JCDecaux (JCDX.PA): European Communacopia Conference — Key Takeaways

Goldman Sachs hosted investor meetings with JCDecaux Co-CEO Jean-François Decaux at its European Communacopia Conference. Management struck a confident tone on Q3 trading momentum, reiterating guidance for 5% group organic growth: France accelerated towards the group average, the Middle East continued to improve and US momentum rose to >20%, partly offset by a more challenging environment in Germany, while trends in most other key markets (UK, China, Australia, Brazil) were broadly stable sequentially. Recent contract wins (Barcelona, Stockholm, Denver, Carmila) are expected to provide a ~1-2% tailwind in Q3, with upcoming tenders skewing towards new contract wins that could support 2028. Management sees a significant long-term opportunity in programmatic trading, with Brazil now JCDecaux's most digitally penetrated market (83% of 1H26 revenues);