Lagardere (MMB) Q3 2024 TU earnings summary

Executive summary

• Revenue for the first nine months of 2024 reached €6,610 million, up 11.8% as reported and 9.1% like-for-like year-over-year.

• Q3 2024 revenue was €2,417 million, up 9.2% as reported and 7.4% like-for-like compared to Q3 2023.

• Growth was mainly driven by Travel Retail, with Publishing stable and Other Activities slightly up.

Financial highlights

• Lagardère Publishing revenue for the first nine months: €2,074 million, up 3.0% reported and 2.8% like-for-like year-over-year.

• Lagardère Travel Retail revenue for the first nine months: €4,344 million, up 16.8% reported and 12.8% like-for-like year-over-year.

• Other Activities revenue for the first nine months: €192 million, up 6.7% reported and 0.3% like-for-like year-over-year.

• Q3 2024 revenue by division: Publishing €765 million, Travel Retail €1,596 million, Other Activities €56 million.

• Net debt at 30 September 2024 was €2,172 million, down €83 million from 30 June 2024.

Outlook and guidance

• Management notes ongoing geopolitical tensions and economic uncertainties, including inflation and the impact of Russia's invasion of Ukraine.

• Management highlights a strong growth trajectory and ambition for continued development despite geopolitical tensions.

• Forward-looking statements are subject to risks such as economic conditions, regulatory changes, and industry cyclicality.