Solid mid-single digit 2026 growth outlook; recent M&A activity/newsflow; 1H/2Q26 JCDecaux/Stroeer previews

研报英文原文证据摘录

Solid mid-single digit 2026 growth outlook; recent M&A activity/newsflow; 1H/2Q26 JCDecaux/Stroeer previews

Goldman Sachs Outdoor Advertising

Structural drivers of out-of-home advertising remain intact, with recent M&A activity/ newsflow

We remain constructive on the out-of-home advertising market

For 2026, we expect JCDecaux and Stroeer’s OOH organic revenue growth to accelerate

to +4.6%/+5.6%, broadly in line with market peers (and vs. +1.8%/+1.8% in 2025),

driven by easier comps and major sporting events.

Over the medium term, we remain constructive on the structural outlook for outdoor

advertising, which remains the most resilient ‘traditional’ medium to the broader market

share shift to digital, given its high ROI and the flexibility it offers to advertisers. Our

positive stance on OOH advertising reflects the ongoing digitalization of OOH inventory

in premium locations, the development of programmatic buying solutions, improving

audience measurement utilizing data for targeting (driving higher CPMs), and greater

inventory utilization going forward at high operating leverage, particularly across street

furniture. While there remains some geopolitical uncertainty (particularly in the Middle

East, which represents ~5% of group revenue for JCDecaux) and a weaker

macroeconomic climate persists in certain geographies (e.g., the German business

climate survey remains challenging), we believe the structural drivers of OOH advertising

are intact, driving a sustainable mid-single digit growth CAGR over the mid-term with

respect to JCDecaux and Stroeer’s OOH segment.

Exhibit 1: We expect JCDecaux and Stroeer’s OOH revenue Exhibit 2: ...following a weaker 2025 given the lapping of