Slide 1: The Integrated Entertainment Platform
THE INTEGRATED ENTERTAINMENT PLATFORM OCTOBER 2026 1
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER This document is provided for informational purposes only and does not constitute, nor should it be construed as, an offer to sell, exchange, or acquire, nor an invitation to submit purchase offers for securities issued by any of the companies mentioned. Any decision to purchase or
Slide 3: VALUE PROPOSITION THE COMPANY BUSINESS DIVISIONS
01 VALUE PROPOSITION 02 THE COMPANY 03 BUSINESS DIVISIONS 04 SQUIRREL GROUP 05 RESULTS 06 BUSINESS PLAN 07 EQUITY STORY 08 APPENDIX 3
Slide 4: Value Proposition
* ~ 4 Value P oposition~ a ~
Slide 5: Squirrel at a Glance
SQUIRREL AT A GLANCE “SQUIRREL IS AN INTEGRATED PLATFORM THAT… MEDIA CONTENT NETWORK o Media agency o Film & TV Production o DTT Channels o Advertising & Creativity o Audiovisual distribution o Streaming & OTT o Marketing & Events o Intellectual property o Broadcasting o Influencers & Creators o Ent
Slide 6: Five Reasons to Invest in Squirrel
FIVE REASONS TO INVEST IN SQUIRREL 1 A PLATFORM THAT IS VERY DIFFICULT TO REPLICATE - Media + Content + Network integrated into a single ecosystem 2 EXCEPTIONAL GROWTH - Revenue from €32m to €244m between 2020-25 (CAGR 50%), with €410m-€430m target in 2027 3 SCALE DRIVES PROFITABILITY AND REDUCES RI
Slide 7: Media Content Network: A Unique Platform in Europe
A UNIQUE PLATFORM IN EUROPE MEDIA CONTENT NETWORK NETWORK MEDIA CONTENIDO ADVERTISING BRANDED CONTENT DTT CHANNELS CREATIVITY ENTERTAINMENT OTT’s MARKETING INTEL. PROPERTY BROADCASTING INFLUENCERS PRODUCTION TECHNOLOGY ADTECH DISTRIBUTION SQUIRREL CLIENTS ACCESS INTEGRATED SOLUTIONS THE ONLY INDEPEN
Slide 8: One Integrated Model, Three Growth Engines
ONE INTEGRATED MODEL, THREE GROWTH ENGINES CONTENT MEDIA €37m Revenue €180m 2025 Revenue 2025 NETWORK €26m Revenue 8 2025
Slide 9: Value Creation Flywheel
VALUE CREATION FLYWHEEL + CAPEX & … + M&A + CASH CASH FLOW FLOW MEDIA CAPEX CONTENT + + MEDIA M&A AUDIENCE + AUDIENCE + CONTENT 9
Slide 10: Scale, Diversification and Growth
SCALE, DIVERSIFICATION AND GROWTH €410m-€430m €52m - €60m BBB- Revenue EBITDA Rating IG EthiFinance 2027E 2027E (Positive Outlook) +400 Operation in €45m Employees +70 countries Capex in Content (2026-27) Content Library 3rd largest DTT Largest Valuation FreeToAir operator Independent Media €85m in
Slide 11: The Company
02 The Company
Slide 12: Building Squirrel: From €8M to €244M Revenue
BUILDING SQUIRREL: FROM €8M TO €244M REVENUE Integration (90,4%) 75% Net TV & 100% Veralia Integration 24% V360 Squirrel Media Vertice360 54,5% V360 2013 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 MEDIA CONTENT NETWORK 12
Slide 13: A Decade of Growth and Diversification
A DECADE OF GROWTH AND DIVERSIFICATION REVENUE BY DIVISION (€m) CAGR1 300 Media Content Network 2019-25 200 68% 100 CAGR1 2020-25 0 50% 2019 2020 2021 2022 2023 2024 2025 CAGR1 2021-25 REVENUE BY GEOGRAPHY (%) 100% 37% 18% 6% 7% 10% 7% Spain 15% 80% 19% 28% 48% 42% 24% 23% Rest of EU CAGR1 60% 2022-
Slide 14: Business Divisions
‘Business (rt Divisions «
Slide 15: Media Division
MEDIA DIVISION REVENUE (€m) 200 180 150 SERVICE OFFERING 100 74 ▪ Media agency, integrated communication 32 50 and advertising services, direct marketing, 0 development and creation of advertising 2023 2024 2025 campaigns,… EBITDA (€m) KEY COMPANIES 9,1% 9,3% 20 10% 15 6,7% 8% 6% 10 16,7 4% 5 3,0 2%
Slide 16: A Leading Player in the Spanish Advertising Market
A LEADING PLAYER IN THE SPANISH ADVERTISING MARKET 2025 RANKING OF INDEPENDENT AGENCIES IN SPAIN 140 (Revenue, €m) 120 100 80 60 40 20 0 Squirrel &Beyond Iris Avante Somosapiens T20 Upartner SQUIRREL’S ESTIMATED POSITION AMONG SPANISH AGENCIES 450 (Revenue, €m) 300 150 0 Agency 1 Agency 2 Agency 3 A
Slide 17: Media: A Global Market in Transformation
MEDIA: A GLOBAL MARKET IN TRANSFORMATION ADVERTISING INVESTMENT IN SPAIN1 (€m) MEDIA MARKET TRENDS 13.082 12.745 12.603 GLOBAL 12.175 INFLU 11.667 ENTERTAINMENT MEDIA & MEDIA 2021 2022 2023 2024 2025 GLOBAL GLOBAL MARKET SIZE MARKET SIZE GLOBAL ADVERTISING INVESTMENT (USDtn) USD 3,000 bn USD 33 bn 1
Slide 18: Content Division
CONTENT DIVISION REVENUE (€m) SERVICE OFFERING 40 ▪ Creation and production of films, series, fiction, documentaries, 30 entertainment, animation, TV programmes and live events… 36 ▪ Domestic and international distribution of all types of content 20 37 ▪ Commercialisation of proprietary and third-pa
Slide 19: Content That Creates Value for Decades
CONTENT THAT CREATES VALUE FOR DECADES 1st 2nd 3rd 4th REST OF WINDOWS WINDOW WINDOW WINDOW WINDOW ~ 2 Years before the premiere 12 Weeks ~3 Months ~7 Months 19 – 22 Months 10+ Years INVERSIÓN TV CAPEX CINEMA DVD&OTHER VOD VOD + TV SCRIPT PURCHASE AGREEMENT VERY REDUCED OPEX FINAL CONTENT 180% THEAT
Slide 20: €85M Film Library Valuation
€85M FILM LIBRARY VALUATION VERTICE CINE VALUATION (March 2026) €144m CONTENT LIBRARY VALUATION (March 2026) €85m ESTIMATED FILM LIBRARY REVENUE (€m) 60 50 40 TV 30 VOD + SVOD CINEMA 20 10 0 2028 2050 2055 2060 2061 2026 2041 2043 2027 2029 2030 2031 2032 2033 2034 2035 2038 2036 2037 2039 2046 2047
Slide 21: Network Division
NETWORK DIVISION SERVICE OFFERING REVENUE (€m) 50 ▪ Operation of Free-To-Air TV channels (Squirrel, Squirrel Dos, BOM Channel, BOM Cine) 40 ▪ Online radio and television (Canal Deporte, Squirrel Plus) ▪ Thematic channels on OTT platforms (Horse TV and 30 Nautical Channel) 20 41 ▪ Global satellite co
Slide 22: TV Is Changing: Fragmented, Hybrid and Multichannel
TV IS CHANGING: FRAGMENTED, HYBRID AND MULTICHANNEL 1,2 1,6 1,6 2,1 3,0 3,5 3,4 2,6 2,2 1,6 3,4 2,7 2,7 2,6 2,7 2,8 2,6 2,5 2,8 3,0 3,1 3,0 3,2 3,1 3,1 3,1 • Strong OTT expansion - 1,7 2,2 2,5 2,7 5,7 0,2 7,1 7,8 8,4 7,9 7,5 7,0 6,8 6,2 5,6 6,2 6,8 7,0 7,8 7,6 9,0 9,5 9,6 10,7 11,4 12,0 11,4 2024–29
Slide 23: Squirrel Group
04 Squirrel Group
Slide 24: Global Scale, Local Execution
GLOBAL SCALE, LOCAL EXECUTION MEDIA ▪ BEST OPTION MEDIA ▪ SQUIRREL GLOBAL MEDIA ▪ BOM GROUP BRAZIL ▪ GRUPO IKI ▪ THE HOOK ▪ NF MEDIA - MATPRO ▪ GREEN SHARK ▪ ADSPLANNING CONTENT NETWORK ▪ BOM COM DISTRIBUTION ▪ NAUTICAL CHANNEL ▪ VB MEDIA ▪ VERTICE CINE ESPAÑA ▪ MEDIA 360 ▪ VERTICE CINE ITALIA ▪ RAD
Slide 25: Leading Companies Trust Squirrel
DISTRIBUCIÓIN & RESTAURACIÓN ALIMENTACIÓN AUTOMOCIÓN SERVICIOS PÚBLICOS Y PRIVADOS SALUD & PHARMA BELLEZA & HIGIENE CULTURA, ENSEÑANZA & ONGs MEDIOS LEADING COMPANIES TRUST SQUIRREL TRANSPORTE, VIAJE, TELECO & INTERNET TURISMO TIEMPO LIBRE Y MODA ENERGÍA 25
Slide 26: Fully Aligned Interests
FULLY ALIGNED INTERESTS SHAREHOLDER STRUCTURE BOARD OF DIRECTORS Pablo Pereiro Lage Executive Chairman Free Float; 16% María José Pereiro 2,3 Paula Eliz Santos 2,3 999 Proprietary Director Independent Director Santiago Gimeno Pedro Rodríguez Fernández 2,3 Proprietary Director Independent Director Sq
Slide 27: Growth with Discipline: Investment Grade
GROWTH WITH DISCIPLINE: “INVESTMENT GRADE” ETHIFINANCE MAINTAINS SQUIRREL’S BBB- RATING WITH A POSITIVE OUTLOOK KEY STRENGHTS • Integrated and diversified business model spanning the entire value chain • Strong organic and inorganic growth potential 1 • Solid operating cash generation, supported by
Slide 28: Results
05 Results
Slide 29: 2025: Another Step Change in Scale
2025: ANOTHER STEP CHANGE IN SCALE 2025 CONSOLIDATED KEY FIGURES €36m Rating €244m €24m Revenue EBITDA €76m Net Debt BBB- +69% vs +20% vs Equity 1.5x Outlook + ND/EBITDA (EthiFinance) 2024 2024 PRO-FORMA 2025 KEY FIGURES Ratio €306m €32m 1.1x Revenue EBITDA ND/EBITDA SOLID FINANCIAL STRUCTURE SUPPOR
Slide 30: Proven Growth, Financial Discipline
PROVEN GROWTH, FINANCIAL DISCIPLINE REVENUE (€m) EBITDA MARGIN (%) 18,5% 243,6 17,0% 13,8% 11,4% 143,4 9,7% 129,2 8,3% 78,3 32,1 29,7 2020A 2021A 2022A 2023A 2024A 2025A 2020A 2021A 2022A 2023A 2024A 2025A EBITDA (€m) NET DEBT / EBITDA LEVERAGE (x) 23,6 2,0x 2,1x 22,0 19,8 1,5x 14,5 1,1x 0,9x 8,0 0,
Slide 31: Three Divisions, One Growth Engine
THREE DIVISIONS, ONE GROWTH ENGINE MEDIA REVENUE (€m) CONTENT REVENUE (€m) 179,8 55,7 37,4 32,7 74,3 35,9 32,3 7,3 2022A 2023A 2024A 2025A 2022A 2023A 2024A 2025A NETWORK REVENUE (€m) TOTAL REVENUE (€m) 30,5 243,6 29,0 143,4 129,2 26,2 26,3 78,3 2022A 2023A 2024A 2025A 2022A 2023A 2024A 2025A 31
Slide 32: Growth with Controlled Leverage
GROWTH WITH CONTROLLED LEVERAGE (€m) 2023 2024 2025 June 2026 Long-Term Bank Debt 15.7 33.4 25.8 45.3 MARF Bonds 5.1 5.1 5.1 11.1 Short-Term Bank Debt 17.9 13.5 17.5 10.3 Gross Financial Debt 38.7 51.9 48.4 66.7 Cash 14.7 9.5 12.1 16.7 Net Financial Debt 24.0 42.4 36.3 48.9 Net Financial Debt / LTM
Slide 33: Business Plan
06 Business Plan
Slide 34: Accelerating the Squirrel Model
ACCELERATING THE SQUIRREL MODEL Strong organic and inorganic growth MEDIA Global scalability supported by our own Network End-to-end control of the entire value chain €45m planned investment in content during 2026–2027 CONTENT Increased focus on proprietary content creation Growing presence in influ
Slide 35: Next Step: €410M–€430M Revenue in 2027
NEXT STEP: €410M–€430M REVENUE IN 2027 PRO-FORMA FIGURES MEDIA (€m) 2025A 2026PF 2027PF CAGR1 2025-27 ▪ Strong organic and inorganic growth ▪ International expansion and greater scale ▪ Synergy capture and cross-selling Revenue 306 370 470 24% CONTENT EBITDA 32 51 66 44% ▪ Increased investment in pr
Slide 36: Consensus: The Market Expects Sustained Growth
CONSENSUS: THE MARKET EXPECTS SUSTAINED GROWTH¹ (€m) 2026E 2027E 2028E 2029E CAGR 2025-29E Revenue 326.0 367.7 398.0 486,4 18.9% • Media 220.2 244.6 270.0 296.4 13.3% • Content 52.7 62.1 65.7 69.1 26.0% • Network 47.3 53.9 56.9 77.7 31.1% • Inorganic 5.9 7.1 5.4 43.1 44.1% EBITDA 42.0 50.2 57.2 73.1
Slide 37: Equity Story
07 Equity Story
Slide 38: A Model Designed to Create Value
A MODEL DESIGNED TO CREATE VALUE TRADITIONAL GROUPS SQUIRREL ▪ No proprietary content ▪ Proprietary content ▪ No proprietary technology ▪ Proprietary technology ▪ No distribution capabilities ▪ TV operator with distribution capabilities ▪ Small-scale player with limited differentiation ▪ Market cons
Slide 39: €3.20: A Recurring Value Reference
€3.20: A RECURRING VALUE REFERENCE ▪ €44m aggregate value of transactions executed at €3.20/share ▪ Eleven transactions at €3.20/share since 2022 2022 2023 2025 2026 Capital Increase Mondo TV Ganga NF Media IKI Adsplanning Comercial TV DTT License Director’s Pretopay remuneration Green Shark 39
Slide 40: Growth and Value Creation Yet to Be Reflected in Share Price
STRONG OPERATING GROWTH AND FUNDAMENTAL VALUE CREATION HAVE YET TO BE REFLECTED IN THE SHARE PRICE ▪ €85m - Independent content library valuation ▪ €44m - Transactions executed at €3.20/share ▪ +35% - 2020-2026E EPS CAGR STRONG OPERATING GROWTH AND FUNDAMENTAL VALUE CREATION HAVE YET TO BE REFLECTED
Slide 41: Squirrel in the Stock Market
SQUIRREL IN THE STOCK MARKET ▪ €210m1 - Market Cap ▪ 16% - Free float ▪ BBB- - Investment Grade Rating (EthiFinance) ▪ EV/EBITDA 2027E2 - 4.7x SHARE VALUATION SUMMARY 4,68 € (4) 3,70 € (3) 3,20 € 2,05 € (1) Stock Market Price Reference price for Market Consensus Implied Value at 10x Corporate Transa
Slide 42: Appendix
08 Appendix
Slide 43: 2025 Income Statement
2025 INCOME STATEMENT PROFIT & LOSS ACCOUNTS (€m) 2024 % 2025 % Change NET REVENUE 143.39 100.0% 243.61 100.0% 68.6% Cost of sales -102.28 -71.3% -189.09 -77.6% 84.9% Personnel expenses -14.26 -9.9% -19.73 -8.1% 38.4% Other operational expenses -7.05 -4.9% -11.08 -4.5% 35.8% EBITDA 19.79 13.8% 23.71
Slide 44: H1 2026: Strong Growth
H1 2026: STRONG GROWTH P&L ACCOUNTS (€m) H1 2025 % H1 2026 % Change Revenue 97.83 100.0% 143.63 100.0% 46.8% Cost of sales -70.43 -72.0% -106.60 -74.2% 51.4% Personnel expenses -8.72 -8.9% -10.95 -7.6% 25.5% Other operational expenses -4.98 -5.1% -6.80 -4.7% 36.5% EBITDA 13.70 14.0% 19.29 13.4% 40.8
Slide 45: Solid Balance Sheet to Support Growth
SOLID BALANCE SHEET TO SUPPORT GROWTH BALANCE SHEET (€m) DEC-2023 DEC-2024 DEC-2025 JUNE-2026 TOTAL ASSETS 173.6 210.7 258.3 299.0 Non-Current Assets 123.1 156.6 161.9 182.6 Current Assets 50.5 54.1 96.4 116.4 o/w Cash & Cash Equivalents 14.7 9.6 12.1 17.7 EQUITY & LIABILITIES 173.6 210.7 258.3 299.
Slide 46: 2025 Corporate Milestones
2025 CORPORATE MILESTONES 7-January Squirrel launches a new national free-to-air DTT television channel in Spain 25-February Agreement to acquire NF Media and Matpro 26-February Acquisition of Pretopay and other technology and content creator management companies 25-March Agreement to acquire the re
Slide 47: Squirrel Global Footprint
SQUIRREL GLOBAL FOOTPRINT SPAIN EUROPE AMERICA ▪ Madrid ▪ Milan ▪ Miami ▪ Barcelona ▪ Torino ▪ México DF ▪ Sevilla ▪ London ▪ Buenos Aires ▪ Málaga ▪ Sao Paulo ▪ Bilbao ▪ Santiago de Chile ▪ Santa Cruz de Tenerife ▪ Lima ▪ Las Palmas de Gran Canaria ▪ La Paz ▪ A Coruña ▪ Badajoz ▪ Córdoba 47
Slide 48: 2026 Corporate Transactions
2026 CORPORATE TRANSACTIONS GREEN SHARK ADSPLANNING • Acquisition of 100% of the share • Agreement to acquire 100% of the capital share capital of a leading programmatic digital advertising • Group with operations in Catalonia company and Madrid, with a strategic focus on Andalusia • Specialized in
Slide 49: Growth with a Commitment to Sustainability
GROWTH WITH A COMMITMENT TO SUSTAINABILITY KPI: Use or Renewable Electricity KPI: Free Allocation of Advertising Space for Environmental or Social Campaigns • Indicator measuring the Group’s progress towards • Indicator measuring the Group’s contribution to decarbonization through the use of electri
Slide 50: A Self Reinforcing Ecosystem
A SELF REINFORCING ECOSYSTEM SELF-SUSTAINING SCALABLE CONTENT MODEL MEDIA CREATES GENERATES INTELLECTURAL COMMUNICATION PROPERTY DEMAND END TO END PLATFORM MULTICHANNEL OPERATING & & MULTICOUNTRY COMMERCIAL MONETIZATION SYNERGIES NETWORK ENABLES COMMUNICATION 50 DISTRIBUTION
Slide 51: Diversified Revenue and EBITDA Model
DIVERSIFIED REVENUE AND EBITDA MODEL REVENUE 2025 EBITDA 2025 NETWORK NETWORK 11% 10% CONTENT CONTENT 15% 17% MEDIA 74% MEDIA 73% 51
Slide 52: The Integrated Entertainment Platform
THE INTEGRATED ENTERTAINMENT PLATFORM Agastia 80, 28043 Madrid (Spain) Tel: + 34 917 940 600 Investor Relations- e-mail accionistas@squirrelmedia.es www.squirrelmedia.es