PRISA CAPS 2025 WITH STRONG MOMENTUM IN ITS DIGITAL BUSINESSES

• EL PAÍS surpasses 451,000 total subscribers, up 12%
• Santillana reaches 3.6 million subscriptions, up 19%
• Group revenues total €904 million and EBITDA amounts to €163 million
• Net financial result improves by 16% and operating cash flow reaches €58 million, up 6% compared with 2024
• PRISA closes the year with a robust liquidity position of €218 million

PRISA Group continues to advance its digital transformation strategy. Its two key performance indicators — EL PAÍS subscriber numbers and Santillana’s subscriptions — delivered strong performance in 2025. EL PAÍS closed the year with 451,304 subscribers, representing year-on-year growth of 12%. Meanwhile, subscriptions to Santillana’s learning systems reached 3.6 million, an increase of 19%.

By business unit, Santillana’s revenues increased by 1%, supported by the continued expansion of its learning systems and by the recognition of non-recurring institutional sales in Argentina during the second quarter of 2025. In Brazil, the public-sector education business also recorded growth despite the deferral to 2026 of the bulk of the Ensino Médio Novedad order. The outcome of this order was highly positive, giving the company a record market share of approximately 50%. However, delivery — and therefore revenue recognition — for the majority of the order (more than 75%) has been deferred to 2026.

At PRISA Media, advertising revenues grew by 1%, while subscriber revenues at EL PAÍS increased by 16%.

At the close of 2025, PRISA’s total revenues stood at €904 million, 2% below the previous year. Group EBITDA was €163 million, representing a year-on-year decline of 12%. Compared with 2024, year-on-year performance was negatively impacted by FX headwinds, severance costs related to the reorganizations at PRISA Media and Santillana, and the absence of the €10 million one-off gain recognized in 2024 following the Cofina ruling.

The net financial result improved by 16% compared with 2024, reflecting lower interest expenses, the impact of the refinancing agreement signed in the second quarter of 2025, and a lower inflation adjustment in Argentina. Reported net income was negative €27 million.

At year-end, PRISA reported a 6% increase in operating cash flow, net debt of €757 million, and a robust liquidity position of €218 million.

Looking at the business units in greater detail, PRISA Media reported EBITDA of €50 million, representing a decline of 12% compared with the prior year. This decrease reflects higher severance expenses linked to its reorganization. Excluding this impact, EBITDA would have reached €58 million, in line with 2024.

In addition to the previously mentioned growth in subscriptions, audience performance metrics showed that average monthly listening hours reached 100 million as of December 2025, representing year-on-year growth of 4%. Average monthly audio downloads totaled 50 million, an increase of 10%, while average monthly audiovisual content views reached 222 million, up 22% compared with the previous year.

Santillana reported EBITDA of €120 million, down 4% year-on-year. This performance was impacted by the aforementioned delay of the Brazilian order. The private-sector business accounted for 77% of Santillana’s EBITDA. Subscription models have become Santillana’s primary source of revenue, accounting for 49% of total revenues.

Furthermore, 2025 marked a milestone in the execution of PRISA’s ESG strategy, with the approval of a new Sustainability Master Plan aimed at reinforcing the positive impact that media and education generate in society.

On March 3, PRISA Group will present its 2026–2029 Strategic Plan during its Capital Markets Day.