Slides
Page 1
2025 HALF-YEAR RESULTS 31/07/2025 Digital bus shelter, Piazza della Bocca della Verita, Rome
Page 2
01 BUSINESS OVERVIEW 03 OUTLOOK & STRATEGY AGENDA // 2 02 FINANCIAL HIGHLIGHTS
Page 3
// 3 Digital bus shelter on Madison Avenue, New York BUSINESS OVERVIEW Jean-François Decaux Chairman of the Executive Board and Co-CEO
Page 4
HALF-YEAR 2025 HIGHLIGHTS // 4 +3.4% at €1,868.3m Reported revenue growth +3.3% Organic revenue growth +12.2% Organic digital revenue growth Digital now at 39.6% of total revenue +25.2% Programmatic revenue growth 10.1% of digital revenue Robust revenue growth +17.6% at €307.4m Operating margin 75.8% flow-through Revenue increase conversion to operating margin +11.6% at €125.6m EBIT before impairment charge +10.7% at €153.7m Operating cash flows Strong operating leverage Note : All alternative performance measures (including revenue, organic growth, operating margin, EBIT, operating cash flows) are defined in Appendices.
Page 5
ROBUST REVENUE GROWTH // 5 +3.3% Q2 H1 In line with guidance, a record Q2 c.+3% excluding the impact of the 2024 UEFA Euro and Paris Olympic Games Solid start of the year incl. +5.5% growth in Q1 OOH and JCDecaux gaining market share in most markets +1.6% Organic growth yoy
Page 6
+4.3% +3.2% +0.0% +3.3% +3.7% +3.9% +0.8% +3.4% ROBUST REVENUE GROWTH // 6 STREET FURNITURE TRANSPORT BILLBOARD GROUP Reported growth (%) Organic growth (%) STREET FURNITURE TRANSPORT BILLBOARD GROUP H1 2025 revenue
Page 7
+3.3% GEOGRAPHICAL REVENUE GROWTH // 7 H1 2025 Organic growth (%) +11.8% +2.7% -2.9% +1.3% +3.8% +6.8% REST OF EUROPE ASIA PACIFIC FRANCE REST OF THE WORLD NORTH AMERICA UNITED KINGDOM GROUP
Page 8
UNIQUE GLOBAL PREMIUM OOH MEDIA FOOTPRINT // 8 REST OF THE WORLD REST OF EUROPE FRANCE UNITED KINGDOM ASIA PACIFIC NORTH AMERICA EUROPE 47.7% TRANSPORT BILLBOARD STREET FURNITURE 30.1% 17.6% 10.3% 21.2% 13.3% 7.6% 51.0% 35.2% 13.8% H1 2025 revenue breakdown Reduced exposure to China c.10% in H1 2025 vs c.18% in H1 2019
Page 9
DYNAMIC AND HIGHLY DIVERSIFIED CLIENT PORTFOLIO THE TOP 10 CLIENTS ACCOUNT FOR LESS THAN 13% OF GROUP REVENUE // 9 H1 2025 Revenue by customer category, change vs H1 2024 Digital, Rome Metro 18% 15% 13% 10% 7% 6% 5% 5% 4% 4% 13% -2% Fashion / Personal Care & Luxury Goods +7% Retail +8% Entertainment/ Leisure/Film+14% Finance -3% Travel +4% Food/ Beverage +13% Services +6% Telecom/ Technology -3% Internet +8% Automobile -1% Other
Page 10
+16.6% CAGR STRONG DIGITAL REVENUE CONTRIBUTION // 10 TRANSPORT BILLBOARD STREET FURNITURE Group digital revenue as a % of total Group revenue +30.9% CAGR 2016/2019 Breakdown of digital revenue by segment (H1 2025) +12.2% organic digital revenue growth in H1 2025 N.B.: Years prior to 2017 have not been restated from the IFRS 15 impact, applicable on January 1st, 2018. 48.1% 39.5% 12.3% 11.5% 15.6% 18.6% 23.9%23.9%22.8% 30.0% 32.7% 36.8% 39.6% H1 2016 H1 2017 H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 39.6% of total revenue in H1 2025
Page 11
19.0% 41.2% 44.5% H1 2016 H1 2024 H1 2025 6.5% 33.0% 35.4% H1 2016 H1 2024 H1 2025 6.4% 34.8% 37.5% H1 2016 H1 2024 H1 2025 GROWING DIGITAL ACROSS ALL BUSINESS SEGMENTS // 11 Street Furniture N.B.: Years prior to 2017 have not been restated from the IFRS 15 impact, applicable on January 1st, 2018. Transport Billboard Digital revenue as a % of total revenue +9.9% CAGR 2016 / 2025 +20.8% CAGR 2016/ 2025 London Melbourne +21.7% CAGR 2016 / 2025 Bangalore Airport
Page 12
// 12 INCREASING DIGITAL PENETRATION Digital, São Paulo Metro Digital penetration (% of country revenue) Top 5 countries for digital revenue (1) (1) 67% of advertising revenue 70% 73% 57% 41% 27% 76% 73% 59% 47% 32% H1 2025H1 2024 59% of digital revenue generated by 5 countries
Page 13
STRONG PROGRAMMATIC REVENUE GROWTH 74.7m€ H1 2025 programmatic rev. +25.2% vs H1 2024 10.1% of total digital revenue // 13 Enhanced capabilities 52 DSPs & 100,000 screens incl. 25,500 screens from JCDecaux in 34 countries across 5 continents Programmatic campaign using morning habits, Hamburg https://6598480.fs1.hubspotusercontent na1.net/hubfs/6598480/DE_Nespresso%20(2).pdf Page 2
Page 14
PROGRAMMATIC IS EXPECTED TO CONTINUE TO GROW STRONGLY SHARE OF PROGRAMMATIC IN DIGITAL REVENUE IN H1 2025, TOP 5 COUNTRIES // 14 Programmatic campaign using temperature levels, Cannes 35.9% 29.2% 23.1% 10.1% 8.2% 6.6% Germany Netherlands Belgium Group Australia UKGroup Average
Page 15
Transport Europe UK Northern Rail Belgium Brussels Airport Asia India Delhi (Airport Express Line) Billboard Portugal Matosinhos Street Furniture Europe France Rennes CIPs, Tours, Cergy-Pontoise urban area Denmark Odense Italy Firenze / Pisa / Prato (bus shelters) Portugal Viseu Asia Japan Fukuoka Rest of the World Guatemala Guatemala City (street signposts) El Salvador San Salvador CONTRACT WINS & RENEWALS // 15
Page 16
CDP ECOVADIS MSCI SUSTAINALYTICS JCDecaux has been disclosing its performance to the CDP (Climate) since 2011. Included in the A-List for the second year in a row. Nearly 25,000 companies assessed. The Group reported to EcoVadis for the fifth consecutive year. In 2024 the Group was ranked Gold with an overall score of 76/100, placing it in the top 5% out of the 150,000+, of assessed companies. JCDecaux has been listed by MSCI since 2013, and obtained an AAA rating in 2024, ranked among the best companies in the media sector. The Group ranks 54th out of 260 companies in the Media sector that are assessed and obtained a low risk rating in 2024. // 16 BEST-IN-CLASS ESG PERFORMANCE (4) Media and Advertising Media average(4): 16.3 13.1 (1) Web & Marketing Services A A- B C C- D D- B- Media average(1): C A List (3) Media & Entertainment AAA AA A BBB BB B CCC Media average(3): BBB AAA (2) Advertising and Market Research 0-57 Platinum medal Media average(2): 56 76/100 81-100 Gold medal 73-80 Silver medal 66-72 Bronze medal 58-65 40+ Negligible risk 0-10 Low risk 10-20 Medium risk 20-30 High risk 30-40
Page 17
Digital, Shenzhen Bao'an International Airport // 17 FINANCIAL HIGHLIGHTS David Bourg Group Chief Financial, IT & Operations Officer
Page 18
% M€ Revenue 1,868.3 1,807.6 +3.4% +60.7 Operating Margin 307.4 261.4 +17.6% +46.0 EBIT before impairment charge 125.6 112.6 +11.6% +13.1 Net income Groupe share before impairment charge, IFRS 76.4 89.9 -15.0% -13.5 Net income Groupe share, IFRS 75.9 94.4 -19.6% -18.5 Operating cash flows 153.7 138.9 +10.7% +14.9 Free cash flow (64.9) (20.1) - -44.8 Net debt as of end of period, IFRS 912.9 956.8 -4.6% -43.9 In million Euros, except %. H1 2025 H1 2024 Change SUMMARY OF FINANCIAL RESULTS // 18 Note: All alternative performance measures (revenue, operating margin, EBIT, operating cash flows, free cash flow and net deb t) are defined in Appendices. The values shown in the tables are generally expressed in million of euros. The sum of the rounded or variations calculation may differ, albeit to an insignificant extent from the reported value. Please refer to the appendices.
Page 19
60.7 -10.0 -4.7 261.4 307.4 H1 2024 Revenue Rent & Fees Other operating costs H1 2025 +3.4% +1.3% +0.2% +17.6% STRONG OPERATING LEVERAGE // 19 YOY Variation In percentage +X.X% (**) (**) Incl. cost of goods sold In million € 22.7% 9.6% 10.9% 16.5% STREET FURNITURE TRANSPORT BILLBOARD GROUP +100bp +80bp+380bp +200bp Increase in OM (*) to sale ratio across all segments (%) Vs H1 2024 c.76% revenue increase conversion to OM (*) (*) Operating Margin
Page 20
In million Euros M€ % Operating Margin 307.4 261.4 +46.0 +17.6% Margin (% Revenue) 16.5% 14.5% +200bp Net amortisation tangible & intangible (196.3) (197.9) +1.6 Maintenance spare parts (22.5) (22.2) -0.3 EBIT excluding non-recurring items 88.7 41.3 +47.4 +114.7% Other items 36.9 71.2 -34.3 EBIT before Impairment 125.6 112.6 +13.1 +11.6% Margin (% Revenue) 6.7% 6.2% +50bp Net impairment charge 0.7 6.4 -5.7 EBIT 126.3 118.9 +7.4 +6.2% Margin (% Revenue) 6.8% 6.6% +20bp H1 2025 H1 2024 Change STRONG EBIT GROWTH // 20 1. Variation, primarily due to one-off capital gain on the partial sale of APG | SGA shares (13.56%) in May 2024 ( -€45.2 million) and, in 2025, higher sales of assets (+€2.9 million) and reversals of dismantling provisions (+€1.9 million) combined with lower acquisitions & restructuring cost s (+€4.7 million) 2. Variation, mainly due to reversals of provision for onerous contract for +€3.3 million on Tianjin Metro in 2024 (contract ren egotiation) and +€1.3 million on Sydney airport in 2024 (contract renewed with better terms from July 2024) (*) : Net amortisation of tangible, intangible assets, PPA & non-core business right-of-use (**) : includes Provisions (net) and Other operating income and expenses (*) (**)
Page 21
M€ % EBIT 126.3 118.9 +7.4 +6.2% Restatement IFRS 11, EBIT from companies under joint control (23.8) (15.3) -8.6 Restatement IFRS 16, Core business lease contracts of controlled entities 45.3 48.9 -3.5 EBIT, IFRS 147.8 152.6 -4.7 -3.1% Financial income / charge * (64.4) (63.8) -0.5 o Financial interests relating to IFRS 16 liabilities of controlled entities (35.3) (38.1) +2.7 o Other net financial charges (29.1) (25.8) -3.3 Tax (13.7) 5.0 -18.7 Equity affiliates 19.0 13.8 +5.1 Minority interests * (12.9) (13.1) +0.2 Net income Group share, IFRS 75.9 94.4 -18.5 -19.6% Net impact of impairment charge 0.5 (4.6) +5.1 Net income Group share before impairment charge, IFRS 76.4 89.9 -13.5 -15.0% Net income Group share excluding non-recurring items ** 50.0 26.9 +23.1 +86.1% In million Euros H1 2025 H1 2024 Change 1. Decrease in the restatement, e.g., increase in the contribution of joint controlled entities, mainly due to the consolidation @45% under proportional method of Beijing metro and full consolidation of the Shanghai metro contract (at 60% in 2024) not operated anymore in a Joint Venture (negative contribution in 2024) combined with a performance improvement from joint-controlled entities 2. Increase in tax due to the performance improvement and lower recognition of deferred tax asset on tax losses carried forward 3. Increase due to performance improvement from joint-controlled entities slightly offset by a lower contribution from APG I SGA following the partial sale of its shares (13.56%) in May 2024 4. Decrease due to reversals of provisions for onerous contracts recognized in H1 2024 for Sydney Airport in Australia and Tianjin in China, not repeated in 2025 due to contracts renewed and adjusted with better terms and conditions GROWING NET INCOME EXCLUDING ONE-OFF ITEMS // 21 (*) Excluding the impact of net discounting and revaluation charges on liabilities related to the commitment to repurchase mi nority interests (-€4.0million in H1 2025 & -€3.5 million in H1 2024) (**) Before impairment charge. Non-recurring items corresponding to the items explained for the line “other items” in the previous slide, regarding EBIT, after tax.
Page 22
In million Euros % M€ Operating margin 307.4 261.4 +17.6% +46.0 Maintenance spare parts (19.1) (18.7) -0.4 Non-core business leases, IFRS 16 (33.6) (31.2) -2.4 Income tax paid (47.3) (35.7) -11.7 Interests paid and received (47.4) (36.5) -10.9 Other items (6.3) (0.4) -5.9 Operating cash flows 153.7 138.9 +10.7% +14.9 Net capital expenditure (118.8) (140.7) +21.9 Free cash flow before change in WCR (*) 34.9 (1.9) - +36.8 Change in working capital requirement (99.8) (18.2) -81.6 Free cash flow (64.9) (20.1) - -44.8 H1 2025 H1 2024 Change GROWING OPERATING CASH FLOWS // 22 1. Increase due to performance improvement 2. Increase due to the reduction of cash invested in H1 2025 vs H1 2024 following the maturity of the €600 million bond in October 2024 (in H1 2024 there was only interests received on the cash while coupons on the bond was paid in H2 2024) 3. Unfavorable variation primarily due to: (i) reduced dividends received from APG|SGA following the partial sale of a stake in 2024, and (ii) one-time bank fees related to RCF refinancing 4. Impacts from a decreased payable level driven by a reduction in capex and inventory, combined with lower factoring as well as occasional swings from client payments between the very end of Q2 and the very beginning of Q3 Note (*) : Working capital requirement
Page 23
132.2 64.9 756.3 12.3 (9.9) (43.0) 912.9 Net debt 12/2024 Net Debt 06/2025 STRONG FINANCIAL STRUCTURE Debt maturity profile, in million Euros: Net debt | Credit ratings - Investment grade: ▪ Moody’s : Baa3, Stable Outlook ▪ S&P : BBB-, Stable Outlook No major debt maturity before 2028 | Gross debt €1,918.6m | Average debt maturity : 3.6 years | 92% of debt at fixed rate // 23 | Ongoing decrease in Net Debt Year-on-Year from €956.8m in June 2024 to €912.9m in June 2025. | Increase vs December 31, 2024, mainly due to dividend payments in H1 2025 Strong liquidity | €1,005.7m in cash | €825m committed revolving credit facility, refinanced in April 2025, fully unused, maturing April 2030, possibly April 2032. Div. FCF Financ. Invest. Rest. IFRS11 Others
Page 24
// 24 OUTLOOK & STRATEGY Jean-Charles Decaux Co-CEO Digital billboard, London
Page 25
More time spent out-of-home High growth of rail and air passengers GROWING AUDIENCES & DIGITISATION // 25 POWER OF CITIES Concentration of GDP in cities Urbanisation Growing access to public transportation Higher attention Data-driven capabilities Branding & targetting DIGITISATION Growing audiences Brand-safe environment Increasing scarcity of high-reach media RISING MOBILITIES PREMIUM MEDIA
Page 26
c.300bn$ Market 85% of online display advertising Traded in programmatic STRONG UPSIDE POTENTIAL FOR PROGRAMMATIC DOOH // 26 Online Display Progr. 294bn$ DOOH $18bn Source: Zenith Optimedia June 2024, advertising market for 2024 Trad. OOH 25bn$ pDOOH <1.5bn$ DOOH 17bn$ >5x total OOH market JCDecaux majority shareholder of two leading pDOOH platforms Connected to 9 SSPs Connected to 52 DSPs DSP Demand Side Platform Buying platform SSP Supply Side Platform Trading – planning – dynamic content
Page 27
5.6% 11.6% 2014 2024 5.5% 9.2% 2014 2024 9.7% 15.3% 2014 2024 OOH GAINING MARKET SHARE // 27 AustraliaBrazilGermany São Paulo Metro SydneyBerlin Source : Germany Nielsen Media Research excl. Search - Dec 2024; Brazil Inter-Meios (2001-2014), Cenp-Meios (for 2024 numbers from January 2024 to September 2024); Australia : Standard Media Index (SMI) which reports on agency media spend
Page 28
7.2 9.1 9.5 12 19.5 22.3 2015 2019 2024 2030 2042 2050 STRONG AIR TRAVEL GROWTH // 28 2025 growth forecast Air traffic forecast (passengers, in billions) Source : OACI, January 2025, IATA June 2025 +5.8% Dubai Airport Airports in the world, 12 in top 25 Airports available in pDOOH Countries 157 49 39 AIR TRAFFIC FORECAST JCDECAUX BEST POSITIONED
Page 29
Transport Europe Belgium Brussels metro & buses Denmark Danish Rail Norway National Rail (Bane NOR) Finland Helsinki trams & buses Asia-Pacific China Chongqing Metro Australia Melbourne Yarra Trams (tram bodies) Rest of the World Saudi Arabia Domestic and Regional Airports Brazil São Paulo Metro L6 North America USA Denver Airport Washington Airport Street Furniture Europe - France Limoges, Montpellier, retail Carrefour/Carmila Germany Wiesbaden Spain Barcelona SF & Barcelona kiosks, retail Carrefour/Carmila, Palma de Mallorca bus shelters Portugal Almada North America USA Washington Canada Vancouver Asia-Pacific Australia Melbourne Yarra Trams (tram shelters) MAIN TENDERS // 29
Page 30
OUR MAIN PRIORITIES TO IMPACT OUR ECOSYSTEM AND LEAD THE CHANGE // 30 ECO-CONCEPTION & REFURBISHMENT Cities & transport companies Advertisers, media agencies BIODIVERSITY 360 FOOTPRINT Paris Grenoble
Page 31
64 -21% 225 2024 Scope 1+2** -65% Scope 3*** -21% 64 Scope 3 *** CLIMATE TRAJECTORY // 31 CLIMATE TRAJECTORY APPROVED BY THE SBTI SCOPE 3 TARGET NEEDS AN EVOLUTION OF PUBLIC PROCUREMENT
Page 32
329 1,505 1,185 3,931 843 1,046 2,207 1,831 1,734 420 409 371 281 222 220 188 188 109 JCDecaux CCO Ströer Lamar Outfront Media Focus Media oOh!media Al Arabia APG|SGA Metrobus Global Media Eletromidia Asiaray Ocean Clear Media // 32 Sources: Company information. Currency conversions are based on an annual average exchange rate €/$ of 0.9239; €/AUD of 0.6098 (1) Does not include revenue from APG|SGA, Metrobus and Clear Media, companies integrated through the equity method in JCDecaux’s financial statements. (2) Ströer’s revenues are split into Ströer OoH Media and Ströer Digital & Dialog Media, DaaS & e-commerce and HQ. (3) Based on Bloomberg estimates for 2024 revenues as of March 4th 2025. (4) 2020 revenue. Equity method 16.44% (2) (3)(1) 2,231 Equity method 33% THE NUMBER 1 OOH MEDIA COMPANY North America revenues Non OOH Revenues 2024 revenue in Outdoor Advertising ($m) Media -Transports Bauer Media acquired recently CCO Europe North, (3) (3) (3) (4) (4) (3) (4) (3) (4) 2,348 (3)
Page 33
HALF-YEAR 2025 KEY TAKEAWAYS // 33 | Robust revenue growth driven by digital, despite macro uncertainties & comparison base impacts in Q2 | Programmatic gaining share in digital revenue | Strong operating leverage, +200bp in operating margin rate | Ongoing control over opex and selective capital allocation
Page 34
Q3 2025 GUIDANCE // 34 Low single digit negative organic revenue growth expected, taking into account a c.410bp negative comparison impact due to the 2024 Paris Olympic Games and UEFA Euro and no improvement in trading in China. Compared to 2023, organic growth is expected to be high single digit.
Page 35
// 35 Q&A SESSION Waterloo Station, London
Page 36
// 36 01 APPENDICES Digital, The Hague
Page 37
| The Group uses alternative performance measures (APM) which serve as key indicators of the Group’s operating and financial performance and reflect the business reality of the Group and the readability of our performance. These indicators are those used by the Management to monitor the activity, allocate resources and measure performance. | Our operating APM are: ▪ As regards the Profit & Loss, all aggregates down to the EBIT; ▪ As regards the Cash flow statement, all aggregates down to the free cash flow. | These operating APM are calculated based on accounting items taken from the consolidated financial statements prepared under IFRS but adjusted from the application of: ▪ IFRS 11, applicable from January 1st, 2014, under which companies under joint control previously consolidated using the proportionate method are accounted for using the equity method; ▪ IFRS 16, applicable from January 1st, 2019, under which a lease liability for contractual fixed rental payments is recognized on the balance sheet, against a right-of-use asset to be depreciated linearly over the lease term. As regards P&L, the fixed rent expense is replaced by the depreciation of the right-of-use in EBIT, below the operating margin, and a lease interest expense on the lease liability in financial result, below EBIT. IFRS 16 has no impact on cash payments, but payment of debt (principal) is booked in funds from financing activities. | As these standards do not make it possible to measure the Group’s operating performance and to inform Management about their decision making in line with historical data, operating aggregates disclosed in this document are adjusted: ▪ To integrate on proportional basis operating data of the companies under joint control; ▪ To exclude the IFRS 16 impact on our core business (lease agreements of locations for advertising structures excluding real estate and vehicle rental contracts). Regarding IFRS 16, lease liabilities are excluded from net debt and the reimbursement of debt (principal) is reintegrated in the free cash flow (including non-core business). | These Alternative performance measures are used by Management and, 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. | In compliance with the AMF’s instructions, Alternative performance measures are reconciled with IFRS data in the Appendices section. ALTERNATIVE PERFORMANCE MEASURES (1/2) // 37
Page 38
ALTERNATIVE PERFORMANCE MEASURES (2/2) // 38 | Revenue: It includes on proportional basis the revenue of the companies under joint control. | Organic growth: The Group’s organic growth corresponds to the 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. | Operating margin: Revenue less Direct Operating Expenses (excluding Maintenance spare parts) less SG&A expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS 16 impact on our core business (lease agreements of locations for advertising structures excluding real estate and vehicle rental contracts). | EBIT (Earnings Before Interests and Taxes): Operating Margin less Depreciation, amortization and provisions (net) less Impairment of goodwill less Maintenance spare parts less Other operating income and expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS 16 impact on our core business (lease agreements of locations for advertising structures excluding real estate and vehicle rental contracts). | Operating cash flows: Net cash flow from operating activities excluding change in working capital requirement. It includes on proportional basis the data of the companies under joint control and excludes the IFRS 16 impact on our core business (lease agreements of locations for advertising structures) and non-core business (real estate and vehicle rental contracts). | Free cash flow: Net cash flow from operating activities less capital investments (property, plant and equipment and intangible assets) net of disposals. It includes on proportional basis the data of the companies under joint control and excludes the IFRS 16 impact on our core business (lease agreements of locations for advertising structures) and non-core business (real estate and vehicle rental contracts). | Net debt: Debt net of managed cash less bank overdrafts, excluding the non-cash IAS 32 impact (debt on commitments to purchase non- controlling interests), including the non-cash IFRS 9 impact on both debt and hedging financial derivatives, excluding IFRS 16 lease liabilities.
Page 39
RECONCILIATION BETWEEN APM FIGURES AND IFRS FIGURES - INCOME STATEMENT // 39 (1) IFRS 16 impact on core business rents from controlled entities. H1 2025 H1 2024 APM figures Impact of companies under joint control Impact of IFRS 16 from controlled entities (1) IFRS figures APM figures Impact of companies under joint control Impact of IFRS 16 from controlled entities (1) IFRS figures Revenue 1,868.3 (135.6) 0.0 1,732.7 1,807.6 (141.0) 0.0 1,666.7 Net operating costs (1,560.9) 103.3 281.3 (1,176.2) (1,546.2) 119.2 299.8 (1,127.2) Operating margin 307.4 (32.3) 281.3 556.5 261.4 (21.8) 299.8 539.4 Maintenance spare parts (22.5) 1.0 0.0 (21.5) (22.2) 0.7 0.0 (21.5) Amortisation and provisions (net) (167.5) 9.4 (236.3) (394.4) (175.6) 8.8 (250.9) (417.7) Other operating income / expenses 8.2 (1.9) 0.2 6.5 49.0 (2.9) 0.2 46.3 EBIT before impairment charge 125.6 (23.8) 45.2 147.0 112.6 (15.3) 49.1 146.4 Net impairment charge 0.7 0.0 0.1 0.8 6.4 0.0 (0.3) 6.1 EBIT after impairment charge 126.3 (23.8) 45.3 147.8 118.9 (15.3) 48.9 152.6 In million Euros
Page 40
RECONCILIATION BETWEEN APM FIGURES AND IFRS FIGURES – CASH FLOW STATEMENT // 40 (1) IFRS 16 impact on core and non-core business rents from controlled entities. H1 2025 H1 2024 In million Euros APM figures Impact of companies under joint control Impact of IFRS 16 from controlled entities (1) IFRS figures APM figures Impact of companies under joint control Impact of IFRS 16 from controlled entities (1) IFRS figures Operating cash flows 153.7 (6.1) 269.5 417.0 138.9 3.1 280.0 422.0 Change in working capital requirement (99.8) 9.9 31.7 (58.2) (18.2) (22.8) 26.9 (14.1) Net cash flow from operating activities 54.0 3.8 301.2 358.8 120.7 (19.7) 307.0 407.9 Capital expenditure (118.8) 6.2 0.0 (112.6) (140.7) 16.0 0.0 (124.8) Free cash flow (64.9) 9.9 301.2 246.2 (20.1) (3.8) 307.0 283.1
Page 41
22.7% 9.6% 10.9% 16.5% 10.9% 5.1% -4.3% 6.7% 6.7% MARGIN RATIOS BY BUSINESS SEGMENT // 41 STREET FURNITURE TRANSPORT BILLBOARD GROUP STREET FURNITURE TRANSPORT BILLBOARD +100bp +80bp+380bp +200bp Vs H1 2024 +260bp -230bp+560bp (1) Before impairment charge Operating margin (% of Revenue) EBIT (1) (% of Revenue) GROUP +300bp GROUP Incl. capital gain on APG I SGA’s shares +50bp Before 2024 Capital gain on sale of APG’s shares
Page 42
FORWARD LOOKING STATEMENTS // 42 This presentation 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 presentation, 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 French 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.