Message from Arnaud Lagardère

Dear Madam/Sir, dear Shareholders,

2024 was another year of outstanding results for our Group, which has never been stronger. Revenue and recurring EBIT reached their highest levels in over fifteen years, achievements that went hand in hand with a significant improvement in cash generation and a substantial reduction in debt. These stellar results reaffirm the relevance of our strategy, which is empowering all of our businesses to drive growth.

Lagardère Publishing maintained high levels of both revenue and profitability, driven by a swathe of publishing successes, impressive momentum in the United States and the United Kingdom, and the success of the Board Games unit, all of which attests to the strength of its diversified international business model. The division also continued its expansion, with the acquisition of US-based Sterling Publishing.

Lagardère Travel Retail recorded strong growth and record profitability, driven by the recovery in global air traffic and the robust commercial performance of its three complementary businesses: Travel Essentials, Duty Free & Fashion and Dining. The division opened several new stores during the year, and won several major tenders, including for Amsterdam-Schiphol, Düsseldorf, Atlanta and Nice airports.

Elsewhere, Other Activities benefited from the positive momentum of Lagardère Live Entertainment, particularly the strong performance of its venues, and from Lagardère Radio, where Europe 1 saw significant audience growth throughout the year. At the same time, Lagardère News continued its transformation with the launch of the new weekly Le JDNews, and pressed ahead with the international development of the Elle licence.

We also stepped up our CSR initiatives in 2024. On the environmental front, our Group continued to reduce its carbon footprint and is now able to publish almost all its carbon emissions on an annual basis. This allows us to pursue a clear decarbonisation strategy for our products and services, in line with both regulatory requirements and the expectations of our customers and partners. Social and societal challenges also remained central to our commitment, particularly through initiatives to promote access to education and culture across all our businesses and foundations, together with ongoing efforts in the areas of diversity and inclusion.

These outstanding financial and non-financial achievements are first and foremost a testament to the daily commitment of our people, whose shared passion continues to drive us to new heights. I would like to express my deep gratitude and sincere appreciation to each of them.

The year ended with the partial demerger of the Vivendi group and the creation of Louis Hachette Group, a new independent entity listed on Euronext Growth Paris, which now holds 66.53% of Lagardère SA’s capital. This marks the beginning of an exciting new chapter for our Group, with the full support of our anchor shareholder and the Bolloré family. Now more than ever, Lagardère has everything it needs to sustain strong, long-term growth and consolidate its leadership.

I would also like to thank you, dear Shareholders, for your continued trust.