Promotora de Informaciones (PRS) Q2 2026 earnings summary

Executive summary

• Revenues grew 26% year-over-year to €513m in H1 2026, with EBITDA up 70% to €86m, and EBITDA margin expanding by 4pp to 16.8%, driven by robust business performance and favorable timing of revenue recognition in Brazil.

• Both main business units delivered revenue, EBITDA, and margin growth, supported by subscription growth and improved advertising, in line with full-year expectations.

• Net Debt-to-EBITDA ratio reduced to 3.78x, with Net Bank Debt down 2% year-over-year.

• Operating cash flow improved by €13m to €6m and total cash flow increased by 10%, reflecting stronger cash generation.

Financial highlights

• Group revenues reached €513m (+26% vs. H1 2025), EBITDA €86m (+70%), and EBITDA margin expanded by 4pp to 16.8%.

• Net result improved by 49% year-over-year, despite a 21% decline in financial results due to a one-off refinancing gain in 2025.

• Operating cash flow turned positive at €6m (vs. -€7m in H1 2025), with total cash flow up €3m (+10%).

• Net Debt stood at €779m, with a Net Debt-to-EBITDA ratio of 3.78x, down from 4.26x a year earlier.

• Cash and available facilities totaled €209m as of June 2026.

Outlook and guidance

• Performance in H1 2026 keeps the group on track to meet full-year objectives, with ongoing focus on digital transformation and operational efficiency.

• Cash generation and deleveraging remain key priorities to support the strategic roadmap.

• Growth is expected to continue, driven by recurring subscription models and digital transformation.