Lagardere (MMB) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 organic revenue grew 5.4% like-for-like, driven by strong performances in Publishing and Travel Retail, with Publishing achieving record quarterly revenue and Travel Retail posting record activity supported by new openings in Amsterdam and Auckland.

• Publishing saw exceptional growth across all geographies, supported by diversification, bestsellers, and board games.

• Travel Retail achieved record revenue, with all regions except North Asia contributing; notable new concessions in Amsterdam, London, and Saudi Arabia.

• Live segment faced a slight contraction in Q3 due to a challenging advertising market and the Paris Match sale, but maintained positive momentum over nine months.

Financial highlights

• Q3 2025 total revenue: €2,548m, up 5.4% year-over-year (reported and like-for-like); 9M 2025 total revenue: €6,899m, up 4.4% reported and 3.9% like-for-like.

• Publishing Q3 revenue: €811m (+5.9% reported, +6.6% like-for-like); Travel Retail Q3 revenue: €1,695m (+6.2% reported, +5.0% like-for-like); Live Q3 revenue: €42m (-25% reported, -2% like-for-like).

• Positive scope effects from acquisitions and new consolidations, partially offset by currency headwinds.

Outlook and guidance

• The group continues its capital allocation policy, focusing on gradual deleveraging, regular dividends, and flexibility for strategic growth investments.