PRISA strengthens operating performance and reinforces financial stability in the first half of the year

• Revenue rose 6% and EBITDA grew 9% at constant exchange rates, excluding extraordinary items.
• Santillana reaches 3.4 million subscriptions, with improved margins.
• PRISA Media posts advertising growth and EL PAÍS consolidates its paywall model with over 426,000 subscribers.
• Free cash flow (FCF) increases by 31%, with the Group maintaining a strong liquidity position of €192 million.
• A refinancing agreement was successfully completed in the second quarter, further reinforcing the Group’s financial stability.

PRISA continued to strengthen its operating performance and confirmed its financial stability in the first half of the year, with particularly solid results in the second quarter. Both revenue and EBITDA rose at constant exchange rates, excluding the one-off impact of the Cofina settlement recorded in 2024. On May 9, the Group finalized the refinancing agreement announced in the first quarter, securing improved terms compared to the previous facility and extending maturities through 2029.


Solid Operating and Financial Performance

Revenue reached €406 million in the first half of 2025, a 6% increase at constant exchange rates, excluding extraordinary items. Growth was driven by Santillana’s learning systems and institutional sales recorded in Argentina during the second quarter. Advertising and digital subscriptions to EL PAÍS also made a positive contribution.

EBITDA grew by 9% at constant currency, excluding the aforementioned effect, reaching €51 million in the first half of the year. This reflects the strength of the Group’s businesses and continued gains in operational efficiency, despite a macroeconomic environment marked by uncertainty.

Second-quarter results reaffirm PRISA’s positive momentum in 2025, with revenue up 20% at constant exchange rates and EBITDA improving from negative €3 million to positive €5 million.

Free cash flow improved by 31%, and the Group ended the period with a solid liquidity position of €192 million. Net financial debt stood at €777 million as of June 2025, with a net debt-to-EBITDA ratio of 4.26x, in line with company expectations.


Financial Stability and Strategic Business Development

On May 9, the Group successfully finalized its debt refinancing agreement, reinforcing financial stability and enabling a sharper strategic focus on business development.

The new facility extends maturities through 2029 and is structured in two tranches: a €290 million super senior tranche and a €575 million senior tranche. PRISA also negotiated more flexible financial covenants, providing greater access to financing capacity.

As announced at the General Shareholders’ Meeting on May 14, the Group is finalizing its 2025–2029 Strategic Plan, which will be presented in the fall.

PRISA Media continues to make steady progress in its transformation, underpinned by solid growth across core metrics. Operating revenue reached €206 million, driven by positive advertising performance—particularly in Spanish radio—and solid growth in digital subscriptions at EL PAÍS. EBITDA (excluding severance costs) came to €20 million, up 7% from the first half of 2024, also supported by efficient cost management.

EL PAÍS remains the leader in the Spanish-language digital news subscription market, surpassing 426,000 subscribers in June — 13% more than in June 2024.

In radio, PRISA Media reached a total audience of 25 million listeners, up 3%, maintaining leadership in Colombia and Chile, and a strong position in Mexico. In Spain, it remains the leading radio group, with nearly 10 million daily listeners. As reported in the second wave of the EGM (General Media Study), Cadena SER leads with 4,651,000 listeners. The LOS40 stations (LOS40, LOS40 Classic, LOS40 Dance, and LOS40 Urban) also lead in their respective categories and closed the season with the largest music audience in Spain, totaling 8,912,000 monthly listeners.

In education, Santillana reported positive results, supported by solid performance in the private market and institutional sales recorded in Argentina in the second quarter. Total revenue reached €201 million, up 11%, while EBITDA rose to €41 million — an increase of 22% at constant exchange rates. Subscription-based learning models continue to expand and lead the transformation of the education sector, now surpassing 3.4 million subscriptions — 15% more than in the same period last year.

Finally, PRISA remains committed to sustainability, organizing events such as the 2nd AS Positive Sports Congress and Santillana’s 3rd International Congress on Inclusive Education. The Group was also recognized for its efforts to combat disinformation, receiving a 2025 INMA Global Media Award for VerificAudio, a tool that helps detect deepfakes.