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Results Presentation H1 2026 July 28th, 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 stat ed above. This presentation has not been independently verified or audited by third parties and is, in all cases, subject to negotiatio n, 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 th e 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 negl igence 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 distribute 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 here in 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 expectatio ns 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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Corporate Highlights 01 3 Index ESG 05 Santillana 03 PRISA Group Financials 04 Key Takeaways 0602 PRISA Media
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4 H1 2026 Corporate Highlights
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Strong H1 2026 performance Solid set of results in H1 2026 PRISA delivered growth in both revenues and EBITDA versus H1 2025, while reducing its Net Debt-to-EBITDA ratio, reaffirming its commitment to deleveraging Revenues up 26% and EBITDA up 70%, with EBITDA margin expanding by 4pp. Both business units delivered revenue, EBITDA and margin growth in line with full-year expectations. Growth driven by strong business performance and the timing of revenue recognition in Brazil Results benefited from continued growth in subscriptions across both businesses and improved advertising performance, alongside the recognition of the PNLD EM 2025 order in Brazil. Stronger financial position through cash generation Operating cash flow improved by €13m and total cash flow by 10%, reflecting stronger cash generation. Deleveraging remains on track Continued commitment to deleveraging, with Net Debt-to-EBITDA improving to 3.78x and Net Bank Debt down by 2% year-on-year. 5
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H1 2026 Results summary Key Performance Indicators point to solid Performance 66 Top line growth REVENUES €513 m Sustainable revenue base +26 % 26/25 Subscriptions 4 . 0m 482K +19 % 26/25 +13 % 26/25 SANTILLANA EL PAÍS EBITDA improvement EBITDA €86 m +70 % 26/25 Committed to debt reduction NET DEBT €779 m ND / EBITDA +0 % 26/25 Cash flow improvement OPERATING CASH FLOW €6 m +€13 m 26/25 EBITDA margin 17% +4 pp 26/25 3.78X Strong Liquidity €209m -0.49x 26/25
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H1 2026 PRISA Media
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8 Advertising and audience performance Advertising revenue increased by 6%, with continued market share gains, while El País subscriptions grew by 13% year-to-date 21% 28% 41% ADVERTISING MARKET SHARE 1 vs. ’25 +0.4pp +3.0pp +0.4pp 426,301 482,282 H1 2025 H1 2026 EL PAIS TOTAL SUBSCRIBERS vs. 2025 +13% ONLINE & OFFLINE AUDIENCE • In Spain, PRISA Media outperformed the market, growing 3.5%, driven by strong performance in radio and digital press. • In LatAm, PRISA Media Colombia delivered strong growth (+21.3%), continuing to gain market share. In Chile, PRISA Media grew by +2.5%, ahead of the market, while radio advertising revenues in Mexico increased by +1.4%. • Digital subscribers 2 stand at 476k, +15% vs. H1 2025. • 80k gross digital additions in H1 2026 vs. 73k in H1 2025. • Average monthly churn stood at 2.0% in H1 2026 (vs. a 4.4% benchmark in Q1 2026, latest available data 3). Sources: (1) Spain (i2P, June 2026, Radio+Press); Colombia (Asomedios, April 2026, Radio), Chile (Agencia de Medios, April 2026, Radio). (2) Digital subscribers include print edition subscribers (either print-only or PDF format) as well as B2B subscribers who have activated digital access (OJD source). (3) INMA (International News Media Association). (4) Radio listeners in Spain (EGM), Colombia (ECAR), Chile (IPSOS) and Mexico (INRA). Registered users13m +9 % 26/25 25m Listeners 4 in Spain & LatAm+1% 26/25 147m Monthly unique browsers-2 % 26/25 207m Followers on social media+18 % 26/25 249m Video views+6 % 26/25
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9 P&L EBITDA grew by 41% in H1 2026, driven by stronger advertising revenues, continued expansion of EL PAÍS subscriptions, the consolidation of Grupo Radiópolis 1 and cost-control measures, supporting EBITDA margin expansion • Advertising revenue increased by 6% (+5% offline and +8% online), supported by major events (El País’ 50th anniversary and the FIFA World Cup) and a restructured sales organization. • Circulation revenue grew by 2%, supported by a 12% increase in digital circulation revenue, driven by the strong performance of EL PAÍS digital subscriptions, which reached 476k subscribers 2. • Other revenues increased by 16%, mainly driven by the consolidation of Grupo Radiópolis 1 which more than offset the lower level of audiovisual production. • Internationalization and digital transformation continue to underpin the strong performance of the business, in line with the strategic roadmap. • EBITDA expanded, driven by revenue growth, lower restructuring costs and effective cost control measures (including team integration and process optimization at Grupo Radiópolis in Mexico 1). • EBITDA margin improved, increasing by +2pp compared to H1 2025 (+1pp excluding severance expenses). +6%REVENUES +41%EBITDA 1. Since April 2026, Grupo Radiópolis (Mexico) has been fully consolidated. Sistema Radiópolis (the license holder) continues to be accounted for under the equity method. 2. Digital subscribers include print edition subscribers (either print-only or PDF format) as well as B2B subscribers who have activated digital access (OJD source). €, millions H1 2026 H1 2025 Var. 26/25 Rel. Revenues 219 206 +6% Advertising 163 154 +6% Circulation 30 29 +2% Other 1 26 22 +16% Expenses 199 191 +4% EBITDA 20 14 +41% EBITDA margin 9.2% 6.9% +2.2pp EBITDA ex severance exp. 23 20 +18% EBIT 7 1 --- Revenue breakdown International 20% 16% +4pp Digital 30% 29% +1pp vs. 2025 vs. 2025
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H1 2026 Santillana
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57% 62% 43% 38% H1 2025 H1 2026 Learning systems subscriptions 21 H1 2025 H1 2026 51 H1 2025 H1 2026 11 Performance by market Continued growth in learning systems and lower didactic and institutional sales in the Private market, both in line with expectations, alongside strong performance in Brazil Public, driven by the recognition of the Brazil PNLD EM 2025 order PRIVATE MARKET 1 BRAZIL PUBLIC MARKET -3 H1 2025 H1 2026 113 44 Sales (€m) vs. ‘25 -1% vs. ‘25 ex FX 2 +2% • Learning Systems sales grew by 7%. Subscriptions continued to expand (+638k), delivering double-digit growth (+19%) driven by new initiatives such as Richmond Pro and Sumun (+239k), as well as supplemental systems. • Didactic sales declined by 12% (-4% at constant currency), reflecting the ongoing transformation of the market, a weaker private campaign in Argentina (as the institutional sale recorded in 2025 impacted demand in the 2026 private campaign), and lower institutional sales in other countries. Institutional sales recognized in Argentina in H1 2026 were broadly in line with H1 2025. • ~72% of the Brazil PNLD EM 2025 order was recognized in H1 2026 (5% is still pending), positively impacting revenues and EBITDA in Brazil Public. It should be noted that this order achieved a record market share of 50%. • Additionally, other B2G sales are delivering operational improvements in both revenues and EBITDA compared with 2025. vs. ‘25 5.5x EBITDA (€m) Sales (€m) EBITDA (€m) 177179 Didactic sales Learning systems 32 vs. ‘25 -14% vs. ‘25 ex FX 2 -8% 4.0m vs.’25 +19% 1. The private business includes Argentina and Venezuela. In 2025 these countries were classified as "other markets." From 2026 they are integrated into the private market. For comparability with 2025, the perimeters are presented on a like-for-like basis. 2. Excluding foreign exchange effect.
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12 P&L EBITDA grew by 70% in H1 2026, driven by the expansion of learning systems in the Private market, the recognition of most of the Brazil PNLD EM 2025 order and expense control measures €, millions H1 2026 H1 2025 Var. 26 / 25 Rel. Ex. FX 1 Revenues 295 201 +46% +48% Sales 290 200 +45% +46% Other revenues 5 1 +267% +267% Expenses 225 161 +40% +40% EBITDA 69 41 +70% +76% Private 2 44 51 -14% -8% Brazil Public 32 -3 --- --- HQ & other 3 -7 -8 +10% +10% EBITDA margin 23.5% 20.2% +3pp EBIT 48 23 +113% +125% % suscription revenues Subscription sales/ Private sales 62% 57% +5pp • Growth driven by the strong performance of learning systems subscriptions in the Private market, improvements in B2G sales in Brazil and the PNLD EM 2025 order recognized in 2026. • Our sustainable revenue base continues to expand, with learning systems increasing by +5pp to 62% of total private sales compared to H1 2025. • The increase in other income was mainly driven by the sale & leaseback of a building in Peru, resulting in a capital gain of €1.9 m in H1 2026. • Increase in line with the improvement in Brazil Public, with margin up by +3pp to 23.5%, offsetting the decline in the Private market due to FX & lower margin in Argentina’s institutional sales. • -€2.3m negative impact on both revenues & EBITDA, mainly in Argentina. +46%REVENUES +70%EBITDA 1. Excluding foreign exchange effect. 2. The private business includes Argentina and Venezuela. In 2025 these countries were classified as "other markets." From 2026 they are integrated into the private market. For comparability with 2025, the perimeters are presented on a like-for-like basis. 3. Mainly includes centralized costs at the corporate headquarters. FX EFFECT vs. 2025 vs. 2025
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13 H1 2026 PRISA Group Financials
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+6 -1 H1 2025 Santillana PRISA Media FX effect & other H1 2026H1 2025 Santillana PRISA Media FX effect & other H1 2026 Operating performance 14 513 vs. ‘25 +26% vs. ’25 ex FX 1 +26% 86 51 12.5% 16.8%EBITDA margin Revenue increased by +26%, with EBITDA reaching €86m (vs. €51m in H1 2025) and EBITDA margin expanding by +4pp compared to 2025 FX ARG: -1 FX USD: -1 HoldCo: +1 BRA Public: +34 Private & other: -3 Business improvement: +2 Severance expenses: +2 Mexico (perimeter): +2 REVENUES (€m) EBITDA (€m) 406 +96 -0 +11 58% 66%International 40% 34%Digital 2 BRA Public: +88 Private & other: +8 Advertising: +7 Paywall: +2 Other: +2 vs. ‘25 +70% vs. ’25 ex FX 1 +74% 1. Excluding foreign exchange effect. 2. Lower contribution from digital revenues due to the increased contribution from Brazil public sales. +31
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€, millions H1 2026 H1 2025 Var. 26 / 25 Rel. Ex. FX 1 Revenue 513 406 +26% +26% Expenses 427 356 +20% +19% EBITDA 86 51 +70% +74% EBITDA Margin 16.8% 12.5% +4.3pp EBIT 52 19 +173% +188% Financial Result -44 -37 -21% Equity method companies -2 -1 -53% Profit before tax 6 -19 --- Tax income 19 9 +104% Minorities 1 -1 --- Net Result -14 -28 +49% P&L 15 • Revenue growth (+26%) was driven by the strong performance of the subscription businesses at Santillana and PRISA Media, together with improvements in advertising revenue (+6%) and the contribution from Grupo Radiópolis. In addition, growth benefited from the PNLD EM 2025 order, which was deferred to 2026 in Brazil. • Cost control measures and lower severance expenses drove EBITDA expansion, with growth of +70% (+74% ex FX), with EBITDA margin reaching 17%, +4pp compared to H1 2025. 1. Excluding foreign exchange effect. Strong H1 2026 operating performance drives 26% revenue growth, 70% EBITDA growth and a 49% improvement in the net result • Financial results declined -21% mainly due to the positive impact of the refinancing agreement in H1 2025 (-€11m), which partially offset the lower interest expenses (-3%) and the positive impact of interest hedging and favorable FX effects (+€3m). • At the same time, tax income increased, mainly driven by improved performance in Brazil. +70%EBITDA +49%NET RESULT vs. 2025 vs. 2025
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€, millions H1 2026 H1 2025 Var. 26 / 25 Abs. Rel. EBITDA ex severance 91 58 +33 +56% Working capital -20 -11 -8 -74% Severance exp. paid -7 -7 -1 -8% Capex -23 -19 -4 -20% Taxes paid -18 -13 -5 -40% IFRS16 and other -17 -15 -2 -14% OPERATING CF 6 -7 +13 --- Interests paid -35 -42 +6 +15% Divestments & other 4 1 +2 +166% CF before M&A & refinancing -26 -47 +21 +45% Capital increase, refinancing, M&A & other -2 16 -18 --- CASH FLOW -28 -31 +3 +10% Cash Flow 16 • Operating cash flow improvement, supported by strong EBITDA growth across both businesses, which was primarily driven by the positive impact of the PNLD EM 2025 order and higher B2G sales in Brazil. Meanwhile, investment levels increased as part of the digital transformation initiatives across both businesses, while tax payments were higher mainly in Argentina and Brazil. • In addition to the strong operating performance, the improvement was supported by lower interest payments (+€6m), reflecting the decline in Euribor, as well as the payment made in May 2025 of interest accrued up to the signing of the refinancing agreement. On the other hand, proceeds from divestments are higher in 2026 (mainly driven by the sale of the Peru building in 2026). • Total cash flow improved by 10%. Stronger operating and financial cash generation was partly offset by lower non- recurring cash inflows, as 2025 benefited from proceeds from the capital increase, despite refinancing costs. Stronger cash generation, supported by EBITDA growth, drove a 10% increase in total cash flow +€13mOPERATING CF +€21m CF BEFORE M&A & REFINANCING +€3mTOTAL CASH FLOW vs. 2025 vs. 2025 vs. 2025
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693 708 720 64 -6 +32 -13 +2 71 58 DEC 2025 Net Debt Operating CF Interests & other FX & other M&A & other JUN 2026 Net Debt JUN 2025 Net Debt Net Debt 17 1. Includes mainly accrued interest, not paid, the impact of FX on Net Debt and others. 2. Net Debt/EBITDA ratio calculated based on the financial leverage criteria defined in the financing agreements. Continued deleveraging despite the seasonal increase in debt compared with December 2025, with Net Debt-to-EBITDA improving to 3.78x and Net Debt down 2% year-on-year 4.26x 3.78xNet Debt / EBITDA 2 779757 777 4.26x 1 IFRS 16 Bank debt IFRS 16 Bank debt (€m) Strong liquidity position ― including both cash and equivalents on the balance sheet, as well as available credit facilities €209m -2% Bank Debt reduction YoY reinforces our deleveraging strategy
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H1 2026 ESG
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19 ESG highlights • Responsible AI training for employees, together with enhancements to PRISA's cybersecurity technology framework. • Gender diversity: 54.5% women on the Board of Directors. • Board approval of the 2025–2029 Sustainability Master Plan. • Ongoing support for communities affected by humanitarian crises through the Emergency Committee (Middle East and Venezuela). • Participation in “Business Leadership in the New Global Multilateralism” with the Executive Director of the UN Global Compact. • Rigorous and committed journalism in the special edition of the Ortega y Gasset Awards marking the 50th anniversary of EL PAÍS. • PRISA’s support for the UNDP report “Democracies Under Pressure”. • More than 50,000 participants in Santillana’s 4th International Congress on Inclusive Education and nearly 1,000 projects in the Sustainable Schools Award. • PRISA achieves ISO 14064-1 certification for its carbon footprint, reinforcing its commitment to climate action. • “Mover for the Planet” campaign, developed with the UN Global Compact for World Environment Day. • AME Infinito Award granted to El Eco de LOS40 for its commitment to sustainability.
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H1 2026 Key Takeaways
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21 Key takeaways The strong H1 2026 performance keeps us on track to deliver our objectives for the year. We are already delivering on our strategic roadmap, accelerating the digital transformation and operational efficiency of the Group. Cash generation and deleveraging remain key priorities, strengthening the Group’s financial position and supporting the execution of its strategic roadmap. PRISA delivered a positive set of H1 2026 results, in line with our full-year expectations Strong brands, growing subscription businesses and international diversification continue to reinforce the Group’s business model.
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Appendix
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EBITDA 23 Alternative Performance Measures (APMs) Exchange rate impact Net Debt (excluding IFRS16) Operating cash flow • 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. • 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. • The Group’s Net Debt excluding IFRS16 is an alternative performance measure that includes current and non-current bank borrowings, excluding the fair value of financial instruments / loan arrangement costs, and the convertible notes coupon liability, and is net of current financial assets, long-term deposits linked to interest rate hedging, cash, and cash equivalents. This measure is important for the Group, as it provides insight into its financial position. • PRISA defines 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.