Lagardère: accelerated growth of 2.4% in third quarter, driven by Travel Retail
Lagardère published on October 15, 2026 revenue of 2,633 million euros for the third quarter, up 2.4% on a comparable basis. According to its chief executive officer, Arnaud Lagardère, the growth pace accelerated compared to the 1.8% recorded in the previous quarter.
Over the first nine months of 2026, revenues reached 7,069 million euros, up 2.6% on a constant scope and exchange basis and 2.5% on a reported basis. The group's three divisions contributed to this cumulative growth.
The acceleration is primarily driven by Lagardère Travel Retail, the group's leading business, which grew 3.3% over the quarter and nine months. This increase occurs as network restructuring in China continues to weigh on Asia-Pacific, and in a context that the executive describes as challenging on geopolitical and macroeconomic fronts.
Travel Retail up 3.3%, Publishing advances 0.9%
Lagardère Travel Retail recorded 1,756 million euros in revenue in the third quarter, up 3.6% on a reported basis and 3.3% on a comparable basis. Excluding North Asia, growth reached 4.6% for the quarter and 5.1% over nine months. The group reported record revenues during the summer season.
Lagardère Publishing recorded 836 million euros in the third quarter, up 3.1% on a reported basis and 0.9% on a comparable basis. Over nine months, the division totaled 2,179 million euros, advancing 1.1% on a constant scope and exchange basis.
Lagardère Live posted 41 million euros for the quarter, compared to 42 million a year earlier, a decline of 3.2% on a comparable basis. Over nine months, its revenues stood at 156 million euros, compared to 157 million, up 1.4% on a comparable basis. The division was hurt by a decline in the radio advertising market.
Growth driven by Europe and North America
The geographic composition of Travel Retail's growth is mixed. The EMEA zone excluding France grew 6%, driven notably by Albania, Romania, the United Kingdom, Italy and Spain, as well as by new store openings in Germany. The Americas gained 4%, despite slowdown in air traffic in North America, and France 1%.
Conversely, Asia-Pacific declined 22%, with a 59% drop in North Asia related to activity rationalization and store closures in mainland China, which are expected to be completed by end 2026. The Middle East declined 15%, but represents only 2% of Travel Retail revenues in the third quarter.
In Publishing, growth came from international markets: a 4% increase in the United Kingdom and United States, 3% in Spain and Latin America, and 1% for Fascicules. France declined 4%, following 10% growth in the third quarter of 2025, and Board games fell 4%, after an 18% increase a year earlier.
Exchange effects worked in opposite directions depending on the periods: negative effect of 90 million euros over nine months, largely offset by a positive scope effect of 81 million, and positive effect of 10 million euros for the third quarter alone.
A 500 million euro bond issuance to extend debt maturity
Beyond operations, the group placed on September 9, 2026 a 500 million euro bond issuance with a six-year maturity, carrying an annual coupon of 5.25% and maturing in September 2032. The proceeds are intended for partial repayment of a banking facility put in place during the June 2024 refinancing as well as for repayment of part of the Vivendi loan.
In August 2026, Hachette Australia finalized the acquisition of Smith Street Books, an Australian publisher of illustrated books and gift products. Hachette Livre also announced the appointment of David Shelley as global adviser to its chief executive officer effective January 1, 2027.
During its semi-annual publication of July 28, 2026, the group already cited the effects of the situation in the Middle East among its risks. It recalls that this region represented 2% of its consolidated revenue in 2025, direct exposure it considers limited. Before publication, analysts anticipated annual revenue of 9.58 billion euros, compared to 9,353 million euros achieved in 2025.
The group states it is continuing its capital allocation policy, with regular returns to shareholders and targeted investments. 2026 annual results are expected on February 25, 2027, after market close. The 500 million euro issuance maturing in 2032 should allow Lagardère to extend the average maturity of its debt.
