Lagardere Sa · EURONEXT:MMB
Lagardere Sa — Debt Investor Presentation (June 2025)
52 slides from Lagardere Sa's debt investor presentation, Jun 12, 2025
Slide 1: Credit Investor Presentation
CREDIT INVESTOR PRESENTATION June 2025
Slide 2: Disclaimer
DISCLAIMER By reading this presentation, you agree to be bound by the following limitations and qualifications: This presentation is for information purposes only and does not constitute an offer or solicitation for the sale or purchase of any securities, any part of the business or assets described
Slide 3: Today's Speakers
TODAY’S SPEAKERS ▪ Joined Lagardère as Deputy CEO in charge of Finance in 2024 Grégoire CASTAING, ▪ Previously served Canal+ as Group CFO and later as Deputy Deputy CEO CEO in charge of Finance and Strategy as well as a member of in charge of Finance the Executive Board ▪ Also serving as Deputy CEO
Slide 4: Agenda
AGENDA # Topic Page 1 GROUP OVERVIEW 5 2 LAGARDÈRE PUBLISHING 7 3 LAGARDÈRE TRAVEL RETAIL 13 4 LAGARDÈRE OTHER ACTIVITIES 19 5 FULL-YEAR 2024 GROUP RESULTS & FINANCING PROFILE 22 6 OUTLOOK 33 7 TRANSACTION OVERVIEW 35 Appendix 38 Impact of IFRS 16 on the consolidated financial statements 46 Glossary
Slide 5: Group Overview
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Slide 6: Lagardère SA Ownership Structure
LAGARDÈRE SA OWNERSHIP STRUCTURE(1) As of 31 Dec. 2024 ▪ Lagardère key figures: Arnaud Other Lagardère shareholders 8.6% 31% 60.4% €9bn 33,000 ≈ 50 Revenue in 2024 Employees Countries Other shareholders ▪ Since 2024 with the creation of Louis 11.52% 4.7% 7.97% 66.53% 9.28% Hachette Group, Lagardère
Slide 7: Lagardère Publishing
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Slide 8: Resilient and Attractive Publishing Market Benefitting from Favorable Trends
RESILIENT AND ATTRACTIVE PUBLISHING MARKET BENEFITTING FROM FAVORABLE TRENDS A multi-polar footprint on markets which has experienced a steady growth … and remain resilient and attractive, benefiting from structural and long-term tailwinds over the past years… €100bn+ market and close to €30bn addre
Slide 9: Consumer Publishing #3 Worldwide with Diversified Portfolio of Activities
CONSUMER PUBLISHING #3 WORLDWIDE WITH A WELL-BALANCED AND DIVERSIFIED PORTFOLIO OF ACTIVITIES 1 2 3 4 FRANCE UK SPAIN US(1) Description Selected Publishing Houses General ▪ Adult fiction 12,000 ▪ Adult non-fiction Literature Titles Trade 12 ▪ Practical books ▪ Children and young adult 200+ Languages
Slide 10: International Revenue Represented 2/3 of Publishing Activity in 2024
INTERNATIONAL REVENUE REPRESENTED 2/3 OF PUBLISHING ACTIVITY IN 2024 2024 revenue by geographic area(1) UK(2) 26% ▪ Sustained revenue growth of 1.9%(3) driven by France strong trends in France and outside France 32% ▪ International activity represented 2/3 of revenue €2.9bn ▪ Well balanced activity
Slide 11: 2024 Saw Growth of Digital Activities and Diversification
2024 SAW GROWTH OF DIGITAL ACTIVITIES AND DIVERSIFICATION ▪ General Literature (43% of total sales) is the major segment and was notably boosted by growth in digital 2024 revenue by activity formats (audio and e-books): • Downloadable audiobooks and e-books represented Other 14% of revenue in 2024 (
Slide 12: Strong and Recurring Profitability
STRONG AND RECURRING PROFITABILITY Recurring EBIT (€m) and operating margin (%) +3% 320 10.8% 10.7% ▪ Recurring EBIT up 3% at €310m 310 300 ▪ Steady level of profitability at 10.8% • Favorable sales mix in the US and the UK 290 • Growth in digital sales 280 310 301 • Cost saving measures in France 2
Slide 13: Lagardère Travel Retail
LAGARDERE TRAVEL RETAIL Lagardere TRAVEL RETAIL
Slide 14: Large Addressable €120bn Travel Retail Market with Solid Demand Drivers
LARGE ADDRESSABLE €120BN TRAVEL RETAIL MARKET WITH SOLID DEMAND DRIVERS Travel Retail Revenue Driven by Traffic Volume, Travel Retail is a €120bn Market with a Long-term Growth Prospect Ability to Convert in Sales, and Increasing Customer Spend €120bn Market Forecasted 2023-2030E CAGR rate of 5%-7%
Slide 15: Travel Retail #3 Worldwide Operator with 3 Business Lines
TRAVEL RETAIL #3 WORLDWIDE OPERATOR WITH 3 BUSINESS LINES 1 1 4 4 TRAVEL EUROPEAN AIRPORT GLOBAL ESSENTIAL FASHION DUTY-FREE DINING Own brands Partner brands Bespoke brands Travel 33 countries Essentials A Fragmented and Open Market +2,600 stores +210 airports, +600 stations Duty-Free 30 countries &
Slide 16: Another Year of Strong Growth in 2024
ANOTHER YEAR OF STRONG GROWTH IN 2024 2024 revenue by geographic area(1) ▪ Growth of 12.5%(2) mainly led by EMEA: • Sustainable growth in EMEA: up 20%, benefitting Asia-Pacific 6% from strong traffic, concept modernisations, France innovations and new contracts 17% • Leading positions in France: up
Slide 17: Well-Balanced Portfolio of Activities
WELL-BALANCED PORTFOLIO OF ACTIVITIES 2024 revenue by activity ▪ Capitalising on our successful 3 business lines model to develop holistic shopping Travel Essentials Duty Free & Fashion experiences 33% 38% ▪ Business line mix slightly different in 2024 vs €5.8bn 2023, with continuous growth in Dinin
Slide 18: Record €305m Recurring EBIT and 5.3% Margin
RECORD €305M RECURRING EBIT AND 5.3% MARGIN Recurring EBIT (€m) and operating margin (%) 350 5.5% 5.3% 5.0% ▪ All-time high recurring EBIT and record 300 4.9% 4.5% profitability in 2024 thanks to: 250 4.0% • Improvement of international and domestic traffic 3.5% 200 305 3.0% • Focus on organic profi
Slide 19: Other Activities
OTHER ACTIVITIES Autres activités Other Activities
Slide 20: Other Activities
Other Activities OTHER ACTIVITIES ▪ 3 Radio Stations ▪ 1 global press brand, 2 press titles ▪ Lagardère Live Entertainment, the first company in France to operate in all three areas of live entertainment, demonstrating its successful programming ▪ A premium media portfolio (Elle, Europe 1, Le Journa
Slide 21: Revenue LFL Growth in 2024
REVENUE LFL GROWTH IN 2024 Other Activities 2024 revenue(1) by activity ▪ Other Activities revenue increased to €257m (+0.2%(1)) • Radio: up 3%(1), driven by audience growth at Europe 1 Press & Radio Licenses 32% 34% • Press & Licenses: down 5%(1), due to lower advertising revenues. International El
Slide 22: Full-Year 2024 Group Results & Financing Profile
FULL-YEAR 2024 GROUP RESULTS & FINANCING PROFILE
Slide 23: Strong Group Performance in 2024
STRONG GROUP PERFORMANCE IN 2024 (€m) 2023 2024 Change Revenue 8,081 8,942 +8.5%(1) Recurring EBIT(2) 520 593 +14% ▪ Sustained growth with revenue up 8.5%(1) to close to €9bn EBITA(2) 405 498 +23% ▪ Record recurring EBIT at €593m ▪ Sound FCF generation with an increase to €423m Free cash flow(2) 261
Slide 24: Revenue by Geographic Area - 2024
REVENUE BY GEOGRAPHIC AREA(1) - 2024 27% 27% 26% 27% 24% 22% 12% 13% 7% 6% 4% 5% 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 France Western Europe Eastern Europe USA & Canada Asia-Pacific Latin America, Middle East, Africa (1) By destination 24
Slide 25: Growth in All Businesses Coupled with High Profitability
GROWTH IN ALL BUSINESSES COUPLED WITH HIGH PROFITABILITY SUPPORTED BY THE TWO MAIN ACTIVITIES Revenue (€m) Recurring EBIT (€m) Both Lagardère Publishing and Lagardère Travel Retail achieved +€861m recurring EBIT in excess of €300m +10.6% +152 +8 8,942 +€73m +701 8,081 593 520 +8.5% Lagardère Lagardè
Slide 26: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET Assets Equity and Liabilities 9,521 9,521 9,316 9,316 956 1,091 2,747 Intangible assets 2,794 Total equity 2,248 2,510 Gross debt Right-of-use assets (IFRS 16) 2,070 2,282 Lease liabilities Other assets 2,589 (IFRS 16) 2,372 Other liabilities Working capital 1,404 1,492 72
Slide 27: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET (€m) 31 Dec. 2023 31 Dec. 2024 Non-current assets 6,063 6,321 Investments in equity-accounted companies 158 166 Current assets 2,628 2,641 Short-term investments and cash 467 393 TOTAL ASSETS 9,316 9,521 Total equity 956 1,091 Non-current liabilities 2,531 2,715 Non-curren
Slide 28: Cash Generation Even Better After M&A Impacts
CASH GENERATION EVEN BETTER AFTER M&A IMPACTS Free cash flow after purchases and disposals of investments (€m) 2023 2024 +€518m ▪ Our 3 businesses generated +€592m 272 a net Cash from 181 operations and investing 110 activities of €518m in 2024 65 (compared to a €74m cash outflow in 2023) (34) (150)
Slide 29: Powering Strong Deleveraging
POWERING STRONG DELEVERAGING Change in net debt and leverage ratio(1) 518 (€m) Paris Match sale, net of investments in Sterling Publishing by Lagardère Publishing and Extime Travel Essentials Paris by Lagardère Travel Retail 95 423 - 154 ▪ To shareholders: €92m ▪ To minority interests: €62m - 176 -1
Slide 30: Maturity Profile
MATURITY PROFILE In €m, as of 31 Dec. 2024 2025 2026 2027 2028 2029 > 5 years Total EURO-Bonds 34 20 3 57 Bank loans 75 70 74 74 295 2 590 Bank bridge loan 700 700 Revolving Credit Facility 700 700 NEU CP / NEU MTN 183 183 Vivendi loans 100 100 300 500 Others 189 9 7 203 700 Others 9 Bank bridge loa
Slide 31: Outlook
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Slide 32: 2025 Outlook
2025 OUTLOOK ▪ After a solid performance in 2024, the Lagardère group is confident in its ability to consolidate its leading positions on its markets ▪ Reducing cost of gross debt by continuing deleveraging in 2025 and at the same time refinancing ▪ Global guidance is for a slight growth given the r
Slide 33: Transaction Overview
TRANSACTION OVERVIEW
Slide 34: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS A clarified ownership structure supported by strong shareholders Among the world leaders in publishing (Lagardère Publishing) and travel retail (Lagardère Travel Retail) Good business diversification in terms of end-markets, customers and regions offering protections during
Slide 35: Indicative Terms of the Contemplated Transaction
INDICATIVE TERMS OF THE CONTEMPLATED TRANSACTION Summary Term Sheet ISSUER LAGARDERE SA ISIN FR001400YQA5 RATING Unrated CURRENCY EUR EXPECTED SIZE EUR 500m WNG ISSUE TYPE Fixed TENOR / MATURITY 5 years / 2030 STATUS OF THE NOTES Senior Unsecured FORM OF THE NOTES Regulation S / Bearer / Demateriali
Slide 36: Appendix
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Slide 37: CSR at Lagardère: Four Priority Issues
CSR AT LAGARDÈRE: FOUR PRIORITY ISSUES Sharing the social and cultural Limiting the environmental Placing people at the heart Ensuring ethical and diversity of activities with as impact of products and services of the Group’s strategy responsible governance many people as possible ~32% Teq CO2/FTE(1
Slide 38: Lagardère Group - Overview
LAGARDÈRE GROUP - OVERVIEW Lagardère is closely related to the Bolloré Group. Lagardère, a publicly traded company, has been subject to a friendly public-tender offer by Vivendi SE, an entity then controlled by the Bolloré Group within the meaning of IFRS 10, filed in February 2022. At the end of th
Slide 39: Lagardère Group Snapshot
LAGARDERE GROUP SNAPSHOT Clarified ownership structure supported by strong shareholders Leading Market Position Distribution of share capital (%) ▪ Louis Hachette Group(1) (c. 66.5%) ▪ Qatar Holding LLC(2) (c. 11.5%) ▪ Financière Agache(3) (c. 8.0%) Worldwide Travel Portfolio of powerful 3 consumer
Slide 40: Summary of Performance by Division – 2024
SUMMARY OF PERFORMANCE BY DIVISION – 2024 Revenue Changes in scope : 2024 Main items Consolidated Like-for-like ▪ Lagardère Publishing (€m) 2024 change (%) change(1) (%) • Acquisition of Sterling Publishing Lagardère Publishing 2,873 +2.2% +1.9% ▪ Lagardère Travel Retail Lagardère Travel Retail 5,81
Slide 41: Analysis of Non-Recurring/Non-Operating Items
ANALYSIS OF NON-RECURRING/NON-OPERATING ITEMS Lagardère Lagardère Other Total Total (€m) Publishing Travel Retail Activities 2024 2023 Recurring EBIT(1) 310 305 (22) 593 520 Income (loss) from equity-accounted companies 1 (1) - - (1) Restructuring costs (16) (35) (21) (72) (75) Gains (losses) on dis
Slide 42: Adjusted Profit – Group Share
ADJUSTED PROFIT – GROUP SHARE (€m) 2023 2024 Profit for the period 175 202 Restructuring costs +75 +72 Gains/losses on disposals -10 -114 Impairment losses on goodwill, PP&E, intangible assets and +47 +28 investments in equity-accounted companies Amortisation of acquisition-related intangible assets
Slide 43: Recurring EBITDA – Over 12 Rolling Months
RECURRING EBITDA – OVER 12 ROLLING MONTHS (€m) 2023 2024 Group recurring EBIT(1) 520 593 Depreciation and amortisation of property, plant & equipment 177 196 and intangible assets Adding back fixed rental expense – building and other items (85) (88) Cancelling of depreciation of right-of-use – build
Slide 44: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION (€m) 2023 2024 Cash flow from operating activities before changes in working capital 1,070 1,353 Repayment of lease liabilities (354) (454) Interest paid on lease liabilities (99) (119) Changes in working capital of lease liabilities (6) (4) Cash flow from operations be
Slide 45: Impact of IFRS 16 on the Consolidated Financial Statements
IMPACT OF IFRS 16 ON THE CONSOLIDATED FINANCIAL STATEMENTS
Slide 46: Impact of IFRS 16 on P&L and Related Indicators
IMPACT OF IFRS 16 ON P&L AND RELATED INDICATORS (€m) 2023 2024 Recurring EBITDA(1) (5) (3) Group recurring EBIT(1) +12 +16 Income from equity-accounted companies(2) (6) - Non-recurring/non-operating items +141 +85 Of which cancellation of fixed rental expense(3) – concession stores +361 +485 Of whic
Slide 47: Impact of IFRS 16 on Cash Flows and Debt
IMPACT OF IFRS 16 ON CASH FLOWS AND DEBT (€m) 2023 2024 Cash flow from operating activities before changes in working capital 452 570 Repayment of lease liabilities (354) (454) Interest paid on lease liabilities (99) (119) Changes in working capital from lease liabilities (6) (4) Cash flow from oper
Slide 48: Impact of IFRS 16 on the Consolidated Balance Sheet
IMPACT OF IFRS 16 ON THE CONSOLIDATED BALANCE SHEET (€m) 31 Dec. 2023 31 Dec. 2024 (€m) 31 Dec. 2023 31 Dec. 2024 Total equity (200) (211) Non-current assets 2,145 2,355 Non-current liabilities 1,954 2,111 Right-of-use asset 2,070 2,282 Lease liability – non-current 1,947 2,105 o/w concession stores
Slide 49: Glossary
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Slide 50: Glossary (1/3)
GLOSSARY (1/3) Lagardère uses alternative performance measures which serve as key indicators of the Group's operating and financial performance. These indicators are tracked by the Executive Committee in order to assess performance and manage the business, as well as by investors in order to monitor
Slide 51: Glossary (2/3)
GLOSSARY (2/3) ▪ The like-for-like change in revenue is calculated by comparing: • 2024 and 2023 revenue based on 2023 exchange rates • 2024 revenue to exclude companies consolidated for the first time during the period, and 2023 revenue to exclude companies divested in 2024 (see reconciliation in s
Slide 52: Glossary (3/3)
GLOSSARY (3/3) ▪ Adjusted profit – Group share is calculated on the basis of profit for the period, excluding non-recurring/non-operating items, net of the related tax and of minority interests, as follows: Profit for the period excluding: • Gains (losses) on disposals of assets • Impairment losses