Lagardere (MMB) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue reached €1,978M, up 5.1% year-over-year, with 4.1% like-for-like growth, driven by all major segments.

• Publishing saw robust growth across all geographies, especially the UK, aided by bestsellers and board games.

• Travel Retail delivered revenue growth in all regions except North Asia, where restructuring is ongoing.

• Other Activities maintained recovery, with revenue up 3.6% like-for-like, supported by audience gains at Europe 1.

• All regions except North Asia contributed positively to group growth.

Financial highlights

• Lagardère Publishing revenue: €623M, up 8% reported (4.6% like-for-like), driven by UK Adult Trade and board games.

• Lagardère Travel Retail revenue: €1,301M, up 4.7% reported (3.9% like-for-like); EMEA ex-France up 8%, Americas up 2%, Asia-Pacific down 20%.

• Other Activities revenue: €54M, down 14% reported due to Paris Match sale, but up 3.6% like-for-like.

• Total group revenue increased by €95M compared to Q1 2024.

• Positive currency effects (+€15M) and scope effects from acquisitions and disposals impacted reported figures.

Outlook and guidance

• Management highlights continued momentum in Publishing and Travel Retail, with ongoing restructuring in North Asia.

• Board Games segment expected to further consolidate European presence following 999 Games acquisition.

• Forward-looking statements are subject to risks including geopolitical uncertainty, climate change, and technological disruption.