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1 ATRESMEDIA2025 FINANCIAL RESULTS+ STRATEGIC PLAN UPDATE(23-26) 2 6 . 0 2 . 2 0 2 6
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2025 FINANCIAL RESULTS
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3 2025 HIGHLIGHTS 2025: A CHALLENGING YEARTVDIGITAL26.1% Total individuals22.6Mill Unique visitorsRADIO3.0 Mill listeners/dayAUDIENCE LEADERSHIP IN A TOUGH AD MARKETTOTAL REVENUEAUDIOVISUAL-2.0%+4.0%1,002 M€ (-1.5%)RADIO STABLE REVENUES DESPITE THE DIFFICULT ENVIRONMENT EBITDANET PROFIT133 M€ (proforma*)88 M€ reported96 M€ (proforma*)62 M€ reported NET CASH POSITIONOPERATING CASH FLOW/EBITDA* PROFORMA58 M€0.9x EXCELLENT CASH POSITION AND ATTRACTIVE SHAREHOLDER REMUNERATION DIVIDENDS PAID IN 2025146 M€ (0.65 €/share)Highest since 2017TOTAL AD MARKETRADIOTV-4.4%+2.6%+0.9%TOTAL SHAREHOLDER RETURN 2025(Share revaluation + Dividends paid)+26%>95% of the Spanish population has engaged with some Atresmediaplatform on a monthly basis*Proforma: Not including the effect of the provision for the voluntary redundancy plan in 2025
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4 SPANISH ADVERTISING MARKET TOTAL MARKET Market in €mill% VAR YOYSource: Infoadex (new format: TV, Radio, Digital and Others includes conventional + digital revenues) - 4 . 4 %T V2 8 . 5 %M a r k e ts h a r eV sF Y 2 4+ 2 . 6 %R A D I O9 . 4 %+ 2 . 4 %S E A R C H1 6 . 0 %+ 2 . 8 %S O C I A L M E D I A1 4 . 1 %+ 8 . 8 %W E B S8 . 9 %+ 0 . 1 %P R E S S1 2 . 0 %O T H E R S+ 1 . 5 % 3 . 9 % 2%4%0%-18%12%4%4%4%1%5,7505,9625,9584,8795,4565,6945,9396,2096,267 1.0002.0003.0004.0005.0006.0007.000-20%-10%0%10%20%30%40%50% 2017 2018 2019 2020 2021 2022 2023 2024 2025O U T D O O R+ 6 . 7 % 7 . 3 %
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5 ATRESMEDIA AUDIOVISUAL: AUDIENCE SHARE BY GROUPS In %AUDIENCE SHARE TOTAL DAY# of channels765 AUDIENCE SHAREPRIME TIME Source: Kantar Media. Total Individuals 4+. PT Source: Kantar Media. Total Individuals 4+. Total day
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6 ATRESMEDIA AUDIOVISUAL: MAIN MILESTONES ANTENA 3: (12.8%)LEADING CHANNEL IN SPAIN SINCE 2022 2025:ABSOLUTE SPANISH LEADERATRESMEDIA 26.1%4-CONSECUTIVE YEARS LEADER IN TOTAL INDIVIDUAL AND PRIME TIME AUDIENCESATRESMEDIA (6 CHANNELS): LARGEST HISTORICAL DIFFERENCE VS MEDIASET (7 CHANNELS)NEOX, NOVA, MEGA & ATRESERIES: (7.0%)NOVA: BEST SERIES OF THEMATIC CHANNELSMEGA: EL CHIRINGUITO DE JUGONES, LEADER IN ITS TIME SLOTLA SEXTA: (6.2%)NARROWING THE GAP WITH TL513 YEARS OUTPERFORMING ITS MOST DIRECT COMPETITORLEADER IN NEWS, FICTION AND ENTERTAINMENT
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7 ATRESMEDIA DIGITAL: OPERATIONAL METRICS AVERAGE 2025MONTHLY VIDEO USERS18Mill.REGISTERED USERS2.5 Mill.ATRESMEDIA WEBS#1 Audiovisual group(#7 overall)RANKING MOST VISITED SITES22.6 Mill.AVERAGE FY25MONTHLY UNIQUE VISITORSSource: Comscore Data Dec 2025 AVODOTHERS INFLUENCERMARKETINGRevenues: +42%DIGITAL ADVERTISING AGENCY20Mill.HOURS OF VIDEO CONSUMEDDEC 25 SVOD750KSUBSCRIBERSDEC 25+10% YOY STRATEGIC AGREEMENT WITH DISNEY+ AND VIX 9 YEARS AS A LEADING DIGITAL GROUP IN NUMBER OF USERS
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8 ATRESMEDIA AUDIOVISUAL: CONTENT PRODUCTION AND DISTRIBUTION ATRESMEDIA CINE 58MILL. HOUSEHOLDS(+7.3% YOY) INTERNATIONAL14 FILMS IN DISTRIBUTION32% OF THE SPANISH FILM BOX OFFICE SVOD750KSUBSCRIBERS (+10% YOY)+20% YOY REVENUESCONTENT SALESDISNEY+ & VIX STRATEGIC AGREEMENTAGREEMENTS WITH THE MAIN OPERATORS
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9 ATRESMEDIA: OTHER BUSINESSES LEADING COMPANY IN SPAIN IN EVENTS AND EXPERIENTIAL MARKETING >40 POPULAR RACES>300K RUNNERSLARGEST NATIONAL EVENT Forums >1,000 EVENTS (3/day)RunningE-gamesMotorMETAFUTURO CLEAR EXAMPLE OF OPTIMIZATION OF THE GROUP'S COMMERCIAL OPERATIONS (INTEGRATION FROM 1/1/26)
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10 1,9772,0812,1242,1262,1422,18881572773270471074193 9399907867 2,8852,9012,9552,9202,9302,996 1ª24 2ª24 3ª24 1ª25 2ª25 3ª25FUENTE: ESTIMACIÓN INTERNA ENERO-JUNIO 2022. NACIONAL.10 ATRESMEDIA RADIO EVOLUTION LISTENERS Source: EGM survey Monday-Friday (,000) moving average Thousands of listeners/day BEST FIGURE SINCE 2015 BEST FIGURE SINCE 2021 MAS DE UNO con Carlos AlsinaBest Audience Ever:>1.7 Mill. listeners/day+6.7% compared to the 3rd survey of 2024THE MOST PROFITABLE SPANISH RADIO PER LISTENER
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11 ATRESMEDIA RESULTS 2025 11Source: Atresmedia audited annual accounts* Proforma: excluding the impact of the voluntary redundancy plan of 45.6 mill€ varIn thousand €NET REVENUES-1.5%OPEX proforma*EBITDA proforma*EBITDA marginEBIT proforma*EBIT marginNET PROFIT proforma*Net profit margin +3.4%-25.0%-27.8%-20.0% 20241,017.917.5%840.3177.615.7%160.211.8%120.3 20251,002.313.3%868.9133.311.5%115.79.6%96.3 OPEX914.5840.3+8.8%EBITDA EBITDA margin87.7 177.68.8%17.5%-50.6%70.1 160.2EBIT EBIT margin7.0%15.7%-56.2%Net ProfitNet Profit Margin6.2%11.8%-48.6%62.1120.3
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12 8386 1,0181,002944925 REVENUE BY SEGMENT FY 25FY 24TOTAL GROUP In € mill AUDIOVISUALRADIOFY 25FY 24 FY 25FY 24 REVENUES-16 M€ (-1.5%) +3 M€ (+4.0%)-19 M€ (-2.0%)-49 M€AUDIOV. ADVCONTENT PROD & DISTR.+1 M€OTHERS + PERIMETER+29 M€ Source: Atresmedia annual accounts. Not including eliminations
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13 6568 840869784810 OPEX BY SEGMENT 20252024TOTAL GROUP In € mill AUDIOVISUALRADIO20252024 20252024 OPEX91545,684939,16,574Provision for voluntaryredundancy plan+3.4%+3.3%+4.2% Source: Atresmedia annual accounts. Not including eliminations
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14 1711 178 8716076 EBITDA BY SEGMENT 20252024TOTAL GROUPAUDIOVISUALRADIOSource: Atresmedia annual accounts20252024 20252024 EBITDA+3.2% -28.0%13345.611539.16.518 -25.0%In € millProvision for voluntaryredundancy plan
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15 ATRESMEDIA CASH FLOW +140-22+58 +126-40 NetfinancialpositionFY24OperatingCFInvestingCFDividends M&A andothers*NetfinancialpositionFY25-146*Last Lap and othersSource: Atresmedia annual accounts In € mill
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STRATEGIC OVERVIEW(2023-2026)
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17 ATRESMEDIA: STRATEGIC OVERVIEW CONSOLIDATING LEADERSHIP IN AUDIOVISUAL AND RADIO124567 3DIGITAL IS COREMAXIMIZING CONTENT EXPLOTATION CYCLE DIVERSIFICATION 2.0CONTENT PRODUCTION POWERHOUSECINTERNAL PROCESSES TRANSFORMATIONMAXIMIZING SHAREHOLDER’S RETURN OUR AIM: LEADING DIGITAL PLATFORM FOR AUDIOVISUAL CONTENT IN SPANISH
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18 1 INNOVATION AWARD FOR THE MOST INNOVATIVE DIGITAL PUBLISHERONGOING INNOVATION (ADDRESSABLE TV IN NEWS)2025: TOTAL V1DEOATTENTION GENERATION IN HIGH QUALITY VIDEOS WITH MAXIMUM COVERAGE 2025AUDIENCE LEADERSHIP IN 2026: WE WILL CONTINUE TO INNOVATE IN THE CREATION OF COMMERCIAL PRODUCTS THAT MAXIMIZE PRICES + = PREMIUM PRICINGHIGHEST PRICES IN TELEVISION HISTORYPREMIUM PRICING ON ALL MEDIARADIO: THE HIGHEST REVENUE PER LISTENER IN THE INDUSTRY ATRESMEDIA: STRATEGIC OVERVIEWCONSOLIDATING LEADERSHIP IN AUDIOVISUAL & RADIOATRESMEDIA & ANTENA 3: LEADING SPANISH AUDIENCES FOR LAST 3 YEARS2025:•PRIME TIME LEADER•LEADER IN NEWS PROGRAMS•BEST PLAYER IN FICTION & ENTERTAINMENT
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19 2 INTERNAL SITES600K2023750K2025Subscribers STRATEGIC COMMERCIAL INTEGRATION AGREEMENT WITH DISNEY+ AND VIX 20 ORIGINALS & EXCLUSIVE CONTENT RELEASED PER YEARSVOD2024677K PREMIUM CPT VS. LINEALAVODIn 2026 20 FAST CHANNELS EXPANDING THE COMMERCIAL OFFER 5.99 €/month 7.99 €/month 9.99 €/month 9.49 €/month INNOVATION WITH VERTICAL VIDEO CONTENT > 25 MILL UNIQUE USERS ATRESMEDIA: STRATEGIC OVERVIEWDIGITAL IS CORE INVENTORY OPTIMIZATIONEXPLORING NEW DISTRIBUTION AGREEMENTSEMPOWER SVOD INTERNATIONAL (ASVOD)REVISION OF PRICING POLICY
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20 3 AVODSVODTVCINECONTENTINTERNAT.SALES TO 3RD PARTIESADVERTISINGSUBSCRIPTIONSALES IN 2026: EXTRACTING MAXIMUM VALUE FROM THE 360º CONTENT EXPLOITATION STRATEGY 2025 ADVERTISINGSALESSUBSCRIPTION ANGELASUEÑOS DE LIBERTAD T3 SUBSCRIPTIONADVERTISINGSALES ATRESMEDIA: STRATEGIC OVERVIEWMAXIMIZING CONTENT EXPLOTATION CYCLE
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21 4 CONTENT PRODUCTION400M€/YEAR86% BROADCAST ON MAIN CHANNELS IS IN-HOUSE PRODUCTION ENTERTAINMENT NEWS & CURRENT AFFAIRS FICTION & CINEMA INCREASE IN THE PORTFOLIO OF SPANISH PRODUCTION COMPANIES (BUENDIA, SUMA CONTENT, VANCOUVER & LUMINOL PLAY N’ SABADO (2025)•MINORITY STAKES•PRODUCTION AGREEMENTS•150 M€ OF REVENUES APROX. •>€2 MILLION IN DIVIDENDS FOR ATRESMEDIA 2025 NUMBER OF HOURS OF CONTENT PRODUCTION IN 2025:>10,297 hoursTHE HIGHEST IN HISTORYDESIGN OF A COMPREHENSIVE AI PLAN In 2026:NEW ADDITIONS TO THE PRODUCTION COMPANIES PORTFOLIOIMPLEMENTATION OF AI-BASED PRODUCTION PROCESSES THAT MAKE PRODUCTION MORE EFFICIENTIMPROVEMENT OF IN-HOUSE PRODUCTION CAPACITY: GREATER EFFICIENCY AND SYNERGIESCONTENT CREATION FOR OTHER PLATFORMS: DIGITAL NATIVE CONTENT (AC2ALITY) & ONDA CERO PODCASTS PRODUCTION COMPANIES ATRESMEDIA: STRATEGIC OVERVIEWCONTENT PRODUCTION POWERHOUSE
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22 5DIVERSIFICATION2025MOST ACTIVE YEAR IN THE HISTORY OF ATRESMEDIA IN TERMS OF CORPORATE OPERATIONS In 2026: CLEAR CHANNEL INTEGRATION AND ANALYSIS OF NEW CORPORATE OPERATIONS 115 M€AGREEMENT FOR THE ACQUISITION OF 100%OF CLEAR CHANNEL SPAINSTRATEGIC OPERATION IN OUTDOORADVERTISING THROUGH ONE OF THEFASTEST GROWING OPERATORS IN THESECTORCNMC PENDING (EXPECTED END 1Q26) 17 M€ACQUISITION OF 75% OF THE LARGESTEXPERIENTIAL MARKETING AND EVENTSAGENCY IN SPAINSIGNIFICANT SYNERGIES WITHATRESMEDIA EVENTS (INTEGRATIONCARRIED OUT IN 1Q26)COMBINED REVENUE POTENTIAL OF€>50 MILLIONORGANIC AND INORGANIC GROWTHWITH PRESENCE IN PORTUGAL ATRESMEDIA: STRATEGIC OVERVIEW
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23 6 IMPROVED EFFICIENCY:Action Plan for rapid implementationVoluntary redundancy plan / restructuringSavings and Efficiencies PlanNew management systems: Financial ERP, HRAI APPLICATION IN COMMERCIAL AND INTERNAL PROCESSES:Optimizing Ad InventoryContextual advertising campaignsAtresplayer Recommendation SystemIn 2026: CONTINUING IN THE CORPORATE EFFICIENCY AS A PRIORITY ATRESMEDIA: STRATEGIC OVERVIEWINTERNAL PROCESSES TRANSFORMATION
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24 7MAXIMISE SHAREHOLDER RETURNS Estimated OperatingCash Flow/ EBITDA0.9xM&A to explore•Digital •Content productioncompanies•Experiential Events•Other advertising platformsDividend policy>80% PAY-OUTExceptionally >141% pay out on accrued dividends in 2025 forthe accounting impact (no cash) of the voluntaryredundancy plan DIVIDENDS PAID(Final 2024 + Interim 2025)146 M€ (0.65 €/sh.)DIVIDEND YIELD13%TOTAL SHAREHOLDER RETURN(Stock price + Divid.)2025 26% And all with the highest ESG standards:Atresmedia enters the S&P Global Sustainability Yearbook for the first time and is the only Spanish media recognized by this index. ATRESMEDIA: STRATEGIC OVERVIEW
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FORECAST 2026
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26 ATRESMEDIA_FORECAST 2026e SPANISH ADVERTISING MARKETAudiovisual: Flat Radio: slight increaseOutdoor: mid-range growthStable at constant perimeter+ H126 Last Lap Contribution+ Clear ChannelATRESMEDIA TOTAL REVENUEEBITDA MARGIN15%NET FINANCIAL POSITION-25 M€ (including Clear Channel and pending tax authority cash-in)(0.21 €/share)2025 COMPLEMENTARY DIVIDEND47 M€ TO BE DECIDED BY THE END OF 20262026 INTERIM DIVIDEND