AI assistant
GL events — Earnings Release 2025
Jul 23, 2025
1368_iss_2025-07-23_670003ab-5696-4bdd-91ef-f72aff828be3.pdf
Earnings Release
Open in viewerOpens in your device viewer
GLOBE
PRESS RELEASE
LYON, 23 JUILLET 2025 - 18H00
GLEVENTS - WELCOME TO THE WORLD OF EVENTS
GL EVENTS REPORTS GROWTH OF 8% IN REVENUE AND 20% IN EBITDA IN H1 2025
GL EVENTS (FR0000066672, GLO), THE INTEGRATED EVENT INDUSTRY GROUP, ANNOUNCES ITS RESULTS FOR THE 2025 FIRST HALF
- Revenue: +8.3% to €889 million in H1 2025 (+9.5% at constant exchange rates[1])
- International markets accounted for 51% of total revenue
- EBITDA: +20% (15.7% as a percentage of revenue)
- Net profit attributable to Group shareholders: +33%
- Confirmation of FY 2025 targets
| In €m pre-IFRS 16 & IAS 29 | 30-06-2025 | 30-06-2024 | Change |
|---|---|---|---|
| Revenue | 889 | 821 | +8% |
| EBITDA (1) | 139 | 116 | +20% |
| EBITDA margin | 15.7% | 14.2% | +1.5pt |
| Current operating income | 104 | 81 | +29% |
| Current operating margin | 11.7% | 9.8% | +1.9pt |
| Net profit | 61 | 45 | +34% |
| Net profit attributable to shareholders (Group share) | 52 | 39 | +33% |
| Net margin | 5.9% | 4.8% | +1.1pt |
| EPS(1) in euros | 1.74 | 1.31 | +33% |
Olivier Ginon, Chairman-CEO of GL events Group, commented:
"GL events performed well in the first half, buoyed by its strong fundamentals, the relevance of its global strategy and the unwavering commitment of its employees around the world. Our financial performance highlights the benefits of combining the strengths of our complementary services and the robustness of our business model for achieving sustainable growth.
And by leveraging its powerful growth drivers, GL events has further strengthened its position. The increase in attendance and the satisfaction of participants at major events such as Expomin in Chile, the CACLP trade fair in China, Global Industrie, CFIA and Sirha Lyon is a testimony to the quality of our services, the professionalism of our staff and the power of our events in bringing people together. Internationally, our activities in Chile and Brazil are continuing to grow, while our delivery of services in Saudi Arabia and the signing of the contract for the Asian Games demonstrate the global reach of our expertise.
1 Definition provided at the end of the press release.
GANTEE
PRESS RELEASE
LYON, 23 JUILLET 2025 - 18H00
GLEVENTS - WELCOME TO THE WORLD OF EVENTS
We will maintain our momentum, accompanied by rigorous management and heightened vigilance in a complex global economic environment, and are confident in our ability to meet our targets for 2025, by pursuing a trajectory of sustainable and measured growth."
GL events reported revenue of €889m in H1 2025, an increase of $8\%$ (+9.5% at constant exchange rates $^{1}$ ), building on the momentum of 2024. In addition to favourable biennial effects, this performance was underpinned by the strength and complementarity of GL events' three business divisions, both in France and in each of the major international regions where the Group is developing. The Group has also been successful in finding new drivers of growth and profitability, in addition to the success of the services centred around the 2024 Olympic Games. At 30 June 2025, international activity accounted for $51\%$ of revenue, up from $36\%$ a year earlier.
Disciplined cost management and resource optimisation, combined with a favourable business mix and biennial effects contributed to a $29\%$ (€23m) increase in operating profit compared with H1 2024. This improvement in operating profitability, combined with a steady financial result, has led to a $33\%$ increase in net profit attributable to Group shareholders compared with H1 2024 (up €13m), to €52m at 30 June 2025.
Based on these factors, the Group looks forward with confidence to the second half of the year, and confirms its objectives for 2025 in terms of the creation of shareholder value.
REVENUE AND PROFITABILITY BY DIVISION
| GL events Live (€m) pre-IFRS 16 & IAS 29 | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| Revenue | 459 | 496 | -8% |
| EBITDA | 48 | 58 | -17% |
| EBITDA margin | 10.5% | 11.6% | -1.1pt |
| Current operating income | 27 | 35 | -22% |
| Current operating margin | 5.9% | 6.9% | -1.0pt |
GL EVENTS LIVE reported a robust activity after the Paris 2024 Olympic Games, with revenue of €459m, down $8\%$ compared to 30 June 2024. At the end of June 2025, total revenue from mega-events amounted to €136m, compared with €167m at the end of H1 2024. GL events Live has confirmed its position as the partner of choice for major events around the world. In H1 2025, GL events Live once again contributed to major events such as COP16 in the Middle East (dismantling and refurbishment, etc.), the Osaka World Expo (German, Serbian and European Union pavilions, etc.), the United Nations Ocean Conference in Nice and the Paris Air Show. The Group has also continued its expansion in the sports events sector by delivering services for the F1 Monaco Grand Prix, the Rolex Masters, the Saut Hermès, the Cincinnati Club World Cup and the 24 Hours of Le Mans.
EBITDA for the Live Division was down $17\%$ in H1, mainly in response to the lower contribution from mega events and reduced demand for certain activities such as structures and audio-visual services.
G L E V E N T S
PRESS RELEASE
LYON, 23 JUILLET 2025 - 18H00
GLEVENTS - WELCOME TO THE WORLD OF EVENTS
With an operating margin of 5.9%, the Live Division remained within its normative range of profitability in H1 2025. GL events Live keeps its fixed costs stable while maintaining its ability to deliver complex services which allows it to conserve a solid position with a view to H2 2025.
| GL events Exhibitions (€m) pre-IFRS 16 & IAS 29 | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| Revenue | 172 | 113 | 52% |
| EBITDA | 43 | 23 | 84% |
| EBITDA margin | 24.8% | 20.4% | 4.4 pts |
| Current operating income | 41 | 22 | 86% |
| Current operating margin | 24.0% | 19.5% | 4.4 pts |
GL EVENTS EXHIBITIONS reported strong growth of 52% in H1 2025, with revenue of €172m. This growth is mainly driven by a favourable biennial effect (ExpoMine, SIRHA, and the Rio International Book Fair), which accounted for €40 million, growth in other major trade exhibitions organized by the Group (Global Industrie, CFIA, etc.), and the beginning of a recovery in Première Vision trade shows. At the same time, the economic environment in China remains challenging, with notably weaker performances for the trade shows organised by the Group.
GL events Exhibitions' operating profit rose by 86% compared to last year's first-half, to €41m. This significant 4.4-point increase to 24.8% is mainly attributable to more pronounced seasonal effects in H1 and tight control of fixed costs (stable on a like-for-like basis). During this period, the division strengthened its healthcare vertical with the organisation of SantExpo, acquired a controlling interest (69%) in the Chinese exhibition of veterinary equipment for companion animals, and in July acquired B4 events, a medical congress organiser.
| GL events Venues (€m) pre-IFRS 16 & IAS 29 | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| Revenue | 258 | 211 | 23% |
| EBITDA | 49 | 35 | 38% |
| EBITDA margin | 18.9% | 16.8% | 2.1pt |
| Current operating income | 36 | 24 | 50% |
| Current operating margin | 14.0% | 11.4% | 2.6 pts |
GL EVENTS VENUES maintained its growth trajectory in H1 2025 with reported revenue of €258m, up 23% compared with 2024.
This performance was mainly driven by the vitality of regional sites in France, particularly in the Rhône-Alpes Auvergne region, which benefited from a favourable biennial effect and events hosted such as the Two-Wheeled Vehicles Fair and the CTCO exhibition. This regional momentum has helped offset the unfavourable biennial effect in Strasbourg and the post-Olympic Games downturn in Paris.
05 1973
PRESS RELEASE
LYON, 23 JUILLET 2025 - 18H00
GLEVENTS - WELCOME TO THE WORLD OF EVENTS
In Europe, momentum has been driven by the Benelux countries, with the World Forum, which hosted notably the NATO summit, and sustained activity in Hungary, with Construma & Agromash as the main events.
In South America, Brazilian destinations such as Salvador and São Paulo are experiencing strong growth reflecting the positive impact of the Anhembi site (under construction in H1 2024) and the integration of the Riesco events center in Santiago, Chile. In South Africa, Group teams benefited from preparatory meetings for the G20 summit to be held in Q4 2025.
GL events Venues' current operating income reached €36m in H1 2025, up 50% from the same period last year. This growth was mainly due to the strong commercial performance and cost controls, with an increase in fixed costs limited to 7%. The operating margin also improved by 2.6 points, from 11.4% to 14.0%. These positive results are encouraging for H2 2025, with an even stronger performance expected in South America.
Finally, following a tender procedure initiated in April 2023, the Group was awarded and signed the concession agreement for the management of the Stade de France, which will take effect on 5 August 2025. Since then, the operational teams have been working hard to ensure a smooth transition and the successful organisation of two concerts to be hosted on the 9th and 13th of August 2025.
DEBT STABILITY & IMPROVED FINANCIAL LEVERAGE
The Group's net debt remains stable at €518m, compared with December 31, 2024 (€517m) and down from June 30, 2024 (€560m). This debt level is the result of €128m in cash flow from operations, a disciplined investment programme amounting to €29m and a significant decrease in Net Source of Funds (negative WCR) of €45m, linked to the high business volume of the Exhibitions division in H1 2025. Furthermore, cash outflows relating to acquisitions and additional equity investments were limited to €17m in H1 2025. After taking into account financing costs (€14m), dividend payments (€5m) and negative foreign exchange effects (€20m), net debt amounted to €518m at 30 June 2025.
The Group's financial leverage ratio was 1.8, representing a marginal improvement in relation to 31 December 2024 (2.0) for a contractual limit of 3.5.
CONFIRMATION OF 2025 TARGETS
After achieving strong growth in 2024, GL events confirms its full year targets for FY 2025;
- Sales growth exceeding 5%;
- An improved operating margin;
- A CAPEX programme of around €80m.
Furthermore, with a view to finalising the external growth transactions announced in H1 2025, notably the acquisitions of ADD Group in Saudi Arabia and Fimalac Entertainment (subject to
GLOOM
PRESS RELEASE
LYON, 23 JUILLET 2025 - 18H00
GLEVENTS - WELCOME TO THE WORLD OF EVENTS
fulfilment of the customary conditions precedent), GL events is expecting its net debt to remain stable in 2025.
UPCOMING EVENTS
- Q3 2025 revenue: 15 October 2025
ABOUT GL EVENTS:
www.gl-events.com
About GL events: The Group is a world-class provider of integrated solutions and services for events operating across the three main market segments: conventions, conferences, congresses; cultural, sports and political events; trade shows / B2B and B2C exhibitions and consumer fairs. GL events' activities are organised into three major business divisions. GL events Live provides a complete range of services for corporate, institutional and sports events, and offers turnkey solutions from consulting and design to staging the event itself. GL events Exhibitions manages and coordinates the Group's portfolio of more than 200 proprietary trade fairs covering a wide range of sectors: food industry, culture, textiles/fashion, manufacturing... GL events Venues manages a network of 60 venues (convention and exhibition centres, concert halls and multi-purpose facilities) in France and international destinations.
Present on five continents with operations in more than 20 countries, GL events has 5,950 employees. GL events is listed on Euronext Paris, Compartment B (mid-caps).
INVESTOR RELATIONS
| GL events | FTI Consulting |
|---|---|
| Sylvain Bechet | Julien Durovray |
| Tel.: +33 (0)4 72 31 54 20 | Tel.: +33 (0)6 25 04 57 73 |
| [email protected] | [email protected] |
ISIN FR0000066672 - BLOOMBERG GLO FP - REFINITIV GLTN.PA - FTSE 581
LEI 9695002PXZMQNBPY2P44
GLOBE SAFETY INSTITUTE
PRESS RELEASE
LYON, 23 JUILLET 2025 - 18H00
GLEVENTS – WELCOME TO THE WORLD OF EVENTS
FINANCIAL STATEMENT HIGHLIGHTS
GL events' consolidated income statement
| €m | 30/06/2024 | 30/06/2025 | 30/06/2024 (Full IFRS) | 30/06/2025 (Full IFRS) |
|---|---|---|---|---|
| Revenue | 821 | 889 | 820 | 887 |
| Purchases and external charges | -517 | -550 | -487 | -515 |
| Personnel expenses and employee profit sharing | -182 | -191 | -182 | -190 |
| Taxes and similar payments | -10 | -10 | -10 | -10 |
| Other current operating income and expenses | 5 | 1 | 6 | 1 |
| EBITDA | 116 | 139 | 147 | 172 |
| EBITDA margin | 14.2% | 15.7% | 17.9% | 19.4% |
| Amortisation, depreciation and provisions | 35 | 35 | 59 | 60 |
| Current operating income | 81 | 104 | 88 | 112 |
| Current operating margin % | 9.8% | 11.7% | 10.7% | 12.6% |
| Other non-current income and expenses | -5 | -6 | -5 | -6 |
| Operating profit | 76 | 99 | 83 | 106 |
| Net financial income (expense) | -15 | -15 | -24 | -26 |
| Profit /(loss) before tax | 62 | 83 | 59 | 80 |
| Corporate income tax | -16 | -23 | -16 | -22 |
| Net profit / (loss) of consolidated companies | 45 | 61 | 43 | 58 |
| Income (loss) from equity-accounted investees | 0 | 0 | 0 | 0 |
| Net profit | 45 | 61 | 43 | 59 |
| Non-controlling interests | 6 | 9 | 6 | 8 |
| Net profit attributable to shareholders (Group share) | 39 | 52 | 37 | 50 |
| Earnings per share (€) | 1.31 | 1.74 | 1.25 | 1.68 |
G L E F
PRESS RELEASE
LYON, 23 JUILLET 2025 - 18H00
GLEVENTS - WELCOME TO THE WORLD OF EVENTS
GL events' consolidated balance sheet
| (€m) | 30/06/2025 | 31/12/2024 | 30/06/2025 Full IFRS | 31/12/2024 Full IFRS |
|---|---|---|---|---|
| Goodwill | 816 | 830 | 820 | 834 |
| Other intangible assets | 42 | 41 | 42 | 41 |
| IFRS 16 concessions and leases | 0 | 0 | 515 | 493 |
| Land and buildings | 343 | 344 | 343 | 344 |
| Other tangible fixed assets | 61 | 61 | 62 | 61 |
| Rental equipment assets | 156 | 169 | 156 | 169 |
| Financial assets | 61 | 59 | 61 | 59 |
| Equity-accounted investments | 3 | 3 | 3 | 3 |
| Deferred tax assets | 28 | 26 | 37 | 34 |
| NON-CURRENT ASSETS | 1,510 | 1,533 | 2,039 | 2,039 |
| Inventories & work in progress | 49 | 49 | 53 | 53 |
| Trade receivables | 276 | 215 | 276 | 215 |
| Other receivables | 245 | 282 | 245 | 282 |
| Cash and cash equivalents | 538 | 533 | 538 | 533 |
| CURRENT ASSETS | 1,108 | 1,080 | 1,112 | 1,083 |
| TOTAL | 2,619 | 2,613 | 3,151 | 3,122 |
| Share capital | 120 | 120 | 120 | 120 |
| Reserves and additional paid in capital | 556 | 507 | 543 | 498 |
| Translation adjustments | (268) | (231) | (268) | (231) |
| Net profit | 52 | 77 | 50 | 73 |
| Shareholders' equity attributable to the Group | 460 | 474 | 445 | 460 |
| Non-controlling interests | 139 | 150 | 136 | 147 |
| TOTAL SHAREHOLDERS' EQUITY | 599 | 624 | 581 | 607 |
| Provisions for retirement severance payments | 14 | 13 | 14 | 13 |
| Deferred tax liabilities | 12 | 11 | 12 | 11 |
| Financial debt | 743 | 802 | 743 | 802 |
| Non-current IFRS 16 debt on concessions and leases | 0 | 0 | 505 | 481 |
| NON-CURRENT LIABILITIES | 768 | 827 | 1,273 | 1,308 |
| Current provisions for contingencies and expenses | 18 | 20 | 18 | 20 |
| Current financial debt | 304 | 244 | 304 | 244 |
| Current IFRS 16 liabilities on concessions and leases | 0 | 0 | 44 | 43 |
| Current bank facilities and overdrafts | 9 | 3 | 9 | 3 |
| Advances and instalments | 167 | 56 | 167 | 56 |
| Trade payables | 337 | 337 | 337 | 337 |
| Tax and employee-related liabilities | 203 | 190 | 203 | 190 |
| Other liabilities | 214 | 312 | 216 | 313 |
| CURRENT LIABILITIES | 1,251 | 1,162 | 1,296 | 1,207 |
| TOTAL | 2,619 | 2,613 | 3,151 | 3,122 |
183
PRESS RELEASE
LYON, 23 JUILLET 2025 - 18H00
GLEVENTS - WELCOME TO THE WORLD OF EVENTS
GL events' consolidated cash flow statement
| (€m) | 30/06/2025 | 31/12/2024 | 30/06/2025 Full IFRS | 31/12/2024 Full IFRS |
|---|---|---|---|---|
| Cash and cash equivalents at the beginning of the year | 530 | 533 | 530 | 533 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net profit | 52 | 77 | 50 | 73 |
| Amortisation, depreciation and provisions | 34 | 70 | 34 | 70 |
| Other non-cash income and expenses | 3 | 1 | 6 | 7 |
| Gains and losses on disposals of fixed assets | 0 | (10) | 0 | (10) |
| Non-controlling interests in consolidated subsidiaries' net income | 9 | 10 | 8 | 9 |
| Share of income from equity affiliates | (0) | (0) | (0) | (0) |
| Cash flow | 98 | 148 | 99 | 150 |
| Cost of net financial debt | 14 | 31 | 24 | 50 |
| Tax expense (including deferred taxes) | 23 | 30 | 22 | 29 |
| Cash flow before net interest expense and tax | 135 | 209 | 145 | 229 |
| Income tax payments | (6) | (12) | (6) | (12) |
| Change in inventories | (1) | 9 | (1) | 9 |
| Change in trade receivables | (79) | 54 | (79) | 54 |
| Change in trade payables | 41 | (53) | 41 | (53) |
| Other changes | (6) | (27) | (6) | (27) |
| Change in working capital requirements | (45) | (17) | (45) | (17) |
| Net cash provided by (used in) operating activities (A) | 84 | 180 | 94 | 199 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Acquisition of intangible fixed assets | (5) | (5) | (5) | (5) |
| Acquisition of tangible assets and capitalised rental equipment | (24) | (130) | (24) | (130) |
| Disposals of tangible and intangible assets | 1 | 21 | 1 | 32 |
| Investment grants received | 0 | 0 | 0 | 0 |
| Acquisitions of financial assets | (2) | (5) | (2) | (5) |
| Disposal of investments and other non-current assets | 0 | 1 | 0 | 1 |
| Net cash flows from the acquisition and disposal of subsidiaries | (17) | (8) | (17) | (8) |
| Net cash provided by (used in) investing activities (B) | (47) | (127) | (47) | (127) |
| NET CASH FROM FINANCING ACTIVITIES | ||||
| Dividends paid to shareholders of the parent | 0 | (21) | 0 | (21) |
| Dividends paid to non-controlling shareholders of consolidated companies | (5) | (7) | (5) | (7) |
| Other changes in equity | 0 | (1) | 0 | (1) |
| Change in borrowings | 1 | 9 | 1 | 9 |
| Cost of net financial debt | (14) | (31) | (24) | (50) |
| Net cash provided by (used in) financing activities (C) | (18) | (50) | (29) | (70) |
| Effect of exchange rate fluctuations on cash (D) | (20) | (6) | (20) | (6) |
| Net change in cash & cash equivalents (A + B + C + D) | (1) | (3) | (1) | (3) |
| Cash and cash equivalents at year-end | 529 | 530 | 529 | 530 |
GLOBE SAFETY
PRESS RELEASE
LYON, 23 JUILLET 2025 - 18H00
GLEVENTS – WELCOME TO THE WORLD OF EVENTS
DEFINITIONS
Constant exchange rates: average exchange rate of N applied to the previous period (N-1)
Organic growth: growth in revenue excluding changes in the scope of consolidation
Constant structure
- For acquisitions of the period: by adding to revenue of prior periods the sales of the acquired company
- For disposals of the period: by subtracting from revenue of prior periods the sales of the company sold
LFL: like-for-like defined as at constant structure and exchange rates (see the definitions above for "constant structure" and "constant exchange rates")
EBITDA: (earnings before interest, taxes, depreciation and amortisation) or "gross operating profit" defined as current operating income + depreciation, amortisation and provisions
IFRS 16: restatement of leases, standard applicable as from 1 January 2019
- Measurement of leases in the balance sheet under assets (right-of-use assets), with the recognition of a corresponding debt under liabilities (lease liabilities)
- A portion of lease payments is recognised under operating expenses ("amortisation") and a portion under financial expense ("cost of debt")
- Covenants are determined excluding the application of this standard.
IAS 29: Financial Reporting in Hyperinflationary Economies for the Group, Turkey is included in the list of countries covered by this standard. In consequence, the accounts of the Group’s Turkish companies are henceforth translated at the closing rate and no longer at the average rate for the period.