JCDecaux SE (JCDXF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the GSE Decaux 2025 Full Year Results presentation. I will now hand over to Jean-François Decaux, Chairman of the Executive Board and Co-CEO. Sir, please go ahead. Good morning, everyone, and welcome to our 2026 Full Year Results conference call. The speakers on this call will be Jean-Charles Decaux, Co-CEO, David Bourg, Chief Financial IT and Operations Officer, and myself, Remy Grisard, Head of Investor Relations, is also attending today's conference call. On the front cover, we chose this picture of one of our large digital kiosks on Market Street in San Francisco with an AI-related campaign because this new client category generated last year 30% of all revenues in the San Francisco advertising market. Moving now to slide four, overall 2025 is a solid year with robust underlying growth and strong performance in our key financial indicators. First, revenue. Our organic revenue growth is up 1.8% and 3.2% if we include the impact of the Paris 2024 Olympic Games and UEFA Europe. So despite a tougher comparable, and a more challenging as well as an uncertain macro environment, our underlying top line continues to grow. Second, digital. Our digital revenue grew by 10% organically and now represents 41.7% of total group revenue with programmatic up 17.3% and reaching 10.4% of digital revenue. This confirms that digital and especially programmatic remain a key driver of our growth and of the transformation of the group. On the profitability slide, we demonstrate the strength and operating leverage of our business model. Our operating margin rate improved to 20.9%, up 150 basis points year-on-year, recurring EBIT increased by 18.6%, and our net results, excluding the APG SGA capital gain in 2024, is up 22.8%. Finally, and very importantly,...