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Lagardere (MMB) investor relations material
Lagardere Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2025 organic revenue grew 5.4% like-for-like, driven by strong performances in Publishing and Travel Retail, with Publishing achieving record quarterly revenue and Travel Retail posting record activity supported by new openings in Amsterdam and Auckland.
Publishing saw exceptional growth across all geographies, supported by diversification, bestsellers, and board games.
Travel Retail achieved record revenue, with all regions except North Asia contributing; notable new concessions in Amsterdam, London, and Saudi Arabia.
Live segment faced a slight contraction in Q3 due to a challenging advertising market and the Paris Match sale, but maintained positive momentum over nine months.
Financial highlights
Q3 2025 total revenue: €2,548m, up 5.4% year-over-year (reported and like-for-like); 9M 2025 total revenue: €6,899m, up 4.4% reported and 3.9% like-for-like.
Publishing Q3 revenue: €811m (+5.9% reported, +6.6% like-for-like); Travel Retail Q3 revenue: €1,695m (+6.2% reported, +5.0% like-for-like); Live Q3 revenue: €42m (-25% reported, -2% like-for-like).
Positive scope effects from acquisitions and new consolidations, partially offset by currency headwinds.
Outlook and guidance
The group continues its capital allocation policy, focusing on gradual deleveraging, regular dividends, and flexibility for strategic growth investments.
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