JCDecaux (DEC) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 adjusted revenue rose 10.9% year-over-year to €948.2 million, exceeding expectations, with strong momentum across all segments and geographies, notably driven by digital revenue and the Paris Olympic and Paralympic Games.

• Digital Out Of Home (DOOH) revenue grew 17.8% (18.5% organic), reaching a record 38.5% of group revenue, with robust programmatic growth.

• All business segments and major geographies posted strong organic revenue growth, with France and UK delivering double-digit gains and China returning to double-digit growth, though still below pre-COVID levels.

Financial highlights

• Q3 2024 adjusted revenue: €948.2 million, up 10.9% from €855.0 million in Q3 2023; organic growth was 11.1%.

• Adjusted advertising revenue (excluding sales, rental, and maintenance) increased 10.4% organically in Q3 2024.

• For the first nine months of 2024, adjusted revenue reached €2,755.8 million, up 12.9% year-over-year (12.6% organic).

Outlook and guidance

• Q4 2024 adjusted organic revenue is expected to grow at a low single-digit rate, reflecting a high comparison base and macro uncertainties, including government budget debates in France and UK and flat demand in China.

• Continued solid development of digital revenue anticipated.