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/adjusted EBIT rose 8% to €551 million, reflecting operational execution and contributions from all core businesses.

• Net profit more than doubled to €112 million, supported by improved profitability and lower finance costs.

• Net debt reduced by €236 million to €1.59 billion, with leverage ratio falling below 2x.

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

Financial highlights

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

• EBITA/adjusted EBIT: €551 million (+8%).

• Net profit: €112 million (x2.2 year-over-year).

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

• Dividend of €0.06 per share proposed for 2025.

Outlook and guidance

• Publishing expects stable revenue in 2026 despite FX headwinds and no major 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 be largely completed by year-end.

• Prisma Media targets positive EBITDA excluding restructuring, with no major new restructuring planned for 2026.

• Focus on disciplined capital allocation, regular shareholder returns, and targeted investments amid ongoing macroeconomic and geopolitical uncertainty.

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