JCDecaux: Post call H126 - A strong setup also for H2: Booming Digital Sales, Solid Trading in Europe and Strong Cost Control - the investment case remains well intact. OW.

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JCDecaux: Post call H126 - A strong setup also for H2: Booming Digital Sales, Solid Trading in Europe and Strong Cost Control - the investment case remains well intact. OW.

J P M O R G A N Europe Equity Research

30 July 2026

JCDecaux

Post call H126 - A strong setup also for H2: Booming Overweight

Digital Sales, Solid Trading in Europe and Strong Cost JCDX.PA, DEC FP

Control - the investment case remains well intact. OW. Price (29 Jul 26):€22.42

Price Target (Dec-27):€30.00

Following a strong set of Q2/H126 results (see our first take here), we reiterate European Internet

ACour bullish view on JCDecaux. We continue to see the group as well positioned Marcus Diebel

to benefit from multiple supportive dynamics: (i) a favorable structural backdrop (44-20) 7742-4447

with Out-of-Home (OOH) continuing to take share from other media; (ii) a marcus.diebel@jpmorgan.com

broadening client base, notably via incremental spend now also from SMEs; (iii) J.P. Morgan Securities plc

improving trading conditions in China; and (iv) a, thus far, limited impact from Lara Simpson

current events in the Middle East. As outlined in our March 2026 deep-dive on the (44-20) 7134-3637

lara.simpson@jpmorgan.com

European OOH market (and the associated sub-sector upgrade, “It’s about time” J.P. Morgan Securities plc

here), we believe the sector is at an inflection point, with structural tailwinds

Carmen Graves

compounding, supported by the ongoing digitisation of the estate (which should (44-20) 3493 0506

enhance inventory quality, flexibility, and yield). While the shares have already carmen.graves@jpmorgan.com

materially outperformed year-to-date (+52% vs. CAC40 +4%), we believe the J.P. Morgan Securities plc

investment case remains attractive: Consensus expectations still do not fully Thyagarajan J