Promotora de Informaciones S.A.

Investor Presentation • Apr 25, 2023

RESULTS PRESENTATION Q1 2023

PROMOTORA DE INFORMACIONES, S.A. April 25th, 2023

DISCLAIMER

The information contained in this presentation has not been independently verified 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.

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.

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.

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INDEX

2023 CORPORATE HIGHLIGHTS

01

Q1 2023: CORPORATE HIGHLIGHTS

Focus on Business

• Both business units increase revenues, EBITDA and margins, in line with our expectations ✓ ✓
• Good advertising performance (specially in Radio) ✓
• Subscriptions continue to grow at high rates both in Santillana learning systems and El País ✓
• Significant contribution of extraordinary institutional sales in Santillana Argentina
• Santillana Argentina results may change throughout the year based on(1) i) ARS/€ exchange rate and ii) inflation evolution; and cash conversion will also be subject to exchange rates evolution

Focus on Debt

• €110m partial repayment completed following the successful issuance of the €130m convertible notes
• 4,5x Net Debt-to-EBITDA Ratio improving 1.7 pp. vs December 2022 ✓
• Additional interest rates hedging initiatives to cope with Euribor volatility and stabilize cash flows ! ✓

ON TRACK TO ACHIEVE 2023 GUIDANCE, KEEPING FOCUS ON 2025 ROADMAP

Q1 2023: ROBUST SET OF RESULTS

PRISA GROUP FINANCIALS

Q1 2023 PRISA GROUP: OPERATIONAL RESULTS

REVENUES

Strong performance in both business lines driven by advertising, subscriptions and extraordinary institutional sales in Santillana Argentina.

EBITDA

Growth based on revenues expansion and operational improvement.

EBITDA MARGIN (%)

Increase in margins driven by cost efficiencies, offsetting inflation growth.

RESULTS (€m)	Q1 2023	Q1 2022	Var.
Revenues	267	211	+27%
Expenses	200	169	+18%
EBITDA ex severance expenses	69	44	+58%
% Margin	25.9%	20.8%	+5p.p.
EBITDA	67	41	+63%
% Margin	25.2%	19.6%	+6p.p.
Operating Result (EBIT)	51	24	+116%

Q1 2023 PRISA GROUP: NET RESULT

OPERATING RESULT (EBIT)

Boosted on the back of operational improvement.

FINANCIAL RESULT

Deterioration due to higher interests, negative impact of fair value (following the partial debt repayment) and hyperinflation impact in Argentina.

NET PROFIT

Growth driven by operational improvement, despite financial results deterioration.

RESULTS (€m)	Q1 2023	Q1 2022	Var.
Operating Result (EBIT)	51	24	+116%
Financial Result	-32	-15	-108%
Equithy method companies	0	0	---
Profit before tax	19	8	+132%
Tax expense	14	9	+57%
Minority interest	0	-1	+72%
Net Profit	5	0	---

Q1 2023 PRISA GROUP: CASH FLOW

FREE CASH FLOW

Despite the significant improvement in EBITDA, FCF is impacted by temporary effects in working capital, mainly related to Santillana's pending collections.

INTERESTS PAID

Increase in interests paid due to different payment timing vs 2022.

M&A AND REFINANCING

Proceeds obtained from the mandatory Convertible Notes and payments related to interest rates hedging.

CASH FLOW

Improvement due to the mandatory Convertible Notes, which offset negative working capital impact, increase in interest payments and hedging costs.

CASH FLOW (€m) excluding FX impact on Cash balance	Q1 2023	Q1 2022	Var.
EBITDA ex severance expenses	69	44	25
Working Capital	-7	28	-35
Capex	-9	-8	-2
Taxes	-5	-6	1
Others (1)	-3	-9	6
IFRS 16	-6	-6	-1
FCF	38	43	-6
Interest paid	-18	-1	-16
Divestments & other	5	-1	5
CF before M&A and refinancing	25	41	-17
Convertible notes	128	0	128
M&A and hedging	-4	-1	-3
Cash Flow	149	41	108

Q1 2023 PRISA GROUP: FINANCIAL NET DEBT EVOLUTION11

(€m)

STRONG LIQUIDITY POSITION STANDING AT

€246m

NET DEBT/EBITDA RATIO IMPROVEMENT

DELEVERAGING IN PROGRESS SUPPORTED BY OPERATIONAL IMPROVEMENT AND CONVERTIBLE NOTES

(1) Includes mainly interests payments, divestments and dividends.

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

(3) Net Debt/EBITDA ratio calculated considering the financial leverage criteria defined on the Refinancing agreements.

PRISA MEDIA

Q1 2023: PRISA MEDIA AUDIENCE

EL PAÍS DIGITAL SUBSCRIPTION EVOLUTION (k)

+60%

Digital-only subscribers growth YoY

❑ >287k subscribers, of which 249k are digital-only

❑ >21k digital-only net additions in Q1 2023

❑ 12% Compound Quarterly Growth Rate in Digital-Only LTM

13 (1) Daily average. (2) Monthly average

OUR WELL DIVERSIFIED ADVERTISING MIX IN PRODUCTS AND GEOGRAPHIES LED TO A +7% GROWTH

• Relevant radio market growth in Spain(1) (+15%), with weaker performance in Colombia(2) (-4%) and Chile(3) (-8%).
• Weaker performance in the Press market in Spain(1): digital advertising (-4%) and offline market (-8%). With Prisa Media's performance above market evolution.
• Prisa Media increases market share across all geographies.

KEY INSIGHTS PRISA MEDIA MARKET SHARES

(1) i2P, March 2023, excluding local advertising in Press. (2) ASOMEDIOS, February 2023 (3) Informe de Medios, February 2023

Q1 2023: PRISA MEDIA KEY INDICATORS

ADVERTISING

Net advertising revenue growth mainly driven by radio in Spain and online in Press.

PAID CONTENT (Circulation)

Revenue increase mainly driven by online circulation growth that offsets the decline in offline circulation.

+1%vs. 2022

EBITDA

EBITDA margin expansion (+4p.p.) contributing to EBITDA improvement.

RESULTS (€m)	Q1 2023	Q1 2022	Var.
Revenues	98	83	+18%
Advertising	67	62	+7%
Circulation	13	13	+1%
Other(1)	17	7	+146%
Expenses	96	84	+13%
Variable expense	24	13	+80%
Fixed expense	72	71	+1%
EBITDA	2	-2	---
% Margin	2.0%	-2.2%	+4p.p.
EBITDA ex severance expenses	3	0	---
% Margin	2.9%	0.0%	+3p.p.
Operating Result (EBIT)	-4	-9	+53%

(1) Other revenues includes, mainly: strategic partnerships with technology platforms to bolster digital transformation; and audiovisual production (Prisa Video – Lacoproductora).

SANTILLANA

04

Q1 2023: SANTILLANA SALES OVERVIEW

LEARNING SYSTEMS SALES

Boosted by continuous market transformation.

Good performance mainly driven by Q4 2022 delays; pending the more relevant sales on second half of the year.

+85%

vs. 2022

LEARNING SYSTEMS SUBSCRIPTIONS EVOLUTION (k)

North campaign results will be updated in Q3.

Subscription models continue to grow in South Campaign countries.

Q1 2023: SANTILLANA KEY INDICATORS

TOTAL REVENUES

Private market: strong performance of both subscription and didactic businesses, with additional contribution of extraordinary institutional sale in Argentina.

Public market: good performance in Q1 mainly driven by Q4 2022 delays (Brazil's PNLD and Chile); pending the more relevant sales on second half of the year (Brazil's PNLD and Mexico's Conaliteg).

EBITDA

EBITDA margin expansion (+5p.p.) contributing to EBITDA improvement.

FX IMPACT Revenues (+€10.2m) & EBITDA (+€3.1m), mainly Argentina(2) (+€6.8m) & (+€3.6m).

KPIs	Q1 2023	Q1 2022	Var.
Total Subscriptions (k)	2,760	2,480	11%
(1) Campaign revenues (€m)	120	98	22%
% Subs. sales / Private sales	52%	55%	-3p.p.
RESULTS (€m)	Q1 2023	Q1 2022	Var.
Revenues	170	128	32%
Expenses	103	84	23%
EBITDA	67	45	50%
% Margin	39.4%	34.7%	5p.p.
EBITDA ex severance expenses	68	45	50%
% Margin	40.0%	35.2%	5p.p.

Q1 2023: SANTILLANA EBITDA

S

E

• LOS40 has launched the first ECO TALK of 2023 focused on the fight against pollution
• PRISA has collaborated with the WWF campaign "Earth Hour", in line with its commitment to the environment
• PRISA has joined the Social Impact Cluster and Jobs 2030 initiatives launched by Forética
• Santillana has launched the "#8MConectadas" campaign focused on the use of technology and education as a way of empowering women
• PRISA's CFO joined the Board in February as an executive director. The Board now has 6 female directors, representing 42.86% of its members, above the CNMV's Good Governance Code G recommendations (30%)

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

KEY TAKEAWAYS

KEY TAKEAWAYS

Both Media and Education businesses keep growing revenues, EBITDA and margins.

On track towards our 2023 guidance goals, keeping focus on 2025 roadmap.

FY2023: GUIDANCE

(1) FCF= EBITDA ex Severance exp + WC + Capex + Taxes + Redundancies paid + Other cash flows and adjustments from operations + Financial investments + IFRS 16

APMs

Alternative Performance Measures (APMs)

EBITDA	The Group uses EBITDA as a benchmark to monitor the performance of its businesses and to set its operational and strategic targets, therefore, 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 the severance expenses. This measure is important as PRISA considers that this is a measure of the profitability and performance of its businesses as it provides information on the profitability of its assets net of severance expenses.
EXCHANGE RATES IMPACT	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.
NET BANK DEBT	The Group's net bank debt is an "alternative measure of performance" and includes non-current and current bank borrowings, excluding present value in financial instruments/loan arrangements costs, diminished by current financial assets, cash and cash equivalents and is important for the analysis of the Group's financial position.
FREE CASH FLOW	PRISA defines the free cash flow as the addition of the cash flow before financing plus 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.

For further information, please refer to the "Q1 2023 Results Report"

Investor Relations

+34 91 330 1085 ir@prisa.com

www.prisa.com