Promotora de Informaciones (PRS) Q3 2025 earnings summary

Executive summary

• Operating and financial results for 9M 2025 were positive, with revenue and EBITDA up 4% year-over-year at constant currency, excluding the 2024 Cofina arbitration effect.

• Free cash flow grew 115% year-over-year, and liquidity position remains robust.

• Net debt reduced by €7m compared to September 2024, with a continued focus on deleveraging.

• Strong performance in Santillana's learning systems (+19% subscriptions) and EL PAÍS digital subscriptions (+14%).

• Advertising revenue grew 3% at constant currency, outperforming the market.

Financial highlights

• Revenues reached €609m, up 4% year-over-year at constant currency, excluding Cofina and FX impacts.

• EBITDA was €81m, up 4% year-over-year on a comparable basis, with a 13.3% margin.

• Free cash flow increased by €11m to €20.7m, net debt reduced by 1% to €774m.

• Net attributable loss was €48m, compared to a €37m loss in 9M 2024, mainly due to the absence of the 2024 Cofina arbitration award and lower associate contributions.

• Financial results improved 17% year-over-year, driven by lower interest expenses and refinancing gains.

Outlook and guidance

• Q4 is expected to be the most significant period, with results dependent on advertising, public education sales in Brazil, and FX trends.

• Positive outlook for Brazil's public market in Q4, driven by Ensino Médio/PNLD sales.

• The company is focused on delivering improved results versus 2024, excluding the Cofina effect, and continues to develop its 2025-2029 strategic plan.