Atresmedia Corporación de Medios de Comunicación (A3M) Q1 2026 earnings summary

Executive summary

• Net revenue reached EUR 237.3 million in 1Q26, with EBITDA of EUR 38.0 million and net profit of EUR 23.8 million, reflecting year-over-year declines of 2.4%, 11.7%, and 16.6% respectively.

• Maintained leadership in TV audience share (25.6% total day, 25.7% prime time) and digital reach, with Antena 3 as the most-watched commercial channel for 20 consecutive months.

• Diversification strategy advanced, with strong performance in digital, radio, and complementary channels.

Financial highlights

• Net financial position improved to EUR 97.1 million, up EUR 39.0 million from December 2025.

• Audiovisual segment net revenue was EUR 220.1 million, down 2.8% year-over-year; radio revenue grew 1.1% to EUR 19.8 million.

• Other revenue, mainly from events and licensing, rose 54.0% to EUR 17.9 million.

• Total advertising spend across all media increased by 2% compared to 1Q25.

Outlook and guidance

• Spanish GDP growth for 2026 forecast at 2.3%, with advertising market expected to grow around 2%.

• Revenue growth and operating margin expansion targeted to match last year's levels, supported by cost discipline.

• Net debt expected to be around EUR 25 million, factoring in acquisitions and tax collections.