Mediaset Espana Comunicacion S.A.

Investor Presentation • Sep 2, 2020

H1 2020 Results Presentation (January - June)

Madrid, September 2nd 2020

Sale of content to audiovisual players gaining traction maintaining our position of independence (29.6M€ from January to June)

3 Strong financial capabilities due to free cash flow generation plus 300M€ in unused credit lines

⁴ Only Spanish media Group with covid-19 Aenor certification warranties employees and providers safety

HIGHLIGHTS: H1 2020 RESULTS

Million €	H1 20	H1 19	%
Total Net Revenues	375.1	482.5	(22.3%)
Total operating costs	275.5	319.5	(13.8%)
EBITDA Adj.	99.6	163.0	(38.9%)
EBITDA margin	26.5%	33.8%
EBIT	88.9	154.2	(42.4%)
EBIT margin	23.7%	32.0%
NET PROFIT	70.0	127.4	(45.1%)
EPS (treasury stock excluded)	0.22	0.39	(0.17)
Free Cash Flow	87.4	120.5	(27.5%)
Net cash position(end of the period)	(2.2)	87.3	n.d

TV Audience Share Jan.-Jul. 2020

H1 2020 Audiovisual & TV Advertising Market Share

* Audience Total Individuals Total day

Results Presentation – H1 2020 3

BUSINESS PERFORMANCE H1 2020

TV Consumption Breakdown H1 2020

Gross TV Advertising Revenues H1 2020

Results Presentation – H1 2020 5

BUSINESS PERFORMANCE H1 2020

Successful digital initiatives

FINANCIAL REVIEW H1 2020

0.0

75.0

150.0

Strong Financial position

Net Financial resources increased by 73M€ in the period up to a total of 298M€ thanks to a robust free cash flow generation and new lines of credit signed

Corporate Events H1 2020

4 Return to work plan developed and approved

Digital Development, reinforcing the existing ones and taking new market opportunities

Maintain strong financial position

4

Appendix

Madrid, September 2nd 2020

EUR mil.	H1 20	H1 19	Var (%)
Gross Advertising Revenues	325.1	472.9	(31.3%)
Mediaset España´s Media	321.1	464.5	(30.9%)
Third Party Media	3.9	8.3	(52.7%)
Commission	(11.1)	(20.5)	(45.7%)
Net advertising revenues	314.0	452.4	(30.6%)
Other revenues	61.1	30.1	103.2%
Total Net Revenues	375.1	482.5	(22.3%)
Rights Amortisation	(47.1)	(60.4)	(22.1%)
Personnel	(56.5)	(58.8)	(3.9%)
Other operating costs	(172.0)	(200.3)	(14.1%)
Total Costs	(275.5)	(319.5)	(13.8%)
EBITDA	99.6	163.0	(38.9%)
EBITDA Margin	26.5%	33.8%

EUR mil.	H1 20	H1 19	Var (%)
EBITDA	99.6	163.0	(38.9%)
EBITDA Margin	26.5%	33.8%
Other amortisations. provisions	(6.6)	(4.7)	38.6%
Amortisation PPA	(4.1)	(4.0)	2.4%
EBIT	88.9	154.2	(42.4%)
EBIT Margin	23.7%	32.0%
Equity Cons. Results and Depr. Fin. Assets	1.7	5.0	(65.0%)
Financial results	(0.3)	0.0
Pre-tax Profit	90.4	159.2	(43.2%)
Income taxes	(19.4)	(31.2)	(37.9%)
Minority interests	(1.0)	(0.6)	59.9%
Net Profit	70.0	127.4	(45.1%)

FINANCIAL REVIEW H1 2020

Opex performance H1 20

Thanks to 45.7% opex reduction in last 10 years, EBITDA margin remains robust

150

250

350

450

550

CAPEX Allocation

mill. EUR	H1 20	H1 19	Var (%)
Third party	50.7	72.4	(30.0%)
Fiction	13.5	25.9	(48.0%)
Co-Production/Distribution	2.5	16.9	-
Tangible and Intangible Fixed Assets	2.0	4.7	(58.2%)
Total Capex	68.7	120.0	(42.8%)

Results Presentation – H1 2020 18

Increasing weight of In-house contents

mill. EUR	Jun. 2020	Dec. 2019
Tangible assets	832.3	758.0
Financial	603.6	520.2
Non Financial	228.7	237.8
Audiovisual rights and Pre-payments	190.5	170.8
Third parties	114.7	83.3
Fiction	49.4	58.5
Co-production / Distribution	26.4	29.0
Pre-paid taxes	74.9	70.0
TOTAL NON-CURRENT ASSETS	1,097.7	998.8
Current assets	220.5	293.5
Financial investments and cash	207.2	130.9
TOTAL CURRENT ASSETS	427.7	424.4
TOTAL ASSETS	1,525.4	1,423.1

EUR mil.	Jun. 20	Dec. 19
Shareholders`equity	984.5	915.8
Non-current provisions	11.3	11.1
Non-current payables	51.6	38.4
Non-current financial liabilities	257.7	186.5
TOTAL NON-CURRENT LIABILITIES	320.6	236.1
Current payables	216.4	270.4
Current financial liabilities	3.9	0.9
TOTAL CURRENT LIABILITIES	220.3	271.3
TOTAL LIABILITIES	1,525.4	1,423.1

EUR mill.	Jun. 20	Jun. 19	Var. € million
Initial cash position	(30.2)	165.5	(195.7)
Operating free cash flow	87.4	120.5	(33.1)
Cash Flow coming from the P&L	136.9	210.4	(73.5)
Net Investments (rights & other)	(68.7)	(120.0)	51.3
Change in working capital	19.1	30.0	(10.9)
Change in Equity	(0.5)	0.8	(1.3)
Financial investments/disinvestments	(60.6)	(6.7)	(53.9)
Dividends received	1.7	1.7	(0.0)
Dividend payments	0.0	(100.0)	100.0
Own stock purchase	0.0	(94.6)	94.6
Net Cash Change	28.0	(78.2)	106.2
Final net cash position	(2.2)	87.3	(89.5)

Contact

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