Promotora de Informaciones (PRS) Q4 2025 earnings summary

Executive summary

• FY 2025 results reflect a commitment to business strengthening and deleveraging, with performance impacted by the timing of revenue recognition for Brazil's PNLD order.

• Santillana's private business and PRISA Media showed steady growth, while the public business in Brazil achieved record market share but deferred most revenue to 2026.

• Operating cash flow grew 6% year-over-year, supported by Santillana's improvement and lower interest expenses.

• Strong liquidity position maintained at €218m.

Financial highlights

• Revenues declined 2% to €904m compared to 2024, mainly due to deferred Brazil PNLD revenue.

• EBITDA fell 12% to €163m, with an 18.1% margin; excluding severance and FX, EBITDA was in line with 2024.

• Net income dropped to -€27m, impacted by revenue delays and reorganization costs.

• Net debt increased to €757m, with a Net Debt/EBITDA ratio of 4.26x.

• Operating cash flow before financing activities rose 6% to €58m.

Outlook and guidance

• Results set the path for sustained growth, with a focus on deleveraging and ongoing commitment to the Sustainability Plan.

• Most of the Brazil PNLD EM order revenue will be recognized in 2026, supporting future performance.