03/10/2022 - Cofina SGPS SA: COFINA - SGPS, S.A. informs about Report and Accounts for the First Half of 2022

REPORT AND ACCOUNTS 1H2022

I. Management Report

6(This is a translation of a document originally issued in Portuguese. In the event of discrepancies, the Portuguese language version prevails - Note 17)

TABLE OF CONTENTS
INTRODUCTION .....................................................................................................................................................	3
STOCK EXCHANGE EVOLUTION..........................................................................................................................	4
GROUP'S ACTIVITY ...............................................................................................................................................	6
FINANCIAL REVIEW ...............................................................................................................................................	7
FUTURE PERSPECTIVES......................................................................................................................................	9
LEGAL MATTERS .................................................................................................................................................	11
CLOSING REMARKS ............................................................................................................................................	13
APPENDIX TO THE MANAGEMENT REPORT....................................................................................................	14

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REPORT AND ACCOUNTS 1H2022

I. Management Report

To the Shareholders

Pursuant to the legal requirements, the Board of Directors of Cofina, SGPS, S.A. ("Cofina"), hereby informs its Report and Accounts for the first half of 2022.

INTRODUCTION

The first semester of 2022 was marked by the beginning of the war in Ukraine. In addition to the terrible devastation caused by its invasion by the Russian Federation, this led to generalised inflation of variable costs.

Despite this environment, Cofina Group witnessed a recovery of activity compared to 2021, with impact essentially in the evolution of the advertising market, having managed to capture an important part of that growth, developing new advertising formats and betting on the digital side, through the brands that, for the most part, lead in their respective segments.

In the television segment, CMTV consolidated and increased its leadership in subscription channels. The total income of CMTV reached approximately 9.7 million euros, which corresponds to a growth of 19.7%. The EBITDA of the TV segment was approximately Euro 2.7 million, which illustrates a growth of 37.3% in comparison to the same period of the previous year. During the first semester of 2022, the CMTV channel reinforced its weight as the 4th largest generalist channel with a share of 4.4%, only surpassed by three of the generalist channels present in Free to Air. In the universe of cable channels, CMTV is the clear leader with a share of 8.4%.

In the press segment, according to the data provided by APCT ("Associação Portuguesa para o Controlo de Tiragem e Circulação"), for the period from January to June 2022, "Correio da Manhã" remains the leader as the best-selling daily newspaper in Portugal, with an average of around 47 thousand copies sold per edition (45 thousand print press and 2 thousand digital), during the period under analysis. Regarding the newsmagazines, according to the data provided by this certifying entity, the magazine "Sábado" achieved 27 thousand copies sold per edition (21 thousand print press and 6 thousand digital). It should also be noted that "Correio da Manhã" has maintained its leadership year after year and the magazine "Sábado" has managed to affirm its solid market share.

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REPORT AND ACCOUNTS 1H2022

I. Management Report

STOCK EXCHANGE EVOLUTION

(Note: PSI was considered as an index with the same initial market value as the stocks under analysis in order to enable a better comparison of the price variations.)

At the end of June 2022, Cofina's shares closing price was 0.23 Euro per share, corresponding to a market capitalization of 24 million Euro.

In the first half of 2022, Cofina's shares were traded at a maximum of 0.263 Euro per share and at a minimum of 0.226 Euro per share. In total, 6.5 million shares were traded.

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