JCDecaux reports mixed Q3 results as Olympics comparison weighs on growth

Paris-based outdoor advertising company JCDecaux SE reported third-quarter 2025 results on November 6 that reflected the challenging comparison base created by the 2024 Paris Olympic and Paralympic Games. Revenue decreased 2.3% to €926.1 million compared to €948.2 million in the same period of 2024, according to the company's business review.

Organic revenue declined 0.9% when excluding foreign exchange variations and perimeter changes. However, the company achieved underlying organic revenue growth of approximately 3% after accounting for the 410 basis point comparison impact from the 2024 Paris Olympics, Paralympics, and UEFA Euro events.

"Our Q3 revenue reached €926.1m, -2.3% in reported growth, -0.9% on an organic basis, slightly above our expectations despite a macroeconomic environment which remained challenging and uncertain," said Jean-François Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux.

Digital Out-of-Home advertising emerged as the primary growth driver. DOOH revenue increased 6.1% on a reported basis and 7.6% organically, now representing 41.8% of total company revenue. Programmatic revenue within the DOOH segment surged 12.3%, accounting for 10.8% of digital revenue.

The results underscore how major sporting events create distortions in year-over-year comparisons for outdoor advertising companies. JCDecaux benefited significantly from the 2024 Paris Olympics during the comparable quarter, with France delivering strong double-digit organic revenue growth at that time.

Geographic and segment performance reveals varied dynamics

Street Furniture, the company's largest division, posted revenue of €456.9 million, down 2.5% reported and 1.1% organically. North America grew double digits while Rest of World expanded high single digits. France decreased double digits due to the high comparison base including the Paris Olympics and significant non-advertising sales related to the automatic public toilet network contract in 2024.

Advertising revenue within Street Furniture, excluding equipment sales and maintenance, remained flat at 0.0% organic growth during the quarter.

Transport revenue decreased slightly to €345.5 million, down 0.4% reported but growing 1.7% organically. Rest of Europe, North America, and Rest of World each delivered double-digit revenue growth. France decreased double digits due to the Olympics comparison effect, while China experienced mid-single digit revenue decline.

Billboard operations generated €123.7 million, down 6.8% reported and 6.9% organically. The decline stemmed primarily from difficult comparison bases in France and the United Kingdom. Rest of World maintained high single-digit growth while Asia-Pacific grew low single digits, both being highly digitized regions according to the company.

Brussels Airport contract secures strategic foothold

JCDecaux Belgium secured the exclusive advertising concession for Brussels Airport following a competitive tender announced in July, according to the business review. Brussels Airport Company selected JCDecaux to install, manage, and market advertising displays inside, outside, and around the airport beginning January 1, 2026.

Brussels Airport processed 23.6 million passengers in 2024. The facility's proximity to European Union institutions including the European Parliament, European Commission, and Council of the European Union positions it as a high-value advertising environment.

The airport concession extends JCDecaux's transport advertising portfolio, which spans 157 airports and 257 contracts across metros, buses, trains, and tramways globally. The company operates 340,848 advertising panels within its transport division worldwide.

Share buyback and corporate transactions

Amar Family Office and JCDecaux SE purchased a combined block of 1.7 million shares in August at €14.75 per share, representing a 0.6% discount to the August 14, 2025 closing price. The transaction corresponded to 0.8% of JCDecaux's total capital.

Amar Family Office, through subsidiary Holgespar Luxembourg SA, acquired 873,491 shares representing 0.408% of company capital. JCDecaux SE repurchased 873,491 shares for €12.9 million, increasing treasury shares to 0.475% of capital, according to the announcement.

The buyback operates under authorization granted by the Annual General Meeting on May 14, 2025, permitting repurchases up to 10% of capital. The acquired shares will be allocated for distribution as performance shares under an existing long-term incentive plan or to partially finance future mergers and acquisitions.

Q4 outlook tempered by comparison effects and China weakness

JCDecaux expects Q4 organic revenue growth around flat, with advertising revenue anticipated to increase approximately 1%. The projection accounts for continued challenging macroeconomic conditions and strong comparables including significant non-advertising revenue from the Paris automatic public toilet network contract.

"As far as Q4 is concerned, in a still challenging macroeconomic environment, and taking into account our strong comparable, including significant non-advertising revenue related to the contract of the Paris automatic public toilet network and no improvement in trading expected in China, we now expect organic revenue growth to be around flat, including advertising revenue expected to be up around +1%," Decaux stated.

China represents approximately 10% of group revenue, down from 18% in 2019. The company has been implementing contract adjustments reflecting lower activity levels while increasing digitization efforts in the market. Digital now represents 30% of revenue in China, up from 21% in 2023, according to earlier 2024 results.

Digital transformation accelerates programmatic adoption

The programmatic DOOH expansion continues to reshape revenue composition for outdoor advertising companies. JCDecaux's 12.3% programmatic revenue growth in Q3 demonstrates advertiser demand for automated buying processes and data-driven targeting capabilities.

VIOOH, JCDecaux's supply-side platform for programmatic DOOH, has expanded partnerships globally throughout 2025. The platform now connects to 46 demand-side platforms across 24 countries, facilitating real-time bidding for outdoor advertising inventory.

The digital shift aligns with broader industry trends showing DOOH as the fastest-growing media segment. Research released in October 2025 indicated out-of-home advertising achieves $7.58 marginal ROI per incremental dollar invested, surpassing many saturated digital channels.

Currency fluctuations and perimeter effects

Foreign exchange movements created a positive €27.6 million impact on Q3 revenue. The Australian dollar contributed €11.1 million, Brazilian real €9.7 million, US dollar €6.2 million, and Chinese yuan €5.2 million to the currency benefit.

Perimeter changes resulted in a negative €14.1 million impact during the quarter. For the first nine months of 2025, perimeter effects totaled negative €37.6 million.

IFRS 11 accounting treatment, which requires equity method accounting for joint ventures, reduced reported IFRS revenue by €70.3 million in Q3. The company's alternative performance measures include proportional consolidation of joint ventures to reflect operational management reports used for resource allocation and performance measurement.

Market implications for outdoor advertising sector

The Q3 results highlight how major sporting events create measurement complexity for outdoor advertising companies operating in host cities. The 410 basis point impact from 2024 Olympics-related revenue demonstrates the magnitude of these temporary effects on year-over-year comparisons.

Geographic diversification provided resilience during the quarter. While France struggled against difficult comparisons, double-digit growth in North America across multiple business segments offset European weakness. The performance validates JCDecaux's strategy of maintaining presence across diverse markets with varying economic cycles.

Digital advertising's expansion to 41.8% of total revenue marks substantial progress in transforming traditional outdoor advertising infrastructure. The programmatic capabilities now represent 10.8% of DOOH revenue, providing automated buying processes that align outdoor advertising with digital advertising practices.

China's persistent weakness presents a strategic challenge. The market's continued decline from mid-single digits in Q3, combined with no anticipated improvement in Q4, suggests structural adjustments may extend beyond near-term macroeconomic factors. Contract renegotiations and increased digitization represent management's response to lower activity levels in the market.

Financial accounting methodology

Following IFRS 11 adoption from January 1, 2014, JCDecaux presents revenue as an alternative performance measure adjusted to include proportional share of companies under joint control. The company's segment reporting pursuant to IFRS 8 reflects internal management reports used to monitor activity, allocate resources, and measure performance.

For the first nine months of 2025, IFRS 11 impacts reduced IFRS revenue by €205.9 million compared to €217.1 million for the same period in 2024. This left IFRS revenue at €2,588.5 million versus €2,538.7 million year-over-year.

Organic growth calculations exclude foreign exchange impact and perimeter effects while converting current fiscal year revenue at prior year average exchange rates. The methodology accounts for perimeter variations on a pro rata temporis basis but includes revenue changes from new contract gains and losses of previously held contracts.

Timeline

• July 2025 – JCDecaux Belgium awarded Brussels Airport advertising concession beginning January 1, 2026
• August 2025 – Amar Family Office and JCDecaux SE purchased 1.7 million share block at €14.75 per share
• October 2024 – JCDecaux secured 20-year digital City Information Panel contract in Rio de Janeiro
• November 2024 – JCDecaux reported Q3 2024 revenue of €948.2M with 10.9% growth boosted by Paris Olympics
• March 2025 – JCDecaux reported 2024 annual revenue of €3,935.3M with 10.2% increase
• April 2025 – JCDecaux awarded 9-year city information panel contract in Rennes
• October 2025 – JCDecaux Norge AS renewed exclusive advertising contract with Bane NOR for Norwegian railway stations
• November 2025 – VIOOH announced programmatic partnership with RZK Digital expanding access to 800 digital screens across Brazilian bus terminals

Summary

Who: JCDecaux SE, the world's largest outdoor advertising company, headquartered in Paris and listed on Euronext Paris, reported financial results for the three months ended September 30, 2025. Jean-François Decaux, Chairman of the Executive Board and Co-CEO, provided commentary on the results.

What: JCDecaux reported third-quarter revenue of €926.1 million, representing a 2.3% reported decrease and 0.9% organic decline compared to Q3 2024. Digital Out-of-Home revenue increased 7.6% organically and now represents 41.8% of total revenue, with programmatic revenue growing 12.3% to account for 10.8% of DOOH. The company secured Brussels Airport advertising concession and completed a 1.7 million share repurchase transaction with Amar Family Office.

When: JCDecaux published the third-quarter business review on November 6, 2025, covering the three-month period ended September 30, 2025. The Brussels Airport contract was announced in July and begins January 1, 2026. The share repurchase occurred in August 2025 at €14.75 per share.

Where: Results reflect JCDecaux's global operations across more than 80 countries with 1,091,811 advertising panels worldwide in 3,894 cities with populations exceeding 10,000. Performance varied significantly by geography, with France declining double digits due to Olympics comparison effects while North America and Rest of World delivered double-digit growth across multiple segments. China continued experiencing mid-single digit revenue decline with no improvement expected.

Why: The quarter's performance matters for the marketing community because it demonstrates how major sporting events create significant measurement distortions in subsequent periods, with the 2024 Paris Olympics creating a 410 basis point negative comparison impact. The results validate the outdoor advertising industry's digital transformation, with DOOH becoming the fastest-growing media segment and programmatic capabilities enabling automated buying aligned with digital advertising practices. Geographic diversification proved essential for maintaining growth as different markets experienced varying economic conditions. The Q4 guidance for flat organic growth signals continued challenging conditions and suggests outdoor advertising remains sensitive to macroeconomic uncertainty and specific market weakness in China.