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RESULTS PRESENTATION FY 2025 PROMOTORA DE INFORMACIONES, S.A. February 24th, 2026
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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 FY 2025 CORPORATE HIGHLIGHTS
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2 Financial performance ✓ Operating CF (1) growth (+6%), driven by Santillana’s cash flow improvement ✓ Cash Flow before M&A and refinancing costs in line with 2024 figures, as Operating CF (1) growth and lower interest expense offset lower divestments ✓ Strong liquidity position of €218m 1 Operating performance ✓ Solid performance in Santillana’s private business, supported by significant growth in Learning Systems and institutional sales in Argentina ✓ Santillana’s public business in Brazil achieved a record market share in the Ensino Médio (EM) PNLD new order, with the bulk of revenue to be recognized in 2026 ✓ PRISA Media results lay a solid foundation for sustained future growth, supported by higher advertising revenues and EL PAÍS subscriptions — which have now passed the 450k milestone FY 2025: CORPORATE HIGHLIGHTS 2025 results reaffirm our commitment to strengthening our businesses and advancing our deleveraging strategy. Full-year results were impacted by the timing of revenue recognition for Brazil’s PNLD order. 5 (1) Cash flow before financing activities, including IFRS 16 lease payments
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Revenues 904 -2% vs. 2024 18.1% EBITDA margin FINANCIAL INDICATORS (€m) DIGITAL INDICATORS (m) OPERATING CF (1) 58 +6% vs. 2024 Net Debt 757 3.6 +19% vs. 2024 Santillana Subscriptions 222 +22% vs. 2024 Video Plays (monthly average) 100 +4% vs. 2024 Total Listening Hours (monthly average) 442k +13% vs. 2024 EL PAÍS Subscribers (2) 6 12 +9% vs. 2024 Registered Users (pre subscribers) FY 2025: RESULTS SUMMARY Key Performance Indicators 4.26x Net Debt/EBITDA (1) Cash flow before financing activities, including IFRS 16 lease payments. (2) Digital subscribers include print edition subscribers (either print-only or PDF format) as well as B2B subscribers who have activated digital access EBITDA 163 -12% vs. 2024
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02 PRISA GROUP FINANCIALS
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86 82 -1 -4 +1 EBITDA Q4 2024 FX effect Severance expenses Santillana & Media EBITDA Q4 2025 185 163 -10 -13 -9 +10 EBITDA FY 2024 Cofina arbitration award FX effect Severance expenses Santillana & Media EBITDA FY 2025 8 FY 2025 PRISA GROUP: EBITDA PERFORMANCE FY 2024 VS FY 2025 EBITDA (€m) (1) Q4 2024 VS Q4 2025 EBITDA (1) Arbitration award recorded in February 2024 related to the unsuccessful sale of Media Capital to Cofina (+€10m impact on other revenues and EBITDA, with no impact on cash flow).
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9 FY 2025 PRISA GROUP: OPERATING PERFORMANCE Performance impacted by the timing of revenue recognition related to Brazil’s PNLD REVENUES -2% vs. 2024 Revenues declined by 2%, despite a strong performance in Santillana’s Learning Systems, a slight increase in advertising revenues in a challenging market, and solid momentum in EL PAÍS subscriptions. However, the deferral of 77% of the EM order to 2026 and the Cofina arbitration award recorded in 2024 negatively impact the YoY comparison. The Brazil Public market delivered robust performance, driven by the EM sales (high-cycle year, with c.50% market share), although the timing of revenue recognition has affected full-year results and cash flow generation. In Q4 2025, revenues increased by +4%, driven primarily by Santillana’s learning systems, Brazil’s public business (with 23% of EM recognized, together with EJA program sales) and advertising& online circulation in Media. EBITDA -12% vs. 2024 EBITDA declined -12%, with higher severance costs and negative FX. Excluding these two impacts, EBITDA is in line with 2024 levels. In Q4, EBITDA declined -5% compared to 2024 levels, in line with Q4 2024 excluding the increase in severance costs. EBITDA margin, on an ex-severance basis, accounts for 20%, while Q4 performance comes close to 30%. RESULTS (€m) FY 2025 FY 2024 Var. Q4 2025 Q4 2024 Var. Revenues 904 920 -2% 295 285 +4% Expenses 741 734 +1% 213 199 +7% EBITDA 163 185 -12% 82 86 -5% EBITDA ex severance costs 178 191 -7% 87 87 0% % Margin 19.7% 20.7% -1p.p. 29.6% 30.7% -1p.p. EBIT 90 115 -22% 56 64 -12% +3% ex FX 0% ex FX
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RESULTS (€m) FY 2025 FY 2024 Var. Q4 2025 Q4 2024 Var. EBIT 90 115 -22% 56 64 -12% Financial Result -83 -99 +16% -21 -25 +14% Equity-method companies 0 3 -84% 2 0 --- Profit before tax 8 19 -60% 37 38 -4% Tax expense 34 30 +14% 16 12 +31% Minorities 0 1 -52% 1 1 -33% Net Income -27 -12 -134% 20 26 -21% FY 2025 PRISA GROUP: NET RESULT Despite lower financial expenses and the positive impact of the refinancing agreement, net income was impacted by the Ensino Médio delay and reorganization costs. 10 FINANCIAL RESULTS Financial Results improved driven by lower interest expenses (-14%, due to reduced interest rates), a positive accounting impact from the refinancing agreement (+€5m) and a lower inflation adjustment in Argentina, offsetting the negative FX effect and the hedging revenues recorded in 2024. In Q4, financial results improved due to a decline in interest expenses ( -8%), and lower inflation adjustments in Argentina compared to 2024. +16% vs. 2024 NET INCOME The net income evolution is in line with EBITDA’s performance, partially offset with the financial result improvement. Equity-method results declined due to adjustments related to Radiópolis Mexico in 2025. Corporate income tax increased due to withholding taxes arising from higher upstream funds from Santillana operations. -€16m vs. 2024
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€1m CASH FLOW (€m) FY 2025 FY 2024 Var. Q4 2025 Q4 2024 Var. EBITDA ex severance 177.9 190.7 -12.8 87.2 87.3 -0.2 Working Capital -15.1 -20.0 +4.8 -23.4 -15.8 -7.7 Capex -43.1 -46.0 +2.9 -13.1 -16.2 +3.1 Taxes -19.1 -21.1 +2.0 -3.2 -1.4 -1.8 Others (2) -12.5 -22.3 +9.9 -2.3 -2.1 -0.2 IFRS 16 -29.6 -26.0 -3.6 -7.3 -6.2 -1.1 OPERATING CF 58.5 55.2 +3.2 37.8 45.6 -7.8 Interest paid -70.8 -80.8 +10.1 -16.7 -18.3 +1.6 Divestments & other 1.6 16.2 -14.6 -1.2 1.7 -2.9 Cash Flow before M&A and Refinancing -10.7 -9.4 -1.3 19.9 29.1 -9.2 Capital increase / Convertible notes 39.4 98.7 -59.3 0.0 -0.1 +0.0 M&A & Refinancing costs -27.9 -1.5 -26.4 -0.5 0.0 -0.5 Cash Flow 0.8 87.8 -87.0 19.4 29.0 -9.6 11 OPERATING CASH FLOW (1) Operating Cash Flow (1) increased vs 2024, with a +€3m improvement (+6%), driven by growth in Santillana. In Q4, Operating CF (1) declined by -€8m compared to 2024, due to the delay in Brazil’s public 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 and higher disposal of non -core Media assets in 2024. Proceeds from the capital increase were recorded in Q1 2025, while refinancing costs were recognized mainly in Q2 2025. By contrast, €99m in proceeds from the convertible notes were recognized in Q2 2024. CASH FLOW +€3m vs. 2024 FY 2025 PRISA GROUP: CASH FLOW Operating CF growth and lower interest payments offset lower proceeds from divestments Bottom line comparison is affected by refinancing in 2025 and the convertible notes proceeds in 2024 (1) Cash flow before financing activities, including IFRS 16 lease payments. (2) Others mainly includes severance payments and elimination of asset sale income. In FY 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 on cash flow Cash flow before M&A and refinancing is in line with FY 2024 supported by Operating CF (1) growth and lower interest expenses which offset lower divestment proceeds in 2025. However, total cash flow declined due to lower proceeds from the issuance of convertible notes in 2024 and refinancing costs.
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(1) Cash flow before financing activities, including IFRS 16 lease payments. (2) Includes mainly PIK, convertible notes coupons and accrued interest. (3) 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 €218m (Including both cash and equivalents on the balance sheet, as well as available credit facilities) (2) FY 2025 PRISA GROUP: EVOLUTION OF NET FINANCIAL DEBT Net debt slightly above 2024. The liquidity position remains strong 12 IFRS16 IFRS16 (3) 4.26x 689 693 61 -58 +69 +5 -11 64 750 757 DEC 2024 Financial Net Debt Free Cash Flow (FCF) Interests & other FX & other M&A & refinancing costs DEC 2025 Financial Net Debt Operating Cash flow (1)
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03 PRISA MEDIA
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403,840 451,304 FY 2025 PRISA MEDIA: ADVERTISING AND AUDIENCE PERFORMANCE Advertising growth despite a challenging market and subscriptions at El País performed well, increasing by 12% year to date 14 +12% EL PAÍS SUBSCRIBERS • 442k digital subscribers (4) +13% YoY • 153k gross digital additions in FY 2025 vs. 155k in FY 2024. ARPU improved year on year. • 2.1% average monthly churn in FY 2025 (vs. a 4.2% benchmark in Q3 2025 (latest available data) (5)) FY 2024 FY 2025 (1) Sources: Spain (i2P, December 2025, Radio+Press), Colombia (ASOMEDIOS, December 2025, Radio), Chile (Agencia de Medios, December 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 (International News Media Association) . ONLINE & OFFLINE AUDIENCE YoY ADVERTISING MARKET SHARE (1) YoY 20.2% +0.2p.p.Spain 43.6% +2.4p.p.Colombia 27.7% -1.5p.p.Chile • PRISA Media recorded steady growth in Spain, with a 0.9% increase in advertising revenue — outperforming the 0.1% increase recorded across the markets where we operate — driven by good performance in Radio (up +2.5%) • In LatAm, PRISA Media’s performance was impacted by a challenging advertising market in both Colombia and Chile. However, Colombia reached a 43.6% market share, improving 2.4 p.p. compared to FY 2024. • In North America, PRISA Media posted exceptional growth of +24%. Meanwhile, Mexico’s Radiópolis (equity -accounted) reported revenues of over MXN 843m. 222m Video plays (2) +22% 100m Total Listening Hours (2) +4% 50m Downloads (2) +10% 12m Registered users +9% 25m Radio listeners (3) +2% 1.3m Print readers (3) +4%
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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) FY 2025 FY 2024 Var. Q4 2025 Q4 2024 Var. Revenues 438 443 -1% 133 136 -2% Advertising 338 334 +1% 109 108 +1% Circulation 59 58 +2% 15 15 +2% Others (3) 42 52 -19% 9 13 -31% Expenses ex severance costs 380 385 -1% 102 102 0% EBITDA ex severance costs 58 58 +0% 31 34 -7% % Margin ex severance costs 13.3% 13.1% +0p.p. 23.4% 24.7% -1p.p. EBITDA 50 57 -12% 30 33 -11% EBIT 17 29 -43% 17 26 -36% FY 2025 PRISA MEDIA: OPERATING PERFORMANCE The 2025 results reflect the effects of the business reorganization, which has established a solid foundation for sustained growth in the coming years 15 ADVERTISING +1% vs. 2024 Despite a challenging market — particularly in LatAm — advertising continued to grow in 2025, with steady performance in Spain (especially in Radio), despite a flat market. Our diversified portfolio — across both geographies and media asset classes —continues to help mitigate advertising volatility across markets. EBITDA €58m excluding severance expenses EBITDA was impacted by severance costs. Excluding this effect, EBITDA remained in line with FY 2024, despite the impact of one -off AI-related agreements recorded in 2024. • Advertising and circulation continue to show steady growth, while audiovisual production activity was lower compared to FY 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 + 16% increase in online circulation, driven by the strong performance of EL PA ÍS digital subscriptions, which now total 442k subscribers (1). The EL PAÍS print edition continues to gain market share from Monday to Sunday (2). CIRCULATION +2% vs. 2024
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04 SANTILLANA
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125 120+25 -14 -3 -12 EBITDA Santillana FY 2024 Private & Other markets Brazil Public Sale&lease back MEX 2024 FX Effect EBITDA Santillana FY 2025 467 466+44 +2 -3 -44 REVENUES Santillana FY 2024 Private & Other markets Brazil Public Sale&lease back MEX 2024 FX Effect REVENUES Santillana FY 2025 FY 2025 SANTILLANA: OPERATING PERFORMANCE Strong results in private business, highlighted by significant growth in learning systems and Argentina institutional sale. Results in Brazil Public, affected by the temporary deferral to 2026. 17 REVENUE BREAKDOWN EBITDA BREAKDOWN PRIVATE MARKET +2% vs. 2024 Revenues (1) 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 (English Language Teaching) subscriptions saw significant growth, supported by effective cross-selling strategies. Revenues are up by +2% (1) despite non-recurring public sales in Puerto Rico in 2024. EBITDA increased by +10% (1) supported by operating leverage with strict cost- control measures (+24% (1) of EBITDA growth in Q4). +10% vs. 2024 EBITDA (1) 3,557k2,988k OTHER MARKETS (mainly Argentina) Significant improvement driven by a non-recurring institutional sale in Argentina in Q2 and a successful campaign with higher market share and increased ARPU. Inflation and FX developments had a significant impact on full -year results, given Argentina’s hyperinflationary environment. HQ results in line with expectations. +€36m vs.2024 Revenues (1) +€16m vs.2024 EBITDA (1) +12% (1) At constant currency. The private business also excludes the sale-and-leaseback transaction in Mexico in 2024. LEARNING SYSTEMS SUBSCRIPTION GROWTH +19% Private market:all countries with operations in LatAm, excluding Brazil’s public market, Argentina and Venezuela. Brazil public market:Brazil’s PNLD and other public sales in Brazil. Other markets: ARG, VZA and Headquarters (HQ costs were allocated in 2024 across all markets in proportion to each market’s revenue share). ꞏ (€m) (€m) ARG: -€19m BRA: -€12m MEX: -€9m ARG: -€7m MEX: -€3m BRA: -€2m BRAZIL PUBLIC MARKET Robust results from the new Ensino Médio (EM) order (high-cycle year), with a market share of c.50%. Impact in expenses linked to the EM order which will be largely invoiced in 2026. +2% vs. 2024 Revenues (1) -35% vs. 2024 EBITDA (1) +30%
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Revenues grew by +9% at constant currency (in line in current currency), despite the delay of 77% of the EM new order to 2026, driven by Learning Systems expansion and the remarkable performance in Argentina. In Q4 2025, revenues grew by +8%, despite the deferral of most of the 2025 EM order to 2026, driven by improved private and public sales. The Private business delivered solid 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-and-leaseback transaction recorded in 2024. FY 2025 SANTILLANA: OPERATING PERFORMANCE Full year results affected by the timing of revenue recognition related to Brazil’s PNLD 18 RESULTS (€m) FY 2025 FY 2024 Var. Q4 2025 Q4 2024 Var. Revenues 466 467 -0% 161 149 +8% Education sales 464 458 +1% 161 147 +10% Other (includes sale & leaseback in ’24) 2 9 -80% -1 2 --- Expenses 345 342 +1% 107 95 +13% EBITDA 120 125 -4% 54 55 -1% % Margin 25.9% 26.7% -1p.p. 33.7% 36.6% -3p.p. EBIT 81 83 -2% 42 40 +5% +9% ex FX +6% ex FX Santillana’s EBITDA increased by +6% at constant currency ( -4% in current currency) despite the deferral of most of the EM new order to 2026, with costs linked to the readiness of the EM new order, partially offset with the aforementioned revenue growth. In Q4, EBITDA is mainly in line with 2024. EBITDA margin stands at 25.9%, almost 34% in Q4. -4% vs. 2024EBITDA -0%REVENUES vs. 2024
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05 SUSTAINABILITY
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FY 2025: SUSTAINABILITY HIGHLIGHTS 20 ✓ A– rating in CDP, strengthening climate strategy and transparency ✓ External verification of the carbon footprint (Scopes 1, 2 and 3.3) ✓ “Juntos X El Mar” awareness initiative by El Eco de LOS40, dedicated to the protection of the Mediterranean An ongoing commitment to reducing environmental impact E ✓ Responsible AI: Oversight committees, AI protocol in EL PAÍS’s Stylebook, and the award-winning verification tool VerificAudio ✓ 2025–2028 Sustainability Master Plan: strengthens social impact, competitiveness and resilience of the Group ✓ Gender diversity: 57.14% women on the Board — among the highest in listed Spanish companies Responsible and transparent Governance G ✓ Showcase of the Group’s main awards, including the LOS40 Music Awards with a solidarity purpose, the Cinco Días Awards for Innovation, the AS Sports Awards, and Santillana’s Sustainable Schools Award ✓ World in Progress, a forum for dialogue and reflection on major global challenges, featuring the participation of King Felipe VI. International Summit on Sustainability and Environmental Innovation in Colombia, focused on ESG challenges Positive impact on people and society S PRISA’s Sustainability Strategy to boost social progress, competitiveness and corporate resilience Rewarding commitment to progress and impact Raising awareness of major challenges Promoting diversity, equity and inclusion ✓ Support for inclusive education through Santillana’s conferences, partnerships such as the Santillana Foundation–UNESCO alliance, and progress in accessibility with the Accessibility Declaration adopted by Spanish media
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06 KEY TAKEAWAYS
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22 KEY TAKEAWAYS Santillana’s private business and Prisa Media’s fundamentals continue to show steady growth A strengthened financial position driven by the refinancing agreement and cash flow generation Ongoing commitment to our Sustainability Plan Results have set the path for sustained growth in the coming years. Prisa is back on track
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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 (Operating CF) PRISA defines free cash flow (operating 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