Mediaset Espana Comunicacion S.A.

Investor Presentation • Feb 24, 2021

FY 2020 Results Presentation

(January - December)

Madrid, February 24th 2021

HIGHLIGHTS: Q4 2020 RESULTS

Q4 19 %
1.6%
(8.8%)
28.1%
30.7%
37.9%
37.9%
335.1%
n.r

HIGHLIGHTS: FY 2020 RESULTS

Million €	FY 20	FY 19	%
Total Net Revenues	836.6	946.2	(11.6%)
Total operating costs	584.0	662.3	(11.8%)
EBITDA Adj.	252.7	284.0	(11.0%)
EBITDA margin	30.2%	30.0%
EBIT	230.5	264.9	(13.0%)
EBIT margin	27.6%	28.0%
NET PROFIT	178.7	211.7	(15.6%)
EPS (treasury stock excluded)	0.57	0.68	(15.6%)
Free Cash Flow	200.9	186.7	7.6%
Net cash position(end of the period)	123.2	(30.2)	n.r

TV Consumption Breakdown 2020

Source: Kantar Media Second home included in 2020

Results Presentation – FY 2020

Commercial KPI's FY 2020

Gross TV Advertising Revenues FY 2020

Source: Infoadex

Enhancing diversification of revenue sources

BUSINESS PERFORMANCE 2020

(**) Advertising revenues, subscription fees and other digital revenues included

OpEx Breakdown: FY 20 vs FY 19

0,0

75,0

150,0

225,0

300,0

375,0

450,0

525,0

600,0

675,0

Cash flow generation and margin evolution FY 2020

Undisputed leadership position in the Spanish audiovisual market

❑ First stakeholder in the German broadcaster holding 13.18% of the share capital

• 3.43% acquired at January 21st, 2021
• 4.25% acquired at March 23rd, 2020
• 5.50% acquired at November 11th, 2019

❑ First and second acquisitions partially financed with debt and hedged

• ❑ Business model matches with Mediaset España's (TV, digital assets, ad tech and content producer)
• ❑ Industrial proposition well diversified with high value digital assets
• ❑ Key player in the European scenario

OUTLOOK 2021

Appendix

Madrid, February 24th 2020

EUR mil.	2020	2019	Var (%)
Gross Advertising Revenues	759.1	916.5	(17.2%)
Mediaset España´s Media	741.7	901.8	(17.7%)
Third Party Media	17.4	14.7	18.4%
Commission	(29.8)	(40.0)	(25.5%)
Net advertising revenues	729.3	876.5	(16.8%)
Other revenues	107.3	69.7	53.9%
Total Net Revenues	836.6	946.2	(11.6%)
Rights Amortisation	(126.7)	(135.9)	(6.7%)
Personnel	(120.6)	(121.5)	(0.8%)
Other operating costs	(336.7)	(404.9)	(16.8%)
Total Costs	(584.0)	(662.3)	(11.8%)
EBITDA	252.7	284.0	(11.0%)
EBITDA Margin	30.2%	30.0%

EUR mil.	2020	2019	Var (%)
EBITDA	252.7	284.0	(11.0%)
EBITDA Margin	30.2%	30.0%
Other amortisations. provisions	(13.95)	(10.91)	27.9%
Amortisation PPA	(8.19)	(8.19)	(0.0%)
EBIT	230.5	264.9	(13.0%)
EBIT Margin	27.6%	28.0%
Equity Cons. Results and Depr. Fin. Assets	2.6	5.9	(55.6%)
Financial results	(1.8)	(0.2)	-
Pre-tax Profit	231.4	270.6	(14.5%)
Income taxes	(50.4)	(56.8)	(11.4%)
Minority interests	(2.3)	(2.0)	10.7%
Net Profit	178.7	211.7	(15.6%)

Advertising Revenues by TV Sector – FY 2020

CAPEX Allocation

mill. EUR	2020	2019	Var (%)
Third party	57.4	91.5	(37.2%)
Fiction	24.5	55.5	(55.8%)
Co-Produccion/Distribution	5.8	26.1	(77.9%)
Tangible and Intangible Fix Assets	10.9	11.0	(1.3%)
Total Capex	98.6	184.1	(46.4%)

Increasing weight of In-house contents

mill. EUR	2020	2019
Tangible assets	887.3	758.0
Financial	662.0	520.2
Non Financial	225.3	237.8
Audiovisual rights and Pre-payments	129.4	170.8
Third parties	63.6	83.3
Fiction	44.7	58.5
Co-production / Distribution	21.0	29.0
Pre-paid taxes	79.2	70.0
TOTAL NON-CURRENT ASSETS	1,095.8	998.8
Current assets	302.9	293.5
Financial investments and cash	326.0	130.9
TOTAL CURRENT ASSETS	628.9	424.4
TOTAL ASSETS	1,724.7	1,423.1

EUR mil.	2020	2019
Shareholders`equity	1,111.9	915.8
Non-current provisions	12.6	11.1
Non-current payables	49.6	38.4
Non-current financial liabilities	311.2	186.5
TOTAL NON-CURRENT LIABILITIES	373.4	236.1
Current payables	238.3	270.4
Current financial liabilities	1.1	0.9
TOTAL CURRENT LIABILITIES	239.4	271.3
TOTAL LIABILITIES	1,724.7	1,423.1

EUR mill.	2020	2019	Var. € million
Initial cash position	(23.2)(**)	165.5(*)	(188.7)
Operating free cash flow	200.9	186.7	14.2
Operating cash flow	341.6	394.0	(52.4)
Net Investments (rights & other)	(98.6)	(184.1)	85.5
Change in working capital	(42.1)	(23.1)	(18.9)
Change in Equity	0.0	0.9	(0.8)
Financial investments/disinvestments	(59.1)	(190.4)	131.3
Dividends received	4.1	1.7	2.4
Dividend payments	0.0	(100.0)	100.0
Own stock purchase	0.5	(94.6)	95.1
Net Cash Change	146.4	(195.7)	342.0
Final net cash position	123.2	(30.2)	153.4

(*) Adjusted at the beginning of the period due to NIIF16

(**) Initial financial position 2020 Adjusted at the beginning of the period to reclassify certain liabilities previously reported as part of the financial position.

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Statements contained in this document. particularly the ones regarding any Mediaset España possible or assumed future performance. are or may be forward looking statements and in this respect they involve some risks and uncertainties.

Mediaset España actual results and developments may differ materially from the ones expressed or implied by the above statements depending on a variety of factors.

Any reference to past performance of Mediaset España shall not be taken as an indication of future performance.

The content of this document is not. and shall not be considered as. an offer document or an offer or solicitation to subscribe for. buy or sell any 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