Promotora de Informaciones (PRS) Q2 2025 earnings summary

Executive summary

• Debt refinancing in Q2 2025 extended maturities to 2029, reduced average cost, and improved financial stability and flexibility, supporting strategic goals.

• Strong operating performance in H1 2025, with EBITDA up 9% and revenue up 6% at constant currency, excluding extraordinary items and FX effects.

• Free cash flow improved by 31% year-on-year, though still negative due to seasonality and refinancing costs.

• Digital transformation continues, with digital subscriptions up 15% in both Santillana and El País; Santillana subscriptions reached 3.4 million and El País 415,000–426,000.

• Leadership changes in media division, with internal talent promoted to drive transformation and innovation.

Financial highlights

• H1 2025 revenues totaled €406 million (+6% at constant currency, excluding Cofina and FX); reported revenues down 5% year-on-year due to one-offs.

• EBITDA for H1 2025 was €51 million (+9% at constant currency, -21% reported); EBITDA margin at 12.5%.

• Net income for H1 2025 was -€28 million, impacted by prior year one-offs; Q2 net income improved 45% year-on-year.

• Net financial result improved 25% year-on-year, aided by lower interest expenses and a €10 million positive impact from refinancing.

• Free cash flow for H1 2025 was -€6.5 million, an improvement of €3 million year-on-year.

Outlook and guidance

• New strategic plan to be presented in autumn, focusing on journalism, innovation, new audiences, social responsibility, and profitability.

• Full-year performance in Brazil's public sector and Santillana will depend on macroeconomic and political developments, especially the PNLD Ensino Médio order expected in Q4 2025.

• Expectations for defending market share in Brazil remain unchanged despite uncertainties.

• Strategic plan execution continues despite a challenging environment.