Euskaltel S A : OTHER RELEVANT INFORMATION Euskaltel publishes first quarter 2021 results presentation.

Euskaltel

Group

Q1

2021

results

April 28, 2021

| Disclaimer

This presentation (the "Presentation") has been prepared and is issued by, and is the sole responsibility of Euskaltel, S.A. ("Euskaltel" or "the Company"). For the purposes hereof, the Presentation shall mean and include the slides that follow, any prospective oral presentations of such slides by the Company, as well as any question-and-answer session that may follow that oral presentation and any materials distributed at, or in connection with, any of the above.

The information contained in the Presentation has not been independently verified and some of the information is in summary form. No representation or warranty, express or implied, is made by the Euskaltel Group (including Euskaltel, S.A. and R Cable y Telecable Telecomunicaciones, S.A.U., nor by their directors, officers, employees, representatives or agents as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions expressed herein. None of Euskaltel Group, nor their respective directors, officers, employees, representatives or agents shall have any liability whatsoever (in negligence or otherwise) for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of the Presentation or its contents or otherwise arising in connection with the Presentation, save with respect to any liability for fraud, and expressly disclaim any and all liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in connection with the accuracy or completeness of the information or for any of the opinions contained herein or for any errors, omissions or misstatements contained in the Presentation.

Euskaltel cautions that this Presentation contains forward looking statements with respect to the business, financial condition, results of operations, strategy, plans and objectives of the Euskaltel Group. The words "believe", " expect", " anticipate", "intends", " estimate", "forecast", "project", "will", "may", "should" and similar expressions identify forward-looking statements. Other forward-looking statements can be identified from the context in which they are made. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a certain number of risks, uncertainties and other important factors, including those published in our past and future filings and reports, including those with the Spanish Securities and Exchange Commission ("CNMV") and available to the public both in Euskaltel's website (www.euskaltel.com) and in the CNMV's website (www.cnmv.es), as well as other risk factors currently unknown or not foreseeable, which may be beyond Euskaltel's control, could adversely affect our business and financial performance and cause actual developments and results to differ materially from those implied in the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

The information contained in the Presentation, including but not limited to forward-looking statements, is provided as of the date hereof and is not intended to give any assurances as to future results. No person is under any obligation to update, complete, revise or keep current the information contained in the Presentation, whether as a result of new information, future events or results or otherwise. The information contained in the Presentation may be subject to change without notice and must not be relied upon for any purpose.

Market and competitive position data in the Presentation have generally been obtained from industry publications and surveys or studies conducted by third-party sources. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. Euskaltel has not independently verified such data and can provide no assurance of its accuracy or completeness. Certain statements in the Presentation regarding the market and competitive position data are based on the internal analyses of Euskaltel, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent source and there can be no assurance that the assumptions or estimates are accurate. Accordingly, no undue reliance should be placed on any of the industry, market or Euskaltel's competitive position data contained in the Presentation.

You may wish to seek independent and professional advice and conduct your own independent investigation and analysis of the information contained in this Presentation and of the business, operations, financial condition, prospects, status and affairs of the Euskaltel Group. Euskaltel is not nor can it be held responsible for the use, valuations, opinions, expectations or decisions which might be adopted by third parties following the publication of this Presentation.

No one should purchase or subscribe for any securities in the Company on the basis of this Presentation. This Presentation does not constitute or form part of, and should not be construed as, (i) an offer, solicitation or invitation to subscribe for, sell or issue, underwrite or otherwise acquire any securities, nor shall it, or the fact of its communication, form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract or commitment whatsoever with respect to any securities; or (ii) any form of financial opinion, recommendation or investment advice with respect to any securities.

The distribution of this Presentation in certain jurisdictions may be restricted by law. Recipients of this Presentation should inform themselves about and observe such restrictions. Euskaltel disclaims any liability for the distribution of this Presentation by any of its recipients.

By receiving or accessing to this Presentation you accept and agree to be bound by the foregoing terms, conditions and restrictions.

2

Q1 2021 results

| Status of the voluntary takeover bid for Euskaltel's share capital

On 28th March 2021 MasMóvil announced its intention to launch a voluntary takeover bid for 100% of

Euskaltel's share capital. Shareholders representing 52,32% of the share capital have agreed to accept the bid.

MasMóvil stated in the announcement its intention to delist Euskaltel if the offer is successful

Euskaltel's Board of Directors signed on March 28th 2021 a collaboration agreement by which Euskaltel would be obliged to provide the offeror with the reasonably necessary support, within the limitations provided by law, to carry out the procedures related to the tender offer process and to prepare the documentation to be submitted by the bidder to the regulatory and competition authorities

During the process, Euskaltel's BoD is bound by the passivity rule (not to enter into any action which could jeopardize the takeover) and has also agreed to collaborate with the bidder

On 31st March 2021 MasMóvil submitted the application for authorization of the takeover bid to the CNMV and the CNMV has already agreed to initiate the review process

Euskaltel has appointed best-in-classfinancial and legal advisers (Citi, JP Morgan and Uría Menéndez) and created a special Committee with non-conflicteddirectors to monitor the bid process

Clearance by regulatory authorities, including anti-trust,and authorization of the takeover by the CNMV is still
pending
Euskaltel will continue to publicly disclose any developments of the takeover in accordance with applicable
regulations. Once the CNMV authorizes the takeover and the prospectus is published, Euskaltel's BoD will issue
a report with its opinion on the bid within 10 days, as required by law
The takeover process has caused the suspension of the FibreCo SPV award and the suspension of the
renegotiation of wholesale agreements. These suspensions have had a significant impact in the company's
EBITDA result and cash flow in Q1 2021.	3

Q1 2021 results

|Q1 2021 consolidates customer growth momentum, though EBITDA is impacted

Operating

KPIs

(Q1 21 vs

Q1 20)

Financials

(Q1 21)

+67k

+101k

+10m

€174m

€73m

€76m

€1,486m

Mass Market fixed customers net adds

Virgin telco fixed and mobile customers

Addressable households

Revenue

EBITDA

EBITDA ex Virgin

Net debt

Mass market customer growth continues at a strong pace

Virgin telco surpasses 100k fixed and mobile customers in just ten months

Virgin telco success drives a 1.4% yoy revenue growth

EBITDA impacted due to Virgin growth, loyalty retention campaigns at end 2020 and suspension of the renegotiations of wholesale agreements

Net debt decreases yoy despite Virgin telco's growth, the FTTH upgrade and

dividend payments

4

Q1 2021 results

| Virgin telco surpasses 100k customers in just ten months in operation

Virgin telco - customers EOP (000s)

		Fixed services subs		101
		Mobile only subs
					21
				71
				16
			39		80
			11
			55
9 1
27
3
7
		Q2 20	Q3 20	Q4 20	Q1 21

1. Virgin telco launched on 20th May 2020

Virgin telco - revenue (EURm)

10.5

6.7

2.9

0.2

Q2 20

Q3 20

Q4 20

Q1 21

5

Q1 2021 results