Promotora de Informaciones (PRS) CMD 2026 Part 2 summary

Strategic achievements and financial performance (2022–2025)

• Achieved operational and financial stability, with revenues rising from €741m in 2021 to €904m in 2025, a 5% CAGR, and EBITDA nearly doubling over the period.

• Operating cash flow grew at a 17% CAGR, reaching €252m over the period, though deleveraging was impacted by higher interest rates.

• Net debt reduced by €170m since 2022, with a Net Debt/EBITDA ratio improving from 8.0x in 2021 to 4.3x in 2025.

• Refinancing in 2025 extended maturities to 2029, lowered average cost, and improved credit ratings.

• Digital transformation and efficiency measures drove revenue and margin improvements, despite macroeconomic challenges.

New strategic plan and 2029 guidance

• The 2026–2029 plan targets €1,120m in revenues, €240m EBITDA (21% margin), and €100m operating cash flow by 2029.

• Net Debt/EBITDA is expected to fall below 3.0x by 2029, with no debt maturities until then.

• Growth will be driven by digitalization, international expansion, and AI integration across both education and media businesses.

• Cost discipline and capital expenditure optimization will support profitability, with group EBITDA margin projected to exceed 21%.

• Sustainability and ESG principles are embedded in the strategy, with top ESG ratings and validated climate targets.

Santillana (Education) strategy and outlook

• Maintains K-12 market leadership in Latin America, with a focus on digital transformation, AI, and subscription-based learning systems.

• Revenue expected to grow from €466m in 2025 to €600m in 2029, with EBITDA rising from €120m to €175m (29% margin).

• Private market revenue to reach €475m by 2029, with over 4.5m learning system subscriptions and EBITDA of €135m.

• Brazil public business remains stable and profitable, targeting €125m revenue and €40m EBITDA by 2029.

• Strategic focus on technology, new educational propositions, and expanding into new markets and products.