Lagardere (MMB) H2 2025 earnings summary

Executive summary

• Revenue reached €9.6 billion in 2025, up 4–5% year-over-year, with all divisions contributing to growth and record adjusted/recurring EBIT of up to €641 million.

• Net debt reduced by up to €255 million to €1.6 billion, with leverage ratio improving to 1.96x.

• Strong cash flow generation, with CFFO up to €573 million, supporting deleveraging.

• Publishing, travel retail, and media all contributed to growth, with notable contract wins and successful releases.

• Strategic focus on deleveraging, operational discipline, and selective M&A continues.

Financial highlights

• Recurring/adjusted EBIT rose 8% to €641 million; EBITDA and CFFO also increased significantly.

• Net profit attributable to group share rose 21% to €203 million, with adjusted profit at €319 million.

• Dividend of €0.67 per share proposed for 2025.

Outlook and guidance

• 2026 outlook remains cautious due to geopolitical and macroeconomic uncertainty, with focus on value-creating capital allocation and strict cost discipline.

• Publishing revenue expected to be stable, with margin maintained despite FX headwinds and no new Astérix release.

• Travel retail anticipates mid-single-digit sales growth, continued margin improvement, and completion of China restructuring by year-end.