Full-Year 2023 results

The Lagardère group enjoyed an exceptional year in 2023, with revenue topping the €8 billion mark and recurring EBIT at a record €520 million

The Group recorded strong revenue growth of 14.0%¹ and recurring EBIT up €82 million year on year

Lagardère Publishing 

Revenue growth of 1.9%¹ against a high comparison basis, despite a lacklustre market
Recurring EBIT at €301 million; operating margin² remains at a historic high of 10.7%

Lagardère Travel Retail

Excellent performance, with revenue up 23.4%¹, driven by business in EMEA and strong network expansion
Recurring EBIT at an exceptional €245 million
Key acquisitions: Marché International and Tastes on the Fly

Other Activities

Revenue down (-3.3%¹)
Entry into exclusive negotiations with LVMH following an offer for Paris Match
The proposed ordinary dividend is €0.65 per share³ given the Group’s active investment policy and in order to reduce its net debt

¹ Versus 2022 on a like-for-like basis.
² Recurring EBIT as a percentage of revenue (alternative performance measure, see Glossary for definition).
³ Subject to shareholder approval at the Annual General Meeting to be held on 25 April 2024.

Arnaud Lagardère, Chairman and Chief Executive Officer of Lagardère SA, commented: “In 2023, we achieved performance levels not seen for 15 years, thanks to the talent and commitment of the Lagardère group’s teams. Our two main locomotives are running at full speed and our growth validates the development strategy that we have patiently and meticulously built over these past few years. At Lagardère Publishing, ongoing vigorous trading helped maintain elevated revenue and profitability, following on from its performance in 2022 and despite a softer publishing market. These results were driven by the success of bestselling titles in France and the United Kingdom, including the latest Asterix album. Lagardère Travel Retail took full advantage of the growth in domestic, regional and international air traffic across its various locations, particularly in the EMEA region. All of the division’s key performance indicators improved, with revenue exceeding €5 billion and recurring EBIT up by €109 million year on year. Other Activities benefited from strong momentum at Lagardère Live Entertainment, while Lagardère News and Lagardère Radio continued to reinvent themselves in a changing market.”  

Key figures

In 2023, Group revenue totalled €8,081 million, up 14.0% year on year on a like-for-like basis.

Group recurring EBIT totalled €520 million in 2023 versus €438 million in 2022, a sharp €82 million improvement.

Recurring EBIT came to €301 million for Lagardère Publishing (versus €302 million in 2022), and €245 million for Lagardère Travel Retail (versus €136 million in 2022).

The Group reported profit before finance costs and tax of €434 million in 2023 (versus €320 million in 2022), with non-recurring/non-operating items representing a net expense of €85 million.

Adjusted profit – Group share⁴ came out at €252 million, versus €265 million in 2022. 

At 31 December 2023, the Group’s free cash flow excluding changes in working capital⁴ amounted to €275 million compared to €294 million in 2022. Changes in working capital amounted to a negative €14 million in 2023, versus a negative €73 million in 2022.

Net debt⁴ rose to €2,099 million at 31 December 2023 from €1,713 million at 31 December 2022, due primarily to acquisitions.

The leverage ratio (net debt/recurring EBITDA⁴) remained fairly stable year on year, at 2.97x.

On 27 February 2024, the Board of Directors met to approve the 2023 parent company and consolidated financial statements. The Group’s consolidated financial statements have been audited. The audit report will be signed off once the specific verifications have been completed. The Board of Directors has decided to propose to the Annual General Meeting of 25 April 2024 to approve an ordinary dividend of €0.65 per share for 2023 to take into account the active investment policy and in an effort to reduce the Group’s net debt.

⁴ Alternative performance measure, see Glossary for definition.

Learn more :

Created in 1992, Lagardère is an international group with operations in more than 40 countries worldwide. It employs some 31,300 people and generated revenue of €8,081 million in 2023.
The Group focuses on three divisions: Lagardère Publishing (Books, E-Books, Partworks, Stationery, Board Games and Mobile Games), Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion and Foodservice) and Lagardère News (Paris Match, Le Journal du Dimanche, JDD Magazine, and the Elle brand licence).
The Group’s operating assets also include Lagardère Live Entertainment and Lagardère Paris Racing. Its consolidated financial statements also include Lagardère Radio SCA, which is wholly owned, and its subsidiaries (Europe 1, Europe 2 and RFM) controlled by Arnaud Lagardère.
Lagardère shares are listed on Euronext Paris.
www.lagardere.com

Important notice:
Some of the statements contained in this document are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management’s beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown risks and uncertainties that could cause future results, performance or future events to differ materially from those expressed or implied in such statements.
Please refer to the most recent Universal Registration Document filed in French by Lagardère SA with the Autorité des marchés financiers for additional information in relation to such factors, risks and uncertainties. Lagardère SA has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently, Lagardère SA accepts no liability for any consequences arising from the use of any of the above statements.