Atresmedia Corporación de Medios de Comunicación (A3M) Q2 2026 earnings summary

Executive summary

• Net revenue for 1H26 rose 2.6% year-over-year to €520M, with EBITDA up 2.5% to €87.1M and consolidated profit at €56.4M, down 11.5% due to prior year one-off tax interest income.

• Maintained leadership in TV audience share (25.4%) and digital reach (21.2M unique visitors monthly), with Antena 3 as the top TV channel and atresplayer premium surpassing 760,000 subscribers.

• Special dividend of €0.21/share (€47.3M) paid in June; positive net financial position of €70M at period end.

• Expanded digital and content production, with strategic agreements and record SVOD subscribers.

Financial highlights

• Net revenues reached €520M (+2.6% YoY), EBITDA €87.1M (+2.5% YoY), and EBIT €78.4M (+2.7% YoY).

• Net profit was €56.4M, down 11.5% YoY, impacted by lower late-payment interest accruals.

• OPEX increased 2.7% YoY to €432.9M, mainly due to new business consolidation.

• Cash flow from operations: €79.6M (+€27.4M YoY); cash conversion rate 0.9x EBITDA.

• Dividends paid totaled €47.3M (€0.21/share).

Outlook and guidance

• 2026 revenue expected to remain stable at constant perimeter, with incremental impact from Last Lap and Clear Channel acquisitions.

• EBITDA margin forecasted at approximately 15%.

• Net financial position projected at +€90M, or -€25M post-Clear Channel integration.

• Continued focus on innovation, efficiency, and diversification, especially in outdoor advertising.

• Spanish advertising market expected to see flat or slight growth in audiovisual, low-single digit in radio, and mid-single digit in outdoor.