JCDecaux SE (Euronext Paris: DEC), the world’s leading outdoor advertising company, has released its financial results for the third quarter of 2024, reporting robust growth across all business segments.
Q3 2024 Trading Update
JCDecaux posted an adjusted revenue of €948.2 million, marking a +10.9% increase compared to Q3 2023. On an organic basis, the company’s revenue rose by +11.1%, driven by the sustained momentum in Digital Out of Home (DOOH) advertising and key international contract wins.
Business Highlights
Key Contract Wins
Asia-Pacific
- Macau International Airport Contract Renewal
JCDecaux Macau, a joint venture between JCDecaux (80% equity) and HN Group (20% equity), secured a 10-year exclusive advertising contract with Macau International Airport. This win builds on the company’s recent award of a 15-year street furniture contract in Macau, solidifying its dominance in the region.
Europe
- London Bus Shelter Advertising Contract
JCDecaux retained the prestigious Transport for London (TfL) bus shelter advertising contract, covering over 4,700 advertising shelters across the city. This 8-year contract, with a 2-year extension option, includes both digital and non-digital advertising assets, reinforcing JCDecaux’s foothold in the UK market. - Stockholm Bus Shelter and Subway Contracts
JCDecaux Sweden AB won major contracts for 1,500+ bus shelters and advertising rights in 14 central subway and commuter train stations. The contracts, commencing January 2026, will incorporate state-of-the-art digital displays, enhancing the city’s urban advertising landscape.
Sustainability Milestone
In July, JCDecaux’s carbon reduction strategy was validated by the Science Based Targets initiative (SBTi), affirming its leadership in sustainable practices. This recognition aligns JCDecaux with global efforts to reduce greenhouse gas emissions, furthering its commitment to eco-responsibility.
Financial Performance by Segment
Street Furniture:
- Adjusted revenue increased by +8.4% to €468.5 million.
- Organic growth of +8.8%, fueled by strong demand in France, the UK, and Asia-Pacific.
Transport:
- Adjusted revenue rose by +14.8% to €346.9 million.
- Organic growth reached +15.5%, with double-digit gains across Europe and Asia-Pacific.
Billboard:
- Adjusted revenue grew by +9.8% to €132.7 million.
- Organic growth stood at +7.9%, driven by robust performance in Europe and North America.
| Segment | Q3 2024 (€m) | Q3 2023 (€m) | Reported Growth | Organic Growth |
|---|---|---|---|---|
| Street Furniture | 468.5 | 432.0 | +8.4% | +8.8% |
| Transport | 346.9 | 302.1 | +14.8% | +15.5% |
| Billboard | 132.7 | 120.8 | +9.8% | +7.9% |
| Total | 948.2 | 855.0 | +10.9% | +11.1% |
Digital Out of Home (DOOH) Performance
DOOH continued to lead the company’s growth trajectory, with revenue up +17.8% (+18.5% organic). The segment accounted for 38.5% of total revenue, reflecting ongoing investments in programmatic advertising and large-format digital screens.
Regional Insights
- France and UK: Both markets posted double-digit organic revenue growth, buoyed by the Paris Olympic and Paralympic Games.
- Asia-Pacific: Growth was driven by expanding digital penetration in China, which showed promising recovery trends.
- North America: Delivered high single-digit growth across Street Furniture and Billboard segments.
Outlook for Q4 2024
JCDecaux anticipates low single-digit organic revenue growth in Q4 2024, amid macroeconomic uncertainties such as government budget debates in France and the UK. Despite these challenges, the company remains confident in the long-term growth potential of the OOH market, particularly in DOOH, the fastest-growing media segment.
9-Month Performance
| Segment | 9M 2024 (€m) | 9M 2023 (€m) | Reported Growth | Organic Growth |
|---|---|---|---|---|
| Street Furniture | 1,386.4 | 1,254.7 | +10.5% | +10.0% |
| Transport | 980.8 | 838.8 | +16.9% | +17.6% |
| Billboard | 388.6 | 346.5 | +12.2% | +9.5% |
| Total | 2,755.8 | 2,440.0 | +12.9% | +12.6% |
JCDecaux’s Q3 2024 results reflect its robust business model, driven by innovation in DOOH and strategic market expansion. Analysts predict that the company’s diversified portfolio and strong presence in high-growth markets, such as Asia-Pacific and Europe, will continue to drive its performance. However, macroeconomic factors, including government budget constraints and consumer demand fluctuations, could pose challenges in the short term. Despite these potential headwinds, JCDecaux’s strong pipeline of contracts and commitment to sustainability position it well to maintain its leadership in the dynamic OOH advertising landscape.
Website: https://jcdecaux.com
