Lagardere (MMB) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €2,037 million, up 3.0% reported and 3.8% like-for-like, with all business segments contributing to growth amid an uncertain geopolitical climate.

• Organic initiatives and a diversified international footprint supported resilience, especially in Publishing and Travel Retail.

Financial highlights

• Consolidated Q1 2026 revenue was €2,037 million, up 3.0% reported and 3.8% like-for-like year-over-year.

• Publishing revenue was €615 million (-1.1% reported, +1.4% like-for-like), Travel Retail €1,365 million (+5.0% reported, +4.8% like-for-like), and Live €57 million (+2.4% reported, +5.9% like-for-like).

• Negative currency effects totaled €62 million, mainly from US dollar, pound sterling, and UAE dirham depreciation.

• Positive scope effects from acquisitions, notably 999 Games and Amsterdam Airport Schiphol Duty Free.

• Revenue growth was mainly organic, with minor negative currency effects.

Outlook and guidance

• Management highlights continued momentum in all activities, supported by organic growth, diversification, and geographic spread.

• Forward-looking statements caution that actual results may differ due to economic, regulatory, and industry risks.

• Geopolitical tensions, especially in the Middle East, introduce macroeconomic uncertainty impacting air traffic, consumer spending, and operating costs.

• The diversified business model is expected to mitigate adverse effects.