Vocento Increases Revenue by 2.7% and Reduces Debt by 32% in the First Nine Months of 2025

Vocento achieved a 2.7% increase in revenue during the first nine months of the year, maintaining a constant perimeter and excluding extraordinary effects. The positive results in advertising and diversification businesses, along with a significant rise in digital subscribers, have led to revenues of 238.3 million euros during this period. This improvement, coupled with the implementation of the Efficiency Plan, places the group's EBITDA above five million euros, excluding compensations.

These results meet the milestones set in Vocento's 2025-2029 Strategic Plan, initiated by CEO Manuel Mirat. The Plan aims to enhance the group's global position and strengthen its standing in the company's most strategically valuable businesses and activities, through the recovery of advertising share, acceleration of digital business growth, improvement of the subscription model, boosting diversification beyond the press, and optimizing structure and operational efficiency.

In the first nine months of 2025, advertising revenue increased by 1.5%, while diversification businesses (Classifieds, Gastronomy, and Agencies) rose by 7.7%. Overall, digital and diversification revenues continue to trend upwards, now representing 45% of the total, clearly reflecting Vocento's transformation. In this regard, the 11% increase in digital subscriptions to the Group's media, now reaching 169,000, stands out. The subscription model is thus consolidated as one of the strategic pillars.

EBITDA also shows positive development, reaching 5.1 million euros excluding compensations of 9.1 million euros during this period. This increase is explained by the improvement in recurring business both in the Press division (+4 million euros) and in Diversification businesses (+1.1 million euros), as well as savings in the Structure and Audiovisual areas (+0.8 million euros).

During this period, the consolidated net result was -3.2 million euros, representing an 88% improvement compared to the first nine months of 2024. Additionally, net financial debt excluding IFRS 16 was reduced to 29.4 million euros, a decrease of 13.7 million euros, equivalent to 32% compared to the end of 2024. These figures are driven by the divestment in pisos.com and the sale of various properties.

By business areas, Vocento's advertising evolution in the press stands out, with significantly better performance than the rest of the sector. In the first nine months of 2025, advertising grew by 4.7% in the segments where the company is present, compared to the market's 1.8%. In generalist press, the group recorded a 3% growth, compared to a -0.7% decline in the rest. In the third quarter, this trend intensified, with a +6.6% variation for Vocento compared to a -1.5% for competitors. These results reflect the success of Vocento's commercial strategy and the strengthening of the value proposition of all its brands, which will be reinforced with a new product approach, both in ABC and regionals, by early 2026.

Meanwhile, diversification businesses grew by 7.7% in these nine months. The Classifieds area returned to double-digit growth, with a 12.5% increase in revenue, reaching 16.4 million euros, and a 12% improvement in EBITDA excluding compensations, reaching 4 million euros. In Gastronomy, revenues increased by 13.2%, reaching 11.5 million euros, and EBITDA excluding compensations grew by 38.9%, reaching 2.3 million euros, driven by national and international events and congresses. Meanwhile, the Agencies business maintained stable revenues at 16.4 million euros and presents good prospects for the fourth quarter, thanks to a project portfolio of around 6 million euros.

According to its Strategic Plan, Vocento reiterates its objectives for the entire 2025 fiscal year, which include achieving an EBITDA, excluding compensations, of between 26 and 28 million euros, a figure that represents growth of over +250% compared to 2024. Additionally, the Group anticipates that ordinary cash generation in 2025 will be in the low positive digits, consolidating the trend of operational and financial improvement recorded during the year, even despite the market's uncertain context.

For Manuel Mirat, CEO of Vocento, these results "confirm the achievement of the main milestones of the 2025-2029 Strategic Plan, with significant progress in all areas. We have strengthened the profitability of the press business, are significantly recovering advertising share, continue to grow at a good pace in digital subscriptions, are consolidating diversification businesses, and have completed more than 90% of the group's Efficiency Plan. All this allows us to confidently maintain the goal of achieving an adjusted EBITDA of between 26 and 28 million in 2025, moving towards a more efficient and diversified model."