JCDECAUX : Financial report - Business report FY 2025

BUSINESS REPORT FY 2025

CONTENTS

Annual business review - FY 2025

Full-Year 2025 press release 3

Business highlights of 2025 11

Perspectives 12

Related parties 12

Risk factors 13

Annual consolidated financial statements - FY 2025

Annual consolidated financial statements 20

Notes to the annual consolidated financial statements 26

Statutory Auditors' report 98

ANNUAL BUSINESS REVIEW 2025

2025 PRESS RELEASE

Full-Year 2025 results

Solid underlying revenue growth

• +0.8% reported growth, at €3,967.1m revenue in 2025, +1.8% organic growth, +3.2% excluding the impact of the 2024 Paris Olympic and Paralympic Games and UEFA Euro

• +1.6% organic growth in Q4 above our expectations, a record quarter, including +3.1% organic growth for advertising revenue

• +10.0% organic digital growth in 2025, 41.7% of Group revenue, 44.8% in Q4

• +19.2% organic programmatic growth, 10.9% of digital revenue

  Strong financial performance

• +8.7% Operating Margin at €831.1m, 20.9%, +150bps Operating Margin rate

• +18.6% recurring EBIT at €376.7m

• +22.8% Net Income Group share excl. APG|SGA share sale in 2024 at €262.6m

• +47.9% Free Cash Flow, reaching an all-time high of €342.9m

  €0.65 dividend per share proposed for 2025, +18.2% yoy, fully paid in cash Guidance Q1 2026: organic revenue growth expected to be above +5%

  Alternative performance measures (revenue, organic growth, operating margin, recurring EBIT, EBIT, free cash flow) defined in Appendices

  Commenting on the 2025 results, Jean-François Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:

  "JCDecaux delivered a strong performance in 2025 despite a highly uncertain economic environment including rising tariffs and increasing geopolitical uncertainties. Thanks to our unique, and well diversified, premium OOH global media footprint, we are reporting organic revenue growth of +1.8%, +3.2% underlying revenue growth excluding major sporting events, supported by good momentum in most regions.

  Digital Out-of-Home (DOOH), a fast growing media segment, grew by

  +10.0% organically with programmatic revenue growing by +19.2% and now represents 41.7% of our total revenue, with programmatic now representing 10.9% of digital revenue. Beyond being AI-insulated through our unrivalled exclusive premium physical footprint, we are starting to leverage the technology's impact on advertising and client journeys to drive growth and to optimise our operations.

  This year's results clearly demonstrate the strength and operating leverage of our model. Despite the absence of biennial sporting events, we delivered strong earnings growth, with operating margin rate reaching 20.9%, a +150bps increase, recurring EBIT increasing by

  +18.6% and net income excluding the 2024 APG|SGA share sale increasing by +22.8%, combined with a record free cash flow generation of €342.9 million, a +47.9% increase year-on-year. We have, therefore, successfully reached our 2026 financial targets 1 year earlier.

  Considering our strong 2025 results, record free cash flow and solid financial structure, we will propose to the AGM to increase the dividend to €0.65 per share, up from €0.55 last year, representing a +18.2% increase. Going forward, we intend to continue to gradually increase this dividend while maintaining a balanced cash allocation with capex and bolt-on M&A.

  With a solid business momentum in early 2026 with no material impact observed to date from the recent Middle East conflict, we expect above

  +5% organic revenue growth in Q1 2026, including a positive impact from the 2026 Milano Cortina Winter Olympics and revenue growth turning positive in China. Going forward, building on this revenue momentum, we expect to continue to gradually increase our key financial metrics including margins and cash generation.

  Finally, we sincerely thank all our teams across the world, for their remarkable dedication and hard work, and we also thank our clients and partners for their continued trust."

  A report with an unqualified audit opinion is being issued by the Statutory Auditors.

  Following the adoptions of IFRS 11 from January 1st, 2014 and IFRS 16 from January 1st, 2019, the alternative performance measures

  presented below are adjusted mainly to include our prorata share in companies under joint control, regarding IFRS 11, and to exclude the impact of IFRS 16 on our core business lease agreements (lease agreements of locations for advertising structures excluding mainly real estate and vehicle rental contracts). Please refer to the paragraph "Alternative performance measures" on page 8 of this release for the definition of alternative performance measures and reconciliation with IFRS in compliance with the AMF's instructions.

  All the comments and numbers below refer to alternative performance measures, except when indicated as IFRS figures.

  The values shown in the tables are generally expressed in millions of euros. The sum of the rounded amounts or variations calculations may differ, albeit to an insignificant extent, from the reported values.

  Revenue

  In 2025, Group revenue(1)&(2)grew by +0.8%, +1.8% on an organic basis and +3.2% excluding the impact of the 2024 Paris Olympic and Paralympic Games and UEFA Euro, to reach €3,967.1 million. This performance reflects the strength of our business model in a challenging macroeconomic environment and after a particularly dynamic year in 2024. Digital continued to be a key growth driver.

  In the fourth quarter of 2025, our performance remained robust as group revenue grew by +1.6% on an organic basis, above our expectations, including +3.1% for advertising revenue.

  Among our top 10 advertising categories, Entertainment / Leisure / Film and Finance recorded double-digit growth. Retail and Telecom / Technology also delivered solid growth momentum while Fashion / Personal Care & Luxury Goods declined mid-single digit.

  Digital revenue

  In Digital Out of Home (DOOH), a fast-growing media segment, our revenue grew by +7.7% in 2025, +10.0% in organic growth, accounting for 41.7% of Group revenue, a 2.7ppts increase yoy, reaching 44.8% in Q4. We remained focused on the selective roll-out of digital screens in prime locations and the development of our data and programmatic capabilities.

  Programmatic revenues through the VIOOH SSP (supply-side platform), which include mostly incremental revenue from innovative, dynamic data-driven campaigns and new advertisers, grew organically by +19.2% in 2025 to reach €180.5 million i.e. 10.9% of our digital revenue. The DOOH programmatic ecosystem continued to gain strong traction, with the dynamism and the growing number of DSPs (demand-side platforms) connected to VIOOH (the most connected SSP of the OOH media industry with 57 DSPs connected) now active in 35 countries, including Displayce a DSP connected in 80 countries.

  Revenue by activities

  In 2025, on an organic basis, Street Furniture grew by +1.9%, including +0.5% in Q4 with continued solid momentum, Transport grew by +3.3%, including +4.7% in Q4, reflecting solid growth in both airports and public transport systems despite a mid-single digit decrease in China, while Billboard declined by -2.3%, including

  -1.9% in Q4.

  FULL-YEAR Q4

• Transport

  Full-year revenue increased by +2.2% to €1,421.1 million (+3.3% on an organic basis) year-on-year. North America and Rest of the World grew double digit on an organic basis.

  In Q4, revenue increased by +1.9% to €417.3 million (+4.7% on an organic basis) year-on-year. North America and Rest of the World grew double digit on an organic basis.

  Transport remained affected by the low level of activity in China, which declined mid-single digit year-on-year on an organic basis both in full-year 2025 and in Q4 2025.

• Billboard

  Full-year revenue decreased by -2.4% to €533.2 million (-2.3% on an organic basis) year-on-year, affected by a double digit decline in France on an organic basis due to a high comparable and further rationalisation.

  Q4 revenue decreased by -4.1% to €151.6 million (-1.9% on an organic basis) year-on-year. On an organic basis, France decreased double digit, while UK grew double digit due to its high level of digitisation.

  Revenue by geographic areas

  North America and Rest of the World were key growth drivers as

  2025

  2024

  Rep.

  Org.

  2025

  2024

  Rep.

  Org.

  they grew high single digit on an organic basis in 2025. Rest of

  (€m) (€m) growth growth (€m) (€m) growth growth

  Europe grew low single digit, UK and Asia-Pacific decreased low

  Street Furniture

  2,012.8 1,998.5 +0.7% +1.9% 603.9 612.2 -1.4% +0.5%

  single digit, while France decreased mid-single digit impacted by a high comparison base. Excluding the 2024 Paris Olympic and

  Transport 1,421.1 1,390.1 +2.2% +3.3% 417.3 409.3 +1.9% +4.7%

  Billboard 533.2 546.6 -2.4% -2.3% 151.6 158.0 -4.1% -1.9%

  Total 3,967.1 3,935.3 +0.8% +1.8% 1,172.7 1,179.5 -0.6% +1.6%

• Street Furniture

Full-year revenue increased by +0.7% to €2,012.8 million (+1.9% on an organic basis) with a continued strong sales momentum throughout the year. Rest of the World grew double digit on an organic basis.

Q4 revenue decreased by -1.4% to €603.9 million (+0.5% on an organic basis) year-on-year, impacted by a strong comparable, including significant non-advertising revenue related to the contract of the Paris automatic public toilet network. Advertising revenue grew by +1.2% (+3.1% on an organic basis). Rest of the World grew double digit on an organic basis.

Paralympic Games, France grew by +1.8% on an organic basis.

World

America

Analysis of FY 2025 key financial figures

Driven by a sustainable and efficient business model and ongoing cost discipline, 2025 was a year of strong growth across all key financial metrics, with a strong operating leverage, a record Free Cash Flow and a reduction in our net debt, while we continued to invest in the business and we resumed dividend payments. Our operating margin rate reached 20.9%, a +150bps increase yoy, recurring EBIT increased by +18.6%, while net income Group share excluding the 2024 APG|SGA capital gain was up by +22.8% and free cash flow up +47.9% yoy to €342.9 million.

Operating Margin (3)

Our operating margin demonstrated a strong operating leverage, increasing by +8.7% year-on-year, significantly more than our revenue growth, to reach €831.1 million, including margin improvement across all segments.

For the full-year of 2025, our operating margin improved by €66.6 million to reach €831.1 million (vs €764.5 million in 2024), a +8.7% increase year-on-year, well above our revenue growth. The operating margin as a percentage of revenue reached 20.9%,

+150bps above prior year (19.4%), with improved operating margin rates across all business segments.

2025 2024 CHANGE 25/24

in 2024 and amortization related to PPA on acquisitions in Central America.

The net impairment on tangible and intangible assets was a negative impact of -€1.9 million in 2025, compared with a positive impact of €8.4 million in 2024 (mainly due to higher reversals of provisions for onerous contracts in 2024).

Net Financial Income / Charge, IFRS (6)

In 2025, net financial charge amounted to -€126.7 million (including

-€70.0 million financial interests on IFRS 16 lease liabilities and -

€56.7 million other net financial charges) improving by €9.6 million vs 2024.

The financial interests relating to IFRS 16 lease liabilities improved by €5.3 million thanks to the reduction of the IFRS 16 lease liabilities from €2,337.3 million as of December 31st, 2024 to

€1,996.1 million as of December 31st, 2025.

Other net financial charges of -€56.7 million, improved by €4.3 million primarily driven by a €22.6 million impairment loss recognised in 2024 on a loan in China, partially offset by lower interest income after the bond repayment, higher negative currency impact and one-off items recognised in 2024.

Equity Affiliates, IFRS

Total 831.1 20.9% 764.5 19.4% +66.6 +150bp

Street Furniture: In 2025, operating margin increased by €26.8 million to €545.0 million. As a percentage of revenue, the operating margin was 27.1%, an improvement of +120bps above prior year, supported by revenue growth in Rest of Europe and Rest of the World regions. This performance was delivered despite a high revenue comparison base related to major sporting events in 2024, reflecting the benefits of contract extensions on better financial terms and tight cost control.

Transport: In 2025, operating margin increased by €36.6 million to

€192.3 million. As a percentage of revenue, the operating margin was 13.5%, +230bps above prior year, driven by strong revenue growth in the Rest of the World region and by some contract reset in China.

Billboard: In 2025, operating margin increased by €3.2 million to

€93.7 million. As a percentage of revenue, the operating margin was 17.6%, +100bps above prior year, primarily due to revenue growth from the most digitised countries, while the rationalisation plan implemented in France continued to have a positive impact.

EBIT (4)

Our EBIT grew by +5.5%, +€22.3 million, to reach €431.0 million, mainly driven by the growth of our operating margin (+€66.6 million). Excluding the capital gain from the sale of part of our stake in APG|SGA in 2024 and other one-off items, our recurring EBIT(5)grew by +18.6% reaching €376.7 million.

Our EBIT margin rate (before impairment) reached 10.9% overall, a

+190bps year-on-year increase excluding the capital gain on APG|SGA shares in 2024, +70bps yoy including this impact. EBIT margin rates improved significantly in both Street Furniture,

+180bps yoy to 14.5%, and Transport +300bps yoy to 8.9%, driven by the improvement of the operating margin, while Billboard decreased by -70bps yoy to 2.8% due to one-off reversal of provision

2025 Net Income Group share is slightly up, +1.4% versus 2024, reaching €262.6 million; but excluding the APG|SGA capital gain recorded in 2024, our Net Income Group share increased by +22.8% year-on-year; +13.0% before impairment, a slighter increase as impairment decreased in 2025, as 2024 was impacted by a one-off negative impact linked to a loan in China - as indicated in the comments on the net financial charge above.

Capital Expenditure

In 2025, net capex (acquisition of property, plant and equipment and intangible assets, net of disposals of assets) stood at €296.1 million (€28.1 million less than in 2024) and remained contained at 7.5% of revenue (vs 8.2% in 2024), while we continued to invest to support our organic growth, including in digital which represented 39.5% of the total net capex.

Free Cash Flow

Our free cash flow generation has been strong in 2025, reaching

€342.9 million, an increase of €111.0 million compared to 2024. This growth results from improved operational performance, positive impact of working capital requirements and lower capex levels.

Operating cash flows (8)increased by €50.0 million (+9.4%) year-on-year, reaching €580.5 million. This growth was mainly driven by the improvement in operating margin (+€66.6 million), net financial interest paid and received (+€6.9 million due to capitalized interests received on cash placements), partially offset by higher income tax paid (€17.7 million change) due to the improvement of our financial performance.

Change in working capital requirements had a positive impact of

€33.0 million mainly driven by the decrease in inventory level linked to fewer contracts under deployment at year-end and inventory level optimisation.

Net Debt (9)

Our financial structure is strong with a 22.3% decrease in net debt in 2025, bringing it down to €587.4 million, 0.7x our 2025 operating margin.

Our financial net debt decreased by €168.9 million, mainly thanks to the free cash flow generated over the period while financial investments represented in 2025 a limited outflow of €11.6 million and dividend payments represented €146.0 million.

This net debt includes a strong liquidity with €1.3 billion in cash and cash equivalents and €825 million in confirmed revolving credit line, undrawn, with a maturity in 2030, and a well-secured debt profile with no bond maturities until 2028 as well as an optimised management of our liquidity allowing relatively stable net financial expenses over the period.

Dividend

At the next Annual General Meeting of Shareholders on May 13th, 2026, the Supervisory Board will recommend the payment of a dividend of €0.65 per share for the 2025 financial year, up +18.2% year-on-year.

Going forward, we intend to continue to gradually increase this dividend while maintaining a balanced cash allocation with capex and bolt-on M&A.

Right-of-use & lease liabilities, IFRS 16

Right-of-use IFRS 16 as of December 31st, 2025 amounted to

€1,685.1 million compared to €1,954.7 million as of December 31st, 2024, a decrease of €269.5 million related to the amortisation of right-of-use, renegotiations and terminations of contracts and a negative impact of foreign exchange rate partially offset by new contracts, contract renewals, updates of minima guaranteed and changes in scope.

IFRS 16 lease liabilities decreased by €341.2 million from €2,337.3 million as of December 31st, 2024, to €1,996.1 million as of December 31st, 2025. The decrease, mainly related to repayments of lease liabilities, to renegotiations and terminations of contracts and a negative impact from foreign exchange rates is partly offset by new contracts, contract renewals, updates of minima guaranteed and changes in scope.

ESG performance

We have once again confirmed the excellence of our ESG performance, recognised as best-in-class by extra-financial rating agencies including our inclusion on the CDP A List for the third consecutive year and the award of the Silver Medal by EcoVadis.

Our business model is virtuous to meet climate challenges, as illustrated by its share of revenue, close to 50%, that is aligned with the EU Green Taxonomy regulation. Our climate trajectory aiming to achieve Net Zero Carbon by 2050 was approved by the SBTi in June 2024. Thanks to our continued environmental actions, the Group reduced its greenhouse gas emissions (Scopes 1, 2, 3 -market based) by 40.9% in 2025 compared to 2019.

JCDecaux is a key player in the ecological transition of urban areas and drives innovation through the deployment of tools such as "360 Footprint," designed to help our clients measure and manage the impact of their advertising campaigns.

Outlook

With a solid business momentum in early 2026 with no material impact observed to date from the recent Middle East conflict, we expect above +5% organic revenue growth in Q1 2026, including a positive impact from the 2026 Milano Cortina Winter Olympics and revenue growth turning positive in China. Going forward, building on this revenue momentum, we expect to continue to gradually increase our key financial metrics including margins and cash generation.

Key Figures for JCDecaux

• 2025 revenue: €3,967.1m

• N°1 Out-of-Home Media company worldwide

• A daily audience of 850 million people in 79 countries

• 1,105,906 advertising panels worldwide

• Present in 3,895 cities with more than 10,000 inhabitants

• 11,894 employees

• JCDecaux is listed on the Eurolist of Euronext Paris and is part of the SBF 120 and CAC Mid 60 indexes

• JCDecaux's Group carbon reduction trajectory has been approved by the SBTi and the company has joined the Euronext Paris CAC® SBT 1.5° index

• JCDecaux is recognised for its extra-financial performance in the CDP (A-List), MSCI (AAA), Sustainalytics (11.1), and has achieved Silver Medal status from EcoVadis

• Member of the UN Global Compact since 2015 and of the RE100 since 2019

• Leader in self-service bike rental scheme: pioneer in eco-friendly mobility

• N°1 worldwide in street furniture (636,625 advertising panels)

• N°1 worldwide in transport advertising with 154 airports and 257 contracts in metros, buses, trains and tramways (374,718 advertising panels)

• N°1 in Europe for billboards (94,562 advertising panels worldwide)

• N°1 in outdoor advertising in Europe (740,067 advertising panels)

• N°1 in outdoor advertising in Asia-Pacific (168,815 advertising panels)

• N°1 in outdoor advertising in Latin America (103,865 advertising panels)

• N°1 in outdoor advertising in Africa (31,364 advertising panels)

• N°2 in outdoor advertising in the Middle East (20,852 advertising panels)

  For more information about JCDecaux, please visit jcdecaux.com. Join us on X, LinkedIn, Facebook, Instagram and YouTube.

  Forward looking statements

  This news release may contain some forward-looking statements. These statements are not undertakings as to the future performance of the Company. Although the Company considers that such statements are based on reasonable expectations and assumptions on the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual performance to differ from those indicated or implied in such statements

  These risks and uncertainties include without limitation the risk factors that are described in the universal registration document registered in France with the French Autorité des Marchés Financiers.

  Investors and holders of shares of the Company may obtain copy of such universal registration document by contacting the Autorité des Marchés Financiers on its website https://www.amf-france.org or directly on the Company website https://www.jcdecaux.com.

  The Company does not have the obligation and undertakes no obligation to update or revise any of the forward-looking statements.

  Communications Department: Clémentine Prat

  +33 (0) 1 30 79 79 10 - [email protected]

  Investor Relations: Rémi Grisard

  +33 (0) 1 30 79 79 93 - [email protected]

  Appendices

  Organic Rev
  Growth yoy	Q1	Q2	H1	Q3	Q4	H2	2025
  Street Furniture	+5.3%	+3.6%	+4.3%	-1.1%	+0.5%	-0.2%	+1.9%
  Transport	+6.1%	+0.8%	+3.2%	+1.7%	+4.7%	+3.3%	+3.3%
  Billboard	+4.6%	-3.7%	0.0%	-6.9%	-1.9%	-4.2%	-2.3%
  Total	+5.5%	+1.6%	+3.3%	-0.9%	+1.6%	+0.5%	+1.8%

  Quarterly revenue growth

  Alternative performance measures

  • -€54.0 million for IFRS 11 and €81.3 million for IFRS 16 on EBIT (-€55.3 million for IFRS 11 and €95.0 million for IFRS 16 in 2024) leaving IFRS EBIT at €458.3 million (€448.4 million in 2024).

  • €11.9 million for IFRS 11 on capital expenditure (€30.4 million for IFRS 11 in 2024) leaving IFRS capital expenditure at -€284.2

    FY million (-€293.8 million in 2024).

  • €2.7 million for IFRS 11 and €551.8 million for IFRS 16 on free cash flow (€3.8 million for IFRS 11 and €600.8 million for IFRS 16 in 2024) leaving IFRS free cash flow at €897.4 million (€836.5 million in 2024).

    The full reconciliation between alternative performance measures and IFRS figures is provided on page 10 of this release.

    Definitions notes

    1. Revenue: It includes on proportional basis the revenue of the

       Under IFRS 11, applicable from January 1st, 2014, companies under

       joint control are accounted for using the equity method.

       Under IFRS 16, applicable from January 1st, 2019, a lease liability for contractual fixed rental payments is recognised on the balance sheet, against a right-of-use asset to be depreciated over the lease term. As regards P&L, the fixed rent expense is replaced by the depreciation of the right-of-use in EBIT, below the operating margin, and a lease interest expense on the lease liability in financial result, below EBIT. IFRS 16 has no impact on cash payments, but payment of debt (principal) is booked in funds from financing activities.

       However, in order to reflect the business reality of the Group and the readability of our performance, our operating management reports used to monitor the activity, allocate resources and measure performance continue:

• To integrate on proportional basis operating data of the companies under joint control and;

• To exclude the IFRS 16 impact on our core business (lease agreements of locations for advertising structures excluding mainly real estate and vehicle rental contracts).

  As regards the P&L, it concerns all aggregates down to the EBIT. As regards the cash flow statement, it concerns all aggregates down to the free cash flow.

  Consequently, pursuant to IFRS 8, Segment Reporting presented in the financial statements complies with the Group's internal information, and the Group's external financial communication therefore relies on this operating financial information. Financial information and comments are therefore based on these alternative performance measures, consistent with historical data, which is reconciled with IFRS financial statements.

  In 2025, the impacts of IFRS 11 and IFRS 16 on our alternative performance measures are:

• -€293.7 million for IFRS 11 on revenue (-€302.7 million for IFRS 11 in 2024) leaving IFRS revenue at €3,673.4 million (€3,632.6 million in 2024).

• -€74.6 million for IFRS 11 and €530.8 million for IFRS 16 on operating margin (-€71.9 million for IFRS 11 and €603.8 million for IFRS 16 in 2024) leaving IFRS operating margin at €1,287.2 million (€1,296.3 million in 2024).

• -€54.0 million for IFRS 11 and €81.0 million for IFRS 16 on EBIT before impairment charge (-€55.3 million for IFRS 11 and €95.6 million for IFRS 16 in 2024) leaving IFRS EBIT before impairment charge at €460.0 million (€440.6 million in 2024).

companies under joint control.

1. Organic growth: The Group's organic growth corresponds to the adjusted revenue growth excluding foreign exchange impact and perimeter effect. The reference fiscal year remains unchanged regarding the reported figures, and the organic growth is calculated by converting the revenue of the current fiscal year at the average exchange rates of the previous year and taking into account the perimeter variations prorata temporis, but including revenue variations from the gains of new contracts and the losses of contracts previously held in our portfolio.

2. Operating Margin: Revenue less Direct Operating Expenses (excluding Maintenance spare parts) less SG&A expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures excluding mainly real estate and vehicle rental contracts).

3. EBIT: Earnings Before Interests and Taxes = Operating Margin less Depreciation, amortisation and provisions (net) less Impairment of goodwill less Maintenance spare parts less Other operating income and expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures excluding mainly real estate and vehicle rental contracts).

4. Recurring EBIT: EBIT excluding net reversal of provisions, impairment charge and other operating income and expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS 16 impact on our core business (lease agreements of locations for advertising structures excluding mainly real estate and vehicle rental

   contracts).

5. Net financial income / charge: Excluding the net impact of discounting and revaluation of debt on commitments to purchase minority interests (+€11.5 million and -€8.3 million in

   2025 and 2024 respectively).

6. Free cash flow: Net cash flows from operating activities less capital investments (property, plant and equipment and intangible assets) net of disposals. It includes on proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures) and non-core business (mainly real estate and vehicle rental contracts).

7. Operating cash flows: Net cash flows from operating activities excluding change in working capital requirement. It includes on a proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures) and non-core business (mainly real estate and vehicle rental).

8. Net debt: Debt net of managed cash less bank overdrafts, excluding the non-cash IAS 32 impact (debt on commitments to purchase minority interests), including the non-cash IFRS 9

Organic revenue growth

impact on both debt and hedging financial derivatives, and excluding IFRS 16 lease liabilities.

IMPACT OF CURRENCY

€m AS OF DEC. 31ST 2025

revenue

impacts

AUD 16.6

USD 14.0

BRL 11.3

CNY 9.5

+ (c)

impacts

exchange + (e)

Organic growth

(i) =

(h)/(a)-

1

+5.5% +1.6% -0.9% +1.6% +1.8%

RECONCILIATION BETWEEN APM FIGURES AND IFRS FIGURES

Profit & Loss 2025 2024

APM

IMPACT OF COMPANIES

IMPACT OF IFRS 16 FROM

IFRS

APM FIGURES

IMPACT OF COMPANIES

IMPACT OF IFRS

16 FROM

IFRS

provisions (net) (2)

expenses

charge

1. IFRS 16 impact on the core business contracts of controlled entities.

2. Amortisation and provisions (net) under APM figures include amortisation net of reversals for respectively €(404.4) million and €(400.0) million in 2025 and in 2024, and net reversals of provisions for respectively €49.7 million and €39.8 million in 2025 and in 2024.

3. Including impairment charge on net assets of companies under joint control.

Cash Flow Statement 2025 2024

FIGURES

IMPACT OF

IMPACT OF IFRS

IFRS

IMPACT OF

IMPACT OF IFRS

IFRS

capital requirement operating activities

1. IFRS 16 impact on the core and non-core business contracts of controlled entities.

BUSINESS HIGHLIGHTS OF FY 2025

Key contracts wins

France

In April, JCDecaux SE announced that,following a competitive tender by the City of Rennes (France), it has been awarded the contract for the provision, maintenance and operation of city information panels (CIPs) and associated services in Rennes (population: 227,000) for a 9-year period.

Europe

In July, JCDecaux SE announced that JCDecaux Belgium has been awarded the exclusive advertising concession for Brussels Airport, following a competitive tender. The airport is located close to the Belgian capital, which is home to several key European Union institutions including the European Parliament, the European Commission and the Council of the European Union.

Brussels Airport Company (BAC) has chosen to entrust JCDecaux once again to be responsible as of January 1st, 2026, for installing, managing and marketing the advertising displays inside, outside and around Brussels Airport. With 23.6 million passengers in 2024, Brussels Airport is one of the most important airports in Europe.

In October, JCDecaux SE announced that JCDecaux Norge AS, its Norwegian subsidiary, has signed an exclusive 4+2+2 year contract to operate all the advertising assets at Norway's railway stations including its largest and most important transportation hub, Oslo Central Station. Bane NOR will finance the capex.

In October, JCDecaux SE announced that it has been awarded the exclusive advertising contract for Barcelona's Bus Shelters and City Information Panels (CIPs) following a competitive tender. JCDecaux will operate the largest street furniture contract in Spain's second largest city, marking its return to the capital of Catalonia.

In November, JCDecaux SE announced that following a competitive tender, it has been awarded a 8+2+2 year contract with STIB, the Brussels Intercommunal Transport Company, to operate the advertising spaces in the metro as well as on and in the trams and buses. The Belgian capital, which attracts nearly 400,000 daily commuters from across the country, is the seat of several key European Union institutions such as the European Parliament, the European Commission and the Council of the European Union (Brussels-Capital: 1.3 million inhabitants).

In December, JCDecaux SE announced that following a competitive tender, it has been awarded an 8+2 year contract with Helsinki City Transport Authority (HKL) and Länsimetro Oy to operate all advertising spaces in Helsinki and Espoo metro stations.

Rest of the World

In February, JCDecaux SE announced that JCDecaux ATA Saudi has been awarded a 10-year exclusive advertising concession for King Fahd International Airport in Dammam, as well as for the Al-Ahsa International Airport, and Al Qaisumah International Airport, operated by Dammam Airports Company (DACO), following a competitive tender process.

In May, JCDecaux SE announced that Extime JCDecaux Airport has been awarded by the Airport International Group (AIG) the contract to operate advertising activities from August 1st, 2025, onwards at Queen Alia International Airport in Amman, Jordan, which welcomes over nine million travelers annually.

Other Events

Group

In February, JCDecaux SE has been once again recognised for leadership in corporate transparency and performance on climate change by global non-profit CDP (Carbon Disclosure Project), securing a place on its annual 'A List' for the second year in a row.

In March, JCDecaux SE announced the retirement from his operational role of Daniel Hofer, Member of the Executive Board and CEO for Germany, Austria, Central & Eastern Europe, Central Asia of JCDecaux, as per August 31st, 2025. He will keep some mandates as a board member in selected companies as well as representing the Group in the board of WOO (World Out of Home Association). Daniel Hofer will not be currently replaced at the Executive Board of JCDecaux.

In May, JCDecaux SE announced that David Bourg, member of the Executive Board and Group Chief Financial and IT Officer since 2015, has been appointed Group Chief Financial, IT and Operations Officer, effective on June 1st, 2025. In addition to his previous responsibilities, his scope will now encompass the R&D Department, the Purchasing, Supply Chain and Production Department, the Design Department, the International Operations Department, and the Project Department.

In August, JCDecaux SE announced that Amar Family Office and JCDecaux SE purchased a block of 1.7 million JCDecaux SE shares. The purchase was made at a price of €14.75 per share, representing a discount of 0.6% compared to the closing price on August 14, 2025, and corresponding to 0.8% of the capital of JCDecaux SE. As part of this transaction, Amar Family Office, through its subsidiary Holgespar Luxembourg SA, purchased 873,491 shares, representing 0.408% of the company's capital and JCDecaux SE purchased 873,491 of its own shares for a total amount of 12.9 million euros, thus increasing its treasury shares to 0.475% of the capital. This buyback by JCDecaux SE is part of the authorisation granted by the Annual General Meeting on May 14, 2025, allowing the company to repurchase up to 10% of its capital. The acquired shares will be specifically used for the distribution of performance shares as part of an existing long-term incentive plan, or to partially finance future M&A.

In November, JCDecaux SE announced the launch of a share buyback programme.

As part of the authorisation granted by the Annual General Meeting on May 14, 2025, JCDecaux has appointed an investment-services provider to purchase an aggregate number of JCDecaux SE shares of up to 1.5m, representing c.0.70% of the share capital of the company, over a period extending from November 20, 2025 to May 13, 2026, the scheduled date of our next Annual General Meeting.

The shares purchased under this agreement will be primarily used to cover performance share allocations of current or future performance plans.

Europe

In December, JCDecaux SE announced that Carrefour, Carmila and Unlimitail launched of a strategic partnership to develop and implement indoor Digital Out-of-Home (DOOH) at shopping centres and outdoor OOH and DOOH on the access areas leading to the shopping centres, first in France and then in Spain. This agreement will make retail media an even more powerful growth driver for retail partners and brands.

United Kingdom

In February, JCDecaux SE has unveiled its vision to double the number of digital roadside 2m² screens in London. The investment will make Out-of-Home the big reach medium increasing the number of digital roadside screens to 2,000 with the installation of 1,000 new London Digital Network (LDN) screens into the city's expanding neighbourhoods - including: Battersea, Canning Town, Elephant and Castle, King's Cross, Wandsworth and Wembley. Around 670 of these innovative screens will appear on TfL's bus stops across London. Locations across the capital will be selected to give advertisers the highest attention and impact.

Rest of Europe

In December, JCDecaux SE announced that a share purchase agreement was signed on December 11th, 2025 between JCDecaux SE and NZZ, under which JCDecaux SE will sell additional 325,519 APG|SGA's shares (after having sold approximately 13.56% of APG|SGA's share capital to NZZ on May 29th, 2024), corresponding

to 10.85% of the share capital. Upon completion of this sale, the stake in APG|SGA will be reduced to around 5.6%.

Rest of the World

In February, JCDecaux SE announced that its majority-owned subsidiary JCDecaux Top Media has acquired High Traffic Media, a key player in outdoor advertising in Panama (population: 4.4 million).

In November, JCDecaux SE announced that its Dubai-based subsidiary, JCDecaux Dicon, has been honored with the "Excellence in Long-Term Partnership" award at the prestigious "OneDXB Airport Excellence Awards''. The ceremony took place on October 29th at the Jumeirah Zabeel Saray Theatre, bringing together representatives from Dubai Airports, airlines, and commercial partners to celebrate the collective achievements that continue to position Dubai International (DXB) as a global leader in air travel.

PERSPECTIVES

Commenting on the 2025 results, Jean-François Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said :

"With a solid business momentum in early 2026 with no material impact observed to date from the recent Middle East conflict, we expect above

+5% organic revenue growth in Q1 2026, including a positive impact from the 2026 Milano Cortina Winter Olympics and revenue growth turning positive in China. Going forward, building on this revenue momentum, we expect to continue to gradually increase our key financial metrics including margins and cash generation."

RELATED PARTIES

Paragraph 10 of the "Notes to the annual consolidated financial statements" on page 82 reports on related parties.

Risk factors

The Group faces a number of internal and external risks that may affect its business, its financial position or whether it achieves its objectives.

As specified in the previous chapter, in accordance with the European Regulation of 14 June 2017, the Group ranks each of the risks identified as specific and material, then groups them into six major risk categories, which include the main risks dealt with under the Corporate Sustainability Reporting Directive (CSRD).

- Risk related to business ethics and anti-corruption [ESG]

- Risks related to noncompliance with employees' human rights" (ESG)

• Risks related to failure to respect the human rights of suppliers (ESG)

• Risk related to personal data protection and non-respect of personal privacy (ESG)

• Risk of online hacking of furniture and dissemination of inappropriate content (ESG)

• Risk of IT attacks on key business systems

• Change in the business model

• Risks related to the social acceptability of advertising

• Market risk (economic downturn, loss of flagship contracts)

• Financing risk (including liquidity and interest rates)

• Risk related to health and safety of employees and subcontractors (ESG)

• Attracting and retaining talent (ESG)

• Risk of natural or social disaster (including pandemic and climate change) (ESG)

As part of its 2025 risk review, the Group identified 116 risks. The main ones are detailed in the following chapters. The most significant risks are presented in the chart below:

The procedures put in place within the Group for risk management are presented in the Universal Registration Document.

Focus on Climate risks

Climate risks represent both transition risks and physical risks related to climate change.

The transition to a low-carbon economy may require significant policy, legal, technological and business changes to address climate change mitigation and adaptation requirements. Depending on the nature, speed and direction of these changes, transition risks may pose varying levels of financial and reputational risks to organisations.

Physical risks resulting from climate change may be related to (acute) events or longer-term (chronic) changes in weather patterns. Physical risks can have financial implications for organisations, such as direct damage to their assets or indirect impacts due to supply chain disruption. The financial performance of organisations may also be affected by changes in water availability, supply and quality, food safety and extreme temperature events affecting premises, operations, supply chains, transportation needs and employee safety.

Climate change is therefore a major challenge in adapting JCDecaux's activities and operations in 79 countries where it operates, with physical and transition risks at different levels of exposure and severity throughout its value chain: access to resources, increase in energy costs, pressure from regulators and other stakeholders (customers, employees, partners, users, civil society, etc.).

Risk management

As this risk covers several risks covered by the mapping, information on the management and monitoring of these risks is described and referenced in the preceding paragraphs as well as in chapter Deploy an ambitious climate strategy aiming for Net Zero (ESRS1-E1) Climate change adaptation of the Universal Registration Document.

The Group considers that this presentation covers the main significant risks.

STATEMENT OF FINANCIAL POSITION

Assets

Equity and liabilities

STATEMENT OF COMPREHENSIVE INCOME

Income statement

Statement of other comprehensive income

1. In 2025, translation reserve adjustments mainly related to changes in foreign exchange rates, of which €(42.1) million in Hong Kong, €(29.4) million in the United States,

   €(16.8) million in Australia, €(14.6) million in the United Kingdom, €(8.1) million in France, €(7.4) million in Panama, €14.7 million in China and €6.2 million in Brazil. The item also includes a €(0.2) million reclassification to net income related to changes in consolidation scope. In 2024, translation reserve adjustments mainly related to changes in foreign exchange rates, of which €23.4 million in Hong Kong, €13.1 million in the United States, €9.0 million in the United Kingdom, €4.8 million in Panama, €(12.8) million in Mexico,

   €(11.6) million in Brazil, €(9.3) million in Australia and €(7.0) million in China. The item also includes a €2.6 million reclassification to net income related to changes in consolidation scope.

2. This includes reclassification to net income of translation reserves from companies accounted for under the equity method following changes in consolidation scope of

€(5.2) million in 2024.

STATEMENT OF CHANGES IN EQUITY

EQUITY ATTRIBUABLE TO THE OWNERS OF THE PARENT COMPANY

OTHER COMPONENTS OF EQUITY

1. In 2024, increases in the share capital of two controlled entities in Latin America.

2. In 2025, change in treasury shares of JCDecaux SE under the liquidity agreement entered in May 2019 and following the purchase of shares by the Group in August and November 2025. In 2024, change in treasury shares of JCDecaux SE under the liquidity agreement entered in May 2019.

3. Revaluation and discounting effects on commitments to purchase non-controlling interests are recorded in the income statement under "Consolidated net income" as "Non-controlling interests" for €11.5 million in 2025 and €(8.3) million in 2024.

4. In 2024, changes in consolidation scope mainly related to the acquisition of the group IMC in Central America with disposal of interests without loss of control.

STATEMENT OF CASH FLOWS

1. Including €1,311.3 million in cash and cash equivalents and €(3.7) million in bank overdrafts as of 31 December 2025, compared to €1,262.3 million and €(9.4) million respectively as of 31 December 2024.

1. Accounting methods and principles 27

2. Changes in the consolidation scope 39

3. Segment reporting 40

4. Comments on the statement of financial position 45

5. Comments on the income statement 69

6. Comments on the statement of cash flows 76

7. Financial risks 77

8. Environmental risks 80

9. Comments on off-balance sheet commitments 81

10. Information on the related parties 82

11. Information on the joint ventures 84

12. Information on associates 88

13. Scope of consolidation 89

14. Subsequent events 97

1. ACCOUNTING METHODS AND PRINCIPLES

   1. General principles

      The JCDecaux SE consolidated financial statements for the year ended 31 December 2025 include JCDecaux SE and its subsidiaries (hereinafter referred to as the "Group") and the share of the Group's equity in associates and joint ventures.

      Pursuant to European Regulation No. 1606/2002 of 19 July 2002, the 2025 consolidated financial statements were prepared in accordance with IFRS, as adopted by the European Union. They were approved by the Executive Board and authorised for release by the Supervisory Board on 11 March 2026. These financial statements shall only be considered final upon approval by the General Meeting of Shareholders.

      The values shown in the tables are generally expressed in millions of euros. The sum of the rounded amounts may differ, albeit insignificantly, from the reported values.

      The principles used for the preparation of these financial statements are based on:

      • All standards and interpretations adopted by the European Union and in force as of 31 December 2025. These are available on the European Commission website. Moreover, these principles are the same as the IFRS published by the IASB;

      • Accounting treatments adopted by the Group when no guidance is provided by current standards.

        The accounting policies adopted are identical to those used for the preparation of the consolidated financial statements for the year ended 31 December 2024, with the exception of the adoption of the following amendment to standards adopted by the European Union and applicable from 1 January 2025:

      • Amendment to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability

      The application of this amendment has had no impact on the consolidated financial statements.

      In the absence of specific IFRS provisions on the accounting treatment of debts on commitments to purchase non-controlling interests, the accounting principles used in the previous consolidated financial statements have been maintained and are explained in Note 1.19 "Commitments to purchase non-controlling interests". In particular, subsequent revaluation and discounting effects of the debt arising from such commitments are recognised in net financial income and allocated to non-controlling interests in the income statement, with no impact on the net income Group share.

      In addition, the Group has opted not to apply in advance the new standards, amendments to standards and interpretations adopted by the European Union when their application became mandatory only after 31 December 2025.

      The work relating to the new IFRS 18 standard, applicable from 1 January 2027 , has begun. The impacts on the Group are currently being analysed.

   2. Scope and methods of consolidation

      The financial statements of companies controlled by the Group are included in the consolidated financial statements from the date on which control is acquired to the date at which control ends.

      The equity method is adopted for joint ventures, and for associates, companies over which the Group exercises a significant influence on operating and financial policies.

      All transactions between fully-consolidated Group companies are eliminated upon consolidation.

      Inter-company results are also eliminated.

      Capital gains or losses on inter-company disposals carried out by a company consolidated under the equity method are eliminated up to the percentage of ownership, with a corresponding adjustment to the carrying amount of the acquired assets or to the equity-accounted investments when the transaction involves a business.

      Capital losses realised on disposals of businesses to an equity-accounted company are governed by IFRS 3R and by IAS 28 for disposals of assets. They are not eliminated in the Group's consolidated financial statements.

      Capital gains realised on disposals to an equity-accounted company are governed by IAS 28 for disposals of assets and fall within the scope of SIC-13 for disposals of shares. They are eliminated in proportion to the ownership interest, with a corresponding adjustment to the carrying amount of the equity-accounted investments.

   3. Recognition of foreign currency transactions in the functional currency of entities

      Transactions denominated in foreign currencies are translated into the functional currency of the entity at the rate prevailing on the transaction date. At the end of the period, monetary items are translated at the closing exchange rate and the resulting gains or losses are recorded in the income statement.

      Long-term monetary assets held by a Group entity on a foreign subsidiary for which settlement is neither planned nor likely to occur in the foreseeable future are a part of the entity's net investment in a foreign operation. Accordingly, pursuant to IAS 21 "The Effects of Changes in Foreign Exchange Rates", exchange differences on these items are recorded in other comprehensive income until the investment's disposal or disqualification. Otherwise, exchange differences are recorded in the income statement.

   4. Translation of subsidiaries' financial statements

      The Group's consolidated financial statements are prepared in Euro, the presentation and functional currency of the parent company.

      Assets and liabilities of foreign subsidiaries are translated into the Group's presentation currency at the closing exchange rate, and the corresponding income statement is translated at the average exchange rate for the period. Resulting translation adjustments are directly allocated to other comprehensive income.

      At the time of a total or partial disposal, with loss of control, the liquidation of a foreign entity, or a step acquisition giving control, translation adjustments accumulated in equity are reclassified in the income statement.

   5. Use of estimates

      Under the process of preparing the consolidated financial statements, the valuation of some assets and liabilities requires the use of judgments, assumptions and estimates. This primarily involves the determination of the amount of lease liabilities and right-of-use, the valuation of goodwill, the determination of intangible assets in the context of acquisition of subsidiaries, the valuation of property, plant and equipment and intangible assets, the valuation of investments under the equity method, determining the amount of expected credit losses, provisions for employee benefits, provisions for dismantling, provisions for onerous contracts, provisions for risks and litigation, recoverability of deferred tax assets and the valuation of commitments on securities. These judgments, assumptions and estimates are based on information available or situations existing at the financial statement's date of preparation (particularly the economic situation in the countries where the Group operates, inflation, energy costs and the evolution of regulations on outdoor advertising), which in the future could differ from reality, creating growing uncertainties over the future outlook.

      Valuation methods are described in more detail, mainly in Note 1.8 "Business combinations, acquisition of non-controlling interests and disposals", in Note 1.10 "Impairment of intangible assets, property, plant and equipment, right-of-use and goodwill", in Note

      1.11 "Leases", in Note 1.12 "Investments under the equity method", in Note 1.15 "Trade and other receivables", in Note 1.20 "Provisions for retirement and other long-term benefits", in Note 1.21 "Dismantling provisions", in Note 1.26 "Current and deferred income tax" and in Note 4.13.3 "Provisions for risks and litigation".

      The results of sensitivity tests are provided in Note 4.4 "Goodwill, Property, plant and equipment (PP&E), intangible asset and right-of-use impairment tests" for the valuation of goodwill, property, plant and equipment, intangible assets and right-of-use, in Note 4.5 "Investments under the equity method and impairment tests" for the valuation of investments under the equity method, in Note 4.13 "Provisions" for the valuation of dismantling provisions and provisions for employee benefits, in Note 4.20 "Financial assets and liabilities by category" for the valuation of debt on commitments to purchase non-controlling interests and in Note 5.2 "Net operating expenses" for the sensitivity of variable rent and fees to changes in revenue.

      Furthermore, the risks and commitments related to climate change have been taken into account by the Group in determining the estimates, notably regarding the amount of investments required to reduce its carbon footprint in relation to its activities and the billboards installed by the Group.

   6. Current/non-current distinction

      With the exception of deferred tax assets and liabilities which are classified as non-current, assets and liabilities are classified as current when their recoverability or payment is expected no later than 12 months after the year-end closing date, based on rights existing at the end of the reporting period.

      Otherwise, they are classified as non-current.

   7. Intangible assets

      1. Development costs

         According to IAS 38, development costs must be capitalised as intangible assets if the Group can demonstrate:

         • Its intention, and financial and technical ability, to complete the development project;

         • The existence of probable future economic benefits for the Group;

         • The high probability of success for the Group;

         • And that the cost of the asset can be measured reliably.

           Development costs capitalised in the statement of financial position include costs related to the development of, or modification or improvement to, the array of street furniture product lines and advertising structures in connection with contract proposals with a strong likelihood of success. Development costs also include the design and construction of models and prototypes.

           The Group considers that it is legitimate to capitalise costs for the preparation of bids in response to calls for tender. Given the nature of the costs incurred (design and construction of models and prototypes) and the statistical success rate of the JCDecaux Group

           in its responses to tenders, the Group believes that these costs constitute development activities that can be capitalised under the aforementioned criteria. Indeed, said costs are directly related to a given contract and are incurred to win it. Amortisation, spread out over the term of the contract, begins when the project is awarded. Should the bid be lost, the amount capitalised is expensed.

           Development costs carried in assets are recognised at cost less accumulated amortisation and impairment losses.

      2. Intangible assets

         Intangible assets primarily involve Street Furniture, Billboard and Transport contracts recognised in business combinations, which are amortised over a period corresponding to the time necessary for the cumulative discounted flows used for the valuation of the assets to cover almost all the assets. They also include upfront payments, amortised over the term of the contract, and software. Only individualised and clearly identified software (ERP in particular) for which the Group has the control, is capitalised and amortised over a maximum period of 10 years. Other software expenses are recognised in expenses for the period.

   8. Business combinations, acquisition of non-controlling interests and disposals

      Goodwill represents the fair value of the consideration transferred (including the acquisition-date fair value of the acquirer's previously held equity interest in the company acquired), plus the amount recognised for any non-controlling interest in the acquired company, minus the net amount recognised in relation to the identifiable assets acquired and the liabilities measured at their fair value.

      Goodwill is not amortised. The Group conducts impairment tests at least once a year at each statement of financial position date and at any time when there are indicators of impairment. Following these impairment tests, performed in accordance with the methodology described in Note 1.10 "Impairment of intangible assets, property, plant and equipment, right-of-use and goodwill", a goodwill impairment loss is recognised if necessary. When recognised, such a loss cannot be reversed at a later period.

      Negative goodwill, if any, is immediately recognised directly in the income statement.

      When determining the fair value of the assets and liabilities of the acquired entity, the Group is most notably required to value contracts and recognise these items as intangible assets for their fair value, taking into account the residual term of the contracts and a probability of renewal for street furniture and transport activities, and a principle of attrition for billboard contracts. The intangible assets thus recognised are amortised over a period corresponding to the time necessary for the cumulative discounted flows used for the valuation of the assets to cover almost all the assets. When an onerous contract is identified, the Group decreases the gross value of right-of-use attached to the contract and/or recognises any resulting liability. This liability corresponds to the unavoidable net costs attached to this contract, including rent and fees and costs directly incurred, such as labour costs and direct administrative costs. Furthermore, if an exit clause results in lower costs than maintaining an onerous contract, this exit clause is provisioned.

      Under IFRS, companies are granted a 12-month period, starting from the date of acquisition, to finalise the fair value measurement of the assets and liabilities acquired.

      Acquisition-related costs are recognised by the Group in other operating expenses, except for acquisition-related costs for

      non-controlling interests, which are recorded in equity.

      For staged acquisitions, any gain or loss arising from the fair value revaluation of the previously held equity interest is recorded in the income statement under other operating income and expenses at the time control is acquired. The fair value of this revaluation is estimated on the basis of the purchase price less the control premium.

      For every partial or complete disposal with loss of control, any gain or loss from the disposal as well as the re-measurement of retained interest are recorded in the income statement under other operating income and expenses.

      Furthermore, for acquisitions of non-controlling interests in controlled companies and the sale of interests without loss of control, the difference between the acquisition price or sale price and the carrying value of non-controlling interests is recognised in changes in equity attributable to owners of the parent company. The corresponding cash inflows and outflows are presented under "Net cash flows from financing activities" on the statement of cash flows.

   9. Property, plant and equipment (PP&E)

      Property, plant and equipment (PP&E) are presented in the statement of financial position at historical cost less accumulated depreciation and impairment losses.

      Street furniture

      Street furniture (bus shelters, MUPIs®, Seniors, Electronic Information Boards (EIB), Automatic Public Toilets, Morris Columns, etc.) and advertising panels for the transport business are depreciated on a straight-line basis over the term of the contracts between 8 and 25 years. Digital screens are depreciated over a 5 to 10-year period; their economic life-span can be shorter than the term of the contracts. Street furniture maintenance costs are recognised as expenses.

      The expected discounted dismantling costs at the end of the contract are recorded under assets, with the corresponding provision, and amortised over the term of the contracts.

      Billboards

      Billboards are depreciated according to the method of depreciation prevailing in the relevant countries in accordance with local regulations and economic conditions.

      The main method of depreciation is the straight-line method over a period of 2 to 20 years.

      Street furniture and billboard assets of the Group are insured against risks related to climatic events and their adaptation to these events is guaranteed by the carrying out of resistance tests. The amortisation periods are therefore determined according to normal durations of use; weather hazards are controlled through this insurance and through the tests carried out.

      Depreciation periods

      Property, plant and equipment:

      • Buildings and constructions 10 to 50 years

      • Technical installations, tools and equipment

        (excluding street furniture and billboards) 5 to 10 years

      • Street furniture and billboards 2 to 25 years

        Other property, plant and equipment:

      • Fixtures and fittings 5 to 16 years

      • Transport equipment 3 to 15 years

      • Computer equipment 3 to 5 years

      • Furniture 5 to 10 years

   10. Impairment of intangible assets, property, plant and equipment, right-of-use and goodwill

       Items of property, plant and equipment, intangible assets and right-of-use as well as goodwill are tested for impairment, under the IAS 36 standard, at least once a year.

       Impairment testing consists in comparing the net value of a Cash-Generating Unit (CGU) or a CGU group with its recoverable amount. The recoverable amount is either (i) the fair value of the asset (or group of assets) minus costs of disposal, or (ii) the value in use determined on the basis of future discounted cash flows, whichever is greater.

       When the recoverable amount is assessed on the basis of the value in use, cash flow forecasts are determined using growth assumptions based either on the term of the contracts, or over a five-year period with a subsequent perpetual projection and a discount rate reflecting current market estimates of the time value of money. The growth assumptions used do not take into account any external acquisitions. Risks specific to the tested CGU are reflected in the assumptions adopted for determining the cash flows and the discount rate used.

       The risks and impacts related to climate change are taken into account in the impairment test assumptions but have no significant impact for the Group. Indeed, JCDecaux's assets are insured against risks related to climatic events, which limits the risk of financial impact from this type of event on the Group. In this way, future economic flows are secured and are not impacted by weather hazards. The additional investments and operating expenses incurred by the subsidiaries to achieve ESG (Environmental, Social and Governance) objectives and related to climate and environmental issues (such as the purchase of carbon certificates, etc.) have been taken into account in the preparation of the country budgets. However, they do not currently represent a sufficiently material amount to weigh significantly on the impairment tests. This is also true for the increase in electricity prices in Europe and wage costs in the various geographies, as well as the new regulations relating to the time slots for furniture lighting in a few European countries.

       When the carrying amount of an asset (or group of assets) exceeds its recoverable amount, an impairment loss is recognised in the income statement to write down the asset's carrying amount to the recoverable amount.

       Adopted methodology

       • Level of testing

         • For PP&E, intangible assets and right-of-use, impairment tests are carried out at the CGU-level corresponding to the operational entity;

         • For goodwill, tests are carried out at the level of each group of CGUs whose scope is determined by taking into account the expected level of synergies between the CGUs. In this way, tests are performed either at the level where the operating segments and the geographical area meet, or on specific groups of CGUs. For instance, Airport activity where synergies are assessed at a global level, or on Pacific, France "Roadside" and USA "Roadside" and United Kingdom (excluding airports) areas where synergies are justified between all sectors: Street furniture, Billboard for France Roadside and USA Roadside, Street furniture, Billboard and Land transport for United Kingdom (excluding airports) and all activities for Pacific (Street furniture, Billboard, Land transport and Airports). For these CGUs, cash flows cannot be assessed separately by

           activity in view of the structures and multi-activity commercial policies in these various geographies. In France, Billboard activity sales are in fact carried out through sales networks that are shared with Street Furniture. These billboards are fully interdependent, insofar as it is the combination of their locations that ensures the quality and geographical coverage of the networks. The United States and the United Kingdom are highly digitalised markets, with 78% and 75%, respectively, of JCDecaux's sales generated on digital media. The commercial organisations in both countries are aligned with an

           audience-based buying model rather than predefined format

           networks: national sales teams market all non-airport inventories without specialisation by format. The development of programmatic sales further increases interconnectivity

           between formats. The multi-activity grouping in the Pacific

           region is likewise justified by the digitalised and multi-format structure of this market. Consequently, these four

           multi-activity cash-generating units with integrated portfolios do indeed correspond to the smallest identifiable CGUs within the meaning of IAS 36.

       • Discount rates used.

         The values in use taken into account for impairment testing are determined on the basis of expected future cash flows, discounted at a rate based on the weighted average cost of capital. This rate reflects management's best estimates regarding the time value of money, the risks specific to the assets or CGUs, and the economic situation in the geographical areas where the business relating to these assets or CGUs is carried out.

         Countries are broken down into seven areas based on the risk associated with each country, and each area corresponds to a specific discount rate ranging from 8.5% to 20.0%, for the area presenting the highest risk. The after-tax rate of 8.5% used in 2025 (8.5% in 2024), was notably used in Western Europe (excluding Portugal), North America, Japan, Singapore and South Korea, where the Group generates 64.4% of its adjusted revenue.

         The average discount rate for the Group stood at 9.4 % in 2025.

       • Recoverable amounts

         These are determined based on budgeted values for the first year following the closing of the accounts, and growth and change assumptions specific to each market and reflecting the expected future outlook. Recoverable amounts are based on business plans for which the procedures for determining future cash flows differ for the various business segments; the related time horizon usually exceeds five years owing to the nature and business activity of the Group, characterised by long-term contracts with a strong likelihood of renewal. In general:

         • For the Street furniture and Transport segments, future cash flows are calculated over the remaining term of contracts, taking into account the likelihood of renewal thereafter, with the business plan being conducted over the duration of the contract, usually between 5 and 20 years with a maximum term of 25 years;

         • For the Billboard segment, future cash flows are calculated over a five-year period with a perpetual projection using a 2% yearly growth rate for European countries, whose markets we consider to be mature, and a 3% rate for other countries, where billboard advertising activity seems to be experiencing more advantageous market conditions;

         • For the Roadside France CGU, the Roadside USA CGU and United Kingdom (excluding airports) CGU, future cash flows are calculated on the basis of the remaining term of the contracts, taking into account the likelihood of renewal at maturity and an indefinite projection based on a growth rate of respectively 2%, 3% and 3% per year, with application of a discount corresponding to the contract renewal assumption;

         • For the Roadside France CGU, the general principle is to consider that the very high number of street furniture contracts, together with their highly fragmented nature, dilutes

           the individual non-renewal risk over time. This contractual diversification supports the use of a terminal value, with a renewal probability applied both to the average maturity of the street furniture contracts and to the terminal value. For the United States Roadside and United Kingdom (excluding airports) CGUs, although the contract portfolio is less fragmented than in France, it is based on a significant number of key contracts whose favourable renewal track record justifies the use of a similar method;

         • For the Pacific CGU, they are calculated over a period of five years with an indefinite projection based on a growth rate of 3% per year.

       In the context of impairment testing and potential impairment of assets related to negative cash flows, an onerous contract provision may be accounted for a contract ancillary to the relevant CGU. This provision accounts for the unavoidable net costs associated with the contract, including rent and fees and costs directly incurred such as labour and direct administrative costs. Furthermore, if an exit clause results in lower costs than maintaining an onerous contract, this exit clause is provisioned.

       The recoverable amount of a group of CGUs corresponds to the sum of the individual recoverable amounts of each CGU belonging to that group.

   11. Leases

       1. Description of the Group's leases

          JCDecaux's core business contracts often contain specificities geared to the activity to which they relate (Street furniture, Transport and Billboard) or to their geographical area (local regulation or market practice).

          Very often, each contract for Street furniture and Transport business is a specific case with complex terms arising from direct negotiations or tender-offer conditions. Said terms may also be renegotiated during the life-span of the contract, mostly due to unexpected market events or to the operational deployment of advertising structures.

          More than 12,000 contracts identified in over 70 countries fall within the scope of IFRS 16. These are essentially signed with municipalities, airports, transport companies, shopping centres and private landlords. The purpose of these contracts is to secure locations in which to install advertising panels used for the Group's main activity. Among the 12,000 contracts and more that fall within the scope of IFRS 16, almost 70% are advertising space lease agreements (Street furniture, Transport, and Billboard); they represented nearly 90% of lease liabilities as of 31 December 2025. The remaining 30% are in particular real estate and vehicle contracts.

          Fixed (or fixed in-substance) rent and fees are quite often minimum guarantees of variable fees based on the advertising revenue generated by advertising panels installed in the locations covered by the contract. This is a predominant feature for transport and shopping centre business, frequently the case for street furniture, but rarer in billboard advertising where rent and fees are not usually linked to generated revenue.

          Fixed rent and fees and/or fixed in-substance rent and fees or minimum guarantees may, according to the contracts:

          • Remain at the same amount over the term of the contract;

          • Vary on the basis of a general index (inflation, construction, etc.) or under the same calculation method as an index but more specific to a given contract (for example, passenger numbers in transport contracts);

          • Vary while remaining fixed in relation to the annual amounts provided for in the contract, often linked to an expected increase in advertising revenue in line with the gradual installation of new advertising structures, the opening of new metro lines or a new airport terminal;

          • Vary on the basis of a percentage of total rent and fees (including the variable portion) paid during the previous year.

            Contracts may have widely different non-cancellable periods, ranging from 1 to 35 years in total:

          • For street furniture business, contracts range from 1 to 35 years. This mainly depends on the terms of the tender and, in a few cases, direct negotiation with the authorities. The term is largely dependent on the economic model set out in the municipalities' specifications, and in particular on JCDecaux's expected capex level for advertising and non-advertising furniture. The higher the capex, the longer it takes to balance the economic model;

          • For transport business, contracts range from 1 to 17 years. The duration also usually depends on the terms of the tender. The term of contract is generally shorter and the rent and fees level is higher than for the street furniture business due to the lower capex and operational costs compared to revenue from advertising structures;

          • For large format billboard business, contracts range from 1 to 32 years. The duration varies significantly according to the countries and their local regulations, which are more or less restrictive, as well as market practices concerning relations between lessees and private landlords.

            Regarding extension and renewal terms:

          • According to local regulations or market practices, large format billboard contracts often have tacit renewal or automatic renewal clauses which are country-specific. In such cases, the term used is the reasonably certain term, calculated according to the average term of tacit renewal observed in the past on the portfolio of contracts;

          • Street furniture and transport contracts may provide for extensions to the initial term of the contract. These are either dependent on a joint agreement between the two parties or on one party only. Cases for which JCDecaux is the only party able to exercise an option to extend the lease term of a contract are rather rare. Renewals of street furniture or transport contracts are generally made through new contracts, following a competitive bidding procedure (most often through a tender procedure).

            Regarding early termination clauses, only a small number of contracts has been identified in which JCDecaux has the sole right to exercise an early termination option. More often, either the agreement of both parties is required, or the early termination option is subject to specific conditions (e.g. force majeure, change in direction of road traffic for large format billboards, major economic recession or collapse of the advertising market in certain transport contracts).

       2. Contracts not covered by IFRS 16

          As from 1 January 2019, each new contract is analysed to confirm whether or not it meets the definition of a lease. When the contractor who has granted advertising space to the Group has a right of substitution, allowing the contractor to replace any space allocated at the start of the contract with another one throughout the duration of the contract in order to meet operational needs (except in the case of maintenance and repair activity), this right is considered to be substantive. This is the case for the Group's street furniture and transport business, which contains provisions giving the supplier (the contractor) who has granted advertising space to the Group, the right to permanently or temporarily move certain equipment to another location or remove equipment. In the case of bus shelter contracts, the municipality may thus have the right to adapt the locations of bus shelters to changes in bus line routes. In the case of bus contracts, the transport company may have the right to change the numbers of buses, the roads or the assignment of buses to roads. In the case of airport contracts, the grantor or the airport administration authority may also have the right to request that the advertising structures be moved to adapt them to the airport's operational needs.

          These rights may be exercised by the contractor at any time throughout the duration of the contract after a specific situation has arisen (for example in the event of restructuring, modification or extension of the airport, closure of roads, optimisation of the bus network, plans for refurbishment) or for any reason whatsoever, generally given scant definition in the contracts.

          The bases for concluding that such agreements include substantive substitution rights are as follows:

          • Contractors have the flexibility to change locations throughout the term of the contract as there are usually many alternate locations available and they have the right to request a transfer to an alternate location that meets specifications at any time during the contract;

          • The right to change location does not generally depend on a limited number of events or situations, but on the contrary arises for a very broad list of reasons (such as operational needs, general interest) or in certain cases for no reason defined in the contract. This situation demonstrates that the contractor has control of the asset because he has the ability to change location only according to his own requirements or operational needs;

          • The economic benefits of contractors depend mainly on their core business:

            • A change of route allows the transport company to optimise its fleet according to the evolution of traffic;

            • A change of infrastructure (restructuring or extension) allows the airport to fulfil its mission of optimising air traffic management and passenger service;

            • Indemnity clauses included in the contract beyond a certain threshold (such as the recharging of moving costs or reduced costs due to the contractor) are not dissuasive; they are merely costs to be included in an operation providing the contractor with an overall economic benefit from its main activity.

              When the clauses allowing for the determination of the substantial character of the substitution right clause are valid for the entire duration of the contract, the Group does not have control of the right to use an identified asset. These contracts therefore do not meet the definition of a lease under IFRS 16 and the fixed rent and fees for the year remain recognised in the operating margin in the same way as variable rent and fees. For these contracts, future fixed rent and fees commitments until the maturity of the contract are disclosed in off-balance sheet commitments for the total amount to which the Group is committed.

              Moreover, both exemptions authorised by IFRS 16 - short-term leases (12 months or less) and low value leases - have been applied.

       3. Accounting treatment of leases under IFRS 16

          In accordance with IFRS 16 "Leases" applied since 1 January 2019 using the full retrospective transition method, the Group recognises a lease liability for contractual minimum and fixed rental payments (or variable based on an index) against a right-of-use asset which is depreciated on a straight-line basis over the term of the lease or the useful life of the underlying asset.

          The fixed rent charge in the operating margin is replaced by the amortisation of the right-of-use recognised in EBIT and the financial expense of the lease liability recorded in financial income and expenses.

          Variable rent and fees based on revenue are excluded from the lease liability and are recorded in the operating margin when they occur.

          The standard has no impact on net income over the lease term but has a negative impact at the beginning of the contract, which reverses over time due to declining interest expenses.

          The Group's net debt excludes lease liabilities.

          In the statement of cash flows, only the payment of interest on the lease liability impacts cash flows from operating activities, while the principal portion impacts the cash flows from financing activities.

          Net deferred taxes are recognised on leases falling under the scope of IFRS 16; right of use and lease liabilities are analysed together.

          The amount of the lease liability depends on the assumptions used for the calculation thereof, such as commitment term and marginal borrowing rate.

          The marginal borrowing rate is calculated for each lease as the risk-free rate for the lease's currency plus the currency basis, if available, and the subsidiary's credit margin based on the Group's credit risk or in a few specific cases linked to own financing in the subsidiaries, on a credit risk specific to the subsidiary concerned. These components are defined in light of the average weighted life of the lease.

          The contract term is determined by taking into account the non-cancellable period and the periods covered by renewal (or termination) options where it is reasonably certain that these options will be exercised (or not).

          With respect to extension or termination options, the Group complies with IFRS 16 and the IFRS IC decision of November 2019 on lease terms and the useful lives of leasehold improvements:

          • When JCDecaux is the only party able to exercise an option to extend (or terminate early), the associated duration is included when the exercise of the extension (or early termination) option by the Group is reasonably certain;

          • The extension (or early termination) term taken into account is retained on the basis of the overall economy of the contract and not only the contractual termination payments. If only one of the parties has an economic interest in not interrupting this contract, then the contract is enforceable beyond the date on which it can be interrupted;

          • When the lessor is the only one to be able to exercise an extension option, this option is automatically included in the duration of the contract. If the lessor is the only one able to exercise an early termination option, this option does not reduce the contractual term.

          For contracts that have an indefinite term, that are cancellable at any time by either party, or that are tacitly renewed, in accordance with the IFRS IC decisions on lease terms, the useful life of leasehold improvements is used to determine the contract term or, in the context of tacitly renewed contracts, the average term to date of the tacitly renewed contracts.

          With regard to French commercial leases, in accordance with the ANC's statement of conclusion dated 3 July 2020 and the illustration issued by the CNCC in November 2020, the term generally applied by the Group is nine years, with a non-cancellable period of three years. There is no renewal option at the end of the lease for major contracts. Said contracts are never tacitly renewed and are always renegotiated.

          Changes and re-estimates of contracts mainly relate to signed amendments to contracts and to the life of the contract, in particular a change in the amount of rents to be paid or a change in the reasonably certain end-date when a decision is made regarding the extension or early termination of a contract. Such changes lead to a re-estimation of the lease liability against the right-of-use. The impact of this contract modification presents a linearised effect in the income statement on the new residual term of the contract and may lead, in the event of termination of contracts, to a positive effect in the income statement.

          Contracts already signed but not started at the closing date are disclosed in off-balance sheet commitments.

       4. IFRS 16 Rent concessions

          The Group may need to negotiate reductions in fixed and minimum guaranteed rents with its concession grantors.

          For contracts falling within the scope of IFRS 16, i.e. contracts that do not include substantive substitution rights, the amount of these rent reductions is recognised:

          • As variable credit rent and fees in the operating margin, offset against a decrease in the lease liability:

            • In accordance with IFRS 16 "Leases", for the contracts that have been analysed and in which the Group has identified force majeure or hardship clauses, the presence of these clauses allowing for these reductions to not be considered as contract amendments;

            • In accordance with the amendment to IFRS 16 "Covid-19 related rent concessions beyond 30 June 2021" for other contracts whose rent reductions signed in 2023 were not associated with a contract amendment and covered a period which does not extend beyond 30 June 2022;

            • The extinction of the liability recognised in the income statement is restated in the statement of cash flows under "Gains and losses on lease contracts";

          • As a reduction in the lease liability with a counterpart of a reduction in the right of use, when the negotiations were considered contract modifications and in the absence of a force majeure clause.

   12. Investments under the equity method

       At the date of acquisition, investments under the equity method include the share of the Group's equity (excluding non-controlling interests) as well as the goodwill recognised on the acquisition of these shares.

       The share of impairment of the assets recognised at the time of acquisition or upon the fair value adjustment of existing assets is presented under "Share of net profit of companies under the equity method".

       If the Group's share of losses of an equity-accounted entity exceeds its interest in that entity, its share is reduced to zero under "Investments under the equity method" by a reclassification against any loan to this entity consisting of a net investment. If the Group considers itself as involved in losses, a provision is recognised under provisions for contingencies for the share of losses exceeding the initial investment as well as loans and receivables.

       Investments under the equity method are subject to impairment tests on an annual basis, or when existing conditions suggest a possible impairment. When necessary, the related loss, which is recorded in "Share of net profit of companies under the equity method," is calculated on the asset's recoverable value which is defined as either (i) the fair value of the asset less costs of disposal, or (ii) its value in use based on the expected future cash flows less net debt, whichever is the greater. For listed companies, the fair value used as part of impairment tests corresponds to the stock price. The method used to calculate the values in use of other entities is the same one as applied for PP&E, intangible assets and right-of-use as described in Note 1.10 "Impairment of intangible assets, property, plant and equipment, right-of-use and goodwill".

   13. Other financial assets

       This heading mainly includes investments in non-consolidated entities (financial investments), loans, deposits and guarantees and advances paid on the acquisition of long-term investments under conditions precedent.

       They are recorded and measured:

       • For investments in non-consolidated entities, initially at their fair value, which corresponds to their acquisition price. Following this, they are measured at fair value which, in the absence of a listed price on an active market, is close to their value in use which takes into account the share of equity and the probable recovery amount.

         Changes in value are recognised for each asset and definitively either in net income or in other comprehensive income with no option for reclassification to net income in the event of disposal. Only the dividends received from these assets measured at fair value through equity are recorded in the income statement under "Other financial income and expenses";

       • For the other financial assets, at amortised cost (IFRS 9 category). An impairment loss is recognised in the income statement when the recovery amount of these loans and receivables is less than their carrying amount.

   14. Inventories

       Inventories mainly consist of:

       • Parts required for the maintenance of installed street furniture; and;

       • Street furniture and billboards in kit form.

       Inventories are valued at weighted average cost, and may include production, assembly and logistic costs. Inventories are written down to their net realisable value when said value is lower than cost.

   15. Trade and other receivables

       Trade receivables are recorded at fair value, which corresponds to their nominal invoice value, unless there is a significant discounting effect. After initial recognition, they are measured at amortised cost.

       A provision for impairment is recognised when their recovery amount is less than their carrying amount. The Group recognises an additional provision relating to expected losses using the simplified method on the performing receivables by applying an average rate of default of payment based from historical statistical data. This forward-looking model based on expected losses applies to receivables upon their initial recognition.

       The Group can proceed to transfers of receivables as part of a recurring or one-off program. Pursuant to the provisions of IFRS 9, an analysis is then carried out to assess the transfer of the risks and benefits inherent in the ownership of these receivables and in particular that of the credit risk, the risk of late payment and the risk of dilution. If this review confirms the transfer of almost all the risks and benefits associated with the receivables transferred, these are removed from the statement of financial position.

   16. Managed cash

       Managed cash includes cash, cash equivalents and treasury financial assets. These items are measured at fair value and changes in fair value are recognised in net financial income.

       Cash recognised as assets in the statement of financial position includes cash at bank and cash in hand. Cash equivalents consist of short-term investments and short-term deposits. Short-term investments and short-term deposits are easily convertible into a known cash amount and are subject to low risk of change in value, in accordance with IAS 7.

       Treasury financial assets are short-term liquid investments and cash owned by the Group but held in escrow accounts in connection with the execution of contracts. These assets have the main characteristics of cash equivalents but do not strictly comply with all the criteria to be qualified as such, according to IAS 7. They are included in the calculation of the Group's net debt.

       For the consolidated statement of cash flows, net cash consists of cash and cash equivalents as defined above, net of bank overdrafts.

   17. Financial debts

       Financial debts are initially recorded at the fair value generally corresponding to the amount received less related issuance costs and are subsequently measured at amortised cost.

   18. Financial derivatives

       A financial derivative is a financial instrument having the following three characteristics:

       • An underlying item that changes the value of the financial derivative;

       • Little or no initial net investment and

       • Settlement at a future date.

         Financial derivatives are recognised in the statement of financial position at fair value in assets or liabilities. Changes in subsequent values are offset in the income statement, unless they have been qualified as part of an effective cash flow hedge (effective portion) or as a foreign net investment.

         Hedge accounting may be adopted if a hedging relationship between the hedged item (the underlying) and the financial derivative is established and documented from the time the hedge is set up, and its effectiveness is demonstrated from inception and at each period-end. The Group currently limits itself mainly to two types of hedges for financial assets and liabilities:

       • Fair Value Hedge, whose purpose is to limit the impact of changes in the fair value of assets, liabilities or firm commitments at inception, due to changes in market conditions. The change in the fair value of the hedging instrument is recorded in the income statement under net financial income. However, this impact is cancelled out by symmetrical changes in the fair value of the hedged risk (to the extent of hedge effectiveness);

       • Cash Flow Hedge, whose purpose is to limit changes in cash flows attributable to existing assets and liabilities or highly probable forecasted transactions. The effective portion of the

       change in fair value of the hedging instrument is recorded directly under other comprehensive income, and the ineffective portion is maintained in the income statement under net financial income. The amount recorded in other comprehensive income is reclassified under net financial income when the hedged item itself has an impact on profit or loss. The initial value recorded on the balance sheet in assets or liabilities is recognised by applying the "basis adjustment".

       The hedging relationship involves a single market parameter, which for the Group is currently either a foreign exchange rate or an interest rate. When a derivative is used to hedge both a foreign exchange and interest rate risk, the foreign exchange and interest rate impacts are treated separately.

       Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss on a cash flow hedge as part of the hedging of a highly probable forecasted transaction recognised under other comprehensive income is maintained under other comprehensive income until the forecasted transaction occurs. If the hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised under other comprehensive income is transferred to net financial income for the period.

       For derivatives that do not qualify for hedge accounting, any gains or losses arising from changes in fair value are recorded directly under net financial income for the period.

       The accounting classification of financial derivatives in current or non-current items is determined by the maturity of the derivative.

   19. Commitments to purchase non-controlling interests

       In the absence of any position from the IASB on the accounting treatment of commitments to purchase non-controlling interests, the accounting positions taken in the previous consolidated financial statements have been maintained for all Group commitments.

       The application of IAS 32 results in the recognition of a liability relating to commitments to purchase shares held by non-controlling interests in the Group's subsidiaries, not only for the portion already recognised in non-controlling interests (reclassified in liabilities), but also for the excess resulting from the present value of the commitment. The amount of this excess portion is deducted from non-controlling interests in the equity of the statement of financial position.

       In the absence of any position from the IASB on the accounting treatment of commitments to purchase non-controlling interests, subsequent changes in the fair value of the liability are recognised under net financial income and allocated to non-controlling interests in the income statement, with no impact on consolidated net income (Group share).

       Commitments recorded in this respect are presented under the statement of financial position heading "Debt on commitments to purchase non-controlling interests".

   20. Provisions for retirement and other long-term benefits

       The Group's obligations resulting from defined benefit plans, as well as their cost, are recognised as liabilities and determined using the projected unit credit method.

       This method consists in measuring the obligation based on the projected end-of-career salary and the rights vested at the valuation date, determined in accordance with collective trade union agreements, company agreements or the legal rights in effect.

       The actuarial assumptions used to determine the obligations vary according to the economic conditions prevailing in the country of origin and the demographic assumptions specific to each company.

       These plans are either funded, with their assets being managed by an entity that is legally separate and independent from the Group, or partially funded or not funded, with the Group's obligations being covered by a provision in the statement of financial position. The income from the plan's assets is estimated based on the discount rate used for the benefit obligation.

       For post-employment benefit plans, actuarial gains and losses are immediately and entirely recognised under other comprehensive income with no option to reclassify in the income statement. Past service costs are immediately and fully recorded in the income statement on acquired rights as well as on future entitlements.

       For other long-term benefits, actuarial gains or losses and past service costs are recognised as income or expenses when they occur.

       The effects of discounting the provision for employee benefits are presented in net financial income (charge).

   21. Dismantling provisions

       Costs for dismantling street furniture at the end of a contract are recorded under provisions, when a contractual dismantling obligation exists at a foreseeable date. These provisions represent the entire estimated dismantling cost from the contract's inception and are discounted. In return, dismantling costs are offset under assets in the statement of financial position and amortised over the term of the contract. The discounting charge is recorded as a financial expense. The discount rate applied is the swap rate in the country concerned for the average weighted life of the assets of the contracts.

   22. Free shares award plans

       The fair value of free shares is determined on their date of grant by an independent actuary. This fair value of the free share is determined according to the price on the grant date less discounted future dividends.

       Obtaining all the free shares takes place after continuous presence within the Group defined according to the plans and according to the achievement of Group and individual performance conditions.

       The cost of services rendered is recognised in the income statement by offsetting an equity item, following a profile that reflects the terms of acquisition of the free shares. The vesting period runs from the date of acceptance by the beneficiary.

   23. Revenue

       The Group's revenue comes primarily from sales of advertising space, analogue or digital, on street furniture equipment, billboards and advertising in transport systems.

       The Group's digital revenue corresponds to the sale of digital advertising space based on the audience or in a more traditional way based on location. It also includes programmatic sales, i.e. sales made automatically and/or in real time via a platform directly connecting buyer platforms and available digital inventory. Advertising inventory sales can be carried out via an auction system or at a fixed price allocating different priority levels on placements to meet the needs of advertisers according to their budget and communication objectives.

       Advertising space revenue, rentals and provided services are recorded as revenue on a straight-line basis for the period over which the service is performed. The duration of said period is generally between one week and three years. The Group applies the practical expedient provided for in paragraph 121 of IFRS 15, as the majority of contracts have a duration of less than one year.

       The trigger event for advertising space revenue recognition is the execution of the advertising campaign.

       Advertising space revenue is recorded on a net basis after deduction of commercial rebates. In some countries, commissions are paid by the Group to advertising agencies and media brokers when they act as intermediaries between the Group and advertisers. These commissions are then deducted from revenue.

       In agreements where the Group pays variable fees or revenue sharing, and to the extent that the Group acts as the principal in its advertising space sales activity, the Group recognises all gross advertising revenue as revenue before fees and revenue sharing and records fees and the portion of revenue repaid as operating expenses.

       Discounts granted to customers for early payment are deducted from revenue.

       Provision of advertising space contracts is considered to be one-off long-term service delivery. When discounts are granted to customers on long-term contracts for the provision of advertising space, they are recorded as a cumulative adjustment over the entire duration of the contract, with the service still to be provided not being considered as distinct from the service already performed.

       In addition to marketing advertising space on furniture, the Group also sells, rents and maintains street furniture, the revenue from which is recognised under Street Furniture business. The Group also earns non-advertising revenues from its Self-Service Bicycle business as well as the implementation of innovative technical solutions, under the "JCDecaux Innovate" name, plus services ancillary to its analogue and digital revenues. Non-advertising revenue is recognised on a straight-line basis over the duration of the contract, apart from the sale of furniture or one-off services.

   24. Operating margin

       The operating margin is defined as revenue minus direct operating and selling, general and administrative expenses.

       These expenses notably include rents and fees related to lease contracts that do not fall within the scope of IFRS 16, such as variable lease expenses contracts, fixed rents and fees on contracts with substantial substitution rights, as well as rents on short-term or low-value lease contracts.

       The operating margin also includes charges to provisions net of reversals relating to trade receivables.

       The operating margin is impacted by cash discounts granted to customers deducted from revenue, and cash discounts received from suppliers deducted from direct operating expenses. It also includes free share expenses recognised in the line item "Selling, general and administrative expenses".

   25. EBIT

       EBIT is determined on the basis of the operating margin minus the consumption of spare parts used for maintenance, depreciation, amortisation and provisions (net), goodwill impairment losses, and other operating income and expenses.

       Inventory impairment losses are recognised in the line item "Maintenance spare parts" and the depreciation expenses, in addition to the depreciation of tangible and intangible assets acquired or recognised as part of an acquisition, include the amortisation of right-of-use assets under IFRS 16.

       Other operating income and expenses include the gains and losses generated by the disposal of property, plant and equipment, intangible assets, joint ventures and associates, gains and losses on leases, gains and losses generated by the loss of control of companies, any gain or loss resulting from the fair value revaluation of a retained interest, any gain or loss resulting from the fair value revaluation of a previously held equity interest at the time control is acquired with staged acquisitions, potential price adjustments resulting from events subsequent to the acquisition date, as well as any negative goodwill, acquisition-related costs, and non-recurring items.

       Net charges related to the results of impairment tests performed on property, plant and equipment, intangible assets and right-of-use are included in the line item "Depreciation, amortisation and provisions (net)".

   26. Current and deferred income tax

       Deferred taxes are recognised based on timing differences between the accounting value and the tax base of assets and liabilities. They mainly stem from consolidation restatements (standardisation of Group accounting principles and amortisation/depreciation periods for property, plant and equipment and intangible assets, leases, recognition of contracts as part of the purchase method, etc.) and exclude differences between income taxes and top-up taxes payable under Pillar 2. Deferred tax assets and liabilities are measured at the tax rate expected to apply for the period in which the asset is realised or the liability is settled, based on the tax regulations that were adopted at the closing date. They may be written down if a subsidiary has a net deferred tax asset whose short-term recovery is uncertain.

       Deferred tax assets on tax losses carried forward are recognised only when it is probable that the Group will have future taxable profits against which these tax losses may be offset.

       The period for recovering ordinary losses used by the Group is a three-to-five-year time frame adapted to the specific characteristics of each country.

       In accordance with IFRS, the Group determined that the CVAE (French tax known as the Cotisation sur la Valeur Ajoutée des Entreprises) is an income tax expense.

       The Pillar 2 rules introducing a minimum tax for multinationals were adopted by a European Union directive applicable since 1 January 2024, and their transposition in France was carried out through the 2024 Finance Act passed at the end of December 2023. Furthermore, the amendments to IAS 12 adopted by the European Union on 8 November 2023 confirm the exemption from recognising deferred tax assets and liabilities in respect of the difference

       between income taxes and top-up taxes payable under Pillar 2.

2. ‌CHANGES IN THE CONSOLIDATION SCOPE

   1. Major changes in the consolidation scope

      The main changes in the consolidation scope during 2025 are as follows:

      Acquisitions

      On 30 January 2025, JCDecaux Top Media S.A. (Panama), 50.78% owned, acquired 100% of High Traffic Media, S.A., a key player in outdoor advertising in Panama. It is fully consolidated with an ownership percentage of 50.78%.

      Other changes

      Other changes, in particular mergers, liquidations and percentage changes with no gain or loss of control, are described in Note 13 "Scope of consolidation".

      Ownership interest changes

      In January 2025, Top Result Promotion Ltd (China) increased by 4% its stake in Beijing Top Result Metro Advertising Co. Ltd (China). This company, now jointly controlled with 45%, remains consolidated under the equity method.

   2. Impact of acquisitions

      The takeovers in 2025 of HighTraffic Media, S.A (Panama) and to a lesser extent, Stratus (France) acquired in January, and the purchase price allocation within the 12-month period following the acquisitions of the IMC Group and High Traffic Media, S.A., had the following impacts on the Group's consolidated financial statements:

      In million euros

      FAIR VALUE AT THE DATE OF ACQUISITION

      The purchase price allocation within the 12-month period following the acquisitions of IMC group had no significant impact on the 2024 income statement; this immaterial impact is recognised in the 2025

      Non-current assets 33.5

      TOTAL ASSETS		36.9
      Non-current liabilities		18.2
      Current liabilities		0.9
      TOTAL LIABILITIES		19.0
      FAIR VALUE OF NET ASSETS (a)		17.9
      - of which non-controlling (b)		0.3
      TOTAL CONSIDERATION (c)		14.5
      - of which contributed assets		0.0
      - of which purchase price		14.5
      GOODWILL	(d)=(c)-(a)+(b)	(3.0)
      - including Goodwill
      allocated to companies	(e)	0.0
      under the equity method
      GOODWILL IFRS (1)	(f)=(d)-(e)	(3.0)
      PURCHASE PRICE		(14.5)
      Net cash acquired		1.2
      ACQUISITIONS OF LONG-
      TERM INVESTMENTS OVER		(13.3)
      THE PERIOD

      Current assets 3.4

      AT 100%

      interests

      TRANSFERRED

      (1) The option of the full goodwill calculation method was not used.

      consolidated income statement.

      The impact of the 2025 acquisitions on revenue and net income (Group share) is respectively €7.3 million and €0.3 million.

3. ‌SEGMENT REPORTING

   The Group's segment reporting, based on operational management reports produced for the Executive Board, the Chief Operating Decision Maker (CODM), is prepared from historical IFRS data adjusted by the two following impacts:

   • IFRS 11 impact: in the segment reporting, the data related to joint ventures, companies under joint control, is proportionately consolidated;

   • IFRS 16 impact on lease contracts of locations for advertising structures ("Core Business" contracts) excluding real estate and vehicle rental leases mainly ("Non-Core Business" contracts): fixed rent and fees of "Core Business" contracts falling within the scope of IFRS 16 are included in the operating margin in the segment information on the basis of recognition of discounts for the corresponding fiscal year.

   Consequently, pursuant to IFRS 8, the operating data presented hereafter, in line with internal communication, is "adjusted".

   These "adjusted data" are alternative performance measures (APM) used and commented in the external financial communication.

   They are reconciled with the IFRS financial statements for which the IFRS 11 leads to consolidation of the joint ventures under the equity method and where "core business" rents are accounted for in accordance with IFRS 16 (recognition of a lease liability and a right-of-use asset in respect of the fixed rent and fees and guaranteed minimums) and their impact on the income statement (right-of-use amortisation and discounting of the lease liability) replace the rent charge.

   1. Information related to operating segments

Definition of operating segments

Street Furniture

The Street Furniture operating segment covers, in general, the advertising agreements relating to public property entered into with cities and local authorities. It also includes advertising in shopping malls, as well as the renting of street furniture, the sale and rental of equipment (automatic public toilets, bikes, etc.), cleaning and maintenance and various other services.

Transport

The Transport operating segment covers advertising in public transport systems, such as airports, metros, buses, trams and trains.

Billboard

The Billboard operating segment covers, in general, advertising on private property, including either traditional large format or backlight billboards, neon-light billboards and advertising wall wraps.

Transactions between different operating segments

Transfer prices between operating segments are equal to prices determined on an arm's length basis, as in transactions with third parties.

The main adjusted figures (APM) for operating activities break down as follows: (Capital gain on disposal of APG|SGA in 2024, not broken down by activity)