Sustainability Report 2022

01. Letter from the Chairperson Future and sustainability PRISA stood firm in its commitments to society and the markets in 2022 despite a climate of almost constant volatility, uncertainty, complexity and ambiguity prompted by events such as the war in Ukraine, disruptions to supply chains, the significant climb in inflation, surging energy costs and the persistent rise in interest rates. Yet despite this complex landscape, PRISA has taken important steps forward. Firstly, in March 2022, and for the first time in the Group's history, we presented a Strategic Plan that sets clear and ambitious objectives up to the year 2025 . This Plan is based on five basic pillars: financial stability, a focus on continued business development, a focus on growth, leadership in the sectors in which we operate and sustainability. At the same time, a debt refinancing deal was being hammered out , with an agreement reached in April 2022. With this agreement, we were able to strengthen the Group's balance sheet structure. In addition, we achieved greater financial flexibility, an extension of maturities, a reduction in interest costs, and greater facility for early repayment of debt. What’s more, we have just successfully issued mandatory convertible notes into newly issued PRISA shares worth 130 million euros. This operation not only allows us to improve our financial situation, but also clearly demonstrates our shareholders' unshakeable commitment to our project. In short, we can conclude that 2022 has been a year of significant strategic and financial challenges at the corporate level, challenges which we have successfully met head on in a complex and uncertain environment . And the same might indeed be said for the performance of our businesses. Overall, revenues for the Group as a whole increased by 15%, which translated into a 38% improvement in EBITDA (excluding severance payments), with an improvement in both margins and cash flow. In this context, our successful commitment to digital, both in Education and Media, deserves special mention. Two indicators perfectly illustrate robust performance: subscriptions in Santillana increased by 33% in the year, while digital subscribers to EL PAÍS were up by 67%. In summary, the results that we have presented have exceeded all the goals to which we had committed ourselves and which were set out in Guidance. But our range of commitments has gone further. Today, concepts such as "future" and "sustainability" go hand in hand and cannot be understood without each other . Society, our stakeholders and the regulatory framework expect nothing less. We firmly believe in our commitment to sustainability. Indeed, sustainable development is the only possible development. In the past year, PRISA has taken important steps to integrate sustainability and ESG (environmental, social and governance) criteria into the company's strategy. We created the Sustainability Committee , the Board body that oversees implementation in this area, and the Sustainability Department , both led by women. And we launched our first Sustainability Master Plan 2022-2025 , which sets out the Group's ESG roadmap and aligns goals and initiatives in this area with business strategy to generate greater value and growth. The Plan's commitments are clear: firstly, to continue generating a positive impact on people through our content and services and to foster a greater awareness of the enormous challenges we face as a society; secondly, responsible management of talent, of the supply chain and the environment; and, lastly, committed governance that ensures transparency, ethics and compliance. Instilling in students the values of sustainable development and informing citizens through rigorous and quality content on social and climate challenges are two extraordinary levers for change and action. We are, in the words of the United Nations 2030 Agenda, in the “decade of action to transform the world”. We are a partner of the Global Compact in Spain and member of its steering committee, and our commitment is total. We believe in the transformative power of our activity , and we seek to leave a positive mark with each and every project, projects that respond to real challenges and make our company a benchmark in the sector, as we promote equal opportunities and the progress of a democratic society for all, each and every day. Our commitment is unequivocal. In my letter to you last year, I encouraged shareholders, creditors, customers, listeners, workers, sponsors and all our stakeholders to join us on the great journey of PRISA's transformation upon which we had just embarked. We have already completed the first stages, with what I think are strong results. There is still a long way to go, a lot of work to do. But we have the very best teams to complete our journey successfully . We believe in the transformative power of our activity and we seek to leave a positive mark with each and every project Joseph Oughourlian Chairperson of PRISA PRISA Sustainability Report 2022 5