IMPRESA SGPS S A : informs about First Half 2021 Results

1st Half 2021

Results

IMPRESA - SOCIEDADE GESTORA DE PARTICIPAÇÕES SOCIAIS, S.A.

Publicly Held Company

Share Capital: Eur 84,000,000

Head Office: Rua Ribeiro Sanches, 65, 1200-787 Lisboa

NIPC 502 437 464

Commercial Registry Office of Lisbon

Contents

1. HALF-YEARLY HIGHLIGHTS ..........................................................................................	3
1.1. IMPRESA Brands .......................................................................................................	4
2. ANALYSIS OF THE CONSOLIDATED ACCOUNTS........................................................	5
2.1. Income Statement.......................................................................................................	5
2.2. Sources of Revenue ...................................................................................................	6
2.3. Indebtedness ..............................................................................................................	6
2.4. Segments....................................................................................................................	7
2.4.1. Television (SIC) ....................................................................................................	7
2.4.2. IMPRESA Publishing ............................................................................................	9
2.4.3. IMPRESA Other..................................................................................................	10
3. IMPRESA GROUP SECURITIES ...................................................................................	11
3.1. IMPRESA Shares .....................................................................................................	11
3.2. 4,5% 11Jul2022 SIC Bonds ......................................................................................	11
3.3. 3,95% 11Jun2025 SIC Bonds ...................................................................................	11
4. AWARDS........................................................................................................................	12
5. OUTLOOK......................................................................................................................	14

2

1ST HALF 2021 RESULTS

Net income increased almost 19 times when compared with the first half of 2020 to M€ 3.3

The Group's EBITDA grew 30%

Total net debt fell M€ 14.7

SIC was audience leader with a share of 20.1%

Total circulation and digital subscribers of EXPRESSO increased once again

1. HALF-YEARLY HIGHLIGHTS

IMPRESA's half-yearlyconsolidated net income reached M€ 3.3, representing an increase of M€ 3.2, up 1,776% compared to the first six months of 2020.

The Group's EBITDA exceeded M€ 10.8, registering an increase of 30% relative to the first half of 2020.

The Group's total revenues reached M€ 92, reflecting an increase of 17% relative to the first half of 2020.

The net interest-bearingdebt of IMPRESA fell M€ 14.7 year-on-year to M€ 154.4 at the end of June 2021.

Operating costs increased 16%.

3

1.1. IMPRESA Brands

• SIC maintained audience leadership in the first half of 2021, in the universe of generalist channels, with an average share of 20.1% in terms of consolidated data, according to data from GfK.
• SIC's generalist and thematic channels closed the month of June in first place, with a collective market share of 23.7%.
• SIC represented a 50.3% market share of advertising investment among the generalist channels, in the first six months of 2021.
• In terms of half-yearly performance, SIC's websites obtained the highest ever monthly average of 2,578,691 Unique Visitors.
• In the first half of 2021, the OPTO premiered among other contents the original series "Prisão Domiciliária" and the "Clube - 2nd season", after several hits released at the end of 2020 like
  "Esperança" and "A Generala".
• The eSports ADVNCE platform was released on the national operators MEO and NOS.

• The EXPRESSO was the best-sellingnewspaper in Portugal, with an average of 109 thousand paper and digital copies per edition, according to data from the APCT, with reference to the period covering January to March 2021.
• The EXPRESSO was also the leading
  Portuguese publication in paid digital circulation, with average sales of more than 50 thousand copies per edition, with reference to the first three months of the year.
• In the second quarter of 2021, one edition of EXPRESSO sold 117 thousand copies (according to internal data, not yet audited by APCT).
• The universe of the EXPRESSO brand's websites registered the second best half-yearlyresult with an average of 2,566,653 Unique Monthly Visitors, only preceded by the result for the first half of 2020.

4

1. ANALYSIS OF THE CONSOLIDATED ACCOUNTS

1. Income Statement

(values in Euros)	1º Sem 21	1º Sem 20	var %
Total Revenues	91 999 861	78 358 070	17,4%
Television	80 022 094	67 275 239	18,9%
Publishing	11 193 781	10 237 532	9,3%
Infoportugal & Others	897 391	1 014 100	-11,5%
Intersegments	-113 405	-168 801	32,8%
Operating Costs (1)	81 126 201	70 010 955	15,9%
Total EBITDA	10 873 660	8 347 116	30,3%
EBITDA Margin	11,8%	10,7%
Television	9 997 485	8 996 180	11,1%
Publishing	1 544 599	587 224	163,0%
Infoportugal & Others	-668 423	-1 236 288	45,9%
Total EBITDA (2)	10 884 562	8 348 231	30,4%
EBITDA Margin (2)	11,8%	10,7%
Depreciation	2 546 190	2 730 006	-6,7%
EBIT	8 327 470	5 617 110	48,3%
EBIT Margin	9,1%	7,2%
Financial Results	-3 453 433	-4 519 784	23,6%
Res. Bef Taxes & Minorities	4 874 037	1 097 326	344,2%
Provisions	171 000	186 500	-8,3%
Income Tax (IRC)(-)	1 359 280	732 621	85,5%
Net Profit	3 343 757	178 205	1776,4%

Notes:

EBITDA = Operating Results + Amortisation and Depreciation + Provisions + Impairment in non-current assets.

1. Does not consider Amortisation and Depreciation, Provisions and Impairment Losses in non-current assets.
2. EBITDA adjusted for restructuring costs.

The IMPRESA Group recorded M€ 92 in consolidated revenues, which represents an increase of 17.4% year-on-year.

Operating costs, without considering amortisation, depreciation, provisions and impairment losses in non-current assets, increased 15.9% compared to 2020.

5