Mediaset Espana Comunicacion S.A.

Investor Presentation • May 7, 2021

Q1 2021 Results Presentation (January - March)

Madrid, May 7th 2021

HIGHLIGHTS: Q1 2021 RESULTS

Million €	Q1 21	Q1 20	%
Total Net Revenues	184.0	229.8	(19.9%)
Total operating costs	132.6	162.5	(18.4%)
EBITDA Adj.	51.3	67.3	(23.7%)
EBITDA margin	27.9%	29.3%
EBIT	47.1	61.8	(23.7%)
EBIT margin	25.6%	26.9%
NET PROFIT	36.7	48.9	(24.9%)
EPS (treasury stock excluded)	0.12	0.16
Free Cash Flow	84.6	73.9	14.4%
Net cash position(end of the period)	95.6	(18.8)	n.r

Q1 2021 Audiovisual & TV Advertising Market Share

TV Consumption Breakdown 2021

Advertising Market volatility

Results Presentation – Q1 2021

Commercial KPI's Q1 21

Gross TV Advertising Revenues Q1 21

Source: Infoadex

Strong programming grid for the rest of the year

• MitelePLUS will join to Movistar+ offer bringing a new distribution window of contents
• Mediaset's SVOD platform accounted at the end of the quarter 208.469 members after the booming number of new members arrived since the beginning of the year

• A key tool for capturing new advertising market opportunities
• Meeting point for the competitive advantages of traditional TV model and digital ecosystem

OUTLOOK 2021

Appendix

Madrid, May 7th 2021

EUR mil.	Q1 21	Q1 20	Var (%)
Gross Advertising Revenues	171.0	202.8	(15.7%)
Mediaset España´s Media	167.0	199.9	(16.5%)
Third Party Media	4.0	2.9	36.5%
Commission	(7.2)	(8.4)	(14.5%)
Net advertising revenues	163.8	194.4	(15.7%)
Other revenues	20.1	35.4	(43.1%)
Total Net Revenues	184.0	229.8	(19.9%)
Rights Amortisation	(18.1)	(25.2)	(28.3%)
Personnel	(30.3)	(30.0)	1.1%
Other operating costs	(84.2)	(107.3)	(21.5%)
Total Costs	(132.6)	(162.5)	(18.4%)
EBITDA	51.3	67.3	(23.7%)
EBITDA Margin	27.9%	29.3%

EUR mil.	Q1 21	Q1 20	Var (%)
EBITDA	51.3	67.3	(23.7%)
EBITDA Margin	27.9%	29.3%
Other amortisations. provisions	(1.93)	(3.45)	(44.0%)
Amortisation PPA	(2.2)	(2.0)	9.8%
EBIT	47.1	61.8	(23.7%)
EBIT Margin	25.6%	26.9%
Equity Cons. Results and Depr. Fin. Assets	0.6	0.6	(6.5%)
Financial results	(0.4)	(0.1)	-
Pre-tax Profit	47.4	62.3	(24.0%)
Income taxes	(10.3)	(13.0)	(20.6%)
Minority interests	(0.4)	(0.5)	(22.5%)
Net Profit	36.7	48.9	(24.9%)

Advertising Revenues by TV Sector – Q1 2021

CAPEX Allocation

mill. EUR	Q1 21	Q1 20	Var (%)
Third party	26.2	41.4	(36.8%)
Fiction	4.4	9.6	(54.9%)
Co-Production/Distribution	1.9	0.5	266.8%
Tangible and Intangible Fix Assets	0.2	0.8	(69.4%)
Total Capex	32.7	52.4	(37.6%)

Increasing weight of In-house contents

Results Presentation – Q1 2021 14

mill. EUR	Mar. 21	Dec. 20
Tangible assets	1,107.4	887.3
Financial	886.9	662.0
Non Financial	220.5	225.3
Audiovisual rights and Pre-payments	143.7	129.4
Third parties	75.9	63.6
Fiction	45.1	44.7
Co-production / Distribution	22.7	21.0
Pre-paid taxes	94.2	79.2
TOTAL NON-CURRENT ASSETS	1,345.3	1,095.8
Current assets	233.2	302.9
Financial investments and cash	300.0	326.0
TOTAL CURRENT ASSETS	533.2	628.9
TOTAL ASSETS	1,878.5	1,724.7

EUR mil.	Mar. 21	Dec. 20
Shareholders`equity	1,224.5	1,111.9
Non-current provisions	12.8	12.6
Non-current payables	51.3	49.6
Non-current financial liabilities	371.1	311.2
TOTAL NON-CURRENT LIABILITIES	435.3	373.4
Current payables	217.9	238.3
Current financial liabilities	0.8	1.1
TOTAL CURRENT LIABILITIES	218.7	239.4
TOTAL LIABILITIES	1,878.5	1,724.7

EUR mill.	Q1 21	Q1 20	Var. € million
Initial cash position	123.2	(30.2)	153.4
Operating free cash flow	84.6	73.9	10.7
Operating cash flow	67.9	88.2	(20.3)
Net Investments (rights & other)	(32.7)	(52.4)	19.7
Change in working capital	49.3	38.0	11.3
Change in Equity	(1.9)	(1.1)	(0.8)
Financial investments/disinvestments	(110.3)	(61.3)	(49.0)
Dividends received	0.0	0.0	0.0
Dividend payments	0.0	0.0	0.0
Own stock purchase	0.0	0.0	0.0
Net Cash Change	(27.6)	11.4	(39.1)
Final net cash position	95.6	(18.8)	114.4

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