Lagardere Sa · EURONEXT:MMB
Lagardere Sa — FY2025 Earnings Presentation
44 slides from Lagardere Sa's earnings presentation, Feb 19, 2026
Slide 1: Full-Year 2025 Results
FULL-YEAR 2025 RESULTS 19 February 2026
Slide 2: Contents
Full-year 2025 results presentation I 19 February 2026 CONTENTS 1 2025 key figures 2 Performance by division 3 Group performance 4 Appendix 2
Slide 3: 2025 Key Figures
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Slide 4: Growth, Profitability and Deleveraging Delivered
Full-year 2025 results presentation I 19 February 2026 GROWTH, PROFITABILITY AND DELEVERAGING DELIVERED Revenue Rec. EBIT(1) CFFO(1) €9.4bn €641m €573m +5% reported +8% +14% +4% LFL CFAIT(1) Net debt(1) Leverage ratio(1) €367m €1.6bn 1.96x +35% -€255m (1) Alternative performance measure (see Glossar
Slide 5: Performance by Division
AND PERFORMANCE BY DIVISION ADELAIDE | DE CLERMONT-TONNERRE “ee pax 4A ee ttc A a. WZ 2025
Slide 6: Lagardère Publishing
LAGARDÈRE PUBLISHING 2025 PERFORMANCE
Slide 7: Publishing: Sustained Strong Growth Over Numerous Years
Full-year 2025 results presentation I 19 February 2026 PUBLISHING: SUSTAINED STRONG GROWTH OVER NUMEROUS YEARS ▪ Revenue trend (€m) 3,001 2025 revenue +4.5% reported €3,001m 2,873 +2.7% LFL 2,748 2,809 2,598 2025 LFL variations ▪ France: +2%. Success of new Asterix and colouring books. Continued mom
Slide 8: Publishing: Solid Recurring EBIT and High Operating Margin
Full-year 2025 results presentation I 19 February 2026 PUBLISHING: SOLID RECURRING EBIT AND HIGH LEVEL OF OPERATING MARGIN ▪ Recurring EBIT (€m) and operating margin(1) (%) 2025 recurring EBIT €312m 320 10.8% 10.4% 10.0% 8.0% ▪ High level of recurring EBIT driven by: • solid revenue growth; 6.0% • f
Slide 9: Publishing: Steady Cash Generation
Full-year 2025 results presentation I 19 February 2026 PUBLISHING: STEADY CASH GENERATION ▪ Cash flow from operations - CFFO (€m) 2025 cash flow from operations (CFFO) €361m 120% 350 100% 300 80% ▪ Increase in CFFO thanks to: 250 60% • high level of profitability; 361 330 • proceeds from the sale of
Slide 10: Lagardère Travel Retail
LAGARDÈRE TRAVEL RETAIL 2025 PERFORMANCE
Slide 11: Travel Retail: Record Revenue Driven by New Contracts and EMEA Growth
Full-year 2025 results presentation I 19 February 2026 TRAVEL RETAIL: RECORD REVENUE DRIVEN BY NEW CONTRACTS AND GROWTH IN EMEA ▪ Revenue by geographic area(1) 2025 revenue +5.5% reported Asia-Pacific €6,133m +4.4% LFL 4% France 17% Americas 25% ▪ LFL revenue growth driven by: • robust performances
Slide 12: Travel Retail: Profitable Expansion and Optimised Performance
Full-year 2025 results presentation I 19 February 2026 TRAVEL RETAIL: PROFITABLE EXPANSION AND OPTIMISED PERFORMANCE ▪ Recurring EBIT (€m) and operating margin(1) (%) 2025 recurring EBIT +€29m €334m +10% 380 5.3% 5.5% 330 0.1 280 0.0 ▪ Solid recurring EBIT growth and increase in margin 230 driven by
Slide 13: Travel Retail: Solid Cash Generation
Full-year 2025 results presentation I 19 February 2026 TRAVEL RETAIL: SOLID CASH GENERATION ▪ Cash flow from operations - CFFO (€m) 2025 cash flow from operations (CFFO) €224m ▪ Further improvement of CFFO in 2025 despite unfavourable change in WC linked to a high level of new 220 224 openings. ▪ St
Slide 14: Lagardère Live
LAGARDÈRE LIVE 2025 PERFORMANCE
Slide 15: Live: Continued to Grow in 2025 Amid Challenging Advertising Market
Full-year 2025 results presentation I 19 February 2026 LIVE: CONTINUED TO GROW IN 2025 AMID A CHALLENGING ADVERTISING MARKET ▪ Revenue by business 2025 revenue +1% LFL(1) €219m -14% reported News 24% ▪ Lagardère Radio & Lagardère News • Lagardère Radio: continued expansion in audience numbers at Eur
Slide 16: Live: Sharp Improvement in Recurring EBIT and CFFO
Full-year 2025 results presentation I 19 February 2026 LIVE: SHARP IMPROVEMENT IN RECURRING EBIT AND CFFO ▪ Recurring EBIT (€m) 2025 recurring EBIT 2025 CFFO -€5m -€12m -5 -22 -26 ▪ Strong upturn of recurring EBIT (+€17m): 2023 2024 2025 • significant cost savings at Lagardère Radio & Lagardère News
Slide 17: Group Performance
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Slide 18: 2025 Revenue Trend
Full-year 2025 results presentation I 19 February 2026 2025 REVENUE TREND (€m) +€411m +5% 184 9,353 340 -113 ▪ Sterling Publishing & 999 Games ▪ USD: -€76m ▪ Amsterdam Duty Free ▪ CAD: -€10m ▪ Sale of Paris Match ▪ CNY : -€8m 8,942 ▪ GBP: -€7m ▪ PLN: +€7m ▪ Lagardère Publishing: +3% ▪ Lagardère Trav
Slide 19: Solid Year-over-Year Recurring EBIT Growth
Full-year 2025 results presentation I 19 February 2026 SOLID YEAR-OVER-YEAR RECURRING EBIT GROWTH Recurring EBIT YoY (€m) +€48m 641 593 +€73m 520 2023 2024 2025 19
Slide 20: P&L
Full-year 2025 results presentation I 19 February 2026 P&L Change (€m) 2024 2025 (%) Revenue 8,942 9,353 +5% Recurring EBIT(1) 593 641 +8% Profit before finance costs and tax 578 613 +6% Finance costs, net (138) (124) -10% Interest expense on lease liabilities (111) (122) +10% Income tax expense (12
Slide 21: Continued Strong Cash Flow Generation
Full-year 2025 results presentation I 19 February 2026 CONTINUED STRONG CASH FLOW GENERATION CFFO YoY (€m) +€69m 573 504 +€173m 331 2023 2024 2025 21
Slide 22: Sharp Reduction in Net Debt
Full-year 2025 results presentation I 19 February 2026 SHARP REDUCTION IN NET DEBT (€m) +€255m ▪ 999 Games, Routard ▪ Amsterdam DF CFAIT(1): €367m ▪ Vendor loan reimbursement 573 from Sportfive ▪ LAG shareholders: 95 -109 ▪ LTR/LP minorities: 53 45 -96 -47 37 -148 -1,600 -1,855 Net debt CFFO Tax Int
Slide 23: Solid Trajectory Toward Lower Debt Levels
Full-year 2025 results presentation I 19 February 2026 SOLID TRAJECTORY TOWARD LOWER DEBT LEVELS Leverage ratio evolution(1) 3x 2.4x 1.96x 2023 2024 2025 (1) Leverage ratio calculated as follows: net debt including liabilities related to minority put options/recurring EBITDA over a rolling 12-month
Slide 24: Well-Diversified Financing Structure
Full-year 2025 results presentation I 19 February 2026 WELL-DIVERSIFIED FINANCING STRUCTURE Analysis of debt by maturity* Nominal value, in €m 95 145 20 75 ▪ €500m bond (2030 maturity). 300 ▪ €300m Schuldscheindarlehen private placements (2028-2030 maturity). ▪ Mixture of bank loans, private loans a
Slide 25: Conclusion
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Slide 26: 2026 Key Priorities
Full-year 2025 results presentation I 19 February 2026 2026 KEY PRIORITIES ▪ Consolidate our leading positions through solid execution of the strategy: • Keep strong growth momentum and strict cost discipline in an uncertain environment; • Disciplined Capex; • Seize bolt-on acquisition opportunities
Slide 27: Appendix
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Slide 28: Ownership Structure
Full-year 2025 results presentation I 19 February 2026 OWNERSHIP STRUCTURE (AT 31 DECEMBER 2025) 11.47% Qatar Holding LLC (14.41% of the voting rights) 13.38% Vivendi SE (8.40% of the voting rights) 66.29% 1.88% Louis Hachette Group Employee and Group Savings (69.89% of the voting rights) Plan inves
Slide 29: ESG Performance in 2025
Full-year 2025 results presentation I 19 February 2026 ESG PERFORMANCE IN 2025 In December 2025, Louis Hachette Group, Lagardère's parent company, defined a common CSR strategy for all its activities, underpinned by the slogan “Cultures in motion”. This strategy embodies both the Group’s businesses
Slide 30: Summary of Performance by Division
Full-year 2025 results presentation I 19 February 2026 SUMMARY OF PERFORMANCE BY DIVISION Q4 2025 revenue FY 2025 main changes in scope Reported Like-for-like (€m) Q4 2025 ▪ Lagardère Publishing: acquisition of Sterling Publishing (Nov. 2024) change (%) change(1) (%) Lagardère Publishing 841 +5.3% +
Slide 31: Q4 Revenue Trend
Full-year 2025 results presentation I 19 February 2026 Q4 REVENUE TREND +€122m (€m) +5% 99 2,454 84 -61 ▪ USD: -€38m ▪ Sterling Publishing & 999 Games ▪ GBP: -€9m 2,332 ▪ Amsterdam Duty Free ▪ Lagardère Publishing: +2% ▪ Lagardère Travel Retail: +5% ▪ Lagardère Live: +2% Q4 2024 Organic Scope Curren
Slide 32: 2025 Revenue by Geographic Area
Full-year 2025 results presentation I 19 February 2026 2025 REVENUE BY GEOGRAPHIC AREA(1) Eastern Europe 14% vs 13% in 2024 Western Europe(2) 29% vs 27% in 2024 United States and Canada 26% France vs 27% in 2024 21% vs 22% in 2024 Asia-Pacific 5% vs 6% in 2024 €9,353m Latin America, Middle East, Afr
Slide 33: Analysis of Non-Recurring/Non-Operating Items
Full-year 2025 results presentation I 19 February 2026 ANALYSIS OF NON-RECURRING/NON-OPERATING ITEMS Lagardère Lagardère Lagardère (€m) Travel 2025 2024 Publishing Live Retail Recurring EBIT(1) 312 334 (5) 641 593 Income (loss) from equity-accounted companies 6 11 (1) 16 - Restructuring costs (14) (
Slide 34: Adjusted P&L
Full-year 2025 results presentation I 19 February 2026 ADJUSTED P&L (€m) 2024 2025 (€m) 2024 2025 Group recurring EBIT 593 641 Profit for the period 202 256 Loss from equity-accounted companies(1) 1 16 Restructuring costs 72 43 Interest expense on lease liabilities Gains (losses) on disposals (114)
Slide 35: Cash Flow Reconciliation
Full-year 2025 results presentation I 19 February 2026 CASH FLOW RECONCILIATION (€m) 2024 2025 Cash flow from operating activities 1,369 1,440 Repayment of lease liabilities (454) (530) Interest paid on lease liabilities (119) (127) Capex (292) (210) Cash flow from operations (CFFO) (1) 504 573 Inco
Slide 36: Consolidated Balance Sheet
Full-year 2025 results presentation I 19 February 2026 CONSOLIDATED BALANCE SHEET (€m) 31 Dec. 2024 31 Dec. 2025 Non-current assets 6,321 6,349 Investments in equity-accounted companies 166 151 Current assets 2,641 2,569 Short-term investments and cash 393 632 TOTAL ASSETS 9,521 9,701 Total equity 1
Slide 37: Leverage Ratio Calculation
Full-year 2025 results presentation I 19 February 2026 LEVERAGE RATIO CALCULATION (€m) 2024 2025 Group recurring EBIT(1) 593 641 Depreciation and amortisation of PP&E and intangible assets 196 203 Add-back of fixed rental expense – building and other items (88) (88) Cancellation of depreciation of r
Slide 38: Debt Maturities
Full-year 2025 results presentation I 19 February 2026 DEBT MATURITIES Undrawn >5 Nominal Values, excluding put 2026 2027 2028 2029 2030 Total credit years facilities options (€m) Bonds 20 3 - - 500 - 523 - Schuldscheindarlehen - - 60 95 145 - 300 - Bank loans 75 75 75 300 - - 525 - Commercial paper
Slide 39: IFRS 16 – Impacts on 2025 P&L, Cash Flows and Debt
Full-year 2025 results presentation I 19 February 2026 IFRS 16 – IMPACTS ON 2025 P&L, CASH FLOWS AND DEBT (€m) 2024 2025 (€m) 2024 2025 Recurring EBITDA(1) (3) (3) Cash flow from operating activities before changes in +570 +641 working capital Group recurring EBIT(1) +16 +16 Repayment of lease liabi
Slide 40: Impact of IFRS on the Consolidated Balance Sheet
Full-year 2025 results presentation I 19 February 2026 IMPACT OF IFRS 16 ON THE CONSOLIDATED BALANCE SHEET (€m) 31 Dec. 2024 31 Dec. 2025 (€m) 31 Dec. 2024 31 Dec. 2025 Total equity (211) (199) Non-current assets +2,355 +2,630 Non-current liabilities +2,111 +2,340 Right-of-use asset +2,282 +2,557 Le
Slide 41: Disclaimer
Full-year 2025 results presentation I 19 February 2026 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 s
Slide 42: Glossary (1/3)
Full-year 2025 results presentation I 19 February 2026 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 th
Slide 43: Glossary (2/3)
Full-year 2025 results presentation I 19 February 2026 GLOSSARY (2/3) ▪ The like-for-like change in revenue is calculated by comparing: • revenue for the period adjusted for companies consolidated for the first time during the period and revenue for the prior period adjusted for consolidated compani
Slide 44: Glossary (3/3)
Full-year 2025 results presentation I 19 February 2026 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: • gai