Atresmedia Corporación de Medios de Comunicación (A3M) Q4 2025 earnings summary

Executive summary

• Maintained leadership in TV, radio, and digital audiences, outperforming main competitors for the fifth consecutive year, with Antena 3 as the most-watched channel at 12.8% share and over 3 million daily radio listeners.

• Achieved stable revenues of €1,002 million (-1.5% YoY), strong cash position, and record shareholder returns with a 26% total shareholder return.

• Integrated new businesses, notably Last Lap and the pending acquisition of Clear Channel Spain, to diversify revenue streams and expand event and outdoor advertising segments.

• Continued strategic focus on digital transformation, content production, and commercial agreements with Disney+ and Vix.

• Paid record dividends, with a total of €146 million distributed and a dividend yield of 13%.

Financial highlights

• Total revenues reached €1,002.2 million, down 1.5% year-over-year, with TV down 4.4% and radio up 4%.

• Pro-forma EBITDA was €133.3 million (down 25%), mainly due to audiovisual segment weakness and a €45.6 million redundancy plan provision.

• Net profit on a pro-forma basis was €96.3 million, compared to €120.3 million the previous year; reported net profit was €62.1 million.

• Paid €146 million in dividends (€0.64–0.65/share), the highest since 2017, with a dividend yield of 13%.

• Ended the year with a net cash position of €58 million and a high cash conversion rate of 0.9.

Outlook and guidance

• 2026 revenue expected to remain stable, with additional contributions from Last Lap and Clear Channel Spain.

• Outdoor segment projected to grow 5–6%, radio by 2–4%, and EBITDA margin targeted at 15%.

• Net financial position projected at -€25 million by end-2026, reflecting acquisition impacts.

• Board approved a complementary dividend of €47 million (€0.21/share), matching the interim dividend.