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PRISA's EBITDA climbs to EUR 67 million while net income sees first-quarter growth of 267%


  • Excluding the impact of extraordinary items in Q1, revenues grew +1% and EBITDA +11%
  • Santillana's subscriptions approached three million, while EL PAÍS surpassed 366,000 subscribers
  • Debt has fallen by EUR 35 million since December 2023
  • The 100-million-euro convertible notes issue was oversubscribed, whose impact on debt reduction will be seen in the next quarter
  • Moody's and S&P upgrade PRISA's rating, recognizing the company's solid performance and debt reduction

Grupo PRISA has continued to report excellent operating performance for its businesses in the first quarter of the year. EBITDA reached EUR 67 million, the same figure as in Q1 2023, despite the fact that the results have been impacted by extraordinary items.  These one-offs preclude useful comparison with Q1 2023. However, excluding these extraordinary items, revenues grew by 1% and EBITDA increased by 11%. Solid revenue performance and cost control contributed to an EBITDA margin of 26.2%, an improvement of one percentage point compared to the first quarter of last year.

In terms of revenue, highlights include the growth seen by Santillana's subscription models and the increase in the number of EL PAÍS digital subscribers, which together continue to drive the Group's digital transformation and growth.

Net income amounted to EUR 19 million, compared to EUR 5 million in the first quarter of 2023, an increase of 267%.

The company continues to focus on debt reduction and cash generation. In addition, PRISA has continued to make headway with its strategy of strengthening its balance sheet. The first quarter saw a convertible notes issue for a total of EUR 100 million, which was oversubscribed as of April. The impact of this operation on the reduction of the group's debt will be seen in the next quarter.

Meanwhile, Moody's and S&P have upgraded Prisa's rating, thereby recognizing the company's improved credit score. The upgrades were prompted by solid operating performance over the past three years and efforts to reduce debt, as well as improved governance with a more conservative financial policy.

Also noteworthy is the improvement in Free Cash Flow (FCF) for the quarter, which is positive (EUR 45 million), an increase of +18% compared to Q1 2023. In addition, net bank debt has been reduced compared to December 2023 by EUR 35 million, bringing the Net Debt/EBITDA ratio to 4.2x as of March 2024, with a liquidity position of EUR 227 million.

All in all, performance in the first quarter of 2024 has been in line with the company's expectations and remains on track to meet Guidance 2024.



PRISA Media continues to forge ahead with the digital transformation of its businesses. EL PAÍS saw growth in digital subscriptions, and there were advances in the development of new lines of business related to Artificial Intelligence. One example is the recent agreement with OpenAI.

In Q1 2024, PRISA Media's revenues stood at 91 million euros, in line with the company's expectations for a quarter marked by the seasonality of the business.

EL PAÍS reached a total figure of 366,297 subscribers, of whom 350,404 are exclusively digital. As of March 31, 2024, the digital subscription model had clocked up an additional 16,178 net subscriptions compared to December 2023, maintaining the steady pace of acquisition. Year-on-year growth was 29%.

Figures for Audio and Video consumption  continue to grow, and the figures for Q1 2024 confirm the positive trend. At the end of March 2024, the number of average monthly audio downloads totaled 53 million, up +6%, and total listening hours amounted to 95 million, on average, per month, up +7% compared to Q1 2023. The average number of audiovisual content views per month amounted to 155 million, up +33% compared to Q1 2023.



Santillana continues to demonstrate the strength of its businesses, thanks especially to the sustainable growth of subscription models based on learning systems and the strong performance of the business in Brazil.

Santillana's revenues reached 155 million euros in the first quarter of 2024. Excluding one-offs, revenues were up by 7%. And EBITDA, excluding extraordinary items, was up by +18%, for a total of EUR 60 million.

Subscription models based on learning systems are Santillana's chief source of revenue and account for more than 70% of private-business sales. During Q1 2024, subscription models continued to grow, driving the transformation process in the education sector. There were a total of 2,945,120 subscriptions, an increase of +6% compared to Q1 2023. Revenues from subscriptions grew by +13% in Q1 2024 to reach EUR 83 million. 

Subscriptions showed growth in all system categories: Flexible systems grew by +2%, Comprehensive systems grew by +4% and Supplemental systems (including English language systems) by +15%. By country, subscriptions grew +3% in Brazil, +25% in Mexico, +5% in Colombia and +1% in the rest of the countries.



The Group's efforts to make good on its commitment to raising awareness around climate change continues apace. Once again the LOS40 project titled El Eco de LOS40 has thrown its weight behind the WWF's Earth Hour initiative.

Meanwhile, following the success of the first edition of the Santillana Sustainable Schools Award in Brazil, Colombia and Mexico, the Fundación Santillana teamed up once again with the Organization of Ibero-American States (OEI) to present the second outing for this initiative.

In addition, to ensure sound and transparent governance that is better equipped to combat fake news and disinformation, PRISA Media has established VerificAudio, a pioneering tool for its journalists to detect fake audio and deep fakes generated with synthetic or altered voices through technology. The new solution is now available in the newsrooms of broadcasters in Colombia, Mexico, Chile and Spain.

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