Jcdecaux Se · EURONEXT:DEC
Jcdecaux — H1 2025 Earnings Presentation
43 slides from Jcdecaux's earnings presentation, Jul 31, 2025
Slide 1: 2025 Half-Year Results
31/07/2025 Digital bus shelter, Piazza della Bocca della Verita, Rome 2025 HALF-YEAR RESULTS
Slide 2: Agenda
AGENDA 01 03 BUSINESS OUTLOOK & OVERVIEW STRATEGY 02 FINANCIAL HIGHLIGHTS // 2
Slide 3: Business Overview
BUSINESS OVERVIEW Jean-François Decaux Chairman of the Executive Board and Co-CEO Digital bus shelter on Madison Avenue, New York // 3
Slide 4: Half-Year 2025 Highlights
HALF-YEAR 2025 HIGHLIGHTS Robust revenue growth Strong operating leverage +3.4% at €1,868.3m +17.6% at €307.4m Reported revenue growth Operating margin +3.3% 75.8% flow-through Organic revenue growth Revenue increase conversion +12.2% to operating margin Organic digital revenue growth Digital now at
Slide 5: Robust Revenue Growth
ROBUST REVENUE GROWTH Organic growth yoy H1 Solid start of the year incl. +5.5% growth in Q1 +3.3% OOH and JCDecaux gaining market share in most markets Q2 In line with guidance, a record Q2 c.+3% excluding the impact of the 2024 UEFA Euro and +1.6% Paris Olympic Games // 5
Slide 6: Robust Revenue Growth by Segment
ROBUST REVENUE GROWTH H1 2025 revenue Reported growth (%) Organic growth (%) +4.3% +3.7% +3.9% +3.4% +3.2% +3.3% +0.8% +0.0% STREET BILLBOARD GROUP STREET BILLBOARD GROUP TRANSPORT TRANSPORT FURNITURE FURNITURE // 6
Slide 7: Geographical Revenue Growth
GEOGRAPHICAL REVENUE GROWTH UNITED H1 2025 Organic growth (%) KINGDOM GROUP -2.9% FRANCE +3.3% +2.7% REST OF NORTH EUROPE AMERICA +3.8% ASIA PACIFIC +11.8% +1.3% REST OF THE WORLD +6.8% // 7
Slide 8: Unique Global Premium OOH Media Footprint
UNIQUE GLOBAL PREMIUM OOH MEDIA FOOTPRINT H1 2025 revenue breakdown EUROPE NORTH AMERICA 47.7% BILLBOARD STREET FURNITURE 7.6% 13.8% REST OF THE WORLD REST OF EUROPE 13.3% 30.1% 51.0% 35.2% ASIA 21.2% PACIFIC 17.6% Reduced exposure 10.3% TRANSPORT FRANCE to China c.10% in H1 2025 vs c.18% in H1 2019
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 H1 2025 Revenue by customer category, change vs H1 2024 -1% Other -2% +8% Fashion / Automobile Personal Care & Luxury Goods 13% +6% 18% Telecom/ 4% Technology 4% -3% Internet 5% 15% +7% Reta
Slide 10: Strong Digital Revenue Contribution
STRONG DIGITAL REVENUE CONTRIBUTION +12.2% organic digital revenue growth in H1 2025 39.6% of total revenue in H1 2025 Group digital revenue as a % of total Group revenue Breakdown of digital revenue by segment (H1 2025) +16.6% CAGR +30.9% 39.6% BILLBOARD CAGR 36.8% 2016/2019 32.7% STREET 30.0% 12.3
Slide 11: Growing Digital Across All Business Segments
GROWING DIGITAL ACROSS ALL BUSINESS SEGMENTS Street Furniture Transport Billboard London Bangalore Airport Melbourne 44.5% 41.2% +21.7% CAGR 34.8% 37.5% +9.9% CAGR +20.8% CAGR 35.4% 2016 / 2016 / 2016/ 33.0% 2025 2025 2025 19.0% 6.4% 6.5% H1 2016 H1 2024 H1 2025 H1 2016 H1 2024 H1 2025 H1 2016 H1 20
Slide 12: Increasing Digital Penetration
INCREASING DIGITAL PENETRATION 59% of digital revenue generated by 5 countries Digital penetration (% of country revenue) Top 5 countries for digital revenue 76% 73% 73% H1 2024 H1 2025 70% 57% 59%(1) 47% 41% 32% 27% Digital, São Paulo Metro (1) 67% of advertising revenue // 12
Slide 13: Strong Programmatic Revenue Growth
STRONG PROGRAMMATIC REVENUE GROWTH 74.7m€ H1 2025 programmatic rev. +25.2% vs H1 2024 10.1% of total digital revenue Enhanced capabilities 52 DSPs & 100,000 screens incl. 25,500 screens from JCDecaux in 34 countries across 5 continents Programmatic campaign using morning habits, Hamburg // 13
Slide 14: Programmatic Is Expected to Continue to Grow Strongly
PROGRAMMATIC IS EXPECTED TO CONTINUE TO GROW STRONGLY SHARE OF PROGRAMMATIC IN DIGITAL REVENUE IN H1 2025, TOP 5 COUNTRIES 35.9% 29.2% 23.1% 10.1% 8.2% 6.6% Germany Netherlands Belgium Group Australia UK Group Average Programmatic campaign using temperature levels, Cannes // 14
Slide 15: Contract Wins & Renewals
CONTRACT WINS & RENEWALS Street Furniture Transport Europe Europe France Rennes CIPs, Tours, Cergy-Pontoise urban area UK Northern Rail Denmark Odense Belgium Brussels Airport Italy Firenze / Pisa / Prato (bus shelters) Asia Portugal Viseu India Delhi (Airport Express Line) Asia Billboard Japan Fuku
Slide 16: Best-in-Class ESG Performance
BEST-IN-CLASS ESG PERFORMANCE A List 76/100 AAA 13.1 A 81-100 AAA 0-10 Platinum Negligible risk A- medal AA 73-80 10-20 B Gold medal Media average(4): 16.3 Low risk A B- 66-72 20-30 Media average(3): BBB BBB Silver medal Medium risk Media average(1): C C BB C- 58-65 30-40 Media average(2): 56 Bronze
Slide 17: Financial Highlights
FINANCIAL HIGHLIGHTS David Bourg Group Chief Financial, IT & Operations Officer Digital, Shenzhen Bao'an International Airport // 17
Slide 18: Summary of Financial Results
SUMMARY OF FINANCIAL RESULTS Change In million Euros, except %. H1 2025 H1 2024 % M€ Revenue 1,868.3 1,807.6 +3.4% +60.7 Operating Margin 307.4 261.4 +17.6% +46.0 EBIT before impairment charge 125.6 112.6 +11.6% +13.1 Net income Groupe share before impairment charge, IFRS 76.4 89.9 -15.0% -13.5 Net
Slide 19: Strong Operating Leverage
STRONG OPERATING LEVERAGE c.76% revenue increase conversion to OM (*) Increase in OM (*) to sale ratio across all segments (%) In million € +17.6% Vs H1 2024 +100bp +380bp +80bp +200bp +3.4% +1.3% +0.2% 22.7% 60.7 -10.0 -4.7 16.5% 10.9% 9.6% 307.4 261.4 STREET TRANSPORT BILLBOARD GROUP FURNITURE H1
Slide 20: Strong EBIT Growth
STRONG EBIT GROWTH Change H1 2025 H1 2024 In million Euros M€ % Operating Margin 307.4 261.4 +46.0 +17.6% Margin (% Revenue) 16.5% 14.5% +200bp Net amortisation tangible & intangible (*) (196.3) (197.9) +1.6 Maintenance spare parts (22.5) (22.2) -0.3 EBIT excluding non-recurring items 88.7 41.3 +47.
Slide 21: Growing Net Income Excluding One-Off Items
GROWING NET INCOME EXCLUDING ONE-OFF ITEMS Change In million Euros H1 2025 H1 2024 M€ % EBIT 126.3 118.9 +7.4 +6.2% Restatement IFRS 11, EBIT from companies under joint control (23.8) (15.3) -8.6 Restatement IFRS 16, Core business lease contracts of controlled entities 45.3 48.9 -3.5 EBIT, IFRS 147.
Slide 22: Growing Operating Cash Flows
GROWING OPERATING CASH FLOWS Change In million Euros H1 2025 H1 2024 % M€ Operating margin 307.4 261.4 +17.6% +46.0 Maintenance spare parts (19.1) (18.7) -0.4 Non-core business leases, IFRS 16 (33.6) (31.2) -2.4 Income tax paid (47.3) (35.7) -11.7 Interests paid and received (47.4) (36.5) -10.9 Othe
Slide 23: Strong Financial Structure
STRONG FINANCIAL STRUCTURE Net debt No major debt maturity before 2028 Debt maturity profile, in million Euros: | Ongoing decrease in Net Debt Year-on-Year from €956.8m in June 2024 to €912.9m in June 2025. | Increase vs December 31, 2024, mainly due to dividend payments in H1 2025 12.3 64.9 (9.9) F
Slide 24: Outlook & Strategy
OUTLOOK & STRATEGY Jean-Charles Decaux Co-CEO Digital billboard, London // 24
Slide 25: Growing Audiences & Digitisation
GROWING AUDIENCES & DIGITISATION POWER OF CITIES DIGITISATION Concentration of GDP in cities Higher attention Urbanisation Data-driven capabilities Growing access to public transportation Branding & targetting RISING MOBILITIES PREMIUM MEDIA More time spent out-of-home Growing audiences High growth
Slide 26: Strong Upside Potential for Programmatic DOOH
STRONG UPSIDE POTENTIAL FOR PROGRAMMATIC DOOH c.300bn$ JCDecaux majority shareholder Market of two leading pDOOH platforms DSP SSP 85% Demand Side Platform Supply Side Platform of online display advertising Buying platform Trading – planning – dynamic content Traded in programmatic Online Display Pr
Slide 27: OOH Gaining Market Share
OOH GAINING MARKET SHARE Germany Brazil Australia Berlin São Paulo Metro Sydney 9.2% 11.6% 15.3% 5.5% 9.7% 5.6% 2014 2024 2014 2024 2014 2024 Source : Germany Nielsen Media Research excl. Search - Dec 2024; Brazil Inter-Meios (2001-2014), Cenp-Meios (for 2024 numbers from January 2024 to September 2
Slide 28: Strong Air Travel Growth
STRONG AIR TRAVEL GROWTH AIR TRAFFIC FORECAST JCDECAUX BEST POSITIONED +5.8% 2025 growth forecast 157 Airports in the world, 12 in top 25 49 Airports available in pDOOH Air traffic forecast 39 Countries (passengers, in billions) 22.3 19.5 12 9.1 9.5 7.2 2015 2019 2024 2030 2042 2050 Dubai Airport So
Slide 29: Main Tenders
MAIN TENDERS Street Furniture Transport Europe Europe - France Limoges, Montpellier, retail Carrefour/Carmila Belgium Brussels metro & buses Germany Wiesbaden Denmark Danish Rail Spain Barcelona SF & Barcelona kiosks, retail Norway National Rail (Bane NOR) Carrefour/Carmila, Palma de Mallorca bus sh
Slide 30: Our Main Priorities to Impact Our Ecosystem and Lead the Change
OUR MAIN PRIORITIES TO IMPACT OUR ECOSYSTEM AND LEAD THE CHANGE ECO-CONCEPTION & 360 FOOTPRINT BIODIVERSITY REFURBISHMENT Paris Grenoble Cities & transport companies Advertisers, media agencies // 30
Slide 31: Climate Trajectory
CLIMATE TRAJECTORY CLIMATE TRAJECTORY APPROVED BY THE SBTI 2024 Scope 1+2** Scope 3*** Scope 3 *** -65% -21% -21% 64 225 SCOPE 3 TARGET NEEDS AN EVOLUTION OF PUBLIC PROCUREMENT // 31
Slide 32: The Number One OOH Media Company
THE NUMBER 1 OOH MEDIA COMPANY 2024 revenue in Outdoor Advertising ($m) Non OOH Revenues Bauer Media acquired recently North America revenues Equity method 16.44% Equity method 33% CCO Europe North, 2,348 2,231 3,931 843 1,046 2,207 1,831 1,734 1,505 1,185 329 420 409 371 281 222 220 188 188 (3) 109
Slide 33: Half-Year 2025 Key Takeaways
HALF-YEAR 2025 KEY TAKEAWAYS | Robust revenue growth driven by digital, despite macro uncertainties & comparison base impacts in Q2 | Programmatic gaining share in digital revenue | Strong operating leverage, +200bp in operating margin rate | Ongoing control over opex and selective capital allocatio
Slide 34: Q3 2025 Guidance
Q3 2025 GUIDANCE Low single digit negative organic revenue growth expected, taking into account a c.410bp negative comparison impact due to the 2024 Paris Olympic Games and UEFA Euro and no improvement in trading in China. Compared to 2023, organic growth is expected to be high single digit. // 34
Slide 35: Q&A Session
Q&A SESSION Waterloo Station, London // 35
Slide 36: Appendices
01 APPENDICES Digital, The Hague // 36
Slide 37: 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 38: 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 39: Reconciliation Between APM Figures and IFRS Figures - Income Statement
RECONCILIATION BETWEEN APM FIGURES AND IFRS FIGURES - INCOME STATEMENT H1 2025 H1 2024 Impact of Impact of IFRS Impact of Impact of IFRS In million Euros APM companies 16 from IFRS APM companies 16 from IFRS figures under joint controlled figures figures under joint controlled figures (1) (1) contro
Slide 40: Reconciliation Between APM Figures and IFRS Figures - Cash Flow Statement
RECONCILIATION BETWEEN APM FIGURES AND IFRS FIGURES – CASH FLOW STATEMENT H1 2025 H1 2024 Impact of Impact of Impact of Impact of companies IFRS 16 companies IFRS 16 APM IFRS APM IFRS In million Euros under from under from figures figures figures figures joint controlled joint controlled control ent
Slide 41: Margin Ratios by Business Segment
MARGIN RATIOS BY BUSINESS SEGMENT Operating margin (% of Revenue) EBIT (1) (% of Revenue) Vs H1 2024 +100bp +380bp +80bp +200bp +260bp +560bp -230bp +300bp +50bp 22.7% 16.5% 10.9% 10.9% 6.7% 9.6% 5.1% 6.7% STREET TRANSPORT BILLBOARD GROUP FURNITURE STREET -4.3% GROUP TRANSPORT BILLBOARD Incl. capita
Slide 42: 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 43: JCDecaux
— JCDecaux