JCDecaux : Business report FY 2025

BUSINESS REPORT FY 2025

CONTENTS
Annual business review - FY 2025

Full-Year 2025 press release 3
Business highlights of 2025 11
Perspectives 12
Related parties 12
Risk factors 13

Annual consolidated financial statements – FY 2025

Annual consolidated financial statements 20
Notes to the annual consolidated financial statements 26
Statutory Auditors’ report 98

ANNUAL BUSINESS REVIEW 2025
2025 PRESS RELEASE

Full-Year 2025 results
Solid underlying revenue growth

• +0.8% reported growth, at €3,967.1m revenue in 2025, +1.8% organic growth, +3.2% excluding the impact of the 2024 Paris Olympic and Paralympic Games and UEFA Euro
• +1.6% organic growth in Q4 above our expectations, a record quarter, including +3.1% organic growth for advertising revenue
• +10.0% organic digital growth in 2025, 41.7% of Group revenue, 44.8% in Q4
• +19.2% organic programmatic growth, 10.9% of digital revenue

Strong financial performance

• +8.7% Operating Margin at €831.1m, 20.9%, +150bps Operating Margin rate
• +18.6% recurring EBIT at €376.7m
• +22.8% Net Income Group share excl. APG|SGA share sale in 2024 at €262.6m
• +47.9% Free Cash Flow, reaching an all-time high of €342.9m

€0.65 dividend per share proposed for 2025, +18.2% yoy, fully paid in cash
Guidance Q1 2026: organic revenue growth expected to be above +5%
Alternative performance measures (revenue, organic growth, operating margin, recurring EBIT, EBIT, free cash flow) defined in Appendices

Commenting on the 2025 results, Jean-François Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:

“JCDecaux delivered a strong performance in 2025 despite a highly uncertain economic environment including rising tariffs and increasing geopolitical uncertainties. Thanks to our unique, and well diversified, premium OOH global media footprint, we are reporting organic revenue growth of +1.8%, +3.2% underlying revenue growth excluding major sporting events, supported by good momentum in most regions.

Digital Out-of-Home (DOOH), a fast growing media segment, grew by +10.0% organically with programmatic revenue growing by +19.2% and now represents 41.7% of our total revenue, with programmatic now representing 10.9% of digital revenue. Beyond being AI-insulated through our unrivalled exclusive premium physical footprint, we are starting to leverage the technology's impact on advertising and client journeys to drive growth and to optimise our operations.

This year’s results clearly demonstrate the strength and operating leverage of our model. Despite the absence of biennial sporting events, we delivered strong earnings growth, with operating margin rate reaching 20.9%, a +150bps increase, recurring EBIT increasing by +18.6% and net income excluding the 2024 APG|SGA share sale increasing by +22.8%, combined with a record free cash flow generation of €342.9 million, a +47.9% increase year-on-year. We have, therefore, successfully reached our 2026 financial targets 1 year earlier.

Considering our strong 2025 results, record free cash flow and solid financial structure, we will propose to the AGM to increase the dividend to €0.65 per share, up from €0.55 last year, representing a +18.2% increase. Going forward, we intend to continue to gradually increase this dividend while maintaining a balanced cash allocation with capex and bolt-on M&A.

With a solid business momentum in early 2026 with no material impact observed to date from the recent Middle East conflict, we expect above +5% organic revenue growth in Q1 2026, including a positive impact from the 2026 Milano Cortina Winter Olympics and revenue growth turning positive in China. Going forward, building on this revenue momentum, we expect to continue to gradually increase our key financial metrics including margins and cash generation.

Finally, we sincerely thank all our teams across the world, for their remarkable dedication and hard work, and we also thank our clients and partners for their continued trust.”

A report with an unqualified audit opinion is being issued by the Statutory Auditors.

Following the adoptions of IFRS 11 from January 1st, 2014 and IFRS 16 from January 1st, 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

In 2025, Group revenue(1)&(2) grew by +0.8%, +1.8% on an organic basis and +3.2% excluding the impact of the 2024 Paris Olympic and Paralympic Games and UEFA Euro, to reach €3,967.1 million. This performance reflects the strength of our business model in a challenging macroeconomic environment and after a particularly dynamic year in2024.Digital continuedtobe a key growthdriver.

In the fourth quarter of 2025, our performance remained robust as group revenue grew by +1.6% on an organic basis, above our expectations, including +3.1%for advertising revenue.

Among our top 10 advertising categories,Entertainment/ Leisure / Film and Finance recorded double-digit growth. Retail and Telecom / Technology also delivered solid growth momentum while Fashion / PersonalCare&LuxuryGoodsdeclinedmid-singledigit.

Digital revenue

In Digital Out of Home (DOOH), a fast-growing media segment, our revenue grew by +7.7% in 2025, +10.0% in organic growth, accounting for 41.7% of Group revenue, a 2.7ppts increase yoy, reaching 44.8% in Q4. We remained focused on the selective roll-out of digital screens in prime locations and the development of our data and programmatic capabilities.

Programmatic revenues through the VIOOHSSP (supply-side platform), which include mostly incremental revenue from innovative, dynamic data-driven campaigns and new advertisers, grew organically by +19.2% in 2025 to reach €180.5 million i.e. 10.9% of our digital revenue. The DOOH programmatic ecosystem continued to gain strong 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 57 DSPs connected) now active in 35 countries, includingDisplayce aDSPconnected in 80 countries.

Revenue by activities

In 2025, on an organic basis, Street Furniture grew by +1.9%, including +0.5% in Q4 with continued solid momentum, Transport grew by +3.3%, including +4.7% in Q4, reflecting solid growth in both airports and public transport systems despite a mid-single digit decrease in China, while Billboard declined by -2.3%, including -1.9% in Q4.

Street Furniture
Full-year revenue increased by +0.7% to €2,012.8 million (+1.9% on an organic basis) with a continued strong sales momentum throughout the year. Rest of the World grew double digit on an organic basis.

Q4 revenue decreased by -1.4% to €603.9 million (+0.5% on an organic basis) year-on-year, impacted by a strong comparable, including significant non-advertising revenue related to the contract of the Paris automatic public toilet network. Advertising revenue grew by +1.2% (+3.1% on an organic basis). Rest of the World grew double digit on an organic basis.

Transport
Full-year revenue increased by +2.2% to €1,421.1 million (+3.3% on an organic basis) year-on-year. North America and Rest of the World grew double digit on an organic basis.

In Q4, revenue increased by +1.9% to €417.3 million (+4.7% on an organic basis) year-on-year. North America and Rest of the World grew double digit on an organic basis.
Transport remained affected by the low level of activity in China, which declined mid-single digit year-on-year on an organic basis both in full-year 2025 and in Q4 2025.

Billboard
Full-year revenue decreased by -2.4% to €533.2 million (-2.3% on an organic basis) year-on-year, affected by a double digit decline in France on an organic basis due to a high comparable and further rationalisation.

Q4 revenue decreased by -4.1% to €151.6 million (-1.9% on an organic basis) year-on-year. On an organic basis, France decreased double digit, while UK grew double digit due to its high level of digitisation.

Revenue by geographic areas

North America and Rest of the World were key growth drivers as they grew high single digit on an organic basis in 2025. Rest of Europe grew low single digit, UK and Asia-Pacific decreased low single digit, while France decreased mid-single digit impacted by a high comparison base. Excluding the 2024 Paris Olympic and Paralympic Games, France grew by +1.8% on an organic basis.

Analysis of FY 2025 key financial figures

Driven by a sustainable and efficient business model and ongoing cost discipline, 2025 was a year of strong growth across all key financial metrics, with a strong operating leverage, a record Free Cash Flow and a reduction in our net debt, while we continued to invest in the business and we resumed dividend payments. Our operating margin rate reached 20.9%, a +150bps increase yoy, recurring EBIT increased by +18.6%, while net income Group share excluding the 2024 APG|SGA capital gain was up by +22.8% and free cash flow up +47.9% yoy to €342.9 million.

Operating Margin (3)

Our operating margin demonstrated a strong operating leverage, increasing by +8.7% year-on-year, significantly more than our revenue growth, to reach €831.1 million, including margin improvement across all segments.

For the full-year of 2025, our operating margin improved by €66.6 million to reach €831.1 million (vs €764.5 million in 2024), a +8.7% increase year-on-year, well above our revenue growth. The operating margin as a percentage of revenue reached 20.9%, +150bps above prior year (19.4%), with improved operating margin rates across all business segments.

Street Furniture: In 2025, operating margin increased by €26.8 million to €545.0 million. As a percentage of revenue, the operating margin was 27.1%, an improvement of +120bps above prior year, supported by revenue growth in Rest of Europe and Rest of the World regions. This performance was delivered despite a high revenue comparison base related to major sporting events in 2024, reflecting the benefits of contract extensions on better financial terms and tight cost control.

Transport: In 2025, operating margin increased by €36.6 million to €192.3 million. As a percentage of revenue, the operating margin was 13.5%, +230bps above prior year, driven by strong revenue growth in the Rest of the World region and by some contract reset in China.

Billboard: In 2025, operating margin increased by €3.2 million to €93.7 million. As a percentage of revenue, the operating margin was 17.6%, +100bps above prior year, primarily due to revenue growth from the most digitised countries, while the rationalisation plan implemented in France continued to have a positive impact.

EBIT (4)

Our EBIT grew by +5.5%, +€22.3 million, to reach €431.0 million, mainly driven by the growth of our operating margin (+€66.6 million). Excluding the capital gain from the sale of part of our stake in APG|SGA in 2024 and other one-off items, our recurring EBIT(5) grew by +18.6% reaching €376.7 million.

Our EBIT margin rate (before impairment) reached 10.9% overall, a +190bps year-on-year increase excluding the capital gain on APG|SGA shares in 2024, +70bps yoy including this impact. EBIT margin rates improved significantly in both Street Furniture, +180bps yoy to 14.5%, and Transport +300bps yoy to 8.9%, driven by the improvement of the operating margin, while Billboard decreased by -70bps yoy to 2.8% due to one-off reversal of provision in 2024 and amortization related to PPA on acquisitions in Central America.

The net impairment on tangible and intangible assets was a negative impact of -€1.9 million in 2025, compared with a positive impact of €8.4 million in 2024 (mainly due to higher reversals of provisions for onerous contracts in 2024).

Net Financial Income / Charge, IFRS (6)

In 2025, net financial charge amounted to -€126.7 million (including -€70.0 million financial interests on IFRS 16 lease liabilities and -€56.7 million other net financial charges) improving by €9.6 million vs 2024.

The financial interests relating to IFRS 16 lease liabilities improved by €5.3 million thanks to the reduction of the IFRS 16 lease liabilities from €2,337.3 million as of December 31st, 2024 to €1,996.1 million as of December 31st, 2025.

Other net financial charges of -€56.7 million, improved by €4.3 million primarily driven by a €22.6 million impairment loss recognised in 2024 on a loan in China, partially offset by lower interest income after the bond repayment, higher negative currency impact and one-off items recognised in 2024.

Equity Affiliates, IFRS

In 2025, the share of net profit from equity affiliates was €46.9 million compared to €45.8 million in 2024, an increase of €1.1 million driven by the improvement of financial performance from some of our affiliates offsetting the decrease of our stake in APG|SGA.

Net Income Group Share, IFRS

2025 Net Income Group share is slightly up, +1.4% versus 2024, reaching €262.6 million; but excluding the APG|SGA capital gain recorded in 2024, our Net Income Group share increased by +22.8% year-on-year; +13.0% before impairment, a slighter increase as impairment decreased in 2025, as 2024 was impacted by a one-off negative impact linked to a loan in China – as indicated in the comments on the net financial charge above.

Capital Expenditure

In 2025, net capex (acquisition of property, plant and equipment and intangible assets, net of disposals of assets) stood at €296.1 million (€28.1 million less than in 2024) and remained contained at 7.5% of revenue (vs 8.2% in 2024), while we continued to invest to support our organic growth, including in digital which represented 39.5% of the total net capex.

Free Cash Flow

Our free cash flow generation has been strong in 2025, reaching €342.9 million, an increase of €111.0 million compared to 2024. This growth results from improved operational performance, positive impact of working capital requirements and lower capex levels.

Operating cash flows (8) increased by €50.0 million (+9.4%) year‑on-year, reaching €580.5 million. This growth was mainly driven by the improvement in operating margin (+€66.6 million), net financial interest paid and received (+€6.9 million due to capitalized interests received on cash placements), partially offset by higher income tax paid (€17.7 million change) due to the improvement of our financial performance.

Change in working capital requirements had a positive impact of €33.0 million mainly driven by the decrease in inventory level linked to fewer contracts under deployment at year-end and inventory level optimisation.

Net Debt (9)

Our financial structure is strong with a 22.3% decrease in net debt in 2025, bringing it down to €587.4 million, 0.7x our 2025 operating margin.

Our financial net debt decreased by €168.9 million, mainly thanks to the free cash flow generated over the period while financial investments represented in 2025 a limited outflow of €11.6 million and dividend payments represented €146.0 million.

This net debt includes a strong liquidity with €1.3 billion in cash and cash equivalents and €825 million in confirmed revolving credit line, undrawn, with a maturity in 2030, and a well-secured debt profile with no bond maturities until 2028 as well as an optimised management of our liquidity allowing relatively stable net financial expenses over the period.

Dividend

At the next Annual General Meeting of Shareholders on May 13th, 2026, the Supervisory Board will recommend the payment of a dividend of €0.65 per share for the 2025 financial year, up +18.2% year-on-year.

Going forward, we intend to continue to gradually increase this dividend while maintaining a balanced cash allocation with capex and bolt-on M&A.

Right-of-use & lease liabilities, IFRS 16

Right-of-use IFRS 16 as of December 31st, 2025 amounted to €1,685.1 million compared to €1,954.7 million as of December 31st, 2024, a decrease of €269.5 million related to the amortisation of right-of-use, renegotiations and terminations of contracts and a negative impact of foreign exchange rate partially offset by new contracts, contract renewals, updates of minima guaranteed and changes in scope.

IFRS 16 lease liabilities decreased by €341.2 million from €2,337.3 million as of December 31st, 2024, to €1,996.1 million as of December 31st, 2025. The decrease, mainly related to repayments of lease liabilities, to renegotiations and terminations of contracts and a negative impact from foreign exchange rates is partly offset by new contracts, contract renewals, updates of minima guaranteed and changes in scope.

ESG performance

We have once again confirmed the excellence of our ESG performance, recognised as best-in-class by extra-financial rating agencies including our inclusion on the CDP A List for the third consecutive year and the award of the Silver Medal by EcoVadis.

Our business model is virtuous to meet climate challenges, as illustrated by its share of revenue, close to 50%, that is aligned with the EU Green Taxonomy regulation. Our climate trajectory aiming to achieve Net Zero Carbon by 2050 was approved by the SBTi in June 2024. Thanks to our continued environmental actions, the Group reduced its greenhouse gas emissions (Scopes 1, 2, 3 – market based) by 40.9% in 2025 compared to 2019.

JCDecaux is a key player in the ecological transition of urban areas and drives innovation through the deployment of tools such as “360 Footprint,” designed to help our clients measure and manage the impact of their advertising campaigns.

Outlook

With a solid business momentum in early 2026 with no material impact observed to date from the recent Middle East conflict, we expect above +5% organic revenue growth in Q1 2026, including a positive impact from the 2026 Milano Cortina Winter Olympics and revenue growth turning positive in China. Going forward, building on this revenue momentum, we expect to continue to gradually increase our key financial metrics including margins and cash generation.

Key Figures for JCDecaux

• 2025 revenue: €3,967.1m
• N°1 Out-of-Home Media company worldwide
• A daily audience of 850 million people in 79 countries
• 1,105,906 advertising panels worldwide
• Present in 3,895 cities with more than 10,000 inhabitants
• 11,894 employees
• JCDecaux is listed on the Eurolist of Euronext Paris and is part of the SBF 120 and CAC Mid 60 indexes
• JCDecaux’s Group carbon reduction trajectory has been approved by the SBTi and the company has joined the Euronext Paris CAC® SBT 1.5° index
• JCDecaux is recognised for its extra-financial performance in the CDP (A-List), MSCI (AAA), Sustainalytics (11.1), and has achieved Silver Medal status from EcoVadis
• Member of the UN Global Compact since 2015 and of the RE100 since 2019
• Leader in self-service bike rental scheme: pioneer in eco-friendly mobility
• N°1 worldwide in street furniture (636,625 advertising panels)
• N°1 worldwide in transport advertising with 154 airports and 257 contracts in metros, buses, trains and tramways (374,718 advertising panels)
• N°1 in Europe for billboards (94,562 advertising panels worldwide)
• N°1 in outdoor advertising in Europe (740,067 advertising panels)
• N°1 in outdoor advertising in Asia-Pacific (168,815 advertising panels)
• N°1 in outdoor advertising in Latin America (103,865 advertising panels)
• N°1 in outdoor advertising in Africa (31,364 advertising panels)
• N°2 in outdoor advertising in the Middle East (20,852 advertising panels)

For more information about JCDecaux, please visit jcdecaux.com.
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Forward looking statements

This news release may contain some forward-looking statements. These statements are not undertakings as to the future performance of the Company. Although the Company considers that such statements are based on reasonable expectations and assumptions on the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual performance to differ from those indicated or implied in such statements

These risks and uncertainties include without limitation the risk factors that are described in the universal registration document registered in France with the French Autorité des Marchés Financiers.

Investors and holders of shares of the Company may obtain copy of such universal registration document by contacting the Autorité des Marchés Financiers on its website www.amf-france.org or directly on the Company website www.jcdecaux.com.

The Company does not have the obligation and undertakes no obligation to update or revise any of the forward-looking statements.

Communications Department: Clémentine Prat
+33 (0) 1 30 79 79 10 – clementine.prat@jcdecaux.com

Investor Relations: Rémi Grisard
+33 (0) 1 30 79 79 93 – remi.grisard@jcdecaux.com

Appendices

Quarterly revenue growth

Alternative performance measures

Under IFRS 11, applicable from January 1st, 2014, companies under joint control are accounted for using the equity method.

Under IFRS 16, applicable from January 1st, 2019, a lease liability for contractual fixed rental payments is recognised on the balance sheet, against a right-of-use asset to be depreciated over the lease term. As regards P&L, the fixed rent expense is replaced by the depreciation of the right-of-use in EBIT, below the operating margin, and a lease interest expense on the lease liability in financial result, below EBIT. IFRS 16 has no impact on cash payments, but payment of debt (principal) is booked in funds from financing activities.

However, in order to reflect the business reality of the Group and the readability of our performance, our operating management reports used to monitor the activity, allocate resources and measure performance continue:

• To integrate on proportional basis operating data of the companies under joint control and;
• To exclude the IFRS 16 impact on our core business (lease agreements of locations for advertising structures excluding mainly real estate and vehicle rental contracts).

As regards the P&L, it concerns all aggregates down to the EBIT.
As regards the cash flow statement, it concerns all aggregates down to the free cash flow.

Consequently, pursuant to IFRS 8, Segment Reporting presented in the financial statements complies with the Group’s internal information, and the Group’s external financial communication therefore relies on this operating financial information. Financial information and comments are therefore based on these alternative performance measures, consistent with historical data, which is reconciled with IFRS financial statements.

In 2025, the impacts of IFRS 11 and IFRS 16 on our alternative performance measures are:

• -€293.7 million for IFRS 11 on revenue (-€302.7 million for IFRS 11 in 2024) leaving IFRS revenue at €3,673.4 million (€3,632.6 million in 2024).
• -€74.6 million for IFRS 11 and €530.8 million for IFRS 16 on operating margin (-€71.9 million for IFRS 11 and €603.8 million for IFRS 16 in 2024) leaving IFRS operating margin at €1,287.2 million (€1,296.3 million in 2024).
• -€54.0 million for IFRS 11 and €81.0 million for IFRS 16 on EBIT before impairment charge (-€55.3 million for IFRS 11 and €95.6 million for IFRS 16 in 2024) leaving IFRS EBIT before impairment charge at €460.0 million (€440.6 million in 2024).
• -€54.0 million for IFRS 11 and €81.3 million for IFRS 16 on EBIT (-€55.3 million for IFRS 11 and €95.0 million for IFRS 16 in 2024) leaving IFRS EBIT at €458.3 million (€448.4 million in 2024).
• €11.9 million for IFRS 11 on capital expenditure (€30.4 million for IFRS 11 in 2024) leaving IFRS capital expenditure at -€284.2 million (-€293.8 million in 2024).
• €2.7 million for IFRS 11 and €551.8 million for IFRS 16 on free cash flow (€3.8 million for IFRS 11 and €600.8 million for IFRS 16 in 2024) leaving IFRS free cash flow at €897.4 million (€836.5 million in 2024).

The full reconciliation between alternative performance measures and IFRS figures is provided on page 10 of this release.

Definitions notes

1. Revenue: It includes on proportional basis the revenue of the companies under joint control.
2. Organic growth: The Group’s organic growth corresponds to the adjusted revenue growth excluding foreign exchange impact and perimeter effect. The reference fiscal year remains unchanged regarding the reported figures, and the organic growth is calculated by converting the revenue of the current fiscal year at the average exchange rates of the previous year and taking into account the perimeter variations prorata temporis, but including revenue variations from the gains of new contracts and the losses of contracts previously held in our portfolio.
3. Operating Margin: Revenue less Direct Operating Expenses (excluding Maintenance spare parts) less SG&A expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures excluding mainly real estate and vehicle rental contracts).
4. EBIT: Earnings Before Interests and Taxes = Operating Margin less Depreciation, amortisation and provisions (net) less Impairment of goodwill less Maintenance spare parts less Other operating income and expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures excluding mainly real estate and vehicle rental contracts).
5. Recurring EBIT: EBIT excluding net reversal of provisions, impairment charge and other operating income and expenses. It includes on proportional basis the data of the companies under joint control and excludes the IFRS 16 impact on our core business (lease agreements of locations for advertising structures excluding mainly real estate and vehicle rental contracts).
6. Net financial income / charge: Excluding the net impact of discounting and revaluation of debt on commitments to purchase minority interests (+€11.5 million and -€8.3 million in 2025 and 2024 respectively).
7. Free cash flow: Net cash flows from operating activities less capital investments (property, plant and equipment and intangible assets) net of disposals. It includes on proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures) and non-core business (mainly real estate and vehicle rental contracts).
8. Operating cash flows: Net cash flows from operating activities excluding change in working capital requirement. It includes on a proportional basis the data of the companies under joint control and excludes the IFRS16 impact on our core business (lease agreements of location for advertising structures) and non-core business (mainly real estate and vehicle rental).

Organic revenue growth

RECONCILIATION BETWEEN APM FIGURES AND IFRS FIGURES

(1) IFRS 16 impact on the core business contracts of controlled entities.
(2) Amortisation and provisions (net) under APM figures include amortisation net of reversals for respectively €(404.4) million and €(400.0) million in 2025 and in 2024, and net reversals of provisions for respectively €49.7 million and €39.8 million in 2025 and in 2024.
(3) Including impairment charge on net assets of companies under joint control.

(1) IFRS 16 impact on the core and non-core business contracts of controlled entities.

BUSINESS HIGHLIGHTS OF FY 2025

Key contracts wins

France
In April, JCDecaux SE announced that,following a competitive tender by the City of Rennes (France), it has been awarded the contract for the provision, maintenance and operation of city information panels (CIPs) and associated services in Rennes (population: 227,000) for a 9-year period.

Europe
In July, JCDecaux SE announced that JCDecaux Belgium has been awarded the exclusive advertising concession for Brussels Airport, following a competitive tender. The airport is located close to the Belgian capital, which is home to several key European Union institutions including the European Parliament, the European Commission and the Council of the European Union.
Brussels Airport Company (BAC) has chosen to entrust JCDecaux once again to be responsible as of January 1st, 2026, for installing, managing and marketing the advertising displays inside, outside and around Brussels Airport. With 23.6 million passengers in 2024, Brussels Airport is one of the most important airports in Europe.

In October, JCDecaux SE announced that JCDecaux Norge AS, its Norwegian subsidiary, has signed an exclusive 4+2+2 year contract to operate all the advertising assets at Norway’s railway stations including its largest and most important transportation hub, Oslo Central Station. Bane NOR will finance the capex.

In October, JCDecaux SE announced that it has been awarded the exclusive advertising contract for Barcelona's Bus Shelters and City Information Panels (CIPs) following a competitive tender. JCDecaux will operate the largest street furniture contract in Spain's second largest city, marking its return to the capital of Catalonia.

In November, JCDecaux SE announced that following a competitive tender, it has been awarded a 8+2+2 year contract with STIB, the Brussels Intercommunal Transport Company, to operate the advertising spaces in the metro as well as on and in the trams and buses. The Belgian capital, which attracts nearly 400,000 daily commuters from across the country, is the seat of several key European Union institutions such as the European Parliament, the European Commission and the Council of the European Union (Brussels-Capital: 1.3 million inhabitants).

In December, JCDecaux SE announced that following a competitive tender, it has been awarded an 8+2 year contract with Helsinki City Transport Authority (HKL) and Länsimetro Oy to operate all advertising spaces in Helsinki and Espoo metro stations.

Rest of the World
In February, JCDecaux SE announced that JCDecaux ATA Saudi has been awarded a 10-year exclusive advertising concession for King Fahd International Airport in Dammam, as well as for the Al-Ahsa International Airport, and Al Qaisumah International Airport, operated by Dammam Airports Company (DACO), following a competitive tender process.

In May, JCDecaux SE announced that Extime JCDecaux Airport has been awarded by the Airport International Group (AIG) the contract to operate advertising activities from August 1st, 2025, onwards at Queen Alia International Airport in Amman, Jordan, which welcomes over nine million travelers annually.

Other Events

Group
In February, JCDecaux SE has been once again recognised for leadership in corporate transparency and performance on climate change by global non-profit CDP (Carbon Disclosure Project), securing a place on its annual ‘A List’ for the second year in a row.

In March, JCDecaux SE announced the retirement from his operational role of Daniel Hofer, Member of the Executive Board and CEO for Germany, Austria, Central & Eastern Europe, Central Asia of JCDecaux, as per August 31st, 2025. He will keep some mandates as a board member in selected companies as well as representing the Group in the board of WOO (World Out of Home Association). Daniel Hofer will not be currently replaced at the Executive Board of JCDecaux.

In May, JCDecaux SE announced that David Bourg, member of the Executive Board and Group Chief Financial and IT Officer since 2015, has been appointed Group Chief Financial, IT and Operations Officer, effective on June 1st, 2025. In addition to his previous responsibilities, his scope will now encompass the R&D Department, the Purchasing, Supply Chain and Production Department, the Design Department, the International Operations Department, and the Project Department.

In August, JCDecaux SE announced that Amar Family Office and JCDecaux SE purchased a block of 1.7 million JCDecaux SE shares. The purchase was made at a price of €14.75 per share, representing a discount of 0.6% compared to the closing price on August 14, 2025, and corresponding to 0.8% of the capital of JCDecaux SE. As part of this transaction, Amar Family Office, through its subsidiary Holgespar Luxembourg SA, purchased 873,491 shares, representing 0.408% of the company's capital and JCDecaux SE purchased 873,491 of its own shares for a total amount of 12.9 million euros, thus increasing its treasury shares to 0.475% of the capital. This buyback by JCDecaux SE is part of the authorisation granted by the Annual General Meeting on May 14, 2025, allowing the company to repurchase up to 10% of its capital. The acquired shares will be specifically used for the distribution of performance shares as part of an existing long-term incentive plan, or to partially finance future M&A.

In November, JCDecaux SE announced the launch of a share buy‑back programme.
As part of the authorisation granted by the Annual General Meeting on May 14, 2025, JCDecaux has appointed an investment-services provider to purchase an aggregate number of JCDecaux SE shares of up to 1.5m, representing c.0.70% of the share capital of the company, over a period extending from November 20, 2025 to May 13, 2026, the scheduled date of our next Annual General Meeting. The shares purchased under this agreement will be primarily used to cover performance share allocations of current or future performance plans.

Europe
In December, JCDecaux SE announced that Carrefour, Carmila and Unlimitail launched of a strategic partnership to develop and implement indoor Digital Out-of-Home (DOOH) at shopping centres and outdoor OOH and DOOH on the access areas leading to the shopping centres, first in France and then in Spain. This agreement will make retail media an even more powerful growth driver for retail partners and brands.

United Kingdom
In February, JCDecaux SE has unveiled its vision to double the number of digital roadside 2m² screens in London. The investment will make Out-of-Home the big reach medium increasing the number of digital roadside screens to 2,000 with the installation of 1,000 new London Digital Network (LDN) screens into the city’s expanding neighbourhoods - including: Battersea, Canning Town, Elephant and Castle, King’s Cross, Wandsworth and Wembley. Around 670 of these innovative screens will appear on TfL’s bus stops across London. Locations across the capital will be selected to give advertisers the highest attention and impact.

Rest of Europe
In December, JCDecaux SE announced that a share purchase agreement was signed on December 11th, 2025 between JCDecaux SE and NZZ, under which JCDecaux SE will sell additional 325,519 APG|SGA's shares (after having sold approximately 13.56% of APG|SGA's share capital to NZZ on May 29th, 2024), corresponding to 10.85% of the share capital. Upon completion of this sale, the stake in APG|SGA will be reduced to around 5.6%.

Rest of the World
In February, JCDecaux SE announced that its majority-owned subsidiary JCDecaux Top Media has acquired High Traffic Media, a key player in outdoor advertising in Panama (population: 4.4 million).

In November, JCDecaux SE announced that its Dubai-based subsidiary, JCDecaux Dicon, has been honored with the “Excellence in Long-Term Partnership” award at the prestigious “OneDXB Airport Excellence Awards’’. The ceremony took place on October 29th at the Jumeirah Zabeel Saray Theatre, bringing together representatives from Dubai Airports, airlines, and commercial partners to celebrate the collective achievements that continue to position Dubai International (DXB) as a global leader in air travel.

PERSPECTIVES

Commenting on the 2025 results, Jean-François Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said :

"With a solid business momentum in early 2026 with no material impact observed to date from the recent Middle East conflict, we expect above +5% organic revenue growth in Q1 2026, including a positive impact from the 2026 Milano Cortina Winter Olympics and revenue growth turning positive in China. Going forward, building on this revenue momentum, we expect to continue to gradually increase our key financial metrics including margins and cash generation.”

RELATED PARTIES

Paragraph 10 of the “Notes to the annual consolidated financial statements” on page 82 reports on related parties.

Risk factors

The Group faces a number of internal and external risks that may affect its business, its financial position or whether it achieves its objectives.

As specified in the previous chapter, in accordance with the European Regulation of 14 June 2017, the Group ranks each of the risks identified as specific and material, then groups them into six major risk categories, which include the main risks dealt with under the Corporate Sustainability Reporting Directive (CSRD).

• Risk related to business ethics and anti-corruption [ESG]
• Risks related to non‑compliance with employees’ human rights” (ESG)
• Risks related to failure to respect the human rights of suppliers (ESG)
• Risk related to personal data protection and non‑respect of personal privacy (ESG)
• Risk of online hacking of furniture and dissemination of inappropriate content (ESG)
• Risk of IT attacks on key business systems
• Change in the business model
• Risks related to the social acceptability of advertising
• Market risk (economic downturn, loss of flagship contracts)
• Financing risk (including liquidity and interest rates)
• Risk related to health and safety of employees and subcontractors (ESG)
• Attracting and retaining talent (ESG)
• Risk of natural or social disaster (including pandemic and climate change) (ESG)

As part of its 2025 risk review, the Group identified 116 risks. The main ones are detailed in the following chapters. The most significant risks are presented in the chart below:

TheproceduresputinplacewithintheGroupfor riskmanagementarepresentedintheUniversalRegistrationDocument.

3.1.1.1. Risks related to the Group’s business

3.1.1.1.1. Category: Risk of Fraud, Corruption, Collusion

Risk presentation

The Group’s activity is closely linked to the quality and integrity of relations with contracting authorities (cities, local authorities, transport management companies, etc.). Its reputation and its history of integrity are essential elements in its business, and helps them access various public and private contracts.

Ethical business conduct is also a key factor in preserving long‑term relationships with the Group’s advertisers and partners, and in maintaining its reputation for excellence in the market.

JCDecaux is also particularly vigilant in respect of business ethics when making acquisitions, particularly in countries deemed sensitive in terms of corruption.

Risk management

In 2001, the Group published a Code of Ethics setting out the principles and ethical rules to be followed in conducting the Group’s business.

The Code was reviewed in 2018, as part of the implementation of the Sapin II Law in France, and is communicated to all the Group’s companies and employees.

This Charter, its method of dissemination and the role of the Ethics and CSR Committee in charge of ensuring its proper application are presented in chapter Governance overview (GOV-1) and Corporate governance of the Universal Registration Document.

Information on the monitoring and management of risks related to business ethics and the fight against corruption is available in chapter Adopting exemplary business conduct (ESRS G1) of the Universal Registration Document.