Slide 1: 2023 Half-Year Results
27/07/2023 2023 HALF-YEAR RESULTS
Slide 2: Business Overview
01 BUSINESS OVERVIEW Jean-François Decaux Chairman of the Executive Board and Co-CEO Digital street furniture, Milan, Italy // 2
Slide 3: 2023 Half-Year Results
2023 HALF-YEAR RESULTS Change In million Euros, except % . Adjusted figures (1) except when IFRS. H1 2023 H1 2022 % M€ Revenue 1,585.0 1,474.8 +7.5% +110.2 Operating Margin 203.1 183.6 +10.7% +19.6 (2) EBIT before impairment charge 12.5 (17.9) +170.0% +30.4 Net income Groupe share before impairment
Slide 4: Ongoing Revenue Rebound
ONGOING REVENUE REBOUND +24.1% outside China +16.6% +7.7% outside +10.3% China vs around +9% guidance +7.8% Organic Revenue Growth +5.0% vs Previous year (1) vs 2022 Q1 T1 Q2 T2 S1 H1 2023 2019 -14.7% -14.1% -13.8% -14.0% Reported revenue -8.6% -6.5% -6.6% -6.5% outside outside outside outside China
Slide 5: H1 2023 Adjusted Revenue Growth by Segment
H1 2023 ADJUSTED REVENUE GROWTH BY SEGMENT Reported growth (%) Organic growth (%) (1) +19.0% +16.9% +7.5% +7.8% +4.2% +3.8% -0.3% -0.5% STREET STREET TRANSPORT BILLBOARD GROUP TRANSPORT BILLBOARD GROUP FURNITURE FURNITURE vs 2019 +4.1% -30.9% -17.9% -14.0% (1) Organic growth = excluding acquisitions
Slide 6: H1 2023 Adjusted Revenue Growth by Geography
H1 2023 ADJUSTED REVENUE GROWTH BY GEOGRAPHY UNITED KINGDOM GROUP Organic growth (%) (1) +6.4% FRANCE -14.8% +7.8% -14.0% NORTH +1.9% REST OF AMERICA EUROPE (2) +5.0% -3.0% -0.5% ASIA-PACIFIC +1.0% -18.2% +5,1% (3) +14.0% REST OF -35.3% THE WORLD -31.9% (4) +19.5% Reported rev. Vs 2019 -1.3% (1) Org
Slide 7: H1 2023 Adjusted Revenue Breakdown
H1 2023 ADJUSTED REVENUE BREAKDOWN EUROPE NORTH AMERICA 57.3% BILLBOARD STREET FURNITURE REST OF THE REST OF WORLD 7.7% 14.2% EUROPE 13.0% 29.7% 51.9% ASIA - PACIFIC 22.0% 33.9% 18.4% TRANSPORT 9.2% FRANCE UNITED KINGDOM Adjusted figures include our prorata share in companies under joint control acc
Slide 8: Airport Advertising Revenue Is Tracking Eyeballs
AIRPORT ADVERTISING REVENUE IS TRACKING EYEBALLS AIR TRAFFIC AND REVENUE RECOVERY Air traffic and JCDecaux revenue H1 2023 vs H1 2019 121% 99% 113% 92% 121% 90% 99% 113% 100% 77% 80% 99% 100% 92% 72% 70% 87% 87% 92% 87% 59% 87% 61% 75% 80% 71% 51% 71% 58% 53% Air Traffic JCDecaux Airport Revenue USA
Slide 9: Dynamic and Highly Diversified Clients Portfolio
DYNAMIC AND HIGHLY DIVERSIFIED CLIENTS PORTFOLIO TOP 10 CLIENTS REPRESENT LESS THAN 14% OF GROUP REVENUE H1 2023 Revenue by client categories incl. change vs H1 2022 (1) -11% +27% Other Fashion / Personal Care & 14% Luxury Goods +17% 19% Restaurants 4% +9% Food & 6% Beverage +11% 5% 13% Retail -11%
Slide 10: Strong Digital Revenue Contribution
STRONG DIGITAL REVENUE CONTRIBUTION +18.0% organic(1) digital revenue growth in H1 2023 H1 Group digital revenue as a % of total Group revenue Adjusted figures Breakdown of digital revenue by segment (H1 2023) +16% CAGR Adjusted figures +33% CAGR 32.7% 30.0% 2016/2019 BILLBOARD 23.9% 23.9% 22.8% 14.
Slide 11: Digital Street Furniture
DIGITAL STREET FURNITURE Street Furniture digital revenue as a % of total Street Furniture revenue H1, Adjusted figures 31.0% 29.3% 22.6% 21.1% 19.7% 16.6% 12.6% 6.4% 2016 2017 2018 2019 2020 2021 2022 2023 N.B.: Years prior to 2017 have not been restated from the IFRS 15 impact, applicable on Janua
Slide 12: Digital Transport
DIGITAL TRANSPORT Transport digital revenue as a % of total Transport revenue 35.4% H1, Adjusted figures 32.4% 28.9% 29.3% 24.1% 21.9% 22.6% 19.0% 2016 2017 2018 2019 2020 2021 2022 2023 Digital, Sao Paulo metro, Brazil N.B.: Years prior to 2017 have not been restated from the IFRS 15 impact, applic
Slide 13: Digital Billboard
DIGITAL BILLBOARD Billboard digital revenue as a % of total Billboard revenue 32.2% H1, Adjusted figures 27.6% 23.6% 21.8% 18.7% 9.5% 8.1% 6.5% 2016 2017 2018 2019 2020 2021 2022 2023 N.B.: Years prior to 2017 have not been restated from the IFRS 15 impact, applicable on January 1st, 2018. Digital b
Slide 14: 5 Countries Generate 63% of Digital Revenue, Room for Penetration
WHILE 5 COUNTRIES GENERATE 63% OF DIGITAL REVENUE, STILL SIGNIFICANT ROOM FOR DIGITAL PENETRATION GROWTH Digital penetration (% of country revenue) Top 5 countries for digital revenue H1 2022 H1 2023 74% 71% 73% 65% (1) 56% 46% 37% 32% 21% 18% Digital street furniture, Hamburg, Germany (1) 65% of ad
Slide 15: Contract Wins
CONTRACT WINS Street furniture Transport Europe Europe - France Montrouge, Béziers (CIPs(1)) - Norway Oslo transport (metro, trams and buses) - UK Blue Water shopping centers Asia-Pacific Rest of the World - India Bangalore airport (Terminal 2) - Brazil Carrefour (shopping centers) - Australia Adela
Slide 16: Contract Renewals and Extensions
CONTRACT RENEWALS AND EXTENSIONS Street furniture Transport Europe Europe - France Toulouse (bus shelters, SF, bikes), Levallois, Neuilly, - Netherlands Tramways and ferries of Amsterdam (GVB) Rueil-Malmaison, Menton, Chalon-sur-Saône, Roanne, - Spain Madrid metro Colmar, Bourg-en-Bresse, Niort - It
Slide 17: Acquisition of Clear Channel in Italy and Spain
ACQUISITION OF CLEAR CHANNEL IN ITALY AND SPAIN | 3rd and 4th largest advertising markets in continental Europe | These acquisitions will complement JCDecaux's presence in Italy and Spain | Total consideration (cash - debt free basis): ▪ €15.1 million for Clear Channel Italy ▪ €60.0 million for Clea
Slide 18: A New Era for ESG in Public Procurement
A NEW ERA FOR ESG IN PUBLIC PROCUREMENT Contracts won with a strong sustainability commitment Self-service bicycle contract "VélÔToulouse" renewed +3,800 eco-friendly bicycles Worldwide designed using upcycled materials, as well as recycled 61% 18% and low-carbon footprint materials Toulouse, France
Slide 19: A Recognized ESG Performance
2023 ESG ROADMAP ON TRACK Strengthening our eco-design policy: creating an eco-score A- TOWARDS MORE Maintain local governance on the management of major cause partnerships A RECOGNIZED ESG PERFORMANCE SUSTAINABLE LIVING SPACES Develop training on Responsible Communication for local teams (sales, ma
Slide 20: Financial Highlights
02 FINANCIAL HIGHLIGHTS David Bourg Chief Financial, IT & Administrative Officer Transport, Changi airport, Singapore // 20
Slide 21: 2023 Half-Year Results
2023 HALF-YEAR RESULTS Change In million Euros, except % . Adjusted figures (1) except when IFRS. H1 2023 H1 2022 % M€ Revenue 1,585.0 1,474.8 +7.5% +110.2 Operating Margin 203.1 183.6 +10.7% +19.6 (2) EBIT before impairment charge 12.5 (17.9) +170.0% +30.4 Net income Groupe share before impairment
Slide 22: Increased Operating Margin
INCREASED OPERATING MARGIN In million Euros Adjusted figures (1) +10,7% +7,5% +4,5% +9,9% -30.9 110.2 -59.7 203.1 183.6 H1 2022 Revenue Rents & Fees Other operating costs H1 2023 +X,X% YOY Variation ((1) Adjusted figures include our prorata share in companies under joint control accounted for using
Slide 23: EBIT Improvement Driven by Operating Margin and One-Off Items
EBIT IMPROVEMENT MAINLY DRIVEN BY THE GROWTH IN OPERATING MARGIN AND ONE-OFF ITEMS In million Euros, adjusted figures +30.4 +49.4 Incl. Reversal One-off items +8.4 for Guangzhou 17.4 -11.6 -13,0 21.9 29.1 -9.1 34.4 -3.0- 12.5 5.4 (17.9) 19.6 2022.06 EBIT H1 2022 Operating Amortisation Spare parts US
Slide 24: Enhanced Margin Driven by Street Furniture
ENHANCED MARGIN DRIVEN BY STREET FURNITURE Operating margin (% of Revenue) EBIT (2) (% of Revenue) Adjusted figures (1) Adjusted figures (1) Vs H1 2022 +190pb -90pb -40pb +40pb +450pb -70pb -60pb +200pb 21.0% 7.4% 0.8% 12.8% 4.0% 4.0% -4.6% -10.7% STREET STREET TRANSPORT BILLBOARD GROUP TRANSPORT BI
Slide 25: Improved Net Result
IMPROVED NET RESULT In million euros +49.6 2.8 -13,0 35.5 -36.9 1.5 -2.8 -3.0 37.8 49.4 (11.7) Adjusted (1) Financial Net Result group Adjusted EBIT IFRS 16 IFRS 16 & & 11 11 Financial Result Taxes Results from equity Minority interests Net Result group share H1 2022 EBIT adjustments adjustments Res
Slide 26: Operating Cash Flows Growing, Working Capital Impacted by One-Offs
OPERATING CASH FLOWS GROWING, WORKING CAPITAL REQUIREMENTS IMPACTED BY ONE-OFFS | Interests paid and received: net interests paid Change decreased by €13.5 million mainly because we In million Euros. Adjusted figures (1) H1 2023 H1 2022 M€ benefited from the increase in interest rates for the placem
Slide 27: Change in Net Debt
CHANGE IN NET DEBT In million Euros. Adjusted figures (1) except when IFRS. H1 2023 Net Debt as of December 31 2022, IFRS 975.0 Free Cash Flow (179.7) Restatement of companies under joint control - IFRS 11 (13.6) Dividends (9.8) Equity increase & movements on treasury shares (net) 4.8 (2) Financial
Slide 28: Strong Liquidity
STRONG LIQUIDITY | Strong liquidity: ▪ €1,462.6m in cash ▪ €825m committed revolving credit facility, fully unused, maturing mid 2026 Debt maturity profile, in million euros | Bond maturities fully covered until 2028 by cash on hand 825 | Average debt maturity: 4.3 years 600 600 600 500 | Lower net
Slide 29: Outlook & Strategy
03 OUTLOOK & STRATEGY Jean-Charles Decaux Co-CEO Digital billboard, Manchester, UK // 29
Slide 30: OOH/DOOH: A Growth Media
OOH/DOOH: A GROWTH MEDIA 2022 / 2025 ADVERTISING REVENUE CAGR FORECASTS WORLDWIDE +10.0% +7.0% +5.8% +5.7% +3.4% +2.9% +1.8% -0.2% -3.3% DOOH Online Onlinenon- Digital non- OOH (1) OOH Audio Traditional Traditional Professional Linear TV Publishing DOOH search search Video OOH (1) Including DOOH, So
Slide 31: Air Traffic Soon Above Pre-Covid
AIR TRAFFIC SOON ABOVE PRE-COVID Air traffic in H1 2023 Air traffic forecasts Air traffic by geography vs H1 2019 99% 100% 119 92% 112 87% 87% 103 91 97 84 92 79 72 51 39 USA Europe Middle-East Asia-Pacific World 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Africa Actual Base Scenario
Slide 32: High Effectiveness of Metro/Rail Advertising
HIGH EFFECTIVENESS OF METRO/RAIL ADVERTISING | New global survey “Metro/Rail Stories 2 : Time and Space for a Daily Dialogue with Urban Lives”. | A mass medium for a daily dialogue: ▪ More than 70% of commuters travel at the same or at an increased frequency. ▪ 2h30 of exposure per commuter per week
Slide 33: Gradual Recovery in China
GRADUAL RECOVERY IN CHINA Air traffic in China 2023 vs 2019 117 117 108 91 100 85 | Recovery of domestic mobility ▪ PAX in metros above >90% vs 2019, 40 40 37 ▪ Domestic PAX in airports also above >90% vs 2019 20 29 16 with even Shanghai airports (Avinex) at 106% in May January February March April
Slide 34: Programmatic: A Strong Opportunity for DOOH
PROGRAMMATIC: A STRONG OPPORTUNITY FOR DOOH In billion dollars +15% 271 CAGR 224 188 85% of global Online Display 147 advertising (1) 127 106 c.$200bn advertising revenue pool 2019 2020 2021 2022 2023 2024 Sources: Zenith’s Programmatic Marketing Forecasts, Global Programmatic Advertising Spending M
Slide 35: Programmatic DOOH Boosts Offline Sales & Footfall
PROGRAMMATIC DOOH BOOSTS OFFLINE SALES & FOOTFALL “Attention-grabbing” characteristics and flexibility of programmatic DOOH generate uplift PrDOOH drove 15% incremental sales in-store sales uplift vs previous 12 weeks | Case Study 1: Aptamil (UK) +15% incremental sales vs baseline driven by prDOOH (
Slide 36: Strong Programmatic Revenue Growth
STRONG PROGRAMMATIC REVENUE GROWTH €36.9m revenue in H1 2023 +63% vs H1 2022 7.1% of digital revenue Givenchy Maybelline Ambre Solaire Garnier 20,500 screens IDM La Roche Posay Wolt 19 countries // 36
Slide 37: Programmatic Expected to Grow to 20%/30% of Total DOOH
PROGRAMMATIC IS EXPECTED TO GROW TO 20%/30% OF TOTAL DOOH SHARE OF PROGRAMMATIC IN DIGITAL REVENUE IN H1 2023, TOP 5 COUNTRIES 34.8% 27.1% 23.7% 12.8% 10.4% 7.1% Group // 37
Slide 38: Main Tenders
MAIN TENDERS Street furniture Transport Europe Europe - France Orléans, Antibes - Spain Barcelona metro - Netherlands Rotterdam (trams, metro and bus) - Portugal Matosinhos (including billboard), Sintra, Almada Netherlands Rotterdam (bus shelters) Asia-Pacific - Ireland Tesco supermarkets China Hong
Slide 39: Group Climate Strategy in Line with the Paris Agreement
GROUP CLIMATE STRATEGY IN LINE WITH THE PARIS AGREEMENT 1. 2. 3. MEASURE REDUCE CONTRIBUTE 2022 2023 2021 Extension to the France's pilot Group & Audit // 39
Slide 40: N°1 Globally in a Fragmented Market
N°1 GLOBALLY IN A FRAGMENTED MARKET 2022 revenue in Outdoor Advertising (m$) Non OOH Revenues North America revenues Equity method 30% 2,395 1,829 3209 1033 791 2032 1772 1362 1470 1038 284 411 309 305 292 270 222 188 155 109 (1) (2) (3) (3) (4) (5) (6) (6) (3) (6) JCDecaux CCO Lamar Ströer Outfront
Slide 41: Conclusion
CONCLUSION Ι Ongoing rebound of our activity : ▪ +7.5% revenue growth despite a challenging macro environment and a still limited traction on the activity in China ▪ Increased operating margin and operating cash-flows driven by Street Furniture ▪ Significant Street Furniture contract renegotiations
Slide 42: Q3 2023 Outlook
Q3 2023 OUTLOOK “As far as Q3 is concerned, we now expect an organic revenue growth rate at around +7% with China lagging behind the group average growth rate due the slow recovery of international air traffic and the impact of the non-renewals of our Guangzhou’s contracts.” // 42
Slide 43: Q&A Session
01 Q&A SESSION Digital billboard, London, UK // 43
Slide 44: Appendices
01 APPENDICES Digital street furniture, New-York, USA // 44
Slide 45: Disclaimer – Adjusted Operating Aggregates
DISCLAIMER – ADJUSTED OPERATING AGGREGATES | Our Adjusted operating aggregates are: ▪ As regards the Profit & Loss, all aggregates down to the EBIT; ▪ As regards the Cash flow statement, all aggregates down to the free cash flow. | Adjustments relate to: ▪ IFRS 11, applicable from January 1st, 2014,
Slide 46: Q2 2023 Adjusted Revenue Growth by Segment
Q2 2023 ADJUSTED REVENUE GROWTH BY SEGMENT Reported growth (%) Organic growth (%) (1) +26.1% +30.5% +9.1% +10.3% +3.7% +3.5% -2.5% -1.7% STREET STREET TRANSPORT BILLBOARD GROUP TRANSPORT BILLBOARD GROUP FURNITURE FURNITURE vs 2019 +2.7% -30.9% -16.5% -13.8% (1) Organic growth = excluding acquisition
Slide 47: From Operating Margin to EBIT
FROM OPERATING MARGIN TO EBIT Change In million Euros. Adjusted figures (1). H1 2023 H1 2022 M€ Operating margin 203.1 183.6 +19.6 Maintenance spare parts (22.2) (19.2) -3.0 Amortisation and provisions for PP&E and intangible assets (143.4) (148.9) +5.4 Depreciation and reversal on provisions for on
Slide 48: From EBIT to Net Income
FROM EBIT TO NET INCOME Change In million Euros. Adjusted figures (1) except when IFRS. H1 2023 H1 2022 M€ EBIT after impairment charge 34.4 (14.9) +49.4 Restatement of IFRS 11, EBIT from companies under joint control (16.0) (11.8) -4.2 Net restatement of IFRS 16, Core business lease contracts of co
Slide 49: Reconciliation Between Adjusted Figures and IFRS – Profit & Loss
RECONCILIATION BETWEEN ADJUSTED FIGURES AND IFRS FIGURES – PROFIT & LOSS Impact of Impact of Impact of Impact of IFRS 16 IFRS 16 companies companies In million Euros Adjusted from IFRS Adjusted from IFRS under joint under joint controlled controlled control (1) control (1) entities entities Revenue
Slide 50: Reconciliation Between Adjusted Figures and IFRS – Cash Flow Statement
RECONCILIATION BETWEEN ADJUSTED FIGURES AND IFRS FIGURES – CASH FLOW STATEMENT H1 2023 H1 2022 Impact of Impact of Impact of Impact of IFRS 16 IFRS 16 companies companies In million Euros Adjusted from IFRS Adjusted from IFRS under joint under joint controlled controlled control control entities (1)
Slide 51: Financial Definitions
FINANCIAL DEFINITIONS | Organic growth: The Group’s organic growth corresponds to the adjusted revenue growth excluding foreign exchange impact and perimeter effect. The reference fiscal year remains unchanged regarding the reported figures, and the organic growth is calculated by converting the rev
Slide 52: 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 53: Thank You
THANK YOU 27/07/2023