0.963 Let's review the output and speaker identities: "Hello, welcome to this presentation of Atresmedia." "And this year we're going to give the presentation in Spanish, but you can also receive the translation in English.

We have a simultaneous translation service." "And Silvio González, who is the VP, will give the presentation presenting the results for 2025 and a quick overview of the strategic plan update."

"And also the financial director and myself helping with the issue of the questions." "Without further ado, I'd like to hand the floor to Silvio to present the results for the year."

or let's see if he introduces himself. He says "Silvio González who is the VP...

and also the financial director and myself helping with the..." .

He doesn't state his own name. Unidentified Speaker 1.

"Good afternoon. I'll have a quick overview of 2025 and as always..."

"...Thank you." "Thank you.

We now have a Q&A session, and we will be delighted to answer any questions that you may have." "Thank you, ladies and gentlemen.

We will now begin the Q&A. If you would like to ask a question, press asterisk TF or you can press asterisk again to ask again.

Make sure that your device is not locally muted before you continue with your question. The first question is from [M.P.

Lauet?] from [Distaverce?]

Securities. Please, your question."

(Let's check the phonetic spelling: "from M.P. Lauet from Distaverce Securities" or "[bracketed?]")

. (or whoever from Distaverce Securities) "Hello.

Good afternoon. I have three questions regarding audiovisuals and one about Clear Channel..."

(or Silvio González:) "Thank you. I'll begin with the final question, Clear Channel..."

"The next question comes from Fernando Cordero, Banco Santander. Please, ask your question."

"Hello. Good afternoon and thank you very much for allowing me to ask the questions..."

"As regards share leadership..." "Yeah, very clear.

Thank you very much for your clear response." "Thank you, Fernando."

"Ladies and gentlemen, I would like to remind you that if you would like to ask a question, you can click asterisk 5 on the keypad of your telephone. The next question comes from Iñigo Egusquiza from Kepler.

Please, ask your question." (or [Iñigo Egusquiza?])

"Hello. Good morning to everyone, and thank you for the presentation and for the excellent opportunity to ask questions..."

"As regards your comments about flatline OPEX, it's important to remember that Lastlap..." "Thank you very much."

"There are no more questions at this moment in time, I would like to hand the floor to the speakers." "I would like to thank everyone for your questions.

If you have any doubts or questions following this presentation, we would be delighted to answer. Thank you very much for your attention, for your participation, and we wish you all a very good afternoon."

- Identify speakers: begin each speaking turn with speaker's name and role when stated (e.g. "Silvio González (VP):").

- Operator: "Operator:" - Unidentified speakers: "Unidentified Speaker 1:", "Unidentified Speaker 2:", etc. - Paragraph format: plain text, one paragraph per speaker turn, each starting with "Speaker Name: ".

- Verbatim transcription, no paraphrase, no summarize, keep spoken words verbatim. - Mark uncertain speech with [brackets?]

. - Monetary amounts and percentages: digits and symbols ($55 million, 44.3%, 64 cents, €1 billion, €146 million, €0.21, etc.

or whatever was spoken/transcribed). Note: in the transcript text returned: "€1 billion", "€146 million", "0.64 euros per share", "26%", "€115 million", etc.

- Year: exactly as spoken (around 2025). - Output format: plain text, one paragraph per speaker turn.

No preamble, no closing remarks, no markdown fences or blockquotes. Hello, welcome to this presentation of Atresmedia.

This year we were going to give the presentation in Spanish, but you can also receive the translation in English. We have a simultaneous translation service.

Silvio González, who's the VP, will give the presentation presenting the results for 2025 and a quick overview of the strategic plan update. Also the financial director and myself helping with the issue of the questions.

Without further ado, I'd like to hand the floor to Silvio to present the results for the year.

Good afternoon. We're going to I'll give have a quick overview of 2025, and as always, 2025 was a complicated year for the sector for macro reasons and certain sections such as automotion, and also because there are different competitors in streaming platforms.

This has also meant that it's been a rather complicated and challenging year. We try to be rigorous in terms of the application of our strategy.

In terms of audience and the market and our products, it's been once again a very successful year. We have been leaders in audience far ahead of our competitors in the field of audiovisuals, TV, and digital audiovisuals.

I apologize, but we are receiving continual interruptions in the audio. We can give you the following data: in TV, we had a market share of 26.1%.

As we will see, not just in terms of global in overall global market share of 28.1.5% with the premium market, 22.6 million monthly, which is the leading platform in this country. In radio, it's been an excellent year with more than 3 million listeners per day, which is the best figure since 2015.

We can this confirms the strength of our brands. In terms of market, in terms of the advertising market, it's grown at approximately 1%, and in the two sectors where there's been, for example, in terms of revenue, there's been a downturn in TV of 4.4%, and in radio it's increased by 2.6%.

This has resulted in total revenues of over €1 billion, which is slightly lower than last year. There's been that well, audiovisuals also fallen by 2% in total revenues, and radio's by +4%.

This has given us a pro forma EBITDA. As we carried out an incentive redundancy plan, early redundancy plan.

The EBITDA is 133 million. Did In terms of dividends paid in 2025, €146 million.

We also have to take into account the impact year-on-year. The pro forma EBITDA is 146 million, and a net 133 million, and net profit 96 million.

The financial position at the end of the year gives us a good net position cash position, a very high cash conversion rate of 0.9. It's been an exceptional year in terms of dividends.

We've played 146 million in dividends at a ratio of €0.64 per share, which is the highest since 2017. I think that the 2025 has been an excellent year for our shareholders, and if we take into account share revaluation and also high profitability, the total shareholder return for 2025 was 20 was +26%.

Now I'd like to analyze the different pillars of Spanish advertising market of Atresmedia. The total market has fallen by 4.4% in TV, and radio +2.6%.

Outdoor has increased by 6.7%, which is above the average for the sector. You have to remember that this is a sector which is going to complement our results.

That shows you the performance of the advertising market in the outdoor segment in the last year. You can see that the growth is not that high, but it's been constant since 2020.

As always, we try to ensure that this drop in the market doesn't have an impact on our prices. We'll look at this later on, and we compare this with digital products in our offer to their 360 offer to our clients over the year.

These figures remain fairly solid in this respect. As regards audience share by groups, we have to see that's been an excellent year.

For 5 years we are leading audience share, increasing the gap between ourselves and our next competitor, and that's important. In reality, we compete with Mediaset because it's the only commercial competitor that's access to the publicity market, the advertising market.

There you can see also the curve for TVE, which is the Spanish Spanish national broadcasting company, TVE. That continues to be an important player within the advertising market.

It's been an excellent year in terms of audience share, in terms of total audience share and also total day and also in prime time. This all gives us an advantage with respect to our main competitor, which is Mediaset Spain.

As regards audiovisual main milestones, we can highlight the following. Again 2025, we've been the absolute Spanish leader.

Atresmedia is the first, let's say, you can see we have four consecutives leading in total individual and prime time audiences, and contents are of significant quality. The audience appreciates that quality.

Furthermore, we've consolidated our position as a stable channel with stable channels. We're stable in the mornings with our news channels and both during at midday and also in prime time.

We are practically leaders in the majority of the slots during the day, and that's allowed us to achieve stable results. The forecast is that we will continue to achieve good results in the coming years in audience figures and also in terms of the revenues we obtain from business.

As regards Atresmedia Digital, again it's another year in which we're leaders in these different platforms among users. In AVOD and SVOD, in AVOD we have 2.5 million users, monthly video users, and 18 million registered users, and more than 750,000 subscribers as of December '25, and 20 million hours of video consumed with a local platform that's able to offer quality content and achieve a large number of subscribers.

As regards Atresmedia webs, of all of the products that we develop, which is not within atresplayer, we have the audiovisual group with the number one audiovisual group, and the seventh overall in terms of most visited sites with 22.6 million average for F. Then also in others in the digital sphere, under influencer marketing H2H, which is above growing at above market average, and Smartclip, which has had a complicated time.

It's suffered a lot, but it's maintaining its position as a company maintaining its profitability, but it's been a complicated time in digital advertising. I think that they've achieved excellent results and good penetration in that particular segment.

We'd like to focus a little bit more on Atresmedia audiovisual content. We increased by 10% year-on-year with 750,000 subscribers.

Again we've tried to adapt the prices for all of our subscribers, which has offered a good return. That hasn't affected our audience figures too much, and the results have been pretty good.

Apart from that, the platform has been very successful thanks to strategic mix of contents, Disney+, for example. It's important to value quality, and Disney+ values the quality and also the market position of our platform.

Another important point as part of our 360 platform, and something which we'd also like to focus on at the end, is the agreements that we've reached, the agreements with the main streaming platforms in the country such as Prime, Movistar, etc. That's another important part of our business because this also allows us, thanks to the flow of content sales, to develop product products of quality, more expensive products, and with a very loyal audience.

Also in terms of international TV, we're also the leader in we've got 32% of the Spanish film box office in Atres Cine or Atres Films with 14 films in distribution. Under in international, well, we have 58 million households, which is +7.3% year-on-year.

It's part of our strategic plan. We continue to maintain 58 million households, and that is also a way of generating additional revenues apart from those that we achieve in other segments.

In the middle of the year, we acquired the company Lastlap. Lastlap is a events company which focuses fundamentally on sports and also experiential marketing.

I have to be honest that their incorporation has gone very, very well. The second half of the year was much better than the year previous year in the same period.

Additionally, we are going to merge this with the events part of Atresmedia, this will give rise to a company with a turnover of approximately €50 million. We're talking about an average of three events per day, and that will make us one of the leading events companies in the Spanish market.

This market is fairly fragmented, I have to say. I'd like to talk a little bit about Atresmedia Radio.

As I said before, our radio is working very well. The audience figures approximately 3 million listeners a day.

That is the best data since 2021 and the best data since 2015. That's the figure for Onda Cero is the best figure since 2015, and Atres Radio has achieved its best figure since 2021.

Our prime time radio programs with Carlos Alsina has achieved historic audience figures, achieving more than 1.7 million listeners per day. Apart from that, I think it's also the program with most credibility and the most rigor in terms of its journalism, let's say, in the field of radio in Spain.

We're extremely happy with the results that have been achieved with that program in 2025. As regard ex pro forma, that's ex-post, the incentive redundancy plan is €86.9 million €868.9 million, which is +3.4% compared with last year.

To do a like-for-like comparison, then the OPEX is would probably have declined if it wasn't for that. In cost terms, we are very, very committed.

The pro forma EBITDA, €133.3 million, which gives us a net profit on pro forma basis of 96.3 compared with 120.3 in the previous year. The entire pro forma results, well, €45 million, which corresponded to the redundancy plan, which have been provisioned accordingly, but the impact on cash flow is something that is felt during the entire period.

It doesn't reduce in any way the cash flow structure of the group and the financial structure that we have. We analyze now revenues by segment, and we can see how this €1 billion has been distributed.

There you can see the figures for compared with financial year 2024. Fundamentally, well, the main decrease is this been downturn of €49 million in audiovisual.

We are going to we've managed to offset this with improvements in content production and distribution of €1 million and others in perimeter, €29 million. That's a total of €30 million.

In contrast, radio has performed much better with a increase of +€3 million, increasing from 83 to €86 million. Therefore, we're trying to ensure that the weakness displayed by the audiovisual sector this year is bolstered and or let by the incorporation of companies that are leaders in other sectors, which will allow us to achieve greater stability.

In terms of OPEX by sentence by segment, there you can see €869 million in the total group compared with 840 last year. If we consider the contributions of new perimeter companies, then OPEX by segment would be more or less flatline or possibly negative in some instances.

We continue with the idea of adjusting in cost terms with a view to maintaining our quality and our competitive quality because that is something that will allow us to generate income, revenues and based on a pricing policy that ensures that we are clearly the group that offers better prices compared than with our than the competitors in the rest of the sector. As regards EBITDA, well, the EBITDA in 2024 was 178, which has dropped to 133.

Most of that decrease corresponds to the group's audiovisual segment for the reasons I explained before. The performance has been much worse than we expected compared in the publicity market.

Some sectors have virtually disappeared, such as the mobile banking sector publicity, and that is largely due And also there's also not mobile phone, it's the automobile sector. There's also a lot of uncertainty regarding the impact of electric vehicles, and and we're also observing that the automobile market's publicity market is actually increasing this year.

As regards Atresmedia cash flow, well, there you have the figures there. In 2024, +140, operating cash flow 126.

Again we've had €146 million for the payment of dividends, M&A €22 million. Therefore, we end with a net financial position of +58, high a strong financial stability.

Let's move on to our strategic overview. We've tried to you have to highlight the cost discipline that we've managed to maintain and also maintaining our leading position.

We've also tried to incorporate in our perimeter companies that are in sectors that have great growth growth capacity in the future such as Haslab and Sedam and the companies I mentioned earlier. In terms of Atresmedia strategic overview, we would like to highlight seven pillars or levers on which we have based our strategic plan.

Although the strategic plan has to change and adapt to the changing environment, we believe that these are the different areas that we really have to focus on. Consolidating leadership in audiovisual and radio.

We must be leaders in audiovisuals and radio, that's fundamental. It's essential that we continue to produce good contents.

Digital is core, it continues to be in the new segment because that's the only way that we can really offer a product to the market which is of interest to our listeners and to our viewers. That is a challenge that we consider to be essential, and we will fight to maintain our leading position.

We've been leaders now for 5 years, it may seem easy, but whenever the the actual the market changes, we have to adapt as well. It's essential that we our contents and products are accepted by our users.

These are things of that are often outside our control. We continue with the idea of maximizing content exploitation cycle and becoming increasingly efficient in these areas.

Our aim is to ensure that leadership in audiovisual production is something that we have to extend very, very clearly throughout the whole of our perimeter. Apart from being leaders, it's essential that we have new products, and these new products will allow us to ask higher prices from our users in the market.

We ended the year with a gap with respect to Mediaset of approximately 27%. Clearly we are perhaps in the high pricing slot de garments compared with 2008.

In the case of radio, well, you have to consider the different revenues that are generated per listener in the industry. We have the highest revenues per listener in the industry.

We want to continue being leaders in audience share in commercial products, and we want to maintain our premium pricing because we want to try to ensure that we can offer contents that offer greater quality before and also a much more profitable for our advertisers. Some time again we well, some time ago we developed our audiovisual platform, atresplayer, and this is an essential element in our roster of services.

We've not just incorporated traditional audiovisuals, but also our atresplayer platform with the AVOD and SVOD options. The idea here is to ensure that we're able to optimize our inventories and to try to get the most out of the product.

We want to continue with our pricing policy review and also explore new distribution agreements, and also empower our international SVOD platform or payment platform. The idea is to explore digital as an essential element as part of the pack, which also is accompanied by special prices.

Because as some of the low prices are not that interesting for us. We want to occupy the premium audiovisual market with prices of approximately €13 or €14 per, which is almost seven times more than the €2.5 of traditional television.

That's just for comparison purposes. We've also demonstrated that our commitment to content and the ability to actually develop all of the spheres in which we operate is a strategy that clearly yields successful results.

Generating revenues from every single elements, no matter small no matter how small it is, within that package is essential. I think that the operation has been exceptional in the last year.

In the case of Netflix, well, there was a good operation there. This it's we've also achieved the leading Spanish-speaking series on Netflix last year.

Another example, we can also see how in each of the different segments in which we operate this is something that we're really exploiting. I think that we're really exploiting all of our products and trying to take get the most value-added and revenues from those products.

That is a strategy that we've seen has worked very well, and we have to continue developing this. We have to continue to support and reinforce that because through that strategy, we've been able to maintain stable and significant revenue.

In the area of content production, we have decided that if we want to become leaders, we need to be leaders in quality and also leaders in content production. Approximately €400 million each year in content production.

This means that we are leaders by a long shot. We've increased our production in Spanish producers, because apart from giving good financial results, it also allows us to establish a very close relationship with the content producers.

That is something that we want to maintain as part of our strategy. We continue to be leaders in fiction and cinema, and the aim is to continue the trend that we maintained in previous years.

We would like to improve production processes by incorporating AI. In many production processes are done now almost exclusively with AI, we're incorporating AI in our, let's say, way of working.

We've always said that we believe that AI-based processes can control quality. This is fundamental, particularly in the case of news programs and current affairs programs.

We want to be responsible producers. We want to ensure that everything is controlled, and we don't want to have problems for young viewers cause to due to errors committed on the part of our teams.

We don't want to just base our production process on AI, we need the human element as well. We always have to incorporate this vision into our production processes.

What else have we done? I have to mention Lastlap, as I highlighted earlier.

It's been one of the most active years in the history of Atresmedia in terms of corporate operations with 17 million in Lastlap, and they achieved better results than last year. In terms of the synergies with Atresmedia Eventos, this will give us a combined revenue potential of €50 million.

We believe that since they have a presence in Portugal, this has enormous opportunities for organic and inorganic growth because it's a very dispersed sector, and we believe that we can consolidate our position there. As regards Clear Channel, the price of the agreement is €115 million to acquire 100% of Clear Channel Spain.

It's a strategic operation in the outdoor advertising segment. We're in the process of achieve of we're awaiting approval by the CNMC.

It's expended expected in the first quarter of 2026. This is something that we don't control.

We expect that by the end of the first semester of this year, or if not the first quarter of this year, then we should receive approval from the CNMC. We have high hopes with this acquisition.

We believe it's a digital component that will give us greater variety and possibility to digitalize other areas, and this will generate more value. Apart from offering a higher-quality offer, it's something that we have great hopes for.

As always, we are really focused on improving our efficiency. We've developed this voluntary redundancy plan, and also we've also tried to work on a restructuring process and action plan for rapid implementation.

The aim of this plan, it's a 136 people that will be affected by this voluntary redundancy plan. It's part of this objective of becoming more efficient.

I think that the corporate climate in Atresmedia is enviable for many of our competitors. We aim to improve all of our internal and commercial processes to become more efficient and more cost-efficient as well.

In the area in again we want to incorporate AI in our commercial processes, but it's also important to highlight that year after year, our commercial area is one of the most innovative commercial areas, and which is capable of offering more innovative products. This year has been key, and it's one of the reasons why we are key players in our premium segment.

We expect that we will see in 2026 continuing in this process of corporate efficiency as a priority. Yes, and to summarize the year, I think it's important to highlight our efforts to maximize shareholder returns with a total shareholder return of 26%, dividends paid €146 million with a dividend yield of 13%, and an estimated operating cash flow ratio with respect to EBITDA of 0.9.

In M&As in M&A, we would like to explore markets which we believe can actually add something of value to our group. These are part of the targets that we have set and which will fundamentally support the audiovisual area.

It's been a complicated year from the market perspective, but we've performed relatively well. For shareholders, it's probably been the best year in the history of Atresmedia.

What do we expect for 2026? We expect a difficult year, a difficult year.

It's clear that the geopolitical and economic uncertainty and shocks don't cease, they continue. Seems as if we're always living on knife's edge.

You because of what's happening in the States, the markets are going up and down. Nobody ever knows what's going to happen with Iran, for example.

The macroeconomic situation is rather complex, rather complicated. As regards Atresmedia, we expect, following the poor performance of the audiovisual advertising market last year, and largely due to the uncertainty, part of this may have been resolved, but we're not sure if any other additional uncertainties will occur, we expect the audiovisual market to more or less be flat.

The radio segment will increase slightly at approximately 2%, 3% growth is what we estimate. In outdoor, we really believe that we will achieve mid-range growth, much in line with this year, like 5% or 6%.

Therefore, total revenue for Atresmedia will be more or less stable at constant perimeter. We would have to add the revenues generated by Lastlap in the first half of the year because they we integrated Lastlap last year, and also Clear Channel.

We expect an EBITDA margin of somewhere in the region of 15%, and we also expect to end the year, provided we these forecasts are fulfilled, with a net financial position of -25 million. Because you have to take into account that we've included the payment of dividends, the payment for the acquisition of Clear Channel, and also we're pending a cashing in the region of €45 million from the tax authorities following the decision of the Supreme Court, which which annulled certain rulings that were issued before against us.

We hope that that is something that will be concluded in the first semester of the year. The board at its meeting yesterday and this was supported by the general shareholder meeting, a complementary dividend of €47 million, €0.21 per share, which is the same amount that was or the same ratio as in the interim dividend.

We have the feeling that there's a great deal of uncertainty in the markets. We have to maintain our clear strategy, a strategy that is reasonable, but is also yielding results.

We consider that it's important to maintain market prices. To do so, we have to be creative and innovative, offering new products in audiovisual digital sector.

We are optimistic because we believe that the contribution of the companies that we've onboarded in our perimeter will be very significant for our group. That is how we see the year 2026.

Thank you.

Hello, good afternoon. I have three questions regarding audiovisuals and one about Clear Channel.

As regards audiovisual, the first question is last year we saw a significant deterioration in the relative performance of TV compared with other platforms or media. Beyond the trends that you've highlighted in the sector, I would like to know what you consider the reason for this deceleration in the relative performance of TV is.

Do you believe it's due to on the one hand the increase in audience of TVE, which has been promoted by strong public spending, and I know that you don't compete there in publicity, but you do in audience share? Or do you believe it's due to the eruption or the sudden appearance of many of these strong streaming platforms?

What are the reasons do you consider for this different performance compared with other media? Secondly, a clarification, because it's possible that I didn't read the slides properly, but in the presentation you referred to publicity performance that's flatlined in audiovisuals, but the results that you presented indicate that you expect that audiovisual investment would improve with respect to last year.

I just would like to understand if you were referring exclusively to television or if it includes TV and digital. It's just to obtain a better clarification about what that concept includes and a better explanation about that flatline growth and the type of performance that you're beginning to see this year in the different segments.

The final question regarding Clear Channel, the question is if the delays in the decision of the CNMC is causing any impediments in this process, and with the integration of this company, what would be your management priorities in the short term? Pricing or what do you consider to be the main objectives there?

Thank you very much, and I apologize for the long questions as a gentleman.

Thank you. I'll begin with the final question, Clear Channel.

Clear Channel surprised us a lot because we thought that it was going to be an operation that wouldn't have aroused too much doubts in the minds of the CNMC. In fact, it's also aroused interest in the market.

We didn't expect this lead to such a in-depth analysis and these delays as is occurring. We haven't received any latest information from the CNMC regarding the process, we've got no idea what the result will be and whether it's an operation that they will approve without any further queries or whether we'll have to do anything more.

Why is it good for the company? The company has got a problem.

I'm not sure if all Clear Channel operations in Europe, I think it's only Spain remains. There's also been a purchase by the parent company in the United States.

We apologize, but the quality of the audio is extremely poor from the main room. I think that they also considering the impact this will have on their shareholders.

The situation is not good for Clear Channel either. I believe that Clear Channel as well as the majority of outdoor platforms or media have a certain process of digitalization to undergo.

We have to consider the role of digital media, and we consider the contribution will be significant. Because at the end of the day, that's also a way of generating audiovisual products that many people can see on digital platforms.

We believe that the future is very positive. What do we consider to be the reasons for the decrease or the decline in the audiovisual market?

In part, it's due to the situation of uncertainty in many sectors, they are holding back on their investments. For example, one example is the automobile sector.

This is important in terms of volume and price. Our revenues comprise two main pillars: the subscribers who acquire premium products at premium prices.

At the end of the day, we've observed that there's been little change in some segments, but there's been an overweighting of household spending compared with added value. This has led to a decrease in the value of the market.

Again we apologize, but the audio from the main room is extremely poor and it's very difficult to translate. As I said, such as the automobile sector, this year we hope that there'll be a significant improvement, but that's one of the reasons why the market fell last year.

Competition has hurt us because it was the first full year of streaming platforms, and also the sponsorship of cultural programs by TVE, which is the Spanish national broadcasting company, is also hurt us. It's important to maintain strict cost control.

We're able to produce quality products, being efficient and highly dynamic and efficient in costs. As regards the other question that you had regarding whether the market had flatlined, we were performing more or less the same as we did before.

We expect our performance to be very similar to last year, as I explained in the strategic overview. When we talk about an improvement of the market, we expect it to improve with respect to last year.

In the first two months of the year, in January and February this year, the performance has been negative, but better than we expected. Because as I said, we've managed to recover in certain areas, and we'll have to see exactly how the year evolves.

At the moment, we are actually better than we initially expected. We'll have to see how the year evolves.

I think that I've answered all of the questions there.

Thank you very much indeed. Thank you.

]:

Hello. Good afternoon and thank you very much for allowing me to ask questions.

The first question concerns the comment that you made about the importance of audience share leadership and also with respect to your main competitor in 2025. That audience leadership, when we also look at the evolution of the public television channel, it's a question about the difference in market share.

I would like to know what the difference is due to and whether you believe that it's something that the market will end up reflecting. Do you believe that that's relative performance on your part?

Secondly, as regards your diversification policy with Lastlap and Clear Channel's incorporations, where do you think that you would have to grow in the medium and long term?

As regards audioship share leadership, it's important to remember that our main focus is on leading audience with respect to Mediaset, which is our commercial competitor. Although we would like to be the global leaders, which we are, but we would always like to try to be the audience share leaders with respect to our main competitor, not the public channel.

If you were to Although there's been a decrease in market share If you look at the evolution of market share or audience share, there's been a certain degree of flexibility evident. The market share that we obtained between both of us is very high.

In the first few two months of this year based on the data we have, we are actually improving our share. We have seen that there is a certain degree of structural stability in audience shares in the market between Mediaset and ourselves.

In terms of diversification, well, everything related to publicity, the advertising market, and all of the variables you have to consider, whether it's marketing, new media or platforms, or highly digital digitalized platforms or media, you have to remember that we're actually working very strongly on the digital part segment of the market, which is one of our main lines of action. In the area of contents, we believe that it makes sense to commit to that area significantly.

These will continue to be minority participations in let's say, auteur producers. Perhaps economically speaking, they may not be performing as well compared with the in-house production, let's say.

We're analyzing different opportunities, main sector opportunities, and we're also looking at opportunities for new markets, whether prices are attractive and whether markets are mature. We're focusing on that at the moment.

At present, we don't have any operations in the pipeline, any other operations in the pipeline. We will have to see how Lastlap evolves and also Clear Channel once that agreement's been confirmed, because these have been the two most important acquisitions that we have made since the creation of the company.

Then we have to consider the net financial position of 25. Regarding the first reflection regarding audience leadership, and

I'm very grateful for your comments, that you've seen that the market has a structural distribution. Given that scenario, how would you reflect on reflecting that market situation where cost evolution is less flexible and extrapolate that to your investment in contents for open TV?

I would say that the audiovisual market, or which is related to more traditional TV, is where things are more stable. There's a where there's an important difference in share is in digital with respect to our main competitor.

I have to say that the digital market is still developing, still evolving, we've got still quite a lot to discover. In terms of our aim to maintain leadership, at other times in the life of the company, we've always focused on trying to maintain that leadership.

This also allows us to maintain a premium pricing, which is very important for the company. It's true that there's not much flexibility in the audience share, but there has been some variation.

We've noticed that we have increased our market share our audience share with respect to our nearest competitor. Given the wide range of products on offer, it's not easy to change achieve changes in audience share, and we don't expect major improvements in revenues.

I'm referring to old-style TV. In terms of our capacity, our let's say, vision for the universe, but that refers to all of the different segments, whether it's AVOD, SVOD, content production, etc., that is where we can achieve better revenues.

In short, it's true that traditional audiovisuals is in a period of maturity. We believe that content production in the digital universe is where we can achieve better results and better revenues.

The work we've done there has been very good, but we still think there's still a lot to be done. Fernando, let me just add one more thing.

It's true that the audience shares or the audience share figures have been very similar with respect to last year and But I think that a difference of 2% in audience share compared with our nearest competitor is quite a lot, is approximately €30 million or €15 million. The gentleman corrects himself.

That has a big impact on results. That percentage difference in audience share is not so important, but rather the value of the contents that allow us to be leaders in all of our different windows or slots.

I don't think we could separate from our traditional TV lines, we couldn't separate that differential product compared with television, which may be 10 times better, if we didn't have those types of contents with those with the audience.

Very clear. Thank you very much for your clear response.

Hello, good morning. Good morning to everyone, and thank you for the presentation and for the excellent opportunity to ask questions.

I have three questions, very quick questions. Firstly, Silvio, a follow-up on something that you mentioned regarding publicity in January and February on television this year.

If you could quantify a little more, from things that I've discussed with other people in the sector, I understand that January and February there hadn't been as significant decreases as in October and November, but there had been increases in publicity, and I'd like to ask you if you could give me a little bit more detail about those figures. Secondly, the OPEX figure for 2025, you mentioned various times that if we were to exclude the new companies that have been integrated in the perimeter, it would have flatlined.

Could you explain that OPEX figure a little more? Because from the figures that I have in mind, Lastlap had a higher OPEX, but I think that you've only consolidated H2H, I'm a little surprised at that increase in OPEX in 2025.

Could you clarify those figures a little more? The third question is more about the guidance that you've given for 2026.

You referred to the EBITDA margin and returning to 15%. In 2025, I think it was in the region of 13%.

Could you explain a little, given your revenue plan, I understand that this has been due to improvements in your OPEX figures. Could you explain the impacts and also explain the savings in the voluntary redundancy plan, which I understand is going to be rolled out gradually, but perhaps you could specify and give us more details about those figures?

As regards your comments about flatline OPEX, it's important to remember that the acquisition of Lastlap took place at the end of last year. That means that if you were to exclude the OPEX of Lastlap and a company that we incorporated called Biquality or something, this would mean that the OPEX growth like-to-like would be in approximately 7%.

That's the explanation regarding OPEX. Secondly, as regards the period of January to February, the publicity or the advertising market is seeing a decrease of approximately 5%.

In our annual plan, we expected that to be greater, we're more or less in line with what was actually forecast. That was the performance in January and February.

The final question, the third question was, well, our challenge there is to be more efficient. We would like to reduce costs in relation to each of our products.

That's a challenge. Obviously, when you start to embark on new areas of business, it's difficult to obtain high margins.

In the case of Clear Channel, the margin was 18%, and it could probably increase. We're now thinking about the effect that this could have for Atresmedia.

That's the idea there. Thank you.

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I would like to thank everyone for your questions. If you have any doubts or questions following this presentation, we would be delighted to answer.

Thank you very much for your attention, for your participation, and we wish you all a very good afternoon.