Lagardere (MMB) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €4,436 million, up 2.7% like-for-like, with all divisions contributing to growth and reflecting disciplined execution amid challenging economic and geopolitical conditions.

• Recurring EBIT/EBITA rose to €233 million, up 3.6% year-over-year, driven by strong operational performance and cost discipline.

• Net debt reduced by €201 million over 12 months to €1,795 million, with leverage ratio improving to 2.2x.

• Cash flow from operations increased by 21% to €70 million, supporting further deleveraging.

• Diversified business model across Publishing, Travel Retail, and Live/Media contributed to solid group momentum.

Financial highlights

• Group revenue grew 2.7% like-for-like to €4,436 million, with organic growth offsetting FX headwinds.

• Recurring EBIT/EBITA reached €233 million (+3.6% year-over-year); margin at 5.3%.

• Adjusted profit (Group share) increased to €87 million; profit attributable to shareholders rose to €31 million.

• Cash flow from operations (CFFO) increased 21% to €70 million.

• Net debt at €1,795 million as of June 30, 2026, a historically low level for H1.

Outlook and guidance

• Management maintains a cautious outlook for H2 due to discretionary nature of book sales, uncertain consumer environment, and ongoing geopolitical risks.

• Major releases and targeted investments planned for H2, with continued focus on organic growth, cost discipline, and debt reduction.

• Vigilance remains high regarding the Middle East conflict and its impact on air traffic, inflation, and supply chains.

• Targeting positive EBITA for Lagardère Live for the full year.