Lagardere (MMB) H2 2024 earnings summary

Executive summary

• 2024 revenue reached €8.94 billion, up 10.6% as reported and 8.5% like-for-like, with record recurring EBIT of €593 million and strong contributions from both Publishing and Travel Retail.

• Free cash flow rose to €423 million, supporting a €188 million reduction in net debt to €1,855 million and a leverage ratio improvement to 2.4x.

• Vivendi (Bolloré Group) became a major shareholder, bringing stability, business synergies, and a renewed focus on cash management and debt reduction.

• Leadership changes and new talent onboarded to support future growth.

• Proposed ordinary dividend of €0.67 per share for 2024, subject to AGM approval.

Financial highlights

• Group revenue: €8,942 million (+10.6% reported, +8.5% like-for-like); recurring EBIT: €593 million (+14%); EBITA: €498 million (+23%).

• Free cash flow: €423 million (up from €261 million in 2023); net debt: €1,855 million (down €188 million); leverage ratio: 2.4x.

• Adjusted profit (Group share): €253 million (vs. €252 million in 2023); net income (Group share): €168 million (up from €144 million).

• CapEx increased, mainly to support organic growth in Travel Retail, totaling €250–293 million.

• Q4 2024 revenue was €2,332 million, up 7.6% as reported and 6.9% like-for-like.

Outlook and guidance

• Confident in consolidating leading market positions, maintaining growth, improving profitability, and balancing capital allocation between investment, dividends, and debt reduction.

• Dividend proposal of €0.67 per share for 2024, up 3% year-over-year, subject to AGM approval.

• CapEx for 2025 expected to be consistent with 2024 as a percentage of revenue.

• Working capital improvements targeted but not seen as the main delivery driver.