FRANCE. Lagardère Travel Retail revenue climbed +5.1% year-on-year (+4% like-for-like) in the first half of 2025 to €2,887 million, with all regions except for North Asia contributing.
The difference between reported and like-for-like revenue is attributable to the consolidation of the duty-free business at Amsterdam Airport Schiphol. The net currency effect over the period was nil. Excluding North Asia and the impact of the leap year in 2024, revenue grew +7% on a reported basis and +6% like-for-like.
In France, revenue rose +5%, while the EMEA region (excluding France) advanced +8%, with solid growth in the UK, Spain, Italy and Poland thanks to network expansion, new concepts and increased passenger traffic. Like-for-like growth data excludes the contribution of the new Amsterdam duty-free partnership from 1 May, which has been accounted for as a change in the scope of consolidation. Africa revenue climbed +16% over the period.
In the Americas, revenue advanced +2%. In North America (up +1%), business held up well in less active months, thanks to “dynamic travel essentials and dining activities”, despite a slight decline in air passenger traffic over the period (-1%). South America posted +27% revenue growth driven by the recovery of tourism in Peru and the opening of the new terminal at Lima Jorge Chávez International Airport, as well as the opening of new points-of-sale in Chile.
The Asia Pacific region posted a sharp decline of -24%, and was hit hard by North Asia (down -28%) due to the streamlining of the business and store closures.
Lagardère Travel Retail reported €118 million in recurring EBIT, an improvement of €9 million on a year earlier, reflecting “a solid business performance, rigorous cost discipline and the effects of the business streamlining in North Asia”.
Recurring EBIT for the first half also included residual one-off government support measures in the USA in connection with the pandemic. The recurring EBIT margin rose to 4.1%, reflecting the seasonal nature of the business.
For Lagardère Group, consolidated revenue for the half hit €4,351 million, up +3.8% year-on-year. Group recurring EBIT rose +5.8% to reach a record high of €225 million.
After deducting minority interests, group share of profit amounted to €24 million, compared with a loss of €20 million in the first half of 2024.
Lagardère Chairman and Chief Executive Officer Arnaud Lagardère said, “In the first half of 2025, the Lagardère group posted solid growth. All the group’s businesses contributed to generating a new all-time high recurring EBIT of €225 million.
“Lagardère Travel Retail saw sustained revenue growth and record recurring EBIT. The Group is continuing to reduce its debt, backed once again by very strong cash generation in the first half.” ✈
