Full-Year 2024 results

Strong growth in Lagardère group results in 2024

Revenue of some €9 billion,
reflecting growth of 10.6% (8.5%¹ on a like-for-like basis),
driven by all activities

Record recurring EBIT² of €593 million,
up by €73 million (up 14%) versus 2023

High free cash flow generation of €423 million
powering a significant reduction in net debt to €1,855 million and a sharp improvement in the recurring EBITDA leverage ratio to 2.4x

Proposed ordinary dividend of €0.67 per share³

“2024 saw growth in all of Lagardère’s activities, with our Group posting revenue of some €9 billion.

Thanks to its positioning in a variety of businesses, and to its international exposure, Lagardère Publishing maintained a high level of business in terms of both revenue and profitability, driven mainly by remarkable momentum in the United States and the United Kingdom, and a fine performance from Board Games.

With like-for-like growth of 12.5% in 2024, Lagardère Travel Retail is benefiting fully from the growth in air traffic thanks to its three complementary businesses (Travel Essentials, Duty Free & Fashion, and Dining) operated through more than 5,000 points of sale around the world. Lagardère Travel Retail continued to consolidate its position as a leading industry player with major tender wins during the year, including for Amsterdam-Schiphol, Düsseldorf, Atlanta and Nice airports.

Other Activities enjoyed good momentum at Lagardère Live Entertainment and Lagardère Radio, with audience figures for Europe 1 continuing to grow.

Thanks to our businesses’ performance and disciplined cost management, recurring EBIT reached a record €593 million. For the first time, the Group’s two main divisions (Lagardère Publishing and Lagardère Travel Retail) contributed in almost equal measure to this result.

These operating performances have driven a marked improvement in cash generation and furthered our objective of significantly reducing our debt.”  

Arnaud Lagardère, Chairman and Chief Executive Officer, Lagardère SA

Key figures

In 2024, Group revenue totalled €8,942 million, up 8.5% year on year on a like-for-like basis.

Group recurring EBIT totalled €593 million in 2024 versus €520 million in 2023, a sharp €73 million improvement (up 14%).
Recurring EBIT came to €310 million for Lagardère Publishing (versus €301 million in 2023), and €305 million for Lagardère Travel Retail (versus €245 million in 2023).

After restructuring costs of €72 million and other non-recurring items, EBITA² came to €498 million in 2024, compared with €405 million in 2023, a sharp €93 million increase.
EBITA came to €295 million for Lagardère Publishing (versus €219 million in 2023), and €258 million for Lagardère Travel Retail (versus €241 million in 2023).

The Group reported profit before finance costs and tax of €578 million in 2024 (versus €434 million in 2023), including the capital gain on the disposal of Paris Match.

Adjusted profit – Group share came out at €253 million, versus €252 million in 2023.

Lagardère reported profit – Group share of €168 million, versus €144 million in 2023.
The restatements between profit and adjusted profit – Group share correspond mainly to the elimination of restructuring costs (positive €72 million impact), gains and losses on disposals (negative €114 million impact) and amortisation of intangible assets and other acquisition-related items (positive €130 million impact).

In 2024, the Group’s free cash flow² amounted to €423 million, up €162 million from €261 million in 2023.

Net debt² fell sharply to €1,855 million at 31 December 2024 from €2,043 million at 31 December 2023, a reduction of €188 million thanks to cash generation from operations.

The leverage ratio (net debt/recurring EBITDA²) came out at 2.4x, markedly improved from 31 December 2023 (2.97x).

On 13 February 2025, the Board of Directors met to approve the 2024 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 29 April 2025 the distribution of an ordinary dividend of €0.67 per share for 2024.

¹Versus 2023 on a like-for-like basis.
²Alternative performance measure (see Glossary for definition).
³Subject to shareholder approval at the Annual General Meeting to be held on 29 April 2025.

Learn more :

Created in 1992, Lagardère is an international group with operations in more than 45 countries worldwide. It employs more than 33,000 people and generated revenue of €8,942 million in 2024.
The Group focuses on two priority divisions: Lagardère Publishing (Books, Partworks, Board Games and Premium Stationery) and Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion, Foodservice).
The Group’s business scope also comprises Lagardère News (Le Journal du Dimanche, JDNews and the Elle brand licence), Lagardère Radio (Europe 1, Europe 2, RFM and advertising sales brokerage, controlled by Arnaud Lagardère but whose capital is wholly owned by the Group and consolidated in its financial statements), Lagardère Live Entertainment (venue management, production of concerts and shows, hosting and local promotional services) and Lagardère Paris Racing (sports club).
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 are rather statements of future expectations, estimates, plans, objectives, future events 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. No undue reliance should be placed on such forward-looking statements, which by nature involve known and unknown risks and uncertainties that could cause future results, performance or achievements 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 to reflect new information, circumstances, future events or otherwise, except as required by applicable laws and regulations. Consequently, Lagardère SA accepts no liability for any consequences arising from the use of any of the above statements. This press release does not constitute a solicitation to buy or sell Lagardère shares or, more generally, to trade in Lagardère shares.