Promotora de Informaciones S.A.

Investor Presentation • Oct 29, 2024

RESULTS PRESENTATION 9M 2024

PROMOTORA DE INFORMACIONES, S.A. October 29th, 2024

DISCLAIMER

The information contained in this presentation has been prepared by Promotora de Informaciones, S.A. (hereinafter the "Company") exclusively for been used during the presentation of financial results. The Company does not assume any liability for the content of this document if used for any purposes different from the one outlined above.

The presentation has not been independently verified by third parties or audited and is, in any case, subject to negotiation, changes and modifications.

None of the Company, its shareholders or any of their respective affiliates shall be liable for the accuracy or completeness of the information or statements included in this presentation, and in no event may its content be construed as any type of explicit or implicit representation or warranty made by the Company, its shareholders or any other such person. Likewise, none of the Company, its shareholders or any of their respective affiliates shall be liable in any respect whatsoever (whether in negligence or otherwise) for any loss or damage that may arise from the use of this presentation or of any content therein or otherwise arising in connection with the information contained in this presentation. You may not copy or distribute this presentation to any person with other purpose than that expressed in the first paragraph.

The Company does not undertake to publish any possible modifications or revisions of the information, data or statements contained herein should there be any change in the strategy or intentions of the Company, or occurrence of unforeseeable facts or events that affect the Company's strategy or intentions, except as required by applicable law.

This presentation may contain forward-looking statements with respect to the business, investments, financial condition, results of operations, dividends, strategy, plans and objectives of the Company. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of factors, including political, economic and regulatory developments in Spain and the European Union, could cause actual results and developments to differ materially from those expressed or implied in any forward-looking statements contained herein.

The information contained in this presentation does not constitute an offer or invitation to purchase or subscribe for any ordinary shares, and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

Sustainability: Sustainalitycs Rated Badge: Copyright ©2024 Sustainalytics. All rights reserved.

INDEX

9M 2024 CORPORATE HIGHLIGHTS

01

9M 2024: CORPORATE HIGHLIGHTS

Cash flow growth and good business performance, despite results being affected by extraordinary items (1) and temporary effects

(1) Extraordinary items implies: i) Santillana Argentina (in 2024: €18m Revenues and €4m EBITDA; in 2023: €56m Revenues and €31m EBITDA) significantly affected by the extraordinary institutional sales in 2023 and; ii) arbitration award (favorable ruling) in February 2024 related to the unsuccessful sale of Media Capital to Cofina with an impact of +€10m on other revenues (and EBITDA), and no impact on cash Flow

9M 2024: RESULTS SUMMARY

Key performance indicators

(1) Excluding extraordinary impacts implies excluding: i) Santillana Argentina (in 2024: €18m Revenues and €4m EBITDA; in 2023: €56m Revenues and €31m EBITDA) significantly affected by the extraordinary institutional sales in 2023 and; ii) arbitration award (favorable ruling) in February 2024 related to the unsuccessful sale of Media Capital to Cofina with an impact of +€10m on other revenues (and EBITDA), and no impact on cash Flow (2) FCF= EBITDA ex Severance expenses + WC + Capex + Taxes + Redundancies paid + Other cash flows and adjustments from operations + Financial investments + IFRS 16 payments

(3) Digital subscribers include print subscribers (print only and pdf) and B2B subscribers who have activated digital access.

PRISA GROUP FINANCIALS

9M 2024 PRISA GROUP: EBITDA PERFORMANCE

Improvement of +12% in EBITDA at constant currency excluding temporary & extraordinary impacts(1)

(1) Excluding extraordinary impacts implies excluding: i) Santillana Argentina (€4m in EBITDA in 2024; €31m in EBITDA in 2023) significantly affected by the extraordinary institutional sales in 2023 and; ii) arbitration award (favorable ruling) in February 2024 related to the unsuccessful sale of Media Capital to Cofina with an impact of +€10m on other revenues (and EBITDA), and no impact on cash Flow

9M 2024 PRISA GROUP: OPERATING PERFORMANCE

Results in line with expectations, but affected by extraordinary impacts(1) and seasonality in Brazil Public sales

Revenue performance affected by extraordinary impacts(1) .Excluding these impacts, revenues have declined slightly (-1% ex. FX) mainly due to delays in Public sales in Brazil. These effects are partially offset by growth in learning systems subscriptions in Santillana, in advertising, El País subscriptions and AI strategic partnerships in Prisa Media. Excluding extraordinary impacts(1) and seasonality of Brazil Public, revenues have grown by +2% at constant currency.

EBITDA affected by extraordinary impacts(1) and the seasonality of Brazil Public sales (temporary effect). Excluding these effects EBITDA has grown by +12%, at constant currency.

EBITDA MARGIN (%)

15.6%

Margins are in line with 9M 2023, excluding the extraordinary impacts(1) and the FX impact, thanks to cost control measures.

RESULTS (€m)	9M 2024	9M 2023	Var.	3Q 2024	3Q 2023	Var.
Revenues	635	678	-6%	209	238	-12%
Expenses	536	557	-4%	174	185	-6%
EBITDA	99	121	-18%	35	53	-34%
% Margin	15.6%	17.9%	-2p.p.	16.6%	22.2%	-6p.p.
EBIT	51	71	-28%	19	36	-46%

Excluding extraordinary impacts(1)
Revenues	607	622	-2%	208	233	-11%
EBITDA	85	90	-6%	36	49	-28%
% Margin	14.0%	14.5%	-1p.p.	17.1%	21.1%	-4p.p.
EBIT	38	42	-8%	21	33	-38%

(1) Excluding extraordinary impacts implies excluding: i) Santillana Argentina (in 2024: €18m Revenues and €4m EBITDA; in 2023: €56m Revenues and €31m EBITDA) significantly affected by the extraordinary institutional sales in 2023 and; ii) arbitration award (favorable ruling) in February 2024 related to the unsuccessful sale of Media Capital to Cofina with an impact of +€10m on other revenues (and EBITDA), and no impact on cash Flow.

9M 2024 PRISA GROUP: NET RESULT

Net Income in line with 2023, despite the lower Operating Income, driven by financial results

FINANCIAL RESULTS
+22% vs.2023
Improvement in Financial Result mainly due to the lower negative impact of hyperinflation adjustment in Argentina (no extraordinary institutional sale in 2024) and the lower negative impact of Fair Value in 9M 2024 vs 9M 2023 (arising from the lower cancellation of Junior debt), which offset the increase in interest rates (Euribor).
NET INCOME
-1% vs.2023
Net Income in line with 9M 2023: the improvement in Financial Results and an increase in profits from companies accounted for equity method (mainly related to capital gains from the sale of non-core assets in Radiópolis México) offset the decline in operating profit (due to the temporary / extraordinary impacts

mentioned before).

RESULTS (€m)	9M 2024	9M 2023	Var.	3Q 2024	3Q 2023	Var.
EBIT	51	71	-28%	19	36	-46%
Financial Result	-73	-94	+22%	-24	-28	+14%
Equity method companies	3	2	+105%	1	1	-51%
Profit before tax	-19	-21	+8%	-4	9	---
Tax expense	18	16	+17%	8	10	-13%
Minority interests	0	0	---	0	0	+10%
Net Income	-37	-37	-1%	-13	0	---

9M 2024 PRISA GROUP: CASH FLOW

Cash flow improvement continues in 3Q in line with expectations

FREE CASH FLOW
+€9m vs.2023
Good performance at FCF level, with an improvement of +€9m during 9M and of +€4m during 3Q vs. previous year (despite the impact of temporary and extraordinary items on the operating result). Excluding Santillana Argentina, performance fared even better: +€13m during 9M. Remarkable improvement in working capital, driven both by Santillana and Media.
INTERESTS, DIVESTMENTS, M&A AND HEDGING Increase in interests paid mainly due to a higher Euribor rates. Higher proceeds coming from divestments mainly due to the sale&leaseback	(1) Others
of a distribution center at Santillana Mexico. Proceeds from the Mandatory Convertible Notes: €128 m in 1Q 2023 vs €99m
in 2Q 2024. Lower payments related to interest-rate hedging and to M&A (final payment related to acquisition of remaining stake in radio in 2Q 2023).
€59m POSITIVE CASH FLOW Cash flow before M&A and hedging shows an increase of +26% due to FCF	CF before M&A and
improvement and higher proceeds from divestments. Total Cash Flow increases by +4%, despite the lower Convertible Notes issuance in 2024 vs 2023.

CASH FLOW (€m)	9M 2024	9M 2023	Var.	3Q 2024	3Q 2023	Var.
EBITDA ex severance	103	127	-24	36	54	-19
Working Capital	-4	-58	+53	8	-16	+24
Capex	-30	-32	+2	-11	-11	+0
Taxes	-20	-10	-10	-5	-1	-3
(1) Others	-20	-9	-12	-2	-4	+1
IFRS 16	-20	-18	-1	-6	-7	+0
FCF	10	1	+9	19	15	+4
Interest paid	-63	-58	-5	-19	-20	+0
Divestments & other	14	5	+10	1	-1	+1
CF before M&A and hedging	-38	-52	+14	0	-5	+6
Convertible notes	99	128	-29	0	0	+0
M&A, Hedging & others	-2	-19	+17	-1	0	-1
Cash Flow	59	56	+2	-1	-5	+5

(1) Others include mainly severance payments and earnings from assets sold. Moreover, in 9M 2024, Others include the adjustment in cash flow due to the arbitration award related to the unsuccessful sale of Media Capital to Cofina (-€10m) in 1Q 2024. This impact is included at the EBITDA level, but it has no impact on cash flow.

9M 2024 PRISA GROUP: EVOLUTION OF NET FINANCIAL DEBT

Focus on deleveraging and maintaining a strong liquidity position

Deleveraging in progress

(1) Includes mainly PIK, convertible notes coupon, accrued interest and impact of FX on Net debt.

(2) Net Debt/EBITDA ratio calculated considering the financial leverage criteria as defined in the Refinancing agreements.

PRISA MEDIA

9M 2024 PRISA MEDIA: AUDIENCE

Excellent performance in digital quality metrics

(1) Monthly average.

(2) Daily average. Sources: radio listeners in Spain (EGM), Colombia (ECAR), Chile (Ipsos) and Mexico (INRA, Mediómetro) and print readers (EGM). (3) Source: Triton.

(4) Digital subscribers include print subscribers (print only and pdf) and B2B subscribers who have activated digital access.

(5) Source: INMA.

9M 2024 PRISA MEDIA: ADVERTISING

Positive performance outpaces market trends

ADVERTISING PERFORMANCE - KEY INSIGHTS

• Spain: good performance of PRISA Media with a +2.6% increase in advertising revenue vs. +0.6% growth in related advertising markets.
• Colombia: decrease of -1.5% in local currency, vs. total market trend of -1.7%.
• Chile: increase of +1.4% despite market performance (-3.1%).
• North America (press): excellent performance in Mexico (+57.8% in local currency) partially compensates low performance in US due to market cooling (-15.2% in local currency).
• Mexico's Radiópolis (equity accounted) exceeds 610 MXP, representing a +13.4% increase.

PRISA MEDIA ADVERTISING MARKET SHARES

2023 2024

9M 2024 PRISA MEDIA: OPERATING PERFORMANCE

Both Revenues and EBITDA keep growing steadily

ADVERTISING +2% vs 2023

Sustained growth in advertising during 9M 2024 vs. 2023, mainly in radio in Spain (+6%). The third quarter, historically a low quarter, shows a slight increase of +1% excluding FX.

CIRCULATION +5% vs 2023

Revenue increase driven by online circulation growth boosted by the good performance of EL PAIS digital subscriptions.

EL PAIS print version keeps gaining market share Monday to Sunday(1) and As print version upholds its market share in line with 2023.

EBITDA +12% vs 2023

Outstanding EBITDA growth of +12% vs 9M 2023 due to:

• Good performance of advertising and circulation revenue lines, reinforced by our new strategic AI partnership.
• Cost control measures partially offset the inflation effects, including staff costs general increase negotiated last year.

RESULTS (€m)	9M 2024	9M 2023	Var.	3Q 2024	3Q 2023	Var.
Revenues	308	301	+2%	101	97	+4%
Advertising	226	221	+2%	72	73	-0%	+1% ex FX
Circulation	43	41	+5%	15	14	+3%
Others(2)	39	39	-1%	14	10	+38%
Expenses	284	280	+1%	95	90	+5%
Variable expenses	57	60	-5%	21	17	+21%
Fixed expenses	227	220	+3%	74	73	+1%
EBITDA	24	21	+12%	6	7	-11%
% Margin	7.7%	7.0%	+1p.p.	6.0%	7.0%	-1p.p.
EBIT	3	3	+22%	-1	1	---

(1) OJD; individual print copy sales.

(2) Other revenues include, among others, content production agreements both in audio and in video, affiliation, partnerships and sales of non-core assets.

SANTILLANA

04

9M 2024 SANTILLANA: LEARNING SYSTEMS

Good performance for Northern-region Campaign, with subscriptions showing sustained growth

EVOLUTION OF LEARNING SYSTEMS SUBSCRIPTIONS (k)

(1) Excluding extraordinary impacts implies excluding Santillana Argentina Learning Systems Sales (€4.0m in 2024 and €5.6m in 2023), which are accounted within the "Other markets" perimeter. (2) ELT stands for English Language Teaching.

9M 2024 SANTILLANA: OPERATING PERFORMANCE

Private Business EBITDA continues to grow, despite negative FX impact and lower traditional sales

PRIVATE

Revenue growth of +2% excluding FX effect. Despite the improvement of learning systems, private sales are affected by lower traditional sales (both in didactic and institutional) vs. 2023. Excellent operating leverage leads to an improvement in EBITDA of +13%.

BRAZIL PUBLIC

Performance affected by the seasonality of public sales (most of the delays expected to be accounted in 4Q 2024). Brazil Public remains on track to meet 2024 goals, in line with the expectations (considering that no relevant novelty orders are expected for 2024 regarding the PNLD Program).

OTHER MARKETS

Significant impact of extraordinary sales in Argentina during 2023.

REVENUES BY BUSINESS LINE

EBITDA BY BUSINESS LINE

Private business: all countries with operations in Latam except for Brazil Public business, Argentina and Venezuela

• Brazil Public business: Brazil's PNLD and other public sales in Brazil
• Other markets: Argentina and Venezuela

9M 2024 SANTILLANA: OPERATING PERFORMANCE

Results in line with expectations, committed to meet 2024 goals

Revenue comparisons are impacted by extraordinary sales in Argentina during 2023, temporary delays affecting Brazil's public sales and the negative impact of FX. Excluding these impacts, revenues are up by +2%. 3Q revenues are also impacted by the temporary advance in Mexico's campaign in the 2Q 2024, lower traditional sales (both didactic and institutional) and the FX effect.

EBITDA has been affected by Argentina's extraordinary result in 2023, the seasonality in Brazil Public (temporary effect) and the negative FX impact. Excluding these impacts, EBITDA is up by +15%, driven by the good performance in learning systems, the positive performance of the Northern-Region Campaign, and the cost control measures.

FX IMPACT

Revenues (-€10.7m in 9M 2024; -€18.8m in 3Q 2024) In 9M 2024, mainly in Mexico (-€4.4m), Argentina (-€4.1m) and Brazil (-€2.1m). In 3Q 2024 mainly in Argentina (-€8.8m), Mexico (-€5.6m) and Brazil (-€3.4m).

EBITDA (-€20.0m in 9M 2024; -€17.9m in 3Q 2024) Mainly in Argentina (-€18.5m in 9M, -€15.6m in 3Q) and Mexico (-€2.7m in 9M, -€2.2m in 3Q).

RESULTS (€m)	9M 2024	9M 2023	Var.	3Q 2024	3Q 2023	Var.
Revenues	318	376	-16%	108	141	-23%
Expenses	248	274	-10%	78	94	-16%
EBITDA	70	102	-31%	30	47	-37%
% Margin	22.1%	27.2%	-5p.p.	27.6%	33.5%	-6p.p.
EBIT	43	71	-40%	22	37	-42%
Excluding extraordinary impacts(1)
Revenues	300	320	-6%	107	137	-21%
EBITDA	66	72	-8%	31	44	-30%
% Margin	22.0%	22.4%	-0p.p.	28.6%	31.9%	-3p.p.
EBIT	40	42	-4%	23	34	-33%

(1) Excluding extraordinary impacts implies excluding: i) Santillana Argentina (in 2024: €18m Revenues and €4m EBITDA; in 2023: €56m Revenues and €31m EBITDA) significantly affected by the extraordinary institutional sales in 2023.

SUSTAINABILITY

9M 2024 SUSTAINABILITY HIGHLIGHTS

Sustainability strategy remains on track

Madrid / The disappearance of forests and the importance of increasing green spaces in urban areas, a new Eco de Los40 ECO Talk on deforestation.

New York / PRISA reaffirms its commitment to the UN 2030 Agenda, joining the campaign for the 9 th anniversary of the Sustainable Development Goals.

Madrid / Presentation of the Retina ECO awards to the best business projects in the fight against climate change at a ceremony presided over by Queen Letizia.

LATAM / Compartir, Santillana's learning system, receives the ISTE (International Society for Technology in Education) Seal, which certifies the digital quality of products and services.

Bogota / The Future of Education Forum organized by PRISA Media together with its brands Caracol Radio, W Radio, El País América and Diario AS, looks at the state of education in Colombia.

New York / PRISA and the Spain-US Chamber of Commerce host the forum 'Latin America, the United States and Spain in the global economy,' which addressed the importance of transatlantic ties and the role of sustainability in business.

Chile / Fundación Santillana begins operations in Chile to contribute to the improvement of education in the country.

Madrid / PRISA is a jury member for the SERES Awards for corporate innovation and social impact.

KEY TAKEAWAYS & GUIDANCE 2024

06

KEY TAKEAWAYS

Operating performance in line with our expectations although being affected by extraordinary items and by seasonality in Brazil Public sales

Strengthening financial condition thanks to the support of our shareholders and the focus on cash flow generation improvement

Ongoing delivery on our sustainability plan

Prisa keeps in line with expectations and committed to achieving FY Guidance

Prisa keeps committed to meet guidance

(1) FCF= cash flow before financing (EBITDA ex Severance exp + WC + Capex + Taxes + Redundancies paid + Other cash flows and adjustments from operations + Financial investments) including IFRS 16 payments (leases). (2) Guidance for 2025 provided during the March 2022 Capital Markets Day.

(3) EBITDA margin guidance 2025 is in the same range than Adjusted EBITDA margin guidance 2025, because no significant impact from severance expenses is expected by 2025.

Fostering progress of people and society, by providing quality education, rigorous information and innovative entertainment

APPENDIX: APMs

Alternative Performance Measures (APMs)

The Group uses EBITDA as a benchmark, among others, to monitor the performance of its businesses and to set its operational and strategic targets. This "alternative performance measure" is important for the Group and is used by other companies in the sector. EBITDA is defined as operating results plus assets depreciation and amortization charge, impairment of goodwill and impairment of assets.
The Group also uses as an "alternative performance measure", the EBITDA excluding severance expenses, which is defined as the EBITDA plus any the severance expenses. This measure is important as PRISA considers that this is a measure of the profitability and performance of its businesses and provides information on the profitability of its assets net of severance expenses.
PRISA defines the impact of exchange rates as the difference between the financial figure converted at the exchange rate of the current year and the same financial figure converted at the exchange rate of the previous year. The Group monitors both operating income and profit from operations excluding the aforementioned exchange rate effect for comparability purposes and to measure management by isolating the effect of currency fluctuations in the various countries. This "alternative performance measure" is therefore important in order to be able to measure and compare the Group's performance in isolation of the exchange rate effect, which distorts comparability between years.
The Group's net financial debt is an "alternative measure of performance" and includes non-current and current bank borrowings, excluding present value in financial instruments/loan arrangements costs, and the convertible notes coupon liability diminished by current financial assets, cash and cash equivalents and is important for the analysis of the Group's financial position.
PRISA defines the free cash flow as the addition of the cash flow before financing (EBITDA ex Severance expenses + WC + Capex + Taxes + Redundancies paid + Other cash flows and adjustments from operations + Financial investments ) including IFRS 16 payments (leases). This "alternative performance measure" is important for the Group as it shows the cash flow generation recurrent capacity of the company for debt service, excluding extraordinary items.

Participant of the UN Global Compact and member of the following Sustainability indices:

Investor Relations +34 91 330 1085 ir@prisa.com www.prisa.com