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Business Wire
4 hours ago
- Business
- Business Wire
M6 Métropole Télévision: Results for the First Six Months of 2025
NEUILLY-SUR-SEINE, France--(BUSINESS WIRE)--Regulatory News: M6 Métropole Télévision (Paris:MMT): HIGHLIGHTS 2024/25 season saw best TV audiences in three years Audience share of the Group's four free-to-air channels up 0.6 percentage points to 22.8% RTL saw third consecutive wave of growth over April–June period Unique users up 35% and hours viewed up 17% on M6+ platform Very strong resilience in both video and audio with an EBITA of 99,4 M€ (vs. 101,5 M€ in H1 2024) and a margin of 17.2% (vs 16.9% in H1 2024) ongoing focus on costs; advertising outperformed the market KEY FIGURES Q2 2025 operating margin stable at 18.2%. H1 revenue: €632.7m (vs €656.9m in H1 2024, down 3.7%) Streaming revenue up 32,5%: 11.6% of Video division revenue (vs 8.4% in H1 2024) H1 2025 operating margin maintained at a high level (16.7%): Video business: 16.7% Audio business: 20.3% OUTLOOK New talent recruited to strengthen offering and audience Guidance of 2028 streaming revenue in excess of €200m confirmed Over 1 billion hours viewed on the platform between now and 2028 David Larramendy, Chairman of the Executive Board of M6 Group, stated: 'The interim results we're releasing today highlight our Group's agility is in a challenging market there being no major sports events broadcast over the period, we had our best start to the year for three years in terms of audiences among over-4s and commercial targets. Thanks to careful cost management, we were able to achieve a particularly high operating margin compared with our peers. We intend to capitalise on this momentum in the second half of 2025, despite a lack of visibility on advertising trends. With new hires in news and entertainment, we aim to strengthen both our offering and our audiences over the long term. At the same time, we'll continue to pursue our digital transformation strategy and we confirm our guidance of streaming revenue in excess of €200 million in 2028 and 1 billion hours viewed on the M6+ platform.' FINANCIAL PERFORMANCE T he second quarter of 2025 was impacted by a high base effect related to Euro 2024 broadcast during the same period last year. Against this backdrop, Group advertising revenue was down €10.2 million or 4.3% relative to Q2 2024. Thanks to strict control over costs, consolidated EBITA 1 was down just €4.3 million, giving an operating margin of 18.2%, stable relative to Q2 2024. In the first half of 2025, video advertising revenue declined slightly, down 1.8% or €8.4 million compared with the same period in 2024. Strong growth in streaming revenue (up 32%) helped make up for a still uncertain macroeconomic environment. Over the period, audio revenue is nearly stable (-€0.6M). After an exceptional first half of 2024, cinema activity returns to its usual level, and the slowdown in the real estate market continues to weigh on SPF activities. Consolidated Group revenue 2 thus came in at €632.7 million, down €24.2 million. Programming costs in the Video division came in at €253.0 million, down €11.2 million, impacted by the lack of major sports events broadcast over the period and ongoing investment in consumable content on streaming platforms. Group consolidated profit from recurring operations (EBITA) came in at €105.9 million, mainly reflecting the decline in cinema activity and the slowdown at Stéphane Plaza France. Net financial income was down €6.9 million due to a fall in both interest rates and cash holdings. Lastly, excluding the exceptional contribution on profits of large companies 3 of €11.6 million, net profit for the period came in at €69.5 million (down 18.5% relative to the first half of 2024). After taking into account this exceptional expense, net profit for the period attributable to the Group came in at €59.2 million. PERFORMANCE BY DIVISION In accordance with IFRS 8, the contribution of the Group's four operating segments to consolidated revenue and EBITA was as follows: 1. Video (formerly Television) In a still uncertain market environment, the Video division generated advertising revenue of €450.1 million in the first half of 2025, down 1.8% from the first half of 2024, which benefited from the Euro football championship. Streaming revenue 4 was up +32.5% at €58.6 million, accounting for 11.6% of the Video division's total revenue to 30 June 2025 (compared with 8.4% in the first half of 2024) and reflecting the Group's ongoing digital transformation. Non-advertising revenue for the Video division was down €11.9 million, reflecting the development of M6+ through new distribution channels. Over the first half of 2025, the audience share of M6 Group's four free-to-air channels (M6, W9, 6ter and Gulli) stood at 22.8% 5 on the commercial target of WRP<50 (up 0.6 pp). The M6 channel gained 0.6 percentage points with an audience share of 13.7% in this same target group, despite the contribution of the Euro football championship in the first half of 2024, and put in a strong performance in prime time across its entertainment brands such as Mariés au Premier Regard (32% in the WRP<50 segment), Pékin Express and Top Chef (25% in WRP<50) as well as in daytime television with La Roue de la Fortune (16% 6 in WRP<50) and Un jour, un doc (14% 6 in WRP<50). In digital terrestrial TV, W9 held steady over the first half, while 6ter recorded its best ever audience share numbers. Across its main target audience of 4-10 year-olds, Gulli achieved an audience share of 17.5% 7, compared with 15.6% in the previous year. With 28.0 million 8 unique users over the first half of 2025, up 35% in relation to the first half of 2024, the M6+ platform continued to gather momentum with an increase of the number of hours viewed by 17% 9 over the same period. The Group continued its transition towards a combined streaming/linear broadcast model in the first half of 2025 while simultaneously making savings, notably on programming costs. EBITA for the Video division thus came in at €84.4 million (down €2.1 million relative to the first half of 2024), giving an operating margin of 16.7%, stable relative to the first half of 2024. 2. Audio (formerly Radio) The Audio division recorded an audience share of 17.2% 10 with listeners aged 13 and over, up 0.9 percentage points compared with the same period in 2024, thereby maintaining its position as the leading commercial radio group. The commercial audience share of the Group's radio stations stands at 20.9% 11, an increase of 2.2 points compared to last year, significantly outperforming other private groups. Over the first six months of the year, the Audio division posted revenue of €74.1 million, virtually stable compared with H1 2024. EBITA was €15.1 million, stable compared with the first half of 2024. The operating margin was 20.3%. 3. Production and Audiovisual Rights Revenue from Production & Audiovisual Rights totalled €34.8 million, down €5.5 million, primarily due to an unfavourable base effect impacting cinema activity, which had a record year in 2024. The number of cinema admissions over H1 2025 stood at 2.9 million (primarily attributable to Les Bodin's partent en vrille, Conclave, Out of Control and Treasure Hunters: On the Tracks of Khufu) compared with 5.4 million over the first half of 2024, which was marked by the huge popularity of the films Cocorico and One Life. EBITA in the first half of 2025 came in at €9.3 million (down €6.3 million relative to the first half of 2024), giving an operating margin of 26.7%. 4. Diversification Diversification revenue stood at €18.5 million over the six months to 30 June 2025, an increase of €2.3 million, with the contribution of La Boîte aux Enfants (Gulli Parcs) offsetting the impact of the slowdown of the property market on the activities of Stéphane Plaza France. The division posted EBITA of −€0.1 million, down €3.3 million, mainly as a result of fewer real estate transactions and non-recurring costs related to the launch of the '6 ème Avenue' brand. OTHER INFORMATION Financial position The Group had shareholders' equity of €1,225.6 million at 30 June 2025, compared with €1,321.1 million at 31 December 2024. The overall change in cash was -€153.2 million, unchanged from the first half of 2024, reflecting the payment of a dividend of €1.25 per share (giving a total payout of €157.3 million) in May 2025. CSR commitments The M6 Group Foundation, established to help those coming out of prison reintegrate into society, celebrates 15 years of committed action this year. Since its formation, the Foundation has supported 288 non-profit organisations, nearly 900 employees have got involved in charitable activities and €7.5 million has been invested in helping former inmates reintegrate into society. OUTLOOK The Group will continue to implement its streaming plan over the second half of 2025 and beyond. The goal of the Group's digital transformation is to deliver streaming revenue in excess of €200 million and 1 billion hours viewed on the M6+ platform in 2028. At the same time, the Group is strengthening its value proposition in the linear television segment. This ambition, notably reflected in the planned arrival of new talent at the Group's channels from September, will enable the Group to continue to deliver a powerful and original entertainment offering with high digital potential. The various new hires agreed in the first half of 2025 will strengthen two pillars of the M6 Group's offering in particular: family entertainment and news. In an uncertain market context, the Group will also strive to maximize its advertising performance in the second half of the year. Results will be presented to financial analysts in a webcast starting at 6.30pm (CET) on 29 July 2025. Details on how to access the webcast are available at: Both the slideshow presentation and the consolidated half-year financial statements will be accessible online from 6.00pm, it being specified that the Statutory Auditors have completed a limited review of the financial statements and issued an unqualified report. Third quarter 2025 financial information on 28 October 2025 after close of trading M6 Métropole Télévision is listed on Euronext Paris, Compartment A. Ticker: MMT, ISIN Code: FR0000053 1 Profit from recurring operations (EBITA) is defined as operating profit (EBIT) before amortisation and impairment of intangible assets (excluding audiovisual rights) related to acquisitions and capital gains and losses on the disposal of financial assets and subsidiaries. 2 The information provided is intended to highlight the breakdown of consolidated revenue between advertising and non-advertising revenue. Group advertising revenue includes TV advertising revenue (advertising revenue of free-to-air channels M6, W9, 6ter and Gulli, and the platforms 6play (between January and May 2024), M6+ and Gulli Replay, as well as the share of advertising revenue from pay channels), and the advertising revenue of radio stations RTL, RTL2 and Fun. 3 In accordance with Article 38 of the 2025 Finance Act, this equates to a 20.6% increase in corporate income tax for groups generating revenue of between €1 billion and €3 billion a year. In accordance with IAS 34, the full amount of this contribution is recognised in advance from the start of the 2025 financial year, based on 2024 taxable profits. 4 Total revenue from digital advertising revenues (AVOD) and revenue from M6+ Max and Gulli Max subscriptions. 5 Mediamétrie Médiamat, Médiamat Quotidien DTT channels (MNQ / SE) - H1 6 Previous day audiences 7 Médiamétrie / Médiamat, 6am-8pm time slot, consolidated audiences 8 Médiamétrie / Médiamat - On demand channels M6, W9, 6ter and Gulli 9 Heartbeat in-house data 10 Médiamétrie Radio Audience Survey > National, April-June 2025 Mon-Fri, 5am-12am 11 Médiamétrie EAR - National, AJ25 Vs JM25 et AJ24, Lundi-Vendredi, 25-49 ans, 5h-24h, PDAC (16 stations commerciales)
Business Wire
6 hours ago
- Business
- Business Wire
Havas Delivers Solid Performance in the First Half of 2025, With Organic Growth of +2.3%, and Adjusted EBIT up 8.3% Year-on-Year
PARIS--(BUSINESS WIRE)--Regulatory News: Yannick Bolloré, CEO and Chairman of Havas (AEX:HAVAS), said: 'Havas has delivered a solid first half of the year, achieving organic growth of +2.3% and driving dynamic new business momentum, particularly in North America, along with numerous integrated wins we are especially proud of. The rollout of our global strategy and operating system, launched one year ago and now evolved into to reflect its expanded capabilities, is clearly bearing fruit and delivering meaningful impact for our clients worldwide. As we continue to scale our AI-powered product suite, we are committed to equipping all our teams with the knowledge and tools to fully embrace its potential, ensuring that technology and creativity reinforce one another across every part of our organization. We are maintaining a strong pace in M&A, with five new agency acquisitions completed during the first half of the year, and continue to forge strategic partnerships, most recently with Ostro and YouGov. I would like to take this opportunity to thank all our clients for their continued trust, as well as our teams for their dedication and outstanding creativity that continues to set us apart.' KEY FIGURES In millions of euros (unaudited figures) H1 2024 H1 2025 Yoy % change Revenue 1,366 1,408 +3.1% Net revenue2 Organic growth 1,308 0.0% 1,346 +2.3% +2.9% Adjusted EBIT3 % margin 133 10.2% 144 10.7% +8.3% +50bps Net income 74 80 +8.1% Net income, Group share 71 74 +4.2% Expand Detailed unaudited consolidated financial statements for the six months ended June 30, 2025, are appended to this press release. For definitions of Alternative Performance Measures, or non-IFRS measures, please refer to the financial glossary, also appended to this press release. BUSINESS REVIEW Net revenue2 (unaudited figures) Q1 2025 Q2 2025 H1 2025 In millions of euros 649 697 1,346 % total growth +5.2% +0.8% +2.9% % scope effect +1.4% +1.0% +1.2% % organic growth +2.1% +2.6% +2.3% % 2024 organic growth +2.0% -1.7% 0.0% % forex effect +1.7% -2.7% -0.7% Expand Continued acceleration in organic growth during second-quarter 2025 The second quarter of 2025 was another quarter of growth acceleration for Havas. Net revenue 4 reached 697 million euros, increasing by +2.6% on an organic basis in the second quarter of 2025, compared to +2.1% in the first quarter of 2025. reached 697 million euros, increasing by +2.6% on an organic basis in the second quarter of 2025, compared to +2.1% in the first quarter of 2025. After taking into account a positive 1.0% scope effect and a negative 2.7% foreign exchange effect (mainly US dollar, British pound, Brazilian real, Mexican peso) total growth stood at +0.8% for the second quarter of 2025. Solid performance in the first-half of 2025 Net revenue came out at 1,346 million euros. Net revenue rose by 2.3% on an organic basis 5 , compared to 0% in the same period of 2024. , compared to 0% in the same period of 2024. Changes in the scope of consolidation 6 had a positive 1.2% impact, while changes in foreign exchange rates 7 had a negative 0.7% impact (mainly Brazilian real, Mexican peso). had a positive 1.2% impact, while changes in foreign exchange rates had a negative 0.7% impact (mainly Brazilian real, Mexican peso). Revenue for the first half of 2025 amounted to 1,408 million euros, an increase of 3.1% compared to the same period in 2024. Business lines Net revenue is divided among three main Business Lines: Havas Media (36% of net revenue), Havas Creative (41% of net revenue), and Havas Health (23% of net revenue). ORGANIC NET REVENUE GROWTH BY GEOGRAPHICAL REGION Organic growth (in %) (unaudited figures) Q1 2025 Q2 2025 H1 2025 Europe -0.2% +2.6% +1.3% North America +3.2% +4.6% +3.9% APAC and Africa +1.9% -4.9% -1.8% Latin America +16.6% +2.5% +8.6% Group Total +2.1% +2.6% +2.3% Expand Europe (50% of net revenue): after a better performance in the second quarter of 2025 compared to the first quarter (net revenue up 2.6% in the second quarter, down 0.2% in the first quarter), organic growth in net revenue came out at 1.3% for the first half of 2025 in Europe. Both France (Havas Creative with BETC mainly) and the United Kingdom (strong performance of Havas Media notably), which are Havas' main markets in Europe, performed well in the second quarter of 2025, compared with the second quarter of 2024. North America (35% of net revenue): organic growth in net revenue accelerated significantly in this region to 4.6% in second quarter 2025, compared to second quarter 2024. This excellent performance was driven by the Havas Health business line, whose double-digit organic growth accelerated in the second quarter versus first quarter 2025. As a result, organic growth in North America came out at a solid 3.9% for the first half of 2025. For reminder, the basis comparison for the North America region was -6.4% organic growth for the first half of 2024. APAC & Africa (9% of net revenue): this region experienced a negative performance in second quarter 2025, mainly due to less client spending in China. In first half 2025, net revenue was down 1.8%. Latin America (6% of net revenue): after several quarters of sustainable growth, the Latin America region recorded a slowdown in second-quarter 2025 compared to first-quarter 2025. Organic growth remained very satisfactory for the first half of the year, up 8.6%, compared to the same period of last year. ANALYSIS OF FIRST-HALF 2025 FINANCIAL PERFORMANCE. Adjusted EBIT8 stood at 144 million euros, up 8.3% compared to the first half of 2024. Adjusted EBIT margin9 came out at 10.7%, compared to 10.2% in the first half of 2024, representing a 50 basis point improvement year on year. Personnel costs were kept under control, increasing just 1.6% compared to the first half of 2024, below the percentage increase in net revenue. Restructuring costs amounted to 7 million euros in the first half of 2025, compared to 11 million euros in the first half of 2024. Net financial expense totalled 17 million euros for the first half of 2025, compared to 4 million euros in the first half of 2024. This deterioration is mainly due to a net loss relating to foreign exchange of 10 million euros in the first half of 2025, compared to zero in the first half of 2024. The income tax expense for the first half of 2025 was 37 million euros, compared with 48 million euros in the first half of 2024. The effective income tax rate stood at 31.8% (compared to 39.3% in 2024), thanks to the implementation of the new tax group as from January 1, 2025, in France and Spain. Non-controlling interests increased to 6 million euros compared to 3 million euros for the first half of 2024, reflecting a better performance by recent acquisitions. Net income attributable to the Group amounted to 74 million euros, an improvement compared to 71 million euros in the first half of 2024. CASH FLOW GENERATION AND FINANCIAL STRUCTURE Cash flow generation in the first half of 2025 In the first half of 2025, Operating Cash flow before working capital 10 amounted to a positive 117 million euros, up from 104 million euros in the first half of 2024. The change in working capital was negative, amounting to 183 million euros, compared to a negative change of 204 million euros in the first half of 2024. Capital expenditure remained almost stable at 15 million euros, compared to 13 million euros in the same period of 2024. Financial investments totaled 25 million euros (including payments related to upfronts, buy-outs and earn-outs), down from 76 million euros in the first half of 2024. Tax paid amounted to 37 million euros compared to 33 million euros in the first half of 2024. Dividends paid to shareholders amounted to 84 million euros, of which 79 million euros were paid to Havas NV shareholders in early June 2025. In addition, the Group bought back Havas NV shares in an amount of 4 million euros during the first half of 2025 (see 'Share buyback program' below). Changes in foreign exchange rates had a negative cash impact of 59 million euros (compared to a positive impact of 8 million euros in the first half of 2024). Financial structure Consolidated equity amounted to 1,755 million euros, compared to 1,907 million euros at the end of December 2024. As of June 30, 2025, Net cash11 stood at a negative amount of 79 million euros, compared to a positive amount of 124 million euros at June 30, 2024. Average Net debt12 amounted to 28 million euros over the period. At end-June 2025, gross debt totaled 430 million euros, while cash and cash equivalents stood at 351 million euros. The liquidity available13 was 1,197 million euros. FIRST-HALF 2025 HIGHLIGHTS One year after announcing a major strategic pivot, Havas is delivering on its ambition to become an AI-driven organization, fueled by human ingenuity. The group has reaffirmed its commitment to invest €400 million by 2027 in data, technology, and artificial intelligence, a cornerstone of its global transformation. At the heart of this evolution is Havas' rebranded global strategy and operating system, which now fully integrates AI across the entire value chain, from targeting and analytics to planning, content personalization, and creative production. This first year has seen the successful deployment of a fully AI-enabled product suite, designed to enhance performance, agility, and relevance for clients. As Havas enters the second phase of its transformation, the focus shifts to scaling a human-led agentic ecosystem across the organization, where AI agents augment human expertise to deliver faster, more adaptive, and client-centric solutions. Acquisitions and partnerships During the period, the Group continued to pursue its strategy of bolt-on and targeted acquisitions. Havas acquired majority stakes in five agencies: CA sports (Spain), an agency specializing in sponsorship strategy and business development through sports, which joined Havas under Havas Play, the Group's sports and entertainment network dedicated to connecting brands to audiences through their passions; (Spain), an agency specializing in sponsorship strategy and business development through sports, which joined Havas under Havas Play, the Group's sports and entertainment network dedicated to connecting brands to audiences through their passions; Channel Bakers (United States), an award-winning e-commerce media agency and leader in retail media innovation, reinforcing Havas Market's global offering; the agency is an Amazon Ads advanced partner; (United States), an award-winning e-commerce media agency and leader in retail media innovation, reinforcing Havas Market's global offering; the agency is an Amazon Ads advanced partner; Don (Argentina), one of the most prominent, multi-award-winning creative agencies in Latin America, joined Havas Creative Network, strengthening Havas' global creative presence and reaffirming its longstanding commitment to investing in creativity; (Argentina), one of the most prominent, multi-award-winning creative agencies in Latin America, joined Havas Creative Network, strengthening Havas' global creative presence and reaffirming its longstanding commitment to investing in creativity; FMad (France), France's 2024 Healthcare Communications Independent Agency of the Year, highlighting Havas' strengthened commitment to merging creative excellence with industry expertise to confront the critical challenges in the health and wellness sector; (France), France's 2024 Healthcare Communications Independent Agency of the Year, highlighting Havas' strengthened commitment to merging creative excellence with industry expertise to confront the critical challenges in the health and wellness sector; Enverta Digital (Canada), a team of leading CRM and digital transformation specialists, enhancing Havas' customer experience operations across North America. Havas also pursued strategic partnerships with major players to strengthen its capabilities, accelerate innovation and help its clients address their specific business challenges. Among these, a key collaboration with Ostro, the pioneering AI-powered engagement platform designed for the life sciences industry, and the expansion of the partnership with YouGov, stand out as significant milestones. Key client wins in the first half of 2025 Havas is driving dynamic commercial momentum, delivering robust performance in both New Business and In-Business growth, as well as demonstrating the strength of its client partnerships. Havas Media Network First quarter 2025: Campos Coffee, Carl Buddig, Collegium Pharmaceutical, Dr. Theiss, Elizabeth Arden, Hourglass Cosmetics, Isdin, Liverpool, MagicBricks, PINSA, Rush Gaming. Second quarter 2025: CaixaBank, Cencosud, Generalitat de Catalunya, Lombard Odier, Olive Garden, Pennylane, PKO BP, Rahat Rooh, Realme, TIM. Havas Creative Network First quarter 2025: Asahi, Carl Buddig, Citeo, EDF, EPI COMPANY, Honor, Jacuzzi, Lidl, Nacional Monte de Piedad, Ocado, PKO Bank, RTX, TIM Brazil, Under Armour, Yili Milk Co., LTD. Second quarter 2025: American Residential Services, Google, Meta, Toyota. Havas Health Network First quarter 2025: Alnylam, Arrowhead Pharmaceuticals, GSK Benlysta, GSK Camlipixant, Merck Enlicitide, Merck Verquvo, Sanofi Alphamedix. Second quarter 2025: GSK Bepirovirsen. Cannes Lions awards Havas recorded a standout presence at the 2025 Cannes Lions, reinforcing its creative leadership on the global stage, with 39 Lions awarded to 15 agencies across the network. Havas was honored with two Grand Prix, one awarded to Havas Paris and Havas Events for their work on the Paris 2024 Olympics opening ceremony with Paname 24, and another to Havas Play for LVMH's 'The partnership that changed everything'. It is also worth highlighting that Havas India earned its first-ever Gold Lion for the impactful campaign 'Ink of Democracy', and the Group saw strong momentum in other regions, with five Lions each for Latin America and the United Kingdom. BETC once again demonstrated its creative influence, securing 13 Lions. SHARE BUYBACK PROGRAM On May 28, 2025, Havas announced the launch of its share buyback program. Duration: the Program started on June 2, 2025, and will last until the next annual Shareholders' Meeting, to be held in 2026. Maximum value allocated to the Program: €50,000,000. Maximum number of ordinary shares to be acquired as part of the Program: 99,181,149 Ordinary Shares (i.e., 10% of the Company's issued share capital as at the date of the Shareholders' Meeting held on May 28, 2025). Purpose of the Program: the ordinary shares repurchased may be used for reducing the Company's share capital; or short or long-term incentive for management or employees' share plans. From the beginning of the program, on June 2, 2025, until June 30, 2025, 2,603 thousand ordinary shares were bought back for an average price of €1.5028 per ordinary share. REVERSE SHARE SPLIT Today, Havas announces that it will be implementing the reverse share split, which was proposed and voted on during the Shareholders' Meeting held on May 28,2025. Pursuant to this reverse share split the number of ordinary shares in Havas NV, will be reduced by a 1:10 ratio, as each ten (10) outstanding ordinary shares of Havas NV will be consolidated into one (1) ordinary share. The amount of the share capital of Havas NV immediately before and after implementation of the reverse share split will remain unchanged because, the nominal amount of each share composing the share capital of Havas NV, after the implementation of the reverse split, will be 2 euros per share, compared with 0.2 euro per share before the reverse split. The implementation will be executed in fall 2025. Havas will announce further information regarding the precise calendar of this transaction in due time. OUTLOOK Thanks to the strength of its competitive positioning, strategic assets and talented teams to achieve its objectives, Havas approaches the second half of 2025 with confidence, while remaining cautious amid ongoing geopolitical tensions, trade pressures and political uncertainties. Havas confirms its guidance for fiscal year 2025, namely: Net revenue organic growth above 2.0% compared to 2024; Adjusted EBIT margin between 12.5% and 13.5%; Dividend payout ratio of around 40%. The Group also confirms its medium-term financial targets for fiscal year 2028: Adjusted EBIT margin between 14.0% and 15.0%; Dividend payout ratio of around 40%. ANALYST CONFERENCE CALL Speakers: Yannick Bolloré, Chief Executive Officer and Chairman, and François Laroze, Chief Financial Officer and Chief Operating Officer. Date: July 29, 2025, at 6:00 pm Paris time – 5:00 pm London time – 12:00 pm New York time. The conference call will be held in English. Audio webcast link and slides of the presentation will be available on the company's website FINANCIAL CALENDAR Upcoming financial publications: Third quarter 2025 revenue, October 14, 2025, after market close. *** About Havas Founded in 1835 in Paris, Havas is one of the world's largest global communications groups, with nearly 23,000 people operating in over 100 markets and sharing one mission: to make a meaningful difference to brands, businesses, and people. To meet the needs of its clients, Havas has developed a seamlessly integrated strategy and operating system, fusing all its global expertise, tools and capabilities, to create, produce, and distribute real-time, optimized, and personalized marketing solutions at scale. With inspired human ideas at the heart of this unique model, supercharged by the latest data, technology and AI, the teams work together with agility and in perfect synergy within Havas Villages to provide clients with tailor-made solutions that support them in their positive transformation. Havas is committed to building a diverse, inclusive, and equitable workplace, that prioritizes the well-being and professional development of its talents. Further information about Havas is available at IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND NON-IFRS FINANCIAL MEASURES This press release is published by Havas N.V. and may contain inside information within the meaning of Article 7(1) of Regulation (EU) No 596/2014, as amended. Certain statements contained herein may be forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause the Havas Group's actual results to differ materially from those expressed or implied in such forward-looking statements. Please refer to Section 7.2, 'Risk Factors' of the annual report of Havas N.V. for the year ended December 31, 2024, available on Havas N.V.'s corporate website for a description of certain important factors, risks and uncertainties that may affect the Havas Group's business and/or results of operations. Havas undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations. This press release refers to certain non-IFRS financial measures, or alternative performance measures, used by Havas in analyzing operating trends, financial performance and financial position of the Havas Group and providing investors with additional information considered useful and relevant regarding the results of the Havas Group. These alternative performance measures are not recognized measures under IFRS or any other generally accepted accounting standards, and they generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these alternative performance measures should be considered in isolation from, or as a substitute for, the financial statements and related notes prepared in accordance with IFRS. For a definition of these alternative performance measures and a reconciliation from such alternative performance measure to the relevant line item, subtotal or total presented in the financial statements, please refer to the financial glossary at the end of this press release and Note 7.2.2 to the unaudited condensed consolidated interim financial statements as of and for the six months ended June 30, 2025 included in the financial report of Havas N.V. for the six-month period ended June 30, 2025] The financial information included in this press release in respect of the six-month period ended June 30, 2025 has not been audited or reviewed by an external auditor. In addition, certain calculated figures (including data expressed in thousands or millions) and percentages presented in this press release have been rounded. Where applicable, the totals presented in this press release may slightly differ from the totals that would have been obtained by adding the exact amounts (not rounded) for these calculated figures. The financial information included in this press release in respect of the six-months period ended June 30, 2024 has been derived from the unaudited condensed consolidated interim financial statements of Havas S.A.S., prepared in accordance with IAS 34 'Interim Financial Reporting', as of and for the six months ended June 30, 2024 (the '2024 Unaudited Condensed Consolidated Interim Financial Statements'). The 2024 Unaudited Condensed Consolidated Interim Financial Statements, together with the Havas S.A.S.'s statutory auditors' limited review report thereon, are included in Section 18, 'Historical Financial Information' of the prospectus dated October 30, 2024, published in connection with the listing and admission of Havas N.V.'s shares to trading on the regulated market of Euronext in Amsterdam and available on the corporate website of Havas ( CONSOLIDATED FINANCIAL STATEMENTS Profit and loss Unaudited accounts In millions of euros Half Year 2024 Half Year 2025 Revenue 1,366 1,408 Costs rebilled to customers (58) (62) Net revenue 1,308 1,346 Other operating expenses and income (198) (211) Personnel costs (919) (934) Depreciation and amortization (56) (55) Performance shares (2) (2) Adjusted EBIT 133 144 Goodwill impairment / earn-out adjustments 3 (3) Restructuring (11) (7) Operating income 125 134 Net financial expense (4) (17) Income before Tax 121 118 Income taxes (48) (37) Net income 74 80 Non-controlling interests 3 6 Net income, Group share 71 74 Expand Balance sheet Assets Unaudited accounts In millions of euros Dec. 31, 2024 June 30, 2025 Non-current assets Goodwill 2,535 2,486 Intangible assets 49 48 Property and equipment 205 187 Rights-of-use assets 238 239 Equity Investments 3 4 Financial assets 40 43 Deferred tax assets 96 72 Other non-current financial assets 19 28 Total non-current assets 3,185 3,107 Current assets Inventories and work in progress 115 134 Customer receivables 2,726 2,532 Current tax receivables 70 64 Other receivables 337 439 Other current financial assets 9 11 Cash and cash equivalents 234 351 Total current assets 3,491 3,531 TOTAL ASSETS 6,676 6,638 Expand Equity and Liabilities Unaudited accounts In millions of euros Dec. 31, 2024 June 30, 2025 Shareholders' equity - Group share 1,881 1,725 Capital 198 198 Share premium account 3,246 3,167 Currency translation adjustments (8) (112) Treasury shares - (4) Other reserves and retained earnings (1,555) (1,524) Non-controlling interests 26 30 Total equity 1,907 1,755 Non-current liabilities Long-term borrowings 4 2 Lease liabilities over 1 year 223 223 Earn-out and non-controlling interest buy-out obligations 237 232 Other long-term provisions 108 98 Deferred tax liabilities 69 60 Other non-current liabilities 9 8 Total non-current liabilities 650 623 Current Liabilities Short-term borrowings 7 420 Lease liabilities under 1 year 77 72 Bank overdrafts 12 8 Earn-out and non-controlling interest buy-out obligations 32 90 Short-term provisions 63 45 Trade payables 2,692 2,330 Tax payables 24 23 Other payables 1,212 1,272 Total current liabilities 4,119 4,260 TOTAL LIABILITIES 6,676 6,638 Expand Cash Flow Statement Unaudited accounts In millions of euros June 30, 2024 June 30, 2025 Net income 74 80 Adjustments of non-cash items 77 82 Amortization, depreciation and provision 30 37 Current income taxes 30 25 Change in deferred taxes 18 12 Expenses related to performance shares - 2 Other non-cash transactions (3) 1 Finance costs 2 5 Tax paid (33) (38) Change in working capital (204) (183) Net cash provided by operating activities (86) (59) Intangible and tangible (13) (15) Payment for acquisition of subsidiaries, net of cash acquired (14) (16) Loans granted 1 (3) Interest received 11 11 Loan to Vivendi 116 - Divestitures - 3 Net cash used in investing activities 101 (20) Dividends paid to Havas shareholders and non-controlling interests (94) (84) Transactions in treasury shares - (4) Buy-out payments of non-controlling interests (62) (9) Transactions on borrowings 93 401 Repayment of lease borrowings (42) (40) Interests paid on lease liabilities (6) (5) Net cash used in financing activities (111) 259 Effect of exchange rate changes on net cash 8 (59) Net increase / (decrease) in cash and cash equivalents (96) 180 Cash and cash equivalents net at opening 322 222 Cash and cash equivalents net at closing 234 343 Expand FINANCIAL GLOSSARY Adjusted EBIT Adjusted EBIT represents net income excluding income taxes, interest, other financial income and expenses, goodwill impairment, earn-out adjustments and restructuring charges Adjusted EBIT margin Ratio in % of (Adjusted EBIT) / (Net Revenue) bps Basis points Capex Cash used for purchases of intangible and tangible assets Operating Cash Flow before working capital Net cash provided by operating activities, excluding changes in working capital and taxes paid, and including lease payments, as reported in the consolidated financial statements Dividend payout ratio Target proportion of net income attributable to the shareholders of Havas, the distribution of which would be proposed to the General Shareholders' Meeting of Havas. EBIT Operating income (EBIT – Earning Before Interest and taxes) including the impact of restructuring charges Foreign Exchange rate change Contribution of the foreign exchange effect (or currency effect) to total growth Like-for-like, Organic growth Growth achieved through internal business activities at constant currency and perimeter Liquidity available Position of cash and cash equivalents, adding available short-term undrawn credit lines (confirmed and non-confirmed) Margin Calculated as a percentage of Net revenue Net debt / Net cash Net debt = Long-term debt plus short-term debt, excluding lease liabilities, earn-out obligations and non-controlling interest buy-out obligations, minus cash and cash equivalents and amounts outstanding on loans to Vivendi SE. If Net debt is negative, then it is equivalent to Net cash Average Net Debt / Net Cash Average of the amount of net debt / net cash at the end of each month Net revenue Equal to revenues in accordance with IFRS 15 less costs rebilled to customers (consisting of pass-through costs rebilled to customers such as out of pockets costs and other third-party expenses) Scope change Contribution of perimeter variation (including M&A operations and divestments) to total growth Total Growth = YoY (Year-over-Year) Growth in net revenue over a specified period (including Organic growth, Scope change and FX change) / Year-over-year equivalent Expand Note on Operating Cash Flow before working capital: As from July 29, 2025, Havas will report its Operating Cash Flow before working capital, a non-IFRS measure defined in the above financial glossary ('OCF before WC'). This new figure will be provided going forward in addition to Free Cash Flow ('FCF' – defined as net cash provided by operating activities minus capital expenditures). Management believes OCF before WC provides more relevant information on Havas's underlying cash generation capacity compared to FCF, as OCF before WC does not take into account short-term, external or seasonal fluctuations in Havas's working capital requirements. In the first half of 2025, OCF before WC amounted to 117 million euros, up from 104 million euros in the first half of 2024. In the first half of 2025, Free Cash Flow stood at (73) million euros, compared to (99) million euros in the first half of 2024. 1 Net revenue, Adjusted EBIT and Adjusted EBIT margin are non-IFRS measures defined in the financial glossary appended to this press release. 2 Net revenue is a non-IFRS measure defined in the financial glossary appended to this press release. 3 Adjusted EBIT and Adjusted EBIT margin are non-IFRS measures defined in the financial glossary appended to this press release. 4 Net revenue is a non-IFRS measure defined in the financial glossary appended to this press release. 5 Organic growth is a non IFRS measure defined in the financial glossary appended to this press release. 6 Change in the scope of consolidation is defined in the financial glossary appended to this press release. 7 Foreign exchange rate impact is defined in the financial glossary appended to this press release. 8 Adjusted EBIT is a non-IFRS measure defined in the financial glossary appended to this press release. 9 Adjusted EBIT margin is a non-IFRS measure defined in the financial glossary appended to this press release. 10 Operating Cash flow before working capital is a non-IFRS measure defined in the financial glossary appended to this press release 11 Net cash / Net debt is a non-IFRS measure defined in the financial glossary appended to this press release. 12 Average Net debt is a non-IFRS measure defined in the financial glossary appended to this press release. 13 Liquidity available is defined in the financial glossary appended to this press release.
Business Wire
9 hours ago
- Business
- Business Wire
Veolia's Advanced Technologies Set New Standards for Large-Scale Water Reuse in Brazil
PARIS--(BUSINESS WIRE)--Regulatory News: Veolia (Paris:VIE), the global leader in water treatment technologies, has been selected to design and deliver Brazil's most advanced municipal wastewater reuse system for industrial applications. The new Águas de Reúso de Vitória Water Reclamation Station (Vitória WRS) marks a major milestone in the country's fight against water scarcity and sustainability ambitions. With a 450 liters per second (l/s) processing capacity — or 38,880 cubic meters per day (m 3 /d) — the system will recycle 85% of municipal wastewater from Vitória's Camburi basin. By redirecting reclaimed water to industrial users, the project frees up freshwater resources equivalent to the needs of nearly 200,000 people. This solution enables industries to increase their resilience through alternative water resources while preserving natural water supplies, transforming an underused waste stream into a valuable resource. As the first project of its kind in Brazil, Vitória WRS addresses the country's long-standing challenge with water reuse — currently representing less than 1% of total water consumption, according to the Brazilian Water Agency statistics (ANA). By setting a precedent for advanced, decentralized water reuse, it aims to pave the way for widespread adoption of sustainable water recycling solutions across Latin America. The project stems from Brazil's first public tender for water reuse. Led by Águas de Reúso de Vitória — a strategic partnership between GS INIMA and the Espírito Santo Sanitation Company (CESAN) — the station will provide a secure and sustainable water supply to major industrial players such as ArcelorMittal and Vale, both essential to the region's socio-economic development. Vitória WRS will be the world's first large-scale facility to convert a municipal wastewater treatment plant into a water reuse production station using membrane bioreactors and reverse osmosis. The facility will integrate Veolia's high-performance technologies for biological wastewater treatment intensification, including: memDENSE™ membrane bioreactor for ultra-compact biological treatment. ZeeWeed™ 500-EV ultrafiltration membranes for high-efficiency solids separation. PRO flex ™ high-recovery reverse osmosis for advanced contaminant removal. These combined technologies target key challenges such as biological phosphorus and nitrogen removal, delivering a cost-effective and reliable supply of high-quality water fit for industrial use while preserving natural freshwater sources. Estelle Brachlianoff, Chief Executive Officer of Veolia, added: ' This project sets a new benchmark for sustainability across Latin America. By leveraging our most advanced proprietary technologies, we're transforming challenges into opportunities and helping our partners achieve their goals while actively preserving water resources. As part of our GreenUp strategic program, we're committed to contributing to sustainable water management and are very pleased to bring our expertise to Brazil, expanding our strong presence in the country.' Paulo Roberto, president of GS INIMA in Brazil, commented: 'This pioneering project represents a significant step forward for Brazilian sanitation, combining innovative technologies with environmental stewardship. Incorporating Veolia's technologies into this Vitória project has resulted in a winning and competitive partnership, ensuring greater technical, economic and environmental feasibility. The project will enhance Brazilian sanitation with quality and operational excellence, expanding sustainable water solutions in the country. As the first water reuse subconcession catering to major industrial clients, it sets the bar and paves the way for a more sustainable future. ' ABOUT VEOLIA'S WATER TECHNOLOGIES As the world leader in water technologies and services, Veolia relies on its 17,500 water technology experts to deliver innovative solutions that drive both performance and sustainability, without compromise. With over 4,400 technology patents and serving more than 14,000 customers worldwide, Veolia's water technology activities generated 4.97 billion euros in revenue in 2024. These solutions are central to Veolia's GreenUp strategic plan, accelerating the ecological transformation of cities and industries while safeguarding resources for the future. ABOUT VEOLIA Veolia group aims to become the benchmark company for ecological transformation. Present on five continents with 215.000 employees, the Group designs and deploys useful, practical solutions for the management of water, waste and energy that are contributing to a radical turnaround of the current situation. Through its three complementary activities, Veolia helps to develop access to resources, to preserve available resources and to renew them. In 2024, the Veolia group provided 111 million inhabitants with drinking water and 98 million with sanitation, produced 42 million megawatt hours of energy and treated 65 million tonnes of waste. Veolia Environnement (Paris Euronext: VIE) achieved consolidated revenue of 44.7 billion euros in 2024.
Business Wire
a day ago
- Business
- Business Wire
Eurofins: Purchases of Own Shares From July 21st to July 24th 2025
LUXEMBOURG--(BUSINESS WIRE)--Regulatory News: Eurofins (Paris:ERF): Transaction details In accordance with Article 5(1)(b) of Regulation (EU) N° 596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on Eurofins Scientific SE website:
Business Wire
5 days ago
- Business
- Business Wire
Mercialys: Full Year Target Revised Upward
PARIS--(BUSINESS WIRE)--Regulatory News: Mercialys (Paris:MERY): Full year guidance revised upward with net recurrent earnings (NRE) expected in a range of Euro 1.24 to 1.27 per share. The target for a dividend of at least Euro 1.00 per share is confirmed. 2025 first-half NRE of Euro 61.6 million (+3.9%), with Euro 0.66 per share (+4.0%) Euro 174 million invested in two major real estate acquisitions, with an average yield of 9% Selective investments in assets improving the portfolio's overall quality and offering an attractive combination of immediate yields and value creation potential. Portfolio focused on France's leading retail areas Realignment around sites with formats that are continuously adapted to the retail sector's polarization and changes in the depth of the rental market, ensuring broad rental risk diversification. Unique ability to restructure sites to improve operational performance The transformation of food spaces at the Brest and Niort sites highlights the underlying rental value of Mercialys' assets and its expertise to continue building on robust operational performance levels by introducing new anchor retailers to consolidate the strong positions of its sites. Organic rental income growth up +2.7% +3.4% increase in footfall, with retailer sales up +1.7% 1, very high occupancy rate of 97.8% 2, a highly controlled level of occupancy cost ratio for retailers at 10.9% (excluding hypermarkets), and positive reversion of +2.6%. Continued turnaround in the portfolio value: +1.6% like-for-like and year-on-year Credit profile supporting the growth trajectory Financial structure, incorporating the resumption of investments, still very solid, with a loan to value ratio (LTV including transfer taxes) of 39.6% 3 and an ICR of 5.7x. I. High-quality portfolio further strengthened through high-return investments 1. Real estate fundamentals driving strong value creation The shopping center sector in France has solid fundamentals in place, built around a very limited pipeline of new space, which supports the value of existing sites (when located in 'prime' areas) in relation to both tenant retailers and investors, while physical retail continues to be very attractive for consumers. Mercialys' network of 34 strategic sites, which represent more than 95% of its total portfolio value, is perfectly configured to capitalize on the sector's strengths, thanks to the realignment and redevelopment work carried out. First of all, through its locations, centered around the most dynamic regional hubs across western France, along the Mediterranean coast and in the Center-East region, all characterized by growing populations and sustained purchasing power levels. Secondly, through its real estate characteristics. The vast majority of Mercialys' sites across its portfolio stand out from those of many listed peers thanks to their specific positioning, established midway between: - on the one hand, the complex structures and often substantial scale (200 stores or more) of urban Shopping Malls, - and on the other hand, the configuration of Retail Parks, with a less deep and more basic offering typically not including a food anchor, where the non-covered shopping experience is not heated or air-conditioned. Mercialys' sites, which could be defined as 'Shopping Parks', a hybrid between Shopping Malls and Retail Parks, all include a food anchor, free open-air parking for optimal accessibility, a partly enclosed (heated and air-conditioned) and partly open center, and a simple single-level real estate structure with low operating costs. Their diverse selection of 50 to 150 stores, significantly more than hypermarket service malls (usually around 20 stores), offers an adapted dimension with access to a wide range of the best retailers across all product categories. This hybrid model is built around 'right-sized' sites, within a rental market that is already highly consolidated, except in the textiles sector, where this consolidation trend is underway 4. This particularly strong positioning supports a structurally high occupancy rate over the long term, while ensuring critical mass with a sufficiently diverse product offering to attract recurring visitor flows within the catchment areas of the Company's assets. These real estate fundamentals are regularly strengthened through Mercialys' ability to transform spaces in hypermarkets and centers, making it possible to effectively adjust the stores with formats that are best positioned to enhance the performance and appeal of its various assets. Three restructuring operations launched in 2025 illustrate this expertise. On the one hand, the subdivision of the space previously occupied by a Géant Casino hypermarket in Brest into two large food stores, which will be operated by Leclerc and Grand Frais, and two mid-size units for a drugstore and toy store. On the other hand, the reallocation of space previously occupied by a Géant Casino hypermarket in Niort between a Lidl store and three new well-known retailers. Lastly, the restructuring of the older section of the Toulouse shopping center, with the installation of two key mid-size stores, including the home furnishings and decoration brand B&M, as well as a fitness center, which will further strengthen the sports and leisure dimension of this site, which was already deeply transformed with the expansion of its food court in 2021. Alongside this, Mercialys' rental strategy ensures a broad diversification of retailers in order to limit its exposure to the cyclical effects experienced by all retailers (food and non-food). Mercialys has set itself a target to ensure that no single retailer accounts for more than 3% of its rental income, and that its portfolio continues to be - as it currently is - anchored by a diverse range of mid-size units and large food stores. The attractive positioning of sites across the portfolio and the expertise built up by the teams enabled Mercialys to significantly strengthen its retail mix during the first half of 2025 by signing 118 renewal and remarketing leases (33% more than the same period the previous year), including some first leases with very attractive retailers such as Aroma-Zone, Biotech, The North Face and Le Paradis du Fruit. The solidity of this model is illustrated by the very satisfactory operational indicators recorded for the first half of 2025: - For the year to end-June 2025, footfall 5 at Mercialys shopping centers is up +3.4%, outperforming the Quantaflow national index by +240bp; - For the year to end-June 2025, retailer sales in the Company's shopping centers saw +1.7% growth, 50bp higher than the FACT national index +1.2% at end-May. In addition to the difference in the cumulative comparison period, it should be noted that this indicator is negatively impacted by an unfavorable calendar effect estimated at -0.5% over six months (leap year in 2024); - The occupancy cost ratio 6 (excluding food banners) came to 10.9%, a highly controlled level following a period of sustained indexation; - The current financial vacancy rate - which excludes strategic vacancies following decisions to facilitate the deployment of extension and redevelopment plans - came to 2.9% for the first half of 2025, stable compared with end-June 2024 (3.0%) and December 31, 2024 (2.9%). The total vacancy rate (current + strategic) across the 34 strategic sites (representing more than 95% of the total portfolio value) shows a very low level of 2.2%; - The reversion rate associated with renewals and relettings was +2.6% for the period. 2. Investments relaunched through highly accretive acquisitions Mercialys has resumed an active investment policy in 2025, with notably three operations representing a combined total of Euro 188 million and an average yield of close to 9%. They meet the Company's strict criteria: enabling Mercialys to improve the portfolio's overall quality and durability generating an immediate yield of over 7%, ensuring that the real estate fundamentals are aligned with Mercialys' geographic and format positioning, and offering value creation potential over the medium term. In March 2025, Mercialys acquired the remaining 70% stake in the investment management company ImocomPartners. In addition to the fees generated by the fund already under management (Euro 650 million, dedicated to retail parks), this investment management company aims to develop new vehicles that would be focused in priority on retail real estate. Mercialys could subscribe to such funds in order to benefit from additional investment opportunities, in compliance with the regulations preventing conflicts of interest. In June 2025, Mercialys acquired the Saint-Genis 2 shopping center, a leading site in western Lyon, with a catchment area of 700,000 inhabitants. This site meets Mercialys' requirements thanks to its size (90 stores and 10 restaurants spread over more than 18,000 sq.m), its excellent rental diversification, built around high-profile retailers, and its potential for optimizing the retail mix and the corresponding real estate formats. Lastly, in July 2025, Mercialys acquired the 49% stake that it did not previously hold in the company Hyperthetis, which owns 66,000 sq.m of rental space across five sites. This operation gives Mercialys full real estate control over these sites, which will be able to be restructured in line with the model applied for the operations carried out in Brest and Niort as described previously. II. Very positive trends for half-year results Good trend for organic growth 7, up +2.7% during the first half of 2025. However, invoiced rents are down -3.1% to Euro 88.5 million due to the prorata temporis impact of the asset sales completed, primarily in July 2024, while the acquisition of the Saint-Genis 2 shopping center in June 2025 did not yet have a significant positive effect during the first-half period. EBITDA came to Euro 72.7 million, down 4.4% from June 30, 2024. The EBITDA margin represents 82.0% (vs. 82.0% at December 31, 2024 and 83.1% at June 30, 2024). Net recurrent earnings (NRE) are up +3.9% from June 30, 2024 to Euro 61.6 million, with a +4.0% increase to Euro 0.66 per share 8. III. Continued turnaround in the portfolio value and healthy financial structure The portfolio value came to Euro 2,926.9 million including transfer taxes at end-June 2025, up +0.7% during the first half of the year on a like-for-like basis and +1.6% compared with the end of June 2024. The change in the portfolio value on a current basis during the first half of the year (+6.0%) primarily reflects the acquisition of the Saint-Genis 2 shopping center. The appraisal value excluding transfer taxes is up +0.3% like-for-like for the period and +1.0% over 12 months, with this change taking into account the increase in transfer duties, as well as the positive impact of rents (+1.7%), which offset a limited yield effect. The average appraisal yield rate was 6.79% at June 30, 2025, showing a limited increase of +14bp compared with end-December 2024 (6.65%). This trend reflects the impact, within the discounted cash flow methodology, of the experts' review of indexation levels on discount rates. This average yield rate shows a positive yield spread of nearly 350 bp compared with the risk-free rate (10-year OAT) at end-June. The EPRA net asset value indicators are as follows: The Euro -0.66 per share change in the NTA compared with end-2024 is linked primarily to the impacts of the dividend payment and the yield effect mentioned previously on the change in unrealized capital gains. Alongside this, Mercialys continues to benefit from a very solid financial structure, with an LTV ratio excluding transfer taxes 12 of 42.5% at June 30, 2025 (compared with 38.2% at December 31, 2024 and 40.0% at June 30, 2024) and an LTV ratio including transfer taxes of 39.6% (versus 35.7% at December 31, 2024 and 37.4% at June 30, 2024). These ratios do not include the lease financing for the Saint-Genis asset for Euro 71.4 million, with this item not recognized as net financial debt. Taking into account this item, the LTV represents 42.0% (including transfer taxes) and 45.1% (excluding transfer taxes). Note that the LTV at June 30, 2025 already included the commitment by Mercialys to acquire the 49% interest in the company Hyperthetis (operation carried out in July 2025) for a gross total of Euro 36 million 13. The ICR was 5.7x 14 at June 30, 2025, compared with 5.5x at December 31, 2024 and June 30, 2024. Mercialys optimized its financial structure during the first half of 2025 through a successful Euro 300 million bond issue with a 7-year maturity and 4.0% coupon. Specifically, this additional liquidity will help refinance the Euro 300 million bond issue due to mature in February 2026 (with the following drawn debt maturity not before November 2027, excluding Euro 42 million of commercial paper), while supporting the Company's investment policy. Alongside this, Mercialys has Euro 385 million of undrawn financial resources, enabling it to benefit from a very satisfactory level of liquidity. So far the maturity of 65% of these lines was extended in 2025. IV. Net recurrent earnings objective revised upward for 2025 On the back of a solid first half performance, Mercialys has raised its full-year guidance and now expects net recurrent earnings (NRE) in a range of Euro 1.24 to Euro 1.27 per share. The target for a dividend of at least Euro 1.00 per share is confirmed. * * * This press release is available on A presentation of these results is also available online, in the following section: Investors / News and Press Releases / Presentations and Investor Days About Mercialys Mercialys is one of France's leading real estate companies. It is specialized in the holding, management and transformation of retail spaces, anticipating consumer trends, on its own behalf and for third parties. At June 30, 2025, Mercialys had a real estate portfolio valued at Euro 2.9 billion (including transfer taxes). Its portfolio of 1,985 leases represents an annualized rental base of Euro 180.4 million. Mercialys has been listed on the stock market since October 12, 2005 (ticker: MERY) and has 'SIIC' real estate investment trust (REIT) tax status. Part of the SBF 120 and Euronext Paris Compartment A, it had 93,886,501 shares outstanding at June 30, 2025. IMPORTANT INFORMATION This press release contains certain forward-looking statements regarding future events, trends, projects or targets. These forward-looking statements are subject to identified and unidentified risks and uncertainties that could cause actual results to differ materially from the results anticipated in the forward-looking statements. Please refer to Mercialys' Universal Registration Document available at for the year ended December 31, 2024 for more details regarding certain factors, risks and uncertainties that could affect Mercialys' business. Mercialys makes no undertaking in any form to publish updates or adjustments to these forward-looking statements, nor to report new information, new future events or any other circumstances that might cause these statements to be revised. 1 Change including a negative calendar effect (29 days in February 2024) estimated at -0.5% 2 On the scope of the Company's 34 strategic sites (representing more than 95% of the total portfolio value) 3 This ratio does not include the lease financing for the Saint-Genis asset for Euro 71.4 million, with this item not recognized as net financial debt; including this item, the LTV (including transfer taxes) came to 42.0%. 4 In the EY/Parthenon study 'How to win the hearts of French consumers' (Comment gagner le cœur des français) from April 2025 – survey of more than 12,000 adults representing the overall population to measure the anchoring of retailers in the hearts of French consumers: nearly 30 personal items retailers are cited (versus an average of 11 in other consumer segments) with a 'fan' rate of 8.3% for the leading retailer (Zara), compared with an average 'fan' rate of 26% for leading brands in other segments. 5 Scope representing more than 80% of the value of the Company's shopping centers 6 Ratio between rent, charges (included marketing funds) and invoiced work (including tax) paid by retailers and their sales revenue (including tax), excluding large food stores 7 Assets enter the like-for-like scope used to calculate organic growth after being held for 12 months 8 Calculated based on the average undiluted number of shares (basic), i.e. 93,308,989 shares. 9 Following the March 2025 acquisition of the remaining 70% stake in the investment management company ImocomPartners, this entity was consolidated on an equity basis in 2024 and through to March 2025, then on a full consolidation basis. This change increased both personnel expenses and management income, while reducing the share of net income from associates and joint ventures. 10 Impact of hedging ineffectiveness, banking default risk, premiums, non-recurring amortization and costs relating to bond redemptions, proceeds and costs from unwinding hedging operations 11 Sites on a constant scope and a constant surface area basis 12 LTV (Loan To Value): net financial debt / (market value of the portfolio excluding transfer taxes + market value of investments in associates) 13 Amount not adjusted for dividend payments 14 ICR (Interest Coverage Ratio): EBITDA / net finance costs
