Full-Year 2025 results

Record financial results driven by all businesses in 2025
Deleveraging continues apace

Revenue of €9.4 billion, reflecting strong growth:
up 4.6% as reported (up 3.8% like for like),
with all businesses contributing to growth.

Recurring EBIT : €641 million, up by a solid 8%

Strong cash flow generation,
with CFFO1, up 14% to €573 million,
bringing the leverage ratio down to less than 2x

Profit – Group share: €203 million, up 21%

Proposed ordinary dividend of €0.67 per share

Arnaud Lagardère, Chairman and Chief Executive Officer, Lagardère SA commented: “2025 was a solid year for the Lagardère group. Buoyed by the strength of all our businesses, our international reach and the commitment of our teams, we generated revenue of €9.4 billion.

Recurring EBIT reached a new record of €641 million, up more than 8% on 2024.

Our two core divisions performed at a very high level, illustrating our operational excellence: Lagardère Publishing posted recurring EBIT of €312 million and Lagardère Travel Retail reached €334 million. Recurring EBIT for Lagardère Live also improved noticeably, thanks to rigorous cost discipline.

Profit – Group share was up 21% at €203 million, compared with €168 million in 2024, driven by higher recurring EBIT and lower interest expense.

Consolidated cash flow generation (CFFO^1,2) reached €573 million, up 14% on 2024.

After the sharp improvement seen in 2024, we are continuing to reduce our debt and have achieved a new milestone: net debt¹ stood at €1.6 billion at the end of 2025, with the net debt to recurring EBITDA ratio¹ coming out at 1.96x, compared with €1.85 billion and 2.4x at 31 December 2024.

In 2026, in a context marked by geopolitical and macroeconomic uncertainty, we will continue to pursue our demanding, value-creating capital allocation policy, underpinned by the robust performance and complementary nature of our businesses. We will maintain regular shareholder returns and make targeted investments while pursuing strict financial discipline.”

¹Alternative performance measure (see Glossary for definition).
²CFFO: cash flow from operations before interest and income taxes paid.
³Leverage ratio: Net debt/recurring EBITDA.
⁴Ordinary dividend for 2025, subject to shareholder approval at the Annual General Meeting to be held on 5 May 2026.

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