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RESULTS
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IMPRESA - Sociedade Gestora de Participações Sociais, S.A.
Share Capital: €84,000,000
Head Office: Rua Calvet de Magalhães, n.º 242, 2770-022 Paço de Arcos
NIPC 502 437 464
Commercial Registry Office of Lisbon
CONTENTS

1. HALF-YEARLY HIGHLIGHTS 3

1.1. IMPRESA Brands 4

2. CONSOLIDATED ACCOUNTS 5

2.1. Income Statement 5

2.2. Indebtedness 6

3. SEGMENTS 7

3.1. Television 7

3.2. Publishing 9

3.3. Other 10

4. IMPRESA GROUP SECURITIES 11

4.1. IMPRESA Shares 11

4.2. SIC Bonds 11

5. IMPRESA MERIT 12

6. OUTLOOK 13
FIRST HALF 2023
RESULTS




SIC and Expresso consolidate their leadership

• Publishing segment revenues grew 13.8%

• Despite an increase in staff costs, with a focus on lower salaries, to address the effect of
inflation, operating costs were reduced by 1.1%

• Impresa's EBITDA adjusted for restructuring costs reached €3.3m
• SIC maintained audience leadership with a share of 15.8% and has been the most watched
channel for 53 months
• Expresso celebrated its 50th anniversary, recorded the best result in paid digital circulation
and it was honoured with the Order of Liberty




1. HALF-YEARLY HIGHLIGHTS

The IMPRESA Group's total revenues reached €86m, compared to €88.2m in the same period of
the previous year. Publishing segment revenues grew by 13.8% to €12m, with an impact on EBITDA,
which increased by 43.4%.

Operating costs decreased by 1.1%, with the optimisation of the management of the television
programming grid having contributed to this decrease.

The Group's EBITDA exceeded €2.9m, compared to €4.2m in the first half of 2022. EBITDA adjusted
for restructuring costs reached €3.3m, representing a decrease of 22.1%.

IMPRESA recorded a net loss of €4m, a decrease of €1.9m compared to the same period of the
previous year.

Net remunerated debt increased 3.6% year-on-year to €145.2m.




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1.1. IMPRESA Brands
• SIC has been audience leader for 53
consecutive months, registering an
average share of 15.8%, in terms of
consolidated data, in the first half of 2023,
in the universe of generalist channels.

• SIC generalist and thematic channels
closed the first half of 2023 with a leading
position in the commercial targets - A/B C
D 15/54 and A/B C D 25/54.

• SIC Notícias was the leading information
channel in the target group composed of
the upper classes and the most active
audience (ABC 25/54), with a share of
3.7%.
• The Expresso continues to be the best
• SIC represented 50% of the market share selling newspaper in Portugal, with an
of advertising investment among the average of 95 thousand copies sold,
generalist channels, between January and according to data from the APCT, with
June 2023. reference to the period covering January to
March 2023.
• Vale Tudo em Direto and Isto é Gozar
com Quem Trabalha were the most • The focus on digital formats allowed
watched programmes of the first half of Expresso to achieve its best paid digital
2023. circulation result between January and
March 2023, with an average of 52,000
• In the top 20 programmes with the copies sold per edition.
highest audience (without football), 11
are from SIC. • In March, the Clube Expresso was
launched, which includes virtual
• Opto's Praxx series won silver in the conversations with readers on a wide
"Streaming" category of the New York range of topics, visits to the Newsroom and
Festivals TV & Film Awards, as well as the exclusive newsletters, with a view to
distinction in the "Best Cinematography in attracting and retaining digital subscribers,
a TV Series or Telefilm" category of the as well as creating a closer and stronger
AIP Cinema Awards. relationship with subscribers.

• The Impresa Group launched 13 new
Podcasts in the first half of the year, which
quickly won over listeners. Among the
podcasts with the highest volume of
downloads during the semester, the
following stand out: Programa Cujo Nome
Estamos Legalmente Impedidos de Dizer
(2.6m), Expresso da Manhã (1.4m), Eixo
do Mal (1.2m), Isto É Gozar Com Quem
Trabalha (1.2m) and A Noite da Má Língua
(0.7m).


04
FIRST HALF 2023
RESULTS




2. CONSOLIDATED ACCOUNTS
2.1. Income Statement

(values in M€) 1st Half 23 1st Half 22 var %


Total Revenues 86.0 88.2 -2.5%
Television 73.4 77.0 -4.8%
Publishing 12.0 10.6 13.8%
Infoportugal 0.7 0.6 5.5%
Intersegments & Others -0.1 -0.1 -36.9%


Operating Costs (1) 83.1 84.0 -1.1%


Total EBITDA 2.9 4.2 -31.6%
EBITDA Margin 3.3% 4.7%
Television 3.5 5.1 -31.6%
Publishing 0.6 0.4 43.4%
Infoportugal & Others -1.2 -1.3 7.6%


Total EBITDA (2) 3.3 4.2 -22.1%
EBITDA Margin (2) 3.8% 4.8%

Depreciation 2.2 2.4 -9.1%

EBIT 0.7 1.8 -62.6%
EBIT Margin 0.8% 2.0%

Financial Results -5.0 -4.2 -18.3%
Provisions 0.2 0.2 0.0%

Res. Bef Taxes & Minorities -4.5 -2.6 -71.4%

Income Tax (IRC)(-) -0.5 -0.5 1.1%

Net Profit -4.0 -2.2 -86.7%


Notes:
EBITDA = Operating Results + Amortisation and Depreciation + Provisions + Impairment in non-current assets.
(1) Does not consider Amortisation and Depreciation, Provisions and Impairment Losses on non-current assets.
(2) EBITDA adjusted for restructuring costs.




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In the first half of 2023, IMPRESA reached Due to the current financing structure, the
consolidated revenues of €86m, a decrease financial results reflect a reduced impact
of 2.5% relative to the first six months of 2022. when compared to the increase of the key
interest rates.
Operating costs, without considering
amortisation, depreciation, provisions and Net income for the first half of 2023 was a
impairment losses on non-current assets, fell negative €4m.
by 1.1%.

Consolidated EBITDA came to a positive
€2.9m, a decrease of 31.6% compared to the
value reached in the first half of 2022.




2.2. Indebtedness

(values in M€) 1st Half 23 1st Half 22 var %


Net Debt (M€) 145.2 140.2 3.6%




With regards to indebtedness figures, there was a 3.6% increase in net debt, having closed the
first half of 2023 at €145.2m.




06
FIRST HALF 2023
RESULTS




3. SEGMENTS
3.1. Television




(values in M€) 1st Half 23 1st Half 22 var %


Revenues 73.4 77.0 -4.8%


Operating Costs (1) 69.9 71.9 -2.9%


EBITDA 3.5 5.1 -31.6%
EBITDA Margin (%) 4.7% 6.6%
EBITDA (2) 3.9 5.1 -23.9%
EBITDA Margin (2) (%) 5.3% 6.6%

Notes:
EBITDA = Operating Results + Amortisation and Depreciation + Provisions + Impairment in non-current assets.
(1) Does not consider Amortisation and Depreciation, Provisions and Impairment Losses on non-current assets.
(2) EBITDA adjusted for restructuring costs.




SIC achieved total revenues of €73.4m in the
first half of 2023, compared to €77m in the SIC's EBITDA, adjusted for restructuring
same period of 2022. costs, reached €3.9m

Operating costs decreased by 2.9%, due to
the optimisation of the management of the
television programming grid.




07
Audiences

SIC ended the first half of 2023 as audience SIC generalist and thematic channels ended
leader in the universe of generalist channels, the first half of 2023 with a market share of
having reached an average share of 15.8% in 19.7%.
terms of consolidated data. In the commercial
targets – A/B C D 15/54 and A/B C D 25/54 –
SIC also conquered the leading position in the In the commercial targets (A/B C D 15/54
universe of generalist channels, with shares and A/B C D 25/54), SIC's universe of
of 12.7% and 12.3%, respectively. channels was the most watched with a
share of 17.3% and 17.1%, respectively.
In addition to leadership in the daily total, SIC
maintained the first position in prime time and Subscription channels reached a market
reached, in the universe of generalist share of 3.9%.
channels, an average share of 18.5%, in
terms of consolidated data. SIC Notícias achieved a market share of
2.1%, SIC Mulher of 1.1%, SIC Caras of
The good performance of the various fiction 0.3%, SIC Radical and SIC K of 0.2%.
products that SIC broadcast in prime time
contributed to this result, namely the soap
SIC Notícias was the leading information
operas Sangue Oculto, Flor Sem Tempo, Por
channel in the target group composed of the
Ti, Dona Flor e Seus Dois Maridos, Um Lugar
upper classes and the most active audience
ao Sol and Pantanal, as well as weekend
(ABC 25/54), with a share of 3.7%.
entertainment, with the programmes Terra
Nossa, Tabu, All You Need is Love, Isto é SIC Mulher ended the first half of 2023 with
Gozar Com Quem Trabalha, Vale Tudo, Os the best result ever in the GfK panel (since
Traidores and Salve-se Quem Puder. March 2012) and climbing to the 10th
position of the most watched channels in the
In the first six months of 2023, SIC continued universe of subscription channels.
to lead in the mornings, with a share of 16.3%.
In the afternoon period, SIC ended the first
In terms of digital formats, the SIC brand
half of 2023 with a share of 14.4% and, in late
achieved its third best half-yearly result
night, the channel conquered the audience's
ever, with an average monthly reach of
preference with a share of 15.1%.
close to 3.2 million Unique Visitors from
January to June 2023.
In terms of information, Primeiro Jornal and
Jornal da Noite remained unbeatable, with a
leading position on all seven days of the It should be noted that the value achieved
week. This success is also attributed to the by SIC appears as the second highest
different items broadcast, such as Opinião de monthly average in the ranking of media
Luís Marques Mendes, O Polígrafo SIC, with the greatest digital reach in Portugal,
Guerra Fria and Essencial. according to netAudience data.




08
FIRST HALF 2023
RESULTS




3.2. Publishing



(values in M€) 1st Half 23 1st Half 22 var %


Total Revenues 12.0 10.6 13.8%


Operating Costs (1) 11.4 10.1 12.6%


EBITDA 0.6 0.4 43.4%
EBITDA Margin (%) 5.3% 4.2%
EBITDA (2) 0.6 0.4 43.3%
EBITDA Margin (2) (%) 5.3% 4.2%

Notes:
EBITDA = Operating Results + Amortisation and Depreciation + Provisions + Impairment in non-current assets.
(1) Does not consider Amortisation and Depreciation, Provisions and Impairment Losses on non-current assets.
(2) EBITDA adjusted for restructuring costs.




Impresa Publishing registered total revenues
of €12m, which represents an increase of Impresa Publishing recorded a positive
13.8% in relation to the first half of 2022. EBITDA of €0.6m, an increase of 43.4% and
€0.2m more than the figure recorded in the
Regarding costs, there was an increase of same period of 2022.
12.6%. This figure is mainly explained by the
increase in the price of paper and the
organisation of events in the context of the
celebrations of the 50th anniversary of
Expresso, which also made an important
contribution to the increase in revenues for
this segment.




09
3.3. Other



(values in M€) 1st Half 23 1st Half 22 var %


Total Revenues 0.6 0.6 1.5%
Infoportugal 0.7 0.6 5.5%
Intersegments & Others -0.1 -0.1 -36.9%

Operating Costs (1) 1.8 1.9 -4.9%


EBITDA -1.2 -1.3 7.6%
EBITDA (2)
Notes: -1.2 -1.3 6.9%
EBITDA = Operating Results + Amortisation and Depreciation + Provisions + Impairment in non-current assets.
(1) Does not consider Amortisation and Depreciation, Provisions and Impairment Losses on non-current assets. 09
(2) EBITDA adjusted for restructuring costs




Infoportugal achieved operating revenues of In terms of consolidated results, the EBITDA
€0.7m, representing an increase of 5.5% of this segment was negative, of the value of
relative to the first half of 2022. €1.2m.




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FIRST HALF 2023
RESULTS



4. IMPRESA GROUP SECURITIES
4.1. IMPRESA Shares

Evolution of the IMPRESA share price and the PSI Index in the 1st Half of 2023


35% Impresa PSI


25%
Percentage Variation




15%


5%


-5%
1-jan 1-fev 1-mar 1-abr 1-mai 1-jun

Data: Euronext


The first half of 2023 saw a positive outcome The IMPRESA share ended the month of
for most global stock markets, despite falls in June up 4.90% compared to the end of
February and May, marked by the banking 2022. The shares closed the first half of
sector crisis and the risk of a US Treasury 2023 with a price of €0.1605/share.
default. The European Stoxx 600 ended June
down 8.72% and the Euro Stoxx Media index, Transaction volumes registered a decrease
which tracks the media sector in Europe, of 38% year-on-year, reflecting an average
surged 9.10%, compared to the close of 2022. of 104,100 shares traded per session,
The Portuguese PSI index rose 3.39%. compared to the average of around 167,100
shares per session between January and
June 2022.




4.2. SIC Bonds
SIC 2021-2025 Bonds, admitted to trading on
the regulated market (Euronext Lisbon) on 11
June 2021, fluctuated between 99% and
100.25% during the first half of 2023, and
ended June trading at par (100%).




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5. IMPRESA MERIT
The IMPRESA brands continue to gain the Isto é Gozar com Quem Trabalha won in the
confidence of the public and to be distinguished Best Generalist TV Programme category in the
for their quality and social contribution. Culture Section of the NIT Awards.
According to the Digital News Report 2023,
prepared by Reuters Institute and Oxford
University, SIC Notícias and the Expresso EXPRESSO
remain in the top national media organisations
whose news content the Portuguese trust the At the conference commemorating the 50th
most, with a score of 78% and 77%, anniversary of Expresso, the President of
respectively. The same study reveals that both the Portuguese Republic, Marcelo Rebelo
are among the brands with the greatest weekly de Sousa, honoured the Expresso
reach online and offline, with SIC (including newspaper with the Order of Liberty
SIC Notícias) leading the top. emphasising that "we need to recreate
democracy and Expresso has a role to play
SIC and Expresso are also on the list of the therein as it did 50 years ago".
"100 Most Valuable Portuguese Brands",
according to the OnStrategy study that analyses Similarly to SIC, Expresso was another of the
Reputation, Strength and Brand Energy, in Impresa Group brands that won the Consumer
addition to Financial Appraisal. In the first half of Choice Award, the Five Stars Award and the
2023, the following recognitions are also Marketeer Award, in the “Press - Media”
noteworthy: category

SIC The Expresso feature story "Filhos únicos da
Terra" won in the Press category of the
The channels of the SIC universe won the "Children's Rights in the News" Journalism
"Consumer Choice" distinction again in 2023, Awards.
and SIC was once again recognised with the
Reputation Award, attributed by the OnStrategy
IMPRESA FOR SUSTAINABILITY
Consultancy. It was also attributed the Marketeer
Award in the "TV - Media" category and the Five The Impresa Group
Star Generalist Channel Award, along with SIC stood out as the No. 1
Notícias, which conquered the Information Group in the sector in
Channel Award. ESG Responsibility,
The Corações com Coroa Association attributed according to the
two SIC feature stories, "A Roupa dos Brancos analysis of Merco, the
Mortos" and "Mínimo Garantido", with the first ex reference monitor for
aequo award. Ibero-America, which released the ranking of
S SEMEST the 100 most responsible companies.
The Reportagem Especial "As Lágrimas Não Se
Fazem Ouvir" won the First Prize in the SIC's Grande Reportagem, "A Roupa dos
Television category of the "Children's Rights in Brancos Mortos" and Expresso's work "Dois
the News" Journalism Awards. metros, 60 kilos e 'o mesmo feio'" received
the 1st Prize in their respective categories at
The World Media Festivals Television & the Sustainability Awards of the Mestre
Corporate Media Awards distinguished SIC's Casais e Ceiia Foundation.
soap opera, Sangue Oculto, with the Silver
Medal in the Soap Opera category.

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6. OUTLOOK
At a time of transformation at various levels in the media sector, Impresa continues to
differentiate itself by the quality of its content and the innovative and dedicated vision of its
teams. This recipe is reflected in audience preference and in the commercial value of the
brands, with SIC and SIC Notícias being leaders among the commercial targets. The focus
on quality has ensured the first place of SIC and Expresso, year after year, even in more
uncertain macroeconomic environments. In this sense, the Group will continue to focus on
implementing the Strategic Plan, following consumer trends, producing the best content and
ensuring the level of rigour and credibility for which it is recognised and which is essential for
the proper functioning of democracy.

For the second half of 2023, Impresa is focused on revenue growth in the various business
sectors currently covered by the Group, which go beyond publishing and television,
incorporating areas undergoing major expansion such as streaming, branded content and
audio.

The development of ongoing projects to accelerate the implementation of the digital strategy
will continue, with emphasis on the streaming area, which represents a transversal focus on
the media sector and for which Impresa is particularly capable and well positioned in relation
to national competition, due to its pioneering commitment to Opto and the FAST channels.
The diversification of revenue sources, stimulated also by internal innovation initiatives,
should be complemented and balanced with careful monitoring of costs, aiming at sustained
improvement of the operating margin and reduction of net debt.

As it did 50 years ago, with the foundation of Expresso, and 30 years ago with its venture
into the first private television channel, the Impresa Group will continue to innovate and
reinvent itself to be where its audience is.


Paço de Arcos, 27 July 2023
On behalf of the Board of Directors

Cristina Barroso Paulo Miguel dos Reis
Management Control and Commercial Operations Director Representative for Market Relations




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