FRANCE. Lagardère Travel Retail today reported on its first-half performance to 30 June with revenue climbing +3.1% on a reported basis and +3.3% like-for-like to €2,978 million.
Profitability improved in the half, with the record recurring EBIT of €121 million, up +2.5%. This reflected “a solid business performance in North America, rigorous cost discipline and the effects of business streamlining in North Asia”, although this was countered by the situation in the Middle East and by unfavourable exchange rate fluctuations.
Revenue grew by +5.3% excluding North Asia (as streamlining of the network continues in China). The difference between reported and like-for-like figures was due to a €61 million negative currency effect, mainly attributable to the depreciation of the US Dollar and the UAE dirham. The positive scope effect was attributable to the first-time consolidation of the Duty Free business at Amsterdam Airport Schiphol in May 2025.
In France, revenue contracted by -4%, owing mainly to the indirect effects of the conflict in the Middle East on the two main Paris airports, works in several terminals at Paris Charles de Gaulle Airport and the closure of certain travel essentials stores and dining operations. The duty-free business advanced with upgrades to several stores at Nice Côte d’Azur airport.
The EMEA region (excluding France) advanced revenues by +4% (despite a -28% decline in the Middle East), lifted by robust performances in Romania, the UK, Italy, Germany, the Czech Republic and Spain with increasing passenger traffic, sales initiatives and network expansion.
The region was also supported by the ramp-up of duty-free operations in Albania launched last year. At the same time, Africa confirmed its development potential, noted the company, with growth of +28%, driven by the recent opening of points of sale in Cameroon and Rwanda.
In the Americas, revenue rose by +6%, driven by strong momentum in North America (up +5%). The region benefited from network expansion and strong sales momentum in the travel essentials and dining businesses, with air traffic remaining slightly above first-half 2025 levels, despite a slowdown in May and June 2026 following a hike in airfares and the bankruptcy of Spirit Airlines (which mainly affected operations at Fort Lauderdale and Detroit airports).
In South America, growth came in at +21%, supported by the opening of duty-free and dining outlets at Lima Jorge Chávez International Airport in Peru.
The Asia-Pacific region posted what the company hailed as “solid revenue growth” of +9%. The impact of restructuring of operations in Mainland China was largely offset by the takeover of duty-free activities at Auckland Airport on 1 July 2025.
Q2 2026 revenue for Lagardère Travel Retail hit €1,613 million, up +1.7% on a reported basis and up +2.2% like for like. The difference between reported and like-for-like figures was due to a €23 million negative currency effect, mainly attributable to the depreciation of the US Dollar and the UAE Dirham.
Recurring EBIT amounted to €121 million in first-half 2026, versus €118 million in first-half 2025, reflecting a solid business performance in North America, rigorous cost discipline and the effects of business streamlining in North Asia. These performances were nevertheless countered by the situation in the Middle East and by unfavourable exchange rate fluctuations. On a like-for-like basis, recurring EBIT came out €11 million higher year on year.
Lagardère Group revenue rose by +2% year-on-year on a reported basis to €4,436 million in the half, with recurring EBIT up +8% to €233 million. Group profit for the period reached €56 million, up +19%.
Lagardère Group highlighted the impact of the geopolitical situation in the Middle East and travel disruption. The group-wide direct financial exposure to this region is limited, noted the company, with revenue generated in the Middle East accounting for 2% of consolidated revenue in 2025 and 1% in first-half 2026.
Lagardère SA Chairman and Chief Executive Officer Arnaud Lagardère commented: “Lagardère Travel Retail maintained its growth momentum despite the impacts of the situation in the Middle East, buoyed by Europe and the Americas. Asia Pacific reported healthy growth following the takeover of the Auckland concession, which offset the impact of the completion of network streamlining operations in Mainland China.
“Lagardère Travel Retail continued to leverage the geographical diversification of its operations, the resilience of its business model and the agility of its teams to mitigate the direct and indirect impacts of the Middle East situation.”
Of the group performance, he added, “In the first half of 2026, the Lagardère group delivered solid results, testifying to the resilience of its businesses and the strength of its model despite the difficult geopolitical and macroeconomic context.
“All the Group’s businesses reported growth and contributed to a new record level of recurring EBIT at €233 million. Group cash flow generation came to €70 million, up +21% on first-half 2025. Thanks to its teams’ financial discipline, the group is continuing to deleverage, reducing its debt by more than €200 million over the last 12 months.” ✈
