PRISA Surpasses 2024 Targets, Improving Results and Reducing Financial Leverage to a Two-Decade Low

• PRISA has surpassed its market commitments for the 2024 fiscal year.
• The Group’s businesses saw strong growth: learning systems surpassed three million subscriptions, while EL PAÍS exceeded 400,000 subscribers.
• Operating cash flow generation rose by 6%, while net debt decreased by 10%, bringing the net debt/EBITDA ratio to 3.97x, its lowest level in 20 years.
• The Group maintained a strong liquidity position, reaching €223 million.
• Financial results improved by 17%.

PRISA Group has closed 2024 with excellent operational and financial results despite a complex environment, driven by both its private-sector education business and its media operations.

The company has exceeded the objectives set at the beginning of the year in terms of operational efficiency and cash generation.

The Group generated EBITDA of €185 million in 2024, reflecting a 14% increase over 2023 at constant exchange rates. EBITDA margin reached 20.1%, surpassing expectations and the target communicated to the market.

PRISA’s strong digital focus has driven growth in both Santillana’s private-sector education business and its media division. Notably, Santillana’s learning systems reached 3 million subscriptions, representing a 5% increase, while EL PAÍS subscriptions rose to 404,000, up 15% compared to the previous year.

The Group remains focused on debt reduction and strengthening its liquidity position. As of December 2024, net debt stood at €750 million, compared to €832 million in December 2023, representing an €82 million reduction over the year. This translates to a 10% decrease in net debt. The net debt/EBITDA ratio was 3.97x, the lowest level since 2005. At the end of the year, the Group maintained a strong liquidity position of €223 million.

Financial results rose by 17% in 2024, largely due to reduced interest expenses following the repayment of junior debt. Net profit surged by 64%.


SANTILLANA

Santillana achieved EBITDA of €125 million in 2024, reflecting 7% growth at constant exchange rates. Margins increased thanks to the expansion of subscription-based models and effective cost management. The EBITDA margin stood at 26.7%, 3.3 percentage points higher than in 2023 at constant exchange rates.

These strong results came despite the absence of new curricular orders from Brazil’s PNLD public education program and the absence of exceptional institutional sales in Argentina, which had boosted 2023 figures.

Santillana continues to demonstrate sustainable growth in subscription-based educational models, with subscription numbers increasing by 5% and total subscription revenue (including private and other markets) growing by 12% at constant exchange rates.


PRISA MEDIA

PRISA Media’s EBITDA grew by 13%, reaching €57 million, driven by revenue growth and operational efficiency measures. These excellent results were supported by the increase in advertising revenue, which grew by 3%, as well as a 23% rise in digital subscription revenue for EL PAÍS, which surpassed 400,000 subscribers by year-end. Additionally, revenues from agreements with technology platforms contributed to overall growth.

Advertising remains PRISA Media’s chief source of revenue, with market share improving in all the countries where it operates. The radio segment in Spain performed particularly well.

PRISA Media has maintained strong operational performance over the past twelve months, showing significant year-on-year growth in digital development. Digital subscriptions grew by 17%, digital audio consumption rose by 1% in downloads and 10% in listening hours, while digital video consumption surged by 29%. Meanwhile, PRISA Media’s radio stations continued to lead the audience rankings in all markets where they operate, reaching a daily audience of 24 million listeners.


SUSTAINABILITY

The year 2024 was pivotal for PRISA’s sustainability strategy. The Group improved its ranking in the Sustainalytics index and the S&P Global Corporate Sustainability Assessment (CSA), positioning itself among the top 20 in the PUB Media, Movies & Entertainment category.

Additionally, PRISA aligned its emissions reduction targets with the Science Based Targets Initiative (SBTi) and obtained a "B" rating from the Carbon Disclosure Project (CDP) for the first time.

Santillana was also recognized as one of the most trusted brands of Spanish origin in Latin America, according to the 2024 "Image of Spanish Companies and Their Executives in Latin America" study, conducted by the Instituto Mesías - Inteligencia de Marca España, in collaboration with iTRUST Country Brand Intelligence.