Other relevant information - H12026 Financial Results (On business and financial situation)

1. HIGHLIGHTS 3

   1. Highlights of the period and key figures 3

   2. Economic and market landscape 4

   3. Outlook 6

2. ATRESMEDIA 8

   1. Consolidated statement of profit or loss 8

      1. Net revenue 9

      2. Operating expenses 9

      3. Operating profit and margins 10

      4. Profit before tax 11

      5. Consolidated profit for the period 11

   2. Consolidated balance sheet 12

   3. Consolidated cash flow 14

   4. Share price performance 15

      1. Atresmedia shares 15

      2. Analyst recommendations 16

   5. Corporate responsibility 17

3. AUDIOVISUAL 20

   1. Statement of profit or loss 20

      1. Net revenue 20

      2. Operating expenses 22

      3. Operating profit and margins 23

   2. Audience 24

      1. TV viewing and audience 24

      2. Digital audiences 28

4. RADIO 30

   1. Advertising market and audience figures 30

   2. Statement of profit or loss 31

5. ALTERNATIVE PERFORMANCE MEASURES 33

1. HIGHLIGHTS
   1. Highlights of the period and key figures

      Atresmedia. Key figures for the period

      Operational highlights 1H26 1H25

      Total TV audience 25.4% 26.4%

      Radio listeners (thousand) (EGM survey, second wave, rolling average)

      3,191 2,930

      Average number of employees 2,595 2,589

      Financial highlights

      (EUR thousand) 1H26 1H25

      Net revenue	520,033	506,646
      EBITDA	87,110	85,025
      Profit for the period	56,409	63,835
      Net financial position	70,194	65,398

      Atresmedia reported EBITDA of EUR 87.1 million for the first half of 2026, an increase of 2.5% of EUR 2.1 million from the year before.

      Consolidated profit for the Group in the period amounted to EUR 56.4 million.

      Atresmedia Televisión was the most-watched TV group for the ninth consecutive half-year period, with a 25.4% audience share, 2.4 percentage points (pp) ahead of Mediaset despite having one fewer channel. It also topped the ranks in prime time, with a 25.3% share, 3.4 pp higher than its chief competitor. Antena 3 was the top TV channel by viewership in Spain, with a 12.7% share. It was also the leader in prime time, with a 13.3% share. La Sexta achieved an audience share of 6.0% and the Group's complementary channels (Neox, Nova, Mega and Atreseries) a combined share of 6.7% in the half.

      In the Digital business, data by Comscore as at end-June showed that Atresmedia was still the leading audiovisual group on the internet, with an average of 21.2 million unique visitors. It was the tenth most visited website overall in Spain. The atresplayer premium SVOD platform ended the period with more than 760 thousand subscribers.

      Atresmedia Cine films shown during the half accounted for 61% of Spanish box office receipts. Torrente, presidente led the general box office ranking in Spain among both national films and foreign productions. It was also the highest-grossing of all the films in the Torrente saga and the fourth-highest grossing Spanish film ever.

      Internationally, Atresmedia's channels had a combined 59 million subscribers, 11% more than in the first half of last year. Atresmedia Radio, and its Onda Cero, Europa FM and Melodía FM stations, held on to its position, with 3.2 million listeners according to the latest general media survey (EGM) (second wave of 2026).
   2. Economic and market landscape

      In its latest estimates of July 2026, the Funcas panel revised up its growth forecast for the Spanish economy by one-tenth of a percentage point from its previous forecast to 2.3%, noting the stronger economic performance through to June. This additional tenth was driven by a larger contribution from domestic demand (2.7 pp), as net trade is expected to have a drag of 0.4 pp on overall growth.

      The Government of Spain estimates GDP growth of 2.6% in 2026, after its latest revision to estimates in June. Banco de España's forecasts (June 2026) are less upbeat, pointing to growth of 2.3%. Among other international bodies, the OECD, the IMF and the European Commission estimate growth at 2.2%, 2.1% and 2.4%, respectively.

      As regards prices, the average inflation rate forecast for 2026 is 3.2%. The United States-Iran conflict, coupled with tensions in the Strait of Hormuz, have pushed up prices of oil and derivative products. After peaking in March (3.4%), inflationary pressures appear to be easing, with forecasts pointing to a headline rate of 3.0% in December.

      Meanwhile, core inflation (i.e., excluding energy and non-processed food prices) is estimated at 2.7% on average by end-2026.

      Turning to interest rates, the ECB's key rate ended 2025 at 2%, following several years of hikes driven by rampant inflation. Interest rates reached their peak in 2024 and held steady at 4% until June that year. In June 2026, owing to the above-mentioned increases in oil prices, the ECB once again tightened monetary policy, hiking rates by a quarter of a percentage point to 2.25%. Meanwhile, the FUNCAS panel estimates that the Euribor rate will end this year at 2.75%.

      Regarding the labour market, Spain's unemployment rate, according to the Funcas panel, should fall to 10.0% in 2026 and 9.6% in 2027. OECD and other official estimates are in line with these.

      Spain's budget deficit, according to the same source, is projected to end 2026 at 2.5% of GDP, decreasing to 2.4% in 2027.

      For the advertising market, internal estimates suggest that advertising spend increased by 3.9% year-on-year in the first half of 2026.

      1H25

      Advertising market by media (*) 1H26 VS

      Television	0.9%
      Radio	3.0%
      Outdoor	5.2%
      Daily newspapers+Magazines+Sunday newspapers	0.8%
      Cinema	4.2%
      Websites	4.2%
      Social media	11.5%
      Search	2.7%
      TOTAL MEDIA	3.9%

      Source: Internal estimates

      (*) Investment in the various media outlets, including the digital component.

   3. Outlook

      Looking ahead to full year 2026, the Group has a prudent, yet somewhat more optimistic, view. At both the macroeconomic level and within the advertising market, prospects are becoming brighter than at the beginning of the year; this has fed through to increased advertiser confidence in terms of media investment to promote their products and brands.

      For advertising, the first half featured an improved trend in audiovisual investment (linear and digital TV) compared with last year. There are several key qualitative factors at the start of the year supporting this view, including more stable TV viewership, sporting events that attract all media, even traditional, and increased activity in industries that traditionally rely more on TV ads.

      We also see scope for growth in Radio and Outdoor advertising spend, in line with the growth seen in recent years.

      In this context, Atresmedia expects its total revenues in 2026 to remain stable or show slight growth on a constant-perimeter basis. In addition, the positive impact of Last Lap's contribution for the full year will be incorporated, as well as that of Clear Channel, following the Phase I clearance granted by the National Commission on Markets and Competition (CNMC), which has brought the merger control review process in Spain to an end.

      The integration of Clear Channel Spain represents a key milestone for the Group, as it will strengthen Atresmedia's diversification strategy and its solid positioning in a new market-the outdoor advertising sector-which benefits from structural growth dynamics that exceed the market average and offers significant value-creation potential through digitalization.

      Turning to profitability, the Group is still targeting an EBITDA margin of around 15%, underpinned by a commercial policy geared towards innovation in its commercial products, operation of 360º content, and continuous improvement in operating efficiency to maximise returns all along the value chain.

      We maintain the objective set at the beginning of the year of closing the financial year with a positive financial position of approximately €90 million (net financial debt of €25 million, considering the completion of the Clear Channel acquisition), remaining at levels compatible with a solid and flexible financial structure.

      As for shareholder returns, a special dividend of EUR 0.21 per share (EUR 47.3 million) was paid out of reserves in June. The amount of the interim dividend in 2026 will be determined at the end of the year, preserving financial discipline and the balance between organic growth, corporate development and shareholder remuneration.

      In short, Atresmedia is coming into the second half of 2026 as the benchmark audiovisual and digital group in Spain, continuing to execute its 2023-2026 Strategic Plan and reinforcing a model that focuses on sustainable and profitable value creation.

2. ATRESMEDIA
   1. Consolidated statement of profit or loss

      EUR thousand	1H26	1H25	Change
      NET REVENUE	520,033	506,646	2.6%
      OPERATING EXPENSES	432,923	421,621	2.7%
      EBITDA	87,110	85,025	2.5%
      Depreciation and amortisation	8,745	8,705	0.5%
      Impairment of and gains/(losses) on disposals of non-current assets	(23)	15	N/A
      EBIT	78,388	76,305	2.7%
      Net finance income/(expense)	(346)	9,480	N/A
      Share of profit/(loss) of equity-accounted	(2,232)	(71)	N/A
      investees
      Profit before tax from continuing operations	75,810	85,714	(11.6%)
      Income tax expense	19,454	22,044	(11.7%)
      Profit for the period (*)	56,356	63,670	(11.5%)
      Profit attributable to non-controlling interests	53	165	(68.0%)
      Profit for the period attributable to the parent	56,409	63,835	(11.6%)

      (*) Reflects the impact of the accrual of late-payment interest associated with the favorable ruling by the Spanish National Court (Audiencia Nacional) regarding Corporate Income Tax for fiscal years 2016-2020, related to the application and offsetting of the Group's tax loss carryforwards (June 2026: +€0.7 million; June 2025: +€8.7 million, before taxes).

      .

      1. Net revenue

         Atresmedia obtained net revenue through June 2026 of EUR 520.0 million, up 2.6% from EUR 506.6 million in 1H25.

         Net revenue by business
         (EUR thousand)	1H26	1H25	Change
         Audiovisual	481,246	468,810	2.7%
         Radio	43,707	42,927	1.8%
         Eliminations	(4,920)	(5,091)
         ATRESMEDIA	520,033	506,646	2.6%

      2. Operating expenses

         Cumulative operating expenses through June 2026 rose by 2.7% year-on-year.

         Operating expenses by business
         (EUR thousand)	1H26	1H25	Change
         Audiovisual	403,564	392,519	2.8%
         Radio	34,279	34,193	0.3%
         Eliminations	(4,920)	(5,091)
         ATRESMEDIA	432,923	421,621	2.7%

         Operating expenses by nature
         (EUR thousand)	1H26	1H25	Change
         Programming costs	173,525	175,933	(1.4%)
         Personnel costs	99,322	98,808	0.5%
         Other operating expenses	80,827	82,839	(2.2%)
         Variable costs based on sales	84,169	69,132	21.5%
         Eliminations	(4,920)	(5,091)
         OPERATING EXPENSES	432,923	421,621	2.7%

         The Group remained the audience leader, in both total daytime and prime time audience, while it also managed to reduce programming costs by 1.4% year-on-year, and maintain a tight grip on operating expenses.

         The increase in variable costs based on sales and personnel costs was due to the development and addition of new companies to the scope of consolidation, including Last Lap and Ac2ality.

      3. Operating profit and margins

         Gross operating profit (EBITDA) for 1H26 was EUR 87.1 million, EUR 2.1 million higher than the year-earlier figure, leaving an EBITDA margin of 16.8%.

         EBITDA by business

         (EUR thousand) 1H26 1H25

         Audiovisual	77,682	76,291
         Radio	9,428	8,734
         TOTAL ATRESMEDIA	87,110	85,025

         Operating profit (EBIT) in the year's first half was EUR 78.4 million, up 2.7% from EUR 76.3 million in 1H25.

         EBIT (EUR thousand)	1H26	1H25
         Audiovisual	69,950	69,006
         Radio	8,438	7,299
         TOTAL ATRESMEDIA	78,388	76,305

      4. Profit before tax

         Net finance expense through June 2026 totalled EUR 0.3 million, compared to net finance income of EUR 9.5 million in the same period last year. In 2025, income of EUR 8.7 million was recorded for late payment interest from the favourable decision by Spain's National Court (Audiencia Nacional) regarding income tax for 2016-2020 in relation to the utilisation and offset of tax assets from the carry forward of unused tax losses. The amount of the provision recognised in this regard in 2026 is EUR 0.7 thousand.

         "Share of profit/(loss) of equity-accounted investments" in the six months ended 30 June included the share of profit or loss of investees.

         Profit before tax for 1H26 was EUR 75.8 million, compared to EUR 85.7 million in 1H25.

      5. Consolidated profit for the period

         Consolidated profit for the first six months of the year amounted to EUR

         56.4 million, compared with EUR 63.8 million in 1H25, which benefited from the income derived from the late payment interest explained above.

   2. Consolidated balance sheet

      EUR thousand

      As at 30 June 2026

      As at 31 December 2025

      ASSETS
      Goodwill	189,707	190,621
      Other intangible assets	117,408	116,276
      Property, plant and equipment and other non-current assets	282,456	211,306
      Deferred tax assets	153,847	154,004
      NON-CURRENT ASSETS	743,418	672,207
      Programme rights and inventories	190,534	208,551
      Trade and other receivables	267,549	272,821
      Other current assets	19,621	13,245
      Current tax assets	51,215	54,809
      Cash and cash equivalents	269,451	257,418
      CURRENT ASSETS	798,370	806,844
      TOTAL ASSETS	1,541,788	1,479,051
      EQUITY AND LIABILITIES
      Share capital	169,300	169,300
      Share premium	38,304	38,304
      Legal and bylaw reserves	42,475	42,475
      Retained earnings	392,400	423,232
      Treasury shares	(4,756)	(4,756)
      Interim dividends	0	(40,532)
      Valuation adjustments and other	173,280	105,539
      EQUITY	811,003	733,562
      Bank borrowings	198,825	198,688
      Other non-current liabilities	61,041	91,944
      Deferred tax liabilities	47,837	47,384
      NON-CURRENT LIABILITIES	307,703	338,016
      Bank borrowings	432	605
      Trade and other payables	322,574	333,488
      Other current liabilities	80,579	73,019
      Current tax liabilities	19,497	361
      CURRENT LIABILITIES	423,082	407,473
      TOTAL EQUITY AND LIABILITIES	1,541,788	1,479,051

      The Group had a positive net financial position as at 30 June 2026 of EUR

      70.2 million, an improvement of EUR 12.1 million from year-end 2025.

      A special dividend out of unrestricted reserves of EUR 0.21 per share, gross, was distributed in June, for a total amount of EUR 47.3 million.

   3. Consolidated cash flow

      Net cash flows from operating activities for the six months ended 30 June 2026 amounted to EUR 79.6 million, generating EUR 27.4 million more cash than the year before and a cash conversion rate of 0.9x EBITDA.

      EUR thousand	As at 30 June 2026	As at 30 June 2025
      1. OPERATING ACTIVITIES
      Consolidated profit for the period before tax	75,810	85,714
      Adjustments for:	(6,066)	(3,870)
      - Depreciation and amortisation	8,745	8,705
      - Provisions and other	(15,157)	(3,095)
      - Net finance income/(expense)	346	(9,480)
      Working capital changes	5,470	(21,876)
      Cash flows from operating activities	75,214	59,968
      Dividends received	0	484
      Income tax (paid)/received	4,354	(8,264)
      Net cash flows from operating activities	79,568	52,188
      2. CASH FLOWS FROM INVESTING ACTIVITIES
      Investments	(18,952)	(21,333)
      Subsidiaries, joint ventures and associates	(6,237)	(3,280)
      Property, plant and equipment and intangible assets	(5,786)	(7,967)
      Investment in Spanish film production	(6,929)	(10,086)
      Proceeds from disposals and advances on asset sales	304	253
      Subsidiaries, joint ventures and associates	304	253
      Net cash flows used in investing activities	(18,648)	(21,080)
      3. CASH FLOWS FROM FINANCING ACTIVITIES Lease payments	(829)	(728)
      Interest received (paid)	(399)	953
      Financing - Associates and related parties	(170)	(163)
      Redemption and repayment of bank borrowings	(36)	(10,270)
      Dividends paid	(47,453)	(105,834)
      Acquisition of treasury shares		(1,748)
      Capital contributions		192
      Net cash flows used in financing activities	(48,887)	(117,598)

      NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	12,033	(86,490)
      Cash and cash equivalents at beginning of the period	257,418	304,750
      Changes in the scope of consolidation	0	1,742
      Cash and cash equivalents at end of the period	269,451	220,002

      Pursuant to the Constitutional Court Judgment of 18 January 2024 on Royal Decree-Law 3/2016, the Group recognised certain accounting and tax effects at year-end 2024 and 2025 associated with the utilisation and offset of current and deferred tax assets and liabilities. These effects were subsequently confirmed in their entirety by the National Court Judgment of June 2025 on the claim filed by Atresmedia.

      On 24 June 2026, the Group received the refund for 2016, amounting to EUR 11.5 million (EUR 8.6 million of principal and EUR 2.9 million of late payment interest). Therefore, still outstanding is enforcement of the refunds for 2017 to 2020, included in that Judgment, and the refunds for 2021 and 2022, of which Atresmedia also requested rectification at that time.

   4. Share price performance
      1. Atresmedia shares

         Atresmedia's closing share price for the first half of 2026 was EUR 4.77, down 2.25% from the last price of 2025. The IBEX 35 index ended the period at 19,471.90 points, up 12.5% from year-end 2024.

         
         
         

         Atresmedia share price vs the Ibex 35 in 2026

         Stock market data 1H26

         Share price at 30/06/2026 (EUR)	4.77
         High (EUR)	5.27
         LOW (EUR)	4.67
         Weighted average price (EUR)	5.036

         Average daily trading volume (no. shares)

         Average daily trading volume

         (EUR thousand)

         387,155

         1,950

         No. of shares (thousand) 225.7

         Source: Euroland

      2. Analyst recommendations

         At the end of the year, nine analysts had opinions and recommendations on Atresmedia shares. Of these, two rated the Company buy, three hold and four sell. The average target price as at 30 June 2026 was EUR 5.25/share.

         In the first half 2026, the Investor Relations (IR) department took part in four conferences and road shows organised by Santander, BME and Renta4.

         A total of 90 contacts with investors and analysts took place in the period, including face-to-face meetings, virtual meetings, telephone calls participation at conferences, and earnings conference calls.

   5. Corporate responsibility ESG at Atresmedia: Environmental (A)
      • Atresmedia continued to bolster its climate strategy throughout the first half of the year. Having reduced its Scope 1 and 2 emissions by 80.9% and its Scope 3 emissions by 26.2%, the Group worked on developing its decarbonisation plan and on identifying measures to advance towards its short-term (2030) and long-term (2050) targets. Also, to incorporate recent changes identified in its boundary and methodology, Atresmedia also approved a project to recalculate its base year and redefine its SBTi targets in the coming years.

      • Atresmedia began drafting its II sustainable mobility plan and strengthened supplier engagement during the period with the aim of driving a more sustainable audiovisual industry. In the first months this year, the Group updated the sustainability clause in its contracts, incorporating three environmental management guides. It also delivered practical training on carbon footprint calculation for key suppliers that have yet to measure theirs.

      • Also in 2026, the Group joined the Media Climate Pact of the Responsible Media Forum. By doing so, Atresmedia undertakes to deliver on two of its commitments: (i) to have ambitious decarbonisation targets validated by the Science Based Targets initiative (SBTi) and (ii) to use the power of its content and channels to continue raising awareness about climate change.

      • Lastly, once again this year the Group is preparing the information required for participation in the CDP (Carbon Disclosure Project), the climate benchmark for the investment community, and has been included on Europe's Climate Leaders ranking.

        Social (S)

      • In 2026, Atresmedia has once again been recognised as Spain's most trusted news media group, according to Reuters Institute and the University of Oxford. The News Digital Report 2026 once again ranks the Group's media outlets among the most trusted and preferred sources of news.

      • Atresmedia and AXA Foundation renewed their historical partnership until 2032, cementing 20 years of social commitment to the prestigious initiatives Ponle Freno and Constantes y Vitales. For their part, Fundación Mutua Madrileña and Antena 3 Noticias celebrated the 10th anniversary of Contra el Maltrato, Tolerancia Cero, expanding their partnership. Ponle Freno staged the 18th edition of its awards, announcing a new edition of its circuit of popular races and launching the 5th edition of its Operación Salida podcast. Constantes y Vitales held its 12th annual awards promoting and highlighting the scientific community and expanded its database of Spanish female researchers. Luz Verde celebrated the 2nd edition of its awards recognising initiatives that help curb climate change. Hablando en Plata continued its fight against ageism, highlighting the knowledge of senior audience.

      • The first half of the year also saw the Group air the Preguntes a quién preguntes (Ask anyone) campaign, putting technology to the test to highlight inequality towards women, and the Contenido Familiar (Family content) campaign, stressing the importance of family diversity in LGBTIQ+ representation. In addition, the Spanish Association Against Cancer and the news services of Antena 3, laSexta and Onda Cero launched the Contra el cáncer, CON TODO (ALL-IN Against Cancer) initiative to create the largest information campaign on cancer in our country, providing accurate, accessible and useful information.

      • Once again, the Group also provided support to the Emergency Committee, set up in the wake of the earthquakes in Venezuela. Thanks to public support and the dissemination efforts of outlets such as Atresmedia, the Committee raised over EUR 1 million to send humanitarian aid and assist victims. Also, so far in 2026 Atresmedia has broadcast 21 new free campaigns to raise the profile of NGOs worth over EUR 9 million. It has also awarded 26 new training scholarships to support the integration of young people with disabilities into the work force through its Becas Capaz programme.

      • Fundación Atresmedia held its 5th edition of Efecto MIL, a project to promote positive social media use by young people, with record participation. It also staged the 5th edition of the Mentes AMI awards which recognise cutting edge teaching projects in critical thinking, values and coexistence, responsible audiovisual creativity, and digital skills. Moreover, as a new feature in 2026, Fundación Atresmedia premiered Amor en tiempos de Wifi (Love in the Wifi age), a podcast hosted by Helena Resano designed to support families with the digital education of their children. The foundation, in conjunction with UNICEF Spain, also launched the Algoritmo seguro ya campaign to demand accountability and changes in the design of digital algorithms. This campaign was broadcast across all the Group's channels.

        Governance (G)

      • In the early months of 2026, Atresmedia's 2025 Non-Financial Information and Sustainability Statement was approved by the Board of Directors and the General Shareholders' Meeting. After that, the Group began work on a new double materiality assessment which will incorporate the latest changes in European regulations and serve as the basis for the preparation of the next Sustainability Statement.

      • The Group has approved a new Director Remuneration Policy for 2027-2029, which includes a new sustainability target. The target comprises two social indicators, one governance indicator and one new climate indicator. The social indicators relate to broadcasting closed-captioned content and free campaigns for NGOs. The governance indicator relates to compliance with the recommendations of the Good Governance Code for Listed Companies. The climate indicator relates to the inclusion of primary data from the Group's key suppliers in the calculation of its Scope 3 emissions to continue advancing towards delivering its decarbonisation objectives.

3. AUDIOVISUAL

   3.1	Statement of profit or loss
   EUR thousand	1H26	1H25	Change
   NET REVENUE	481,246	468,810	2.7%
   OPERATING EXPENSES	403,564	392,519	2.8%
   EBITDA	77,682	76,291	1.8%
   Depreciation and amortisation, and impairment	7,732	7,285	6.1%
   EBIT	69,950	69,006	1.4%

   1. Net revenue

      Cumulative net revenue to the end of June 2026 amounted to EUR 481.2 million, up 2.7% from EUR 468.8 million in the first half of 2025.

      EUR thousand 1H26 1H25 Change

      Advertising in Audiovisual content	386,241	391,436	(1.3%)
      Content production and distribution	53,248	51,785	2.8%
      Other revenue	42,020	25,879	62.4%
      Eliminations	(263)	(290)
      NET REVENUE	481,246	468,810	2.7%

      Advertising in Audiovisual content net revenue in period totalled EUR

      386.2 million, compared to EUR 391.4 million in the same period of 2025.

      This revenue included all advertising revenue from the sale of space on media operated by the Group (linear TV, connected TV, atresplayer, digital channels, influencer marketing, proprietary websites and third-party publishing media).

      Content production and distribution revenue amounted to EUR 53.2 million, 2.8% higher than the EUR 51.8 million reported the year before.

      This includes revenue from Spanish and international production and domestic sale of TV programmes and series, revenue from our SVOD platform (atresplayer premium: B2B and B2C) and the production and distribution of channels on pay-TV platforms in Europe and the Americas (Atresmedia Internacional), and revenue from the Group's film production activities (Atresmedia Cine).

      
      
      

      Atresmedia Cine released seven feature films in the year's first half: Abuela tremenda, La fiera, Torrente presidente, La familia Beneton +2, Cada día nace un listo, Todos los colores and Viaje al país de los blancos. Films operated by Atresmedia during the period accounted for 61% of Spanish box office receipts.

      The movie Torrente, presidente led the general box office ranking in Spain among both national films and foreign productions. It also became the fourth highest-grossing Spanish film ever, the highest-grossing Spanish production of the last decade, and one of the 20 highest-grossing films ever released in Spain, whether domestic or foreign.

      
      
      

      Other revenue, which includes primarily revenue from events, licensing and publishing rights and sales from the Waynabox travel platform, amounted to EUR 42.0 million through June 2026, up 62.4% from EUR

      25.9 million in 1H25. The increase was primarily the result of the inclusion of Last Lap to the Group's events area.

   2. Operating expenses

      EUR thousand 1H26 1H25 Change

      Programming costs	173,525	175,933	(1.4%)
      Personnel costs	84,302	83,466	1.0%
      Other operating expenses	61,831	64,278	(3.8%)
      Variable costs based on sales	84,169	69,132	21.8%
      Eliminations	(263)	(290)	(9.1%)
      OPERATING EXPENSES	403,564	392,519	2.8%

      Operating expenses through 30 June 2026 increased by 2.8% year-on-year to EUR 403.6 million.

      Atresmedia remained the audience leader, in both total daytime and prime time audience, while it also managed to reduce programming costs by 1.4% year-on-year in the period, and maintain a tight grip on operating expenses.

      The increase in variable costs based on sales and personnel costs was due to the development and inclusion of new companies to the scope of consolidation, including Last Lap and Ac2ality.

      TV content on Atresmedia's main channels, Atresmedia, Antena3 and laSexta, was mostly in-house production (88%), while external production (80%) represented the majority of content on its complementary channels, Neox, Nova, Mega and Atreseries.

      
      
      
   3. Operating profit and margins

   Gross operating profit (EBITDA) for 1H26 was EUR 77.7 million, up EUR 1.4 million from the same period last year, leaving an EBITDA margin of 16.1%.

   EBITDA

   (EUR thousand) 1H26 1H25

   Audiovisual 77,682 76,291

   Operating profit (EBIT) reached EUR 69.9 million in the year, leaving an EBIT margin of 14.5%.

   EBIT

   (EUR thousand) 1H26 1H25

   Audiovisual 69,950 69,006

   1. Audience
      1. TV viewing and audience

         TV viewing in the first half of 2026 was 2 hours and 44 minutes per person and day on average.

         Atresmedia ended the period with a 25.4% audience share, 2.4 points ahead of Mediaset (23.0%). Once again, it was the most-watched television group, leading Mediaset for the ninth consecutive half-year period despite having one fewer network. It remained the leader in prime time, with a 25.3% share, 3.4 pp ahead of Mediaset (21.9%).

         An average of 16.1 million unique viewers tuned into to Atresmedia's channels each day during the period, reinforcing the Group's status as leader in television by contacts.

         
         
         

         Source: Fifty5Blue. All day. Ind. 4+ Source: Fifty5Blue. Ind. 4+ Prime Time (8:30pm-12:00am)

         Antena 3 was the most watched network for the ninth straight half-year period, with a 12.7% audience share. It widened the gap with Telecinco (8.9%) and achieved a 13.3% share in prime time, 4.6 pp ahead of T5 (8.7%).
         
         

         Source: Fifty5Blue. All day. Ind. 4+ Source: Fifty5Blue. Ind. 4+ Prime Time (8:30pm-12:00am)

         Antena 3 continued to dominate across all genres in free-to-air television in the first half of the year. It was the absolute leader in news. June marked 78 consecutive months as the most-watched news programmes. It led across all editions, with a 19.6% share. Antena 3 Noticias 1 was the most-watched news programme, with a 23.3% share and 2,190,000 viewers, its best half-yearly performance in 20 years. With a 18.3% share and 2,041,000 viewers, Antena 3 noticias 2 was the leading news programme in prime time. The weekend news programmes were the top ranked, with a 16.6% audience share and 1,659,000 viewers. In the morning slot, the magazine show Espejo Público held steady (12.0% share and 318,000 viewers).

         
         
         

         In entertainment, Antena 3 dominated both daily and weekly:

         Channel	Programme	Type of content	Start	End	No. Program	Thousands	Share
         A3	PASAPALABRA	Contest	02-01-26	30-06-26	125	1,771	19.1
         A3	EL HORMIGUERO	Entertainment	07-01-26	30-06-26	95	1,699	13.7
         A3	LA RULETA DE LA SUERTE	Contest	01-01-26	30-06-26	129	1,548	21.0
         A3	TU CARA ME SUENA	Entertainment	10-04-26	26-06-26	11	1,464	19.7
         LA 1	LA REVUELTA	Entertainment	07-01-26	30-06-26	91	1,289	10.8
         A3	EL DESAFÍO	Entertainment	09-01-26	27-03-26	12	1,276	14.3
         A3	LA RULETA DE LA SUERTE FS	Contest	03-01-26	28-06-26	52	1,263	17.7

         Pasapalabra and El hormiguero continued to rule, as the most-watched game show and programme, respectively, on television. The game show aired on Antena 3 was the most-watched programme each day before the news, with a 19.1% share and 1,771,000 viewers. After the news, El hormiguero was the leader, with a 13.7% share and 1,699,000 viewers. It has been the absolute leader for 12 straight seasons. In mid-afternoon, La ruleta de la suerte (21.0% share and 1,548,000 viewers) remained unbeatable.

         
         
         

         In the year's first half, Tu cara me suena (19.7% share and 1,464,000 viewers) and El desafío (14.35% and 1,276,000) were once again the most-watched weekly entertainment programmes on television. These two shows were joined by other leaders on the channel: La Voz Kids (12.8% share and 1,027,000 viewers), Atrapa un millón (10.8% and 1,098,000), Mask Singer (13.3% and 877,000) and El capitán en Japón (11.5% and 787,000)

         In scripted series, Sueños de libertad was the most-watched, with a 14.3% share and 1,257,000 viewers. In 1H26, Antena 3 premiered new free-to-air shows, including Perdiendo el juicio (10.0% share) and ¿A qué estás esperando? (7.8%), while it also successfully renewed its commitment to foreign series on Mondays and Tuesdays with En tierra lejana (11.6% share and 859,000 viewers).

         laSexta (6.0%) retained its leadership in current affairs among private channels and expanded its diversity by adding two new faces. In the spring, Marc Giró came on with Cara al show (5.5% share and 432,000 viewers) and Aimar Bretos with La noche de Aimar (4.8% and 371,000).

         Lo de Évole (8.7% share and 1,066,000 viewers) delivered its best performance in the last five seasons, while El intermedio (6.8% and 688,000) was the channel's most-watched daily programme, ending its season with an improvement in share of nearly half a point. Now in its fourth season, Anatomía de… (6.0% and 667,000) continued to perform well, while in the afternoons, Zapeando (5.7% and 496,000) and Más vale tarde (5.9% and 445,000) remained key parts of the channel's daily lineup. Complementing this schedule each day are Aruser@s (13.1% share and 290,000 viewers) and Al rojo vivo (8.2% and 313,000), and on weekends La Roca (4.6% and 411,000).

         
         
         

         News and current affairs are one of the channel's hallmarks. Continuing to rank among the most competitive offerings in generalist television are laSexta's news programmes: laSexta Noticias 14h (8.55% share and 692,000 viewers), laSexta Noticias 20h (7.2% and 636,000) and laSexta Noticias fin de semana (7.7% and 612,000). Two long-standing formats on the channel stood out again this season: Equipo de investigación (5.6% share and 586,000 viewers) and laSexta Xplica (6.6% and 527,000).

         Atresmedia's speciality channels were once again benchmarks in their segments.

         Combined, Atresmedia's speciality channels had a 6.7% share in the year's first half, narrowing the gap with Mediaset (excluding its children's commercial offering). Nova cemented its position as the leading women's interest channel, with a 1.9% share. Neox, which specialises in comedy and action shows, garnered a 1.7% share, while Mega, whose programming caters to a male audience, had a 1.3% share. For its part, the A3S scripted series channel ended the year's first half with a notable 1.7% share.

      2. Digital audiences

   According to figures released by Comscore in June, Atresmedia remained the leading audiovisual group in digital consumption, having held the top ranking for 10 years in a row. From January to June 2026, it averaged 21.2 million unique visitors, ranking 10th among the 10 most-visited websites.

   
   
   

   atresplayer, the Group's online video platform, had an average of 2.6 million unique visitors, according to Comscore data, with video consumption reaching nearly 22 million hours in June 2026 (+6% year-on-year) and over 18 million registered users.

   The premium version of atresplayer had topped the 760 thousand subscriber mark by the end of the period. It was also the top Spanish platform for an audiovisual group and during the period reinforced its commitment to original and exclusive content. Airing during the period were Padre no hay más que uno; Rafaela y su loco mundo; the second season of Entre tierras; La Nena, which was the third part of Carmen Mola's acclaimed trilogy; and the Carles Porta thriller 33 días.

   
   
   
   
   
4. RADIO
   1. Advertising market and audience figures

      According to internal estimates, radio advertising spend, including digital, increased by 3.0% in the first half of 2026.

      
      
      

      Atresmedia Radio had an average of around 3.2 million listeners in the latest EGM survey (rolling year ended with the second wave of 2026). Onda Cero, with 2.3 million listeners, retained its position in third place among generalist radio stations. Turning to theme-based radio stations, Europa FM had 822 thousand and Melodía FM 63 thousand listeners

      
      
      
   2. Statement of profit or loss

      NET REVENUE 43,707	42,927	1.8%
      Personnel costs 15,020	15,341	(2.1%)
      Other operating expenses 19,259	18,851	2.2%
      OPERATING EXPENSES 34,279	34,193	0.3%
      EBITDA 9,428	8,734	7.9%
      Depreciation and amortisation, and 990	1,435	(31.0%)
      EBIT 8,438	7,299	15.6%

      EUR thousand 1H26 1H25 Change

      impairment

      Atresmedia Radio delivered a 1.8% year-on-year increase in net revenue through June 2026, to EUR 43.7 million from EUR 42.9 million through June 2025.

      
      
      

      Operating expenses for the six months ended 30 June 2026 totalled EUR

      34.3 million, compared to EUR 34.2 million the year before.

      EBITDA increased by 7.9% year-on-year to EUR 9.4 million, leaving an EBITDA margin of 21.6%.

      EBITDA

      (EUR thousand) 1H26 1H25

      Radio 9,428 8,734

      EBIT

      (EUR thousand) 1H26 1H25

      Radio 8,438 7,299

5. ALTERNATIVE PERFORMANCE MEASURES

To comply with the European Securities Market Authority (ESMA) guidelines on Alternative Performance Measures ("APMs"), the Group presents additional information to improve comparability, reliability and comprehensibility of its financial information.

The Group presents its earnings in accordance with the applicable financial reporting framework (EU-IFRSs), but the directors consider that certain APMs add useful financial information that should be considered when assessing its performance. Directors and management may also use these APMs in their financial, operational and planning decision-making and to evaluate the Group's performance. The Group provides the APMs it considers appropriate and useful for decision-making by users.

EUR thousand 1H26 1H25

EBIT 78,388 76,305

Depreciation and amortisation 8,745 8,705

Impairment of and gains/(losses) on disposals of non-current assets

(23) 15

EBITDA 87,110 85,025

Any ratio between APMs can also be considered an alternative performance measure.