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Investor Presentation • Feb 24, 2021

FY2020 RESULTS PRESENTATION

February 24, 2021

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• FY2020 key highlights of the period
• FY2020 Group results
• FY2020 results by business unit
• ESG
• 2021 Outlook
• Key Takeaways

FY2020 Key highlights of the period

prisa.com FY2020 Key Corporate Highlights/Building the pillars of Prisa´s future

Disposal of Santillana Spain

• Agreement reached with Sanoma Corporation to sell Santillana's business in Spain for and Enterprise Value of €465m. EV implied multiple of 9.6x through the cycle EV / EBITDA above the key precedent comparable transactions
• Strong strategic rationale: Allows Santillana to fully focus on LatAm, the market with the highest growth and value potential

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Debt refinancing agreement

• Unanimity agreement with PRISA's financing entities to amend and extend the current financial facilities
• Key agreed terms:
• Extension of maturities until 2025
• €400m repayment of existing syndicated loan
• Increased Super Senior capacity. New liquidity line of c. €110 Mn
• Variable margin starting @ 4.5%. All-in average cost of c.7%

Disposal of Media Capital

• Agreement reached with Pluris Investments, to sell 30.22% of Media Capital for 10.5 million euros. Enterprise Value of approximately 130 million euros.
• Agreement reached with several Portuguese investors, to sell the remaining 64.47% of Media Capital for 36.8 million euros. Enterprise Value of approximately 150 million euros.

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COVID-19 Measures

• Access to comprehensive and rigorous information, quality entertainment and online educational services in support of families and schools in Spain and Latin America.
• Contingency plan of €40 Mn implemented in all business units to reduce the negative effects.
• PRISA has given the highest priority to the continuity of its activities, taking the necessary measures to protect health and safety of its employees, suppliers and customers.
• PRISA has reaffirmed its social commitment as a business group focused on 2 essential sectors such as K-12 education and media.

Changes in the Shareholder Structure 5

• The French group Vivendi enters the company's shareholding structure by acquiring 9.9% stake.

KEY OPERATING HIGHLIGHTS

FY2020 EBITDA reached €64Mn vs €189Mn previous year (-66.2%/-59.4%LC)

• FY2020 operating results were impacted by pandemic with Education conditioned by schools physically closed in most countries and Media impacted by advertising market declines
• Digital business accelerates its growth in the period with total digital revenues increasing its contribution by 31% to represent 30% of total group revenues. The number of Santillana's subscription model students increases by 20% to 1,727,000, EL PAÍS reaches 130,500 subscribers (84,793 digital-only) and Radio reaches average monthly 59 million hours of streaming consumed (+11%) and 24 million podcast downloads (+63%)
• Cost control plan of 40 million euros fully executed (49 Mn euros savings achieved)

▪ Education: Margins maintained at 21% levels in a difficult environment with schools physically closed in most countries affecting the didactic business. Highlights in the period the subscription model performance which has demonstrated to be resilient with total number of students growing by 20% to surpass 1,727,000. Subscription model is already the largest source of revenues for Education

• Media: Radio and News showed weak performance in the period in line with market performance with revenue declines of 32% and 22% respectively on the back of advertising and circulation declines. Trends improved throughout the quarters. Costs controlled in both businesses
• Radio grows audience figures and gains share in most countries while keeps progressing on its strategy of developing new audio digital content with streaming and podcast downloads continuing increasing
• A step forward in the News business model with the launching of El PAÍS paywall in May reaching as of December 84,793 digital-only subscribers (130,500 total subscribers base). A profitable digital model becoming more robust and scalable. 42% of total News revenues are already digital. 67% of total advertising is digital

Perimeter effect: Santillana Spain and Media capital are excluded of the perimeter effect both in 2019 and 2020 after the successful selling execution of both assets

KEY OPERATING HIGHLIGHTS

• Contingency Plan : Compliance with the EUR 40 million contingency plan implemented in all business units to mitigate the negative effects of Covid-19. As of December, more than 123% of the plan had been executed (€49Mn).
• FX : The exchange rate had a negative effect on revenues of EUR -72.2 million and on EBITDA of EUR -13 million, mainly due to the devaluations in Brazil, Mexico and Argentina.
• Positive net result amounting to 89.7 Million euros : Conditioned by the capital gain from the sale of Santillana España (€377 Mn) which offsets among others i) the accounting impact of the new refinancing agreement (€37 Mn) ii) impairments from Media Capital sale (€77 Mn) iii) impairments of radio assets mainly in Mexico and Chile (€26 Mn) and iv) the impairments on all outstanding tax credits in Spain (€ 62.4 million)
• Net Bank Debt: at the end of the period stood at €679 million compared to €1,061 million at December 2019, after the amortization with the proceeds of the sale of Santillana España and Media Capital. As of December, Cash position amounting to €222Mn with additional liquidity lines undrawn of 143 million (109 mn at Prisa and 34 Mn at business units).

In FY2020, Covid -19 had an estimated negative impact in revenues of €223Mn and in EBITDA of €104Mn

• COVID-19 is having an unprecedent impact on the economy and society, disrupting industries and businesses around the world.
• In Group Prisa, Media bussiness are suffering most from the falls experienced in the advertising market and in circulation, while the education business has been affected by the difficulties of an environment in which schools in most of the countries where Santillana is present have not yet started on-site classroom activity.
• Reaffirming Prisa social commitment as a business group focused on 2 essential sectors such as K-12 education and media.

COVID-19 ESTIMATED IMPACT IN FY2020 REVENUES & EBITDA

Fulfilment of the contingency plan in place across all business units has helped to mitigate the negative impacts from COVID-19

FY2020 Group results

FY2020 Operating Overview

€ Millions	JAN-DEC 2020	Var . 20/19 on constant ccy		Var 20/19
REVENUES	701	-19 9% ,	-192 0 ,	-27 4% ,	-264 2 ,
EXPENSES	637	-10 3% ,	-79 7 ,	-17 9% ,	-138 9 ,
EBITDA	6 4	-59 4% ,	-112 3 ,	-66 3% ,	-125 4 ,
EBITDA Margin	9 1% ,	-9 ,	7%	-10 ,	5%
EBIT	-10	---	-112 1 ,	---	-114 4 ,

The impact of Radio Assets impariments in 2020 and Mediapro's ruling in 2019 have been adjusted for a comparable basis.

FY2020 Operating Overview – Net Profit

€ Millions	2020	2019	% Chg.
Reported Results
Reported EBIT	(29,1)	53,4	---
EBIT Margin	-4,2%	5,5%
Financial Result	(128,8)	(81,6)	(57,8)
Interests on debt	(71 ,1)	(57 ,2)	(24 ,2)
Other financial results	(57 ,7)	(24 ,4)	(136 ,6)
Result from associates	(8,5)	2,7	---
Profit before tax	(166,4)	(25,5)	---
Income tax expense	81,1	52,8	53,7
from Results discontinued activities	322,9	(94,5)	---
Minority interest	(14,3)	9,5	---
Net Profit	89,7	(182,3)	---
Santillana Spain disposal	(377 ,3)
MC impairment	77,3	131,6
Mediapro ruling		52,8
Tax impairments	62,4	21,0
Radio Assests impairments	26,0
Comparable Net Profit	(121,9)	23,1	---

2020 2019 % Chg. € Millions One-offs Reported EBIT (29,1) 53,4 --- Radio Assests impairments 19,1 Mediapro Rulling 51,0 (100,0) Comparable EBIT (10,0) 104,5 --- Reported Financial result (128,8) (81,6) (57,8) (100,0) Mediapro Rulling 2,0 Comparable Financial result (128,8) (79,6) (61,8) Result from associates (8,5) 2,7 --- Radio Assests impairments 10,8 --- Comparable Result from associates (12,8) 2,3 2,7 Income tax expense 81,1 52,8 53,7 Tax impairment (64,1) (21,0) --- Mediapro Rulling (1,0) 100,0 Comparable Income tax expense (44,7) 17,0 30,7 Results from discontinued activities 322,9 (94,5) --- Santillana Spain disposal (377,3) --- MC impairment 77,3 131,6 (41,3) Comparable Results from discont. activities 22,9 37,0 (38,3) Minority interest (14,3) 9,5 ---
	Tax impairment	1,7	---
Radio Assests impairments 3,9 ---
Mediapro Rulling 1,3 (100,0)
ComparableMinority Interest (8,6) 10,7 ---

Net profit result positively impacted by Santillana Spain disposal capital gain off setting non cash accounting impact of new refinancing and non cash tax and assets impairments mainly as a result of Covid 19

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FY2020 Operating Overview – Cash Flow Generation

Liquidity reinforced with new refinancing agreement. Cash position at the end of the period stands at €222 Mn cash with additional liquidity lines undrawn amounting to 143 Mn (109 Mn at PRS and 34 Mn at business units)

(1) Includes IFRS16 effect

(2) Includes IFRS16 effect and excludes severance expenses (3) Includes mainly PIK and impact of FX in balance sheet

FY2020 results by business unit

FY2020 Operating Overview – Santillana

¹³ Var.(%) -37,0% Margins maintained at 21% levels in a difficult environment with most of schools physically closed impacting the didactic business in some countries of the southern and northern area with FX impacting negatively mainly in Argentina, Brazil and Mexico

Revenue evolution (Mn€)

		- DECEMBER JANUARY
€ Millions	2020	2019	Chg. %	Chg.LC %
Education sales	362,0	487,9	(25,8)	(12,7)
Private Latam Traditional Learning systems	255,1 118,6 136,5	351,5 209,2 142,3	(27 ,4) (43 ,3) (4 ,0)	(16 ,0) (35 ,2) 12,2
Public sales	100,8	130,6	(22 ,8)	(4 ,5)
Portugal*	6,1	5,8	4,8	4,8
Other revenues	3,8	9,1	(58,2)	(54,5)
Operating Revenues	365,8	497,0	(26,4)	(13,5)

• Private Latam performance driven by strong growth of subscription model with didactic sales being affected by the difficulties of the current environment with most of schools physically closed
• Public sales performance explained by lack of novelties in 2020

Business affected overall by difficulties with schools physically closed in most countries with subscription model continuing to grow partially offsetting i) the didactic business performance affected by the difficult environment ii) lack of novelties in 2020 in public sales

(1) PNLD corresponds to "Programa Nacional de Libro Didactico in Brazil". FI( 1st to 5 th grade); FII( 6th to 9th Grade) ; Ensino Medio ( Bachelor) *Portugal includes €1.3 Mn in 2020 and €1.6Mn in 2019 corresponding to others.

FY2020 Operating Overview – Santillana (Cont'd). Subscription model

Strong performance of Subscription models with over 10% growth in number of students already committed for 2021 to reach circa 2 million. Brazil grows its number of students by +38% to 600K in 2020 ahead of competitors

FY2020 Operating Overview – Santillana (Cont'd). Subscription model

• Santillana has guaranteed school activity in total normality through its platforms and digital resources during pandemic
• Users and content consumption has increased exponentially
• Covid-19 is representing a fundamental change in Education accelerating the shift towards digital of both teachers and students

Strong performance of subscription models

FY2020 Operating Overview – Radio

Business affected by declines in advertising market both in Spain and Latam due to COVID-19 crisis with focus on digital audio content development increasing the streaming consumption and podcast downloads

FY2020 Operating Overview – Radio Spain & Radio LatAm

FY2020 Operating Overview – News (1)

Operating results conditioned by COVID-19 affecting both advertising and circulation trends with positive contribution from digital subscriptions

FY2020 Operating Overview – News (1)

A step forward in the new press business model with the launching of El PAÍS paywall which is a profitable business and will consolidate and enlarge the digital business developed in the past years

(1) Press including PBS & IT.

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• Focused on e-learning, in a year marked by the pandemic, guaranteeing the normality of school activity by opening its technological platforms to all its students
• Integrating the Sustainable Development Goals (SDGs) into the development of educational content.
• Promoting technology in education to support the development of social and individual well-being.
• Participation in programmes aimed at promoting creativity, innovation and technological and scientific development.
• Participation in foundations that promote professional and personal development, such as Fundación Conocimiento y Desarrollo or Fundación Princesa de Girona, among others.

• Participating in the education of 29 million students in Latin America.

• and teachers. +20% of electricity consumed comes from • PRISA's media assets have fulfilled their social function during the pandemic. They have provided uninterrupted, in-depth, accurate and rigorous information to all citizens, placing special emphasis on their role as an essential service and strictly monitoring the actions of the authorities and public authorities.

• EL PAÍS has maintained free access to information on the health crisis throughout the pandemic and radio has prioritised service information.
• Fighting against fake news.
• Publisher Board.
• El País, SER and AS style books.
• Support for journalism that defends freedoms, independence and rigour with the Ortega y Gasset Awards.
• Response to social emergencies by collaborating with different foundations in solidarity actions such as Acción contra el Hambre, Operación Frio or Kilos de solidaridad, among others.
• Collaboration with the Gates Foundation on Planeta Futuro.

Defending nature and the environment by collaborating with the World Wide Fund for Nature Conservation (WWF).

renewable sources.

Gender equality:

48% women in Staff

• 37% in management positions
• 95% Permanent contracts

30 Nationalities

• United Nations Global Compact Partner
• Alliance against Child Poverty

Diverse and independent Board: 50% independent members 6 independent, 5 shareholder representative, 1 executive

Code of Ethics that applies to the entire workforce

2021 Outlook

prisa.com 2021 Outlook

• ²⁰²¹ is expected to be ^a year of transition due to global uncertainty resulting from the future consequences of Covid-19 (new waves, lockdowns, vaccine effectiveness, mobility restrictions). The macroeconomic outlook points to global growth in 2021 although pre-pandemic levels are not expected to be recovered until 2022/23.
• PRISA Outlook for ²⁰²¹ both at Group level and by business unit is as follows:

TOTAL GROUP

• Operating growth in all business units with ^a difficult start of ²⁰²¹ due to worst comparison with ²⁰²⁰ in the first months , which will recover throughout the year
• Continued improvement in total Group digital KPI´s with significant growth in subscription models both in Education and El PAIS
• Fixed cost reduction plan amounting to ³⁰ million euros in ²⁰²¹ versus ²⁰¹⁹ especially at the media businesses (excluding redundancies and FX). The plan includes permanent cost reductions of 15 million euros and temporary cost reductions of 15 million euros. Temporary cost reductions include the extension of extraordinary measures taken in 2020 such as salary reductions and renegotiation of contracts. The company keeps exploring additional efficiency measures
• Significant improvement in cash consumption compared to ²⁰²⁰ net of restructuring costs

prisa.com 2021 Outlook (Cont'd)

EDUCATION 1

Focus on growth and extension of subscription models.

• Private Market:
• Subscription models: Growth in students above 10% based on contracts closed to date until reach circa 2 million students compared to 1.7 in 2020.
• Traditional: Market recovery subject to uncertainties about the evolution of the pandemic and the reopening of schools in all countries.
• Expected transfer of students from private to public schools.
• Public market: Growth versus ²⁰²⁰ due to novelties in Ensino medio (PNLD) in Brazil.
• Carve out of public and private business.

2 RADIO

• Maintenance of leadership in Spain, Chile and Colombia.
• Advertising growth in line with market.
• Focus on the creation of new content and growth of digital products.

3 NEWS

• Consolidation of the Subscription model increasing the subscriber base to over 150K vs 85k in December 2020.
• Advertising growth in line with market.
• Focus on content and digital growth.

2021 Outlook (Cont'd)

Key Takeaways

• Prisa is optimally positioned to start building on the future roadmap with improved flexibility and financial strength 1
• ² Focused on unlocking value in its Ed-tech business in Latam with particular focus on subscription models and reinforcing the digital offering and the subscription model of its Media businesses
• 3 Strengthening of the Group's governance
• 4 For 2021, operating growth in all business is expected with a difficult start of the year due to worst comparative in the first months which will recover throughout the year