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GL EVENTS : 2025 HALF-YEAR RESULTS
GL EVENTS : 2025 HALF-YEAR
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GL EVENTS 2025 HALF-YEAR RESULTS 24 July 2025 BRINGING PEOPLE TOGETHER BRINGING PEOPLE TOGETHER CONTENTS 2025 HIGHLIGHTS GROUPE RESULTS BY BUSINESS LINE PRESENTATION OF H1 2025 P&L BALANCE SHEET AT 30 JUNE 2025 CHANGES IN NET DEBT AND DEBT STRUCTURE ESG POLICY OUTLOOK GL EVENTS JULY 2025 3 1. 4 GROUPE CONTINUING GROWTH IN H1 Growth on a reported basis +8% +19% + 31 % Growth of 8.3% driven by the Exhibitions and Venues divisions. Growth of 9.5% at constant exchange rates, excluding the unfavourable currency effects of the Brazilian Real, Chinese Yuan and Turkish Lira. Sales up in Latin America, Europe and Asia (Japan) despite continuing difficulties in the Chinese market. "Other regions: activities in Saudi Arabia. In France, new growth drivers mitigated the base effect of the Olympic Games. GL EVENTS JULY 2025 5 GROUPE CONTINUING IMPROVEMENT IN PROFITABILITY Strong improvement in EBITDA (+€23m /+20%) and current operating income (+€23m/+29%). EBITDA margin (+1.5 pt) boosted by a favourable business mix and seasonal effects. Continuing improvement in ROCE (+5.5 pts vs. 2022) reflecting the extensive work carried out and an improvement in asset quality. Increase in the net margin despite higher financial expenses. GL EVENTS JULY 2025 6 GL EVENTS LIVE, A FIRST-HALF OF CONTINUING GROWTH GROUPE After a record 2024, the division successfully diversified into new markets, offsetting the high comparison base effect from the 2024 Olympic Games. Sustained business activity led to the signing of a number of significant contracts, reflecting the confidence of customers in GL events' teams. Discussions underway (non-binding MoU) concerning the acquisition of a majority stake (51%) in Add Group, Saudi Arabia. GL EVENTS JULY 2025 7 EXHIBITIONS: STRENGTHENING THE HEALTH VERTICAL GROUPE 2025 ENHANCEMENTS 30,000 PARTICIPANTS Chinese organiser of exhibitions and scientific S 12 CONFERENCE +700 EXHIBITORS 30,000 sqm A YEAR CONFERENCE conferences in the field of In vitro Diagnostics, generating sales of €8m / year. Controlling interests (70%) acquired in March 2020 Annual rendezvous for healthcare professionals, annual business volume ≈ €8m Contract to organise 5 editions signed in 2024. UP TO 1,600 PARTICIPANTS PER Chinese organizer of veterinary exhibitions for companion animals. Annual business volume of ≈ €6m Controlling interest (69%) in May 2025 Organizer of 12 medical congresses in France (mainly in the field of geriatrics). Annual business volume ≈ €2m Acquisition of 100% of the company's shares in July 2025 GL EVENTS JULY 2025 8 VENUES: NETWORK EXPANSION Fimalac Entertainment - Major strategic reinforcement in the regions and consolidation in the entertainment sector Exclusive negotiations to take over the event venue management activities in the regions (21) and the Salle Pleyel in Paris GROUPE Annual business volume: €59 / 180 FTEs Expected closing date of the transaction: Q3 2025, after regulatory approvals At the same time, Fimalac will acquire a 5% stake in Polygone, and Éléonore Ladreit de Lacharrière will join GL events' Board of Directors as a director Trévise Participations takes over Fimalac's show production and ticketing activities Stade de France: Contract signed June 2025, tendering phase in progress. Management from August 5, 2025 for 30 years First events on August 9 and 13, 2025 GL EVENTS JULY 2025 9 2. 10 LIVE: A FIRST HALF OF CONSOLIDATION Live (€m) H1 2023 H1 2024 H1 2025 Change vs. 2024 Chg. vs 2023 Revenue 367 496 459 -8% 25% EBITDA 34 58 48 -17% 41% EBITDA margin 9.2% 11.6% 10.5% -1.2 1.2 Current operating income 10 35 27 -22% 178% Current operating margin 2.6% 6.9% 5.9% -1.1 3.2 GROUPE Post-Paris 2024 Olympic Games business levels remain high. The operating margin remains within the normative profitability range [5 to 7%]. Though declining under the combined effect of: the Osaka project with low profitability levels, the withdrawal from Structures (UK & Chile) & Audio-visual activities, Stable fixed costs for delivery of projects over the next six months. GL EVENTS JULY 2025 11 EXHIBITIONS: A DYNAMIC H1 Exhibitions (€m) H1 2023 H1 2024 H1 2025 Change vs. 2024 Chg. vs 2023 Revenue 144 113 172 52% 20% EBITDA 33 23 43 84% 29% EBITDA margin 23.0% 20.4% 24.8% 4.4 1.8 Current operating income 33 22 41 86% 24% Current operating margin 23.1% 19.5% 24.0% 4.4 0.8 GROUPE Odd-numbered year, favourable biennial effect, accentuated by the anticipation of the Biennial Rio International Book Fair (June vs. September). Continuing difficulties in certain sectors in China for exhibitions organised by the Group. Growth in exhibitions in the healthcare, industrial, food and energy sectors, and the start of a recovery in European fashion exhibitions. Fixed costs (60% for personnel costs) on a like-for-like basis are stable vs. N-1. High operating margin reflecting activity concentrated in H1 (≈70% of the year). GL EVENTS JULY 2025 12 VENUES: CONTINUING GROWTH Venues (€m) H1 2023 H1 2024 H1 2025 Change vs. 2024 Chg. vs 2023 Revenue 179 211 258 23% 44% EBITDA 33 35 49 38% 50% EBITDA margin 18.2% 16.8% 18.9% 2.1 0.7 Current operating income 25 24 36 50% 48% Current operating margin 13.7% 11.4% 14.0% 2.6 0.4 GROUPE Steady growth in sales and operating margin, driven by the relevance of the Group's long-standing development strategy: France: Withdrawal from Paris as a destination offset by the dynamism of the Auvergne Rhône Alpes region Europe: Stability in Hungary and growth in the Benelux countries South America: Dynamic destination (Rio, Salvador, Sao Paulo) with positive impact of the Anhembi site (undergoing renovations in H1 2024) and positive impact of the Riesco site Steady growth in operating margin, driven by sales growth & tight control of fixed costs (contained increase of +7% like-for-like vs. 2024). GL EVENTS JULY 2025 13 3. GL EVENTS JULY 2025 14 GROUPE €m 30/06/2023 30/06/2024 30/06/2025 Revenue 690 821 889 Purchases and external charges -417 -517 -550 Personnel expenses and employee profit sharing -165 -182 -191 Taxes and similar payments -10 -10 -10 Other current operating income and expenses 1 5 1 EBITDA 100 116 139 EBITDA margin 14.4% 14.2% 15.7% Amortisation, depreciation and provisions -32 -35 -35 Current operating income 67 81 104 Current operating margin (%) 9.8% 9.8% 11.7% Other non-current income and expenses -3 -5 -6 Operating profit 64 76 99 OPERATING PROFITABILITY: +29% VS. 2024 EBITDA ***up 19% in H1 2025 Current operating income: +€23m vs. H1 2024 An improved margin resulting from a favourable business mix Contribution margin of 3.5 pts Ratio of external expenses to revenue: 62.0% vs. 62.9% for H1 2024 Payroll costs contained: + 4% vs. H1 2024 Depr./Amort.: Live: slight decrease (claims in 2024) Venues: Anhembi (undergoing renovations in H1 2024) Fixed costs under control: + 8% vs. H1 2024 Other operating income and expenses: in H1 2024, capital gains on asset disposals and reduction in subsidies received (China). Non-current expenses: Costs for development / Studies / Restructuring / Penalties / Change of consolidation method GL EVENTS JULY 2025 15 €m 30/06/2023 30/06/2024 30/06/2025 Operating profit 64 76 99 Net financial income (expense) -10 -15 -15 Profit /(loss) before tax 54 61 83 Corporate income tax -14 -16 -23 Net profit / (loss) of consolidated companies 41 45 61 Income (loss) from equity-accounted investees 0 0 0 Net profit 41 45 61 Non-controlling interests -9 -6 -9 Net profit attributable to shareholders (Group share) 32 39 52 Earnings per share (€) 1.05 1.31 1.74 STRONG GROWTH IN NET ATTRIBUTABLE INCOME: +33 % VS. 2024 Stable financial result Lower financing costs: - 0.2% vs. H1 2024: (-€1m) GROUPE Stable investment income Foreign exchange gains/(losses): -€1.3m Earnings before tax +35 % Stable tax rate of 26.2% vs. 27.3% in 2025 Minority interests up: Biennial effect from SIRHA (Eurexpo) and FISA Net income attributable to shareholders: 5.9% vs. 4.8%. Increasing value creation for shareholders: + 33 % for earnings per share GL EVENTS JULY 2025 16 4. BALANCE SHEET AT 17 BRINGING PEOPLE TOGETHER BALANCE SHEET AT 30 JUNE 2025 €m 31/12/2024 30/06/2025 Goodwill 830 816 PPE & intangible assets 446 447 IFRS 16 concessions and leases 0 Rental equipment assets 169 156 Financial assets 62 64 Deferred taxes 15 16 Net source of funds (negative WCR) -348 -350 Assets to be financed 1,174 1,149 Equity 624 599 Provisions for contingencies and expenses 33 31 Pre-IFRS 16 net debt 517 518 IFRS 16 lease liabilities 0 Total Financing 1,174 1,149 Goodwill (-€14m) Changes in scope of consolidation (+€16m) / translation adjustments (- €30m) Tangible & intangible assets (+ €1m) GROUPE Buildings: acquisitions (€9m) mainly Anhembi renovation and Eurexpo projects / translation adjustments (-€1m) / depreciation (€3.4m) Intangible assets: acquisitions (€5m), mainly IT, Marseille & Riesco upfront fees / Depreciation (-€3.4m) and asset disposals (-€1m). Site development and renovation: acquisition (€5.9m), depreciation (€5.4m) Rental equipment (-€13m) Renewal of Live division assets: Structures (€5m) - Audio-visual (€1m) -General installations (€2m) / Depreciation (-€18m) / Translation adjustments (-€3m) Financial assets (+€2m) Additional cash investments Shareholders' equity (-€25m) Translation adjustments: (-€48m) Net income: (+€61m) Dividends: (-€34m) Technical effects of consolidation: (-€4m) GL EVENTS JULY 2025 18 5. NET DEBT & STRUCTURE OF FINANCIAL DEBT BRINGING PEOPLE TOGETHER GROUPE 19 GROUPE CHANGE IN NET DEBT Free cash flow: +€54m vs. -€31m in H1 2024 + €54m Net cash flow up 22% vs. H1 2024 Overall stability of debt impacted by: Contained investment volume (Live: €10m, Venues: €14m, IT: €3m) Consumption of Net Source of Funds, Cop 16, Exhibitions in H1 2025, M&A: outflows for acquisitions made during the period, additional shareholding acquisitions / earnout payments (France and China) Dividends: Chinese minority shareholders (€5m) Changes in exchange rates: RMB and SAR GL EVENTS JULY 2025 20 DEBT MATURITY & LIQUIDITY Short debt maturity: 3.1 years at 30 June 2025 vs. 2.9 years at 31 December 2024 GROUPE Slightly lower financing costs (3.7% vs. 4% in 2024) due to a lower Euribor and substitution of market debt for French government-backed debt Increased liquidity and significant unused financing reserves (€270m) GL EVENTS JULY 2025 21 SOURCES OF FUNDS AND COVENANTS Diversified and secure sources of financing: Debt mainly held by GL events Bonds representing 23% of total debt GROUPE RCF undrawn at June 30, 2025 (€150m) Fixed-rate or hedged debt over 60 % (additional hedging operations for €80m) 2025 financing of €247.5m completed in H1 2025, of which €120m remained undrawn at June 30, 2025. Financial ratios YoY Financial Calculation Balance sheet (reported basis) (pre-IFRS 16) Calculation of financing contracts (excluding the "recovery bond") Contractual limit leverage ratio 2.0x 1.8x 3.5x GL EVENTS JULY 2025 Gearing 86% 78% 120% 22 DEBT BASED ON LONG-TERM CONTRACTS Concession agreements with operating terms sufficiently long to obtain a return of capital expenditures for construction and renovation Percentage of debt represented by assets under held under concession agreements: 72% GROUPE Venues under management and remaining contractual ter ms Matmut Stadium 53 yrs. Rio Centro 32 yrs. Grand Hôtel Mercure 32 yrs. Arena Rio 21 yrs. Eurexpo (Bail Commercial) 21 yrs. Salvador de Bahia 20 yrs. Sao Paulo Immigrantes 19 yrs. Sao Paulo Anhembi 28 yrs. Palais Brongniart 16 yrs. Parc des Expositions de Metz 12 yrs. Santos 21 yrs. Grand Hall Clermont Ferrand 25 yrs. Parc des Expositions Saint Etienne 25 yrs. Reims Parc des Expositions et Centre des Congrès 24 yrs. Lingotto Fiere Johannesbourg Exposition Center Short term maturity of the debt versus the length of concession agreements Nb: on the basis of current sales generated per site, extrapolating these data over the remaining contract durations, potential sales are estimated at around €8 billion. GL EVENTS JULY H1 2025 23 6. 24 BRINGING PEOPLE TOGETHER ESG 2025 POLICY DECARBONATION 5% reduction in carbon footprint in tCO2/revenue for the 3 scopes vs. 2023 75% renewable electricity (vs. 73% in 2023) Transition plan by building an emissions reduction trajectory by business family: Venues Europe 2025 Structures and Grandstands 2025-2026 Exhibitions end of 2025-2027 CIRCULAR ECONOMY 5% reduction in waste tonnes waste/revenue vs. 2023 GROUPE Preserving natural resources: Launch of the Water Contest Improved signage (plastic, ink) TERRITORY & DIVERSITY Accelerated Disability Policy rollout : Group employment rate : 2.1% in 2024 versus 1.41% in 2023 Launch of an internal mentoring programme (+160 female employees involved) New partnership with #JenesuispasunCV #JenesuispasunHandicap All information is available in GL EVENTS JULY 2025 7. GL EVENTS JULY 2025 26 BRINGING PEOPLE TOGETHER OUTLOOK Against an uncertain geopolitical backdrop and after strong growth in 2024, GL events confirms its targets for 2025: Sales growth exceeding 5%; GROUPE An improved operating margin; A CAPEX programme of around €80m. Furthermore, with a view to finalising the external growth transactions announced in H1 2025, notably the acquisitions of ADD Group and Fimalac Entertainment (subject to fulfilment of the customary conditions precedent), GL events is expecting its net debt to remain stable in 2025. Upcoming events: Q3 2025 revenue: 15 October 2025 GL EVENTS JULY 2025 27 8. GL EVENTS JULY 2025 28 2024 non-financial ratings - for FY 2023 AXYLIA Equivalent to 2022 Demonstrating the Group's ability to achieve economic and environmental balance EBIDTA / price tonne eq CO2 CDP B- Score 2022: B Change of method (new water and forest perimeter in 2024) and increased requirements : climate, forest and water Highlights: Carbon footprint methodology Governance, organisation and audits ETHIFINANCE 2021 2022 2023 GROUPE 58 67 74 Score increase : Governance Employment Stable score Environment Stakeholders GL EVENTS JULY 2025 29 FULL IFRS FINANCIAL STATEMENTS €m €m 30/06/2025 IFR S 16 G IAS 2G impact 30/06/2025 (Full IFRS) Revenue 889 -2 887 Purchases and external charges -550 34 -515 EBITDA 139 33 172 EBITDA margin 15.7% 2.2% 17.9% Amortisation, depreciation and provisions -35 -25 -60 Current operating income 104 8 112 Current operating margin (%) 11.7% O.3% 12.6% Other non-current income and expenses -6 0 -6 Operating profit 99 8 106 Net financial income (expense) -15 -10 -26 Profit /(loss) before tax 83 -3 80 Corporate income tax -23 1 -22 Net profit / (loss) of consolidated companies 61 -2 58 Income (loss) from equity-accounted investees 0 0 0 Net profit 61 -2 59 Non-controlling interests -9 0 -8 Net profit attributable to shareholders (Group share) 52 -2 50 30/06/2025 IFRS 16 & IAS 29 impact 30/06/2025 GROUPE Full IFRS Goodwill 816 4 820 PPE & intangible assets 447 1 447 IFRS 16 concessions and leases 0 515 515 Rental equipment assets 156 0 156 Financial assets 64 0 64 Deferred taxes 16 9 25 Net source of funds (negative WCR) -348 1 -347 Assets to be financed 1,151 529 1,680 Equity 624 -43 581 Provisions for contingencies and expenses 33 -2 31 Pre-IFRS 16 net debt 517 2 518 IFRS 16 lease liabilities 0 549 549 Total Financing 1,174 506 1,680 GL EVENTS JULY 2025 30 Pour lire la suite de ce noodl, vous pouvez consulter la version originale ici .