Core Insights - The company reported strong financial performance in 2025, achieving operating margin and free cash flow that exceeded 2026 targets, despite a challenging economic environment [1][5][6] - Organic revenue growth was recorded at +1.8%, with digital revenue being a significant growth driver, contributing to 41.7% of total revenue [2][12][14] Financial Performance - Total revenue for 2025 reached €3,967.1 million, reflecting a +0.8% reported growth and +1.8% organic growth [2][12] - Operating margin increased by +8.7% to €831.1 million, with a margin rate of 20.9%, up +150 basis points year-on-year [5][27] - Recurring EBIT rose by +18.6% to €376.7 million, while net income (excluding the APG|SGA share sale) increased by +22.8% to €262.6 million [2][5][37] - Free cash flow reached an all-time high of €342.9 million, marking a +47.9% increase year-on-year [2][39] Revenue Breakdown - Digital Out-of-Home (DOOH) revenue grew by +10.0% organically, with programmatic revenue increasing by +19.2%, representing 10.9% of digital revenue [4][15] - Revenue from Street Furniture grew by +1.9%, Transport by +3.3%, while Billboard revenue declined by -2.3% [16][22] - Geographic performance showed North America and Rest of the World as key growth drivers, with France experiencing a mid-single digit decline [23][25] Dividend and Future Outlook - The company proposed a dividend of €0.65 per share for 2025, an increase of +18.2% year-on-year, with intentions to gradually increase dividends in the future [6][44] - For Q1 2026, the company expects organic revenue growth to exceed +5%, supported by positive impacts from upcoming sporting events [7][52]