Lagardere (MMB) H1 2025 earnings summary

Executive summary

• Revenue reached €4,351 million in H1 2025, up 3.8% as reported and 3% like-for-like year-over-year, driven by acquisitions and strong performance in Publishing and Travel Retail.

• Recurring EBIT reached a record €225 million, up 5.8% year-over-year, with adjusted profit Group share doubling to €72 million.

• Net profit attributable to owners was €24 million, reversing a €20 million loss in H1 2024.

• Net debt reduced to €1,996 million, with leverage ratio at 2.5x, reflecting effective deleveraging and capital allocation.

• Strong cash generation and successful refinancing supported financial stability.

Financial highlights

• Publishing revenue grew 3.1% to €1,349 million, with operating profit at €106 million and margin at 7.9%.

• Travel Retail revenue increased 5.1% to €2,887 million, with operating profit up to €118 million and margin at 4.1%.

• Live segment revenue at €115 million, down 16.1% due to Paris Match sale, but recurring EBIT improved to €1 million.

• Free cash flow before working capital changes was €146 million, stable year-over-year; after changes, €14 million.

• Adjusted profit Group share doubled to €72 million from €36 million year-over-year.

Outlook and guidance

• Management expects continued strong performance, focusing on gradual deleveraging, maximizing shareholder value, and maintaining flexibility for strategic growth.

• Regular dividends and robust liquidity of €1,096 million as of June 30, 2025, support future plans.

• Travel Retail sales projected to grow by high single digits in H2.

• USD weakness estimated to reduce annual revenue by €100 million and EBITDA by €10 million, but mitigated by debt hedging.