PRISA Continues to Deliver Improved Operating Results and Reduces Debt to Lowest Level in Two Decades

PRISA has opened the year by reaffirming the consistent improvement of its operating results and the steady reduction of its debt over the past four years, outperforming expectations in a complex environment. The Group remained firmly focused on financial deleveraging, delivering another quarter of net debt reduction and improved cash generation. Comparisons with the first quarter of 2024 are affected by extraordinary and non-recurring items, and temporary effects.

In particular, in February 2024, PRISA recorded €10 million in income following a favorable arbitration ruling related to the failed sale of Media Capital to Cofina. Additionally, part of the 2023 PNLD “Novelty” order in Brazil’s public market was invoiced during the first quarter of 2024.

Operating Performance Exceeds Expectations; Financial Stability Strengthened in Q1 2025
By the close of the first quarter, the Group had generated €232 million in revenues and reported €46 million in EBITDA. These figures reflect growth of 2% and 5%, respectively, compared to the first quarter of 2024, after excluding extraordinary and temporary effects. Notable contributions came from Santillana’s Southern Region Campaigns, particularly learning systems, and steady growth at Prisa Media across advertising revenues and digital subscriptions.

Free cash flow (FCF) reached €63 million, representing a 41% increase year-on-year, driven by solid operating performance and a temporary improvement in working capital management at Santillana.

Total cash generation amounted to €85 million, versus €32 million in Q1 2024. This figure includes €40 million from the capital increase, a key condition precedent to the refinancing agreement PRISA secured. Once formalized, the agreement will extend debt maturities to 2029, lower the weighted average cost of debt, and provide greater financial flexibility. Proceeds from the capital increase will be used in the second quarter to fully repay the Junior debt, PRISA’s most expensive debt tranche.

As a result of solid quarterly performance and the capital increase, net debt stands at €664 million — the lowest level in the past twenty years. This represents a reduction of €86 million versus December 2024 and €134 million year-on-year.

Education and Media Businesses Drive Growth
In education, Santillana continues to lead Latin America’s digital transformation with its subscription-based model offering comprehensive learning systems. The business reached 3.2 million subscriptions, up 8% year-on-year, reinforcing Santillana’s leadership in innovative learning solutions. Growth was particularly notable in Chile, Peru, Colombia, and Ecuador. The increasing adoption of digital learning models and long-term school loyalty are structurally driving higher margins, which now surpass pre-pandemic levels.

In media, Prisa Media has further strengthened its leadership among Spanish-speaking audiences, with El País maintaining its position as Spain’s leading subscription-based news outlet. This performance has supported continued revenue diversification and a progressive reduction in advertising dependency. El País surpassed 414,000 total subscribers, up 13% year-on-year, with a churn rate of 2.4%, significantly outperforming market averages. In addition, Prisa Media posted a 4% increase in advertising revenues and achieved record highs in audiovisual and audio content consumption. Video views reached 220 million, up 42%, and audio content surpassed 100 million listening hours, supported by an expanded digital offering.

These results underscore the strength of PRISA’s businesses and the ability of its brands to create value in a changing environment, through a commitment to innovation, premium content, and close audience engagement.

Sustained Transformation Since 2021 Consolidates Group Leadership
The first-quarter results reflect the continuation of a strategic transformation initiated in 2021. Over the past four years, PRISA has moved from a critical financial position to establishing a scalable, profitable, and digitally driven business model. Efficient management, strategic vision, and a commitment to digital innovation have been pivotal to this progress.

Between 2021 and the end of 2024, Group revenues grew by 24%, EBITDA tripled from €63 million to €185 million, and the EBITDA margin improved by 12 percentage points to 20.1%. The net debt-to-EBITDA ratio halved, and free cash flow (FCF) increased more than ninefold over the same period.

The strategic decisions made during this period have been critical to restoring investor confidence, strengthening the Group’s financial structure, and securing long-term business sustainability.

With a reinforced financial foundation, growing businesses, and a firm commitment to editorial quality and independence, PRISA is firmly positioned as a leading Group in Spanish-language news and information, education, and entertainment.

Strategic Plan 2025–2028: Securing Sustainable Growth
PRISA is finalizing its new Strategic Plan 2025–2028, which will define the Group’s strategic priorities for the coming years and will be presented after the summer. The plan aims to accelerate digitalization, expand international presence — particularly in Latin America — diversify revenue streams, and ensure sustainable, long-term growth.

The Group will also continue advancing its sustainability agenda and its commitment to delivering positive social impact through education, truthful information, and culture.