Atresmedia Corporación de Medios de Comunicación (A3M) Q1 2025 earnings summary

Executive summary

• Maintained leadership in Spanish TV audiences for the 10th consecutive quarter, with Antena 3 as the most-watched channel and laSexta as the third-ranked private channel.

• Net revenue reached EUR 243.2 million, operating profit EUR 38.7 million, and net profit EUR 28.6 million in 1Q25.

• Digital leadership continued, with Atresmedia ranking as Spain's top audiovisual group online and Atresplayer reaching 2.7 million unique visitors.

Financial highlights

• Net revenue of EUR 243.2 million, down 0.8% year-over-year; EBITDA EUR 43.1 million, down 14.0%; EBIT EUR 38.7 million, down 15.8%; net profit EUR 28.6 million, down 14.5%.

• Positive net financial position of EUR 184.7 million, highest since 2003 IPO, and improved by EUR 44.8 million from year-end 2024.

• Audiovisual segment net revenue EUR 226.4 million, down 1.2% year-over-year; radio net revenue EUR 19.5 million, up 5.1%.

Outlook and guidance

• Spanish GDP growth forecast at 2.5% for 2025; advertising market expected to grow nearly 2%.

• TV advertising spend down year-over-year due to strong 2024 comps, but normalization and improved performance expected for the rest of the year.

• Radio expected to sustain growth; revenue growth and operating margin expansion targeted for 2025.

• Estimated year-end 2025 net cash position between EUR 60–80 million, after dividend payments.