Mediaset Espana Comunicacion S.A.

Investor Presentation • Jul 28, 2021

H1 2021 Results Presentation

Madrid, July 28th 2021

HIGHLIGHTS: Q2 2021 RESULTS

HIGHLIGHTS: Q2 2021 RESULTS
Million €	Q2 21	Q2 20	%	Total Day TV Audience Share Apr.- 27th	Jul. 2021
					31.2	30.9
Total Net Revenues	239.6	145.3	64.9%	28.9
Total operating costs	178.1	113.0	57.6%	28.3 27.6
EBITDA Adj.	61.5	32.3	90.5%	27.3	26.9
EBITDA margin	25.7%	22.2%				25.8
EBIT	56.6	27.1	108.8%	apr-21 may-21	jun-21	1-27th Jul. 21
EBIT margin	23.6%	18.7%		Audience Total Individuals Total day Q2 2021 Audiovisual & TV Advertising Market Share
NET PROFIT	48.6	21.1	130.4%	Mediaset España		Others
EPS	0.16	0.07			Mediaset España 44.2%	15.5%
Free Cash Flow	56.8	13.6	317.7%
Net cash position(end of the period)	156.7	(2.2)	n.r	Others 69.0%		Atresmedia 40.3%
Results Presentation – H1 2021

40.3%

HIGHLIGHTS: H1 2021 RESULTS

HIGHLIGHTS: H1 2021 RESULTS
Million €	H1 21	H1 20	%	Total Day TV Audience Share Jan.-	27th	Jul. 2021
Total Net Revenues	423.6	375.1	12.9%					31.2	30.9
Total operating costs	310.7	275.5	12.8%	28.3	28.9	28.9	28.3
EBITDA Adj.	112.8	99.6	13.3%	27.4	28.2 28.0	27.3	27.6
EBITDA margin	26.6%	26.5%		26.8				26.9	25.8
EBIT	103.8	88.9	16.7%	jan-21 feb-21	mar-21	apr-21	may-21	jun-21	1-27th Jul.
EBIT margin	24.5%	23.7%		Audience Total Individuals Total day Source: Kantar Media	H1 2021 Audiovisual & TV Advertising Market Share
NET PROFIT	85.4	70.0	22.0%	Mediaset España					Others
EPS	0.27	0.22		30.7%			Mediaset España 43.2%		16.0%
Free Cash Flow	141.4	87.4	61.9%
Net cash position(end of the period)	156.7	(2.2)	n.r	Infoadex's figures	Others 69.3%				Atresmedia 40.8%

EUROCUP 2021: A successful event

TV Consumption Breakdown 2021: Stable figures after lockdowns

Source: Kantar Media Second home included in 2020

Audience share & Commercial Target conversion

Positive/Negative conversion points

TV Advertising Market Recovery: +22.9% vs H1 20

Source: Infoadex

Source: Infoadex

FINANCIAL REVIEW H1 2021

More than a FTA operator

OUTLOOK 2021

Appendix

Madrid, July 28th 2021

Profit & Loss Accounts - I
EUR mil.	H1 21	H1 20	Var (%)
Gross Advertising Revenues	406.1	325.1	24.9%
Mediaset España´s Media	395.3	321.1	23.1%
Third Party Media	10.8	3.9	n.r
Commission	(18.4)	(11.1)	65.1%
Net advertising revenues	387.7	314.0	23.5%
Other revenues	35.8	61.1	(41.4%)
Total Net Revenues	423.6	375.1	12.9%
Rights Amortisation	(40.4)	(47.1)	(14.1%)
Personnel	(61.1)	(56.5)	8.3%
Other operating costs	(209.1)	(172.0)	21.6%
Total Costs	(310.7)	(275.5)	12.8%
EBITDA	112.8	99.6	13.3%
EBITDA Margin	26.6%	26.5%

Profit & Loss Accounts - II
EUR mil.	H1 21	H1 20	Var (%)
EBITDA	112.8	99.6	13.3%
EBITDA Margin	26.6%	26.5%
Other amortisations. provisions	(4.6)	(6.6)	(30.6%)
Amortisation PPA	(4.50)	(4.1)	9.8%
EBIT	103.8	88.9	16.7%
EBIT Margin	24.5%	23.7%
Equity Cons. Results and Depr. Fin. Assets	1.8	1.7	1.9%
Financial results	4.4	(0.3)
Pre-tax Profit	110.0	90.4	21.7%
			21.9%
Income taxes	(23.6)	(19.4)
Minority interests	(1.0)	(1.0)	(0.2%)

Advertising Revenues by TV Sector – H1 2021 Results Presentation – H1 2021 ¹⁵ - Sector weigth + - Sector performance+ Food 31.9% Health & Beauty 0.0% Automotive 7.3% Retail 54.5% Other 33.3% Telcos 35.4% Finance 0.9%

CAPEX Allocation

	Third party Fiction Co-Production/Distribution Tangible and Intangible Fix Assets	9.9% 21.2%	64.8%
	mill. EUR	H1 21	H1 20	Var (%)
	Third party	32.5	50.7	(35.8%)
	Fiction	10.6	13.5	(21.1%)
	Co-Production/Distribution	5.0	2.5	97.7%
	Tangible and Intangible Fix Assets	2.0	2.0	3.3%
	Total Capex	50.2	68.7	(26.9%)
Results Presentation –	H1 2021				16

Increasing weight of In-house contents

TeleCinco Cuatro FDF Divinity Boing Energy BeMad 55.5% 95.3% 78.0% 92.0% 3.9% 0.5% 16.9% 99.7% 44,5% 4.7% 22.0% 8.0% 96.1% 99.5% 83.1% 0.3% In - house Third Party +2.2% vs H1 20 Results Presentation – H1 2021 ¹⁷

Balance Sheet - I
mill. EUR	Jun. 21	Dec. 20
Tangible assets	1,083.7	887.3
Financial	866.9	662.0
Non Financial	216.8	225.3
Audiovisual rights and Pre-payments	137.1	129.4
	69.1	63.6
Third parties
Fiction	43.7	44.7
Co-production / Distribution	24.4	21.0
Deferred tax assets	55.6	79.2
TOTAL NON-CURRENT ASSETS	1,276.4	1,095.8
Current assets	244.2	302.9
Financial investments and cash	361.4	326.0
TOTAL CURRENT ASSETS	605.6	628.9
TOTAL ASSETS	1,882.0	1,724.7

Balance Sheet - II
EUR mil.	Jun. 21	Dec. 20
Shareholders`equity	1,232.2	1,111.9
Non-current provisions	12.3	12.6
Deferred tax liabilities	55.3	49.6
Non-current financial liabilities	204.0	202.5
Financial liabilities	151.0	108.7
TOTAL NON-CURRENT LIABILITIES	422.5	373.4
Current payables	226.6	238.3
Current financial liabilities	0.7	1.1
TOTAL CURRENT LIABILITIES	227.3	239.4

Cash Flow

Cash Flow
EUR mill.	H1 21	H1 20	Var. € million
Initial cash position	123.2	(30.2)	153.4
Operating free cash flow	141.4	87.4	54.0
Operating cash flow	144.6	136.9	7.7
Net Investments (rights & other)	(50.2)	(68.7)	18.5
Change in working capital	47.0	19.1	27.9
Change in Equity	(2.8)	(0.5)	(2.3)
Financial investments/disinvestments	(109.6)	(60.6)	(49.0)
Dividends received	5.2	1.7	3.5
Dividend payments	0.0	0.0	0.0
Own stock purchase	(0.7)	0.0	(0.7)
Net Cash Change	33.5	28.0	5.5
Final net cash position	156.7	(2.2)	158.9

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stock. The shares of Mediaset España may not be offered or sold in the United States of America except pursuant to an effective registration statement under the U.S. Securities Act of 1933 as amended or pursuant to a valid exemption from registration. Results Presentation – H1 2021 ²¹