Lagardere Sa · EURONEXT:MMB
Lagardere Sa — H1 2025 Earnings Presentation
40 slides from Lagardere Sa's earnings presentation, Jul 24, 2025
Slide 1: First-Half 2025 Results
FIRST-HALF 2025 RESULTS 24 July 2025
Slide 2: Contents
First-half 2025 results presentation / 24 July 2025 CONTENTS 1 First-half 2025 key figures 2 Performance by division 3 Group performance 4 Appendix 2
Slide 3: First-Half 2025 Key Figures
First-half 2025 results presentation / 24 July 2025 FIRST-HALF 2025 KEY FIGURES A solid set of results: • Sustained revenue growth • Improved recurring EBIT and good cash flow generation • Sharp debt reduction to below the €2bn mark (€m) H1 2024 H1 2025 ∆ +4% reported Revenue 4,193 4,351 +3% like-fo
Slide 4: Performance by Division
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Slide 5: Lagardère Publishing First-Half 2025 Performance
LAGARDÈRE PUBLISHING FIRST-HALF 2025 PERFORMANCE
Slide 6: Publishing: Revenue Up 3%, Driven by General Literature and Boardgames
First-half 2025 results presentation / 24 July 2025 PUBLISHING: REVENUE UP 3%, DRIVEN BY GENERAL LITERATURE AND BOARDGAMES ▪ Revenue by geographic area(1) H1 2025 revenue €1,349m UK(2) France 28% 29% Other Europe ▪ Reported revenue up +3% Spain 5% 5% Rest of the World ▪ Like-for-like revenue up +1%
Slide 7: Publishing: Solid Recurring EBIT and High Level of Operating Margin
First-half 2025 results presentation / 24 July 2025 PUBLISHING: SOLID RECURRING EBIT AND HIGH LEVEL OF OPERATING MARGIN 200 14.0% 180 H1 2025 recurring EBIT ▪ Recurring EBIT (€m) and operating margin (%):12.0% €106m 160 10.0% 140 8.7% 7.9% 120 8.0% ▪ Steady level of operating margin at 8%, in line 1
Slide 8: Lagardère Travel Retail First-Half 2025 Performance
LAGARDÈRE TRAVEL RETAIL FIRST-HALF 2025 PERFORMANCE
Slide 9: Travel Retail: Robust Revenue Growth, Driven by Network Expansion in EMEA
First-half 2025 results presentation / 24 July 2025 TRAVEL RETAIL: ROBUST REVENUE GROWTH, DRIVEN BY NETWORK EXPANSION IN EMEA AND STEADY ACTIVITY IN NORTH AMERICA ▪ By geographic area(1) H1 2025 revenue Asia-Pacific €2,887m 4% France 17% Americas 27% ▪ Reported revenue up +5% • All regions contribut
Slide 10: Travel Retail: Solid Recurring EBIT
First-half 2025 results presentation / 24 July 2025 TRAVEL RETAIL: SOLID RECURRING EBIT ▪ Recurring EBIT (€m) and operating margin (%): H1 2025 recurring EBIT €118m 140 0.0 4.0% 4.2% 4.1% 120 -2.0 ▪ Solid recurring EBIT driven by: 100 • Robust topline growth 80 -4.0 • Positive impacts from North Asi
Slide 11: Lagardère Live First-Half 2025 Performance
LAGARDÈRE LIVE FIRST-HALF 2025 PERFORMANCE
Slide 12: Live: +3% Revenue Growth
First-half 2025 results presentation / 24 July 2025 LIVE: +3% REVENUE GROWTH H1 2025 revenue ▪ Breakdown of revenue by business €115m News 24% ▪ Revenue continued to grow (+3%*) driven by: Radio 35% • Radio: continued expansion in audience numbers at Europe 1 • Press: revenue growth following the la
Slide 13: Live: Improvement in Recurring EBIT
First-half 2025 results presentation / 24 July 2025 LIVE: IMPROVEMENT IN RECURRING EBIT H1 2025 recurring EBIT ▪ Recurring EBIT (€m) €1m 6 4 2 1 ▪ Improvement in Recurring EBITA driven by 0 strategic cost optimisation and positive impact of -2 -4 non-recurring items -10 -6 -8 -10 -12 H1 2024 H1 2025
Slide 14: Group Performance
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Slide 15: Revenue Growth Driven by Organic Development
First-half 2025 results presentation / 24 July 2025 REVENUE GROWTH DRIVEN BY ORGANIC DEVELOPMENT (€m) +€158m +4% 128 32 4,351 -2 4,193 ▪ Sterling Publishing & 999 Games ▪ Lagardère Publishing: +1% ▪ Amsterdam Duty Free ▪ Lagardère Travel Retail: +4% ▪ Sale of Paris Match ▪ Lagardère Live: +3% H1 202
Slide 16: Solid H1 Recurring EBIT at €225m and Continued Business Seasonality
First-half 2025 results presentation / 24 July 2025 SOLID H1 RECURRING EBIT AT €225M AND CONTINUED BUSINESS SEASONALITY Recurring EBIT by business line Change in Recurring EBIT YoY (€m) Strong seasonality (€m) +6% 225 212 379 381 Lagardère Lagardère Travel Travel Retail Retail 118 109 225 212 Lagard
Slide 17: P&L
First-half 2025 results presentation / 24 July 2025 P&L Change (€m) H1 2024 H1 2025 (%) Revenue 4,193 4,351 +4% Recurring EBIT(1) 212 225 +6% Profit before finance costs and tax 182 209 +15% Finance costs, net (69) (63) +9% Interest expense on lease liabilities (55) (57) -4% Income tax expense (56)
Slide 18: Steady H1 Free Cash Flow Before Δ Working Capital
First-half 2025 results presentation / 24 July 2025 STEADY H1 FREE CASH FLOW BEFORE ∆ WORKING CAPITAL Free cash flow before Δ working capital Free cash flow before Δ working capital YoY (€m) Strong seasonality (€m) FY 2024: €403m 148 146 FY 2023: €275m 255 Lagardère Travel Retail Lagardère Travel Re
Slide 19: Sharp Reduction in Net Debt Over Rolling 12-Month Period
First-half 2025 results presentation / 24 July 2025 SHARP REDUCTION IN NET DEBT OVER ROLLING 12-MONTH PERIOD (€m) -€259m Of which: ▪ Sterling Publishing & 999 Games ▪ Amsterdam Duty Free ▪ Sale of Paris Match ▪ To shareholders: €95m ▪ To minorities: €60m 103 402 -155 -91 -1,996 -2,255 Net debt Free
Slide 20: Debt Ratio Decrease Confirmed
First-half 2025 results presentation / 24 July 2025 DEBT RATIO DECREASE CONFIRMED Change in leverage ratio(1) 3.6X 3.0X 2.5X 30 June 2023 30 June 2024 30 June 2025 (1) Leverage ratio calculated as follows: net debt including liabilities related to minority put options/recurring EBITDA over a rolling
Slide 21: Successful and Massive Refinancing in H1 2025
First-half 2025 results presentation / 24 July 2025 SUCCESSFUL AND MASSIVE REFINANCING IN H1 2025 700 95 144 135 300 343 493 60 299 10 100 100 20 67 74 74 74 H2 2025 2026 2027 2028 2029 2030 & beyond Bank loans Bonds NEU CP / NEU MTN Vivendi loan Schuldscheindarlehen Other Available credit lines ▪ I
Slide 22: Conclusion
First-half 2025 results presentation / 24 July 2025 CONCLUSION ➢ Thanks to the strong performances and the complementarity of our activities, we have repeated and even improved our financial results, which were already at record levels in 2024. ➢ The Group is continuing to focus its efforts to suppo
Slide 23: Appendix
APPENDIX
Slide 24: Summary of Performance by Division
First-half 2025 results presentation / 24 July 2025 SUMMARY OF PERFORMANCE BY DIVISION Q2 Revenue Changes in scope: main items in H1 2025 Consolidated Like-for-like (€m) Q2 2025 ▪ Lagardère Publishing: acquisition of Sterling Publishing (Nov. 2024) change (%) change(1) (%) Lagardère Publishing 726 -
Slide 25: H1 2025 Revenue by Geographic Area
First-half 2025 results presentation / 24 July 2025 H1 2025 REVENUE BY GEOGRAPHIC AREA(1) Eastern Europe 14% vs 13% in H1 2024 Western Europe(2) 27% vs 25% in H1 2024 US & Canada France 27% vs 28% in H1 2024 21% vs 23% in H1 2024 Asia-Pacific 6% vs 6% in H1 2024 €4,351m +€158m Latin America, Middle
Slide 26: Analysis of Non-Recurring/Non-Operating Items
First-half 2025 results presentation / 24 July 2025 ANALYSIS OF NON-RECURRING/NON-OPERATING ITEMS Lagardère Lagardère Lagardère Total Total (€m) Publishing Travel Retail Live H1 2025 H1 2024 Recurring EBIT(1) 106 118 1 225 212 Income (loss) from equity-accounted companies 2 1 - 3 (2) Restructuring c
Slide 27: Group Recurring EBIT to Adjusted Profit – Group Share
First-half 2025 results presentation / 24 July 2025 GROUP RECURRING EBIT TO ADJUSTED PROFIT – GROUP SHARE (€m) H1 2024 H1 2025 Group recurring EBIT 212 225 Loss from equity-accounted companies(1) -2 +3 Interest expense on lease liabilities – buildings and other leases -6 -6 Finance costs, net -69 -6
Slide 28: Adjusted Profit – Group Share
First-half 2025 results presentation / 24 July 2025 ADJUSTED PROFIT – GROUP SHARE (€m) H1 2024 H1 2025 Profit for the period 2 47 Restructuring costs +18 +8 Gains/losses on disposals - -4 Impairment losses on goodwill, PP&E, intangible assets and +1 +8 investments in equity-accounted companies Amort
Slide 29: Free Cash Flow Reconciliation
First-half 2025 results presentation / 24 July 2025 FREE CASH FLOW RECONCILIATION (€m) H1 2024 H1 2025 Cash flow from operating activities before changes in working capital 579 617 Repayment of lease liabilities (220) (249) Interest paid on lease liabilities (62) (61) Changes in working capital of l
Slide 30: Consolidated Balance Sheet
First-half 2025 results presentation / 24 July 2025 CONSOLIDATED BALANCE SHEET (€m) 31 Dec. 2024 30 June 2025 Non-current assets 6,321 6,253 Investments in equity-accounted companies 166 149 Current assets 2,641 2,642 Short-term investments and cash 393 396 TOTAL ASSETS 9,521 9,440 Total equity 1,09
Slide 31: Debt Maturities
First-half 2025 results presentation / 24 July 2025 DEBT MATURITIES Total Undrawn 2031 & (€m) 2025 2026 2027 2028 2029 2030 credit beyond debt facilities Bonds 20 3 493 516 Schuldscheindarlehen 60 95 144 299 Bank loans 67 74 74 74 299 588 Revolving credit facility 0 700 Commercial papers 343 10 353
Slide 32: Recurring EBITDA – Over 12 Rolling Months
First-half 2025 results presentation / 24 July 2025 RECURRING EBITDA – OVER 12 ROLLING MONTHS (€m) H1 2024 H1 2025 Group recurring EBIT(1) 591 606 Depreciation and amortisation of property, plant & equipment 184 204 and intangible assets Add-back of fixed rental expense – building and other items (8
Slide 33: Ownership Structure (at 30 June 2025)
First-half 2025 results presentation / 24 July 2025 OWNERSHIP STRUCTURE (AT 30 JUNE 2025) 1.99% 0.40% Employee and Group Savings Lagardère Capital Plan investment funds (0.54% of the voting rights) (2.18% of the voting rights) 13.38% 6.44% Vivendi SE Other (9.46% of the voting rights) (5.51% of the
Slide 34: Impact of IFRS 16 on P&L and Related Indicators
First-half 2025 results presentation / 24 July 2025 IMPACT OF IFRS 16 ON P&L AND RELATED INDICATORS (€m) H1 2024 H1 2025 Recurring EBITDA(1) - (1) Group recurring EBIT(1) +11 +7 Income from equity-accounted companies(2) - 2 Non-recurring/non-operating items +51 +57 Of which cancellation of fixed ren
Slide 35: Impact of IFRS 16 Cash Flows and Debt
First-half 2025 results presentation / 24 July 2025 IMPACT OF IFRS 16 CASH FLOWS AND DEBT (€m) H1 2024 H1 2025 Cash flow from operating activities before changes in working capital 283 310 Repayment of lease liabilities (220) (249) Interest paid on lease liabilities (62) (61) Changes in working capi
Slide 36: Impact of IFRS 16 on the Consolidated Balance Sheet
First-half 2025 results presentation / 24 July 2025 IMPACT OF IFRS 16 ON THE CONSOLIDATED BALANCE SHEET (€m) 31 Dec. 2024 30 June 2025 (€m) 31 Dec. 2024 30 June 2025 Total equity (211) (197) Non-current assets 2,355 2,423 Non-current liabilities 2,111 2,130 Right-of-use asset 2,282 2,353 Lease liabi
Slide 37: Disclaimer
First-half 2025 results presentation / 24 July 2025 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 secu
Slide 38: Glossary (1/3)
First-half 2025 results presentation / 24 July 2025 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 b
Slide 39: Glossary (2/3)
First-half 2025 results presentation / 24 July 2025 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 companies
Slide 40: Glossary (3/3)
First-half 2025 results presentation / 24 July 2025 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