Promotora de Informaciones (PRS) CMD 2026 Part 1 summary

Strategic achievements and 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.

• Digital transformation drove revenue growth, while operational leverage improved EBITDA and cash generation, though macroeconomic challenges impacted some targets.

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

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

• Shareholder support remained strong, with €270m in capital injections and share price up 18% in 2025.

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, with a Net Debt/EBITDA ratio below 3.0x.

• Santillana aims for €600m revenue and €175m EBITDA, focusing on K-12 education transformation in Latin America, leveraging technology and AI.

• Prisa Media targets €520m revenue and €74m EBITDA, emphasizing international expansion, digital growth, and AI-driven innovation.

• Both business lines expect higher digital and international revenue contributions, with digital revenues rising from 39% in 2025 to 46% in 2029.

• Cost discipline and efficiency measures are set to improve group EBITDA margin to 21% by 2029, with cash conversion ratio exceeding 40%.

Business line strategies and growth drivers

• Santillana will expand its subscription-based learning systems, integrate AI and data, and launch new educational propositions, targeting >4.5m subscriptions and €475m private market revenue by 2029.

• The Brazil public education segment remains stable, with Santillana holding a 25–30% market share and aiming for €125m revenue by 2029.

• Prisa Media will strengthen its position as a global Spanish-language media platform, grow digital subscriptions (targeting 800k by 2029), and diversify revenue streams across news, sports, music, and lifestyle.

• AI activation is central to both divisions, driving efficiency, new product development, and enhanced customer engagement.

• Sustainability and ESG principles are embedded in the strategy, with top-tier ESG ratings and validated science-based targets.