Core Insights - JCDecaux reported a strong revenue growth of +10.2% in 2024, reaching €3,935.3 million, with an organic growth of +9.7% [2][10] - Digital revenue grew by +21.9%, accounting for 39% of total group revenue, highlighting the shift towards digital out-of-home advertising [2][13] - The company achieved double-digit increases in key financial metrics, including a +15.3% operating margin and a +23.8% increase in net income [2][4] Financial Performance - Operating margin increased to €764.5 million, representing 19.4% of revenue, up from 18.6% in 2023 [26][27] - EBIT grew by +44.8% to €408.7 million, driven by improved operating margins and a capital gain from the sale of part of the stake in APG|SGA [31][33] - Free cash flow reached €231.9 million, reflecting strong operational performance and effective cash management [39] Revenue Breakdown - Revenue from Street Furniture increased by +8.7% to €1,998.5 million, while Transport revenue grew by +12.8% to €1,390.1 million [16][19] - Billboard revenue rose by +9.7% to €546.6 million, driven by digitized markets [21] - All geographic areas showed strong organic growth, with the UK growing by +21.7% and France by +9.5% [22] Digital Advertising Growth - Digital Out-of-Home (DOOH) revenue accounted for 39% of total revenue, with programmatic advertising growing by +45.6% to €145.9 million [13][14] - The company focused on expanding its digital screen presence and enhancing data and programmatic capabilities [13] Future Outlook - For Q1 2025, JCDecaux expects organic revenue growth of around +5% [5][49] - The company targets an operating margin rate above 20% and free cash flow exceeding €300 million by 2026 [5][49] Dividend and Financial Structure - A dividend of €0.55 per share is proposed for 2024, with intentions to gradually increase this in the future [42] - The company reported a significant reduction in net debt by approximately 25%, bringing it down to €756.3 million [40][41]
JCDecaux : Full-Year 2024 results