JCDecaux Reports Strong Financial Performance in FY 2024

JCDecaux, the world’s leading Out-of-Home (OOH) advertising company, has announced its full-year 2024 financial results, reporting a 10.2% revenue increase to €3,935.3 million (~$4,250 million), with 9.7% organic growth. The company achieved a record performance in Q4, despite ongoing economic and geopolitical challenges.

Revenue and Growth Highlights

• Total revenue: €3,935.3 million (~$4,250 million), up 10.2% year-on-year.
• Organic revenue growth: 9.7%.
• Digital Out-of-Home (DOOH) revenue: Increased 21.9%, representing 39% of total revenue.
• Q4 organic revenue growth: 3.6%, exceeding expectations.
• Programmatic advertising revenue: Increased 45.6% to €145.9 million (~$158 million), now 9.5% of DOOH revenue.

Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO, commented: “2024 was a very robust year for JCDecaux in a challenging macroeconomic environment with geopolitical uncertainties. Thanks to our unique and geographically well-diversified global OOH media footprint, we are reporting strong organic revenue growth of 9.7%, including a record performance in Q4 despite the lack of recovery in China, which remains well below 2019 levels. Digital Out-of-Home (DOOH), the fastest-growing media segment, grew by 21.9%, with programmatic revenue growing by 45.6% and now representing 39% of our total revenue.”

Financial Performance

• Operating Margin: Increased 15.3% to €764.5 million (~$826 million), with improvements across all segments.
• EBIT: Up 44.8% to €408.7 million ($442 million), driven by operating margin growth and a €45 million ($48.5 million) gain from the sale of a stake in APG|SGA.
• Net Income (Group Share): Increased 23.8% to €258.9 million (~$280 million).
• Free Cash Flow: Strong at €231.9 million (~$250 million).
• Net Debt: Reduced by 25% to €756.3 million (~$820 million), representing less than one times the company’s 2024 operating margin.
• Dividend Proposal: €0.55 per share, fully paid in cash.
• Capital Expenditure: €324.2 million (~$350 million), with digital investments accounting for 41.8%.

Segment Performance

• Street Furniture: Revenue grew 8.3% to €1,998.5 million (~$2,160 million). Strong momentum in Asia and Rest of the World, while France and the UK saw high single-digit growth.
• Transport: Revenue rose 13.1% to €1,390.1 million (~$1,500 million), supported by increased air travel and commuter traffic.
• Billboard: Revenue increased 6.6% to €546.6 million (~$590 million), led by markets with higher digital adoption.

Regional Performance

• UK: The fastest-growing market, with 18.4% organic growth.
• France, Rest of Europe, Asia-Pacific, and Rest of the World: High single-digit growth.
• North America: Grew 6.4%.
• China: Representing 10% of revenue, saw mid-single-digit growth but remained below pre-pandemic levels.

Operational and Financial Highlights

• Street Furniture operating margin: €518.3 million (~$560 million), accounting for 25.9% of revenue.
• Transport operating margin: €155.8 million (~$168 million), with an 11.2% margin rate.
• Billboard operating margin: €90.5 million (~$98 million), reflecting a significant margin expansion of 470bps.
• Financial investments: Net inflow of €37.7 million (~$40 million), largely due to the sale of APG|SGA shares.
• Lease liabilities: Decreased to €2,337.3 million (~$2,530 million), reflecting repayments and renegotiations.

ESG Achievements

• Recognized in the CDP A List for climate action for the second consecutive year.
• Awarded Gold Medal status by EcoVadis.
• Carbon reduction trajectory approved by SBTi, targeting Net Zero Carbon by 2050.
• Greenhouse gas emissions reduced by 30% since 2019.
• Nearly 50% of revenue aligned with EU Green Taxonomy.

Outlook for 2025 and Beyond

• Q1 2025 organic revenue growth expected to be around +5%.
• 2026 Targets:
  • Operating margin rate above 20%.
  • Free cash flow above €300 million (~$325 million).

“Given these solid results and our strong financial structure, we will be proposing a dividend payment of €0.55 per share at the AGM. Going forward, we intend to gradually increase this dividend while maintaining a balanced cash allocation with capex and bolt-on M&A,” added Decaux.

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