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GL EVENTS : REPORTS GROWTH OF 8% IN REVENUE AND 20% IN EBITDA IN H1 2025
GL EVENTS : REPORTS GROWTH OF 8% IN REVENUE AND 20% IN EBITDA IN H1
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GL EVENTS REPORTS GROWTH OF 8% IN REVENUE AND 20% IN EBITDA IN H1 2025 GL EVENTS (FR0000066672, GLO), THE INTEGRATED EVENT INDUSTRY GROUP, ANNOUNCES ITS RESULTS FOR THE 2025 FIRST HALF Revenue: +8.3% to €889 million in H1 2025 (+9.5% at constant exchange rates( 1) ) International markets accounted for 51% of total revenue EBITDA: +20% (15.7% as a percentage of revenue) Net profit attributable to Group shareholders: +33% Confirmation of FY 2025 targets In €m pre-IFRS 16 G IAS 2G 30-06-2025 30-06-2024 Change Revenue 88G 821 +8% EBITDA (1) 139 116 +20% EBITDA margin 15.7% 14.2% +1.5pt Current operating income 104 81 +2G% Current operating margin 11.7% S.8% +1.Spt Net profit 61 45 +34% Net profit attributable to shareholders (Group share) 52 3G +33% Net margin 5.S% 4.8% +1.1pt EPS (1) in euros 1.74 1.31 +33% Olivier Ginon, Chairman-CEO of GL events Group, commented: "GL events performed well in the first half, buoyed by its strong fundamentals, the relevance of its global strategy and the unwavering commitment of its employees around the world. Our financial performance highlights the benefits of combining the strengths of our complementary services and the robustness of our business model for achieving sustainable growth. And by leveraging its powerful growth drivers, GL events has further strengthened its position. The increase in attendance and the satisfaction of participants at major events such as Expomin in Chile, the CACLP trade fair in China, Global Industrie, CFIA and Sirha Lyon is a testimony to the quality of our services, the professionalism of our staff and the power of our events in bringing people together. Internationally, our activities in Chile and Brazil are continuing to grow, while our delivery of services in Saudi Arabia and the signing of the contract for the Asian Games demonstrate the global reach of our expertise. 1 Definition provided at the end of the press release. We will maintain our momentum, accompanied by rigorous management and heightened vigilance in a complex global economic environment, and are confident in our ability to meet our targets for 2025, by pursuing a trajectory of sustainable and measured growth." GL events reported revenue of €889m in H1 2025, an increase of 8% (+9.5% at constant exchange rates 1 ), building on the momentum of 2024. In addition to favourable biennial effects, this performance was underpinned by the strength and complementarity of GL events' three business divisions, both in France and in each of the major international regions where the Group is developing. The Group has also been successful in finding new drivers of growth and profitability, in addition to the success of the services centred around the 2024 Olympic Games. At 30 June 2025, international activity accounted for 51% of revenue, up from 36% a year earlier. Disciplined cost management and resource optimisation, combined with a favourable business mix and biennial effects contributed to a 29% (€23m) increase in operating profit compared with H1 2024. This improvement in operating profitability, combined with a steady financial result, has led to a 33% increase in net profit attributable to Group shareholders compared with H1 2024 (up €13m), to €52m at 30 June 2025. Based on these factors, the Group looks forward with confidence to the second half of the year, and confirms its objectives for 2025 in terms of the creation of shareholder value. REVENUE AND PROFITABILITY BY DIVISION GL events Live (€m) pre-IFRS 16 & IAS 29 H1 2025 H1 2024 Revenue 459 496 EBITDA 48 58 EBITDA margin 10.5% 11.6% Current operating income 27 35 Current operating margin 5.9% 6.9% Change -8% -17% -1.1pt -22% -1.0pt GL EVENTS LIVE reported a robust activity after the Paris 2024 Olympic Games, with revenue of €459m, down 8% compared to 30 June 2024. At the end of June 2025, total revenue from mega-events amounted to €136m, compared with €167m at the end of H1 2024. GL events Live has confirmed its position as the partner of choice for major events around the world. In H1 2025, GL events Live once again contributed to major events such as COP16 in the Middle East (dismantling and refurbishment, etc.), the Osaka World Expo (German, Serbian and European Union pavilions, etc.), the United Nations Ocean Conference in Nice and the Paris Air Show. The Group has also continued its expansion in the sports events sector by delivering services for the F1 Monaco Grand Prix, the Rolex Masters, the Saut Hermès, the Cincinnati Club World Cup and the 24 Hours of Le Mans. EBITDA for the Live Division was down 17% in H1, mainly in response to the lower contribution from mega events and reduced demand for certain activities such as structures and audio-visual services. With an operating margin of 5.9%, the Live Division remained within its normative range of profitability in H1 2025. GL events Live keeps its fixed costs stable while maintaining its ability to deliver complex services which allows it to conserve a solid position with a view to H2 2025. GL events Exhibitions (€m) pre-IFRS 16 & IAS 29 H1 2025 H1 2024 Revenue 172 113 EBITDA 43 23 EBITDA margin 24.8% 20.4% Current operating income 41 22 Current operating margin 24.0% 19.5% Change 52% 84% 4.4 pts 86% 4.4 pts GL EVENTS EXHIBITIONS reported strong growth of 52% in H1 2025, with revenue of €172m. This growth is mainly driven by a favourable biennial effect (ExpoMine, SIRHA, and the Rio International Book Fair), which accounted for €40 million, growth in other major trade exhibitions organized by the Group (Global Industrie, CFIA, etc.), and the beginning of a recovery in Première Vision trade shows. At the same time, the economic environment in China remains challenging, with notably weaker performances for the trade shows organised by the Group. GL events Exhibitions' operating profit rose by 86% compared to last year's first-half, to €41m. This significant 4.4-point increase to 24.8% is mainly attributable to more pronounced seasonal effects in H1 and tight control of fixed costs (stable on a like-for-like basis). During this period, the division strengthened its healthcare vertical with the organisation of SantExpo, acquired a controlling interest (69%) in the Chinese exhibition of veterinary equipment for companion animals, and in July acquired B4 events, a medical congress organiser. GL events Venues (€m) pre-IFRS 16 & IAS 29 H1 2025 H1 2024 Revenue 258 211 EBITDA 49 35 EBITDA margin 18.9% 16.8% Current operating income 36 24 Current operating margin 14.0% 11.4% Change 23% 38% 2.1pt 50% 2.6 pts GL EVENTS VENUES maintained its growth trajectory in H1 2025 with reported revenue of €258m, up 23% compared with 2024. This performance was mainly driven by the vitality of regional sites in France, particularly in the Rhône-Alpes Auvergne region, which benefited from a favourable biennial effect and events hosted such as the Two-Wheeled Vehicles Fair and the CTCO exhibition. This regional momentum has helped offset the unfavourable biennial effect in Strasbourg and the post-Olympic Games downturn in Paris. In Europe, momentum has been driven by the Benelux countries, with the World Forum, which hosted notably the NATO summit, and sustained activity in Hungary, with Construma & Agromash as the main events. In South America, Brazilian destinations such as Salvador and São Paulo are experiencing strong growth reflecting the positive impact of the Anhembi site (under construction in H1 2024) and the integration of the Riesco events center in Santiago, Chile. In South Africa, Group teams benefited from preparatory meetings for the G20 summit to be held in Q4 2025. GL events Venues' current operating income reached €36m in H1 2025, up 50% from the same period last year. This growth was mainly due to the strong commercial performance and cost controls, with an increase in fixed costs limited to 7%. The operating margin also improved by 2.6 points, from 11.4% to 14.0%. These positive results are encouraging for H2 2025, with an even stronger performance expected in South America. Finally, following a tender procedure initiated in April 2023, the Group was awarded and signed the concession agreement for the management of the Stade de France, which will take effect on 5 August 2025. Since then, the operational teams have been working hard to ensure a smooth transition and the successful organisation of two concerts to be hosted on the 9th and 13th of August 2025. DEBT STABILITY & IMPROVED FINANCIAL LEVERAGE The Group's net debt remains stable at €518m, compared with December 31, 2024 (€517m) and down from June 30, 2024 (€560m). This debt level is the result of €128m in cash flow from operations, a disciplined investment programme amounting to €29m and a significant decrease in Net Source of Funds (negative WCR) of €45m, linked to the high business volume of the Exhibitions division in H1 2025. Furthermore, cash outflows relating to acquisitions and additional equity investments were limited to €17m in H1 2025. After taking into account financing costs (€14m), dividend payments (€5m) and negative foreign exchange effects (€20m), net debt amounted to €518m at 30 June 2025. The Group' financial leverage ratio) was 1.8, representing a marginal improvement in relation to 31 December 2024 (2.0) for a contractual limit of 3.5. CONFIRMATION OF 2025 TARGETS After achieving strong growth in 2024, GL events confirms its full year targets for FY 2025; Sales growth exceeding 5%; 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 in Saudi Arabia 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 ABOUT GL EVENTS: https://www.gl-events.com About GL events: The Group is a world-class provider of integrated solutions and services for events operating across the three main market segments: conventions, conferences, congresses; cultural, sports and political events; trade shows / B2B and B2C exhibitions and consumer fairs. GL events' activities are organised into three major business divisions. GL events Live provides a complete range of services for corporate, institutional and sports events, and offers turnkey solutions from consulting and design to staging the event itself. GL events Exhibitions manages and coordinates the Group's portfolio of more than 200 proprietary trade fairs covering a wide range of sectors: food industry, culture, textiles/fashion, manufacturing… GL events Venues manages a network of 60 venues (convention and exhibition centres, concert halls and multi-purpose facilities) in France and international destinations. Present on five continents with operations in more than 20 countries, GL events has 5,950 employees. GL events is listed on Euronext Paris, Compartment B (mid-caps). INVESTOR RELATIONS MEDIA RELATIONS GL events Sylvain Bechet Tel.: +33 (0)4 72 31 54 20 [email protected] FTI Consulting Julien Durovray Tel.: +33 (0)6 25 04 57 73 [email protected] ISIN FR0000066672 - BLOOMBERG GLO FP - REFINITIV GLTN.PA - FTSE 581 LEI 9695002PXZMQNBPY2P44