Promotora de Informaciones (PRS) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue reached €947.4M (+11.4%), EBITDA was €181.1M (+31.6%), and FCF was €59.9M; guidance was exceeded.

• Education and Media both grew; strategic priorities included deleveraging and progress toward 2025 objectives.

Financial highlights

• Revenue was €947.4M versus €850.2M in 2022; EBIT rose to €108.8M from €63.4M.

• Adjusted EBITDA excluding severance was €190.3M (+29.0%), with a 20.1% margin; reported EBITDA margin was 19.1%, up 3 percentage points.

• FCF was €59.9M, up €27.9M YoY; total cash generated was €98M, a €174M improvement from 2022.

• Reported net loss was €32.5M versus €12.9M; excluding refinancing accounting impact, net profit improved 17% YoY.

Outlook and guidance

• 2023 revenue, adjusted EBITDA margin and FCF exceeded guidance of >€900M, 17–18% and >€40M, respectively.

• 2024 guidance is a 19–20% EBITDA margin and FCF above €60M; 2025 targets are a 22–25% margin and FCF above €100M.

• Santillana plans to prioritize private education and public-market opportunities in Brazil, while managing Argentina and Venezuela separately.