JCDecaux reports +5.7% organic growth in H1 2026, revenue at €1,953.9m

Alternative performance measures (revenue, organic growth, operating margin, recurring EBIT, EBIT, operating cash flows, free cash flow) defined in Appendices

Commenting on the 2026 half-year results, Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:

JCDecaux delivered a strong performance in the first half of 2026, despite macroeconomic and geopolitical uncertainties. Driven by our unique, well-diversified, and premium global OOH media footprint, as well as the acceleration of our digital and programmatic platforms, we recorded solid revenue momentum and a strong financial performance, achieving double-digit growth across all key financial indicators.

Our organic revenue growth reached 5.7% in H1 2026, with Q2 at 5.7%, well above our guidance,driven by double digit digital growth and the 2026 FIFA World Cup.

Digital Out-of-Home (DOOH), one of the fastest-growing media segments, grew by 14.5% organically in H1 2026 and represented 42.8% of our total revenue. Programmatic revenue (pDOOH) growth accelerated, growing by 30.9% organically and now accounting for 12.3% of our digital revenue.

Leveraging our revenue growth and focused, disciplined execution, we achieved double-digit growth across all our key operational indicators. Our operating margin increased by 16.8%, reaching 18.4% of revenue, up 190 basis points year-on-year, highlighting our strong operating leverage. Our recurring EBIT grew by 53.5%, while net income Group share rose by 84.7%, including solid underlying earnings growth of 23.3% excluding the APG|SGA capital gain. Cash flow generation also improved significantly, with operating cash flows up 41.8% and free cash flow increasing by €91.1 million, turning positive despite the seasonality of our business and further reinforcing our strong balance sheet year-on-year.

As far as Q3 is concerned, with a continued solid revenue momentum, we now expect organic growth around +5%, despite macroeconomic and geopolitical uncertainties.

Finally, we sincerely thank all our teams worldwide for their commitment, drive for excellence, and award-winning achievements, with a special thought for our colleagues in conflict-affected regions.”

Following the adoptions of IFRS 11 from January 1^st, 2014 and IFRS 16 from January 1^st, 2019, the alternative performance measures presented below are adjusted mainly to include our prorata share in companies under joint control, regarding IFRS 11, and to exclude the impact of IFRS 16 on our core business lease agreements (lease agreements of locations for advertising structures excluding mainly real estate and vehicle rental contracts). Please refer to the paragraph “Alternative performance measures” on page 8 of this release for the definition of Alternative performance measures and reconciliation with IFRS in compliance with the AMF’s instructions.
All the comments and numbers below refer to Alternative performance measures, except when indicated as IFRS figures.
The values shown in the tables are generally expressed in millions of euros. The sum of the rounded amounts or variations calculations may differ, albeit to an insignificant extent, from the reported values.

Revenue

Our group revenue^(1)&(2) for the first half of 2026 increased by 4.6% or 5.7% on an organic basis, to €1,953.9 million. Digital continued to grow strongly, up 14.5% organically, and now represents 42.8% of total revenue, with pDOOH revenue growth reaching 30.9% organically.

Q2 2026 delivered a solid performance, with organic revenue growth reaching 5.7% despite heightened macroeconomic and political uncertainties.
Our client base remains well diversified as our top 10 clients represented less than 12% of our advertising sales. 

Digital revenue

In Digital Out-of-Home (DOOH), one of the fastest-growing media segments, our revenue grew organically by +14.5% in half-year 2026, accounting for 42.8% of Group revenue and reaching 43.7% in Q2, a strong 3.2 percentage points increase compared to the previous year. We continued to focus on the selective roll-out of digital screens in prime locations and the development of our data and programmatic capabilities.

Programmatic advertising revenue through the VIOOH SSP (supply-side platform), which includes mostly incremental revenue from innovative dynamic data-driven campaigns and new advertisers, grew organically by +30.9% in half-year 2026 to reach €102.8 million i.e. 12.3% of our digital revenue. The DOOH programmatic ecosystem continued to gain traction, with the dynamism and the growing number of DSPs (demand-side platforms) connected to VIOOH (the most connected SSP of the OOH media industry with 50 DSPs and 49 third-party media owners connected) now active in 46 countries, including Displayce a DSP connected in 79 countries and to 8 third-party SSPs.

Revenue by activities

All activities grew in the first half of 2026.

Organically, Street Furniture grew by +7.3%, including +7.6% in Q2, with continued solid momentum, Transport grew by +5.3%, including +3.3% in Q2, reflecting solid growth in both airports and public transport systems despite a double-digit decrease in the Middle East. Billboard grew by +0.8%, including 4.1% in Q2.

• Street Furniture

Half-year revenue increased by +7.3% on an organic basis (+5.3% to €1,002.9 million on a reported basis) with a continued solid sales momentum.
North America, Rest of the World and the United Kingdom grew double-digit, while Rest of Europe recorded a robust high-single-digit growth. France declined slightly impacted by a high comparison base for non-advertising revenue, Asia-Pacific was marginally down.
Q2 revenue increased by +7.6% on an organic basis (+6.5% to €564.0 million on a reported basis) year-on-year. This result was driven by strong double‑digit growth in North America, the United Kingdom, Rest of Europe and Rest of the World, while Asia-Pacific grew slightly. France declined low single digit, impacted by a high comparison base for non-advertising revenue.

• Transport 

Half-year revenue increased by +5.3% on an organic basis (+4.8% to €690.0 million on a reported basis) year-on-year. North America, France and United Kingdom grew double digit, while Rest of Europe and Asia-Pacific grew mid-single digit. Rest of the World decreased double digit impacted by the Middle East.

Q2 revenue increased by +3.3% on an organic basis, +5.8% to €363.4 million on a reported basis, year-on-year, driven by double digit growth in North America, France and United Kingdom, while Rest of Europe grew mid-single digit and Asia-Pacific was broadly flat. Rest of the World decreased double digit impacted by the Middle East.

• Billboard

Half-year revenue increased by +0.8% on an organic basis (+1.2% at €261.1 million on a reported basis), with mid-single-digit growth in North America and Rest of the World, low single digit in the United Kingdom and Rest of Europe and a mid-single-digit decline in France and Asia-Pacific.
Q2 revenue increased by +4.1% on an organic basis (+6.2% to €146.0 million on a reported basis) year-on-year with mid-single-digit growth in France, United Kingdom and Rest of the World, low single digit in Rest of Europe and around flat in Asia-Pacific and North America.

Revenue by geographic areas 

All comments refer to organic growth. North America, supported by the 2026 FIFA World Cup, and the United Kingdom were the fastest-growing geographies in H1 2026 growing double-digit, both driven by digital. Rest of the World grew by 3.0%, +18.3% excluding Middle East. Asia-Pacific grew by 2.3% including low-single-digit growth in China. France declined by 1.9% impacted by a high non-advertising revenue comparison base, while advertising revenue grew by 1.0%.

Analysis of half-year 2026 key financial figures

Driven by solid revenue growth, an efficient and sustainable business model including a strong operating leverage, and ongoing focused and disciplined execution, all key financial metrics grew double digit in H1 2026.

Our operating margin rate reached 18.4%, a +190bps increase yoy, recurring EBIT increased by +53.5%, while net income Group share grew by 84.7% (up 23.3% excluding the APG|SGA capital gain), operating cash flows were up 41.8% and free cash flow increased by €91.1 million, turning positive at €26.2 million despite the seasonality.

Operating Margin ⁽³⁾

Our operating margin grew 16.8% year-on-year, at €359.0 million, reaching a margin rate of 18.4% (up 190 bps), with improvements across all segments. This highlights our strong operational leverage.

Street Furniture: In the first half of 2026, operating margin increased by €28.9 million to €245.4 million. As a percentage of revenue, the operating margin was 24.5%, an improvement of 170bps compared to prior year driven by a robust revenue growth and an opex base which remained contained.

Transport: In the first half of 2026, operating margin increased by €14.3 million to €77.2 million. As a percentage of revenue, the operating margin was 11.2%, a strong increase of 160bps year-on-year driven by a robust revenue growth globally, despite revenue decline in the Middle East.

Billboard: In the first half of 2026, operating margin increased by €8.3 million to €36.4 million. As a percentage of revenue, the operating margin was 13.9%, up 310 basis points year-on-year, benefiting from our most digitised markets and the positive impact from the rationalisation plan for our billboard portfolio in France.

EBIT ⁽⁴⁾

In the first half of 2026, our EBIT grew by +52.4% to reach €192.5 million, including a negative impact of €3.7 million (vs +€0.7 million in H1 2025) of the net impairment on tangible and intangible assets and a capital gain of €47.5 million from the sale of part of our stake in APG|SGA. Our recurring EBIT ⁽⁵⁾ grew by +53.5% to reach €136.2 million, driven by the increase in the operating margin.

Our EBIT margin before impairment charges reached 10.0% of revenue, up 330 basis points versus H1 2025. Our recurring EBIT reached 7.0% of revenue, up 220 basis points versus H1 2025.

Net Financial Income / Charge, IFRS ⁽⁶⁾

In H1 2026, net financial result, a charge of €55.5 million, improved by €8.9 million, mainly reflecting lower interest expense due to reduced IFRS 16 lease liabilities and lower financial debt.

Equity Affiliates, IFRS

In the first half of 2026, the share of net profit from equity affiliates was €23.5 million compared to €19.0 million during the first half of 2025, an increase of €4.5 million reflecting the improvement in the overall operational performance of our affiliates.

Net Income Group Share, IFRS

In the first half of 2026, our net income Group share increased by 84.7%, at €140.1 million, compared to €75.9 million in H1 2025. Excluding the €46.6 million capital gain on APG|SGA shares, our net income Group share amounted to €93.5 million (€98.3 million before impairment), a 23.3% year-on-year increase (+28.6% before impairment).

Free Cash Flow ⁽⁷⁾

Free cash flow improved significantly by €91.1 million and turned positive at €26.2 million, despite the seasonality of our business (vs. -€64.9 million in H1 2025), mainly driven by strong operating cash flow and strict discipline on working capital and capex.

Operating cash flows ⁽⁸⁾ rose by €64.2 million, or 41.8%, year on year in the first half of 2026 to €218.0 million. This increase was mainly driven by the improvement in operating margin, together with lower net financial interest paid (€4.2 million), reflecting lower debt levels, higher dividends received and lower one-off costs, notably restructuring and bank fees.

Working capital variation improved by €23.5 million year on year, despite the high level of revenue in June linked to the FIFA World Cup and higher inventory related to new contract roll-outs, mainly Carmila in France. There was no material impact from factoring in the first half.

Net capex (acquisition of property, plant and equipment and intangible assets, net of disposals) decreased by 2.8% year on year to €115.6 million, representing 5.9% of revenue versus 6.4% in H1 2025. This also reflects some delays in the roll-out of new contracts, which explain the increase in inventory mentioned above.

Free cash flow before changes in working capital requirement almost tripled, with an increase of €67.5 million to €102.4 million (vs. €34.9 million in H1 2025).

Net Debt ⁽⁹⁾

Our financial structure remains very solid, with net financial debt down by €284.1 million compared with June 30, 2025, to €628.8 million as of June 30, 2026. Compared with December 31, 2025, net financial debt increased temporarily by €41.4 million, mainly due to the seasonality of our business and the dividend payment to shareholders. We also maintained a strong liquidity profile, with €1.3 billion in cash, an undrawn €825 million committed revolving credit facility maturing in 2031, and no bond repayment before 2028.

Dividend

The dividend of €0.65 per share for the 2025 financial year, approved at the Annual General Meeting of Shareholders on May 13^th, 2026, was paid on May 21^st, 2026, for a total amount of €138.3 million.

Right-of-use & lease liabilities, IFRS 16

Right-of-use IFRS 16 as of June 30, 2026, amounted to €1,673.8 million compared to €1,685.1 million as of December 31, 2025, a decrease of €11.4 million related to the amortisation of right-of-use, renegotiations and terminations of contracts partially offset by new contracts, contract renewals, updates of minima guaranteed and a positive impact of foreign exchange rate.

IFRS 16 lease liabilities decreased by €31.3 million from €1,996.1 million as of December 31, 2025, to €1,964.8 million as of June 30, 2026. The decrease, mainly related to repayments of lease liabilities, to renegotiations and terminations of contracts is partly offset by new contracts, contract renewals, updates of minima guaranteed and a positive impact from foreign exchange rates.