media channels (webs, apps, and cross Prisa Media)

A.2

IN COLOMBIA, PRISA MEDIA HAS DOMINATING MARKET POSITIONS IN MANY DIFFERENT GENRES, AS WELL AS LEADING THE NATIONAL RADIO MEDIA REACH

	MARKET POSITION BY GENRE/FORMAT	DAILY REACH
#2	General Music	1,9M
#1	News/talk radio	1,5M
#2	News/talk radio	1,1M
#1	Romantic	1,1M
#1	Rock	538K
#3	Youth	472K
#4	Youth	156K

IN CHILE, PRISA MEDIA HAS LEADING PRODUCT AND A WIDE RADIO A.2 PORTFOLIO THAT COVERS A WIDE ARRAY

A.2

IN MEXICO, PRISA MEDIA HAS STRONG PRESENCE IN MANY OF THE KEY MEXICAN GENRES, COMBINING NATIONAL AND LOCAL CONTENT IN ITS VALUE-ADDED OFFER

	MARKET POSITION BY GENRE/FORMAT	DAILY REACH
#2	Regional Mexican	1,8M
#2	Youth Pop	1,6M
#1	News	909K
#10	Sports	151K
#2	Spanish Catalogue	62K
#1	Ranchero (local Mexican genre)	23K

CAPITAL MARKETS DAY 2022