Lagardere (MMB) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue rose 3.3% reported and 2.4% LFL to €2,633m, accelerating from 1.8% LFL growth in Q2; 9M revenue increased 2.5% reported and 2.6% LFL to €7,069m.

• Travel Retail led Q3 growth; all three divisions posted positive 9M LFL growth, while Publishing grew modestly and Live declined in Q3.

Financial highlights

• Q3 revenue rose from €2,548m to €2,633m, with €62m LFL growth, €13m from scope and €10m from currency; 9M revenue rose from €6,899m to €7,069m, with €179m LFL growth, €81m from scope and a €90m currency headwind.

• Q3 revenue: Publishing €836m (+3.1% reported; +0.9% LFL), Travel Retail €1,756m (+3.6%; +3.3%) and Live €41m (-2.8%; -3.2%).

• 9M revenue: Publishing €2,179m (+0.9% reported; +1.1% LFL), Travel Retail €4,734m (+3.3% on both bases) and Live €156m (-0.4%; +1.4%).

• Q3 LFL growth by division was Travel Retail +3%, Publishing +1% and Live -3%; 9M rates were +3%, +1% and +1%, respectively.

Segment performance

• Publishing Q3 LFL revenue rose 0.9%; UK and US each grew 4%, Spain/Latin America 3%, while France fell 4%. New releases and commercial hits supported UK and US; France faced declines in travel guides and comic books/manga.

• Publishing Partworks grew 1% and Board Games fell 4%.

• Travel Retail Q3 LFL revenue rose 3.3% (4.6% excluding North Asia); EMEA excluding France grew 6% and the Americas 4%, while France rose 1%, the Middle East fell 15% and APAC declined 22%.

• Travel Retail 9M LFL revenue rose 3.3% (5.1% excluding North Asia); North Asia revenue declined 59% in Q3 amid China network streamlining and store closures targeted for completion by end-2026.

• Live Q3 revenue was €41m versus €42m; Radio and News faced weaker advertising, while audiences rose overall and Entertainment & Other was stable during the quieter summer period.