Promotora de Informaciones (PRS) Q2 2026 earnings summary

Executive summary

• Group revenue rose 26% year-over-year to EUR 513 million, with EBITDA up 70% to EUR 86 million and EBITDA margin improving by over 4 percentage points to 16.8%.

• Both main business units delivered revenue, EBITDA, and margin growth, driven by Santillana's Brazilian public market, robust subscription growth, and solid advertising trends in Prisa Media.

• Net debt to EBITDA ratio improved to 3.78x from 4.26x a year earlier, with net bank debt down 2% year-over-year, reflecting ongoing deleveraging.

• Cash generation improved, with operating cash flow up EUR 13 million and total cash flow up 10%.

Financial highlights

• Revenue: EUR 513 million (+26% YoY); EBITDA: EUR 86 million (+70% YoY); EBITDA margin: 16.8% (+4.3pp YoY).

• Net result improved by 49% YoY.

• Operating cash flow turned positive at EUR 6 million (vs. -EUR 7 million in H1 2025); total cash flow up EUR 3 million (+10%).

• Net financial debt (including IFRS 16) stood at EUR 779 million, stable year-over-year.

• Liquidity stood at EUR 209 million at period end.

Outlook and guidance

• Confident in achieving 2026 targets: revenue above EUR 1 billion, EBITDA margin 18–19%, net debt/EBITDA below 3.9x.

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

• Second half advertising growth expected to slow versus H1 due to absence of extraordinary events, but still outperforming the market.

• Santillana private market EBITDA expected to recover in H2 as new projects consolidate.

• The Group remains focused on deleveraging and strengthening its liquidity position.