Mediaset Espana Comunicacion S.A.

Investor Presentation • Apr 30, 2020

Q1 2020 Results Presentation (January -March)

Madrid, April 30th 2020

HIGHLIGHTS: Q1 2020 RESULTS

Million €	2020	2019	%
Total Net Revenues	229.8	226.1	1.7%
Total operating costs	162.5	155.7	4.4%
EBITDA Adj.	67.3	70.3	(4.3%)
EBITDA margin	29.3%	31.1%	(182 bp)
EBIT	61.8	66.6	(7.2%)
EBIT margin	26.9%	29.4%	(256 bp)
NET PROFIT	48.9	53.1	(8.0%)
EPS (treasury stock excluded)	0.16	0.16
Free Cash Flow	73.9	79.0	(6.5%)
Net cash position(end of the period)	(18.8)	193.9	n.d

* Audience Total Individuals Total day

BUSINESS PERFORMANCE Q1 2020

TV Consumption Breakdown Q1 2020

(*) From 1st to 27th of April Source: Kantar Media

Results Presentation – Q1 2020

Source: Infoadex

Source: Comscore & internal data (*) Jan.-Feb.

Results Presentation – Q1 2020 6

OpEx Breakdown: Q1 20 vs Q1 19 Adjusted EBITDA: Q1 20 vs Q1 19

Corporate Events Q1 2020

Results Presentation – Q1 2020 8

1	Healthcare policies reinforced
2	Strengthening IT back up measures
3	Reorganization of facilities and adapting staff working conditions
4	Review of contract payments for services not provided

Leading in audience share and advertising market share

Appendix

Madrid, April 30th 2020

EUR mil.	Q1 20	Q1 19	Var (%)
Gross Advertising Revenues	202.8	223.7	(9.3%)
Mediaset España´s Media	199.9	219.5	(8.9%)
Third Party Media	2.9	4.2	(30.6%)
Commission	(8.4)	(9.8)	(14.3%)
Net advertising revenues	194.4	213.9	(9.1%)
Other revenues	35.4	12.1	192.1%
Total Net Revenues	229.8	226.1	1.7%
Rights Amortisation	(25.2)	(28.4)	(11.5%)
Personnel	(30.0)	(29.5)	1.7%
Other operating costs	(107.3)	(97.8)	9.8%
Total Costs	(162.5)	(155.7)	4.4%
EBITDA	67.3	70.3	(4.3%)
EBITDA Margin	29.3%	31.1%

EUR mil.	Q1 20	Q1 19	Var (%)
EBITDA	67.3	70.3	(4.3%)
EBITDA Margin	29.3%	31.1%
Other amortisations. provisions	(3.5)	(1.8)	96.2%
Amortisation PPA	(2.0)	(2.0)	2.4%
EBIT	61.8	66.6	(7.2%)
EBIT Margin	26.9%	29.4%
Equity Cons. Results and Depr. Fin. Assets	0.6	0.8	(23.8%)
Financial results	(0.1)	0.0	-
Pre-tax Profit	62.3	67.4	(7.6%)
Income taxes	(13.0)	(14.1)	(7.8%)
Minority interests	(0.5)	(0.2)	95.2%
Net Profit	48.9	53.1	(8.0%)

CAPEX Allocation

mill. EUR	Q1 20	Q1 19	Var (%)
Third party	41.4	56.2	(26.2%)
Fiction	9.7	12.3	(21.8%)
Co-Production/Distribution	0.5	7.5	-
Tangible and Intangible Fixed Assets	0.8	0.7	3.2%
Total Capex	52.4	76.8	(31.8%)

Increasing weight of In-house contents

EUR mil.	Mar. 20	Dec. 19
Tangible assets	796.0	758.0
Financial	563.0	520.2
Non Financial	233.0	237.8
Audiovisual rights and Pre-payments	197.3	170.8
Third parties	113.6	83.3
Fiction	56.7	58.5
Co-production / Distribution	26.9	29.0
Pre-paid taxes	68.6	70.0
TOTAL NON-CURRENT ASSETS	1,061.9	998.8
Current assets	243.9	293.5
Financial investments and cash	190.8	130.9
TOTAL CURRENT ASSETS	434.7	424.4
TOTAL ASSETS	1,496.6	1,423.1

EUR mil.	Mar. 20	Dec. 19
Shareholders' equity	940.4	915.8
Non-current provisions	11.4	11.1
Non-current payables	59.7	38.4
Non-current financial liabilities	225.7	186.5
TOTAL NON-CURRENT LIABILITIES	296.7	236.1
Current payables	258.8	270.4
Current financial liabilities	0.7	0.9
TOTAL CURRENT LIABILITIES	259.5	271.3
TOTAL LIABILITIES	1,496.6	1,423.1

EUR mill.	Mar. 20	Mar. 19	Var. € million
Initial cash position	(30.2)	165.5	(195.7)
Operating free cash flow	73.9	79.0	(5.1)
Operating cash flow	88.2	92.1	(3.9)
Net Investments (rights & other)	(52.4)	(76.8)	24.4
Change in working capital	38.0	63.6	(25.6)
Change in Equity	(1.1)	5.3	(6.4)
Financial investments/disinvestments	(61.3)	(6.4)	(54.9)
Dividends received	0.0	0.0	0.0
Dividend payments	0.0	0.0	0.0
Own stock purchase	0.0	(49.5)	49.5
Net Cash Change	11.4	28.4	(16.9)
Final net cash position	(18.8)	193.9	(212.6)

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