JCDecaux: First Take Q226: Advertising tailwinds and booming Digital Out-of-Home drive a clear Q2 beat: 5.7% organic growth well ahead of expectations

Research evidence excerpt

JCDecaux: First Take Q226: Advertising tailwinds and booming Digital Out-of-Home drive a clear Q2 beat: 5.7% organic growth well ahead of expectations

J P M O R G A N Europe Equity Research

30 July 2026

JCDecaux

First Take Q226: Advertising tailwinds and booming Overweight

Digital Out-of-Home drive a clear Q2 beat: 5.7% organic JCDX.PA, DEC FP

growth well ahead of expectations Price (29 Jul 26):€22.42

Price Target (Dec-27):€30.00

Our Take: JCDecaux (JPM +ive Catalyst Watch) reported a strong set of results, European Internet

ACwith Q2 organic revenue growth of 5.7% materially ahead of consensus/JPM Marcus Diebel

expectations of 3.4%. Given the strong revenue performance, profitability also (44-20) 7742-4447

surprised positively, with operating profit at EUR 359m versus consensus of EUR marcus.diebel@jpmorgan.com

329m, implying a c.12% beat. Importantly, the outperformance was broad-based, J.P. Morgan Securities plc

with all three divisions delivering ahead of estimates, reinforcing the view that Lara Simpson

momentum is not confined to any single end-market or geography (with DOOH (44-20) 7134-3637

lara.simpson@jpmorgan.com

particularly strong and the negative impact in Saudi/UAE far smaller than J.P. Morgan Securities plc

expected). On the outlook, management guided to ~5% growth for the next quarter,

Carmen Graves

broadly in line with expectations (5.2%). We would reiterate that the company has (44-20) 3493 0506

a track record of conservative guidance, which should skew risk to the upside. carmen.graves@jpmorgan.com

Overall, we see scope for at least a 10% uplift to consensus expectations for J.P. Morgan Securities plc

operating margin following this print. We remain constructive on the investment Thyagarajan J