Atresmedia Corporación de Medios de Comunicación (A3M) Q4 2025 earnings summary

Executive summary

• Maintained leadership in TV, radio, and digital audiences despite a challenging advertising market, with a 26.1% TV share and 28.15% overall, and radio achieving its best figures since 2015.

• Achieved stable revenues of €1,002M (-1.5% YoY), strong cash position, and a 26% total shareholder return.

• Integrated new businesses, notably Last Lap and pending acquisition of Clear Channel Spain, to diversify revenue streams.

• Continued strategic focus on digital transformation, content production, and premium content pricing.

• Radio division sustained 3.0 million listeners, with Onda Cero achieving its best decade performance.

Financial highlights

• Total revenue for 2025 was €1,002M, down 1.5% year-over-year; TV revenue down 4.4%, radio up 2.6–4%.

• Pro-forma EBITDA was €133M (down 25%), reported EBITDA €88M, and pro-forma net profit €96M (down 20%).

• Paid €146M in dividends (€0.64–0.65/share), the highest since 2017, with a dividend yield of 13%.

• Net financial position at year-end was €58M.

• Operating expenses rose 8.8% due to inflation, acquisitions, and a €45M+ voluntary redundancy plan.

Outlook and guidance

• 2026 expected to be difficult due to ongoing geopolitical and economic uncertainty, with stable revenues and mid-single-digit growth in radio and outdoor.

• EBITDA margin guidance for 2026 is around 15%, with net financial position projected at -€25M after acquisitions and dividends.

• Board proposes a final dividend of €0.21 per share in June 2026 from 2025 profit.

• Additional €45M cash-in expected from tax authorities in H1 2026.