First-Half 2026 results

Solid first-half results
(revenue up 2.7%¹ and recurring EBIT up 3.6%²).
Solid cash flow generation
driving further deleveraging.

Lagardère Publishing
Revenue up 1.3%¹
Solid recurring EBIT of €107 million.

Lagardère Travel Retail
Continued revenue growth (up 3.3%¹),
despite the difficult geopolitical and macroeconomic environment
Record recurring EBIT of €121 million, up 2.5%.

Lagardère Live
Revenue growth of 3.2%¹
and positive recurring EBIT thanks to cost savings.

Arnaud Lagardère, Chairman and Chief Executive Officer, Lagardère SA, commented:
“In the first half of 2026, the Lagardère group delivered solid results, testifying to the resilience of its businesses and the strength of its model despite the difficult geopolitical and macroeconomic context. All the Group’s businesses reported growth and contributed to a new record level of recurring EBIT at €233 million. Group cash flow generation (CFFO³) came to €70 million, up 21% on first-half 2025. Thanks to its teams’ financial discipline, the Group is continuing to deleverage, reducing its debt by more than €200 million over the last 12 months.

Lagardère Publishing demonstrated its resilience in challenging markets thanks especially to the strength of its diversified businesses. In the trade segment, the portfolio benefited from publishing successes and robust international backlist sales. The division is also enjoying very good momentum in Spain and Latin America, while Board Games and Partworks are continuing to support growth.

Lagardère Travel Retail maintained its growth momentum despite the impacts of the situation in the Middle East, buoyed by Europe and the Americas. Asia-Pacific reported healthy growth following the takeover of the Auckland concession, which offset the impact of the completion of network streamlining operations in mainland China. Lagardère Travel Retail continued to leverage the geographical diversification of its operations, the resilience of its business model and the agility of its teams to mitigate the direct and indirect impacts of the Middle East situation.

Lastly, Lagardère Live continued to recover, delivering positive recurring EBIT on the back of strict cost discipline.”

¹ Like for like.
² Recurring EBIT: Recurring operating profit. Alternative performance measure (see Glossary for definition).
³ CFFO: cash flow from operations before interest and income taxes paid. Alternative performance measure (see Glossary for definition).

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