8 S E P T E M B E R 2 0 2 6
FIRST HALF 2026
RESULTS PRESENTATION
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€mH1 2026: STRONG GROWTH AND
2026 TARGETS WELL ON TRACK
▪Revenue - €144m | +47% ▪48% of the 2026 EBITDA target in H1 2026▪EBITDA - €19,3m | +41% ▪Net Financial Debt / L12M EBITDA | 1.67x 3
A NEW SCALE: €290M REVENUE
AND €29M ANNUALISED EBITDA
143,4183,4243,6289,9320-350
19,821,123,729,340-45
051015202530354045
050100150200250300350400
Dec-2024 Jun-2025 Dec-2025 Jun-2026 Target 2026(€m) Revenue(1) L12M (€m) EBITDA(1) L12M (€m) (1): Financial data for the Last Twelve Months 4
(€m) H1 2025 % H1 2026 % Change Revenue 97.83 100.0% 143.63 100.0% 46.8% ▪Media 67.45 69.0% 111.28 77.5% 65.0% ▪Content 17.18 17.6% 16.26 11.3% -5.3% ▪Network 13.20 13.5% 16.08 11.2% 21.9%
EBITDA 13.70 14.0% 19.29 13.4% 40.8%
▪Media 6.55 9.7% 12.29 11.0% 87.6% ▪Content 9.41 54.8% 4.76 29.3% -49.4% ▪Network -0.23 -1.8% 4.77 29.7% -
Overheads -2.02 -2.1% -2.54 -1.8% 25.8%MEDIA DRIVES GROWTH AND
NETWORK ACCELERATE PROFITABILITY
▪MEDIA: continues the strong growth rates recorded in Q1 2026, driven by both organic and inorganic factors ( Adsplanning consolidated since May) ▪CONTENT : lower activity due to project and investment timing ▪NETWORK : significant improvement in profitabilit y 5
1P&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%
Consumption of audiovisual rights -3.99 -4.1% -4.72 -3.3% 18.4%
D&A -0.86 -0.9% -1.37 -1.0% 60.3%
Impairment & Other revenues/costs 0.07 0.1% -0.14 -0.1% -
EBIT 8.93 9.1% 13.05 9.1% 46.3%
Net financial result -1.59 -1.6% -2.94 -2.0% 84.3%
EARNINGS BEFORE TAXES 7.33 7.5% 10.12 7.0% 38.0%STRONG EBITDA GROWTH WITH STABLE MARGINS
4.- HIGHER FINANCIAL
COSTS DUE TO INCREASED
GROSS DEBT AND HIGHER
INTEREST RATES (€66,7m vs
€55,8m in June 2025)1.- STRONG REVENUE
GROWTH DRIVEN BY THE
MEDIA DIVISION
2.- CONTAINED INCREASE
IN PERSONNEL EXPENSES
62
43.- EBITDA +41% WITH A
LIMITED 60 BPS MARGIN
DILUTION DUE TO THE
INCREASED CONTRIBUTION
FROM MEDIA3
€mMEDIA: GROWING WELL AHEAD OF THE MARKET
▪GROWTH WELL AHEAD OF THE MARKET –
Double -digit organic growth versus +4.7% for the Spanish advertising market¹ in H1 2026
▪GAINING MARKET SHARE –
New client wins continue to support organic growth
▪GREATER SCALE WITH ADSPLANNING –
Its consolidation since May expands Squirrel Agency's capabilities and scale
▪#1 INDEPENDENT / TOP 5 IN SPAIN –
Squirrel Agency consolidates its leadership among independent agencies and ranks among the Top 5 in Spain, including the major multinational groups 7 (1): Source: InfoAdex
€mCONTENT: STRONG INVESTMENT IN
H1 2026 TO DRIVE FUTURE GROWTH
▪SQUIRREL STUDIOS: INTEGRATION AND SCALE –
A single structure to optimise capabilities, talent and production
▪MORE PRODUCTION, MORE FORMATS –
Growing pipeline across film, television, branded content and digital formats
▪€16.7M INVESTED TO DRIVE FUTURE GROWTH –
Significant investment in rights anticipating a substantial increase in activity
▪HIGH -IMPACT PROJECTS –
New productions and preparations for the 2027 Latin Grammy Awards in Spain
▪CONTENT FOR NEW AUDIENCES –
Increasing focus on influencers, social media and new digital formats 8
NETWORK: RECORD AUDIENCE AND
STRONG PROFITABILITY IMPROVEMENT
9▪RECORD AUDIENCE –
2.64% combined audience share in August, an all -time high for Squirrel
▪#3 PRIVATE TV OPERATOR IN SPAIN –
Squirrel consolidates its position in the Spanish television market
▪NETWORK ENTERS A NEW PHASE OF PROFITABILITY –
€4.8m EBITDA in H1 2026 vs. -€0.2m in H1 2025, driven by the new advertising sales model with Mediaset
▪ADDITIONAL CONSOLIDATION POTENTIAL –
Actively positioned to pursue new opportunities in the Spanish television market
▪SQUIRREL+ EXPANDS THE DIGITAL ECOSYSTEM –2,165%2,281%2,342%2,423% 2,463% 2,476%
2,314%2,645%
JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY (2) AUGUSTSQUIRREL CHANNELS TV AUDIENCE IN 2026 (1)
(1): Source: Kantar Media, Individuals aged 16+, (2) 2026 FIFA World Cup
BALANCE SHEET
(€m) DEC -2023 DEC -2024 DEC -2025 JUN -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 173.6 210.7 258.3 299.0
Equity 65.3 72.2 76.2 88.4 Non -Current Liabilities 34.2 53.7 44.7 75.0 o/w Financial Debt & Bonds 20.8 38.5 25.8 56.4 Current Liabilities 74.1 84.8 133.3 135.6 o/w Financial Debt & Bonds 17.9 13.5 22.6 10.3 Net Financial Debt 24.0 42.4 36.3 48.9
Capex 20.8 25.0 6.1 16.7STRENGTHENED BALANCE SHEET TO SUPPORT GROWTH
▪Equity : +16% to €88m ▪Working capital : significant improvement, from -€41m to -€19m, a €22m reduction ▪Liquidity : strengthened to €18m, versus €7m in March 2026 and €12m in December 2025 10
(1): Change in Trade Working Capital (NFWC = Inventories + Trade Receivables – Trade Payables)INVESTMENT IN CONTENT
EXPLAINS THE INCREASE IN DEBT
43,721,2
-29,33,17,32,9 49,0
Net Debt Jun -25 Capex EBITDA Change in TWC (1) Asset Integration Finance&Taxes Net Debt Jun -26CHANGE IN NET FINANCIAL DEBT (€m) 11▪Significant increase in Content Investment in H1 2026 (€16.7m vs. €1.6m in H1 2025) ▪€11m reduction in negative Trade Working Capital versus year -end 2025 (€3.1m reduction versus June 2025).
28,5
23,0 24,031,342,443,7
36,349,0
13,822,5 22,024,3
19,821,123,729,32,07x
1,02x 1,09x1,29x2,14x
2,07x
1,53x1,67x
0,0x0,5x1,0x1,5x2,0x2,5x3,0x
0102030405060
Dec-2022 Jun-2023 Dec-2023 Jun-2024 Dec-2024 Jun-2025 Dec-2025 Jun-2026(€m)
Net Financial Debt (€m) EBITDA L12M (€m) NFD / EBITDA(1) L12MCONTROLLED LEVERAGE: 1,67x
12
€mLONG -TERM FINANCING TO SUPPORT GROWTH
▪SYNDICATED LOAN – €22.5m – 6 YEARS –
On 7 April, Squirrel strengthened its financial structure with a €22.5m
syndicated loan
▪MARF BOND – €11.1m – 4.5 YEARS – 5.0% –
On 14 May, Squirrel launched a new sustainability -linked bond programme on MARF. On 4 June, an €11.1m bond was issued with a 4.5 -
year maturity and a fixed 5.0% coupon
13LONGER DEBT MATURITIES AND FUNDING PRIMARILY
ALLOCATED TO INVESTMENT IN PREMIUM CONTENT
€m2026 OUTLOOK: TARGETS WELL ON TRACK
I.SUSTAINED GROWTH –
•H1 2026 revenue +47%, with Q2 2026 +37%
II.HIGHER ACTIVITY IN H2 2026 –
•More intensive activity in Media and Content in the second half of the year •Incremental contribution from Adsplanning since May
III.2026 TARGETS –
•Revenue €320m - €350m
•EBITDA €40m - €45m
FIRST HALF 2026 PERFORMANCE AND EXPECTED SECOND HALF 2026
SEASONALITY(1) SUPPORT THE ACHIEVEMENT OF OUR 2026 TARGETS
14 (1) See historical revenue seasonality on slide 18
2026 –27 PLAN: VISIBLE GROWTH AND MARGIN EXPANSION
PRO -FORMA RESULTS
(€m) 2025A 2026PF 2027PF CAGR1 2025 -27
Revenue 306 370 470 24%
EBITDA 32 51 66 44%
EBITDA margin 10,4% 13,7% 14,0%
CONSOLIDATED RESULTS
(€m) 2025A 2026E 2027E CAGR1 2025 -27
Revenue 244 320 - 350 410 – 430 30% - 33% Growth rate 70% 31% - 43% 17% - 34%
EBITDA 24 40 – 45 52 – 60 47% - 58%
EBITDA margin 9,7% 10,9% - 14,1% 12,1% - 14,6% (1) Compound Annual Growht Rate
EBITDA 2025A = €24m → EBITDA 2027E €52m -€60m
2,2x – 2,5x EBITDA GROWTH IN TWO YEARS
15
Appendix
16
1▪UNIQUE INTEGRATED PLATFORM ACROSS MEDIA, CONTENT & NETWORK
End -to-end control of the value chain and multi -channel monetisation capabilities
▪PROVEN GROWTH TRACK RECORD –
2020 –25 CAGR of 50% in revenue, supported by consistent execution 2
3▪STRUCTURAL MARGIN EXPANSION –
Scalable model with strong operating leverage and structural synergy generation capacity
4INVESTMENT THESIS
▪PROVEN VALUE CREATION THROUGH M&A –
EBITDA growth significantly exceeding equity dilution 17
SUSTAINED GROWTH AND HISTORICALLY
HIGHER ACTIVITY IN THE SECOND HALF
5,18,737,037,150,457,997,8144,2
5,621,337,642,178,785,5145,7
020406080100120140160
2019 2020 2021 2022 2023 2024 2025 2026(€m)
FIRST HALF SECOND HALF
18
EVENT DATE STATUS
9M 2026 Results Presentation Wednesday, 18 November 2026 Preliminary Full Year 2026 Results Presentation Tuesday, 23 February 2027 PreliminaryCORPORATE CALENDAR 19
(€m) June 2025 % June 2026 % Change
NON CURRENT ASSETS 159.30 66.8% 182.60 61.1% 14.6%
Fixed assets 3.28 1.4% 4.09 1.4% 24.7% Goodwill 31.07 13.0% 28.43 9.5% -8.5% Other non -fixed assets 103.93 43.6% 121.81 40.7% 17.2% Other non -current assets 12.30 5.2% 20.20 6.8% 64.2% Tax assets 8.72 3.7% 8.07 2.7% -7.4%
CURRENT ASSETS 79.06 33.2% 116.42 38.9% 47.3%
Inventories 3.62 1.5% 1.94 0.6% -46.5% Debtors 59.03 24.8% 92.06 30.8% 56.0% Other financial assets 2.28 1.0% 1.97 0.7% -13.7% Other current assets 1.93 0.8% 2.74 0.9% 41.9% Cash & Cash Equivalents 12.20 5.1% 17.72 5.9% 45.3%
TOTAL ASSETS 238.36 100% 299.02 100% 25.4%
TOTAL EQUITY 74.84 31.4% 88.39 29.6% 18.1%
Equity and reserves 59.17 24.8% 71.21 23.8% 20.3% Net attributable profit 5.95 2.5% 8.23 2.8% 38.5% Minority interests 9.72 4.1% 8.95 3.0% -7.9%
NON CURRENT LIABILITIES 62.76 26.3% 75.05 25.1% 19.6%
Long -Term provisions 3.54 1.5% 3.64 1.2% 2.9% Long -Term debts with credit institutions 40.78 17.1% 45.28 15.1% 11.0% Bonds & Other negotiable securities 5.10 2.1% 11.10 3.7% 117.6% Long -Term debt with group companies 0.07 0.0% 0.37 0.1% 432% Other Long -Term financial liabilities 9.83 4.1% 8.51 2.8% -13.4% Deferred tax payment liabilities 3.44 1.4% 6.14 2.1% 78.3%
CURRENT LIABILITIES 100.76 42.3% 135.58 45.3% 34.6%
Short -Term provisions 0.20 0.1% 0.22 0.1% 12.1% Short -Term debt with credit institutions 9.97 4.2% 10.28 3.4% 3.1% Bonds & Other negotiable securities 0.00 0.0% 0.00 0.0% -
Other Short -Term financial liabilities 2.10 0.9% 6.60 2.2% 214.9% Trade receivables 82.26 34.5% 110.48 36.9% 34.3% Short -Term debt with group companies 0.36 0.1% 0.52 0.2% 44.7% Other current liabilities 5.88 2.5% 7.48 2.5% 27.2%
TOTAL EQUITY & LIABILITIES 238.36 100% 299.02 100% 25.4%BALANCE SHEET
20
Agastia 80, 28043 Madrid (Spain) Tel: + 34 917 940 600