Slide 1: 2025 Full-Year Results
12/03/2026 Digital column, Market Street, San Francisco 2025 FULL-YEAR RESULTS
Slide 2: Business Overview, Financial Highlights, Outlook & Strategy
01 03 BUSINESS OUTLOOK & OVERVIEW STRATEGY Digital, Shenzhen Airport 02 FINANCIAL HIGHLIGHTS Digital clocks, São Paulo Digital billboard, Mexico City // 2
Slide 3: Business Overview
BUSINESS OVERVIEW Jean-François Decaux Chairman of the Executive Board and Co-CEO Digital clocks, São Paulo // 3
Slide 4: 2025 Highlights
2025 HIGHLIGHTS Robust underlying Strong financial revenue growth performance €3,967.1m 20.9%, +150bps yoy Revenue Operating margin rate +1.8% Organic revenue growth +18.6% Recurring EBIT +3.2% Underlying revenue growth(1) +22.8% +10.0% Net income, excl. 2024 APG|SGA share sale Organic digital reven
Slide 5: Higher than expected revenue growth in Q4 2025
HIGHER THAN EXPECTED REVENUE GROWTH IN Q4 2025 Q4 organic growth Above our expectations (guidance "around flat") +1.6% incl. advertising revenue Acceleration vs Q3 +3.1% Solid advertising revenue momentum DOOH Digital c.45% of revenue (+1.9ppt) +8.9% +14.0% pDOOH, 11.0% of digital revenue // 5
Slide 6: Revenue growth by activity
REVENUE GROWTH BY ACTIVITY 2025 Reported growth (%) 2025 Organic growth (%) +3.3% +2.2% +1.9% +1.8% +0.7% +0.8% -2.3% -2.4% STREET GROUP STREET TRANSPORT BILLBOARD TRANSPORT BILLBOARD GROUP FURNITURE FURNITURE // 6
Slide 7: Revenue growth by geography
REVENUE GROWTH BY GEOGRAPHY UNITED 2025 Organic growth (%) KINGDOM GROUP -1.4% FRANCE +1.8% -4.7% REST OF NORTH (2) EUROPE(1) AMERICA +3.1% ASIA PACIFIC +9.8% -0.9% REST OF THE WORLD +9.8% (1) Excluding France and United Kingdom. (2) +1.8% excluding 2024 Paris Olympic and Paralympic Games // 7
Slide 8: Unique global premium OOH media footprint
UNIQUE GLOBAL PREMIUM OOH MEDIA FOOTPRINT 2025 revenue breakdown EUROPE STREET NORTH AMERICA 46.8% BILLBOARD FURNITURE REST OF THE 8.0% 13.4% WORLD REST OF EUROPE 14.0% 30.0% 50.7% 35.8% 20.5% 16.7% ASIA PACIFIC 10.6% TRANSPORT FRANCE UNITED KINGDOM // 8
Slide 9: Dynamic and highly diversified client portfolio
DYNAMIC AND HIGHLY DIVERSIFIED CLIENT PORTFOLIO THE TOP 10 CLIENTS ACCOUNT FOR LESS THAN 13% OF GROUP REVENUE FY 2025 Revenue by customer category, change vs FY 2024 -4% Other -5% -9% Fashion/ Government Personal Care & Luxury Goods +5% 11% Telecom/ 18% Technology 4% 5% -1% Internet 5% 15% +7% 5% Re
Slide 10: Strong digital revenue contribution
STRONG DIGITAL REVENUE CONTRIBUTION +10.0% organic digital revenue growth in 2025 44.8% of total revenue in Q4 2025 Breakdown of digital revenue by segment (FY 2025) Group digital revenue as a % of total Group revenue +16% CAGR BILLBOARD STREET 41.7% 11.6% 39.0% FURNITURE 35.3% 31.4% 26.9% 25.2% 24.
Slide 11: Growing digital across all business segments
GROWING DIGITAL ACROSS ALL BUSINESS SEGMENTS Street Furniture Transport Billboard Tokyo Sydney Airport Chicago 36.9% 39.9% 44.1% 46.4% 35.8% +22.4% +10.4% +20.0% 33.8% CAGR CAGR CAGR 2016 / 2016 / 2016 / 2025 2025 2025 19.7% 8.5% 7.5% 2016 2024 2025 2016 2024 2025 2016 2024 2025 Digital revenue as a
Slide 12: Strong programmatic revenue growth
STRONG PROGRAMMATIC REVENUE GROWTH €180.5m FY 2025 programmatic rev.(1) +19.2% vs 2024 10.9% of total digital revenue Enhanced capabilities 57 DSPs & 135,000 screens incl. 33,000 screens from JCDecaux in 35 countries across 5 continents Berlin Multi-channel programmatic DOOH campaign with 3D visuals
Slide 13: Programmatic is expected to continue to grow strongly
PROGRAMMATIC IS EXPECTED TO CONTINUE TO GROW STRONGLY SHARE OF PROGRAMMATIC IN DIGITAL REVENUE IN FY 2025, TOP 5 COUNTRIES 36.5% 28.6% 19.2% PHOTO À MODIFIER 10.9% 8.6% 7.9% Germany Netherlands Belgium Group Australia UK Group Average Amsterdam // 13
Slide 14: Contract wins & renewals
Transport CONTRACT WINS & RENEWALS Europe UK Northern Rail Street Furniture Belgium Brussels Airport, Metro & buses Europe Norway National Rail (Bane NOR) France Carmila Carrefour, Rennes CIPs, Tours, Cergy-Pontoise Finland Helsinki & Espoo Metro urban area Spain Barcelona Tramway Denmark Odense, He
Slide 15: Best in class ESG performance
BEST IN CLASS ESG PERFORMANCE A List 78/100 AAA 11.1 A 85-100 AAA 0-10 Platinum Negligible risk A- AA 79-84 Gold 10-20 B Media average(4): 15.9 Low risk A B- 72-78 Media average(3): 20-30 Silver BBB BBB Medium risk Media average(1): C C BB C- 63-71 30-40 Bronze High risk Media average(2): 60 D B 0 -
Slide 16: Financial Highlights
FINANCIAL HIGHLIGHTS David Bourg Group Chief Financial, IT & Operations Officer Digital, Shenzhen Bao'an International Airport // 16
Slide 17: Summary of financial results
SUMMARY OF FINANCIAL RESULTS Note: All alternative performance measures (revenue, operating margin, EBIT, free cash flow and net debt) are defined in Appendices. The values shown in the tables are generally expressed in million of euros. The sum of the rounded or variations calculation may differ, a
Slide 18: Operating margin +150bp, already above 20%
OPERATING MARGIN +150BP, ALREADY ABOVE 20% Increase in OM (*) to sale ratio across all segments (%) +8.7% Vs +120bp +230bp +100bp +150bp 12.2024 +0.8% -1.1% -11.0% +0.2% 27.1% 20.9% 31.9 18.2 19.4 -2.9 17.6% 13.5% 764.5 831.1 STREET TRANSPORT BILLBOARD 2024.12 2024 Revenue Rents & Cost of Other 2025
Slide 19: Strong EBIT growth
STRONG EBIT GROWTH Change 2025 2024 M€ % Operating Margin 831.1 764.5 +66.6 +8.7% Margin (% Revenue) 20.9% 19.4% +150bp Net amortisation and depreciation (*) (404.4) (400.0) -4.5 Maintenance spare parts (49.9) (46.9) -3.1 Recurring EBIT 376.7 317.7 +59.0 +18.6% Margin (% Revenue) 9.5% 8.1% +140bp Ot
Slide 20: Net income +22.8% excluding APG|SGA share sale
NET INCOME +22.8% EXCLUDING APG|SGA SHARE SALE 1. Decrease in the IFRS 16 restatement related to new contracts with substitution clauses. 2. In 2025, net financial charges were €4.3 million better year-on-year due to an impairment loss of -€22.6 million on a loan associated with our investments in C
Slide 21: Record free cash flow
RECORD FREE CASH FLOW 1. Increase in income tax paid due to the performance improvement 2. Improvement mainly due to capitalised interests received on cash placements 3. Improvement mainly driven by the decrease in inventory level linked to fewer contracts under deployment at year-end and inventory
Slide 22: Solid financial structure
SOLID FINANCIAL STRUCTURE Decrease in Net Debt Sound debt profile | Strong cash generation in 2025 Debt maturity profile, in million Euros: | Gross debt: €1,932m | Average maturity: 3.1 years | Average debt cost: 3,4% ; 91% of debt at fixed rate | Low leverage (Net debt < 1 * Operating Margin) Stron
Slide 23: 2025 dividend proposed to the AGM
2025 DIVIDEND PROPOSED TO THE AGM +18.2% 0.65 €0.65 DIVIDEND PER SHARE to be proposed for 2025 0.55 €138m PROPOSED DIVIDEND AMOUNT 52% Payout Ratio % (1) 40% % of FCF 2024 2025 Going forward, we intend to gradually increase this dividend while maintaining a balanced cash allocation with capex and bo
Slide 24: Outlook & Strategy
OUTLOOK & STRATEGY Jean-Charles Decaux Co-CEO Digital billboard, Mexico City // 24
Slide 25: OOH: a growth media
OOH: A GROWTH MEDIA 2025 / 2030 ADVERTISING REVENUE CAGR +5.5% CAGR FOR OOH OVER FORECASTS WORLDWIDE THE NEXT 5 YEARS +8.4% +7.6% +7.2% +5.5% +3.4% +2.1% -0.9% -3.8% Digital Total Publishing Retail Media (excl. Retail) (1) DOOH Cinema Total TV Audio OOH (1) Including Gaming, Intelligence search & Ot
Slide 26: Take (D)OOH to the next level
TAKE (D)OOH TO THE NEXT LEVEL DATA PEOPLE Unified AdTech Powered by Data Accelerated by AI // 26
Slide 27: Significant room for digital penetration growth
SIGNIFICANT ROOM FOR DIGITAL PENETRATION GROWTH Digital penetration (% of country revenue) Group top 10 countries 2024 2025 79% 78% 75% 73% 73% 74% 59%(1) 57% 48% 42% 42% 45% 39% 40% 33% 33% 34% 31% 30% 28% 9% 9% Group (1) 67% of advertising revenue // 27
Slide 28: Programmatic DOOH offers many advantages
PROGRAMMATIC DOOH OFFERS MANY ADVANTAGES Trigger-based Higher return Measurement buying on investment Global inventory New buyers Higher yields enabled by granular targeted Data 1st, 2nd and 3rd party data combined with contextual data c.$300bn market in online Display 85% of online advertising alre
Slide 29: A full adtech stack open to third parties
A FULL ADTECH STACK OPEN TO THIRD PARTIES AGENCIES, BRANDS + DEMAND SIDE SUPPLY SIDE OOH NATIVE DIGITAL & PLATFORM PLATFORM MEDIA INDEPENDENT DSP SSP OWNERS AGENCIES +56 other DSPs connected to VIOOH +8 other SSPs connected to Displayce + >20 other media owners connected to VIOOH BUY SIDE DATA MANAG
Slide 30: OOH media physical assets benefit from AI
OOH MEDIA PHYSICAL ASSETS BENEFIT FROM AI Unique assets AI in action JCDecaux exclusive prime locations in the physical world CampaignAI by Displayce Optimise planning & trading through a 1,105,906 advertising panels worldwide simple prompt in Displayce CAMPAIGN 3,895 cities with a population of ove
Slide 31: DOOH retail media: a strong potential
DOOH RETAIL MEDIA: A STRONG POTENTIAL CARREFOUR CARMILA A DYNAMIC ACTIVITY A FAST-GROWING A KEY NEW CONTRACT FOR JCDECAUX MARKET A new data-driven c.90% Digital revenue incl. Online OOH/DOOH network $174bn Market(1) in exclusive partnership with Unlimitail 44 Countries in-store retail only Data Acce
Slide 32: Strong air travel growth
STRONG AIR TRAVEL GROWTH AIR TRAFFIC JCDECAUX BEST POSITIONED +3.6% 2025 yoy growth 154 Airports in the world, 14 in top 25 +5% for international air traffic 59 Airports available in pDOOH +3.9% 2026 growth forecast 40 Countries Air traffic forecast (passengers, in billions) 23.2 17.3 11.8 9.1 9.5 9
Slide 33: OOH gaining market share
OOH GAINING MARKET SHARE Germany Brazil Australia Berlin Salvador Melbourne 10% 15.3% 16.4% 9.2% 11.8% 12.1% 9.7% 5.5% 5.6% 2014 2024 2025 2014 2024 2025 2014 2024 2025 Source: Germany Nielsen Media Research excl. Search - Dec 2025; Brazil Inter-Meios (2001-2014), Cenp-Meios; Australia Standard Medi
Slide 34: Main tenders
MAIN TENDERS Street Furniture Transport Europe Europe - France Klépierre, Saint-Quentin-en-Yvelines, Plaine Spain AENA (Spanish airports) Commune, Paris Columns & Flagpoles Austria Wiener Linien UK Transport for Greater Manchester Italy Torino Metro & buses Germany Rostock, Hamburg, Dusseldorf Nethe
Slide 35: JCDecaux, the sustainable media
JCDECAUX, THE SUSTAINABLE MEDIA A virtuous Innovation for Measuring business model ecological transition our impact 46.7% of revenue aligned with EU Taxonomy(1) (2) 2050 Net Zero Climate Trajectory Available internationally Approved by SBTi 2025(2) vs 2019 And more to come in 2026 -68% Scopes 1+2(3)
Slide 36: A fragmented market
A FRAGMENTED MARKET 361 2025 revenue in Outdoor Advertising ($m) Non OOH Revenues North America revenues Equity method 16.44% Equity method 33% 4122 1227 2266 1832 1604 1543 1117 446 422 360 243 206 144 Sources: Company information, for listed companies, numbers based on released FY2025 numbers or o
Slide 37: 2025 key takeaways
2025 KEY TAKEAWAYS | Solid underlying revenue growth driven by digital, despite macro uncertainties | Programmatic gaining share in digital revenue | Strong operating leverage, +150bps in operating margin rate | Ongoing control over opex and selective capital allocation |2026 financial targets achie
Slide 38: Q1 2026 guidance
Q1 2026 GUIDANCE above +5% Organic Revenue Growth // 38
Slide 39: Q&A session
Q&A SESSION Digital, Milan // 39
Slide 40: Appendices
01 APPENDICES Oslo Central Station, Oslo // 40
Slide 41: Alternative performance measures (1/2)
ALTERNATIVE PERFORMANCE MEASURES (1/2) | The Group uses alternative performance measures (APM) which serve as key indicators of the Group’s operating and financial performance and reflect the business reality of the Group and the readability of our performance. These indicators are those used by the
Slide 42: Alternative performance measures (2/2)
ALTERNATIVE PERFORMANCE MEASURES (2/2) | Revenue: It includes on proportional basis the revenue of the companies under joint control. | Organic growth: The Group’s organic growth corresponds to the revenue growth excluding foreign exchange impact and perimeter effect. The reference fiscal year remai
Slide 43: Reconciliation between APM figures and IFRS figures - income statement
RECONCILIATION BETWEEN APM FIGURES AND IFRS FIGURES - INCOME STATEMENT (1) IFRS 16 impact on core business rents from controlled entities. // 43
Slide 44: Reconciliation between APM figures and IFRS figures - cash flow statement
RECONCILIATION BETWEEN APM FIGURES AND IFRS FIGURES – CASH FLOW STATEMENT (1) IFRS 16 impact on core and non-core business rents from controlled entities. // 44
Slide 45: Margin ratios by business segment
MARGIN RATIOS BY BUSINESS SEGMENT Operating margin (% of Revenue) EBIT (1) (% of Revenue) Change before 2024 Capital gain on sale of APG’s shares Vs 12.2024 +120bp +230bp +100bp +150bp +180bp +300bp -70bp +190bp +70bp (2) 27.1% 20.9% 17.6% 13.5% 14.5% 10.9% 10.9% 8.9% 2.8% STREET STREET TRANSPORT BI
Slide 46: Selective capex allocation
SELECTIVE CAPEX ALLOCATION 10-year average Capex/Revenue: 8.1% in million Euros 10.5% 450 11% 9.6% 400 9.2% 8.3% 9% 7.9% 8.0% 8.2% 350 7.1% 7.5% 7.2% 300 5.7% 7% 250 5% 200 375 350 328 324 150 290 286 296 3% 229 242 100 185 158 1% 50 0 -1% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net C
Slide 47: Forward looking statements
FORWARD LOOKING STATEMENTS This presentation may contain some forward-looking statements. These statements are not undertakings as to the future performance of the Company. Although the Company considers that such statements are based on reasonable expectations and assumptions on the date of publica
Slide 48: JCDecaux
— JCDecaux