Core Viewpoint - JCDecaux SE has announced a share buy-back program for up to 1.5 million shares, representing approximately 0.70% of its share capital, to be executed from November 20, 2025, to May 13, 2026 [1][2]. Group 1: Share Buy-Back Program - The share buy-back program is authorized by the Annual General Meeting held on May 14, 2025 [2]. - An investment-services provider has been appointed to facilitate the purchase of shares [2]. - The shares acquired will primarily be used to cover performance share allocations for current or future performance plans [3]. Group 2: Company Overview - JCDecaux reported a revenue of €3,935.3 million for 2024 and €1,868.3 million for H1 2025 [6]. - The company is the number one out-of-home media company globally, with a daily audience of 850 million people across more than 80 countries [6]. - JCDecaux operates 1,091,811 advertising panels worldwide and is present in 3,894 cities with populations exceeding 10,000 [6]. - The company employs 12,026 individuals and is listed on the Eurolist of Euronext Paris, being part of the SBF 120 and CAC Mid 60 indexes [6]. - JCDecaux has received various recognitions for its extra-financial performance, including an A rating from CDP and AAA from MSCI [6].

Clear Channel Outdoor FY Conference Summary Company Overview - **Company**: Clear Channel Outdoor (NYSE: CCO) - **Date of Conference**: November 18, 2025 Key Industry Insights - **Out-of-Home Advertising Trends**: There is collective optimism in the out-of-home advertising sector, driven by new inventory and significant contracts, particularly in New York [3][4] - **Sector Growth Drivers**: Key sectors contributing to growth include auto insurance, pharmaceuticals, and technology, with AI playing a larger role than anticipated [4][5] - **Market Position**: Clear Channel Outdoor is recognized for its mass reach in the media mix, which remains valuable to marketers despite the trend towards personalized advertising [5] Financial Performance and Projections - **Sales Composition**: Approximately 40% of sales are from permanent contracts, with positive negotiations expected for the upcoming year [8][9] - **Event-Driven Opportunities**: Anticipation of significant events like the FIFA World Cup and national celebrations is expected to drive advertising demand [10][11] - **Local vs National Advertising**: Local business remains consistent, with some pullback in retail and restaurants due to consumer uncertainty, but overall growth is expected [14][15] Market Specifics - **New York City Performance**: The MTA billboard contract is performing better than initial expectations, becoming cash flow positive in its first year [17][18] - **San Francisco Demand**: A positive supply-demand dynamic is leading to increased revenue, with higher demand resulting in stronger CPMs and better sell-through rates [19][20] - **Los Angeles Market**: LA is recovering from challenges, with a shift in advertising budgets towards other states like Florida and Texas due to changes in media production [22][23][25] Advertising Vertical Expansion - **Pharmaceutical Sector**: Growth in pharmaceutical advertising is significant, with multiple new partners engaging in dialogue, indicating a shift in spending patterns [28][29] - **Emerging Verticals**: Clear Channel Outdoor is focusing on expanding into alcoholic beverages, automotive, higher education, and travel advertising [30][31][32] Measurement and Data Insights - **Measurement Solutions**: Progress is being made on developing a modern measurement system to provide real-time data, which is crucial for attracting larger advertisers [39][40][41] - **Future Expectations**: The new measurement system is expected to be trialed in early 2026, with potential mainstream adoption by 2027, which could significantly enhance advertising effectiveness [40][43] Financial Outlook - **Revenue Growth Projections**: Expected top-line growth of 4-5% and bottom-line growth of 6-8% in the coming years, with a strong performance anticipated for the next year [52][54] - **Margin Targets**: The target for airport segment margins remains above 20%, despite upcoming contract renewals that may pressure margins [53][54] Strategic Initiatives - **Debt Management**: Clear Channel Outdoor is actively exploring creative solutions to improve its leverage profile, aiming for a balanced approach that benefits equity holders, creditors, and the business [56][57] This summary encapsulates the key points discussed during the Clear Channel Outdoor FY Conference, highlighting the company's performance, industry trends, and future outlook.

World Toilet Day: JCDecaux completes the roll-out of the World’s largest network of self-cleaning public toilets in Paris Paris, November 18th, 2025 – JCDecaux SE (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announces the full completion of the roll-out of the new generation of self-cleaning public toilets for the City of Paris, the world’s largest network of self-cleaning public toilets, following 18 months of mobilisation by JCDecaux teams. In 2022, JCDecaux – a global-lead ...

在户外广告产业迎来深刻变革的今天，程序化与数字化无疑是行业进化的核心引擎。作为中国地铁媒体领域的探索者，北京地 铁通成在2025年以技术赋能媒体价值，以创意重塑场景体验，推动地铁广告从"流量覆盖"向"场景价值"的升级转型。 北京地铁通成的核心经验在于"技术+场景+数据"的深度融合。依托全球领先的程序化数字户外媒体交易平台VIOOH，打通MAM 受众测量系统与LBS定位技术，实现"人群-时段-场景"的三重精准匹配。具体体现在两方面：一是建立"全链路数据闭环"，通过 客流大数据分析、实时投放监测与消费转化追踪，让广告效果可量化、可优化；二是场景价值重构，将地铁空间从"展示载 体"升级为"互动体验场所"，结合互动创意与媒体升级，实现品牌信息与乘客需求的即时响应。同时采用"保价保量"交易模式， 打消广告主预算顾虑，成为品牌核心媒体投放选择。 优秀案例发布 1.1664啤酒：晚高峰的精准触达战役 聚焦18-35岁年轻精英群体，通过程序化平台锁定覆盖高端商场、餐饮集中区的核心站点，在工作日18:00-20:00消费决策黄金时 段，高频轮播广告内容。借助LBS技术实现"站内种草+站外拔草"的短链路转化，依托地铁与餐饮终端的 ...

Financial Data and Key Metrics Changes - Consolidated revenue growth improved to 2.9% on an acquisition-adjusted basis, with Adjusted EBITDA for the quarter at $280.8 million, an increase of 3.5% from $271.2 million in 2024 [3][9] - Adjusted funds from operations totaled $226.5 million, up 2.6% from $220.7 million last year, with diluted AFFO per share increasing 2.3% to $2.20 [9][10] - Acquisition-adjusted operating expenses increased 3.7%, influenced by one-time severance costs and technology implementation expenses [8][9] Business Line Data and Key Metrics Changes - National and programmatic advertising grew by 5.5%, while local advertising grew by 1.6% [4][17] - Digital billing grew 5%, representing about 31% of total billboard billing, with same-store digital revenue increasing 3.4% quarter-over-quarter [5][9] - Categories of strength included services, healthcare, and financial, while beverages and real estate were weaker [4] Market Data and Key Metrics Changes - Billboard regions grew in the low single-digit range, led by the Atlantic and Northeast, which improved by 3.8% and 3.3%, respectively [8] - Airport advertising grew by 5.8%, and logos increased by 5.2% [8] - Political advertising in Q3 was $2.7 million compared to $6.1 million in the previous year, indicating a significant decline [16] Company Strategy and Development Direction - The company is optimistic about 2026, expecting political advertising to act as a tailwind and benefiting from the Verde acquisition [3][24] - The integration of Verde assets is progressing well, and the company plans to continue pursuing acquisitions in the middle-market airport space [6][48] - The company is undergoing an extensive enterprise conversion to leverage AI benefits by 2027, which is expected to enhance operational efficiency [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in finishing 2025 successfully and carrying momentum into 2026, with encouraging pacings for November and December [3][7] - The company noted that the local and regional sales have shown resilience, growing for the 18th consecutive quarter [10] - Management highlighted the importance of political advertising in shaping revenue expectations for 2026, especially compared to previous years [33] Other Important Information - The company raised a total of $1.1 billion through capital market transactions, improving its balance sheet and liquidity [11][12] - Total leverage remained at 3x net debt to EBITDA, with secured leverage below 1x [10][11] - A regular cash dividend of $1.55 per share is recommended for the fourth quarter, subject to board approval [15] Q&A Session Summary Question: Growth opportunities and M&A environment for 2026 - Management indicated strong growth drivers for 2026, including the momentum from acquisitions and political advertising as a tailwind [22][23] Question: Impact of AI on national growth - Management noted that AI will enhance operational efficiency and is expected to benefit the out-of-home advertising space [24] Question: Political advertising during midterm cycles - Management provided historical context on political advertising revenue, indicating a significant increase expected in 2026 compared to 2022 [33] Question: Demand for World Cup advertising in 2026 - Management expressed optimism about the World Cup's impact on advertising revenue, especially when combined with political advertising [37][38] Question: Distribution from Vistar Media - Management confirmed that the distribution will be all cash, anticipated to be around $0.25 per share [39][40] Question: National customer spending trends - Management highlighted positive momentum from national accounts and expressed confidence in the sustainability of this growth [45][46]

Financial Data and Key Metrics Changes - Consolidated revenue growth improved to 2.9% on an acquisition-adjusted basis, with adjusted EBITDA for the quarter at $280.8 million, an increase of 3.5% year-over-year [3][9] - Adjusted funds from operations (AFFO) totaled $226.5 million, up 2.6% from the previous year, with diluted AFFO per share increasing 2.3% to $2.20 [9][14] - Acquisition-adjusted operating expenses increased by 3.7%, influenced by one-time severance costs and technology implementation expenses [8][9] Business Line Data and Key Metrics Changes - National and programmatic advertising grew by 5.5%, while local advertising saw a growth of 1.6% [4][16] - Digital billing grew by 5%, representing about 31% of total billboard billing, with same-store digital revenue increasing by 3.4% [5][9] - The company closed 18 acquisitions for nearly $47 million in Q3, bringing the year-to-date cash spend to nearly $134 million [6][12] Market Data and Key Metrics Changes - Billboard regions experienced low single-digit growth, with the Atlantic and Northeast regions improving by 3.8% and 3.3%, respectively [8] - Airport advertising grew by 5.8%, and logos increased by 5.2%, outperforming the broader portfolio [8] - Political advertising revenue for Q3 was $2.7 million, significantly lower than $6.1 million in the same quarter last year [15] Company Strategy and Development Direction - The company is optimistic about 2026, expecting political advertising to act as a tailwind and anticipating stronger pacing from national buyers [3][22] - The integration of Verde assets is progressing well, and the company plans to continue pursuing acquisitions in the middle-market airport space [5][49] - The company aims to maintain a strong balance sheet, with an investment capacity exceeding $1 billion while keeping leverage below 4 times net debt to EBITDA [11][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in finishing 2025 successfully and carrying momentum into 2026, despite macroeconomic uncertainties [6][10] - The company noted that the auto insurance vertical is showing signs of recovery, with large customers returning to spend [33] - Management highlighted the potential benefits of AI in enhancing operational efficiency and advertising effectiveness in the future [23] Other Important Information - The company anticipates total capital expenditures of $180 million for the year, with maintenance CapEx budgeted at $60 million [10][14] - A regular cash dividend of $1.55 per share is recommended for Q4, subject to board approval, with an expected total dividend of $6.20 per share for the year [14] Q&A Session Summary Question: Growth opportunities and M&A environment for 2026 - Management indicated strong growth drivers for 2026, including the momentum from acquisitions and improved pacing from national buyers [20][21] Question: Impact of AI on national growth - Management noted that while AI benefits will be realized in 2027, it is expected to enhance advertising effectiveness [23] Question: Political advertising during midterm cycles - Management provided historical context on political advertising revenue, indicating a significant increase expected in 2026 compared to 2022 [32] Question: Demand for World Cup advertising in 2026 - Management expressed optimism about the World Cup's impact on advertising revenue, especially when combined with political advertising [38] Question: Distribution from Vistar Media - Management confirmed that the distribution will be all cash, anticipated to be around $0.25 per share [39] Question: National customer spending trends - Management highlighted positive conversations with national accounts and a better outlook for 2026 compared to the previous year [46][47]

Core Viewpoint - Zhaoxun Media has established a dual-driven communication system leveraging high-speed rail stations and urban business districts, aiming to enhance social value dissemination through its advertising network [1][2] Financial Performance - In the first three quarters, Zhaoxun Media achieved approximately 440 million yuan in revenue and a net profit attributable to shareholders of 33.44 million yuan [1] Business Model and Strategy - The company has partnered with 18 railway bureau groups, covering 30 provincial administrative regions, with a digital screen count and market share that continues to lead, reaching over 2 billion passenger flows annually [1] - Zhaoxun Media focuses on high-end commercial entities in first-tier and new first-tier cities, complementing its high-speed rail scene strategy to effectively reach high-frequency consumer groups [1] Technological Integration - The company is exploring the integration of emerging technologies such as naked-eye 3D and AI into its advertising business, enhancing visual impact and consumer engagement [2][3] - Zhaoxun Media plans to promote the fusion of digital media and public welfare, actively incorporating cutting-edge technologies like 5G and AI to improve the efficiency and interactivity of its public welfare content [2] Industry Trends - Outdoor advertising companies are advised to keep pace with technological trends by deploying new devices like high-definition interactive screens and utilizing big data analytics for precise advertising [2][3] - The rapid iteration of technology necessitates that companies leverage AI for dynamic creative generation and user behavior prediction to optimize advertising strategies [3]

Core Viewpoint - The company "Yangyuan Beverage" announced a capital increase of 1 billion yuan for its subsidiary "Wenming Qianhong Investment," raising the total scale of the private equity fund from 3 billion yuan to 4 billion yuan, with the company holding a 99.925% stake in the fund [1][2]. Group 1: Investment Activities - The capital increase will be used for investments in other projects, with no additional investments planned for currently invested projects [1]. - "Wenming Qianhong Investment" has already invested in seven companies, including 1 billion yuan in "Chongqing Ziguang Huazhi Technology," 8 billion yuan in "Ruipu Lanjun Energy," and 16 billion yuan in "Changjiang Storage" [1]. Group 2: Strategic Developments - "Wenming Qianhong Investment" is currently involved in a merger with another outdoor advertising company, "Fenzhong Media," with a valuation of 8.3 billion yuan [2]. - "Changjiang Storage," the parent company of "Changjiang Storage Technology," completed its shareholding reform, indicating a significant strategic development in the semiconductor sector [2].

Group 1 - The core idea of the articles is that multiple local governments in South Korea are constructing high-tech media zones modeled after New York City's Times Square to boost tourism and regional economies [1][2] - South Korea's outdoor advertising expenditure is projected to increase from $440 million in 2020 to $710 million in 2023, driven by relaxed regulations on outdoor advertising [1] - The initiative began in 2016 in Seoul's Gangnam District, which designated "free outdoor advertising zones" to break policy restrictions, and has since expanded to other areas including Gwanghwamun Square and Haeundae in Busan [1][2] Group 2 - Seoul has established a significant presence in this initiative, with Gangnam District featuring 19 large LED screens to create the "Gangnam Eye" landmark space [2] - The Myeongdong area has a giant screen of 1,292 square meters, attracting over one million visitors during last Christmas [2] - Haeundae Square serves as the first non-capital area designated for free advertising, functioning as a public platform for cultural performances and safety information, with plans for additional multimedia installations [2] Group 3 - Experts have raised concerns about the potential negative impacts of concentrated digital advertising, including effects on public space comfort and residents' quality of life [2] - While large enterprises can benefit from long-term operational rights through investment in advertising, small businesses may face competitive disadvantages [2] - The lack of local cultural elements in the advertising landscape may lead to a homogenization of urban aesthetics, undermining the unique cultural identity of different cities [2]

Core Insights - The outdoor advertising industry is undergoing a transformation, moving from traditional static ads to interactive and data-driven marketing solutions, which are proving effective in engaging consumers and driving sales [1][6][10] Group 1: Technological Transformation - The shift in outdoor advertising is characterized by a move from "one-way communication" to "two-way interaction," enhancing consumer engagement through technology [3][4] - Successful case studies demonstrate that interactive technologies, such as AR and QR codes, significantly increase consumer participation and conversion rates [3][4][6] - Real-time content adjustment based on environmental factors, such as weather, can enhance ad effectiveness, with click-through rates increasing by 2.3 times [4] Group 2: Data-Driven Strategies - The use of data analytics in outdoor advertising allows for precise targeting, making it more effective than many online channels [6][8] - The SCS model enables advertisers to lock in specific consumer segments and create tailored media strategies that yield measurable results, such as a 21% increase in monthly revenue for a local brand [6][7] - Key performance indicators now focus on metrics like scan rates and in-store visits, rather than just exposure, leading to a 58% improvement in overall ROI [8] Group 3: Value Creation - Outdoor advertising is no longer viewed as a supplementary option but as a critical component of integrated marketing strategies, bridging online and offline efforts [9][10] - Successful campaigns demonstrate that outdoor ads can effectively convert online engagement into in-store actions, with some brands seeing a 70% increase in trial participation [9][10] - The focus is shifting towards creating emotional connections and immediate demand triggers, enhancing the relevance of outdoor advertising in consumers' daily lives [11] Group 4: Overcoming Challenges - The industry faces challenges such as high costs and client skepticism, but these can be addressed through innovative models like SCS and P-CSMG, which emphasize measurable outcomes and risk-sharing agreements [13][15] - Training sales teams to adopt a consultative approach can significantly improve client relationships and conversion rates, with reported increases of 35% in sales effectiveness [15][16] Group 5: Future Outlook - The future of outdoor advertising lies in its ability to serve as a "physical showcase" for brands, aligning with broader human aspirations and societal values [18][20] - The integration of the five theoretical models proposed by industry experts provides a comprehensive framework for brands to navigate the evolving landscape of outdoor advertising [20][27]