Full-Year 2025 results - Strong performance with operating margin rate and free cash flow already exceeding 2026 targets

Commenting on the 2025 results, Jean-François Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:

“JCDecaux delivered a strong performance in 2025 despite a highly uncertain economic environment including rising tariffs and increasing geopolitical uncertainties. Thanks to our unique, and well diversified, premium OOH global media footprint, we are reporting organic revenue growth of +1.8%, +3.2% underlying revenue growth excluding major sporting events, supported by good momentum in most regions.

Digital Out-of-Home (DOOH), a fast growing media segment, grew by +10.0% organically with programmatic revenue growing by +19.2% and now represents 41.7% of our total revenue, with programmatic now representing 10.9% of digital revenue. Beyond being AI-insulated through our unrivalled exclusive premium physical footprint, we are starting to leverage the technology's impact on advertising and client journeys to drive growth and to optimise our operations.

This year’s results clearly demonstrate the strength and operating leverage of our model. Despite the absence of biennial sporting events, we delivered strong earnings growth, with operating margin rate reaching 20.9%, a +150bps increase, recurring EBIT increasing by +18.6% and net income excluding the 2024 APG|SGA share sale increasing by +22.8%, combined with a record free cash flow generation of €342.9 million, a +47.9% increase year-on-year. We have, therefore, successfully reached our 2026 financial targets 1 year earlier.

Considering our strong 2025 results, record free cash flow and solid financial structure, we will propose to the AGM to increase the dividend to €0.65 per share, up from €0.55 last year, representing a +18.2% increase. Going forward, we intend to continue to gradually increase this dividend while maintaining a balanced cash allocation with capex and bolt-on M&A.

With a solid business momentum in early 2026 with no material impact observed to date from the recent Middle East conflict, we expect above +5% organic revenue growth in Q1 2026, including a positive impact from the 2026 Milano Cortina Winter Olympics and revenue growth turning positive in China. Going forward, building on this revenue momentum, we expect to continue to gradually increase our key financial metrics including margins and cash generation.

Finally, we sincerely thank all our teams across the world, for their remarkable dedication and hard work, and we also thank our clients and partners for their continued trust.”

A report with an unqualified audit opinion is being issued by the Statutory Auditors.

Following the adoptions of IFRS 11 from January 1st, 2014 and IFRS 16 from January 1st, 2019, the alternative performance measures presented below are adjusted mainly to include our prorata share in companies under joint control, regarding IFRS 11, and to exclude the impact of IFRS 16 on our core business lease agreements (lease agreements of locations for advertising structures excluding mainly real estate and vehicle rental contracts). Please refer to the paragraph “Alternative performance measures” on page 8 of this release for the definition of alternative performance measures and reconciliation with IFRS in compliance with the AMF’s instructions.

All the comments and numbers below refer to alternative performance measures, except when indicated as IFRS figures.

The values shown in the tables are generally expressed in millions of euros. The sum of the rounded amounts or variations calculations may differ, albeit to an insignificant extent, from the reported values.

Revenue

In 2025, Group revenue^(1)&(2) grew by +0.8%, +1.8% on an organic basis and +3.2% excluding the impact of the 2024 Paris Olympic and Paralympic Games and UEFA Euro, to reach €3,967.1 million. This performance reflects the strength of our business model in a challenging macroeconomic environment and after a particularly dynamic year in 2024. Digital continued to be a key growth driver.

In the fourth quarter of 2025, our performance remained robust as group revenue grew by +1.6% on an organic basis, above our expectations, including +3.1% for advertising revenue.

Among our top 10 advertising categories, Entertainment / Leisure / Film and Finance recorded double-digit growth. Retail and Telecom / Technology also delivered solid growth momentum while Fashion / Personal Care & Luxury Goods declined mid-single digit.

Digital revenue

In Digital Out of Home (DOOH), a fast-growing media segment, our revenue grew by +7.7% in 2025, +10.0% in organic growth, accounting for 41.7% of Group revenue, a 2.7ppts increase yoy, reaching 44.8% in Q4. We remained focused on the selective roll-out of digital screens in prime locations and the development of our data and programmatic capabilities. 

Programmatic revenues through the VIOOH SSP (supply-side platform), which include mostly incremental revenue from innovative, dynamic data-driven campaigns and new advertisers, grew organically by +19.2% in 2025 to reach €180.5 million i.e. 10.9% of our digital revenue. The DOOH programmatic ecosystem continued to gain strong traction, with the dynamism and the growing number of DSPs (demand-side platforms) connected to VIOOH (the most connected SSP of the OOH media industry with 57 DSPs connected) now active in 35 countries, including Displayce a DSP connected in 80 countries.

Revenue by activities

In 2025, on an organic basis, Street Furniture grew by +1.9%, including +0.5% in Q4 with continued solid momentum, Transport grew by +3.3%, including +4.7% in Q4, reflecting solid growth in both airports and public transport systems despite a mid-single digit decrease in China, while Billboard declined by -2.3%, including -1.9% in Q4.

•  Street Furniture 

Full-year revenue increased by +0.7% to €2,012.8 million (+1.9% on an organic basis) with a continued strong sales momentum throughout the year. Rest of the World grew double digit on an organic basis.

Q4 revenue decreased by -1.4% to €603.9 million (+0.5% on an organic basis) year-on-year, impacted by a strong comparable, including significant non-advertising revenue related to the contract of the Paris automatic public toilet network. Advertising revenue grew by +1.2% (+3.1% on an organic basis). Rest of the World grew double digit on an organic basis.

• Transport 

Full-year revenue increased by +2.2% to €1,421.1 million (+3.3% on an organic basis) year-on-year. North America and Rest of the World grew double digit on an organic basis.

In Q4, revenue increased by +1.9% to €417.3 million (+4.7% on an organic basis) year-on-year. North America and Rest of the World grew double digit on an organic basis.

Transport remained affected by the low level of activity in China, which declined mid-single digit year-on-year on an organic basis both in full-year 2025 and in Q4 2025.

• Billboard 

Full-year revenue decreased by -2.4% to €533.2 million (-2.3% on an organic basis) year-on-year, affected by a double digit decline in France on an organic basis due to a high comparable and further rationalisation.

Q4 revenue decreased by -4.1% to €151.6 million (-1.9% on an organic basis) year-on-year. On an organic basis, France decreased double digit, while UK grew double digit due to its high level of digitisation. 

Revenue by geographic areas

North America and Rest of the World were key growth drivers as they grew high single digit on an organic basis in 2025. Rest of Europe grew low single digit, UK and Asia-Pacific decreased low single digit, while France decreased mid-single digit impacted by a high comparison base. Excluding the 2024 Paris Olympic and Paralympic Games, France grew by +1.8% on an organic basis.

Analysis of FY 2025 key financial figures

Driven by a sustainable and efficient business model and ongoing cost discipline, 2025 was a year of strong growth across all key financial metrics, with a strong operating leverage, a record Free Cash Flow and a reduction in our net debt, while we continued to invest in the business and we resumed dividend payments. Our operating margin rate reached 20.9%, a +150bps increase yoy, recurring EBIT increased by +18.6%, while net income Group share excluding the 2024 APG|SGA capital gain was up by +22.8% and free cash flow up +47.9% yoy to €342.9 million.

Operating Margin ⁽³⁾

Our operating margin demonstrated a strong operating leverage, increasing by +8.7% year-on-year, significantly more than our revenue growth, to reach €831.1 million, including margin improvement across all segments.

For the full-year of 2025, our operating margin improved by €66.6 million to reach €831.1 million (vs €764.5 million in 2024), a +8.7% increase year-on-year, well above our revenue growth. The operating margin as a percentage of revenue reached 20.9%, +150bps above prior year (19.4%), with improved operating margin rates across all business segments.

Street Furniture: In 2025, operating margin increased by €26.8 million to €545.0 million. As a percentage of revenue, the operating margin was 27.1%, an improvement of +120bps above prior year, supported by revenue growth in Rest of Europe and Rest of the World regions. This performance was delivered despite a high revenue comparison base related to major sporting events in 2024, reflecting the benefits of contract extensions on better financial terms and tight cost control.

Transport: In 2025, operating margin increased by €36.6 million to €192.3 million. As a percentage of revenue, the operating margin was 13.5%, +230bps above prior year, driven by strong revenue growth in the Rest of the World region and by some contract reset in China.

Billboard: In 2025, operating margin increased by €3.2 million to €93.7 million. As a percentage of revenue, the operating margin was 17.6%, +100bps above prior year, primarily due to revenue growth from the most digitised countries, while the rationalisation plan implemented in France continued to have a positive impact.

EBIT ⁽⁴⁾

Our EBIT grew by +5.5%, +€22.3 million, to reach €431.0 million, mainly driven by the growth of our operating margin (+€66.6 million). Excluding the capital gain from the sale of part of our stake in APG|SGA in 2024 and other one-off items, our recurring EBIT⁽⁵⁾ grew by +18.6% reaching €376.7 million.

Our EBIT margin rate (before impairment) reached 10.9% overall, a +190bps year-on-year increase excluding the capital gain on APG|SGA shares in 2024, +70bps yoy including this impact. EBIT margin rates improved significantly in both Street Furniture, +180bps yoy to 14.5%, and Transport +300bps yoy to 8.9%, driven by the improvement of the operating margin, while Billboard decreased by -70bps yoy to 2.8% due to one-off reversal of provision in 2024 and amortization related to PPA on acquisitions in Central America.

The net impairment on tangible and intangible assets was a negative impact of -€1.9 million in 2025, compared with a positive impact of €8.4 million in 2024 (mainly due to higher reversals of provisions for onerous contracts in 2024). 

Net Financial Income / Charge, IFRS ⁽⁶⁾

In 2025, net financial charge amounted to -€126.7 million (including -€70.0 million financial interests on IFRS 16 lease liabilities and -€56.7 million other net financial charges) improving by €9.6 million vs 2024.
The financial interests relating to IFRS 16 lease liabilities improved by €5.3 million thanks to the reduction of the IFRS 16 lease liabilities from €2,337.3 million as of December 31st, 2024 to €1,996.1 million as of December 31st, 2025.
Other net financial charges of -€56.7 million, improved by €4.3 million primarily driven by a €22.6 million impairment loss recognised in 2024 on a loan in China, partially offset by lower interest income after the bond repayment, higher negative currency impact and one-off items recognised in 2024.

Equity Affiliates, IFRS

In 2025, the share of net profit from equity affiliates was €46.9 million compared to €45.8 million in 2024, an increase of €1.1 million driven by the improvement of financial performance from some of our affiliates offsetting the decrease of our stake in APG|SGA.

Net Income Group Share, IFRS

2025 Net Income Group share is slightly up, +1.4% versus 2024, reaching €262.6 million; but excluding the APG|SGA capital gain recorded in 2024, our Net Income Group share increased by +22.8% year-on-year; +13.0% before impairment, a slighter increase as impairment decreased in 2025, as 2024 was impacted by a one-off negative impact linked to a loan in China – as indicated in the comments on the net financial charge above.

Capital Expenditure

In 2025, net capex (acquisition of property, plant and equipment and intangible assets, net of disposals of assets) stood at €296.1 million (€28.1 million less than in 2024) and remained contained at 7.5% of revenue (vs 8.2% in 2024), while we continued to invest to support our organic growth, including in digital which represented 39.5% of the total net capex.

Free Cash Flow ⁽⁷⁾

Our free cash flow generation has been strong in 2025, reaching €342.9 million, an increase of €111.0 million compared to 2024. This growth results from improved operational performance, positive impact of working capital requirements and lower capex levels. 

Operating cash flows ⁽⁸⁾ increased by €50.0 million (+9.4%) year-on-year, reaching €580.5 million. This growth was mainly driven by the improvement in operating margin (+€66.6 million), net financial interest paid and received (+€6.9 million due to capitalized interests received on cash placements), partially offset by higher income tax paid (€17.7 million change) due to the improvement of our financial performance.

Change in working capital requirements had a positive impact of €33.0 million mainly driven by the decrease in inventory level linked to fewer contracts under deployment at year-end and inventory level optimisation.

Net Debt ⁽⁹⁾

Our financial structure is strong with a 22.3% decrease in net debt in 2025, bringing it down to €587.4 million, 0.7x our 2025 operating margin.

Our financial net debt decreased by €168.9 million, mainly thanks to the free cash flow generated over the period while financial investments represented in 2025 a limited outflow of €11.6 million and dividend payments represented €146.0 million.

This net debt includes a strong liquidity with €1.3 billion in cash and cash equivalents and €825 million in confirmed revolving credit line, undrawn, with a maturity in 2030, and a well-secured debt profile with no bond maturities until 2028 as well as an optimised management of our liquidity allowing relatively stable net financial expenses over the period.

Dividend

At the next Annual General Meeting of Shareholders on May 13th, 2026, the Supervisory Board will recommend the payment of a dividend of €0.65 per share for the 2025 financial year, up +18.2% year-on-year. 
Going forward, we intend to continue to gradually increase this dividend while maintaining a balanced cash allocation with capex and bolt-on M&A.

Right-of-use & lease liabilities, IFRS 16 

Right-of-use IFRS 16 as of December 31st, 2025 amounted to €1,685.1 million compared to €1,954.7 million as of December 31st, 2024, a decrease of €269.5 million related to the amortisation of right-of-use, renegotiations and terminations of contracts and a negative impact of foreign exchange rate partially offset by new contracts, contract renewals, updates of minima guaranteed and changes in scope.

IFRS 16 lease liabilities decreased by €341.2 million from €2,337.3 million as of December 31st, 2024, to €1,996.1 million as of December 31st, 2025. The decrease, mainly related to repayments of lease liabilities, to renegotiations and terminations of contracts and a negative impact from foreign exchange rates is partly offset by new contracts, contract renewals, updates of minima guaranteed and changes in scope.

ESG performance

We have once again confirmed the excellence of our ESG performance, recognised as best-in-class by extra-financial rating agencies including our inclusion on the CDP A List for the third consecutive year and the award of the Silver Medal by EcoVadis. 
Our business model is virtuous to meet climate challenges, as illustrated by its share of revenue, close to 50%, that is aligned with the EU Green Taxonomy regulation. Our climate trajectory aiming to achieve Net Zero Carbon by 2050 was approved by the SBTi in June 2024. Thanks to our continued environmental actions, the Group reduced its greenhouse gas emissions (Scopes 1, 2, 3 – market based) by 40.9% in 2025 compared to 2019. 

JCDecaux is a key player in the ecological transition of urban areas and drives innovation through the deployment of tools such as “360 Footprint,” designed to help our clients measure and manage the impact of their advertising campaigns.

Outlook

With a solid business momentum in early 2026 with no material impact observed to date from the recent Middle East conflict, we expect above +5% organic revenue growth in Q1 2026, including a positive impact from the 2026 Milano Cortina Winter Olympics and revenue growth turning positive in China. Going forward, building on this revenue momentum, we expect to continue to gradually increase our key financial metrics including margins and cash generation.

Forward looking statements

This news release may contain some forward-looking statements. These statements are not undertakings as to the future performance of the Company. Although the Company considers that such statements are based on reasonable expectations and assumptions on the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual performance to differ from those indicated or implied in such statements.

These risks and uncertainties include without limitation the risk factors that are described in the universal registration document registered in France with the French Autorité des Marchés Financiers.

Investors and holders of shares of the Company may obtain copy of such universal registration document by contacting the Autorité des Marchés Financiers on its website www.amf-france.org or directly on the Company website www.jcdecaux.com.

The Company does not have the obligation and undertakes no obligation to update or revise any of the forward-looking statements.

Appendices 

Quarterly revenue growth 

Alternative performance measures

Under IFRS 11, applicable from January 1st, 2014, companies under joint control are accounted for using the equity method.
Under IFRS 16, applicable from January 1st, 2019, a lease liability for contractual fixed rental payments is recognised on the balance sheet, against a right-of-use asset to be depreciated over the lease term. As regards P&L, the fixed rent expense is replaced by the depreciation of the right-of-use in EBIT, below the operating margin, and a lease interest expense on the lease liability in financial result, below EBIT. IFRS 16 has no impact on cash payments, but payment of debt (principal) is booked in funds from financing activities.

However, in order to reflect the business reality of the Group and the readability of our performance, our operating management reports used to monitor the activity, allocate resources and measure performance continue:

• To integrate on proportional basis operating data of the companies under joint control and;
• To exclude the IFRS 16 impact on our core business (lease agreements of locations for advertising structures excluding mainly real estate and vehicle rental contracts).

As regards the P&L, it concerns all aggregates down to the EBIT. As regards the cash flow statement, it concerns all aggregates down to the free cash flow.

Consequently, pursuant to IFRS 8, Segment Reporting presented in the financial statements complies with the Group’s internal information, and the Group’s external financial communication therefore relies on this operating financial information. Financial information and comments are therefore based on these alternative performance measures, consistent with historical data, which is reconciled with IFRS financial statements.

In 2025, the impacts of IFRS 11 and IFRS 16 on our alternative performance measures are:

• -€293.7 million for IFRS 11 on revenue (-€302.7 million for IFRS 11 in 2024) leaving IFRS revenue at €3,673.4 million (€3,632.6 million in 2024).
• -€74.6 million for IFRS 11 and €530.8 million for IFRS 16 on operating margin 
  (-€71.9 million for IFRS 11 and €603.8 million for IFRS 16 in 2024) leaving IFRS operating margin at €1,287.2 million (€1,296.3 million in 2024).
• -€54.0 million for IFRS 11 and €81.0 million for IFRS 16 on EBIT before impairment charge (-€55.3 million for IFRS 11 and €95.6 million for IFRS 16 in 2024) leaving IFRS EBIT before impairment charge at €460.0 million (€440.6 million in 2024).
• -€54.0 million for IFRS 11 and €81.3 million for IFRS 16 on EBIT (-€55.3 million for IFRS 11 and €95.0 million for IFRS 16 in 2024) leaving IFRS EBIT at €458.3 million (€448.4 million in 2024).
• €11.9 million for IFRS 11 on capital expenditure (€30.4 million for IFRS 11 in 2024) leaving IFRS capital expenditure at -€284.2 million (-€293.8 million in 2024).
• €2.7 million for IFRS 11 and €551.8 million for IFRS 16 on free cash flow (€3.8 million for IFRS 11 and €600.8 million for IFRS 16 in 2024) leaving IFRS free cash flow at €897.4 million (€836.5 million in 2024).
  The full reconciliation between alternative performance measures and IFRS figures is provided on page 10 of this release.

^{Definitions notes} 

^{(1) Revenue: It includes on proportional basis the revenue of the companies under joint control.
(2) Organic growth: The Group’s organic growth corresponds to the adjusted revenue growth excluding foreign exchange impact and perimeter effect. The reference fiscal year remains unchanged regarding the reported figures, and the organic growth is calculated by converting the revenue of the current fiscal year at the average exchange rates of the previous year and taking into account the perimeter variations prorata temporis, but including revenue variations from the gains of new contracts and the losses of contracts previously held in our portfolio. 
(3) Operating Margin: Revenue less Direct Operating Expenses (excluding Maintenance spare parts) less SG&A expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures excluding mainly real estate and vehicle rental contracts).
(4) EBIT: Earnings Before Interests and Taxes = Operating Margin less Depreciation, amortisation and provisions (net) less Impairment of goodwill less Maintenance spare parts less Other operating income and expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures excluding mainly real estate and vehicle rental contracts).
(5) Recurring EBIT: EBIT excluding net reversal of provisions, impairment charge and other operating income and expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS 16 impact on our core business (lease agreements of locations for advertising structures excluding mainly real estate and vehicle rental contracts).
(6) Net financial income / charge: Excluding the net impact of discounting and revaluation of debt on commitments to purchase minority interests (+€11.5 million and -€8.3 million in 2025 and 2024 respectively). 
(7) Free cash flow: Net cash flows from operating activities less capital investments (property, plant and equipment and intangible assets) net of disposals. It includes on proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures) and non-core business (mainly real estate and vehicle rental contracts).
(8) Operating cash flows: Net cash flows from operating activities excluding change in working capital requirement. It includes on a proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures) and non-core business (mainly real estate and vehicle rental).
(9) Net debt: Debt net of managed cash less bank overdrafts, excluding the non-cash IAS 32 impact (debt on commitments to purchase minority interests), including the non-cash IFRS 9 impact on both debt and hedging financial derivatives, and excluding IFRS 16 lease liabilities.}

Organic revenue growth

 RECONCILIATION BETWEEN APM FIGURES AND IFRS FIGURES