Slide 1: 2023 Results
2023 Results 27 February 2024
Slide 2: Targets for 2023 and 2024
Targets for 2023 and 2024 • EBITDA of €34.5m in 2023 achieves the target of EBITDA growth at constant scope1 • Growth in the Diversified Businesses - Revenues from digital and diversification contribute 46% of the total and perform in line with the 2026E target of >60% - EBITDA of Diversified Busine
Slide 3: Achieving the goals of the Strategic Plan
Achieving the goals of the Strategic Plan
Slide 4: Meeting the EBITDA targets of recent years, accelerating in 2024
Meeting the EBITDA targets of recent years, accelerating in 2024 EBITDA (€m) Double digit “EBITDA growth growth, driven by at constant diversification scope” “Improve on “Return to EBITDA 2021” EBITDA of 2019” 0.92 33.7 33.5 32.81 2021 2022 2023 2024 Note 1: for comparative purposes: EBITDA 2021 €45
Slide 5: Revenue growth with a higher weight for digital and diversification
Revenue growth with a higher weight for digital and diversification Revenue mix (%) Digital 22% 28% 29% 37% 42% 46% + Diversification Digital 4% 8% 7% 12% 15% 17% revenues & 17% 20% 22% diversification 2% 25% +14.4% 2% 2% 27% 28% 1% 1% 1% Offline business: 77% 70% 69% 62% 57% Revenues in 53% 2023 -2
Slide 6: I. Diversification II. Press
I. Diversification II. Press 6
Slide 7: The diversification of VOCENTO so far
The diversification of VOCENTO so far 2017 2018 2019 2020 2021 2022 2023 Creation of Reinforcement New area: Expansion of Reinforcement Acquisition of New Gastronomy of Automotive Agencies Gastronomy of Digital &Rosàs in Gastronomy area Classifieds, Services with Agencies events, Development of Kit
Slide 8: Diversified businesses continue to increase their contribution to EBITDA
Diversified businesses continue to increase their contribution to EBITDA Weight in total EBITDA (€m) 16.3% 20.9% 32.3% Revenues ex corp. €71.7m centre 14.4 CAGR +33.3% 3.6 9.0 8.1 2.9 2.0 1.6 1.4 1.8 1.5 0.2 6.5 5.1 5.0 2021 2022 2023 Agencies Gastronomy Digital services Classifieds Note: data round
Slide 9: Diversification I: Classifieds
Diversification I: Classifieds EBITDA (€m) and margin (%) Growth drivers in 2024 Revenues €28.0m 6.5 Increase in automotive ARPA thanks to Carsight CAGR +13.1% data tool for dealers 5.1 5.0 23.1% Launch of Autoproff.de España, a C2B trading c 20.4% platform in partnership with Autoscout24 Germany c
Slide 10: Diversification II: Creative agencies
Diversification II: Creative agencies EBITDA (€m) and margin (%) Growth drivers in 2024 Development of Project & Revenues €25.9m 3.6 CAGR +52.8% &Rosàs as the best creative agency: 2.0 14.1% 1.6 c 10.9% 10.4% c c Improvement in social media positioning with 2021 2022 2023 10
Slide 11: Diversification III: Gastronomy
Diversification III: Gastronomy EBITDA (€m) and margin (%) Growth drivers in 2024 Greater internationalisation Revenues €14.3m 2.9 CAGR +39.6% Increased scale of national trade fairs 1.8 19.9% 1.5 c c 15.1% c 16.3% Gastronomy + business degree, new Master’s 2021 2022 2023 11
Slide 12: Diversification IV: Digital Services
Diversification IV: Digital Services EBITDA (€m) and margin (%) Growth drivers in 2024 Increase in 2023 €+1.2m > €+1.1m target 2023E Revenues €3.5m 1.4 EBITDA growth from KIT DIGITAL programme with NextGen funds 40.0% c Increasing services offered, becoming a hub for c digitalisation services and so
Slide 13: I. Diversification II. Press
I. Diversification II. Press 13
Slide 14: Resilience of the Press business…
Resilience of the Press business… EBITDA at Press (€m) €m data in YoY variation, except absolute values for EBITDA 2022 and 2023 EBITDA growth plan Increase in margin on readers Growth in advertising 31.4 27.2 2.4 27.1 (3.0) 1.9 (1.2) (0.9) (3.0) (0.4) Margin on readers 1.5 Social Security EBITDA Re
Slide 15: … with strategic drivers for improvement
… with strategic drivers for improvement Targets reached in 2023 Focus areas in 2024 Continue the plan for Relevo (improve EBITDA by Relevo EBITDA in line with forecast €2m) thanks to higher revenues Growth in digital subscriptions (subscribers Digital margin 30% +21% & revenues +28%). Digital margi
Slide 16: Events after the close
Events after the close Description Impact on VOCENTO Favourable The Court has declared Positive one-off effect on cash and Constitutional unconstitutional various corporate tax P&L in Court ruling changes introduced by RDL 3/2016 2024E of €4m/€6m End of national newspaper Savings in 2025E €2.5m and
Slide 17: Divergence of VOCENTO share price from fundamentals
Divergence of VOCENTO share price from fundamentals Operational Valuation Weight of EBITDA EBIT Share Enterprise Dividend of digital EBITDA Ex- NFD2 EBIT ex indemn. price3 value3 last 2 years revenues (€m) indemnities. (€m) (€m) (€m) (€) (€m) (€m) (%) (€m) 2011 6%1 16.6 38.2 (138.7) (16.6) 5.0 1.6 3
Slide 18: Performance in 2023
vocento Performance in 2023
Slide 19: Main highlights of 2023
• Total revenues increase by +5.1% vs 2022 • Circulation revenues down -3.9%, +28% growth in digital subscriptions, subscriber numbers +21% to 138k Growth in • Advertising revenues +5.2% thanks to +6.4% increase in local revenues advertising • Other revenues +16.0% driven by Gastronomy (+17.3%) and
Slide 20: VOCENTO increases its share of the advertising market
VOCENTO increases its share of the advertising market 7.3% 8.0% 5.2% 2.1% 0.7% (2.8%) Total advertising Offline1 Online Market2 VOCENTO Strength of local advertising National digital advertising impacted by programmatic Note 1: offline is the press market and VOCENTO is ABC + Regional Press print. N
Slide 21: Increase in digital subscriptions
Increase in digital subscriptions Paying subscribers (thousand) CAGR +24.4% 138 114 ARPU 2023 +3% despite greater 50 89 weight of annual subscriptions 40 (+13 p.p vs 2022) 27 75 88 Targets for 2026 maintained: 63 >250k digital subscriptions and digital margin > print 2021 2022 2023 Note: figures are
Slide 22: Relevo: social media leadership drives higher traffic…
Relevo: social media leadership drives higher traffic… 1.2m social media users, the leader1 in Increase in website audience2 interactions and TikTok video views thanks to the high appeal of its content Positive impact of agreement Of the 1,000 most viewed posts on the topic published by the 500 30%
Slide 23: … with financial improvement in 2023 and 2024
… with financial improvement in 2023 and 2024 Revenues (€m) Growth drivers in 2024 Audience loyalty Impact of higher audiences on advertising 1.0 0.5 0.4 0.4 Increase revenues using: 0.3 0.1 ✓ Social media (branded content) 1Q 2Q 3Q 4Q ✓ Display ✓ Other revenues (events and audiovisual) 2022 2023 23
Slide 24: Increase in EBITDA
Increase in EBITDA EBITDA (€m) Data in YoY variation except for EBITDA 2022 and 2023 where absolute values are given 33.5 1.7 34.5 1.2 1.0 2.4 1.5 1.5 (0.1) (0.9) (6.0) (1.2) Other Corporate EBITDA Personnel Relevo Margin Press Classifieds Digital Gastronomy Agencies EBITDA Centre3 2022 expenses on
Slide 25: Stable pre-tax profit
Stable pre-tax profit P&L (€m) 2023 2023 2022 2022 Var % Var % Revenues 362.3 344.8 5.1% Comparable operating expenses ex. depreciation (327.8) (311.3) 5.3% EBITDA 34.5 33.5 2.9% Depreciation and result of divestments of assets (20.9) (19.2) 8.8% EBIT 13.6 14.3 (5.1%) Equity-accounted income 0.5 (0.
Slide 26: Positive ordinary cash flow
Positive ordinary cash flow Change to NFD (€m) Ordinary free cash flow €1.7m OCF ex-Relevo €8.9m 5.5 34.1 2.0 (1.4) 29.7 13.7 IFRS 16 IFRS 16 leases leases 46.7% 18.9 20.8 46.7% 12.8 Banking Banking and and other other 8.9 6.3 15.1 (34.5) Working NFD New IFRS EBITDA Capex Financial VOCENTO Extra NFD
Slide 27: ESG: VOCENTO is the leader of the media sector
ESG: VOCENTO is the leader of the media sector VOCENTO obtained a score of 28 and a percentile of 81/100 equivalent to the Top 19 out of 100 in the category ‘PUB Media, Movies & Entertainment’ VOCENTO obtained a score of 5.04 and a percentile of 99/100 ESG SCORE ranking in the Top 1 in the ‘Advertis
Slide 28: Appendices
vocento Appendices
Slide 29: Revenues by business area (1/2)
Revenues by business area (1/2) Newspapers (€m) Audiovisual (€m) 287.6 290.5 4.5 5.1 0.2 0.4 16.1 2.2 15.2 0.2 81.4 82.4 Supp. & Mag. Content Relevo 3.5 3.2 Radio ABC Local DTT 202.6 202.7 Regional Elimin. Elimin. 1.6 1.2 (13.0) (12.0) (0.1) (0.1) 2022 2023 2022 2023 Data rounded to the nearest hund
Slide 30: Revenues by business area (2/2)
Revenues by business area (2/2) Diversified businesses (€m) 59.4 71.7 25.9 Agencies 19.0 Gastronomy 14.3 Digital services 12.2 1.0 3.5 Classifieds 27.2 28.0 2022 2023 Data rounded to the nearest hundred thousand euro. 30
Slide 31: Local and national advertising: print vs digital
National advertising vs local1 (%) Local advertising1: Print vs Digital 28.6% 32.3% 71.4% 67.7% 47.5% 46.7% Local +6.4% 2022 2023 National +3.0% Offline Online 52.5% 53.3% Total 1 +4.8% National advertising1: Print vs Digital 73.8% 73.6% 2022 2023 26.2% 26.4% Total Local Total National 2022 2023 Off
Slide 32: EBITDA (1/2)
EBITDA (1/2) Newspapers (€m) Audiovisual (€m) 31.4 27.1 2.4 3.0 1.3 1.8 7.7 6.8 Supp. & Mags. ABC Radio 3.0 2.8 27.4 24.8 Regional Local DTT Sports (5.0) (6.3) (0.3) 0.0 2022 2023 2022 2023 Data rounded to the nearest hundred thousand euro. 32
Slide 33: EBITDA (2/2)
EBITDA (2/2) Diversified businesses (€m) 9.0 14.4 3.6 Agencies 2.9 Gastronomy 2.0 Digital services 1.4 1.8 0.2 Classifieds 6.5 5.0 2022 2023 Note: Data rounded to the nearest hundred thousand euro. 33
Slide 34: EBITDA at the Regional Press
EBITDA at the Regional Press €m data in YoY variation, except for EBITDA 2022 and 2023 where absolute values are given 27.4 0.8 (0.5) 24.8 (3.0) EBITDA Advertising1 Margin on readers Other revenues EBITDA 2022 & costs 2023 Note: numbers are rounded to the nearest hundred thousand euro. Note 1: print
Slide 35: EBITDA at ABC
EBITDA at ABC €m data in YoY variation, except for EBITDA 2022 and 2023 where absolute values are given 2.0 (0.3) 0.8 7.7 6.8 (3.4) EBITDA Advertising Margin on Margin on Other revenues EBITDA 2022 readers printing & & costs 2023 distribution Note: Data rounded to the nearest hundred thousand euro.
Slide 36: Consolidated Balance Sheet
Consolidated Balance Sheet Data in €m 2023 2022 Non-current assets 298.4 307.9 Current assets 137.5 120.8 Assets held for sale 1.3 1.4 Total assets 437.1 430.1 Equity 266.8 268.1 Financial debt 59.0 45.6 Other non-current liabilities 24.0 23.4 Other current liabilities 87.4 93.0 Total liabilities +
Slide 37: Variation in net financial position
Variation in net financial position Data in €m 2023 2022 EBITDA 34.5 33.5 Variation in working capital (6.3) (8.6) Capex (12.8) (11.8) Other items1 (6.1) (4.8) Cash flow from recurring activities 9.3 8.3 Dividends and interest payments received 0.4 0.6 Dividends and interest payments made2 (8.0) (4.
Slide 38: This document contains forward-looking statements regarding intention, expectations or estimates of the Company or
Company and, in particular, by the analysts who handle this This document contains forward-looking statements regarding document. All are invited to consult the documentation and intention, expectations or estimates of the Company or its information published or registered by the Company before the
Slide 39: LAVERDAD IDEAL
LAVERDAD IDEAL LA RIOJA EiMorte de Castilla ELCOMERCIO LAS PROVINCIAS BURGOScenecta leofoticias SALAMANCAney TopoAlicante @ReLevo \ { o Kiggxo Gcopisa Ofgrplan cmvocento G prenium tango’ Caney &ROSAS YE OWE pisos SUD a ae soroil, 7 Sitio Pes wortpckwic——FEMIMNASS $28 EN, ea ce, Be AE grup gsr & CO,
Slide 40: vocentvto
vocentvto Comunicacion innovadora para 7vconformistus