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RESULTS PRESENTATION 9M 2025 PROMOTORA DE INFORMACIONES, S.A. October 28th, 2025
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DISCLAIMER The information contained in this presentation has been prepared by Promotora de Informaciones, S.A. (hereinafter, the “Company”) exclusively for use during the presentation of financial results. The Company assumes no liability for the content of this document if it is used for any purpose other than that stated above. This presentation has not been independently verified or audited by third parties and is, in all cases, subject to negotiation, change, and modification. None of the Company, its shareholders, or any of their respective affiliates shall be liable for the accuracy or completeness of the information or statements included in this presentation, and under no circumstances may its contents be construed as any type of explicit or implicit representation or warranty by the Company, its shareholders, or any other party. Likewise, neither the Company, its shareholders, nor any of their respective affiliates shall be liable in any way (whether due to negligence or otherwise) for any loss or damage that may result from the use of this presentation or any content herein, or that may otherwise arise in connection with the information it contains. You may not copy or distri bute this presentation for any purpose other than that stated in the first paragraph. The Company does not undertake to publish any modifications or updates to the information, data, or statements contained herein should there be any changes in the Company’s strategy or intentions, or unforeseen facts or events that affect them, except as required by applicable law. This presentation may contain forward-looking statements regarding the Company’s business, investments, financial condition, results of operations, dividends, strategy, plans, and objectives. By their nature, forward-looking statements involve risks and uncertainties, as they are based on current expectations and assumptions regarding future events and circumstances that may not materialize. A number of factors—including political, economic, and regulatory developments in Spain and the European Union—could cause actual results and developments to differ materially from those expressed or implied in any forward-looking statements contained herein. The information contained in this presentation does not constitute an offer or invitation to purchase or subscribe for any ordinary shares, and no part of it shall form the basis of, or be relied upon in connection with, any contract or commitment of any kind. Sustainability: Sustainalitycs Rated Badge: Copyright ©2024 Sustainalytics. All rights reserved. 2
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INDEX 01 CORPORATE HIGHLIGHTS 03 PRISA MEDIA 02 04 SANTILLANA PRISA GROUP FINANCIALS 05 SUSTAINABILITY 06 KEY TAKEAWAYS
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01 9M 2025 CORPORATE HIGHLIGHTS
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9M 2025: CORPORATE HIGHLIGHTS Results remain positive in 9M 2025, both in operating performance and cash generation, although year- on-year comparisons are affected by one-off effects in 9M 2024 5 (1) Excluding arbitration award (extraordinary favorable ruling) in February 2024 related to the unsuccessful sale of Media Capital to Cofina, with a +€10m impact on other revenues (and EBITDA), and no impact on cash flow. 2 Positive cash generation ✓ Free Cash Flow showed significant growth (+115%) ✓ Strong liquidity position ✓ Additional interest rate hedges on a notional debt of €400m (contracted in Q3 2025) 1 Sustained operating performance ✓Group’s EBITDA and revenues grew by +4% on a constant currency basis, excluding the one-off impact of Cofina (1) ✓Notable performance in Learning Systems, with steady growth in advertising and El País subscribers 3 Keeping focused on 2025 results and working on Business Plan 2025-2029 ✓ The last quarter — the most significant period of the year — will be critical for 2025 results, and will be dependent on the advertising market, public education sales in Brazil, and foreign exchange trends ✓ Working on the Strategic Plan
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13.3% EBITDA margin Revenues 609 +4% vs. 2024 excluding Cofina (1) & FX EBITDA 81 +4% vs. 2024 excluding Cofina (1) & FX FINANCIAL INDICATORS (€m) DIGITAL INDICATORS (m) FCF 21 +11m vs. 2024 Net Debt 774 -1% vs.2024 3.6 +19% vs. 2024 Santillana Subscriptions 227 +25% vs. 2024 Video Plays (monthly average) 100 +4% vs. 2024 Total Listening Hours (monthly average) 426k +14% vs. 2024 EL PAÍS Subscribers (2) 6 12 +9% vs. 2024 Registered Users (pre subscribers) 9M 2025: RESULTS SUMMARY Key Performance Indicators 4.38x Net Debt/EBITDA -0.33x vs.2024 (1) Excluding arbitration award (extraordinary favorable ruling) in February 2024 related to the unsuccessful sale of Media Capital to Cofina, with a +€10m impact on other revenues (and EBITDA), and no impact on cash flow. (2) Digital subscribers include print edition subscribers (either print-only or PDF format) as well as B2B subscribers who have activated digital access.
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02 PRISA GROUP FINANCIALS
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35 31-3 -1 EBITDA Q3 2024 FX effect Santillana & Media EBITDA Q3 2025 99 81-10 -11 +3 EBITDA 9M 2024 Cofina arbitration award FX effect Santillana & Media EBITDA 9M 2025 8 9M 2025 PRISA GROUP: EBITDA PERFORMANCE Improvement of +4% (1) in 9M 2025 at constant currency Q3 results impacted by delays in Brazil’s public business and non-recurring public sales in 2024 9M 2024 VS 9M 2025 EBITDA (€m) -18% (-12% excluding severance expenses) +4% (+10% excluding severance expenses Extraordinary impact in 2024 (1) Excluding arbitration award (extraordinary favorable ruling) in February 2024 related to the unsuccessful sale of Media Capital to Cofina, with a +€10m impact on other revenues (and EBITDA), and no impact on cash flow. Q3 2024 VS Q3 2025 EBITDA MEX: -€3m ARG: -€8m MEX: -€3m -12% (-9% excluding severance expenses) Exceptional redundancies in Media and non- recurring sales in Puerto Rico in Q3 2024
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9 9M 2025 PRISA GROUP: OPERATING PERFORMANCE Solid results in 9M, although affected by FX headwinds and one-offs REVENUES -4% vs.2024 Revenues declined due to the impact of the Cofina arbitration award (1) in 2024 and FX headwinds. Excluding these impacts, and despite a challenging environment, revenues grew +4%, driven by strong performance in Santillana’s learning systems, non-recurring institutional sales in Argentina in Q2 2025, the increase in advertising and the excellent evolution of EL PAÍS subscriptions. The Brazil Public market continues to be affected by temporary delays . The outlook for Q4 is positive driven by the Ensino Médio sales performance (high- year cycle) although the timing of revenue recognition may affect full -year results and cash flow generation. In Q3 2025, revenues increased by +1% at constant currency, driven primarily by reprint sales in Brazil (despite some delays) and advertising in Media. EBITDA -18% vs.2024 Excluding the negative FX effect and the impact of the Cofina arbitration (1), EBITDA grew +4%, despite higher severance costs in Media (+10% growth excluding this effect). Growth was supported by improved cost control across both businesses. In Q3, EBITDA was slightly below 2024 levels (excluding severance expenses) due to the impact of non -recurring public sales in Puerto Rico. In addition, reprint sales in Brazil have not yet been recorded (delays). Excluding Cofina (1) and FX +4% Excluding Cofina (1) and FX +4% EBITDA MARGIN (%) 13.3% Margins exceeded 9M 2024 levels (1) on a constant currency basis, driven by revenue growth and effective cost-control measures (excluding severance). Excluding Cofina (1) FX and severance expenses +1pp (1) Excluding arbitration award (extraordinary favorable ruling) in February 2024 related to the unsuccessful sale of Media Capital to Cofina, with a +€10m impact on other revenues (and EBITDA), and no impact on cash flow. RESULTS (€m) 9M 2025 9M 2024 Var. Ex Cofina & FX Revenues 609 635 -4% +4% Expenses 528 536 -1% +4% EBITDA 81 99 -18% +4% EBITDA excluding severance expenses 91 103 -12% +10% % Margin excluding severance expenses 14.9% 16.3% -1p.p. +1p.p. EBIT 33 51 -34% +2% RESULTS (€m) Q3 2025 Q3 2024 Var. Ex FX Revenues 203 209 -3% +1% Expenses 172 174 -1% +2% EBITDA 31 35 -12% -4% EBITDA excluding severance expenses 32 36 -9% -1% % Margin excluding severance expenses 15.9% 17.1% -1p.p. -0p.p. EBIT 15 19 -25% -15%
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RESULTS (€m) 9M 2025 9M 2024 Var. Q3 2025 Q3 2024 Var. EBIT 33 51 -34% 15 19 -25% Financial Result -61 -73 +17% -24 -24 0% Equity-method companies -1 3 --- 0 1 --- Profit before tax -29 -19 -52% -10 -4 -138% Tax expense 19 18 +2% 9 8 +11% Net Income -48 -37 -28% -20 -13 -54% 9M 2025 PRISA GROUP: NET RESULT Net income impacted by operating results, despite lower financial expenses and the positive impact of the refinancing agreement 10 FINANCIAL RESULTS Financial Results improved driven by lower interest expenses (-15%, due to reduced interest rates) and a positive accounting impact from the refinancing agreement (+€6m in 9M 2025), offsetting the negative FX effect and the hedging revenues recorded in 2024. In Q3, interest expenses declined (-14%), offseting the inflation adjustment (in Argentina) and the negative FX effect. +17% vs.2024 NET INCOME The net income comparison for 9M 2025 is impacted by the Cofina arbitration award recorded in 2024. Additionally, equity-method results decline declined due to the disposal of non- core Radiópolis Mexico assets in 9M 2024. Q3 2025 Corporate Income Tax increases due to withholding tax arising from boosted upstream of dividends from Santillana operations and the improvement in Radio’s results. -28% vs.2024
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-€19m CASH FLOW (€m) 9M 2025 9M 2024 Var. Q3 2025 Q3 2024 Var. EBITDA ex severance 90.7 103.3 -12.6 32.3 35.6 -3.3 Working Capital 8.3 -4.2 +12.5 19.6 7.8 +11.9 Capex -30.0 -29.8 -0.2 -11.0 -10.8 -0.2 Taxes -15.9 -19.7 +3.8 -2.8 -4.7 +1.9 Others (1) -10.1 -20.2 +10.1 -2.5 -2.4 -0.1 IFRS 16 -22.3 -19.8 -2.5 -8.4 -6.5 -1.9 FCF 20.7 9.6 +11.1 27.2 19.1 +8.1 Interest paid -54.1 -62.6 +8.5 -12.3 -19.4 +7.1 Divestments & other 2.9 14.5 -11.6 1.5 0.7 +0.8 Cash Flow before M&A and Refinancing -30.6 -38.5 +7.9 16.4 0.4 +16.0 Capital increase / Convertible notes 39.4 98.8 -59.4 0.0 0.0 0.0 M&A & Refinancing costs -27.4 -1.5 -25.9 -4.0 -1.0 -3.1 Cash Flow -18.6 58.8 -77.4 12.3 -0.6 +13.0 11 FREE CASH FLOW (FCF) Free cash flow (FCF) showed a significant growth despite higher severance costs related to Prisa Media’s business unit reorganization, with a +€11m improvement in 9M 2025 (+115%), driven by Santillana Argentina’s institutional sales and gains at Media (excluding redundancies). In Q3, FCF posted strong growth compared to 2024 (+43%), driven by collections from Santillana’s institutional sales in Argentina and Brazil’s private business. INTERESTS, DIVESTMENTS, M&A AND REFINANCING Lower interest payments were mainly driven by a decline in Euribor rates. Divestment proceeds were lower YoY, reflecting the sale & leaseback of Santillana’s distribution center in Mexico in Q1 2024 and the sale of non -core Media assets in Q2 2024. Proceeds from the capital increase were recorded in Q1 2025, while refinancing costs were recognized mainly in Q2 (with the remainder recorded in Q3). By contrast, €99m in proceeds from the convertible notes were recognized for in Q2 2024. CASH FLOW +€11m vs.2024 9M 2025 PRISA GROUP: CASH FLOW Strong FCF growth and lower interest payments offset lower proceeds from divestments Cash flow in Q3 2025 was boosted by institutional sale collections in Argentina (1) Others mainly includes severance payments and elimination of asset sale income. In 9M 2024, it also includes a cash flow adjustment for the extraordinary arbitration award related to the unsuccessful sale of Media Capital to Cofina (-€10m). This impact is included in EBITDA, but has no impact in cash flow Cash flow before M&A and refinancing increased by +€8m (+21%) compared to 9M 2024 supported by a stronger FCF and lower interest expenses. However, total cash flow declined by -€77m vs 9M 2024 due to lower proceeds from the convertible notes issuance in 2024, refinancing costs and reduced divestments.
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689 712 717 61 -21 +51 +4 -12 61 64 750 774 781 DEC 2024 Financial Net Debt Free Cash Flow (FCF) Interests & other Other M&A, hedging & refinancing costs SEP 2025 Financial Net Debt SEP 2024 Financial Net Debt (1) Includes mainly PIK, convertible notes coupon, accrued interest and FX impact on Net Debt (2) Net Debt/EBITDA ratio calculated based on the financial leverage criteria defined in the financing agreements Focus on deleveraging remains a key strategic priority (€m) 3.97x Net Debt / EBITDA STRONG LIQUIDITY POSITION OF €196m (Including both cash & equivalents on the balance sheet and available credit facilities) (1) 9M 2025 PRISA GROUP: EVOLUTION OF NET FINANCIAL DEBT Debt levels evolved as expected and the liquidity position remains strong 12 IFRS16 4.38x IFRS16 (2) 4.71x
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03 PRISA MEDIA
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388,653 436,958 9M 2025 PRISA MEDIA: ADVERTISING AND AUDIENCE PERFORMANCE Advertising grew by 3% in Q3 and subscriptions at El País also performed well, increasing by 12% year-to-date 14 +12% EL PAÍS SUBSCRIBERS • 426k digital subscribers (4) +14% YoY • 111k gross digital additions in 9M 2025 vs. 112k in 9M 2024. ARPU improved year on year. • 2.1% average monthly churn in 9M 2025 (vs. a 4.6% benchmark in Q2 2025 (latest available data) (5)) 9M 2024 9M 2025 (1) Sources: Spain (i2P, September 2025, Radio+Press), Colombia (ASOMEDIOS, August 2025, Radio), Chile (Agencia de Medios, August 2025, Radio) (2) Monthly average (3) Daily average. Sources: radio listeners in Spain (EGM), Colombia (ECAR), Chile (Ipsos) and Mexico (INRA, Mediómetro); print readers (EGM) (4) Source: OJD (5) Source: INMA. ONLINE & OFFLINE AUDIENCE YoY 1,590m Page views (2) -8% ADVERTISING MARKET SHARE (1) YoY 20.1% +0.3p.p.Spain 41.5% +0.9p.p.Colombia 26.3% -2.2p.p.Chile • PRISA Media recorded steady growth in Spain, with a 1.8% increase in advertising revenue — outperforming the 0.5% decline recorded across the markets where we operate — driven by good performance in Radio (up +2.8%) • In LatAm, PRISA Media’s performance was impacted by a challenging advertising market in both Colombia and Chile. • In North America, PRISA Media posted exceptional growth of +31%. Meanwhile, Mexico’s Radiópolis (equity -accounted) reported revenues of over MXN 609m, in line year -on-year. 227m Video plays (2) +25% 100m Total Listening Hours (2) +4% 53m Downloads (2) +19% 12m Registered users +9% 25m Radio listeners (3) +2% 1.2m Print readers (3) -1%
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(1) Digital subscribers include print edition subscribers (either print-only or PDF format) as well as B2B subscribers who have activated digital access. (2) Source: OJD, individual print copy sales (3) Other revenues include content production agreements both in audio and in video, affiliation and partnerships for digital projects and sale of non-core assets . RESULTS (€m) 9M 2025 9M 2024 Var. Q3 2025 Q3 2024 Var. Revenues 305 308 -1% 100 101 -1% Advertising 228 226 +1% 74 72 +3% Circulation 44 43 +2% 15 15 +1% Others (3) 33 39 -15% 10 14 -25% Expenses ex severance exp. 278 283 -2% 92 95 -3% EBITDA ex severance exp. 27 25 +10% 7 6 +21% % Margin ex severance exp. 8.9% 8.0% +1p.p. 7.4% 6.0% +1p.p. EBITDA 21 24 -13% 6 6 +5% EBIT 0 3 -99% -1 -1 +21% 9M 2025 PRISA MEDIA: OPERATING PERFORMANCE Positive performance with EBITDA growth of +10% in 9M and +21% in Q3, excluding business reorganization costs 15 ADVERTISING +1% vs 2024 Despite a challenging market — particularly in LatAm — advertising continued to grow in 9M 2025, with steady performance in Spain (+2% growth in 9M). Our diversified portfolio — across both geographies and media asset classes — continues to help mitigate advertising volatility across markets. EBITDA +10% vs 2024 excluding severance expenses EBITDA was impacted by severance costs. Excluding this effect, EBITDA delivered remarkable +10% growth vs. 9M 2024, with a margin increase of 1 percentage point. In Q3 2025, EBITDA grew at an outstanding +21% , driven by a positive advertising performance (specially in Spain) and strict cost control measures. • Advertising and circulation continue to show steady growth, while audiovisual production activity was lower compared to 9M 2024, although with little impact on results • Cost control measures helped mitigate inflationary pressures, including higher payroll costs. Revenue growth was also supported by a + 17% increase in online circulation, boosted by the strong performance of EL PA ÍS digital subscriptions, which now account for 426k subscribers (1). The EL PAÍS print edition continues to gain market share from Monday to Sunday (2). CIRCULATION +2% vs 2024 +4% ex FX Excluding FX impact+3% +3% ex FX
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04 SANTILLANA
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70 66 -10 -3 -11 +20 EBITDA Santillana 9M 2024 Brazil Public Sale&lease back MEX 2024 FX Effect Private & Other markets EBITDA Santillana 9M 2025 9M 2025 SANTILLANA: OPERATING PERFORMANCE Solid performance in Private business and Argentina. Brazil Public business continues to be affected by temporary delays but shows a positive outlook for Q4 17 BRAZIL PUBLIC MARKET Performance was affected by the timing of revenue recognition, in line with expectations (sales from the 2023 new PNLD order were partially invoiced in H1 2024). In Q3, reprint sales were partially recognized, despite some delays that will be corrected in Q4. Q4 2025 outlook is positive in line with our expectations , driven by Ensino Médio new order (PNLD high cycle), although the timing of revenue recognition and cash collections may affect full -year results. REVENUE BREAKDOWN EBITDA BREAKDOWN PRIVATE MARKET +0% vs. 2024 Revenues (2) Excellent performance of learning systems subscriptions, up by +19%, driven by both Southern-region campaign (+13%) and Northern-region campaign performance (+38%). Supplemental and ELT (1) subscriptions saw significant growth, supported by effective cross-selling strategies. Revenues are flat due to non recurrent public sales in Puerto Rico in 2024, whereas EBITDA increased by +2% (2) supported by operating leverage with strict cost- control measures. +2% vs. 2024 EBITDA (2) Mainly due to pending PNLD sales from 2023 that were recognized in 2024 3,555k2,984k OTHER MARKETS (mainly Argentina) Significant improvement due to the institutional non-recurrent sale in Argentina in Q2 and a positive campaign with higher market share and a higher ARPU. Full- year 2025 results will depend on the evolution of inflation and FX rates at year end given that Argentina is considered a hyperinflationary economy. +€35m vs.2024 Revenues (2) +€22m vs.2024 EBITDA (2) Mainly due to pending PNLD sales from 2023 that were recognized in 2024 +38% +14% (1) ELT stands for English Language Teaching (2) At constant currency. Private business also excludes the sale & leaseback operation in Mexico in 2024 LEARNING SYSTEMS SUBSCRIPTION GROWTH +19% Other markets includes Argentina, Venezuela and Headquarters (HQ costs were allocated in 2024 in all markets in proportion to each market’s revenue share) Brazil Public market: Brazil’s PNLD and other public sales in Brazil Private market: all countries with operations in LatAm except for Brazil Public market, Argentina and Venezuelaꞏꞏꞏ (€m) (€m) ARG: -€17m BRA: -€10m MEX: -€9m ARG: -€8m MEX: -€3m 318 305-8 -3 -37 +35 REVENUES Santillana 9M 2024 Brazil Public Sale&lease back MEX 2024 FX Effect Private & Other markets REVENUES Santillana 9M 2025
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9M 2025 SANTILLANA: OPERATING PERFORMANCE Notable growth in 9M 2025, with EBITDA up +10% and revenues up +8% at constant currency. Institutional sales in Argentina offset the temporary impact of lower public sales in Brazil 18 EBITDA MARGIN (%) 21.7% EBITDA margin is in line on constat currency (+1.4 percentage points excluding the sale&lease back operation in Mexico in 2024) driven by cost control measures and sales growth. Excluding FX impact+0pp Santillana’s EBITDA increased by 10% at constant currency in 9M 2025 , overcoming Brazil’s Public business temporary impact, thanks to operational leverage in the Private segment and exceptional results in Argentina. Q3 EBITDA is impacted by both FX (mainly in MEX) and non -recurrent public sales in Puerto Rico in 2024. Excluding FX impact+10%-6% vs.2024EBITDA RESULTS (€m) 9M 2025 9M 2024 Var. Ex FX Revenues 305 318 -4% +8% Education sales 302 312 -3% +9% Other (includes sale & leaseback in ’24) 2 6 -62% -58% Expenses 239 248 -4% +7% EBITDA 66 70 -6% +10% % Margin 21.7% 22.1% -0p.p. +0p.p. EBIT 39 43 -8% +11% RESULTS (€m) Q3 2025 Q3 2024 Var. Ex FX Revenues 103 108 -5% +2% Education sales 102 107 -4% +2% Other 1 1 -26% -26% Expenses 78 78 -1% +5% EBITDA 26 30 -15% -6% EBIT 17 22 -23% -14% Excluding the FX effect, revenues grew by +8% in 9M 2025 on the back of excellent performance of Learning Systems and Argentina’s remarkable results (institutional sale and Private business growth). In Q3 2025 revenues grew +2% at constant currency, despite non-recurrent public sales in Puerto Rico in Q3 2024, supported by Learning Systems sales and Brazil Public reprint sales. The Private business delivered good results, with continued growth in Learning Systems subscriptions offsetting the decline in didactic sales (mainly due to lower institutional sales) and the impact of the sale & leaseback transaction recorded in 2024. -4% vs.2024REVENUES Excluding FX impact+8%
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05 SUSTAINABILITY
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✓ 5th edition of the Retina ECO Awards, recognizing the best business projects in the fight against climate change through innovation and technology. Queen Letizia presented the awards. ✓ El Eco de LOS40 launches 'VOCES x EL OCÉANO' to raise awareness and promote ocean care as part of the free LOS40 Summer Live music tour. An ongoing commitment to raise awareness about environmental challenges E ✓ El País publishes an Accessibility Statement for its websites that takes into account people with disabilities and the diverse ways in which its audiences interact and navigate the web Responsible and transparent Governance G ✓ The International Summit on Sustainability and Environmental Innovation in Bogotá, organized by PRISA Media in collaboration with CAF, CAR, and the Bogotá Chamber of Commerce, was held to discuss climate challenges, their economic and social impact, and the need for alliances to address them. ✓ Santillana partnered with Universidad Internacional de La Rioja to advance online training for educational leaders in Latin America. Fundación Santillana and UNESCO are collaborating to promote equity, sustainability, and quality education across Latin America and the Caribbean. ✓ ”Up to date with Cadena SER”, a tool to combat unwanted loneliness among vulnerable groups, in collaboration with the Red Cross. AS joins “The most inclusive match” to highlight diversity in sports. Positive impact on people and society S 9M 2025: SUSTAINABILITY HIGHLIGHTS 20 PRISA's sustainability strategy enhances the social value generated by the Group and its positive impact on stakeholders, in line with its purpose: Fostering progress of people and society Raising awareness of major challenges Providing high- quality education Promoting diversity and inclusion
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06 KEY TAKEAWAYS
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22 KEY TAKEAWAYS Positive operating performance despite FX headwinds and one-offs A strengthened financial position driven by the new refinancing agreement and cash flow generation Ongoing commitment to our Sustainability Plan Results are on track with expectations. The fourth quarter, a key period for both businesses
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Fostering progress of people and society, by providing quality education, rigorous information and innovative entertainment
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Appendix APPENDIX: APMs
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Alternative Performance Measures (APMs) The Group uses EBITDA, among other metrics, as a benchmark to monitor business performance and to set operational and strategic targets. This alternative performance measure is important for the Group and is widely used in the sector. EBITDA is defined as operating results plus depreciation and amortization of assets, impairment of goodwill, and impairment of other assets. The Group also uses EBITDA excluding severance expenses as an alternative performance measure, defined as EBITDA adjusted to exclude the impact of severance costs (i.e., EBITDA plus severance expenses). This measure is important for the Group, as it reflects the recurring profitability of its businesses and provides insight into asset performance net of severance-related costs. EXCHANGE RATE IMPACT PRISA defines the exchange rate (“FX”) impact as the difference between a financial figure converted at the current year’s exchange rate and the same figure converted at the previous year’s exchange rate. The Group monitors both operating income and profit from operations excluding this exchange rate effect in order to improve comparability between periods and assess performance independently of currency fluctuations across countries. This alternative performance measure is relevant for the Group, as it provides a clearer view of operational trends unaffected by exchange rate volatility, which can distort year-over-year comparisons. NET FINANCIAL DEBT The Group’s net financial debt is an alternative performance measure that includes current and non-current bank borrowings, excluding the present value of financial instruments, loan arrangement costs, and the convertible notes coupon liability, and is net of current financial assets, cash, and cash equivalents. This measure is important for the Group, as it provides insight into its financial position. FREE CASH FLOW PRISA defines free cash flow as the sum of cash flow before financing activities, including: EBITDA excluding severance expenses + changes in working capital + capital expenditure (Capex) + taxes + severance payments + other operational cash flows and adjustments + financial investments, and including IFRS 16 lease payments. This alternative performance measure is important for the Group, as it reflects the company’s ability to generate recurring cash to service its debt. 25 EBITDA
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Investor Relations +34 91 330 1085 ir@prisa.com www.prisa.com