Mediaset Espana Comunicacion S.A.

Investor Presentation • Oct 28, 2020

9M 2020 Results Presentation

(January - September)

Madrid, October 28th 2020

HIGHLIGHTS: Q3 2020 RESULTS

Q3 20	Q3 19	%
171.5	178.3	(3.8%)
121.9	137.3	(11.9%)
50.5	41.0	23.3%
29.4%	23.0%
44.0	36.0	22.3%
25.6%	20.2%
33.2	29.6	12.3%
0.11	0.09	12.3%
32.4	47.6	(31.9%)
25.1	134.3	(81.3%)

* Audience Total Individuals Total day

Q3 2020 Audiovisual & TV Advertising Market Share

HIGHLIGHTS: 9M 2020 RESULTS

Million €	9M 20	9M 19	%
Total Net Revenues	546.6	660.7	(17.3%)
Total operating costs	396.6	456.8	(13.2%)
EBITDA Adj.	150.1	203.9	(26.4%)
EBITDA margin	27.5%	30.9%
EBIT	132.9	190.2	(30.1%)
EBIT margin	24.3%	28.8%
NET PROFIT	103.2	157.0	(34.2%)
EPS (treasury stock excluded)	0.33	0.50	(34.2%)
Free Cash Flow	119.8	168.1	(28.7%)
Net cash position(end of the period)	25.1	134.3	(81.3%)

28.6% 26.1% 15.5% 8.1% 8.4% 13.3% Pay TV Other TV Audience Share Jan.-Sep. 2020

* Audience Total Individuals Total day

9M 2020 Audiovisual & TV Advertising Market Share

TV Consumption Breakdown 9M 2020

BUSINESS PERFORMANCE 9M 2020

Commercial KPI's 9M 2020

Gross TV Advertising Revenues 9M 2020

Source: Infoadex

BUSINESS PERFORMANCE 9M 2020

BUSINESS PERFORMANCE 9M 2020

Successful digital initiatives

OpEx Breakdown: 9M 20 vs 9M 19

OPEX GUIDANCE Q2 20 RESULTS WEBCAST STATEMENT

"……So like I said, the floor is going to be what we have saved already in the first half, which is already consolidated. And in the second, we could have some savings, of course, and we will fight for them if the market is such that makes it necessary to adapt our cost base to this new reality……"

Cash flow generation and margin stability 9M 2020

5 Working in alternatives for relaunching the Paneuropean consolidation project

Development of advertising initatives combining various platforms with special focusing in social

Maintain strong financial position for facing uncertaintities and taking financial opportunities

networks and branded content

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4

Appendix

Madrid, October 28th 2020

EUR mil.	9M 20	9M 19	Var (%)
Gross Advertising Revenues	488.3	644.0	(24.2%)
Mediaset España´s Media	478.9	633.5	(24.4%)
Third Party Media	9.4	10.6	(10.7%)
Commission	(18.1)	(27.5)	(34.2%)
Net advertising revenues	470.2	616.5	(23.7%)
Other revenues	76.4	44.2	72.8%
Total Net Revenues	546.6	660.7	(17.3%)
Rights Amortisation	(70.8)	(80.4)	(12.0%)
Personnel	(84.6)	(88.4)	(4.3%)
Other operating costs	(241.1)	(288.0)	(16.3%)
Total Costs	(396.6)	(456.8)	(13.2%)
EBITDA	150.1	203.9	(26.4%)
EBITDA Margin	27.5%	30.9%

EUR mil.	9M 20	9M 19	Var (%)
EBITDA	150.1	203.9	(26.4%)
EBITDA Margin	27.5%	30.9%
Other amortisations. provisions	(11.06)	(7.73)	43.1%
Amortisation PPA	(6.14)	(6.00)	2.4%
EBIT	132.9	190.2	(30.1%)
EBIT Margin	24.3%	28.8%
Equity Cons. Results and Depr. Fin. Assets	1.9	5.3	(64.1%)
Financial results	(0.4)	(0.1)	-
Pre-tax Profit	134.4	195.5	(31.2%)
Income taxes	(29.5)	(37.3)	(20.7%)
Minority interests	(1.7)	(1.2)	35.6%
Net Profit	103.2	157.0	(34.2%)

CAPEX Allocation

mill. EUR	9M 20	9M 19	Var (%)
Third party	54.7	80.8	(32.2%)
Fiction	21.6	42.5	(49.2%)
Co-Produccion/Distribution	4.3	21.0	-
Tangible and Intangible Fix Assets	4.0	7.3	(45.0%)
Total Capex	84.6	151.5	(44.2%)

Increasing weight of In-house contents

mill. EUR	Sep. 2020	Dec. 2019
Tangible assets	844.5	758.0
Financial	619.3	520.2
Non Financial	225.2	237.8
Audiovisual rights and Pre-payments	179.6	170.8
Third parties	96.0	83.3
Fiction	56.2	58.5
Co-production / Distribution	27.5	29.0
Pre-paid taxes	76.9	70.0
TOTAL NON-CURRENT ASSETS	1,101.1	998.8
Current assets	232.3	293.5
Financial investments and cash	246.6	130.9
TOTAL CURRENT ASSETS	478.8	424.4
TOTAL ASSETS	1,579.9	1,423.1

EUR mil.	Jun. 20	Dec. 19
Shareholders`equity	1,012.2	915.8
Non-current provisions	11.6	11.1
Non-current payables	52.5	38.4
Non-current financial liabilities	277.2	186.5
TOTAL NON-CURRENT LIABILITIES	341.2	236.1
Current payables	222.8	270.4
Current financial liabilities	3.7	0.9
TOTAL CURRENT LIABILITIES	226.5	271.3
TOTAL LIABILITIES	1,579.9	1,423.1

Cash Flow

EUR mill.	Sep. 20	Sep. 19	Var. € million
Initial cash position	(30.2)	165.5	(195.7)
Operating free cash flow	119.8	168.1	(48.3)
Operating cash flow	191.7	269.6	(78.0)
Net Investments (rights & other)	(84.6)	(151.5)	66.9
Change in working capital	12.7	50.0	(37.3)
Change in Equity	(0.2)	0.2	(0.4)
Financial investments/disinvestments	(66.7)	(6.7)	(60.0)
Dividends received	2.5	1.7	0.8
Dividend payments	0.0	(100.0)	100.0
Own stock purchase	0.0	(94.6)	94.6
Net Cash Change	55.3	(31.2)	86.6
Final net cash position	25.1	134.3	(109.2)

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