Results
Presentation
H1 2026
July 28th, 2026
Disclaimer
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2
Corporate
Highlights01
3Index
ESG05
Santillana03
PRISA Group
Financials04
Key
Takeaways06 02
PRISA Media
4H1 2026
Corporate Highlights
Strong H1 2026
performance
Solid set of results in H1 2026 PRISA delivered growth in both revenues and EBITDA versus H1 2025, while reducing its Net Debt -to-EBITDA ratio, reaffirming its commitment to deleveraging Revenues up 26% and EBITDA up 70%, with EBITDA margin expanding by 4pp. Both business units delivered revenue, EBITDA and margin growth in line with full -year expectations.Growth driven by strong business performance and the timing of revenue recognition in Brazil Results benefited from continued growth in subscriptions across both businesses and improved advertising performance, alongside the recognition of the PNLD EM 2025 order in Brazil.
Stronger financial position through cash generation Operating cash flow improved by €13m and total cash flow by 10%, reflecting stronger cash generation.Deleveraging remains
on track
Continued commitment to deleveraging , with Net Debt -to-EBITDA improving to 3.78x and Net Bank Debt down by 2% year -on-year.
5
H1 2026 Results summary Key Performance Indicators point to solid Performance
66Top line
growth
REVENUES
€513 m
Sustainable revenue base+26 %26/25
Subscriptions
4.0m482 K
+19 %26/25
+13 %26/25SANTILLANA EL PAÍS EBITDA
improvement
EBITDA
€86 m +70 %26/25Committed to
debt reduction
NET DEBT
€779 m
ND / EBITDA+0 %26/25Cash flow
improvement
OPERATING CASH FLOW
€6 m +€13 m 26/25
EBITDA margin
17% +4 pp26/25 3.78 X Strong Liquidity €209 m -0.49 x26/25
H1 2026
PRISA Media
8Advertising and audience performance Advertising revenue increased by 6%, with continued market share gains, while El País subscriptions grew by 13% year -to-date 21%
28%41%ADVERTISING MARKET SHARE 1
vs. ’25
+0.4pp
+3.0pp
+0.4pp426,301482,282
H1 2025 H1 2026EL PAIS TOTAL SUBSCRIBERS
vs. 2025
+13%ONLINE & OFFLINE AUDIENCE
•In Spain, PRISA Media outperformed the market, growing 3.5%, driven by strong performance in radio and digital press.
•In LatAm , PRISA Media Colombia delivered strong growth (+21.3% ), continuing to gain market share. In Chile , PRISA Media grew by +2.5%, ahead of the market, while radio advertising revenues in Mexico increased by +1.4%.•Digital subscribers 2stand at 476k , +15% vs.
H1 2025.
•80k gross digital additions in H1 2026 vs. 73k in H1 2025.
•Average monthly churn stood at 2.0% in H1 2026 (vs. a 4.4% benchmark in Q1 2026, latest available data 3).
Sources : (1) Spain (i2P, June 2026, Radio+Press ); Colombia ( Asomedios , April 2026, Radio), Ch ile (Agencia de Medios, April 2026, Radio). (2) Digital subscribers include print edition subscribers (either print -only or PDF format ) as well as B2B subscribers who have activated digital access (OJD source ). (3) INMA (International News Media Association ). (4) Radio l isteners in Spain (EGM), Colombia (ECAR), Chile (IPSOS) and Mexico (INRA).Registered users 13 m +9 %26/2525 mListeners 4in Spain & LatAm +1%26/25147 mMonthly unique browsers -2 %26/25 207 mFollowers on social media +18 %26/25
249 mVideo
views +6 %26/25
9P&L
EBITDA grew by 41% in H1 2026, driven by stronger advertising revenues, continued expansion of EL PAÍS subscriptions, the con solidation of Grupo Radiópolis 1and cost -control measures, supporting EBITDA margin expansion • Advertising revenue increased by 6% (+5% offline and +8% online), supported by major events (El País’ 50th anniversary and the FIFA World Cup) and a restructured sales organization.
• Circulation revenue grew by 2%, supported by a 12% increase in digital circulation revenue, driven by the strong performance of EL PAÍS digital subscriptions, which reached 476k subscribers 2.
• Other revenues increased by 16%, mainly driven by the consolidation of Grupo Radiópolis1which more than offset the lower level of audiovisual production.
• Internationalization and digital transformation continue to underpin the strong performance of the business, in line with the strategic roadmap.
• EBITDA expanded, driven by revenue growth , lower restructuring costs and effective cost control measures (including team integration and process optimization at Grupo Radiópolis in Mexico 1).
• EBITDA margin improved, increasing by +2pp compared to H1 2025 (+1pp excluding severance expenses).+6% REVENUES
+41% EBITDA
1. Since April 2026, Grupo Radiópolis (Mexico) has been fully consolidated. Sistema Radiópolis (the license holder) continues to beaccounted for under the equity method.
2. Digital subscribers include print edition subscribers (either print -only or PDF format) as well as B2B subscribers who have acti vated digital access (OJD source). €, millionsH1
2026H1
2025Var. 26/25
Rel.
Revenues 219 206 +6% Advertising 163 154 +6% Circulation 30 29 +2% Other 126 22 +16% Expenses 199 191 +4%
EBITDA 20 14 +41%
EBITDA margin 9.2% 6.9% +2.2pp EBITDA ex severance exp. 23 20 +18%
EBIT 7 1 ---
Revenue breakdown
International 20% 16% +4pp Digital 30% 29% +1ppvs.2025
vs.2025
H1 2026
Santillana
57% 62%43% 38% H1 2025 H1 2026Learning systems subscriptions 21
H1 2025 H1 202651
H1 2025 H1 2026
11Performance by market Continued growth in learning systems and lower didactic and institutional sales in the Private market, both in line with expe ctations, alongside strong performance in Brazil Public, driven by the recognition of the Brazil PNLD EM 2025 order
PRIVATE MARKET 1BRAZIL PUBLIC MARKET
-3
H1 2025 H1 2026113
44Sales (€m)vs. ‘25 -1% vs. ‘25 ex FX 2 +2% •Learning Systems sales grew by 7%. Subscriptions continued to expand (+638k), delivering double -digit growth (+19%) driven by new initiatives such as Richmond Pro and Sumun (+239k), as well as supplemental systems.
•Didactic sales declined by12%(-4%atconstant currency), reflecting theongoing transformation ofthe market, aweaker private campaign inArgentina (asthe institutional sale recorded in2025 impacted demand inthe2026 private campaign), and lower institutional sales inother countries .Institutional sales recognized in Argentina inH12026 were broadly inlinewith H12025 .•~72% of the Brazil PNLD EM 2025 order was recognized in H1 2026 (5% is still pending), positively impacting revenues and EBITDA in Brazil Public. It should be noted that this order achieved a record market share of 50%.
•Additionally, other B2G sales are delivering operational improvements in both revenues and EBITDA compared with 2025.vs. ‘25 5.5xEBITDA (€m) Sales (€m) EBITDA (€m)
177 179
Didactic
sales
Learning
systems32vs. ‘25 -14% vs. ‘25 ex FX 2 -8%4.0 m vs.’25 + 19% 1. The private business includes Argentina and Venezuela. In 2025 these countries were classified as "other markets." From 2026 they are integrated into the private market. For comparability with 2025, the perimeters are presented on a like -for-like basis.
2. Excluding foreign exchange effect .
12P&L
EBITDA grew by 70% in H1 2026, driven by the expansion of learning systems in the Private market, the recognition of most of theBrazil PNLD EM 2025 order and expense control measures
€, millionsH1
2026H1
2025Var. 26 / 25 Rel. Ex. FX 1 Revenues 295 201 +46% +48% Sales 290 200 +45% +46% Other revenues 5 1 +267% +267% Expenses 225 161 +40% +40%
EBITDA 69 41 +70% +76%
Private 244 51 -14% -8% Brazil Public 32 -3 --- ---
HQ & other 3-7 -8 +10% +10% EBITDA margin 23.5% 20.2% +3pp
EBIT 48 23 +113% +125%
% suscription revenues
Subscription sales/
Private sales62% 57% +5pp• Growth driven by the strong performance of learning systems subscriptions in the Private market, improvements in B2G sales in Brazil and the PNLD EM 2025 order recognized in 2026 .
• Our sustainable revenue base continues to expand , with learning systems increasing by +5pp to 62% of total private sales compared to H1 2025.
• The increase in other income was mainly driven by the sale & leaseback of a building in Peru , resulting in a capital gain of €1.9 m in H1 2026.
• Increase in line with the improvement in Brazil Public , with margin up by +3pp to 23.5%, offsetting the decline in the Private market due to FX & lower margin in Argentina’s institutional sales.
• -€2.3m negative impact on both revenues & EBITDA, mainly in
Argentina.+46% REVENUES
+70% EBITDA
1. Excluding foreign exchange effect .
2. The private business includes Argentina and Venezuela. In 2025 these countries were classified as "other markets." From 2026 they are integrated into the private market. For comparability with 2025, the perimeters are presented on a like -for-like basis.
3. Mainly includes centralized costs at the corporate headquarters.FX EFFECTvs.2025
vs.2025
13H1 2026
PRISA Group Financials
+6 -1
H1 2025 Santillana PRISA Media FX effect & other H1 2026 H1 2025 Santillana PRISA Media FX effect & other H1 2026Operating performance 14513vs. ‘25 +26% vs. ’25 ex FX 1 +26% 86 51 12.5% 16.8% EBITDA marginRevenue increased by +26%, with EBITDA reaching €86m (vs. €51m in H1 2025) and EBITDA margin expanding by +4pp compared to 20 25
FX ARG: -1
FX USD: -1
HoldCo : +1BRA Public: +34 Private & other: -3 Business improvement: +2 Severance expenses: +2 Mexico (perimeter): +2REVENUES (€m) EBITDA (€m)
406+96
-0+11
58% 66% International 40% 34% Digital 2BRA Public: +88 Private & other: +8Advertising: +7
Paywall: +2
Other: +2vs. ‘25 +70% vs. ’25 ex FX 1 +74% 1. Excluding foreign exchange effect .
2. Lower contribution from digital revenues due to the increased contribution from Brazil public sales. +31
€, millionsH1
2026H1
2025Var. 26 / 25 Rel. Ex. FX 1 Revenue 513 406 +26% +26% Expenses 427 356 +20% +19%
EBITDA 86 51 +70% +74%
EBITDA Margin 16.8% 12.5% +4.3pp
EBIT 52 19 +173% +188%
Financial Result -44 -37 -21% Equity method companies -2 -1 -53% Profit before tax 6 -19 ---
Tax income 19 9 +104% Minorities 1 -1 ---
Net Result -14 -28 +49%P&L 15•Revenue growth (+26%) was driven by the strong performance of the subscription businesses at Santillana and PRISA Media, together with improvements in advertising revenue (+6%) and the contribution from Grupo Radiópolis . In addition, growth benefited from the PNLD EM 2025 order , which was deferred to 2026 in Brazil.
•Cost control measures and lower severance expenses drove EBITDA expansion , with growth of +70% (+74% ex FX), with EBITDA margin reaching 17%, +4pp compared to H1 2025.
1. Excluding foreign exchange effect .Strong H1 2026 operating performance drives 26% revenue growth, 70% EBITDA growth and a 49% improvement in the net result •Financial results declined -21% mainly due to the positive impact of the refinancing agreement in H1 2025 ( -€11m), which partially offset the lower interest expenses ( -3%) and the positive impact of interest hedging and favorable FX effects (+€3m).
•At the same time, tax income increased, mainly driven by improved performance in Brazil. +70% EBITDA
+49% NET RESULTvs.2025
vs.2025
€, millionsH1
2026H1
2025Var. 26 / 25 Abs. Rel.
EBITDA ex severance 91 58 +33 +56% Working capital -20 -11 -8 -74% Severance exp. paid -7 -7 -1 -8% Capex -23 -19 -4 -20% Taxes paid -18 -13 -5 -40% IFRS16 and other -17 -15 -2 -14%
OPERATING CF 6 -7 +13 ---
Interests paid -35 -42 +6 +15% Divestments & other 4 1 +2 +166% CF before M&A & refinancing -26 -47 +21 +45% Capital increase , refinancing , M&A & other-2 16 -18 ---
CASH FLOW -28 -31 +3 +10%Cash Flow 16•Operating cash flow improvement , supported by strong EBITDA growth across both businesses, which was primarily driven by the positive impact of the PNLD EM 2025 order and higher B2G sales in Brazil. Meanwhile, investment levels increased as part of the digital transformation initiatives across both businesses, while tax payments were higher mainly in Argentina and Brazil.
•In addition to the strong operating performance, the improvement was supported by lower interest payments (+€6m), reflecting the decline in Euribor, as well as the payment made in May 2025 of interest accrued up to the signing of the refinancing agreement. On the other hand, proceeds from divestments are higher in 2026 (mainly driven by the sale of the Peru building in 2026).
•Total cash flow improved by 10%. Stronger operating and financial cash generation was partly offset by lower non -
recurring cash inflows, as 2025 benefited from proceeds from the capital increase, despite refinancing costs.Stronger cash generation, supported by EBITDA growth, drove a 10% increase in total cash flow
+€13m OPERATING CF
+€21mCF BEFORE M&A &
REFINANCING
+€3m TOTAL CASH FLOWvs.2025
vs.2025
vs.2025
693 708 72064
-6+32
-13+271 58
DEC 2025
Net DebtOperating CF Interests &
otherFX &
otherM&A &
otherJUN 2026
Net DebtJUN 2025 Net DebtNet Debt 171. Includes mainly accrued interest , not paid, the impact of FX on Net Debt and others.
2. Net Debt/EBITDA ratio calculated based on the financial leverage criteria defined in the financing agreements.Continued deleveraging despite the seasonal increase in debt compared with December 2025, with Net Debt -to-EBITDA improving to 3 .78x and Net Debt down 2% year -on-year 4.26 x 3.78 x Net Debt / EBITDA 2779 757777
4.26 x1IFRS 16
Bank
debtIFRS 16
Bank
debt(€m)
Strong liquidity position ― including both cash and equivalents on the balance sheet, as well as available credit facilities€209 m -2% Bank Debt reduction YoY reinforces our deleveraging
strategy
H1 2026
ESG
19
ESG highlights
•Responsible AI training for employees, together with enhancements to PRISA's cybersecurity technology framework .
•Gender diversity : 54.5% women on the Board of Directors.
•Board approval of the 2025 –2029 Sustainability Master Plan.•Ongoing support for communities affected by humanitarian crises through the Emergency Committee (Middle East and Venezuela).
•Participation in “Business Leadership in the New Global Multilateralism” with the Executive Director of the UN Global Compact.
•Rigorous and committed journalism in the special edition of the Ortega y Gasset Awards marking the 50th anniversary of EL PAÍS .
•PRISA’s support for the UNDP report “Democracies Under Pressure” .
•More than 50,000 participants in Santillana’s 4th International Congress on Inclusive Education and nearly 1,000 projects in the Sustainable Schools Award.•PRISA achieves ISO 14064 -1 certification for its carbon footprint, reinforcing its commitment to climate action.
•“Mover for the Planet” campaign, developed with the UN Global Compact for World Environment Day.
•AME Infinito Award granted to El Eco de LOS40 for its commitment to sustainability.
H1 2026
Key Takeaways
21Key takeaways
The strong H1 2026 performance keeps us on track to deliver our objectives for the year .
We are already delivering on our strategic roadmap , accelerating the digital transformation and operational efficiency of the Group.Cash generation and deleveraging remain key priorities , strengthening the Group’s financial position and supporting the execution of its strategic roadmap.PRISA delivered a positive set of H1 2026 results, in line with our full -year expectations Strong brands, growing subscription businesses and international diversification continue to reinforce the Group’s business model.
Appendix
EBITDA
23Alternative Performance Measures (APMs)
Exchange rate
impact
Net Debt
(excluding IFRS16)
Operating cash flow•The Group uses EBITDA, among other metrics, as a benchmark to monitor business performance and to set operational and strategic targets . This alternative performance measure is important for the Group and is widely used in the sector. EBITDA is defined as operating results plus depreciation and amortization of assets, impairment of goodwill, and impairment of other assets.
•The Group also uses EBITDA excluding severance expenses as an alternative performance measure, defined as EBITDA adjusted to exclude the impact of severance costs (i.e., EBITDA plus severance expenses). This measure is important for the Group, as it reflects the recurring profitability of its businesses and provides insight into asset performance net of severance -related costs.
•PRISA defines the exchange rate (“FX”) impact as the difference between a financial figure converted at the current year’s ex change rate and the same figure converted at the previous year’s exchange rate. The Group monitors both operating income and profit from operations excluding this exchange rate effect in order to improve comparability between periods and assess performance independently of currency fluctuations across countries.
•This alternative performance measure is relevant for the Group, as it provides a clearer view of operational trends unaffecte d by exchange rate volatility, which can distort year -over -year comparisons.
•The Group’s Net Debtexcluding IFRS16 is an alternative performance measure that includes current and non -current bank borrowings, excluding the fair value of financial instruments / loan arrangement costs, and the convertible notes coupon liability, and is net of current financial assets, long -term deposits linked to interest rate hedging, cash, and cash equivalents. This measure is important for the Group, as it provides insight into its financial position .
•PRISA defines operating cash flow as the sum of cash flow before financing activities, including: EBITDA excluding severance expenses + changes in working capital + capital expenditure (Capex) + taxes + severance payments + other operational cash flows and adju stments + financial investments, and including IFRS 16 lease payments. This alternative performance measure is important for the Group, asit reflects the company’s ability to generate recurring cash to service its debt .