JCDecaux: Solid Trading in Europe, Middle East Stabilization, and Incremental World Cup Revenues - A Setup for Further Upgrades; Placing on Positive Catalyst Watch into Q2 results.

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JCDecaux: Solid Trading in Europe, Middle East Stabilization, and Incremental World Cup Revenues - A Setup for Further Upgrades; Placing on Positive Catalyst Watch into Q2 results.

J P M O R G A N Europe Equity Research

16 July 2026

JCDecaux

Solid Trading in Europe, Middle East Stabilization, and Overweight

Incremental World Cup Revenues - A Setup for Further JCDX.PA, DEC FP

Upgrades; Placing on Positive Catalyst Watch into Q2 Price (15 Jul 26):€21.32

results. ▲Price Target (Dec-27):€30.00 Prior (Dec-27):€29.00

We are bullish into Q2 results for JCDecaux given solid trading in Europe,

better than feared trends in the Middle East, incremental World Cup European Internet

revenues and ongoing margin improvement that confirms the turn-around Marcus Diebel AC

story. As we outlined in our March 2026 deep-dive on the European Outdoor (44-20) 7742-4447

advertising market, with a corresponding upgrade of the subsector (“It’s about marcus.diebel@jpmorgan.com

J.P. Morgan Securities plc

time”, here), we believe the sector is at an inflection point, with multiple structural

Lara Simpsontailwinds continuing to build (see below) as Outdoor takes share within the

(44-20) 7134-3637

advertising mix, supported by the ongoing digitisation of billboards. While the lara.simpson@jpmorgan.com

shares have outperformed YTD (+38% versus CAC40 +3%), investor sentiment J.P. Morgan Securities plc

and near-term advertising momentum have softened somewhat in recent months, Carmen Graves

largely reflecting geopolitical developments that weighed on passenger volumes, (44-20) 3493 0506

in particular in the Middle East (5% of revenues for JCD). However, the key carmen.graves@jpmorgan.com

advertising data points appear to be stabilizing and trending incrementally better, J.P. Morgan Securities plc