Interim report
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January – September 2025 Results report PROMOTORA DE INFORMACIONES, S.A. October 28th 2025
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2January-September 2025 Results report Index 9M 2025 Key aspects 3 9M 2025 Key aspects 3 PRISA Group PL 5 P&L 5 Cash Flow Statement 6 Cash Flow Statement 6 Financial Net Debt 7 Financial Net Debt 7 Balance sheet 8 Balance sheet 8 PRISA Media Santillana Sustainability (ESG) 13 Sustainability (ESG) 13 Appendix FX Evolution 15 FX Evolution 15 Revenue and EBITDA breakdown by business unit 16 Revenue and EBITDA breakdown by business unit 16 Alternative Performance Measures (APM) 17 Alternative Performance Measures (APM) 17 Results and Cash Flow 4 Results and Cash Flow 4 PL and KPIs 10 P&L and KPIs 10 9M 2025 Key Aspects 9 9M 2025 Key Aspects 9 PL and KPIs 12 P&L and KPIs 12 9M 2025Key Aspects 11 9M 2025Key Aspects 11
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3January-September 2025 Results report 9M 2025 Key aspects 9M 2025 Key aspects Solid Operating and Financial Performance Results for 9M 2025 remain positive. However, the comparison with 9M 2024 was affected by the impact of the arbitration ruling in favor of Cofina: in February 2024, €10m were recognized in other operating income following a favorable ruling related to the 2020 dispute over the failed sale of Media Capital to Cofina. Excluding this effect (1), both revenue and EBITDA for 9M 2025 grew by +4% at constant exchange rates. There was strong performance from Santillana’s learning systems, which reached 3.6m subscriptions (+19% growth), and from EL PAÍS, where the number of subscribers rose to 437k (+12% growth). Advertising revenue also continued to grow (+3% at constant currency), outperforming the market. In addition, non-recurring institutional sales in Argentina, recognized in the first half of the year, offset the decline in the Brazilian public education market, which continued to be affected by temporary delays compared with 9M 2024. Outlook for Brazil’s public market in Q4 is positive, driven by the new PNLD order for Ensino Médio cycle, the Government’s largest educational procurement cycle. Results from Brazil Public as a whole will depend on when the order is booked, which could occur between December 2025 and early 2026. In the third quarter, the Group recorded revenue growth of +1% versus Q3 2024 at constant exchange rates (-3% in euros), supported by PNLD reprints in Brazil (with some delays expected to be recovered in Q4) and stronger advertising revenue, offsetting the impact of non-recurring public sales in Puerto Rico that took place in Q3 2024. Meanwhile, reported EBITDA declined due to exchange rate effects and restructuring costs at PRISA Media; -1% when excluding these factors due to the one-off institutional sale in Puerto Rico in 2024. Cash generation showed very positive momentum, with a significant increase in Free Cash Flow (FCF) (2) of +€11m (+115%), and lower interest payments (+8M). Net debt stood at €774m, below the €781m recorded in September 2024 (-1%). As of December 2024, net debt had risen in line with expectations, reflecting the seasonal nature of businesses and the impact of refinancing costs. Finally, the Group maintained a strong liquidity position as of September, with €196m including cash and available credit facilities. Exchange Rate Impact In 9M 2025, there was a negative currency impact on revenue of -€41m, mainly due to the depreciation of the Argentine peso (-€17m), Brazilian real (-€10m), and Mexican peso (-€10m). In Q3 2025, the FX impact on revenue was also negative, at -€8m, mainly from the Mexican peso (-€4m) and Brazilian real (-€2m). At the EBITDA level, the currency effect was negative by -€11m in 9M 2025, driven by the depreciation of the Argentine and Mexican pesos, and -€3m in Q3 2025, mainly from the Mexican peso. Focus on 2025 and the Strategic Plan 2025– 2029 The company continues to implement its strategic roadmap to deliver improved results versus 2024, excluding the impact of the Cofina arbitration award, in a challenging economic environment. The Q4 is the most important period for full- year results and is critical to meeting 2025 targets. The performance of the advertising market and exchange rates, the economic situation in certain Latin America countries and sales registration for the new PNLD Ensino Médio order in Brazil, will be key to achieving 2025 goals. The company continues to work on the development of the Strategic Plan 2025–2029. Results continue to trend positively, both at the operating level and in cash generation. However, the year-on-year comparison is affected by extraordinary items in 2024. (1) Excludes the favorable arbitration award in February 2024 related to the failed sale of Media Capital to Cofina, with a €10m impact on other revenues and EBITDA. This had no impact on cash. (2) Free Cash Flow (FCF) = Cash flow before financing (EBITDA excluding severance costs + working capital + capex + taxes + severance payments + other operating cash flows and adjustments + financial investments), including lease payments (IFRS 16)
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4January-September 2025 Results report PRISA GROUP – Results and Cash Flow Generation PRISA GROUP – Results and Cash Flow Generation P&L Revenue totaled €609m in 9M 2025, -4% below the same period in 2024, affected by the impact of the Cofina arbitration ruling in Q1 2024. Excluding this effect(1), revenue grew by +4% at constant currency. Santillana’s sales grew +9% at constant currency (-3% in euros), driven by the improvement in learning systems and non-recurring institutional sales in Argentina during Q2 2025. The Brazilian public education market remained affected by temporary delays, which impacts year-on-year comparison. At PRISA Media, advertising rose +3% at constant currency (+1% in euros), and EL PAÍS’s subscription revenue increased by +17%. In the third quarter, revenue reached €203m, up +1% at constant currency (-3% in euros), supported by PNLD reprints in Brazil and improved advertising revenue, which offset the non-recurring public sales in Puerto Rico recorded in 2024. Reported EBITDA reached €81m in 9M 2025. Excluding the Cofina effect (1), EBITDA grew by +4% at constant currency compared with 9M 2024 (+10% excluding the higher severance costs mainly due to restructuring at Media). Operating efficiency improved across both businesses. The EBITDA margin reached 13%, up one percentage point at constant currency versus 2024 (excluding the extraordinary Cofina effect (1) and higher severance expenses). Q3 2025 EBITDA amounted to €31m, compared with €35m in Q3 2024. Excluding the negative currency impact and higher severance costs, EBITDA decreased -€0.4m (-1%) due to the non- recurring institutional sale in Puerto Rico in 2024. Financial results were driven by lower interest expenses (-15%, reflecting the decline in Euribor) and the positive accounting impact of the new refinancing agreement signed in Q2 2025 (+€6m year to date as of September 2025). These improvements offset the negative currency effect, which impacted financial results, as well as the interest rate hedging gains recorded in the first half of 2024. As a result, the financial result improved by +17% versus 9M 2024, in line in the the quarterly comparison – the reduction in interest expenses offsets the negative effects of exchange rates and inflation. Net attributable profit amounted to -€48m in 9M 2025, compared with -€37m in 9M 2024. The comparison is affected by the Cofina arbitration award in 2024 and by the lower contribution from associates, as a non-strategic asset in Radiópolis (Mexico) was sold in 2024. Cash Generation In 9M 2025, the Group recorded cash outflows of €19m, compared with positive cash generation of €59m in 9M 2024. It should be noted that as of September 2025, this figure includes payments from the refinancing process (€23m) and the proceeds from the capital increase carried out in Q1 2025 (€39m net of costs). In addition, in 9M 2025, €3m were paid following an unfavorable court ruling related to transactions of Distribuidora de Televisión Digital (DTS) prior to its sale in 2015. By contrast, in 2024 the Group received €99m in proceeds from the issue of convertible notes (net of costs), and there was also a higher volume of asset disposals than in 9M 2025. The proceeds from the capital increase carried out in Q1 2025 were used in Q2 2025 to repay the outstanding balance of the Junior Debt tranche (the highest-cost debt, at Euribor+8%) and thereby satisfy the condition precedent to the agreed financing. Additionally, there was a reduction in interest payments of €8m on a year-on-year basis, reflecting the decline in Euribor. On a quarterly basis, interest payments were €7m lower. In summary, Cash generation excluding M&A and refinancing activities increased by +21% (+€8m) compared with 9M 2024. FCF reached +€11m (+115%), despite higher severance payments, supported by the Santillana Argentina tender and improved performance at PRISA Media (excluding higher severance costs). In Q3, FCF increased by +€8m (+43%) compared with Q3 2024, mainly due to collections from the Argentina tender and from Santillana’s Private business in Brazil. Net Debt Net Financial Debt including IFRS 16 stood at €774m as of September 2025, -€7m (-1%) lower than in September 2024. Compared with December 2024, debt increased by €24m, reflecting business seasonality, as expected. The exchange-rate effect added +€6m to the debt. It is worth noting that in Q3 2025, the Group entered into interest rate hedges with a notional value of €400m, which serve to cover Euribor risk, the benchmark interest rate for the debt. The Net Debt/EBITDA ratio stood at 4.38x, compared with 4.71x in September 2024, in line with expectations. As of September 2025, the Group maintained a strong liquidity position with €196m, including cash and available credit facilities. (1) Excludes the favorable arbitration award in February 2024 related to the failed sale of Media Capital to Cofina, with a €10m impact on other revenues and EBITDA. This had no impact on cash. Solid results in the first nine months of 2025: revenue and EBITDA up +4% excluding the Cofina effect (1) and exchange rates. FCF up +115%.
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5January-September 2025 Results report Var. ex FX P&L JULY - SEPTEMBER €, million 2025 2024 Var. Operating Revenues 203 209 -3% +1% Operating Expenses 172 174 -1% +2% EBITDA 31 35 -12% -4% EBITDA Margin 15.1% 16.6% -2p.p. -1p.p. EBITDA ex. severance expenses 32 36 -9% -1% EBITDA Margin ex. severance expenses 15.9% 17.1% -1p.p. -0p.p. Operating result (EBIT) 15 19 -25% -15% EBIT Margin 7.1% 9.3% -2p.p. -1p.p. Financial Result -24 -24 -0% Interests on debt -18 -20 +14% Other financial results -7 -4 -75% Result from associates 0 1 --- Profit before tax -10 -4 -138% Income tax expense 9 8 +11% Minority interest 0 0 +80% Net profit -20 -13 -54% PRISA GROUP – PL PRISA GROUP – P&L (1) Excludes the favorable arbitration award in February 2024 related to the failed sale of Media Capital to Cofina, with a €10m impact on other revenues (and EBITDA). This had no impact on cash. P&L JANUARY – SEPTEMBER €, million 2025 2024 Var. Operating Revenues 609 635 -4% +4% Operating Expenses 528 536 -1% +4% EBITDA 81 99 -18% +4% EBITDA Margin 13.3% 15.6% -2p.p. -0p.p. EBITDA ex. severance expenses 91 103 -12% +10% EBITDA Margin ex. severance expenses 14.9% 16.3% -1p.p. +1p.p. Operating result (EBIT) 33 51 -34% +2% EBIT Margin 5.5% 8.0% -3p.p. -0p.p. Financial Result -61 -73 +17% Interests on debt -54 -64 +15% Other financial results -7 -10 +27% Result from associates -1 3 --- Profit before tax -29 -19 -52% Income tax expense 19 18 +2% Minority interest 0 0 -592% Net profit -48 -37 -28% Var. ex Cofina (1) & FX
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6January-September 2025 Results report CASH FLOW STATEMENT JANUARY - SEPTEMBER JULY - SEPTEMBER €, million 2025 2024 Var. 2025 2024 Var. Reported EBITDA 81.3 99.1 -17.8 30.7 34.8 -4.1 Severance expenses 9.4 4.2 +5.3 1.7 0.9 +0.8 EBITDA ex severance expenses 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 paid -15.9 -19.7 +3.8 -2.8 -4.7 +1.9 Severance payments -8.4 -6.1 -2.3 -1.8 -1.7 -0.1 Other (1) -1.7 -14.1 +12.4 -0.7 -0.6 -0.1 CASH FLOW BEFORE FINANCING ACTIVITIES 42.9 29.4 +13.6 35.6 25.6 +10.0 Interests paid -54.1 -62.6 +8.5 -12.3 -19.4 +7.1 Dividends 0.9 0.6 +0.3 1.6 -0.2 +1.8 Other CF from financing activities -22.6 -16.4 -6.2 -8.9 -6.4 -2.5 IFRS 16 -22.3 -19.8 -2.5 -8.4 -6.5 -1.9 Other -0.3 3.4 -3.7 -0.5 0.1 -0.6 CASH FLOW FROM FINANCING ACTIVITIES -75.7 -78.3 +2.6 -19.6 -26.0 +6.4 CASH FLOW BEFORE DIVESTMENTS -32.8 -48.9 +16.1 16.0 -0.4 +16.4 Divestments 2.2 10.5 -8.2 0.4 0.8 -0.4 CASH FLOW BEFORE OPERATIONS -30.6 -38.5 +7.9 16.4 0.4 +16.0 Operations 12.0 97.3 -85.3 -4.1 -1.0 -3.1 Capital increase / Convertible notes 39.4 98.8 -59.4 0.0 0.0 0.0 Other (M&A and 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 FREE CASH FLOW (FCF) JANUARY - SEPTEMBER JULY - SEPTEMBER €, million 2025 2024 Var. 2025 2024 Var. CASH FLOW BEFORE FINANCING ACTIVITIES 42.9 29.4 +13.6 35.6 25.6 +10.0 IFRS 16 -22.3 -19.8 -2.5 -8.4 -6.5 -1.9 FREE CASH FLOW (FCF) 20.7 9.6 +11.1 27.2 19.1 +8.1 PRISA GROUP – Cash Flow Statement PRISA GROUP – Cash Flow Statement (1) Others include mainly 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.
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7January-September 2025 Results report FINANCIAL NET DEBT SEP 2025 DEC 2024 Var. Sep/Dec SEP 2024 Var.Sep 25/24€, million Bank Debt 805 828 -22 825 -20 Non-current Bank debt 782 801 -19 799 -17 Current Bank debt 23 27 -4 26 -3 Convertible notes liability 2 3 -2 3 -2 Financial investments -5 -1 -4 -2 -3 Cash & cash equivalents -133 -156 +23 -126 -7 Present value 43 15 +28 17 +26 FINANCIAL NET DEBT ex IFRS 16 712 689 +23 717 -5 IFRS 16 liabilities 61 61 +1 64 -2 FINANCIAL NET DEBT with IFRS 16 774 750 +24 781 -7 FINANCIAL NET DEBT ex IFRS 16 BY BUSINESS UNIT (including interco.) SEP 2025 DEC 2024 Var. Sep/Dec SEP 2024 Var.Sep 25/24 €, million PRISA Holding & Other 729 724 +5 736 -7 Financial Debt (bank & coupon liabilities) 839 831 +8 832 +8 Cash, financial invest. & interco. Debt -111 -108 -3 -96 -15 Santillana -130 -160 +30 -138 +8 Media 113 126 -12 119 -6 FINANCIAL NET DEBT ex IFRS 16 712 689 +23 717 -5 PRISA GROUP – Financial Net Debt PRISA GROUP – Financial Net Debt Financial Net Debt Evolution (€, million) 3.97x Net Debt/EBITDA (1) Includes mainly PIK, accrued interest, convertible notes coupon liability and FX impact on Net Debt (2) Net Debt/EBITDA ratio calculated considering the financial leverage criteria defined in the financing agreements (*) Cash & cash equivalents variation (+€23m): i) +€19m due to Cash Flow, ii) +€6m due to FX in Cash, iii) -€6m due to debt drawdown and amortization and iv) +€5m due to deposits 4.38x (1) IFRS 16 IFRS 16 (2) 4.71x (*) 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 & refinancing costs SEP 2025 Financial Net Debt SEP 2024 Financial Net Debt
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8January-September 2025 Results report PRISA GROUP – Balance sheet PRISA GROUP – Balance sheet ASSETS €, million SEP 2025 DEC 2024 FIXED ASSETS 392 388 Property, plan & equipment 79 81 Goodwill 109 110 Intangible assets 96 95 Long term financial investments 10 6 Investment in associates 39 41 Deferred tax assets 59 55 CURRENT ASSETS 435 492 Inventories 55 49 Trade and other receivables 247 284 Short term financial investments 0 1 Cash&cash equivalents 133 156 Current derivatives 0 1 TOTAL ASSETS 828 880 LIABILITES €, million SEP 2025 DEC 2024 SHAREHOLDERS EQUITY -388 -368 Issued capital 135 109 Reserves and other equity instruments -487 -479 Income attributable to the parent company -48 -12 Minority interest 11 14 NON CURRENT LIABILITIES 859 881 Long term financial debt 782 801 Non-current financial liabilities 46 47 Deferred tax liabilities 20 23 Provisions 9 8 Other non current liabilities 1 1 CURRENT LIABILITIES 357 368 Short term financial debt 23 27 Other current financial liabilities 18 18 Trade accounts payable 183 198 Other short term liabilities 83 81 Accrual accounts 51 44 TOTAL LIABILITIES 828 880
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9January-September 2025 Results report PRISA Media – Key Highlights 9M 2025 Income Statement Operating revenues remained in line with 9M 2024, excluding foreign exchange effects, reaching €305m, supported by positive advertising performance and good growth in EL PAÍS digital subscriptions (1). These gains offset lower revenues from digital platform agreements compared with the same period in 2024 and reduced audiovisual production activity (with limited impact on results). At the same time, digital revenues maintained their share of the business unit’s total, accounting for 29%, in line with 9M 2024. Advertising (accounting for 75% of total revenues) performed positively, growing +1% (+3% excluding FX impact) to €228m, despite challenging market conditions—particularly in Latin America—and the tough comparison with 2024, which included major sporting events (European Championship and Olympic Games). Advertising in Spain performed especially well, increasing its market share by +0.3 percentage points and growing +2% in 9M 2025 versus the same period last year, mainly driven by Radio (+3%). Circulation revenues (14% of total revenues) reached €44m in 9M 2025, up +2% versus 9M 2024. Growth in EL PAÍS digital subscription revenues(1) (+17%) offset a -7% decline in print newspaper sales. Other revenues (11% of total) amounted to €33m, below the same period last year (-15%). Although PRISA Media continues to actively pursue income diversification through agreements with digital platforms, there were one-off agreements in 2Q 2024 that affect the year-on-year comparison. Audiovisual production activity was lower during 9M 2025, though with limited impact on results. EBITDA for the business unit was affected by higher severance costs, associated with the reorganization carried out within the business unit. Excluding this impact, PRISA Media’s EBITDA reached €27m in 9M 2025, up +10% versus 9M 2024, thanks to stronger advertising performance, growth in digital subscriptions, and cost control measures that offset inflationary pressures (in both fixed and personnel costs) and the impact of non- recurring agreements recorded in 2024 as mentioned before. In the third quarter of the year, PRISA Media’s EBITDA increased +21% versus Q3 2024, excluding the impact of higher severance costs (+5% if these are included), thanks to higher advertising revenues (+3%), growth in digital subscription income (+16%), and increased revenues from AI platform agreements, along with continued cost control. In addition, non-core assets were sold in Colombia. The EBITDA margin excluding severance costs stood at 8.9% in 9M 2025, up 1 percentage point compared to the same period last year. In summary, PRISA Media delivered solid performance through September, despite a challenging economic environment. Performance in Q4 will be key to achieving the 2025 targets: given the seasonal nature of the business, the last quarter is traditionally the strongest of the year. KPIs EL PAÍS continues to lead Spain’s digital news subscription market, thanks to the quality of its content, brand prestige, and the application of advanced content-management technology. As of September 2025, EL PAÍS had a total of 436,958 subscribers, representing +12% growth. Digital subscribers (1) reached 425,955, a +14% increase versus September 2024, and the churn rate stood at 2.1% in 9M 2025 (vs. 4.6% market average in Q2 2025 – latest available data (2)). In Q3 2025, the growth trend continued, with 11,029 net new digital subscriptions (1) during the quarter, confirming the steady pace of acquisition. As of September 2025, monthly average listening hours reached 100m, representing +4% growth versus 9M 2024. The average monthly number of audio downloads totaled 53m (+19%), and the average monthly audiovisual content views reached 227m, a +25% increase versus the previous year. In summary, digital metrics continue to show solid, sustained growth. (1) Digital subscribers include print-only or PDF subscribers and B2B subscribers with activated digital access. (2) Source INMA Positive business performance, with EBITDA up +10% excluding severance costs (+21% in Q3), fueled by advertising growth and higher EL PAÍS digital subscriptions, alongside continued cost control. PRISA Media is the leading media and entertainment group in the Spanish-speaking world, driving digital transformation through its flagship brands in Spain, Latin America, and the U.S. Its organizational model supports global competitiveness in the digital arena, and is focused on growing EL PAÍS digital subscriptions, expanding global reach, and strengthening the leadership and quality of its brands.
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10January-September 2025 Results report PRISA Media – PL and KPIs PRISA Media – P&L and KPIs (1) Other revenues include, among others, content production agreements both in audio and in video, affiliation and partnerships for digital projects and sale of non-core assets . (2) Digital subscribers include print subscribers (only print and pdf) and B2B subscribers that have activated digital access (3) TLH: Total Listening Hours P&L JANUARY - SEPTEMBER JULY - SEPTEMBER €, million 2025 2024 Var. 2025 2024 Var. Operating Revenues 305 308 -1% 100 101 -1% Net Advertising 228 226 +1% 74 72 +3% Offline 174 170 +2% 57 54 +6% Online 55 55 -1% 17 19 -7% Circulation 44 43 +2% 15 15 +1% Offline 25 27 -7% 8 9 -9% Online 19 16 +17% 7 6 +16% Other (1) 33 39 -15% 10 14 -25% Operating Expenses 285 284 +0% 93 95 -2% Operating Expenses ex. severance exp. 278 283 -2% 92 95 -3% Variables 50 57 -13% 17 21 -20% Fixed 228 226 +1% 75 74 +2% EBITDA 21 24 -13% 6 6 +5% EBITDA Margin 6.8% 7.7% -1p.p. 6.5% 6.0% +0p.p. EBITDA ex. severance expenses 27 25 +10% 7 6 +21% EBITDA Margin ex. severance expenses 8.9% 8.0% +1p.p. 7.4% 6.0% +1p.p. Operating result (EBIT) 0 3 -99% -1 -1 +21% EBIT Margin 0.0% 1.0% -1p.p. -0.6% -0.8% +0p.p. KPIs JANUARY - SEPTEMBER JULY - SEPTEMBER 2025 2024 Var. 2025 2024 Var. Digital Revenues (€, million) 88 90 -2% 29 29 -3% Digital Revenue mix (%) 29% 29% 0p.p. 29% 29% 0p.p. EL PAÍS Digital Subscribers (2) (thousand) 426 374 +14% EL PAÍS Total Subscribers (thousand) 437 389 +12% Page views (million, monthly average) 1,590 1,733 -8% Unique Browsers (million, monthly average) 144 168 -15% Video plays (million, monthly average) 227 182 +25% TLH (3) (million, monthly average) 100 96 +4% Audio downloads (million, monthly average) 53 45 +19% Registered users (million) 12 11 +9% Listeners (million) 25 24 +2% +4% ex FX +3% ex FX
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11January-September 2025 Results report Santillana – 9M 2025 Key Aspects Santillana – 9M 2025 Key Aspects P&L Santillana’s results in 9M 2025 were positive, driven by the solid performance of the Private business, as well as non-recurring institutional sales recognized in Q2 in Argentina and tight cost control. These factors offset the temporary impact in the Brazil Public business compared with 9M 2024, as part of the new PNLD order for 2023 was recorded in the first half of 2024. Santillana achieved +10% EBITDA growth at constant currency in 9M 2025, driven by the operating improvement in the Private business (notably +19% growth in learning system subscriptions), efficient cost management, and non- recurring institutional sales to the Argentine Government in Q2. In 3Q 2025, EBITDA declined by -6% at constant currency versus Q3 2024, mainly due to non-recurring institutional sales in Puerto Rico in 2024 (Planes de Enseñanza). Total revenue reached €305m in 9M 2025, growing +8% at constant currency (-4% in euros). In Q3, revenue increased +2% at constant currency (-5% in euros). In the Private business, revenue totaled €222m in 9M 2025, down -8% versus 9M 2024. Excluding the currency effect and the 2024 income from the sale of the distribution center in Mexico, revenue was in line with the same period of 2024, despite the non-recurring institutional educational sales in Puerto Rico recorded in 2024. Revenue from Brazil Public reached €44m in 9M 2025 versus €57m in 9M 2024. This decline was mainly due to the recognition of 2023 new PNLD order sales in the first half of 2024, as previously mentioned. Furthermore, some delay persists in the reprints for the PNLD, affecting year-on-year comparisons. The correction of this temporary effect, together with positive expectations for the new PNLD Ensino Médio order (the largest public procurement cycle), points to a positive outlook for the fourth quarter. Nevertheless, full-year results and cash generation will be affected by the recognition of the PNLD Ensino Médio new order, which may take place between December 2025 and early 2026. Other Markets (1) recorded €38m in revenue, up +89%, driven by non-recurring institutional sales to the Argentine Government and the improvement in Argentina’s private business, where market share and prices have increased. The evolution of inflation and exchange rates toward year-end will determine the final results for Other Markets (1), given that Argentina is classified as a hyperinflationary economy. Santillana achieved EBITDA of €66m in 9M 2025, up +10% versus 9M 2024 at constant currency. The Private business contributed 85% of total EBITDA, up +2% at constant currency (excluding the 2024 sale of the distribution center in Mexico). Meanwhile, Brazil Public generated €3m of EBITDA and is expected to deliver the bulk of its EBITDA in Q4, in line with the positive outlook for the PNLD order cycle, depending on delivery timing and possible spillovers into 2026. Other Markets (1) generated €7m of EBITDA, compared with -€4m in 9M 2024, thanks to the improvement in Argentina, mentioned above. Rigorous cost control across all businesses helped achieve an EBITDA margin of 21.7% in 9M 2025, an increase of +1.4 percentage points versus 9M 2024 at constant currency, excluding income from disposals in 2024 (flat in euro terms). The currency effect year to date has been negative on revenue by -€37m, mainly in Argentina, Brazil, and Mexico, compared with 9M 2024. In terms of EBITDA, the currency impact was negative by -€11m, primarily in Argentina and Mexico. In summary, Santillana has delivered solid performance year to date, with positive prospects for the Q4, which is the most significant period of the year. However, the economic environment remains challenging, and macroeconomic trends in Latin America will be key to achieving the 2025 targets. KPIs Subscription models are the main source of revenue for Santillana (52% of total revenue). As of September 2025, subscriptions totaled 3,554,670, up +19% compared with 9M 2024. The good performance of Supplemental subscriptions (including English-language products) is noteworthy. In the Southern region campaigns, subscriptions have grown by +13%, whereas the Northern region have grown +38%. Excellent performance from the Private business and Argentina year -to-date. Brazil Public continues to be affected by temporary delays, with positive prospects for Q4. As the market leader in Latin America, Santillana operates in 19 countries and focuses its strategy on transforming and digitalizing the K–12 education sector. The company is actively shifting to hybrid subscription models based on learning systems, powered by its proprietary EdTech platform. It’s business model operates across three areas depending on the market: the Private market (70% of total revenue), Brazil Public (25%), and Other Markets (1) (5%). (1) In Other Markets, in addition to activity in Argentina and Venezuela, figures include the Santillana Corporate Center. In 2024, this was allocated to each market based on each market’s share of total revenue.
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12January-September 2025 Results report Santillana – PL and KPIs Santillana – P&L and KPIs P&L JANUARY – SEPTEMBER €, million 2025 2024 Var. Operating Revenues 305 318 -4% +8% Education sales 302 312 -3% +9% Private market 221 235 -6% 0% Subscription 150 158 -5% +2% Traditional (Didactic & Institutional) 70 78 -9% -3% Brazil Public market 44 56 -22% -13% Other markets (includes ARG) 38 20 +92% +178% Other revenues (includes distribution center disposal in 2024) 2 6 -62% -58% Operating Expenses 239 248 -4% +7% EBITDA 66 70 -6% +10% EBITDA Margin 21.7% 22.1% -0p.p. +0p.p. Operating result (EBIT) 39 43 -8% +11% EBIT Margin 12.9% 13.5% -1p.p. +0p.p. KPIs JANUARY - SEPTEMBER 2025 2024 Var. Ed-Tech Subscriptions (thousand) 3,555 2,984 +19% Subscription sales / Total sales (%) 52% 52% 0p.p. Subscription sales Private market / Private market sales (%) 68% 67% +1p.p. P&L JULY – SEPTEMBER €, million 2025 2024 Var. Operating Revenues 103 108 -5% +2% Operating Expenses 78 78 -1% +5% EBITDA 26 30 -15% -6% EBITDA Margin 24.7% 27.6% -3p.p. -2p.p. Operating result (EBIT) 17 22 -23% -14% EBIT Margin 16.0% 20.0% -4p.p. -3p.p. Var. ex FX Var. ex FX
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13January-September 2025 Results report Sustainability (ESG) PRISA's strategic SDGs 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 Environment PRISA's media outlets help raise public awareness about environmental challenges through editorial content and initiatives such as Voces x El Océano by El Eco de LOS40, which aims to promote ocean care as part of the free LOS40 Summer Live music tour. This commitment is also reflected in prestigious awards like the Retina ECO Awards, which in their fifth edition recognized the best business projects fighting climate change through innovation and technology. The ceremony was presided over by Her Majesty Queen Letizia and received significant media coverage. Social In the realm of environmental and social impact, the International Summit on Sustainability and Environmental Innovation held in Bogotá emerged as a vibrant space for civic engagement, bringing together more than 34,000 people committed to driving change. Organized by PRISA Media in partnership with CAF, CAR, and the Bogotá Chamber of Commerce, the summit became a diverse forum where major climate challenges were addressed from economic, social, and human perspectives. The event underscored the urgency of building multisectoral alliances—including communities, businesses, governments, and social organizations—to advance toward more equitable, resilient, and sustainable development models. Additionally, Cadena SER launched in Málaga 8,000 días. Todo por hacer, a new forum to reflect on the life stage that begins after retirement. Other social initiatives include Al día con Cadena SER, a tool designed to combat unwanted loneliness, made available to the Red Cross to reach vulnerable groups. Additionally, it is worth highlighting the awards granted to EL PAÍS journalists Pablo Linde, Albert García, Cristian Segura, Clemente Álvarez, and Laura Navarro for their outstanding work in journalism, scientific dissemination, health reporting and raising social awareness. In the field of education, Santillana, through its educational solution Compartir, brought together educational leaders from across Latin America in Panama to reflect on the kind of school the world needs. At the institutional level, Santillana established a strategic alliance with Universidad Internacional de La Rioja (UNIR) to promote online training for educational leaders in Latin America, and Fundación Santillana signed an agreement with UNESCO to foster equity, sustainability and educational quality in the region. Governance In the area of good governance and business ethics, the Group continues to advance in the responsible use of AI and in ensuring access to information for all users. To this end, El PAÍS has developed an Accessibility Statement for its websites that takes into account the user experience of people with disabilities and the diverse ways in which its audiences interact and navigate the web.
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14January-September 2025 Results report Appendix Appendix FX evolution 15 FX evolution 15 Revenue EBITDA breakdown by business unit 16 Revenue & EBITDA breakdown by business unit 16 Alternative Performance Measures (APM) 17 Alternative Performance Measures (APM) 17
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15January-September 2025 Results report 60 70 80 90 100 110 120 130 140 150 160 FX Evolution Latam ex-Argentina (base 100) BRL MXN COP CLP USD FX evolution FX evolution Source: Bloomberg In 9M 2025 the FX effect has been negative: on the Group’s revenues (-€40.6m) and on EBITDA (-€11.2m). In Q3 2025, the FX effect was also negative: on the Group’s revenues (-€8.2m) and on EBITDA (-€2.8m). End of period figures BRL MXN COP CLP USD ARG Q1 2020 4.92 22.05 3,912.25 886.27 1.10 70.87 Q2 2020 5.92 25.67 4,231.20 905.24 1.10 79.18 Q3 2020 6.29 25.81 4,365.32 912.62 1.17 89.31 Q4 2020 6.44 24.49 4,354.98 905.93 1.19 102.85 Q1 2021 6.60 24.51 4,288.58 872.56 1.21 108.00 Q2 2021 6.38 24.13 4,454.06 863.41 1.21 113.47 Q3 2021 6.17 23.61 4,534.56 911.47 1.18 114.24 Q4 2021 6.39 23.72 4,442.68 944.97 1.14 116.94 Q1 2022 5.86 23.00 4,385.66 906.57 1.12 123.00 Q2 2022 5.24 21.32 4,175.91 899.16 1.06 131.28 Q3 2022 5.28 20.37 4,417.41 932.09 1.01 144.31 Q4 2022 5.38 20.10 4,925.58 931.92 1.02 189.70 Q1 2023 5.57 20.02 5,103.06 870.72 1.07 226.83 Q2 2023 5.39 19.25 4,808.35 872.19 1.09 280.09 Q3 2023 5.32 18.57 4,400.56 928.18 1.09 369.79 Q4 2023 5.33 18.89 4,375.18 963.91 1.08 894.54 Q1 2024 5.38 18.44 4,251.34 1,028.23 1.09 928.03 Q2 2024 5.61 18.57 4,228.28 1,005.32 1.08 976.63 Q3 2024 6.09 20.83 4,501.09 1,022.07 1.10 1,080.46 Q4 2024 6.23 21.42 4,641.13 1,028.04 1.07 1,067.48 Q1 2025 6.16 21.49 4,408.26 1,013.89 1.05 1,160.67 Q2 2025 6.42 22.10 4,757.70 1,073.98 1.13 1,415.97 Q3 2025 6.37 21.77 4,680.67 1,121.50 1.17 1,621.07 Average data 100 600 1100 1600 2100 2600 3100 FX Evolution Argentine peso (base 100) ARG
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16January-September 2025 Results report REVENUE & EBITDA JANUARY - SEPTEMBER JULY - SEPTEMBER €, million 2025 2024 Var. Ex FX 2025 2024 Var. Operating revenues 609 635 -4% +2% 203 209 -3% Education 305 318 -4% +8% 103 108 -5% Private market 222 241 -8% -1% 78 84 -7% Brazil Public 44 57 -22% -14% 23 21 +12% Other markets (1) 38 20 +89% +174% 2 3 -44% Media 305 308 -1% +0% 100 101 -1% Radio 180 177 +1% +3% 59 56 +5% Press 113 115 -2% -2% 36 37 -3% Other (2) 12 15 -19% -17% 4 7 -40% PRISA Holding & Other 0 9 --- --- 0 0 --- EBITDA 81 99 -18% -7% 31 35 -12% Education 66 70 -6% +10% 26 30 -15% Private market 57 61 -7% -4% 24 27 -10% Brazil Public 3 13 -79% -75% 6 5 +23% Other markets (1) 7 -4 --- --- -5 -2 -143% Media 21 24 -13% -12% 6 6 +5% Radio 26 22 +16% +16% 8 5 +59% Press 1 2 -50% -44% 0 0 --- Other (2) -6 -1 -718% -705% -2 1 --- PRISA Holding & Other -6 5 --- --- -1 -1 -6% EBITDA ex. severance expenses 91 103 -12% -1% 32 36 -9% Education 69 73 -6% +9% 26 31 -15% Private market 58 63 -8% -5% 25 28 -11% Brazil Public 3 14 -75% -71% 6 5 +24% Other markets (1) 7 -4 --- --- -5 -2 -142% Media 27 25 +10% +11% 7 6 +21% Radio 28 23 +21% +21% 9 6 +61% Press 3 2 +53% +60% 0 0 -3% Other (2) -4 0 --- --- -1 1 --- PRISA Holding & Other -5 5 --- --- -1 -1 -6% Revenue EBITDA breakdown by business unit Revenue & EBITDA breakdown by business unit (1) Other markets include Argentina and Venezuela, and also Santillana’s HQ. Santillana’s HQ in 2024 was allocated in all 3 markets in proportion to each market’s revenue share. (2) Other includes PRISA Media’s HQ, Lacoproductora, Podium and intercompany adjustments +1% ex FX -4% ex FX -1% ex FX
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17January-September 2025 Results report Alternative Perfomance Measures (APM) Alternative Perfomance Measures (APM) 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 EBITDA EDUCATION MEDIA OTHER PRISA GROUP 9M 2025 EDUCATION MEDIA OTHER PRISA GROUP Q3 2025 €, million OPERATING RESULT (EBIT) 39.4 0.0 -6.0 33.5 16.6 -0.6 -1.5 14.5 Depreciation & amortization charge 27.1 20.6 0.4 48.1 9.1 7.0 0.1 16.2 Impairment of assets -0.3 0.0 0.0 -0.3 -0.1 0.0 0.0 -0.1 EBITDA 66.2 20.7 -5.6 81.3 25.6 6.4 -1.4 30.7 EDUCATION MEDIA OTHER PRISA GROUP 9M 2024 EDUCATION MEDIA OTHER PRISA GROUP Q3 2024 €. million OPERATING RESULT (EBIT) 42.9 3.2 4.9 50.9 21.6 -0.8 -1.4 19.4 Depreciation & amortization charge 26.9 20.2 0.4 47.5 8.3 6.8 0.1 15.3 Impairment of assets 0.4 0.3 0.0 0.6 0.0 0.0 0.0 0.1 EBITDA 70.1 23.7 5.3 99.1 30.0 6.1 -1.3 34.8 EDUCATION MEDIA OTHER PRISA GROUP 9M 2025 EDUCATION MEDIA OTHER PRISA GROUP Q3 2025 €, million EBITDA 66.2 20.7 -5.6 81.3 25.6 6.4 -1.4 30.7 Severance expenses 2.7 6.6 0.1 9.4 0.7 1.0 0.0 1.7 EBITDA ex severance expenses 68.9 27.3 -5.4 90.7 26.3 7.4 -1.4 32.3 EDUCATION MEDIA OTHER PRISA GROUP 9M 2024 EDUCATION MEDIA OTHER PRISA GROUP Q3 2024 €, million EBITDA 70.1 23.7 5.3 99.1 30.0 6.1 -1.3 34.8 Severance expenses 3.1 1.0 0.0 4.2 0.9 0.0 0.0 0.9 EBITDA ex severance expenses 73.3 24.7 5.3 103.3 30.8 6.1 -1.3 35.6
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18January-September 2025 Results report PRISA defines the exchange rate 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. EXCHANGE RATE IMPACT Alternative Perfomance Measures (APM) Alternative Perfomance Measures (APM) 9M 2025 FX effect 9M 2025 ex FX 9M 2024 Var. Abs. ex FX Var. (%) ex FX€, million EDUCATION Revenues 304.7 -37.2 341.8 317.7 +24.2 +7.6% Education sales 302.4 -37.0 339.3 311.6 +27.7 +8.9% EBITDA 66.2 -10.9 77.1 70.1 +7.0 +10.0% MEDIA Revenues 305.2 -3.4 308.7 307.7 +1.0 +0.3% EBITDA 20.7 -0.2 20.9 23.7 -2.8 -11.7% PRISA GROUP Revenues 609.4 -40.6 650.0 634.6 +15.4 +2.4% Education sales 302.4 -37.0 339.3 311.6 +27.7 +8.9% EBITDA 81.3 -11.2 92.5 99.1 -6.6 -6.7% Q3 2025 FX effect Q3 2025 ex FX Q3 2024 Var. Abs. ex FX Var. (%) ex FX€, million EDUCATION Revenues 103.5 -7.0 110.5 108.4 +2.1 +1.9% Education sales 102.5 -7.0 109.5 107.0 +2.5 +2.3% EBITDA 25.6 -2.6 28.2 30.0 -1.8 -5.9% MEDIA Revenues 99.5 -1.2 100.7 101.0 -0.3 -0.3% EBITDA 6.4 -0.2 6.6 6.1 +0.5 +8.3% PRISA GROUP Revenues 203.0 -8.2 211.2 209.1 +2.1 +1.0% Education sales 102.5 -7.0 109.5 107.0 +2.5 +2.3% EBITDA 30.7 -2.8 33.4 34.8 -1.3 -3.8%
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19January-September 2025 Results report 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 financial assets, cash, and cash equivalents. This measure is important for the Group, as it provides insight into its financial position. PRISA defines Free Cash Flow, as it appears in page 6 of this report, 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. FREE CASH FLOW (FCF) NET FINANCIAL DEBT (EX IFRS 16) Alternative Perfomance Measures (APM) Alternative Perfomance Measures (APM)
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20January-September 2025 Results report Investor Relations +34 91 330 1085 ir@prisa.com www.prisa.com Una caricatura de una persona Descripción generada automáticamente con confianza media