GL events: Revenue up 9% to €966M, but Exhibitions down 28%
The event management group delivered a semester in line with its trajectory, supported by the strength of its fundamentals and the successful integration of the Stade de France. With a revenue of €966M (up 12% at constant exchange rates) and a net group profit up 6% at €55.4M, GL events demonstrates its resilience. However, behind these positive aggregates, an increasing polarization appears: Live and Venues activities accelerate, while Exhibitions suffers from the effects of an unfavorable biennial cycle. This heterogeneity raises a central question: can the group's integrated model sustainably absorb this intra-division volatility, or does it pose a risk for the 2026 guidance?
Operational profitability slightly down despite 9% growth
In the first half of 2026, GL events recorded a revenue of €966.3M, up 9% year-on-year (12% at constant exchange rates). This growth continues the trend of previous years. EBITDA increased by 6% to €147.1M, but the corresponding margin contracted by 50 basis points to 15.2%. More significantly, current operating income only increased by 2% to €107M, while its operating margin fell by 60 basis points to 11.1%. This compression of operating margins occurs in a context where the group has absorbed unfavorable biennial effects in South America and France, and where the density of major international events (Milano-Cortina Olympic Games, Aichi Nagoya Asian Games) has mobilized its Live teams. The net group profit reached €55.4M (+6%), with a net earnings per share of €1.85 (+6%), confirming progress, but at a more measured pace than revenue growth.
Live and Venues boost growth while Exhibitions collapses
The divergence in the trajectories of the group's three business divisions becomes stark in the first half of 2026. GL events Live shows spectacular growth, with revenue of €544M (+19%), EBITDA up 42% at €68M, and an operating margin improving by 200 basis points to 7.9%. This momentum is supported by the major contributions of the Milano-Cortina Olympic and Paralympic Games and the Aichi Nagoya Asian Games, as well as a consolidation of Corporate and Sports activities. GL events Venues also continues on a positive trajectory with revenue up 15% at €298M, supported by the integration of the Stade de France (which hosted Six Nations Tournament matches, the French Cup Final, and major concerts) and the addition of 25 venues from the S.Pass network. Operating income increased by 22% to €44M. Conversely, GL events Exhibitions fell by 28% to €124M, its EBITDA dropped by 48% to €22M, and its operating income plunged by 51% to €20M. This contraction is explicitly attributed to an unfavorable biennial effect related to the absence of major fairs from H1 2025 (SIRHA, Expomin, Rio Book Fair). The division still demonstrates relative resilience, with growing performances in France and continued international deployment, but remains stifled by sectoral difficulties in China (construction, renovation, fashion) and the temporary absence of major events.
2026 guidance confirmed despite geopolitical instability
Despite a complex global environment and its presence in the Middle East, GL events fully maintains its 2026 guidance: revenue growth exceeding 8% at constant exchange rates and scope, growth in operating income, and a capex program of around €80M. This confidence is based on a financial structure that remains controlled: the group's net debt stands at €513M as of June 30, 2026, stable compared to June 30, 2025 (€518M), and the financial leverage ratio is at 1.9x, well below the contractual limit of 3.5x. The group has also engaged in an external growth operation, with the acquisition of 100% of MCO Congrès (a company based in Marseille, 30 employees, revenue ~€14M), specializing in the organization of medical scientific congresses and events. This acquisition, expected to be finalized by the end of July 2026, aims to strengthen the health vertical of the Exhibitions division. However, the challenge remains: this displayed confidence entirely depends on the ability of the Live and Venues divisions to maintain their pace in the second half, and the absence of new sectoral deteriorations in China. Any downward revision of the schedule of major events in H2 could force the group to revise its guidance.
