PRISA shareholders back the Board's stewardship of the Group with 99.9% of the vote

•    The Group expects to close the year with more than €1 billion in revenue and an EBITDA margin of between 18% and 19%.
•    Santillana is already approaching 3.9 million subscriptions to its learning systems in 2026, an increase of almost 20%.
•    PRISA Media's brands recorded 13% traffic growthin the first half of the year, and EL PAÍS nears 476,000 subscribers.
•    The AGM approves the reduction of the Board from 14 to 11 members, as well as the proposed reverse stock split.

PRISA’s Annual General Meeting of Shareholders, held this Monday, June 29, in Madrid, has endorsed the Group's management and the company's strategic roadmap for the 2026–2029 period, with the support of 99.9% of the votes.

Shareholders also approved the 2025 financial statements and the non-financial information statement, set the number of directors at 11 and ratified Alberto Polanco as an Executive Director, in addition to approving the remuneration of the Board of Directors.

Also endorsed was the proposed reverse stock split, at a ratio of 10 existing shares for 1 new share, in order to improve the market perception of the share and reduce relative volatility. This technical measure will place the share price at around €3 per share.

Joseph Oughourlian, Chair of PRISA: “We are building the foundations of the future”

The Chair of PRISA, Joseph Oughourlian, told shareholders that the company came to this AGM having fulfilled its commitments. The Group expects to close the year with revenue of more than €1 billion, an EBITDA margin of between 18% and 19%, and a net debt-to-EBITDA ratio of below 3.9x. For the Chair, these figures confirm that the company “has regained its pulse, strengthened its structure, and is growing once again with equal measures of ambition and prudence.”

In a complex global context, Oughourlian made the case for the Group's role: “If there is one thing our fragmented, polarized societies need—societies overwhelmed by an overabundance of noise, not always truthful and not always responsible—it is education and information.”

Oughourlian highlighted the value of PRISA’s brands, such as EL PAÍS, which this year celebrates its 50th anniversary with almost 476,000 subscribers. He also underscored the historic and social significance of Cadena SER and of the Group’s radio stations as a whole.

On Santillana, he emphasized that it serves 30 million students and that “its understanding of local education systems, and its ability to adapt to technological and pedagogical change make it a strategic asset not only for the Group, but also for the societies in which it operates.”

Looking ahead, the Chair explained that the 2026–2029 Strategic Plan “is a concrete, realistic and demanding roadmap” that will “seize the business opportunities ahead of us, particularly in Latin America and the U.S. Hispanic market,” highlighting the effective use of artificial intelligence as a lever for growth.

He closed by arguing that PRISA faces the future from a much stronger position, and stressed that “PRISA aspires to be a meeting place, a space where truth and quality education are defended. A meaningful contributor to building a shared future that is better informed, fairer and more inclusive.”

Alberto Polanco, CEO of Santillana: “Our ambition is to maintain Santillana’s leadership as the leading provider of learning systems for the K-12 market in Latin America”

“Our ambition is to maintain Santillana’s leadership as the leading provider of learning systems for the K-12 market in Latin America,” said the CEO of Santillana, Alberto Polanco. To achieve this, the company will combine a global transformation strategy with its deep local knowledge and experience, all supported by artificial intelligence and data.

In terms of results, Santillana met the targets of the Strategic Plan that concluded in 2025, with EBITDA exceeding €120 million. The company remained firmly committed to the transformation toward subscription models and surpassed 3.5 million subscribers, growth of 19% compared with the previous year (subscriptions have now reached 3.9 million in 2026).

Sales of learning systems accounted for almost 70% of the private-education market. With regard to the public-education business in Brazil, 2025 “was a landmark year,” with a share of almost 50% of the Brazilian Government’s new curriculum PNLD order for Ensino Medio, the contribution of which to financial results has been split between 2025 and 2026.

As a result, Santillana achieved operating cash generation of €45 million, growth of +11% compared with the previous year.

Looking to the future, Polanco affirmed: “We have the teams, the resources and the plan needed to take a new strategic leap forward and bring the company to the next level, always true to our purpose: creating better opportunities in life through education.” It will do so guided by the concepts of “Smart Heart” and “Future with Value,” with the aim of evolving from an approach centered on “the teacher and the school” toward a broader educational ecosystem. This is demonstrated in projects such as SUMUN (an offering based on AI and real-time data that delivers a more personalized and effective learning experience) and RICHMOND PRO, which marks Santillana’s entry into the global higher education segment.

Pilar Gil, CEO of PRISA Media: “Financial stability is our superpower and the foundation of our independence”

The CEO of PRISA Media, Pilar Gil, told shareholders that this business unit’s commitment is to “tell the stories of others, to ensure the truth is known,” because “only through knowledge can we make informed and free decisions.” That work is carried out with “conviction, quality and complete freedom” by PRISA Media’s 1,800 journalists. To sustain that mission, Gil described financial stability as a “superpower” and a guarantee of independence.

Gil told shareholders: “Our challenge is to produce the very best journalism while transforming the Group and leading it toward a future that is increasingly social, increasingly audiovisual and increasingly multi-format.” To this end, the CEO activated six levers of change: trust in PRISA’s brands, a commitment to the Americas, reaching new audiences, the expansion of the audiovisual business and the talent of its journalists and presenters, digital advertising and data, and diversification. These levers power four verticals: News, Sport, Music and Lifestyle.

On the first, Gil noted that PRISA's media are growing "because, in uncertain times, people seek out media they know they can trust." In the first half of the year, traffic grew by 13%, video views by 32%, and other indicators such as listening hours and social-media following were also up. And, beyond EL PAÍS, she turned to radio: Cadena SER closed 2025 with 4,892,000 listeners, its highest figure in twelve years; the four most-listened-to stations in Chile belong to PRISA Media; and in Colombia radio reaches a 53.3% audience share.

On the Sport vertical, she highlighted the agreement with Claro Sports to reach more than 90 million households in the Americas, and the acquisition of the Post United platform, with more than 14 million followers. She also described a new way of working that was illustrated by the coverage of the FIFA World Cup: more than 60 journalists on location and 150 staff dedicated to delivering multi-format content.

In Music, the momentum behind live events has continued. As an example, Rosalía premiered her acclaimed latest album, Lux, at the LOS40 Music Awards Santander, with 14,000 attendees, while the summer tours drew 300,000 people across 35 cities.

Gil also addressed the role of artificial intelligence, technology and corporate culture as levers for the future. And she closed by declaring: "We are ready for the present and for the future. To continue working for democracy, independence and equal opportunity."

Javier Ruiz, Chief Financial Officer of PRISA: “Only from a solid financial base is it possible to sustain PRISA’s growth and transformation”

The Chief Financial Officer (CFO) of PRISA, Francisco Javier Ruiz, explained that PRISA closed 2025 with EBITDA of €163 million and revenue of €904 million, and emphasized that the businesses are showing solid performance, with notable growth at Santillana—particularly in subscription models—and at PRISA Media, thanks to improved advertising revenues and sustained subscriber growth at EL PAÍS, “trends that strengthen the quality and recurrence of our revenues and reflect the adaptation of our business models.”

Operating cash generation improved (€58 million, +6%), and net debt fell to €757 million—a reduction of approximately 18% since 2022.

The CFO of PRISA highlighted that 2025 enables the Group to approach the 2026–2029 Strategic Plan from a position of strength—a Plan that “will continue to create value”—and he recalled its objectives: reaching €1.12 billion in revenue and EBITDA of €240 million (a 21% margin) in 2029, keeping capex at around 4.5%, and prioritizing cash generation, reaching around €100 million in operating cash flow in 2029.

In addition, he proposed the reverse stock split, at a ratio of 10 existing shares for 1 new share, as a technical measure to improve the market perception of the share and reduce relative volatility, which will place the share price at around €3 per share. “It does not in any way alter the economic value of the investment. The number of shares in circulation is reduced, but in exactly the same proportion in which their price increases.”