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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Lagardere
Lagardere (MMB) investor relations material
Lagardere Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary15 Oct, 2026
Executive summary
Q3 revenue rose 3.3% reported and 2.4% LFL to €2,633m, accelerating from 1.8% LFL growth in Q2; 9M revenue increased 2.5% reported and 2.6% LFL to €7,069m.
Travel Retail led Q3 growth; all three divisions posted positive 9M LFL growth, while Publishing grew modestly and Live declined in Q3.
Financial highlights
Q3 revenue rose from €2,548m to €2,633m, with €62m LFL growth, €13m from scope and €10m from currency; 9M revenue rose from €6,899m to €7,069m, with €179m LFL growth, €81m from scope and a €90m currency headwind.
Q3 revenue: Publishing €836m (+3.1% reported; +0.9% LFL), Travel Retail €1,756m (+3.6%; +3.3%) and Live €41m (-2.8%; -3.2%).
9M revenue: Publishing €2,179m (+0.9% reported; +1.1% LFL), Travel Retail €4,734m (+3.3% on both bases) and Live €156m (-0.4%; +1.4%).
Q3 LFL growth by division was Travel Retail +3%, Publishing +1% and Live -3%; 9M rates were +3%, +1% and +1%, respectively.
Segment performance
Publishing Q3 LFL revenue rose 0.9%; UK and US each grew 4%, Spain/Latin America 3%, while France fell 4%. New releases and commercial hits supported UK and US; France faced declines in travel guides and comic books/manga.
Publishing Partworks grew 1% and Board Games fell 4%.
Travel Retail Q3 LFL revenue rose 3.3% (4.6% excluding North Asia); EMEA excluding France grew 6% and the Americas 4%, while France rose 1%, the Middle East fell 15% and APAC declined 22%.
Travel Retail 9M LFL revenue rose 3.3% (5.1% excluding North Asia); North Asia revenue declined 59% in Q3 amid China network streamlining and store closures targeted for completion by end-2026.
Live Q3 revenue was €41m versus €42m; Radio and News faced weaker advertising, while audiences rose overall and Entertainment & Other was stable during the quieter summer period.
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Latest events from Lagardere
- Travel Retail drove record FY 2023 revenue and recurring EBIT.MMB
H2 2023 - Revenue +2.7% to €4.44bn, recurring EBIT +3.6% to €233m, net debt down €201m.MMBH1 2026
- Record results, dividend, and strategic focus on AI and audiovisual growth, all resolutions passed.MMBAGM 2026
- Q1 2026 revenue grew 3.0% reported and 3.8% like-for-like to €2,037 million, led by Travel Retail and Live.MMBQ1 2026 TU
- Record revenue and EBIT, strong cash flow, and €0.67 dividend proposed for 2025.MMBH2 2025
- Record revenue and EBIT, strong deleveraging, and growth in Publishing and Travel Retail.MMBH1 2025
- Double-digit revenue and EBIT growth in H1 2024, led by Publishing and Travel Retail.MMBH1 2024
- Record growth, higher dividend, and all resolutions passed with near-unanimous support.MMBAGM 2025
- Record revenue and EBIT, strong cash flow, and digital growth set a confident 2025 outlook.MMBH2 2024
Next Lagardere earnings date
Q4 202625 Feb, 2027
Lagardere
Next Lagardere earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Lagardere SA is an international group that offers and engages in content publishing, production, broadcasting, and distribution businesses worldwide. It operates through two divisions: Lagardère Publishing, and Lagardère Travel Retail. The Lagardère Publishing division includes book publishing and e-publishing businesses, which cover the areas of education, general literature, illustrated books, partworks, dictionaries, youth works, mobile games, board games, and distribution in English, French, and Spanish languages. The Lagardère Travel Retail division is involved in retail activities in transit hubs and concessions in travel essentials, duty free and fashion, and food services fields. The company was founded in 1992. Lagardere SA is headquartered in Paris, France.