Impresa

Earnings Release • Mar 13, 2025

C O N T E N T S

1. HIGHLIGHTS 1.1. Impresa Brands 5 2. CONSOLIDATED ACCOUNTS 2.1. Income Statement 6 2.2. Indebtedness 7 3. SEGMENTS 3.1. Television 7 3.2. Publishing 9 3.3. Others 10 4. IMPRESA GROUP SECURITIES 4.1. Impresa Shares 11 4.2. SIC Bonds 11 5. IMPRESA MERIT 6. 4 6 7 11 12

OUTLOOK

Impresa

Start of a new Strategic Cycle 2025-2028:

• Optimisation of operations, through greater technological efficiency and organisational structure;
• Implementation of a plan to redefine and reduce the cost base by approximately 10% in the 2025-2028 horizon;
• Adaptation of the financing structure to new objectives and challenges.

• In 2024, 4.6 million viewers contacted SIC channels daily. SIC generalist and thematic channels, as a whole, closed the year with an audience share of 18.9% and 17.2% in the commercial target A/B C D 25/64.
• The generalist SIC reached an average share of 14.7% in consolidated data and was the most watched channel in the mornings. It also led in prime time, in the commercial target (A/B C D 25/64). In terms of advertising investment, SIC accounted for 46.1% of market share among generalist channels.
• The SIC's websites once again reached the milestone of three million monthly Unique Visitors.

• Opto recorded its best year ever, with 46.1 million plays and 30,480 subscribers, at the end of 2024. The content that contributed the most to this performance was Senhora do Mar, A Promessa, Flor Sem Tempo, Rebelde Way and Nazaré.

• Expresso was the best-selling newspaper in Portugal for the eighth consecutive year, with an average of 84 thousand copies per edition, according to APCT data.

• The newspaper's digital strategy was reflected in an average of 48.5 thousand copies per edition in paid digital circulation, representing most of the copies sold of Expresso in this period.
• The universe of Expresso brand websites reached a monthly average of 2.3 million Unique Visitors.
• In a year marked by the success of the first edition of the Podcast Festival, audio once again reaffirmed itself as a winning bet for the Group. Impresa launched 28 new podcasts in 2024, which contributed to the 45 million downloads achieved and the significant increase of 58% compared to the previous year's downloads . Among the podcasts with the highest number of downloads, the following stood out: Programa Cujo Nome Estamos Impedidos de Dizer (5M), Contas-Poupança (4M), Expresso da Manhã (3.5M), Isto é Gozar com Quem Trabalha (3M) and Eixo do Mal (2M).

2. CONSOLIDATED ACCOUNTS

2.1. Income Statement

(values in M€)	2024	2023	var %
Total Revenues	182.3	182.0	0.2%
Television	157.5	156.0	0.9%
Publishing	23.4	24.7	-5.1%
Infoportugal	1.6	1.5	4.0%
Intersegments & Others	-0.2	-0.3	23.5%
Operating Costs (1)	163.8	166.6	-1.6%
EBITDA	18.4	15.4	19.5%
EBITDA Margin	10.1%	8.5%
Recurring EBITDA	15.6	18.8	-16.9%
Recurring EBITDA Margin (%)	8.6%	10.3%
Depreciation	4.7	4.5	5.4%
EBIT	13.7	11.0	25.2%
EBIT Margin	7.5%	6.0%
Financial Results	-12.4	-11.0	-12.6%
Provisions and Goodwill Impairments	-66.0	0.0	n.a.
Res. Bef Taxes & Minorities	-64.6	-0.1	n.m.
Income Tax (IRC)(-)	-1.6	-1.9	18.4%
Net Income	-66.2	-2.0	n.m.
Adjusted Net Income	-5.5	-2.0	-176.5%

Notes:

(1) Does not consider Amortisation and Depreciation, Provisions, and Impairment Losses in non-current assets. EBITDA = Operating Results + Amortisation and Depreciation + Provisions + Impairment in non-current assets.

Recurring EBITDA = EBITDA adjusted for restructuring costs and compensation paid and received.

EBIT = EBITDA + Depreciation

Adjusted Net Income = Adjusted net income from goodwill impairments.

Impresa's total consolidated revenues increased by 0.2% to €182.3m. Operating costs, excluding amortisation, depreciation, provisions, and impairment losses on noncurrent assets, decreased for the second consecutive year to €163.8m, down 1.6% compared to 2023.

EBITDA amounted to €18.4m and recurring EBITDA, adjusted for restructuring costs and compensation paid and received, was €15.6m.

The worsening of the financial results arises not only from the increase in interest rates but also from the issuance costs of the SIC Bonds 2025-2028.

During the 2024 exercise, considering the evolution of certain activities in the Television and Infoportugal segments, as well as the anticipated trend of the main markets in which they operate, the key assumptions used in the impairment tests of these businesses have been revised. As a result of this review, an impairment loss of goodwill amounting to €60.7m was determined. It should be noted that, due to their nature, these impairments have no impact on the Group's operating activity, nor do they compromise its cash flow.

Following the evolution of ongoing legal proceedings initiated against the Group and the assessment of the respective risks and liabilities, the amount of the provisions has been increased by approximately €5.3m. Including the impact of provisions and impairments of goodwill, the net results at the end of 2024 were negative in the amount of €66.2m.

Impresa recorded a negative adjusted net result of impairments amounting to €5.5m.

2.2. Indebtedness

The net remunerated debt recorded at the end of 2024 was €130.9m.

Despite Impresa's efforts to control and reduce indebtedness since 2008, this indicator increased by 13.3% compared to the end of 2023.

3. SEGMENTS

3.1. Television

	(values in M€)	2024	2023	var %
Revenues		157.5	156.0	0.9%
Operating Costs (1)		139.2	139.5	-0.2%
EBITDA		18.2	16.6	9.9%
EBITDA Margin (%)		11.6%	10.6%
Recurring EBITDA		15.2	18.9	-19.7%
	Recurring EBITDA Margin (%)	9.6%	12.1%

Notes:

(1) Does not consider Amortisation and Depreciation, Provisions, and Impairment Losses in non-current assets. EBITDA = Operating Results + Amortisation and Depreciation + Provisions + Impairment in non-current assets. Recurring EBITDA = EBITDA adjusted for restructuring costs and compensation paid and received.

SIC recorded total revenues of €157.5m and operating costs fell by 0.2% to €139.2m.

EBITDA amounted to €18.2m corresponding to an EBITDA margin of 11.6%. Recurring EBITDA, adjusted for restructuring costs and compensation paid and received, was €15.2m.

Audiences

SIC ended 2024 with an average share of 14.7%, in consolidated data, and with a 12.4% share in the commercial target A/B C D 25/64.

SIC was the most watched channel in the mornings and, in the commercial target A/B C D 25/64, it was also the leader in prime time. The generalist channel captivated the public with fictional products broadcast in prime time and entertainment programs on weekends.

SIC's news programmes continued to win the public's preference, with Primeiro Jornal and Jornal da Noite leading from Monday to Sunday. This success is also attributed to the various segments broadcast throughout the year, such as Guerra Fria, A Opinião de Luís Marques Mendes, Polígrafo SIC, Investigação SIC, Grande Reportagem, and Reportagem Especial.

A Promessa and Isto é Gozar Com Quem Trabalha were the most watched fiction and entertainment programmes on Portuguese television in 2024.

The generalist SIC and the thematic channels ended the year with a market share of 18.9%. In the commercial target (A/B C D 25/64), the SIC channel group achieved a share of 17.2%.

Subscription channels reached an audience share of 4.2% for the year, which represents an increase of 0.2 percentage points relative to 2023.

SIC Notícias recorded an audience share of 1.9% and remains the leading information channel in the target group composed of the upper classes and the most active audiences (ABC 25/64), with a 3.0% share.

SIC Mulher and SIC Caras once again achieved their best performance ever in 2024, finishing with a 1.3% and 0.4% share, respectively. The recently launched SIC Novelas occupied a position among the most watched SIC channels since its premiere in October 2024, closing the year with a 0.4% share. SIC Radical and SIC K both recorded a 0.2% share.

The aggregate of SIC brand websites has once again reached the milestone of three million monthly Unique Visitors.

3.2. Publishing

(values in M€)	2024	2023	var %
Total Revenues	23.4	24.7	-5.1%
Operating Costs (1)	21.5	22.9	-6.3%
EBITDA	2.0	1.8	11.5%
EBITDA Margin (%)	8.3%	7.1%
Recurring EBITDA	2.2	2.5	-11.7%
Recurring EBITDA Margin (%)	9.3%	10.0%

Notes:

(1) Does not consider Amortisation and Depreciation, Provisions, and Impairment Losses in non-current assets. EBITDA = Operating Results + Amortisation and Depreciation + Provisions + Impairment in non-current assets. Recurring EBITDA = EBITDA adjusted for restructuring costs and compensation paid and received.

Impresa Publishing's revenues decreased by 5.1% in 2024, reaching €23.4m.

Operating costs fell by 6.3%, due to the reduction in production costs of the Expresso newspaper.

Impresa Publishing's EBITDA was €2m and recurring EBITDA, adjusted for restructuring costs and compensation paid and received, was €2.2m.

3.3. Others

(values in M€)	2024	2023	var %
Total Revenues	1.4	1.3	9.4%
Infoportugal Intersegments & Others	1.6 -0.2	1.5 -0.3	4.0% 23.5%
Operating Costs (1)	3.1	4.1	-25.0%
EBITDA	-1.7	-2.8	40.5%
Recurring EBITDA	-1.7	-2.5	33.8%

Notes:

(1) Does not consider Amortisation and Depreciation, Provisions, and Impairment Losses in non-current assets. EBITDA = Operating Results + Amortisation and Depreciation + Provisions + Impairment in non-current assets. Recurring EBITDA = EBITDA adjusted for restructuring costs and compensation paid and received.

Infoportugal recorded revenues of €1.6m, representing a growth of 4% compared to 2023.

In terms of consolidated results, the EBITDA of this segment was negative at €1.7m.

4. IMPRESA GROUP SECURITIES

4.1. Impresa Shares

Impresa share price ended 2024 with a decrease of 22% compared to the end of 2023. Transaction volumes registered a reduction of 47% year-on-year, reflecting an average of 52.7 thousand shares traded per session, between January and December 2024.

4.2. SIC Bonds

SIC 2021-2025 Bonds, admitted to trading on the regulated market (Euronext Lisbon) on 11 June 2021, fluctuated between 97.00% and 100% throughout 2024. In November 2024, SIC proposed to the market an early redemption of the SIC 2021-2025 Bonds. This operation was successfully completed in early 2025.

In 2024, SIC issued 1,600,000 bonds, with a unit value of € 30 and a total nominal value of 48 M€, through a public subscription offer for SIC 2024-2028 Bonds and a public exchange offer for SIC 2021-2025 Bonds.

The operation, concluded in July 2024, with a demand of 54.2 M€, representing 1.13 times the value of the offer, was the first bond issue linked to sustainability in the media sector in Portugal. Since their issue, SIC 2024-2028 Bonds have always traded above par.

5. IMPRESA MERIT

According to the most recent edition of the Digital News Report 2024, produced by the Reuters Institute and Oxford University, SIC and Expresso were once again among the media outlets whose news content the Portuguese trust the most, with Impresa being the only Portuguese media group with two brands to exceed 75% trust threshold. The respondents assigned confidence percentages of 76% to Expresso and 78% to SIC. The same study shows that both brands have one of the highest weekly reach rates, both online and offline, with SIC (including SIC Notícias) at the top.

SIC and Expresso are back on the list of "100 Most Valuable Portuguese Brands" in 2024, according to the OnStrategy study.

Impresa moved up in the Merco Empresas ranking taking 22nd place among the 100 companies with the best corporate reputation. The Group once again stood out as No. 1 in the sector for Corporate Reputation and ESG Responsibility.

In the latest edition of the M&P Creativity in Self-Promotion and Innovation in Media Awards, the Impresa Group was widely recognised, having received 13 awards.

The information and entertainment of the Impresa brands were transversally recognised for its quality and social impact. During 2024, the following distinctions were noteworthy:

SIC and SIC Notícias were distinguished with the 2024 Five Stars Award in their respective categories. SIC Notícias and the "Imagens de Marca" programme also received the Consumer Choice award. SIC was also

recognised with the Marketeer award, in the TV - Media category.

The reputation for quality journalism remains a key hallmark of SIC. Three feature stories by journalist Catarina Marques were awarded Honourable Mentions in the Dr. José Manuel Pavão Journalism Awards of the National Association of Municipal Assemblies: "Quantas vidas guarda uma música?", "O meu café é maior que o mundo" and "O Legado de Johnson". The latter was also awarded an honourable mention in the "Children's Rights in the News" prize, which awarded first prize, ex-aequo, to "Tábuas de Salvação", by journalist Susana André.

The feature story "Falta de Médicos no SNS" was awarded the Health Journalism prize by the Portuguese Pharmaceutical Industry Association (APIFARMA) and the Journalists' Club. The Portuguese Statistical Society awarded "Portugal Mudou - Erosão", by Carlos Rico, with the SPE Data Journalism Award.

The prestigious Gazeta Television Award went to Miriam Alves for her report "Vírus que Tratam".

In audio, the SIC Notícias podcast "A Agenda de Ricardo Salgado" was voted the best Sound Narrative in the Cyberjournalism Awards by the Cyberjournalism Observatory.

SIC's fiction is gaining more international prominence. SIC's soap opera "Flor Sem Tempo", produced by SP Televisão, was awarded the Gold Medal in the Soap Opera category at the 25th edition of the World Media Festivals - Television & Corporate Media Awards. The series "Lúcia, A Guardiã do Segredo", from the Opto streaming platform, won the bronze award in the "Streaming Drama" category of the New York Festivals TV & Film Awards. The soap opera Senhora do Mar, produced by SP Televisão, won the trophy for Best Telenovela at the Venice TV Award 2024.

SIC Esperança received an award for its example of social responsibility from the Oeiras City Council, as part of the Oeiras Solidária Program, for its work with the local community and alignment with the sustainable development goals defined by the United Nations.

In addition to maintaining its leadership as the best-selling newspaper in Portugal, Expresso received the Digital Media of the Year award at the Sapo Awards 2024. It also

won the Consumer Choice award and the Marketeer award in the Press - Media category.

The feature story "Lições para a Próxima Pandemia" won the Grand Prize for Health Journalism, awarded by APIFARMA and the Journalists' Club.

The Gazeta Press Prize was awarded to Marta Vidal for the report "Freedom, up there: the birds of Gaza."

Expresso received two distinctions at the 2024 Cyberjournalism Awards, in the Digital Video Narrative category, for Mitra, the 'deposit' of the miserable: documentary about one of the darkest and least known chapters of the Estado Novo" and "24 hours of the 25th of April in six minutes: see the graphic novel of a Revolution." "How a road can tear the heart of the Amazon" won the third edition of the Fundação Mestre Casais/CEiiA Journalism Awards for Sustainability, in the digital journalism category.

Tomás Delfim and José Cedovim Pinto, journalists from Expresso, won the Sports Journalism Award for their coverage of the Paris Paralympic Games.

6. OUTLOOK

In 2025, Impresa launched the "Impresa 2028" project, marking a new cycle designed to sustainably address the latest changes in media consumption habits and the global competitive landscape.

The Group has already initiated several strategic initiatives aimed at achieving sustained improvements in its operating margin. These initiatives focus on enhancing technological efficiency and organizational structure, simplifying and optimizing internal processes, reducing content production costs, and permanently lowering overhead expenses. As part of this new cycle, the Group is implementing a plan to redefine its cost base, aiming for a reduction of approximately 10% over the next four years.

In a second focus area, Impresa will concentrate on specific revenue streams, enhancing its client offerings with targeted advertising tools. The company will also continue to develop partnerships and strategic collaborations to capitalize on commercial opportunities. This approach will expand your market reach, enhancing the distribution and monetisation of your content.

In this context, it should be highlighted the synergies with other entities that, in 2024, enabled the organisation of the first European edition of the Tribeca Lisboa Festival, as well as the strategic investment in Etnaga, a company that operates predominantly in the area of specialised ticket sales and reservations, through the BOL online ticket office.

Innovative partnerships are already creating new and more effective methods for commercial communication, exemplified by the new format of short advertising breaks during Jornal da Noite. The use of innovative, data-driven techniques enhances understanding of the profiles of consumers engaging with Impresa brand content. This approach ensures greater accuracy for advertisers regarding the effectiveness of their campaigns, maximizing the value of content by highlighting its real impact on consumers.

The Impresa brands, recognized for their quality on both the national and international stages, will continue to emphasize the competitiveness of their programming lineup and editorial excellence. They will prioritize the quality and differentiation of information and entertainment content, offering various formats tailored to different audiences.

Adapting Impresa's financing structure to meet its objectives and challenges will be a top priority on the Group's agenda for this strategic cycle. This will be reflected in its alignment with cash cycles and in the development of solutions aimed at enhancing the medium- and long-term financing structure.

To this end, Impresa remains committed to evaluating alternatives for its level of indebtedness, including the possibility of carrying out a sale and subsequent leaseback operation of its facilities in Paço de Arcos.

True to its core values since 1973, the Impresa Group will continue to rely on its employees and other stakeholders to strengthen Portugal's democratic principles and promote the overall well-being of society.

Paço de Arcos, 13 March 2025

On behalf of the Board of Directors,

Director of Editorial and Commercial Operations Head of Market Relations

Cristina Barroso Paulo Miguel dos Reis