Dear Madam/Sir, dear Shareholders,
2025 saw remarkable progress in the Group’s financial results, with revenue up 4.6% to €9.4 billion and recurring EBIT rising 8% to €641 million. We also substantially reduced our debt. Buoyed by the strength all of our businesses, these record results undeniably demonstrate the relevance of our strategy and our operational excellence.
Lagardère Publishing delivered robust growth led by a large number of publishing hits in France and English-speaking countries, and by strong momentum in Partworks and Board Games. The division further cemented its global leadership by becoming the third-largest publisher in the United States, and consolidated its positions through the acquisitions of Ducasse Édition, the Le Routard brand and Dutch board game distributor 999 Games.
Meanwhile, Lagardère Travel Retail continued to build momentum, winning strategic tenders in its different businesses and opening numerous stores around the world, including taking over all Duty Free operations at Amsterdam Airport Schiphol (Netherlands). 2025 also saw the start-up of operations in five new countries (Albania, Cambodia, Cameroon, Rwanda and Turkey).
In parallel, Lagardère Live continued its recovery, reporting steadily rising audience figures at Europe 1, stronger editorial content for the Journal du Dimanche and the ELLE licensing business, as well as record attendances at the Arkéa Arena.
In December 2025, Louis Hachette Group, Lagardère’s parent company, defined a common CSR strategy for all its activities, building on the historical commitments of Lagardère and Prisma Media, and underpinned by the tagline “Cultures in motion”. This strategy embodies the Group’s businesses and also the way in which they are operated, and is now the framework within which Lagardère pursues its sustainability commitments. First, the strategy is about fostering a culture of talent, cultivating diversity, developing skills and encouraging innovation in our teams. It is also about fostering a culture of impact, by decarbonising our activities and safeguarding resources throughout our value chain. It also means fostering a culture of trust, by ensuring ethical behaviour in our business relationships, and fostering a culture of openness, by supporting plurality in content creation and promoting access to education and culture for all. This strategy delivered results in 2025, as evidenced by the improvement in Lagardère’s ESG ratings with Sustainalytics and EthiFinance.
These achievements are first and foremost the result of the collective endeavour of the talented men and women in France and across the globe who work every day to ensure our Group’s success. I am deeply grateful to them for their tireless commitment, which consistently propels us to new heights.
With our sights firmly set on the future, we are well equipped to strengthen our leadership and continue delivering strong, sustainable growth, with the unfailing support of our anchor shareholder and the Bolloré family.
I would also like to thank you, dear Shareholders, for your continued trust.
Arnaud Lagardère
Chairman and Chief Executive Officer of Lagardère SA
