PRISA strengthens operating performance and cash generation in the first nine months of the year

• EBITDA and revenue are up 4% at constant exchange rates, excluding one-off effects
• Santillana subscriptions rise 19% to reach 3.6 million
• PRISA Media continues to outpace the market in advertising growth, while EL PAÍS now has 437,000 subscribers
• The Group maintains a solid liquidity position of €196 million, with Free Cash Flow improving by 115%

PRISA Group’s results for the first nine months of 2025 confirm a clear trend of improved operating performance and positive momentum in cash generation. Both revenue and EBITDA increased at constant exchange rates, excluding the extraordinary impact of the Cofina transaction recorded in 2024.

Revenue reached €609 million, representing 4% growth at constant exchange rates and excluding one-off effects related to Cofina. This improvement was driven by the solid performance of both business units: higher advertising revenue at PRISA Media and subscription growth at EL PAÍS (+17%) on the one hand, and steady performance at Santillana across both learning systems and institutional sales in Argentina.

EBITDA also rose 4% at constant exchange rates (excluding the Cofina impact), exceeding €81 million. The EBITDA margin reached 13%, reflecting greater operating efficiency compared with the same period last year.

Free Cash Flow increased by 115% compared with September 2024, while liquidity remained strong at €196 million. Net financial debt stood at €774 million, with a Net Debt-to-EBITDA ratio of 4.38x, better than forecast.


Solid performance at PRISA Media and Santillana

PRISA Media continued to show solid momentum, with EBITDA up 10% (excluding severance costs), driven by advertising growth ahead of the market, steady subscription increases at EL PAÍS, and effective management. This positive trend accelerated in the third quarter, when EBITDA grew by 21%.

EL PAÍS remains Spain’s leading news outlet in digital subscriptions, up 12% year-on-year to 437,000 subscribers. Radio listening hours continued to rise (+4%), averaging over 100 million per month. Podcast downloads also grew (+19%), as did video views (+25%), reaching 227 million.

In education, Santillana delivered excellent operating performance, supported by the private education business, institutional sales in Argentina during the second quarter, and improved efficiency. At constant exchange rates, EBITDA rose 10% and revenue grew 8%.

Subscriptions to Santillana’s learning systems climbed to 3.6 million, up 19% year-on-year. In Brazil, the public education business strengthened in the third quarter, with EBITDA up 23%, and is expected to end the year positively thanks to new orders under the Programa Nacional do Livro e do Material Didático (PNLD).


Commitment to sustainability

PRISA remains firmly committed to sustainability. During the period, the Group launched several major initiatives, including Voces x el Océano, an awareness campaign promoting ocean conservation as part of the LOS40 Summer Live tour, alongside ongoing projects such as Eco de LOS40 and Deporte en Positivo.