Lagardere (MMB) H2 2023 earnings summary

Executive summary

• FY 2023 revenue rose 14.0% like for like and recurring EBIT increased €82m to a record €520m.

• Travel Retail drove growth, while Publishing maintained high profitability; a €0.65-per-share dividend was proposed, subject to shareholder approval.

Financial highlights

• Revenue was €8,081m, up 16.6% reported and 14.0% like for like; foreign exchange reduced revenue by €83m.

• Profit for the year was €175m, including €144m attributable to owners of the parent; adjusted attributable profit was €252m versus €265m.

• EBIT was €434m versus €320m; net non-recurring and non-operating items were an €85m expense in 2023.

• Free cash flow rose to €261m from €221m; cash flow from operations increased to €527m from €394m.

Outlook and guidance

• For 2024, Publishing expects performance similar to 2023 despite softer markets and cost pressures.

• Travel Retail sees potential for revenue and profitability growth, supported by robust air traffic and optimisation initiatives.

• Geopolitical and macroeconomic uncertainty, cost pressures and uncertain recovery in international Chinese tourism remain key conditions.