Lagardere Sa · EURONEXT:MMB
Lagardere Sa — FY2024 Earnings Presentation
42 slides from Lagardere Sa's earnings presentation, Feb 13, 2025
Slide 1: Full-Year 2024 Results
FULL-YEAR 2024 RESULTS 13 February 2025
Slide 2: Full-Year 2024 Highlights
FULL-YEAR 2024 HIGHLIGHTS
Slide 3: Strong Group Performance in 2024
Full-year 2024 results / 13 February 2025 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
Slide 4: Growth in All Activities
Full-year 2024 results / 13 February 2025 GROWTH IN ALL ACTIVITIES (€m) +€861m +10.6% X 152 8 8,942 701 X 8,081 +8.5% • Publishing: +1.9% • Travel Retail: +12.5% • Other activities: +0.2% 2023 Like-for-like Scope FX 2024 revenue growth effect effect revenue 4
Slide 5: €593M Recurring EBIT Supported Equally by the Two Main Activities
Full-year 2024 results / 13 February 2025 €593M RECURRING EBIT SUPPORTED EQUALLY BY THE TWO MAIN ACTIVITIES Both Lagardère Publishing and Lagardère Travel Retail achieved recurring EBIT in excess of €300m Recurring EBIT (€m) +€73m 593 560 520 Lagardère Lagardère Travel Retail 460 Travel Retail 305 3
Slide 6: Sound Free Cash Flow Performance
Full-year 2024 results / 13 February 2025 SOUND FREE CASH FLOW PERFORMANCE €162m increase in free cash flow, mainly driven by operating performances, and despite higher capex at Lagardère Travel Retail designed mainly to fuel organic growth Free cash flow (€m) 560 +€162m 423 460 Lagardère Travel Ret
Slide 7: Cash Generation Even Better After M&A Impacts
Full-year 2024 results / 13 February 2025 CASH GENERATION EVEN BETTER AFTER M&A IMPACTS Our 3 businesses generated a net Cash from operations and investing activities of €518m in 2024 (compared to a €74m cash outflow in 2023) Free cash flow after purchases and disposals of investments (€m) 2023 2024
Slide 8: Powering Strong Deleveraging
Full-year 2024 results / 13 February 2025 POWERING STRONG DELEVERAGING Change in net debt and leverage ratio(1) (€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
Slide 9: Performance by Division
PERFORMANCE BY DIVISION
Slide 10: Lagardère Publishing Full-Year 2024 Performance
LAGARDERE PUBLISHING FULL-YEAR 2024 PERFORMANCE
Slide 11: International Revenue Representing 2/3 of Publishing Activity
Full-year 2024 results / 13 February 2025 INTERNATIONAL REVENUE REPRESENTING 2/3 OF PUBLISHING ACTIVITY 2024 revenue by geographic area(1) UK(2) 26% ▪ Well balanced activity between three main regions: France 32% France, the UK and the US ▪ Sustained revenue growth of 1.9%(3) driven by strong trends
Slide 12: Well Balanced and Diversified Activities, Growth of Digital
Full-year 2024 results / 13 February 2025 WELL BALANCED AND DIVERSIFIED ACTIVITIES, GROWTH OF DIGITAL AND DIVERSIFICATION 2024 revenue by activity ▪ General Literature (43% of total sales) was notably boosted Other by growth in digital formats (audio and e-books): 19% • Downloadable audiobooks and e
Slide 13: Strong and Recurring Profitability
Full-year 2024 results / 13 February 2025 STRONG AND RECURRING PROFITABILITY Recurring EBIT (€m) and operating margin (%) +3% 320 10.7% 10.8% 310 ▪ Recurring EBIT up 3% at €310m 300 290 ▪ Steady level of profitability at 10.8% 280 310 • Favorable sales mix in the US and the UK 301 270 • Growth in di
Slide 14: Lagardère Travel Retail Full-Year 2024 Performance
LAGARDERE TRAVEL RETAIL FULL-YEAR 2024 PERFORMANCE
Slide 15: Another Year of Strong Growth (+12.5%)
Full-year 2024 results / 13 February 2025 ANOTHER YEAR OF STRONG GROWTH (+12.5%) 2024 revenue by geographic area(1) Asia-Pacific ▪ Growth of 12.5%(2) mainly led by EMEA: • Sustainable growth in EMEA: up 20%, benefitting 6% France 17% from strong traffic, concept modernisations, innovations and new c
Slide 16: Well-Balanced Portfolio of Activities
Full-year 2024 results / 13 February 2025 WELL-BALANCED PORTFOLIO OF ACTIVITIES 2024 revenue by activities ▪ Capitalising on our successful 3 business Travel Essentials Duty Free & Fashion 33% 38% lines model to develop holistic shopping experiences €5.8Bn ▪ Business line mix slightly different vs 2
Slide 17: Record €305M Recurring EBIT and 5.3% Margin
Full-year 2024 results / 13 February 2025 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 profitability thanks to: 4.9% 4.5% 250 4.0% • Improvement of international and domestic traffic 3.5% 200
Slide 18: Other Activities Full-Year 2024 Performance
OTHER ACTIVITIES FULL-YEAR 2024 PERFORMANCE Autres activités Other Activities
Slide 19: Other Activities
Full-year 2024 results / 13 February 2025 OTHER ACTIVITIES 2024 revenue(1) by activity ▪ Other Activities revenue increased to €257m (+0.2%(1)) Press & • Radio: up 3%(1), driven by audience growth at Europe 1 Radio Licenses 32% 34% • Press & Licenses: down 5%(1), due to lower advertising revenues. I
Slide 20: ESG Performance
ESG PERFORMANCE
Slide 21: ESG Performance in 2024
Full-year 2024 results / 13 February 2025 ESG PERFORMANCE IN 2024 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
Slide 22: 2025
2025
Slide 23: 2025: AGM and Dividend Proposal
Full-year 2024 results / 13 February 2025 2025 ▪ Annual General Meeting of 29 April 2025 The Board of Directors has decided to propose to the Annual General Meeting of 29 April 2025 to approve an ordinary dividend of €0.67 per share for 2024. The ex-dividend date is expected to be 30 April 2025, wit
Slide 24: Appendices to the Consolidated Financial Statements
APPENDICES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Slide 25: Changes in Scope: 2024 Main Items; Q4 Revenue
Full-year 2024 results / 13 February 2025 CHANGES IN SCOPE: 2024 MAIN ITEMS ▪ Lagardère Publishing • Acquisition of Sterling Publishing ▪ Lagardère Travel Retail • None ▪ Other Activities • Disposal of Paris Match Q4 REVENUE Consolidated Consolidated Like-for-like (€m) Q4 2024 change change (%) chan
Slide 26: Summary of Performance by Division – 2024
Full-year 2024 results / 13 February 2025 SUMMARY OF PERFORMANCE BY DIVISION – 2024 ▪ Revenue Consolidated Consolidated Like-for-like (€m) 2024 change change (%) change(1) (%) Lagardère Publishing 2,873 +64 +2.2% +1.9% Lagardère Travel Retail 5,812 +794 +15.8% +12.5% Other Activities 257 +3 +1.3% +0
Slide 27: Revenue by Geographic Area - 2024
Full-year 2024 results / 13 February 2025 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
Slide 28: Analysis of Non-Recurring/Non-Operating Items
Full-year 2024 results / 13 February 2025 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)
Slide 29: Adjusted Profit – Group Share
Full-year 2024 results / 13 February 2025 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 Amortisatio
Slide 30: Group Recurring EBIT to Adjusted Profit – Group Share
Full-year 2024 results / 13 February 2025 GROUP RECURRING EBIT TO ADJUSTED PROFIT – GROUP SHARE (€m) 2023 2024 Group recurring EBIT 520 593 Loss from equity-accounted companies(1) -1 +1 Interest expense on lease liabilities – buildings and other leases -13 -12 Finance costs, net -97 -137 Income tax
Slide 31: Free Cash Flow Reconciliation
Full-year 2024 results / 13 February 2025 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 liabil
Slide 32: Consolidated Balance Sheet (1/2)
Full-year 2024 results / 13 February 2025 CONSOLIDATED BALANCE SHEET (1/2) Assets(1) Equity and liabilities (€m) 9,128 8,849 9,128 1,091 8,849 956 Total equity 2,747 1,855 2,794 2,043 Intangible assets Net debt(2) (2) 2,282 2,589 Right-of-use 2,070 2,372 Lease liabilities assets (IFRS 16) (IFRS 16)
Slide 33: Consolidated Balance Sheet (2/2)
Full-year 2024 results / 13 February 2025 CONSOLIDATED BALANCE SHEET (2/2) (€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 1,09
Slide 34: Recurring EBITDA – Over 12 Rolling Months
Full-year 2024 results / 13 February 2025 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) Cancelli
Slide 35: Disclaimer
Full-year 2024 results / 13 February 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 securities, an
Slide 36: Glossary (1/3)
Full-year 2024 results / 13 February 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 business, a
Slide 37: Glossary (2/3)
Full-year 2024 results / 13 February 2025 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
Slide 38: Glossary (3/3)
Full-year 2024 results / 13 February 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 (losses) o
Slide 39: Impact of IFRS 16 on the Consolidated Financial Statements
IMPACT OF IFRS 16 ON THE CONSOLIDATED FINANCIAL STATEMENTS
Slide 40: Impact of IFRS 16 on P&L and Related Indicators
Full-year 2024 results / 13 February 2025 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 expens
Slide 41: Impact of IFRS 16 on Cash Flows and Debt
Full-year 2024 results / 13 February 2025 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 lea
Slide 42: Impact of IFRS 16 on the Consolidated Balance Sheet
Full-year 2024 results / 13 February 2025 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