Slide 1: 2024 Half-Year Results
25/07/2024 2024 HALF-YEAR RESULTS
Slide 2: Agenda
AGENDA 01 03 BUSINESS OUTLOOK & OVERVIEW STRATEGY 02 FINANCIAL HIGHLIGHTS // 2
Slide 3: Business Overview
BUSINESS OVERVIEW Jean-Charles Decaux Chairman of the Executive Board and Co-CEO New digital bus shelter on Madison Avenue, New-York, USA // 3
Slide 4: H1 2024 Highlights
H1 2024 HIGHLIGHTS Ongoing solid Driving profitability momentum growth +13.4% Organic revenue growth +28.7% Operating margin +27.8% Strong digital organic revenue growth +21.5% Digital now at 36.8% of total revenue Operating cash flows +61.8% 7.8% Programmatic revenue growth Capex to sales ratio 9.0
Slide 5: Strong Revenue Momentum
STRONG REVENUE MOMENTUM +15.4% +13.4% +11.0% +8.7% Organic Growth (1) 2023 Q1 Q2 H1 2024 (1) Organic growth = excluding acquisitions / divestitures and the impact of foreign exchange. Adjusted figures, see definition in slide 41 // 5
Slide 6: H1 2024 Adjusted Revenue Growth per Activity
H1 2024 ADJUSTED REVENUE GROWTH PER ACTIVITY Reported growth Organic growth (1) +18.1% +18.8% +13.4% +14.0% +13.4% +11.6% +10.6% +10.4% STREET STREET TRANSPORT BILLBOARD GROUP TRANSPORT BILLBOARD GROUP FURNITURE FURNITURE (1) Organic growth = excluding acquisitions / divestitures and the impact of f
Slide 7: H1 2024 Adjusted Revenue Growth by Geography
H1 2024 ADJUSTED REVENUE GROWTH BY GEOGRAPHY UNITED KINGDOM GROUP +29.8% FRANCE +13.4% +9.3% REST OF NORTH EUROPE(2) AMERICA +13.2% ASIA PACIFIC +4.4% +14.2% REST OF THE WORLD +11.6% Organic growth (1) (1) Organic growth = excluding acquisitions / divestitures and the impact of foreign exchange. (2)
Slide 8: H1 2024 Adjusted Revenue Breakdown
H1 2024 ADJUSTED REVENUE BREAKDOWN EUROPE NORTH AMERICA 47.6% BILLBOARD STREET FURNITURE 7.1% REST OF THE 14.2% WORLD REST OF 13.1% EUROPE 30.0% 50.8% 35.1% ASIA 21.4% PACIFIC 17.6% TRANSPORT 10.8% FRANCE UNITED KINGDOM // 8
Slide 9: Dynamic and Highly Diversified Clients Portfolio
DYNAMIC AND HIGHLY DIVERSIFIED CLIENTS PORTFOLIO THE TOP 10 CLIENTS ACCOUNT FOR LESS THAN 14% OF GROUP REVENUE H1 2024 Revenue by customer category, change vs H1 2023 +12% +16% Other Fashion / +34% Personal Care & Telecom, 13% Luxury Goods Technology 19% 4% +7% Services 5% +15% +14% 5% 14% Retail Go
Slide 10: Strong Digital Revenue Contribution
STRONG DIGITAL REVENUE CONTRIBUTION +27.8% organic(1) digital revenue growth in H1 2024 H1 Group digital revenue as a % of total Group revenue Adjusted figures +17% Breakdown of digital revenue by segment (H1 2024) CAGR Adjusted figures +33% 36.8% CAGR BILLBOARD 2016/2019 32.7% 30.0% STREET 12.7% FU
Slide 11: Growing Digital Across All Business Segments
GROWING DIGITAL ACROSS ALL BUSINESS SEGMENTS Street Furniture Transport Billboard Sao Paulo, Brazil Manchester, UK Vienna, Austria +27.3% 34.8% +9.7% 41.2% +23.8% 33.0% 35.4% 32.2% CAGR 31.0% CAGR CAGR H1 2016 / H1 2016 / H1 2016 / H1 2024 H1 2024 H1 2024 19.0% 6.4% 6.5% H1 2016 H1 2023 H1 2024 H1 2
Slide 12: 5 Countries Generate 60% of Digital Revenue
5 COUNTRIES GENERATE 60% OF DIGITAL REVENUE, STILL SIGNIFICANT ROOM FOR DIGITAL PENETRATION GROWTH Digital penetration (% of country revenue) Top 5 countries for digital revenue H1 2023 H1 2024 73% 73% 70% 71% (1) 56% 57% 41% 37% 27% 21% Digital, Los Angeles Airport, USA (1) 66% of advertising reven
Slide 13: Strong Programmatic Revenue Growth, Mainly Incremental
STRONG PROGRAMMATIC REVENUE GROWTH MAINLY INCREMENTAL H1 2024 programmatic revenue: 59.7m€ +61.8% vs H1 2023 9.0% of total digital revenue +63.5% 100.2 Programmatic Revenue (in m€) Annual growth in % +105% 61.3 c.+300% 29.8 0.1 3.1 6 Digital Street Furniture, Berlin, Germany 2018 2019 2020 2021 2022
Slide 14: Enhanced Programmatic Footprint
ENHANCED PROGRAMMATIC FOOTPRINT 46 DSPs & 51,000 screens incl. 24,000 screens from JCDecaux connected to in 21 countries across 5 continents EUROPE ASIA-PACIFIC Austria Australia Belgium China France New Zealand Finland Singapore Germany AMERICAS Italy USA Portugal Brazil Luxembourg Mexico Norway AF
Slide 15: Contract Wins & Renewals
CONTRACT WINS & RENEWALS Street Furniture Transport Europe Europe France Antibes, Chambéry, Créteil, Nancy, Vichy Italy Rome (Metro, buses, tram), Milan (Metro, buses, tram), Venice Airport, Treviso Airport Spain Getafe Belgium Genk and Hasselt Asia-Pacific UK Havering (London Borough) China Shenzhe
Slide 16: Carbon Reduction Trajectory Approved by the SBTi
CARBON REDUCTION TRAJECTORY APPROVED BY THE SBTi A RECOGNISED ESG PERFORMANCE 2030 2050 2050 A List Our 2023 TARGETS TARGETS NET ZERO carbon footprint: Scopes 1+2 Scope 3 Scopes 1+2 Scope 3 Scopes 239.5 Kteq CO2 * * 1+2 and 3 -22% vs 2019 -73% -46% -90% -90% (Scopes 1,2 and 3) Market based 76/100 AA
Slide 17: Highly Awarded Teams
HIGHLY AWARDED TEAMS A SELECTION OF AWARDS RECEIVED BY OUR TALENTED TEAMS IN H1 2024 « Sales team of the Year and Best Marketing Initiative » award - Digital Learning Award for the « Projet MyCrew » JCDecaux UK The Digital Learning Trophies, March 2024 ALF Awards, May 2024 Grand Prix for the respons
Slide 18: Cannes Lions Awarded to Spain and China
CANNES LIONS AWARDED TO SPAIN AND CHINA TWO CAMPAIGNS IN METRO ENVIRONMENTS HAVE RECEIVED 2024 CANNES LIONS « Marina Prieto » Campaign, JCDecaux Spain DAN WIEDEN TITANIUM LION Gold Lion | OOH | « Marina Prieto » Campaign Silver Lion | Social & Influencer GRAND PRIX LION Bronze Lion | Creative B2B |
Slide 19: JCDecaux Teams Involved in the Olympic Torch Relay
JCDECAUX TEAMS INVOLVED IN THE OLYMPIC TORCH RELAY // 19
Slide 20: Financial Highlights
FINANCIAL HIGHLIGHTS David Bourg Chief Financial, IT & Administrative Officer Digital arch, Paris Airport, France // 20
Slide 21: Summary of Financial Results
SUMMARY OF FINANCIAL RESULTS Change In million Euros, except % . Adjusted figures (1) except when IFRS. H1 2024 H1 2023 % M€ Revenue 1,807.6 1,585.0 +14.0% +222.6 Operating Margin 261.4 203.1 +28.7% +58.3 (2) EBIT before impairment charge 112.6 12.5 +799.9% +100.0 Net income Groupe share before impa
Slide 22: Enhanced Operating Margin
ENHANCED OPERATING MARGIN Operating margin evolution Adjusted figures (1) +28.7% +14.0% +14.1% +9.5% -101.6 222.6 -62.8 261.4 203.1 H1 2023 Revenue Rents & Fees Other operating costs H1 2024 +X,X% YOY Variation ((1) Adjusted figures include our prorata share in companies under joint control accounte
Slide 23: EBIT Improvement Driven by Operating Margin Growth
EBIT IMPROVEMENT DRIVEN BY GROWTH IN OPERATING MARGIN & THE CAPITAL GAIN ON THE SALE OF SOME APG|SGA’S SHARES In million Euros. Adjusted figures (1) Change H1 2024 H1 2023 M€ % Operating Margin 261.4 203.1 +58.3 +28.7% Margin (% Revenue) 14.5% 12.8% +170bp (2) Net amortisation tangible & intangible
Slide 24: Enhanced Margins Across All Business Segments
ENHANCED MARGINS ACROSS ALL BUSINESS SEGMENTS Operating margin (% of Revenue) EBIT (2) (% of Revenue) Adjusted figures (1) Adjusted figures (1) Vs 06.2023 +70bp +180bp +610bp +170bp +80bp +410bp +870bp +290bp +540bp 21.7% 8.2% 14.5% 6.2% 10.1% 3.7% 5.8% -0.5% -2.0% STREET TRANSPORT GROUP STREET BILL
Slide 25: Net Result Up €56.6M, +149.6%
NET RESULT UP €56.6 M, +149.6% In million euros +56.6 m 0.8 -41.2 5.2 - 9.2 13,0 1.0 84.5 -2.9 122.3 -3,0 83.0 92.1 94.4 94.4 81.9 81.9 37.8 37.8 Net Result Adjusted (1) IFRS 11 IFRS 16 Financial Taxes (3) Results Minority Net Result group Net share Result group share EBIT Adjusted adjustments IFRS
Slide 26: Improved Free Cash Flow
IMPROVED FREE CASH FLOW Change In million Euros. Adjusted figures (1) H1 2024 H1 2023 M€ Operating margin 261.4 203.1 +58.3 Maintenance spare parts (18.7) (19.0) +0.3 Non-core business leases, IFRS 16 (2) (31.2) (27.4) -3.8 Income tax paid (35.7) (26.8) -8.9 Interests paid and received (3) (36.5) (1
Slide 27: Strong Financial Structure
STRONG FINANCIAL STRUCTURE Net debt improved Well distributed debt maturity In million Euros. Adjusted figures except when IFRS. H1 2024 Debt maturity profile, in million Euros Net Debt as of December 31 2023, IFRS 1,005.9 (1) Free Cash Flow (20.1) Restatement of companies under joint control - IFRS
Slide 28: Outlook & Strategy
OUTLOOK & STRATEGY Jean-François Decaux Co-CEO Digital, JCDecaux ICON, Melbourne, Australia // 28
Slide 29: OOH/DOOH: A Growth Media
OOH/DOOH: A GROWTH MEDIA 2023 / 2029 ADVERTISING REVENUE CAGR FORECASTS WORLDWIDE 9.1% 7.7% 7.6% 7.3% 6.0% 3.6% 3.0% 0.8% -3.0% DOOH Online non- Online OOH(1) Traditional Traditionnal OOH Professional TV/Video Audio Publishing DOOH OOH search OOH Video (1) Including DOOH, Source: June 2024 Global Mi
Slide 30: Creating Sustainable Value for All Stakeholders
CREATING SUSTAINABLE VALUE FOR ALL STAKEHOLDERS 48% of revenue aligned with (1) EU Green Taxonomy State of the art infrastructure for bus & trams Soft mobility JCDecaux shares more than 47% of its resources created to finance living spaces and transport Almost 120,000 jobs supported (2) Cleanliness
Slide 31: Air Traffic Already Exceeds Pre-Covid Levels
AIR TRAFFIC ALREADY EXCEEDS PRE-COVID LEVELS Air traffic forecasts 130 123 97 100 115 91 106 95 72 51 39 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Actual Base Scenario Digital, Abu Dhabi Airport, United Arab Emirates Source: Airport Council International, February 2024 // 31
Slide 32: Strong Position in China, Soft Recovery
STRONG POSITION IN CHINA, SOFT RECOVERY | Renewed leadership position in China | +11.0% organic revenue growth in H1 2024 ▪ Active in 12 major cities, 21% urban population coverage ▪ Domestic audience fully recovered ▪ Major transport platforms secured over the last 3 years with ▪ International mobi
Slide 33: Programmatic: A Strong Opportunity for DOOH
PROGRAMMATIC: A STRONG OPPORTUNITY FOR DOOH In billion dollars +14% CAGR 383 339 294 261 85% of global Online Display 239 advertising (1) c.$300bn advertising revenue pool 2021 2022 2023 2024 2025 Sources: (1) eMarket October 2022, eMarketer, Insider Intelligence, December 2023. Digital display ads
Slide 34: Programmatic Is Expected to Grow Strongly
PROGRAMMATIC IS EXPECTED TO GROW STRONGLY SHARE OF PROGRAMMATIC IN DIGITAL REVENUE IN H1 2024, TOP 5 COUNTRIES 33.8% 27.7% 19.2% 14.6% 9.8% 9.0% Germany Netherlands Belgium Spain New zealand Group Group Digital Street Furniture, Amsterdam, Netherlands // 34
Slide 35: Covering the Full Value Chain of Programmatic DOOH
COVERING THE FULL VALUE CHAIN OF PROGRAMMATIC DOOH DSP SSP Media Demand Side Platforms Supply Side Platforms Buying platforms Trading – planning – dynamic content Owners Direct advertisers Advertisers 45 6 Multiple Media other OOH Agencies other DSPs other SSPs connected to VIOOH media owners connec
Slide 36: Main Tenders
MAIN TENDERS Street Furniture Transport Europe Europe - France GPSO, Le Mans, Toulon, Paris CIP, Amiens, UK TFL (London Underground) Dunkerque, Velizy, Besançon, Mulhouse bikes Sweden Stockholm Metro & buses - UK TFL (bus shelters), Nottingham Asia-Pacific Portugal Almada, Cascais, Viseu, Mafra, Sin
Slide 37: N°1 Globally in a Fragmented Market
N°1 GLOBALLY IN A FRAGMENTED MARKET 2023 revenue in Outdoor Advertising ($m) Non OOH Revenues North America revenues Equity method 16.44% Equity method 33% 2,188 2,127 3,552 926 715 2,111 1,821 1,682 1,412 1,262 633 309 362 341 281 222 211 188 188 109 (4) JCDecaux (1) Ströer (2) CCO Lamar Outfront F
Slide 38: Closing Remarks
CLOSING REMARKS | Strong revenue growth driven by digital | Programmatic gaining share in digital revenue | Enhanced profitability | Ongoing control over opex and selective capital allocation | Implementing our SBTi carbon reduction trajectory | Guidance for Q3 2024 around +10% organic growth // 38
Slide 39: Q&A Session
Q&A SESSION Advertising wrap contributing to public works, Paris, France // 39
Slide 40: Appendices
APPENDICES Digital Street Furniture, Chicago, USA // 40
Slide 41: 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 42: From Operating Margin to EBIT
FROM OPERATING MARGIN TO EBIT Change In m illion Euros. Adjusted figures (1). H1 2024 H1 2023 M€ Operating margin 261.4 203.1 +58.3 Maintenance spare parts (22.2) (22.2) -0.1 Amortisation for PP&E and intangible assets (147.5) (143.4) -4.1 Depreciation and reversal on provisions for onerous contract
Slide 43: From EBIT to Net Income
FROM EBIT TO NET INCOME Change In million Euros. Adjusted figures (1) except when IFRS. H1 2024 H1 2023 M€ EBIT after impairment charge 118.9 34.4 +84.5 Restatement of IFRS 11, EBIT from companies under joint control (15.3) (16.0) +0.8 Net restatement of IFRS 16, Core business lease contracts of con
Slide 44: Reconciliation Between Adjusted Figures and IFRS - Income Statement
RECONCILIATION BETWEEN ADJUSTED FIGURES AND IFRS FIGURES - INCOME STATEMENT H1 2024 H1 2023 Impact of Impact of Impact of Impact of companies IFRS 16 from companies IFRS 16 from In million Euros Adjusted controlled IFRS Adjusted controlled IFRS under joint under joint (1) (1) control entities contro
Slide 45: Reconciliation Between Adjusted Figures and IFRS - Cash Flow Statement
RECONCILIATION BETWEEN ADJUSTED FIGURES AND IFRS FIGURES – CASH FLOW STATEMENT H1 2024 H1 2023 Impact of Impact of Impact of IFRS 16 Impact of IFRS 16 companies from companies from In m illion Euros Adjusted IFRS Adjusted IFRS under joint controlled under joint controlled control (1) control (1) ent
Slide 46: 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 47: 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 48: JCDecaux
— JCDecaux