Strong revenue growth in Q1 2025:
- €858m in revenue, a record Q1
- +7.0% reported revenue growth
- +5.5% organic revenue growth, above our expectations
- +17.0% digital revenue growth
Guidance for Q2 2025: low single digit organic revenue growth expected.
Commenting on the 2025 first quarter revenue, Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:
“In a challenging environment with rising uncertainties, our Q1 performance has been strong with +7% revenue growth, +5.5% on an organic basis, above our expectations, to reach €858 million of revenue, a record level for a first quarter. This performance has been driven by a continued very strong digital revenue growth at +17%, +15.8% on an organic basis, with programmatic digital OOH media revenue growing at +29.9%.
.All activities and geographies grew this quarter. Street Furniture grew by +5.3% driven by Rest of Europe, North America and Rest of the World. Transport grew by +6.1% driven by UK, Rest of Europe and North America, while Asia-Pacific grew low single digit as China remained flat. Billboard grew by +4.6% driven by its most digitised markets.
As far as Q2 is concerned in a context of high global economic and geopolitical uncertainties and taking into account our strong activity connected with the Paris Olympic Games as well as the UEFA Euro 2024 in Q2/Q3 of last year, we now expect a low single digit organic revenue growth rate with Street Furniture currently pacing mid-single digit while Transport and Billboard are currently pacing flat.”
Following the adoption of IFRS 11 from January 1st, 2014, revenue presented and commented in this press release is an alternative performance measure (APM) adjusted to include our prorata share in companies under joint control, except when indicated as IFRS figures.
Please refer to the paragraph “Alternative performance measures” on page 4 of this release for the definition of Alternative performance measures and reconciliation with IFRS in compliance with the AMF’s instructions. 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
Revenue (1) for the first quarter 2025 increased by +7% to €858.0 million compared to €801.6 million in the first quarter of 2024.
Excluding the positive impact from foreign exchange variations and the positive impact of changes in perimeter, i.e. in organic growth (2), revenue increased by +5.5%.
Advertising revenue, excluding revenue related to sale, rental and maintenance of street furniture and advertising displays, increased by +5.8% on an organic basis.
All activities recorded solid organic revenue growth: Street Furniture grew by +5.3%, Transport grew by +6.1% and Billboard grew by +4.6%.
Q1 Revenue 2025 (€m) 2024 (€m) Rep. growth Org. growth
Street Furniture 422.5 400.8 +5.4 % +5.3 %
Transport 315.0 288.2 +9.3 % +6.1 %
Billboard 120.5 112.6 +7.1% +4.6 %
Total 858.0 801.6 +7.0 % +5.5 %
Please note that the geographic comments below refer to organic revenue growth.
Street Furniture
First quarter revenue increased by +5.4% to €422.5 million, +5.3% on an organic basis, driven by the strong performance of Rest of the World, Rest of Europe and North America.
First quarter advertising revenue, excluding revenue related to sale, rental and maintenance of street furniture was up +5.4% on an organic basis.
Transport
First quarter revenue increased by +9.3% to €315 million, +6.1% on an organic basis, driven by UK, Rest of Europe and North America, while Asia-Pacific grew low single digit as China remained flat. Transport remained affected by the low level of activity in China compared to pre-Covid.
Billboard
First quarter revenue increased by +7.1% to €120.5 million, +4.6% on an organic basis, driven by its most digitised markets.
Outlook
As far as Q2 is concerned in a context of high global economic and geopolitical uncertainties and taking into account our strong activity connected with the Paris Olympic Games as well as the UEFA Euro 2024 in Q2/Q3 of last year, we now expect a low single digit organic revenue growth rate with Street Furniture currently pacing mid-single digit while Transport and Billboard are currently pacing flat.