Consolidated Non-Financial Statement 2024

PRISA continues to move forward with determination, fulfilling its commitments to both society and the markets.

Joseph Oughourlian, Chairperson of PRISAThe year 2024 has once again been geopolitically challenging. The war in Ukraine and the conflict in the Middle East have continued to shake the global landscape, which has also been affected by the rise of far-right movements in both Europe and the Americas, as well as the U.S. presidential elections in November, won by Donald Trump. From an economic perspective, the two most significant developments in 2024 have arguably been the decline in interest rates and the widespread integration of artificial intelligence into the daily lives of individuals and businesses.

Against this backdrop, PRISA has closed the 2024 financial year with outstanding operational results. The Group has generated €185 million in EBITDA, a figure significantly higher than in 2023, with an EBITDA margin of 20.1%, exceeding the market’s expected range of 19%-20%. The strong performance of our businesses has been driven in particular by the success of Santillana’s educational subscription model, which has reached three million subscribers, and EL PAÍS, which has surpassed 400,000 digital subscribers.

At the same time, we have been fully focused on our financial deleveraging strategy. Net debt has been reduced by 10% compared to December 2023, reaching its lowest net debt-to-EBITDA ratio since 2005. This debt reduction was supported by the issuance of €100 million in convertible bonds in April. Furthermore, financial results have improved by 17% compared to 2023, and the Group maintains a strong liquidity position.

In terms of Sustainability, we continue with our strategy of generating a positive impact by being faithful to our purpose: "Promote the progress of people and society by providing quality education, rigorous information, and innovative entertainment." We want to foster an active, committed, and critical citizenship through the creation and distribution of educational and communication content, services, and resources.

In 2024, PRISA has continued to raise awareness of key environmental and social challenges through multiple forums and by recognizing the best ESG initiatives through the Cinco Días Awards and Retina ECO Awards. Additionally, our journalists have received accolades for their investigative reporting on child abuse within the Spanish Church, gender-based violence, and support for vulnerable communities. PRISA was also honored by the Spanish Federation of Food Banks for its commitment to social responsibility.

Education plays a fundamental role in building a more sustainable world, and I am proud that Santillana has been recognized among the ten most trusted Spanish-origin companies in Latin America, according to the 2024 “Image of Spanish Companies and Executives in Latin America” study conducted by the Mesías Institute - Spain Brand Intelligence, in collaboration with iTRUST Country Brand Intelligence.

In the realm of diversity, inclusion, and equity, our sport newspaper AS launched the "Deporte en Positivo" campaign, highlighting the values of sports, while Santillana led the 2nd International Congress on Inclusive Education, focused on implementing inclusivity principles in classrooms.

At the end of the year, Spain was hit by a devastating storm (DANA) that severely affected several towns in Valencia. As always, PRISA responded by doing what it does best: providing accurate and transparent reporting while also supporting fundraising efforts for those afflicted. We allocated advertising space to various NGOs and transformed the LOS40 Music Awards into a solidarity-driven event.

On the environmental front, PRISA has strengthened its commitment to combating climate change by aligning its emission reduction targets with the Science Based Targets Initiative (SBTi). Additionally, for the first time, PRISA has received a "B" rating from the Carbon Disclosure Project (CDP), reflecting its ongoing sustainability efforts.

In just two years, Generative Artificial Intelligence has disrupted nearly every sector. At PRISA, we see innovation and global strategic partnerships as critical to reinforcing our leadership. However, we are equally committed to ensuring that AI is developed responsibly, in accordance with the AI Governance Policy approved in 2024.

We also remain committed to gender diversity in leadership, with 53.3% of board positions held by women—one of the highest levels among publicly listed companies in Spain.

This dedication has been recognized by ESG agencies and indices, which have significantly improved PRISA’s ratings.

I can only express my deepest gratitude to our entire organization for its tireless efforts in making us better every day and allowing us to continue driving progress for people and society