JCDecaux SE (JCDXF) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.339 Good morning, everyone, and welcome to our 2025 half-year results conference 00:00:05.339 -- 00:00:06.841 call. 00:00:06.841 -- 00:00:11.007 The speakers on this call will be Jean-Charles Decaux, Co-CEO, 00:00:11.007 -- 00:00:16.675 David Bourg, Chief Financial IT and Operations Officer, and myself. 00:00:16.675 -- 00:00:22.641 Rémi Grézard, Head of Investor Relations, is also attending today's conference call. 00:00:22.744 -- 00:00:25.698 Moving to slide four of the presentation, 00:00:25.698 -- 00:00:31.204 You can see that our unique and well-diversified premium out-of-home global media footprint 00:00:31.204 -- 00:00:36.329 recorded in the first half a very strong robust revenue growth and 00:00:36.329 -- 00:00:41.555 a strong operating leverage in a very challenging and uncertain macroeconomic and geopolitical 00:00:41.555 -- 00:00:45.699 environment despite a mid-single-digit decline in China. 00:00:45.699 -- 00:00:48.823 Our revenue increased by 3.4% year-on-year 00:00:48.823 -- 00:00:54.503 in H1 2025 and by 3.3% on an organic basis 00:00:54.503 -- 00:01:00.170 driven by digital out of home, which rose by 12.2% to nearly 40% 00:01:00.170 -- 00:01:05.077 of total revenue, with programmatic digital out of home up an impressive 25.2%. 00:01:05.077 -- 00:01:07.077 Key 00:01:07.941 -- 00:01:13.228 operational indicators showed strong double-digit growth, with over 75% 00:01:13.228 -- 00:01:17.373 of our revenue growth translating into operating margin. 00:01:17.373 -- 00:01:22.397 As a result, we increased our operating margin by 17.6%, 00:01:22.567 -- 00:01:28.173 with a year-over-year improvement of 200 basis points as a percentage of revenue, 00:01:28.173 -- 00:01:30.836 a significant step up. 00:01:30.836 -- 00:01:36.383 Our...