Comment: JCDecaux company feedback

研报英文原文证据摘录

Comment: JCDecaux company feedback

29 June 2026

Annick Maas +44 20 7676 6683 annick.maas@bernsteinsg.com

Christophe Cherblanc +41 582 723 540 christophe.cherblanc@bernsteinsg.com

Christopher Pancur +44 20 7676 7280 christopher.pancur@bernsteinsg.com

We just caught up with JCDecaux as we do from time to time to get an idea of recent market developments. The group reiterated its 2Q

organic revenue growth guidance of c.3% (and c.5% ex the Middle East impact). Some of the learnings we took from this are:

1. Upbeat trends helped by contract impacts and the WC: Overall the advertising trends observed in the South of Europe, Brasil and

the UK are particularly strong helped by good consumer sentiment. China is fairing slightly better than anticipated helped by AI and tech

spent. France and Germany remain soft explained by softer consumer sentiment. Overall the group feels confident in achieving its c.3%

guidance.

2. Middle East improves in the Q: For reference JCDecaux makes c5% of revenues from the Middle East. While January and February

were up yoy, we estimate March to have been down c40%. The company’s guidance gap of c.2pp btw the organic guide with and without

the Middle East would have suggested a similar -40% trend across 2Q. However, the group underlined that at its worst airline traffic was

at -60% and currently only -25% are observed. Accordingly, the sequential month by month trend has improved but remains double-

digit negative.

3. Positive impact from APG stake sale: Below the operating profit line the group will benefit from the sale of the APG stake, with an

anticipated €35m impact on the EBIT level and a positive cash impact of €76m.

VA consensus (4 estimates) currently stands at 3.2% (and Bern at 3.3%). The company seemed very confident on reaching its c.3%