JCDecaux SE (JCDXF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the JC Decaux 2026 Half-Year Results presentation. I will now hand the call over to Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO. Sir, please go ahead. Good morning, everyone, and welcome to our 2026 Half-Year Results conference call. The speakers on this call today will be Jean-François Decaux, Co-Chief Executive Officer, David Bourg, Chief Financial IT and Operations Officer, and I. Remi Grisard, Head of Investor Relations, is also attending today's conference call. We delivered a strong performance driven by digital in the first half of 2026. Our revenue reached €1,953,000,000 with a continued solid revenue momentum as organic revenue grows 5.7% despite an uncertain macroeconomic and geopolitical environment. Organic digital revenue grew double-digit by 14.5% and now represented 42.8% of total group revenue. Within digital, programmatic organic revenue was up 30.9% and accounted for 12.3% of our digital revenue. This confirms, once again, that digital and especially programmatic is a powerful growth engine and a key growth driver for our group. Leveraging our revenue growth and focused and disciplined execution, we achieved double-digit growth across all our key operational indicators demonstrating our strong operating leverage. Our operating margin was up 16.8%, reaching 359 million. Our recurring EBIT was up 53.5% at 136.2 million. Our net in group share was up 84.7% at 140.1 million, and our operating cash flows were up 41.8% at 218 million euros. Finally, and importantly, we delivered a 91.1 million year-on-year increase in free cash flow, reaching 26.2 million in the first half, which is a positive free cash flow despite the usual seasonality of our business. David, obviously, will comment on this strong fin...