Message from the co-CEOs

In a context of accelerating digitisation in the global advertising market, JCDecaux demonstrated the dynamism of its DOOH activity. This was particularly evident in Brazil, where 79% of revenue comes from digital, in the United States which is 78% digitised, and in the United Kingdom, where DOOH represents 75% of revenue. In London, we doubled the number of 2m² digital street furniture assets as part of our contract with TfL. The digitisation of our assets, supported by programmatic and data, is a powerful growth accelerator for JCDecaux and for the entire sector, in which we play a leading role, fully aligned with the continued development of our AdTech ecosystem. Thanks to VIOOH, the most connected SSP on the market, and Displayce, our DSP operating in 80 countries, JCDecaux is today the only player in its sector to have integrated solutions, open to third parties, covering the entire value chain, which positions us as a reference partner for more powerful, flexible and contextualised campaigns. Revenue generated by programmatic advertising is comprised of additional income from innovative, dynamic, data driven campaigns, as well as from new advertisers. It grew organically by +19.2% in 2025 to reach €180.5 million, representing 10.9% of our digital revenue. 

2025 also marked a step change in artificial intelligence. Supported by our exclusive portfolio of premium physical assets which provide us with an enduring advantage in the face of AI-driven transformations, we are leveraging this technology in advertising and customer experience to accelerate our growth and scale our operations. For our clients, Displayce launched CampaignAI, an intelligent assistant that is transforming how DOOH campaigns are designed, becoming the first platform to fully integrate generative AI into programmatic DOOH. With the start up Doohde, JCDecaux France launched an online service that enables local or network advertisers to create their own posters, democratising access to the medium while maintaining JCDecaux’s quality standards. All this digitisation demonstrates our ambition to become an “AdTech company”.

Our financial results demonstrated 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 proposed to the AGM to increase the dividend to €0.65 per share, up from €0.55 last year, representing a +18.2% increase.

The strong momentum recorded in 2025 illustrates the constant commitment of our employees, which has enabled further successes and progress. In particular, contract wins and renewals helped consolidate our position as the number one outdoor advertising company worldwide: including in street furniture, with the contracts for Barcelona and Rennes which we won back; in transport, the advertising spaces of the metro, tram and buses of STIB and the airport in Brussels, the Norwegian railway stations with Bane NOR, as well as the metros of Helsinki, Espoo and São Paulo, the latter backed by a strong digitisation of our assets. At the same time, we laid the foundations for an acceleration in Retail Media through a strategic partnership with Carrefour, Carmila and Unlimitail.

Regarding external growth operations, which constitute a pillar of our strategy, our majority‑owned subsidiary in Panama, JCDecaux Top Media, acquired High Traffic Media to strengthen its presence in this geography and we announced our intention to sell an additional part of our stake in APG|SGA to NZZ. The dynamic management of our asset portfolio illustrates our ability to seize decisive opportunities for the future of the company. In 2026, we will continue developing JCDecaux by combining both organic and external growth.

Our company has once again demonstrated its ability to transform and innovate, to strengthen its performance, remain its clients preferred medium and to best meet their needs. This culture of innovation is based on R&D rooted in France, resulting in a portfolio of around 734 models owned by the company and 169 active patents to date.

As a sustainable media, JCDecaux further strengthened its commitments in 2025. This ambition took concrete shape in our activities with a new milestone in eco-friendly mobility: in France, self‑service bikes recorded nearly 29 million rentals over the year, up 69%. Our economic model makes a virtuous contribution to the ecological transition, through the continued implementation of our climate trajectory and the objectives defined in our 2030 ESG Strategy. Thanks to our environmental actions, the Group reduced its greenhouse gas emissions (scopes 1, 2, 3 – market‑based) by nearly 40.9% in 2025 compared with 2019.

Thanks to our service-driven activity for cities, citizens and travellers, nearly 50% of our revenue is aligned with the European green taxonomy, demonstrating we are a virtuous and sustainable model. Once again included in 2025 in CDP’s A List for our climate strategy, the company is recognised for its rigorous approach and the commitment of its teams, in line with our engagement with the United Nations Global Compact. This encourages us to continue our efforts to reduce our greenhouse gas emissions, to eco‑design our street furniture and to offer new solutions with a low environmental impact. 

As a responsible company, JCDecaux has continued its commitment to road safety alongside the United Nations, extending the campaign into new territories (France, Latin America, Japan, Nigeria, Slovenia). Since 2023, the campaign has been displayed in more than 50 countries and is set to reach more than 79 countries by the end of 2026, enhancing the valuable role that our media plays in everyday life as people live, travel and navigate the city.

Building on the achievements of 2025, which was a very dynamic year, we will continue to develop our company with confidence, passion and determination and we will reaffirm our strengths in 2026: our ability to innovate and to adapt in a rapidly changing world, driven by digitisation and artificial intelligence; the relevance of our role as a media serving our clients and partners, enjoying strong growth prospects.

We would like to thank our teams for their talent and commitment which ensure operational excellence, our clients for the trust they place in our contribution to the development of their brands, our partners for their loyalty enabling us to provide them with the highest quality of service and our shareholders for their support.