Louis Hachette Group (ALHG) H2 2025 earnings summary

Executive summary

• Revenue reached €9.62 billion in 2025, up 4.2% year-over-year, with strong performances in Publishing and Travel Retail and organic growth across most divisions.

• EBITA rose 8% to €551 million, driven by core business growth and operational discipline.

• Net result more than doubled to €112 million, reflecting improved profitability and lower finance costs.

• Cash flow from operations increased 9% to €558 million, supporting deleveraging efforts.

• Net debt reduced by €236 million to €1.59 billion, with leverage ratio down to 1.95x.

Financial highlights

• Revenue: €9.62 billion (+4.2% year-over-year).

• EBITA: €551 million (+8%).

• Net profit: €112 million, up €50 million year-over-year.

• Cash flow from operations: €558 million (+9%).

• Free cash flow increased to €459 million.

Outlook and guidance

• 2026 strategy focuses on disciplined capital allocation, regular shareholder returns, and targeted investments.

• Publishing expects stable revenue in 2026 despite FX headwinds and no new Astérix release, with a strong publishing program planned.

• Travel Retail anticipates continued mid-single-digit sales growth and slight margin improvement, with China restructuring to conclude by year-end.

• Dividend policy confirmed: at least 85% of dividends received from Lagardère SA to be distributed.

• Management highlights ongoing geopolitical and macroeconomic uncertainty.