JCDecaux (DEC) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue reached €926.1m, a -2.3% decrease year-over-year, with organic revenue down -0.9%, slightly above expectations despite a challenging macroeconomic environment.

• Underlying organic revenue growth was approximately +3% when excluding the 410bp negative comparison impact from the 2024 Paris Olympic & Paralympic Games and UEFA Euro.

• Digital Out-of-Home (DOOH) revenue grew +7.6% organically, now representing 41.8% of total revenue, with programmatic revenue up +12.3% and accounting for 10.8% of DOOH revenue.

Financial highlights

• Q3 2025 reported revenue: €926.1m, down from €948.2m in Q3 2024.

• Street Furniture revenue: €456.9m (-2.5% reported, -1.1% organic); Transport: €345.5m (-0.4% reported, +1.7% organic); Billboard: €123.7m (-6.8% reported, -6.9% organic).

• Q3 2025 IFRS revenue: €855.8m, compared to €872.0m in Q3 2024.

• For the first nine months of 2025, IFRS revenue was €2,588.5m, up from €2,538.7m for the same period in 2024.

Outlook and guidance

• Q4 2025 organic revenue growth expected to be around flat, with advertising revenue anticipated to rise by about +1%.

• No improvement in trading expected in China; significant non-advertising revenue from the Paris public toilet network contract will impact comparables.