Lagardere (MMB) AGM 2025 summary

Opening remarks and agenda

• The meeting was held on 29 April 2025, chaired by Arnaud Lagardère, with acknowledgments to shareholders and a detailed agenda covering financial results, governance, and strategic initiatives.

• Attendance figures confirmed quorum for both ordinary and extraordinary sessions, with 1,657 participants and 196 million votes represented.

• The agenda included 37 resolutions covering financial statements, dividends, board appointments, capital increases, and statutory modifications.

Financial performance review

• Revenue grew by 8.5% to €8,942m in 2024, with recurring EBIT up 14% to €593m and net income up 17% to €178m.

• Free cash flow reached €423m, enabling net debt reduction from €2,043m to €1,855m and lowering the debt/EBITDA ratio to 2.4x.

• All divisions contributed to growth: Publishing +1.9%, Travel Retail +12.5%, Other Activities +0.2%.

• Dividend of €0.67 per share proposed for 2024, up 3.1%, with payment scheduled for 5 May 2025.

• Q1 2025 revenue showed continued growth, with Publishing up 8%, Travel Retail up 4.7%, and Other Activities up 3.6%.

Board and executive committee updates

• New board appointments: Valérie Hortefeux and Michèle Reiser as independent directors for four-year terms.

• Renewals for Yannick Bolloré, Véronique Morali, Arnaud de Puyfontaine, Nicolas Sarkozy, Valérie Bernis, and Fatima Fikree for staggered terms.

• The board comprised 11 directors (55.5% women, 55.5% independent), with 100% attendance and expertise in business, finance, CSR, and governance.

• Committees maintained high independence and gender diversity, with regular meetings and full attendance.