JCDecaux (DEC) Q4 2025 earnings summary

Executive summary

• Achieved €3,967.1m in revenue for 2025, up 0.8% reported and 1.8% organic year-over-year, with digital revenue now 41.7% of total and programmatic accounting for 10.9% of digital revenue.

• Recurring EBIT rose 18.6%, net income (excluding APG|SGA gain) up 22.8% to €262.6m, and record free cash flow of €342.9m (+47.9%).

• Delivered 2026 financial targets one year ahead of plan, with Q4 organic growth at 1.6%, exceeding guidance.

• Digital and programmatic advertising are key growth drivers, with programmatic up 19.2% and digital revenue up 10% organically.

• Proposed dividend per share of €0.65 for 2025, up 18.2% year-over-year, fully paid in cash.

Financial highlights

• Reported revenue for 2025 was €3,967.1m (+0.8%), with operating margin at €831.1m (20.9% of revenue, +150bps YoY).

• Recurring EBIT reached €376.7m (+18.6% YoY), EBIT margin rate (before impairment) at 10.9%.

• Net income Group share at €262.6m (+22.8% YoY, excluding APG|SGA gain).

• Free cash flow hit a record €342.9m (+47.9%), with net debt reduced to €587.4m (0.7x operating margin, down 22.3%).

• Net financial charge improved by €9.6m to -€126.7m, mainly due to lower lease liabilities.

Outlook and guidance

• Q1 2026 organic revenue growth expected above 5%, with positive impact from Milano Cortina Winter Olympics and a return to growth in China.

• Gradual increases in key financial metrics, including margins and cash generation, anticipated for 2026.

• New contract wins (Barcelona, Stockholm, Carrefour, Denver) and global expansion to provide tailwinds from Q2 onward.

• Intention to gradually increase dividends while maintaining balanced cash allocation.

• OOH advertising forecasted to grow at a 5.5% CAGR over the next five years.