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PRISA shareholders back Board’s performance, with 99.99 percent approving company direction at AGM


The majority of PRISA shareholders (99.99%) at the company’s Annual General Meeting, held on Wednesday in Madrid, approved both the management performance of the Board of Directors and the annual accounts for 2023.

The shareholders also ratified the appointments of Margarita Garijo, as independent director, and Sylvia Bigio, as proprietary director.

Likewise, the shareholders ratified the re-election to the Board of Carlos Núñez, with the category of executive director, Carmen Fernández de Alarcón, with the category of proprietary director, María José Marín, with the category of independent director, and Javier Santiso, with the category of independent director.

In addition, the Meeting approved the appointment of KPMG as the company's auditor for a period of three years (2024, 2025 and 2026), following a proposal from the Board of Directors which followed a proposal, in turn, from the Audit, Risk and Compliance Committee.

Joseph Oughourlian, Chairperson of PRISA: “I renew my firm commitment to remain with the Group”.

The Chairperson of PRISA began his address to the AGM with a brief review of the three years that he has been at the helm of the Group: “We have kept our word,” he said. “Every year we have outperformed the Guidance that we have announced to the markets, and we are on track with our ambitious strategic plan.” He backed up his statements with some figures: PRISA closed 2023 with revenues of EUR 947 million and a positive EBITDA of EUR 181 million. He also renewed before the Board his “firm commitment to remain on as Chairperson and to be personally involved in the stewardship of this magnificent Group.”

He thanked the teams of the different business units for their efforts, as well as the shareholders, who in the past two years have backed the issuance of convertible notes. “These”, he said “have been key to addressing the necessary debt reduction that we are undertaking as a priority task… and have served to further drive the growth of our businesses.”

Turning to the business units, he highlighted Santillana's leadership in the education market in Latin America, with a strategy focused on the transformation and digitalization of subscription models. Speaking of PRISA Media, he stressed that “it remains firmly established as a leader in media and entertainment in the Spanish-speaking market”. He hailed its position “at the forefront of digital transformation”, as shown by the recent agreement signed with OpenAI.

Oughourlian listed some of the milestones in ESG matters. “There is one I am particularly proud of,” he acknowledged. “The growing prominence of women at PRISA.” He offered some examples: the Board has 15 members, eight of whom are women. In addition, half of the Board committees are chaired by women.

He ended his address by telling shareholders of the recent reiteration of the Group's purpose: “The purpose of PRISA is to promote the progress of people and society by providing them with quality education, rigorous news and innovative entertainment.”

Pilar Gil, deputy chairperson of PRISA: “PRISA is much stronger today”.

The deputy chairperson and CFO of PRISA gave her assessment of the past year and stated that “PRISA is much stronger today”. 2023 was characterized by three key achievements, she said: firstly, the operating performance of the businesses, with revenue growth of +11% and EBITDA growth of +32%; secondly, the strengthening of the balance sheet thanks to the maximization of cash generation and the reduction of debt by 93 million euros, placing the financial leverage ratio as of December 2023 at 4.3x, (the lowest level since 2017); and, thirdly, the development of a “firm and responsible” commitment to sustainability. Among the achievements in the field of ESG, she highlighted the development of an Environmental Management Plan as well as the seal awarded by the Ministry of Ecological Transition and Demographic Challenge (MITECO) for the registration of Prisa’s Scope 1 and 2 carbon footprint in Spain.

Gil explained the Group's financial strategy, which has been developed on two fronts, “working at the operational level, both on the growth of our businesses and in maximizing cash generation” and “focused on executing key financial operations”, such as the two issues of convertible notes carried out in February 2023 and April 2024. 

“We have witnessed the strong support and backing of all our shareholders for the PRISA project, to whom I would like to reiterate our gratitude. These operations have allowed us to reduce the financial cost of the debt, thanks to the repayment of 160 million euros of the most expensive tranche,” she said. Gil also explained that the remaining funds will be used to drive business expansion. 

The deputy chairperson explained that the environment continues to be “uncertain and complex” but said that PRISA will continue to “ vigorously pursue this strategic roadmap, focusing on debt control and cash generation, while prioritizing the development of all our businesses.”

Carlos Núñez, Executive Chairperson of PRISA Media: “Our leadership is undisputed in the Spanish-language media market”.

Núñez highlighted PRISA Media's lead in Spanish-language media and particularly its relationship with Artificial Intelligence, singling out the recent agreement with OpenAI and other platforms. He stressed that this commitment “is not only based on profitability criteria”, but “ is also an explicit commitment to the very best journalism, a pillar of democracy and freedom

PRISA Media has three of the leading newspapers in terms of audience, EL PAÍS, AS and El HuffPost, with more than 153 million unique monthly browsers and more than 1.4 billion page views per month. EL PAÍS now has more than 350,000 digital subscribers and an independent data audit has been initiated. “We also have a growing position in Mexico, Colombia, Chile and the United States, where we have just opened an edition aimed at the U.S. Latin American public, which is made up of more than 60 million people,” he said.

In 2023, PRISA Audio surpassed 51 million monthly podcast downloads and 88 million monthly hours of streaming, consolidating its position as the world’s leading Spanish-language audio producer and the second largest globally. PRISA Video has also consolidated its position, increasing the number and quality of its video production. “The results are unquestionable: in 2023 the consumption of our audiovisual products grew by 31% compared to 2021,” said Núñez.

He also stressed that this leadership entails a responsibility: “that of weaving together alliances in the sector to promote regulatory changes that will correct market dysfunctions or anomalies. To this end, we will continue to advocate for laws within the framework of ESG that encourage advertising investment in solvent media committed to the sustainability of democracy, whatever their political slant, and fight those that corrode democracy with harmful substitutes for journalism.”

Francisco Cuadrado, Executive Chairperson of Santillana: “Our business is based on a solid commitment to people and society”.
Cuadrado highlighted the strong growth that Santillana, PRISA’s education division, has seen in the private sector for subscriptions to its learning systems. Subscriptions have increased by 65% in the past three years to reach 2.8 million. With regard to the public-sector market, the company achieved sales growth in 2023 of 34% to reach 182 million euros.
Overall, Santillana's revenues in 2023 amounted to EUR 515 million, a 15% increase compared to 2022. EBITDA totaled 135 million euros, 40% higher than in 2022. This represents an EBITDA margin of 26.3%, an increase of 450 basis points. Cash generation was 45 million euros, up by 50% over the previous year.

“As you are well aware, all our activity is based on a solid commitment to people and society,” said Cuadrado.

In order to contribute to the chief SDGs and in pursuit of its sustainability Master Plan, Santillana has launched initiatives such as the first edition of the Sustainable Schools Awards, which seek to pay tribute and promote the best sustainability practices in schools, and the Santillana Inclusiva project, aimed at helping schools effectively implement the principles of inclusivity.

In addition, Cuadrado told shareholders that Santillana has been recognized as the second best-valued Spanish company in Latin America, according to the Real Instituto Elcano survey on the image of Spain.


The PRISA Shareholders' Meeting has obtained sustainable event certification for the second year running. The certification, issued by EventSost, means that both its planning and its development have been carried out taking into account criteria of diversity and inclusion, as well as the protection of the environment.

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