Promotora de Informaciones S.A.

Earnings Release • Apr 26, 2022

RESULTS PRESENTATION Q1 2022

PROMOTORA DE INFORMACIONES, S.A. April 26th, 2022

DISCLAIMER

The information contained in this presentation has not been independently verified and is, in any case, subject to negotiation, changes and modifications.

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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.

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ESG: Sustainalitycs Rated Badge: Copyright ©2022 Sustainalytics. All rights reserved.

Q1 KEY HIGHLIGHTS

JOSEPH OUGHOURLIAN

Grupo PRISA Chairman

PRISA GROUP Q1 2022 KEY HIGHLIGHTS

Significant operating improvement in both Media and Education.

EBITDA ex severance costs reached €44m (+156% vs. Q1 2021). Adj. EBITDA Mg 20.8%.

Continuous focus on cash control

Positive Cash flow generation of +€41m (+89% vs. Q1 2021). €50m excluding one-offs (+45% vs. Q1 2021).

Boost of digital

Ed-Tech subscription model increased, achieving 2.48m subscriptions. EL PAÍS reached 196k subscribers, of which 156k are digital-only (+55% YoY). Audio consumption of streaming hours (+19% YoY) and podcast downloads (+49% YoY).

New refinancing closed

Blended cost of Debt reduced to 5.9%. ESG-Linked Financing. PRISA's rating upgraded by S&P to CCC+ with positive outlook.

PRISA GROUP MAIN KPIS

1) Excluding severance expenses 2) Excluding One-Offs

3) EL PAÍS digital-only subscribers

BUSINESS UNIT Q1 HIGHLIGHTS

PRISA MEDIA SANTILLANA CORPORATE

Executing on new business platform

• Maintaining leadership position across assets
• Boost of digital subscribers
• Video and audio platforms launched
• Outstanding performance of LatAm activity

Acceleration of subscription model growth

• Private business growth supported by improvement of subscription models
• Organizational changes towards transformation are yielding results, with subscriptions achieving 2.48 million
• Public business growth despite Q1 not being the most relevant quarter

Capital Markets Day held for the first time in PRISA´s history

• Long term guidance provided
• Focus on delivery
• Sustainability commitment reinforcement

PRISA GROUP FINANCIALS

DAVID MESONERO

Grupo PRISA CFO

Positive Cash flow generation in the period supported by operational improvements, CAPEX control and WC management

Positive Cash Flow ex one-offs of €50.2m (+ €15.7m / +45% YoY). Positive Cash Flow of €40.8m (+ €19.2m / +89% YoY). CAPEX similar to Q1 2021 despite strong growth. WC reduction represents a CF generation of + €28m. IFRS16 cash outflow reduced by €1.1m (- €5.5m vs. - €6.6m) thanks to the renegotiation of lease agreements.

Strong liquidity position

Cash position stands at €216m. Additional undrawn liquidity lines amounting to €99m. Optimization of liquidity and cash management under analysis.

Bank net debt stands at €723m vs €756m as of December 2021

€796m vs €825m including IFRS 16.

c.6x Net Financial Debt / LTM EBITDA ratio (c.8x as of Dec 21)

Positive Outlook provided by S&P opens the possibility for a rating upgrade within 12-18 months.

PRISA GROUP KEY FIGURES

Q1 Results show improvement across all operating and financial KPIs

• Revenue increase of 33%.
• Adjusted EBITDA grows by 156% compared to the same period last year.
• Cash generation ex one-offs increased to €50m in the quarter.
• Capex in line with the same period previous year levels (i.e. €8m).
• Net Debt decline to €796m vs. €825m in December 2021.

	Q1'21 (€m)	Q1'22 (€m)	Var (%)
Revenues	159	211	+33%
Expenses	146	169	+16%
EBITDA	12	41	+236%
EBITDA ex severance costs	17	44	+156%
% Margin	10.8%	20.8%	+1,000bps
EBIT	-5	24	---
Net Result	-13.8	0.1	---
Cash Flow ex one-offs	35	50	+45%
Capex	-8	-8	+0%
Net Debt Inc. IFRS16	825	796

PRISA GROUP – NET PROFIT

• EBIT improvement by €28.3m driven by the operational improvement of the business.
• Q1 2021 financial results includes a €7m VAT ruling positive impact.
• Positive net profit (€0.1m). Net Profit improvement of €13.9m.

	Q1'21 (€m)	Q1'22 (€m)	Var (%)
EBIT	-5	24	---
Financial result	-7	-15	-117%
Result from associates	0	0	+79%
Profit before tax	-12	8	---
Tax Expense	4	9	+145%
Minority interest	-2	-1	+57%
Net Profit	-14	> 0	---

CASH FLOW GENERATION

Q1 2022 Cashflow evolution

Var.

Excludes FX impact on Cash Balance. Millions of Euros.

*Others includes: Financial investments, other cash flows & adjustments from operations, dividends and divestments. **Interest paid in 1Q2022 affected by a change in the periodicity of interest payments to semi-annual vs monthly in 2021.

NET DEBT EVOLUTION & DEBT MATURITY PROFILE

Net financial debt evolution

Millions of Euros.

825				+3.6	796
6 RS1 69 F I	-50.2	+8.8	+8.3		6 IFRS16 RS1 6 73 RS1 F I F I	TRANCHE	QUANTUM(**)	MARGIN	MATURITY
						· Super Senior	c. €160m + €80m RCF	E+5.00% Cash	JUN-26
756					723	· Senior	c. €575m	E+5.25% Cash	DEC-26
						· Junior	c. €185m	E+3.00% Cash + 5.00% PIK	JUN-27
DEC 2021 Bank Debt	CF ex one-offs	One-offs	Others*	IFRS 16	MAR 2022 Bank Debt	TOTAL	c. €920m	Blended E+5.9%	-

New Financing Lines

Millions of Euros.

• No maturity events in 5 years
• Cash position standing at €216m and additional undrawn liquidity lines amounting to €99m

* Includes mainly PIK , accrued interest and impact of FX on Net debt 13 ** Debt quantum assumes funding as of 31 March 2022, includes applicable OIDs

PRISA MEDIA

03

CARLOS NÚÑEZ

PRISA Media CEO

PRISA MEDIA OVERVIEW

Very good performance of our main value drivers during the quarter

Advertising

Audience

Subscribers

• Net advertising revenue growth by 11% vs. 2021.
• Outstanding behavior in international markets (+30% vs. 2021)
• Good behavior in Spain, leveraging mainly on local radio (+11% vs. 2021)
• Market share leadership among media houses (excl. TV)
• First media group in offline audience in Spain, Colombia and Chile, totaling more than 20 M daily users …
  • … with largest market shares in radio audience: Spain (>40%), Colombia (>27%), Chile (>45%)
  • Largest daily digital audience in Spain with more than 4,2 million daily unique users

• Second best quarter ever since paywall launch in 2Q20

EL PAÍS net increase in total subscribers by quarters

PRISA MEDIA

Executing on new business platform with results supported by boost of digital, good advertising performance and efficiency

		Q1'21 (€m)	Q1'22 (€m)	Var (%)
Revenues		77	83	+7%
	Advertising	56	62	+11%
	Circulation	12	13	+3%
Expenses		84	84	-0%
Variable expense		12	13	11%
Fixed expense		72	71	-2%
Digital Revenue Mix		23%	23%	---
Geo. Revenue	Spain	84%	79%	-6%
Breakdown	Rest	16%	21%	+29%
EBITDA ex sev. expenses		-5	0	---
Adj. EBITDA Margin		-6%	0%	+99%

	Q1'21 (m)	Q1'22 (m)	Var (%)
Unique Browsers (*)	246	241	-2%
Total Listening Hours (*)	65	77	+19%
Audio downloads (*)	31	46	+49%
Total subscribers (k)	145	196	+49%
Registered users	5.8	6.6	+14%

SANTILLANA

04

FRANCISCO CUADRADO

Santillana CEO

EDUCATION OVERVIEW

Acceleration of subscription model with outstanding results in South Campaign

18

* ELT stands for English Language Teaching

EDUCATION

Outstanding results across all business lines, with 43% organic growth in Subscription model revenues.

• Private business

• Strong performance of subscription model supported by transformation strategy.
• Subscription model represents 55% of total Private sales and remains the main source of revenue.
• Didactic business recovery supported by return to normality in LatAm schools, especially in Brazil and Argentina.
• Margin improvement despite increase in industrial costs.
• Public business
  • Above expectations for Q1 2022 despite Q1 not being a relevant quarter.
• FX impacted positively: Revenues (+ €5.1m) & EBITDA (+ €0.8m).

	Q1'21 (€m)	Q1'22 (€m)	Var (%)
Total subscriptions (Thousands)	1,792	2,480	+38%
ACV	73	98	+34%
% Learning systems / Private sales	59%	55%	-6%
	Q1'21 (€m)	Q1'22 (€m)	Var (%)
Revenues	82	128	+57%
Expenses	59	84	+43%
EBITDA	23	45	+91%
EBITDA ex severance expenses	25	45	+84%
Adj. EBITDA Margin	29.9%	35.2%	+18%

KEY TAKEAWAYS & ESG

06

JOSEPH OUGHOURLIAN

Grupo PRISA Chairman

FY2022 GUIDANCE – PRISA GROUP

FY2022 GUIDANCE CONFIRMED

(*) One offs including M&A and refinancing costs and Severance payments

KEY TAKEAWAYS

01	Business plan delivery by the Management team on-track.
02	Monitoring closely current environment with focus on cost control & efficiency.
03	New financing in place assuring 5 years of stability.
04	Continue to carry out initiatives to improve the company's sustainability position.

Contributing to the development of people and the progress of society in countries where PRISA is present

Investor Relations

+34 91 330 1085 ir@prisa.com

www.prisa.com

FINANCIAL CALENDAR

12th May 2022: BofA Made in Iberia Conference More information available on the event website

26th May 2022: MEDCAP fórum by BME

More information available on the event website

July 2022: 1H2022 Results presentation

More information available as we get closer to the date of the event

APPENDIX

2025 GUIDANCE CMD – PRISA GROUP

Guidance for 2025 provided during the Capital Markets Day of PRISA.