Euskaltel S A : OTHER RELEVANT INFORMATIONEuskaltel publishes first semester 2021 results presentation.

Euskaltel

Group

Q2

2021

results

July 27, 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

Q2 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. The bid is subject to a minimum acceptance of 75% of the share capital.

On June 18th, as a result of the 0.17 euros gross dividend paid by Euskaltel on June 17th, MásMóvil announced the adjustment of the takeover price to 11.00 euros per share.

All regulatory approvals needed for the takeover have been obtained:

• On May 20th, the Serbian antitrust authorities unconditionally cleared the takeover
• On June 15th the Spanish Secretary of State for Telecommunications authorised the transfer of the private right of use of the

public radioelectric domain

• On June 16th the Spanish antitrust authorities, the CNMC, unconditionally cleared the takeover
• On June 22nd, the Spanish Council of Ministers (Consejo de Ministros) authorised the foreign investment in Euskaltel
• On July 5th, the Spanish stock market regulator, the CNMV, authorised the takeover

As a result of obtaining all the regulatory approvals, on July 5th MásMóvil published the takeover's prospectus (Folleto
Explicativo), which includes all the details of the terms of the offer and the plans of MásMóvil for Euskaltel. The prospectus
includes the details for the acceptance period of the takeover, which will run from July 7th to July 30th, both inclusive.
On July 12th, and according to Spanish takeover regulation, Euskaltel's Board of Directors published its report on the takeover.
Based on its observations and opinions, the Board has issued a favourable opinion on the takeover. The report also includes the
opinion of Euskaltel's financial advisors, Citi and JP Morgan, which consider the takeover price as fair, as well as the opinion
received from the employees' representative as legally established.
Euskaltel's BoD continues to be bound by the passivity rule (not to enter into any action which could jeopardize the takeover)
and collaborates with the bidder as agreed.
The takeover process has caused the suspension of the FibreCo SPV award and the suspension of the renegotiation of wholesale
agreements. These suspensions continue to have a significant impact in the company's EBITDA and cash flow in Q2 2021.	3

Q2 2021 results

|Strong customer momentum continues while EBITDA is back to growth

Operating

KPIs

(Q2 21 vs

Q2 20)

Financials

(Q2 21)

+71k

+113k

+6m

€55

€174m

€74m

€79m

€1,510m

Mass Market fixed customers net adds

Virgin telco fixed and mobile customers

Addressable households

Fixed customers

ARPU (€/month)

Revenue

EBITDA

EBITDA ex Virgin

Net debt

Mass market customer growth continues at a strong pace

Virgin telco surpasses 120k fixed and mobile customers in its first year in operation, well above expectations

ARPU grows +0.6% qoq driven by the good performance of Virgin and the traditional business

Virgin telco success drives 1.5% yoy revenue growth

EBITDA grows 1.2% qoq driven by efficiencies in the traditional business which partly offset the impact from Virgin growth, 2020 customer loyalty campaigns and the suspension of the renegotiations of wholesale agreements

Net debt impacted by Virgin growth, the FTTH upgrade and the advance of the dividend payment

4

Q2 2021 results

| Virgin telco surpasses 120k customers after one year in operation

Virgin telco - customers EOP (000s)

Fixed services subs

Mobile only subs	122

101 24

71 21

16

		39	80	98
9	1	11
55

3 27

7
Q2 20	Q3 20	Q4 20	Q1 21	Q2 21

1. Virgin telco launched on 20th May 2020

Virgin telco - revenue (EURm)

15.2

10.5

6.7

2.9

0.2

Q2 20

Q3 20

Q4 20

Q1 21

Q2 21

5

Q2 2021 results