Earnings call transcript: Prisa’s Q2 2025 revenue grows, digital subs surge

Prisa, a leader in Spanish-language media with a market capitalization of $35.4 billion, reported its second-quarter 2025 earnings with a notable increase in revenue and digital subscriptions. Despite a challenging advertising environment, the company demonstrated resilience with significant growth in its digital and educational segments. According to InvestingPro data, the company maintains a moderate market risk profile with a beta of 1.04, suggesting relatively stable stock performance compared to the broader market.

Key Takeaways

• Prisa’s revenue for the first half of 2025 reached €412 million, marking a 6% increase at constant currency.
• Digital subscriptions in Santillana and El Pais rose by 15%.
• The company successfully refinanced its debt, extending maturities to 2029.
• Free cash flow improved by 31% compared to the previous year.
• Prisa plans to unveil a new strategic plan focusing on digital transformation in autumn.

Company Performance

Prisa’s performance in the second quarter of 2025 highlights its strategic pivot towards digital growth. The company reported a 6% increase in revenue at constant currency, driven by a 15% rise in digital subscriptions across its key platforms, Santillana and El Pais. This growth underscores Prisa’s strong position in the Spanish-language media market, despite facing a challenging advertising environment.

Financial Highlights

• Revenue: €412 million for the first half of 2025, up 6% at constant currency.
• EBITDA: €51 million, reflecting a 9% growth at constant currency.
• Net debt: €777 million, with a net debt to EBITDA ratio of 4.26x.
• Free cash flow: Improved by 31% compared to 2024.

Outlook & Guidance

Prisa’s management remains optimistic about the company’s future, with plans to introduce a new strategic plan in the autumn. This plan will emphasize digital transformation, journalism, and expanding reach to new audiences. The company is also expecting positive outcomes from its education campaigns in Northern regions. InvestingPro analysis indicates a FAIR overall financial health score of 1.94, suggesting stable operational performance despite transformation challenges.

Executive Commentary

"We remain committed to our core purpose, delivering truthful, verified and high-quality content," said Pilar Gilles, CEO of Prisa Media. Chairperson Josef Gurion added, "The signing of the new financing agreements has strengthened our financial position," highlighting the successful debt refinancing efforts.

Risks and Challenges

• The advertising market remains challenging, potentially impacting revenue streams.
• Exchange rate fluctuations could affect financial results, as noted by the chairperson.
• Uncertainties in the Brazilian market could pose risks to Prisa’s expansion plans.
• The company’s high net debt level, despite refinancing, remains a concern.
• Competition in the digital media space continues to intensify, requiring constant innovation.

Q&A

During the earnings call, analysts questioned Prisa’s strategy in the Brazilian market, which remains uncertain. The company confirmed its expectations for the NCNO Media order and discussed potential expansion opportunities in Latin America.

Prisa’s second-quarter results demonstrate its ability to adapt and thrive in a digital-first world. With a focus on innovation and strategic growth, the company is well-positioned to navigate the evolving media landscape.

Full transcript - Promotora de Informaciones SA (PRS) Q2 2025:

Mariola Riano, Director of Investor Relations, Prisa: Good morning. I’m Mariola Riano, Director of Investor Relations at Welcome to the presentation of our results for the 2025. Today’s presentation, covering in detail the results published yesterday after market close, will be led by Josefa Gurion, Chairperson of Prisa Javier Ruiz, Chief Financial Officer of Prisa Pilatim, Vice Chairperson of Prisa and CEO of Prisa Medium and Jose Buhia, Chief Operating and Financial Officer of Santillana. At the end of the presentation, we’ll open the floor to questions, which can be asked directly via the call or through the website. And now I’ll hand over to our Chairperson, Josef.

Josef Gurion, Chairperson, Prisa: Thank you, Mariola, and morning, everyone. Before diving into the detailed analysis of our first half results, let me highlight some key milestones from the first six months of the year. First, I’d like to single out a particularly significant achievement of the successful completion of our debt refinancing agreement that was finally finalized at the close of the first quarter. This milestone, the result of sustained efforts in a highly challenging environment, both internal and external, marks a decisive step towards the financial stability that the group needs to successfully tackle the ambitious goals set out in the new strategic plan. Our CFO, Javier, will share the key details of this agreement shortly.

Second, I’d like to highlight the significant transformation underway across our media business. Last May, as you know, Pilar Gilles, our former CFO, was appointed CEO of Prisa Media. Pilar has been a great asset to Prisa for over twenty years, bringing both a deep knowledge and leadership from the company that is needed to tackle the challenges ahead in the media sector. She has at all times acted quickly and decisively, and the business is now sharply focused and well prepared for what lies ahead. We’re also very proud of having made all these changes with internal talent.

Pilar will provide a detailed overview of this new structure later on. Finally, a special mention must go to the strength and resilience of our education business, which continues to make steady progress in the strategy of transformation, growth and profitability. The first half results very much confirm the positive momentum Santillana has shown so far this year. With that in mind, let me briefly review some of the key highlights reflected in our presentation of the first half results. Let me start by underscoring the positive operating performance of our business, much better than expected.

However, the year on year comparison is affected by the €10,000,000 arbitration award associated with the COFINA case recorded last year, which we discussed in the first quarter of this year. Excluding this extraordinary item, EBITDA grew by 9% and revenue by 6% at constant currency. This improvement was driven by the growth in Learning Systems at Santiana, which reached 3,400,000 subscriptions and the excellent performance of Elbais subscription model, which surpassed 426,000 subscribers. Although the second quarter typically carries less weight due to the seasonality, it’s important to note that results were excellent. Revenue grew 20% at constant currency and reported EBITDA improved from a negative €3,000,000 in the second quarter twenty twenty four to a positive €5,000,000 in 2025.

And finally, free cash flow has improved by 31% compared to the 2024, and our liquidity position remains very strong. Let’s now move to the next slide, which summarizes PRICE’s key financial and digital indicators for the first half. These are solid results. As mentioned, excluding extraordinary COFINA impact, both EBITDA revenue are up at constant currency. Free cash flow has also improved, though remains negative due to typical seasonal patterns of our business in the first half of the year.

Net debt rose to €777,000,000 as of June. It’s been affected by both the seasonality and the refinancing costs. As a result, net debt to EBITDA ratio has reached 4.26 times, in line with expectations. Meanwhile, our focus on digital transformation continues to drive growth in our key digital indicators with digital subscriptions up 15% in both Santillana and El Pais. These indicators clearly reflect our growth, our successful digital transformation and enhanced efficiency so far this year.

Let’s now take a closer look at the first half results, and I’ll hand over to Javier, our CFO, for a detailed financial overview and an explanation of the refinancing deal. Javier?

Javier Ruiz, Chief Financial Officer, Prisa: Thank you, Josef. Good morning, everyone. I’m Javier Riz, CFO of Prisa. I’d like now to take a closer look at the group’s operating and financial performance during the 2025. Let’s start with operating performance, specifically with EBITDA performance both for the full 2025 and for the second quarter.

In addition to the one off impact of COFINALI duration recorded in the 2024 and affecting the year on year comparison for the half year, results were also negatively affected by foreign exchange. Exchange rate movements have a negative impact on EBITDA of €8,000,000 for the first for the six month period and €9,000,000 in the second quarter. Reported EBITDA stood at €51,000,000 in the 2025 compared to €64,000,000 in 2024. However, excluding the aforementioned COFINA effect, EBITDA grew 9% at constant currency or 1716% if we also exclude the higher severance costs related to the reorganization at Prisa Media. Growth in Santillana private business, improvement at Prisa Media and institutional state to the Argentine government in the second quarter helped offset the temporary impact of lower public sales in Brazil.

Turning to the second quarter, reported EBITDA swung from negative €3,000,000 in 2024 to a positive €5,000,000 in 2025, driven primarily by the Argentina government sales, which offset the €9,000,000 FX headwind. Let’s now take a look at the income statement. Revenues in the 2025 totaled million compared to EUR406 million in 2024. Excluding the COFINA effect, revenue rose 6% at constant currency, fueled by a 12% increase in education sales, driven by a positive Southern Reno campaign in Santiana and the aforementioned sale in Argentina. Prisa Media also grew out in advertising revenue, a 2% at constant currency and in Elba’s digital subscription revenue, which was up by 18%.

Meanwhile, Brazil’s public business remains impacted by seasonal effects with sales from the 2023 new titles order being invoiced in 2024. The 2025 showed solid revenue growth, 20% at constant currency, three percent in euros. In addition to revenue growth, pet cost contracts helped improve EBITDA in both the first half and the quarter, as we saw in the previous slide. Overall, the group’s EBITDA margin stood at 12.5%, one percent point improvement on a like for like basis. Lastly, I’d like to highlight the increase in EBIT, which has grown by 17% year on year at constant currency, excluding the COFINA impact.

In the second quarter, EBIT rose 76% at constant currency, reflecting solid operating performance. The next slide shows how the company’s results evolved below EBIT. Specifically, net financial result improved 25% year on year and 54% quarter on quarter. This was thanks to a sixteen year on year reduction in interest expenses due to falling interest rates and a €10,000,000 positive accounting impact from the refinancing agreement. These gains offset FX losses and lower interest hedging income compared to 2024.

Results from equity accounted companies declined mainly because of the sale of land by Radiopolis in the 2024. This was partly offset by lower corporate income tax expenses. As a result, reported net income decreased 13% in the 2025 due to the COFINA item, but grew 45% in the quarterly comparison. Let’s now look at group cash generation. We must bear in mind that in the 2025, we registered both the refinancing costs and proceeds from the first quarter capital increase, which were used in the second quarter to repay junior debt.

These two items totaled €20,000,000 compared to the €99,000,000 raised through convertible notes in the 2024. Additionally, in 2025, there were fewer divestments and the group paid a DTA’s settlement related to DTA’s operation prior to its 2015 sale. As a result, total cash generation declined by EUR 90,000,000 year on year to negative EUR 31,000,000. However, free cash flow improved at 31% despite having severance costs in India, thanks to improved working capital and lower tax payments. In the second quarter, a quarter that historically requires cash outflows, free cash flow was lower than in 2024 due to the reversal of temporary working capital gains in Santiana discussed in Q1.

Interest payment declined as lower rates more than offset accrued interest from April to May 9 when the new financing came into effect, whereas in 2024, interest payments occurred in July. Finally, the decline in divestment compared to 2024 reflects the absence of one off transactions such as the sale and leaseback of Santillana’s Mexico distribution center and divestment in non core Prisonidia assets. Let’s now look at financial net debt. As expected, due to seasonality of our business, June marks the annual high point for group debt. As of June 2025, net financial debt stood at €777,000,000 in line with the net financial debt at the June 2024.

The net debt to EBITDA ratio reached 4.26 times in line with our expectations. We remain committed to our strategic priority of delivering the group. At the same time, I want to highlight our strong liquidity position. As of June 2025, 192,000,000 including cash and available credit lines. Now let me briefly summarize the key feature of the new financing agreement signed in the second quarter, as Josef mentioned earlier.

This agreement will allow us to stay focused on the significant growth potential of our business and reflected in the results to date. As you can see on the slide, compared to the previous financing agreement, we have extended maturities through 2029 and reduced the blended average cost of debt to Uriver plus 5.4%. We have also simplified our debt structure into just two tranches, a €290,000,000 super senior tranche and a €575,000,000 senior tranche. This was a strength the company’s credit profile, secure more flexible covenant terms and expanded our local financing capacity in Latin America. In short, this has meant provides the stability we need to focus on what truly matters, growing our business.

I now hand over to Gilat, who will walk us through Prisam Media’s performance.

Pilar Gilles, CEO of Prisa Media, Prisa: I took over the role of CEO on May 20 and found an organization that needed a cultural change. I have to address the restructuring of the Executive Committee and the editorial leaders. All these positions were filled with internal talent, and now we are fully committed to a journey of growth and innovation, accelerating the transformation of our content offering, both in information and entertainment, improving our reach to new audiences, expanding our presence in LatAm and restoring the relevance and necessity of well done journalism in these uncertain times. We are leveraging further our existing assets and strengthening its capacity for innovation in a context of profound transformation of the media industry, which has been impacted by changes in consumer behavior, interconnection and content overload, new ways of finding and receiving information, the growing influence of AI on production as well as on the audio side and the opportunity of new revenue streams with new businesses and the monetization of social media. Within the speed leadership position of our assets and the foundation of this new organization that promote synergies by reinforcing cross functional knowledge, we aim to become the global leading information and entertainment group in Spanish for all generations.

As of today, we keep on fully focused working in our new strategic plan, which we will be delighted to share with you all this coming fall. Let’s now focus on the operating performance of the business in the 2025. I would like to remark the three main levers that support our evolution: first, the quality audience metrics that keep on improving second, the advertising growth despite the challenging environment and third, the evolution of LPI subscription model, which continues growing steadily. Regarding audience metrics, let me highlight the excellent performance of our digital metrics during the first half of the year, maintaining our leadership position in audience share. We reached an average of 150,000,000 monthly unique digital browsers and 1,600,000,000 page views.

Our base of registered users grew plus 10% year on year to 12,000,000, and our commitment to audio and video is stronger than ever. In audio, we saw increasing growth with 9% more downloads and 4% more streaming hours, averaging 51,000,000 monthly downloads and 101,000,000 streaming hours. In video, we recorded two thirty four million monthly video starts during the first half of the year. Radio registered a global daily audience of 25,000,000 listeners, plus 3%, and we retain our absolute lead in all those countries where we are present. All in all, audience indicators continue improving in the 2025, and our brands remain leaders in the respective markets.

Regarding advertising, we remain strong despite the challenging and uncertain global environment, growing revenues by 2% in local currency and gaining market share in both Spain and Colombia, thanks to the strength and leadership position of our brands and the loyalty of our audiences. In Spain, our largest advertising market, Prisa Media grew by 2.4% with a specialty positive results in radio outperforming the 0.4% growth recorded across the markets we operate. Year on year, our market share rose slightly to 20.1%. Latin America presents more challenges. In Colombia, the market barely grew.

Nonetheless, we outperformed the market and reached a 39% share slightly above 2024. In Chile, our shrinking advertising market triggered a pricing war and placed our focus on boosting multi platform products, achieving 20% growth in digital versus 3.6% market growth, offsetting the declines in traditional radio, where our advertising share now stands at 27.3%. This confirms that our diversified portfolio of those radio, digital, print and magazines allow us to continue growing our advertising business, which remains the largest revenue contributor for Prusa Media. And finally, regarding LPI subscription model, it continued growing steadily, reaching over 426,000 subscribers, which means an increase of 48,000 subscribers over the period, plus 13% growth, with a strong quality metrics in both ARPU and churn. Of these subscriptions, 415,000 are digital only subscribers, a 15% increase year on year.

With these results, we can confirm that L5’s remains the undisputed leader in Spain’s digital press subscription market. Let’s now move on to review how these levers are translated into the evolution of the profit and loss account for the period. Total revenues for the period remained broadly in line with the same period last year, reaching $2.00 €6,000,000 However, it’s worth noting that the 2024 included one off agreements with artificial intelligence platforms, which impact the year on year comparison. That said, digital subscription revenues grew plus 18% year on year and event related revenues also increased by 9%. As mentioned earlier, the Familia’s advertising revenue grew 2% at constant currency in the 2025 compared to 2024.

And in the second quarter, remained at similar levels to 2024 despite the negative calendar effect of early Easter and the absence of major sports events like the twenty twenty four WiFi lookup. Circulation revenues rose plus 3%, thanks to the growth in advanced digital subscriptions, which generating plus 18% more revenues, offsetting the decline in print newspaper sales. Nevertheless, LPACE continues to gain market share from Monday to Sunday, and it is worth noting that the growth in digital subscription revenues doubles the decline in print sales, increasing significantly overall circulation margins. Video advertising and circulation of the revenue lines contributed $20.20 euros 22,000,000 to Prisa Media’s total revenue in the 2025 below the same period last year. And while Prisa Media continues to actively pursue its revenue diversification strategy through partnerships with digital platforms, certain one off agreements in the 2024 are affecting year on year comparisons.

On the other hand, our divisional production revenues increased by 6% in the first half, underlying our commitment to diversification. Prisamilia’s EBITDA in the first half was affected by higher severance costs from the company’s restructuring in Spain before. And excluding those expenses, EBITDA reached €20,000,000 in 2025, plus 7% increase compared to the same period in 2024. Alongside growth in advertising and digital subscription, variable costs were reduced by 8% through tight cost control, offsetting increased personnel costs from inflation linked pay adjustments and new regulatory frameworks. EBITDA margin, excluding severance costs, stood at 9.7%, up one percentage point from the previous year.

And in the second quarter, the EBITDA, excluding severance, remained in line with 2024. In short, improved profitability, stronger operating metrics and continued progress on transformation. We remain committed to our core purpose, delivering truthful, verified and high quality content, reporting events with responsibility and respect. On this path, we continue to champion rigorous journalism and the transformative role that media must play in a democratic society. This autumn, we will present our new strategic plan, which, as I mentioned, will be built around journalism and our core priorities: innovation, reaching new audiences, social responsibility, excellence and, of course, profitability.

And now I will hand over to Jorge, who will take us through our Education business at

Jorge Boucher, Chief Operating and Financial Officer, Santillana: Thanks, Pilar. Good morning, everyone. I am Jorge Boucher, Chief Operating and Financial Officer at Santillana. Before diving into the numbers, positive as they are, allow me to briefly highlight the performance of our learning system subscriptions. We ended the first half with nearly 3,400,000 subscriptions, which is a 15% increase year on year.

The Southern Region campaign performed well, up plus 13% and the Northern campaign had a very strong start with a 21% growth. This growth has been entirely organic with no acquisitions of schools or businesses. Besides, the subscription growth aligns with our plan and has been supported by faster conversion of clients away from traditional models and excellent execution by our sales teams, achieving a customer retention rate of 88%. Let’s now examine the performance of our business lines by market. In the private market, twenty twenty four comparisons are affected by the sale of a distribution center in Mexico and FX impact.

Excluding that, the strong growth in subscription models offset lower traditional dialectic sales. In terms of EBITDA, the private business improved by plus 4% at constant currency, driven by better operating leverage and the margin increased by one percentage point, thanks to a strict cost control reaching 22.3%. Regarding the Brazil public market, as anticipated, it was affected in the year on year comparison by sales on the 2023 new titles order, which were invoiced in 2024 and already addressed in our first quarter results. In addition, although some of the decline in public sales to local administrations recovered in the second quarter, there is still a year on year lag compared to the 2024. In any case, year performance in Brazil’s public sector business will largely depend on the outcome of the new title solder for Encinomedia under the P and L D program, which represents the highest volume public procurement cycle.

Josef Gurion, Chairperson, Prisa: And it

Jorge Boucher, Chief Operating and Financial Officer, Santillana: would also be influenced by the country’s macroeconomic conditions and ongoing political and fiscal uncertainties. Meanwhile, other markets saw significant growth driven both by an institutional sale to the Argentine government recorded in the second quarter and by the strong performance of the domestic Argentine campaign, which delivered market share gains and price increases. This led to a €37,000,000 increase in revenue and a €24,000,000 increase in EBITDA. However, it’s important to note that Argentina is considered a hyperinflationary economy, so full year results will depend on inflation and FX evolution until the end of the year. Lastly, it is important to note that FX movements had a negative impact of €30,000,000 on revenues, mainly due to the valuations in the Argentine peso, Brazilian real and Mexican peso and minus €8,000,000 on EBITDA, driven mostly by the Argentine peso.

In this context, Santillana delivered robust results in the 2025, reporting a 22% EBITDA growth at constant currency. This was driven by the private business growth and the institutional sales of the Argentine government, is to better offset the seasonal impact of the 2023 P and L lease sales in Brazil that were invoiced in 2024. Let’s now look at key financial indicators. Total revenues at Santellana reached $2.00 €1,000,000 in the 2025, which implies an 11% increase year on year at constant currency. Santellana’s reported EBITDA came in at €41,000,000 up plus 1% or plus 22% at constant currency.

This improvement was driven by the strength of the private education business and performance in Argentina along with the strict cost controls that helped mitigate the expected temporary drop in public sales in Brazil. Although the second quarter is typically a low season for Santillana due to the business cycle, results this year were outstanding, thanks to the recognition of the Argentine government sale. Revenue rose plus 68% at constant currency, while EBITDA doubled. Santiana’s reported EBITDA margin for the 2025 stood at 20.2%, which is a two percentage point improvement at constant currency compared to 2024. In summary, Santillana enjoyed excellent performance in the first half of the year, driven by growth in learning system subscriptions, improved results in Argentina and the notable improvement in cost management.

The second half of the year will be saved by the expected positive performance of the Northern campaigns and the new titles order for the Nxino Medio in Brazil. I’ll now hand back to Javier to review the group’s progress on sustainability.

Javier Ruiz, Chief Financial Officer, Prisa: Thank you, Jorge. I will now give you an update on sustainability developments over the past few months. In terms of the social impact generated by our activity, the group maintains its efforts to encourage projects that support diversity and inclusion, such as the new addition of Azerbotempositivo Congress and Santiana’s International Congress on Inclusive Education. The defense of rigorous journalism was present on the twenty twenty five Ortega Dassert Journalism Awards, which pay tribute to quality journalists in the face of this information. At the same time, RISA continues to support humanitarian causes through our collaboration with the Emergency Committee this time to raise funds in support of the victims of the earthquake in Myanmar.

In the environment sphere and coinciding with World Environment Day, we have launched the awareness campaign Act for the Sustainability of the Planet in collaboration with the UN Global Compact Spain, an initiative that invites citizens to take practical action in response to the climate emergency. Regarding governance, Elbais celebrate the fortieth anniversary of the Grievous Ombudsman, a key pillar in maintaining ongoing dialogue with its audiences. The newspaper also hosted the annual meeting of the Organization of News Ombudsman and Standards Editors. Finally, the group continues to foster the responsive values of AI in both education and media. A notable example is Verifacallio, a tool to detect defects that has received the EMA Global Media Awards 2025 and the WANIFRA Europe Award.

Thank you all very much. I now hand the floor back to Josef.

Josef Gurion, Chairperson, Prisa: Thank you, Javier. Very important to this group sustainability. Let me conclude. I’d like to briefly summarize the key takeaways from the 2025 that we’ve just reviewed. First, our businesses continue to perform well despite the negative impact of exchange rates and extraordinary items affecting year on year comparisons.

And the successful performance is the result of the tremendous effort and dedication of PRISE’s entire team. Second, the signing of the new financing agreements more than a year in the making has strengthened our financial position, providing the stability we need to focus on the growth potential of our businesses and continue advancing our strategic goal of deleveraging the company. And then finally, PRISA remains in line with expectations despite an increasingly complex environment. This autumn, we will present our new strategic plan, which will define the company’s roadmap for the coming years, always with a focus on generating value for all our stakeholders. And with that, I’ll hand it over back to you, Mariola.

Mariola Riano, Director of Investor Relations, Prisa: Okay. Thank you, Joseph. You may now begin with the Q and A session.

Alvaro Bernal, Analyst, Elantra: Thank you. You.

Speaker 6: We will now take our first question via the phone. Our first question comes from the line of Alvaro Bernal of Elantra. Please go ahead. Your line is open.

Alvaro Bernal, Analyst, Elantra: Hi. Thank you for taking my questions. I have two. You quoted some concerns or uncertainties in Brazil. Could you shed some more light on how you view NCNO’s media renewal later this year?

And what could be more or less a reasonable way to view the current FX headwinds faced in the country? That would be the first question. And regarding the second one, you mentioned EMEA. You mentioned that you would look to expand in LatAm. Could you expand on this?

Would you not contemplate exiting some of the current perimeter and allow for further deleverage?

Josef Gurion, Chairperson, Prisa: Thank you. Right. I mean, I think that I’ll the second one actually, because that’s an easy one. I mean, we’re always looking at all the opportunities in our markets. I don’t think that should understand us expanding in LatAm as us making acquisitions in LatAm.

I think that we see LatAm as an area where there is still a lot of upside potential for our media franchises. And that’s what I think that’s the way you should interpret the comment from Pilar. And as for the uncertainties on Ncino Medio in Brazil, I’ll let Jorge answer that question.

Jorge Boucher, Chief Operating and Financial Officer, Santillana: Well, in relation with our effectiveness in Brazil, I would say that they are broadly the same any other company with operations in Brazil as of today. We are seeing unstable government. We are seeing some kind of measures in terms of above all tax everything related to taxes. So we are trying to monitor and follow-up what the government is going to do. In any case, what we could say today is that our expectations in terms in relation to the senior media order for this year are still the same.

We still think that we can get the numbers that we are we were thinking we have been thinking about during early year. But what we only say that we can see, let’s again monitor what the government is going to do, because everything related to taxes could have a potential impact in this kind of public orders. But again, our expectations, at least as of today with the information we have as of today, are still the same.

Alvaro Bernal, Analyst, Elantra: Okay. Thank you. Just a quick follow-up on the NZNOMEDIO. Would you expect to defend market shares?

Jorge Boucher, Chief Operating and Financial Officer, Santillana: Sorry? Versus

Alvaro Bernal, Analyst, Elantra: Yes, would you expect to defend market share with the last period?

Jorge Boucher, Chief Operating and Financial Officer, Santillana: Yes. Yes, that’s our expectation.

Speaker 6: Thank you. Thank you. We now have no following questions via the phone. I will pass over to questions via the webcast.

Mariola Riano, Director of Investor Relations, Prisa: We don’t have questions via webcast. So we will conclude this conference call. We remain available for any questions you may have. Thank you all for attending this results presentation, and have a great summer.

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