Q1 2025 trading update

Commenting on the 2025 first quarter revenue, Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:

“In a challenging environment with rising uncertainties, our Q1 performance has been strong with +7% revenue growth, +5.5% on an organic basis, above our expectations, to reach €858 million of revenue, a record level for a first quarter. This performance has been driven by a continued very strong digital revenue growth at +17%, +15.8% on an organic basis, with programmatic digital OOH media revenue growing at +29.9%. All activities and geographies grew this quarter. Street Furniture grew by +5.3% driven by Rest of Europe, North America and Rest of the World. Transport grew by +6.1% driven by UK, Rest of Europe and North America, while Asia-Pacific grew low single digit as China remained flat. Billboard grew by +4.6% driven by its most digitised markets.

As far as Q2 is concerned in a context of high global economic and geopolitical uncertainties and taking into account our strong activity connected with the Paris Olympic Games as well as the UEFA Euro 2024 in Q2/Q3 of last year, we now expect a low single digit organic revenue growth rate with Street Furniture currently pacing mid-single digit while Transport and Billboard are currently pacing flat.”

^{Following the adoption of IFRS 11 from January 1st, 2014, revenue presented and commented in this press release is an alternative performance measure (APM) adjusted to include our prorata share in companies under joint control, except when indicated as IFRS figures. 
Please refer to the paragraph “Alternative performance measures” on page 4 of this release for the definition of Alternative performance measures and reconciliation with IFRS in compliance with the AMF’s instructions. 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

Revenue ⁽¹⁾ for the first quarter 2025 increased by +7% to €858.0 million compared to €801.6 million in the first quarter of 2024.
Excluding the positive impact from foreign exchange variations and the positive impact of changes in perimeter, i.e. in organic growth ⁽²⁾, revenue increased by +5.5%.
Advertising revenue, excluding revenue related to sale, rental and maintenance of street furniture and advertising displays, increased by +5.8% on an organic basis.

All activities recorded solid organic revenue growth: Street Furniture grew by +5.3%, Transport grew by +6.1% and Billboard grew by +4.6%. 

^{Please note that the geographic comments below refer to organic revenue growth.}

• Street Furniture
  First quarter revenue increased by +5.4% to €422.5 million, +5.3% on an organic basis, driven by the strong performance of Rest of the World, Rest of Europe and North America.
  First quarter advertising revenue, excluding revenue related to sale, rental and maintenance of street furniture was up +5.4% on an organic basis.
• Transport
  First quarter revenue increased by +9.3% to €315 million, +6.1% on an organic basis, driven by UK, Rest of Europe and North America, while Asia-Pacific grew low single digit as China remained flat. Transport remained affected by the low level of activity in China compared to pre-Covid.
• Billboard 
  First quarter revenue increased by +7.1% to €120.5 million, +4.6% on an organic basis, driven by its most digitised markets.

Outlook

As far as Q2 is concerned in a context of high global economic and geopolitical uncertainties and taking into account our strong activity connected with the Paris Olympic Games as well as the UEFA Euro 2024 in Q2/Q3 of last year, we now expect a low single digit organic revenue growth rate with Street Furniture currently pacing mid-single digit while Transport and Billboard are currently pacing flat.

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

Alternative performance measures
Under IFRS 11, applicable from January 1st, 2014, companies under joint control are accounted for using the equity method.
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.
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 Q1 2025, the impact of IFRS 11 on our revenue as defined in APM was -€60.3 million (-€61.2 million in Q1 2024), leaving IFRS revenue at €797.7 million (€740.4 million in Q1 2024).

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.} 

Organic revenue growth