Louis Hachette Group (ALHG) H2 2025 earnings summary

Executive summary

• Revenue reached €9.62 billion in 2025, up 4.2% year-over-year, with adjusted EBIT/EBITA at a record €551 million and strong cash flow generation across core divisions.

• Net debt reduced by €236 million to €1.59 billion, with leverage ratio falling to 1.95x.

• Net profit more than doubled to €112 million, reflecting improved profitability and lower finance costs.

• Cash flow from operations increased 9% to €558 million, supporting deleveraging.

• Publishing and Travel Retail segments drove growth, with notable successes in France, US, and UK.

Financial highlights

• EBITA/Adjusted EBIT rose 8% to €551 million; EBITDA increased from €490 million in 2023 to €551 million in 2025.

• Net profit rose to €112 million, up €50 million year-over-year.

• Free cash flow increased 9% to €459 million.

• Net debt reduced to €1.59 billion from €1.83 billion in 2024.

• Ordinary dividend of €0.06 per share proposed for 2025.

Outlook and guidance

• 2026 strategy focuses on disciplined capital allocation, regular shareholder returns, and targeted investments.

• Publishing expects stable revenue and margin in 2026 despite no new Astérix release and FX headwinds.

• Travel Retail anticipates continued mid-single-digit sales growth and margin improvement, with China restructuring to be largely completed by year-end.

• Dividend policy confirmed, with at least 85% of dividends received from Lagardère SA to be distributed.

• Deleveraging remains a strategic priority for 2026.