Today Duty Free at Amsterdam Airport Schiphol.

Lagardère Travel Retail achieved revenue growth of 3.3% (like-for-like) to €2,978 million (approx. US$3,459m) in H1 2026, despite the impact of the situation in the Middle East, buoyed by Europe and the Americas.

Asia Pacific reported healthy growth following the takeover of the Auckland concession, which offset the impact of the completion of network streamlining operations in mainland China, according to the company.

Furthermore, Lagardère Travel Retail states it continued to leverage the ‘geographical diversification of its operations, the resilience of its business model and the agility of its teams’ to mitigate the direct and indirect impacts of the Middle East situation.

The release of the H1 financials from Lagardère SA show solid first-half results for the group overall (encompassing Lagardère Publishing, Lagardère Travel Retail and Lagardère Live), with first-half 2026 revenue totalling €4,436 million, up 2% as reported and 2.7% on a like-for-like (LFL) basis, with all the businesses contributing to the growth effort.

The group’s second-quarter 2026 revenue came in at €2,399 million, up 1.1% versus the same period in 2025. On a LFL basis, revenue was up 1.8%, driven by all businesses.

The difference between reported and LFL figures was principally attributable to a €100 million negative currency effect, mainly reflecting the depreciation of the US dollar, the pound sterling and the UAE dirham against the euro, states the company.

The €68 million positive scope effect was attributable to  the first-time consolidation at Lagardère Travel Retail of the duty-free business at Amsterdam Airport Schiphol in May 2025, as well as the acquisition by Lagardère Publishing of 999 Games in April 2025.

Second-quarter 2026 revenue for Lagardère.

“In the first half of 2026, the Lagardère group delivered solid results, testifying to the resilience of its businesses and the strength of its model despite the difficult geopolitical and macroeconomic context,” said Chairman and Chief Executive Officer Arnaud Lagardère.

“All the Group’s businesses reported growth and contributed to a new record level of recurring EBIT at €233 million. Group cash flow generation (CFFO) came to €70 million, up 21% on first-half 2025. Thanks to its teams’ financial discipline, the Group is continuing to deleverage, reducing its debt by more than €200 million over the last 12 months.”

EMEA travel retail business resilient despite 28% decline in the Middle East

Zooming in on Lagardère Travel Retail’s first-half 2026 revenue shows that growth hit 3.1% on a reported basis. Overall, revenue grew by 5.3% excluding North Asia (impacted by streamlining of the network in China).

The difference between reported and like-for-like figures (3.1% vs. 3.3%) was due to a €61 million negative currency effect which, as already mentioned above, was mainly attributable to the depreciation of the US dollar and the UAE dirham, with the positive scope effect attributable to the first-time consolidation of the duty-free business at Amsterdam Airport Schiphol in May 2025.

In France, revenue contracted by 4%, which Lagardère says is owing mainly to the indirect effects of the conflict in the Middle East on the Paris airports, ongoing works in several terminals at Roissy-CDG airport, and the closure of certain travel essentials stores and dining operations. The duty-free business advanced on the back of upgrades to several stores at Nice Côte d’Azur airport.

The EMEA region (excluding France) advanced by 4% (despite a 28% decline in the Middle East), lifted by ongoing robust performances in Romania, the UK, Italy, Germany, the Czech Republic and Spain on the back of an increase in passenger traffic, sales initiatives and network expansion. The region was also supported by the ramp-up of duty-free operations in Albania launched last year. At the same time, Africa confirmed its development potential, with growth of 28%, driven by the recent opening of points of sale in Cameroon and Rwanda.

June 2025 saw the opening of duty-free, duty-paid and dining stores and restaurants in the new Lima Airport terminal in Peru.

In the Americas, revenue rose by 6%, driven by strong momentum in North America (up 5%). ‘The region benefited from network expansion and strong sales momentum in the travel essentials and dining businesses, with air traffic remaining slightly above first-half 2025 levels, despite a slowdown in May and June 2026 following a hike in airfares and the bankruptcy of Spirit Airlines (which mainly affected operations at Fort Lauderdale and Detroit airports),’ stated Lagardère. In South America, growth came out at 21%, supported by the opening of duty-free and dining operations at Lima’s new airport in Peru.

Navigating consumer sentiment, a leadership transition & key business wins

Among the significant events flagged by the company during the period include the impacts of the geopolitical situation in the Middle East.

Lagardère points out that the Group’s direct financial exposure to this region is limited, with revenue generated in the Middle East accounting for 2% of consolidated revenue in 2025 and 1% in first-half 2026.

However, the company does note that the six months to 30 June 2026 were indirectly affected by the impact of the conflict that is weighing on global consumer demand.

‘The Group remains vigilant as to the direct and indirect effects (especially as regards the impact on air passenger traffic, the risks of inflation, including energy costs, and supply shortages) that this situation could have on its activities throughout 2026,’ it states.

Frédéric Chevalier succeeded Dag Rasmussen as CEO of Lagardère Travel Retail on 1 March.

Changes in governance at Lagardère Travel Retail also took place during the period, with Frédéric Chevalier succeeding Dag Rasmussen as CEO on 1 March as part of a planned leadership transition.

Furthermore, on 18 June 2026, Lagardère Travel Retail also announced several changes to its Executive Committee, with Jérôme Petit joining as Deputy Chief Executive Officer.

Significant business moves have included being selected by Western Sydney International Airport to operate 11 duty-free and travel essentials stores (through its joint venture Lagardère AWPL), which are set to open in the second half of this year.

Plus, Sunshine Coast Airport picked the travel retailer to overhaul its travel essentials and dining offerings, with the staged opening of seven points of sale from mid-2026.

Additionally, Lagardère Travel Retail announced that it had renewed its duty-free and fashion concessions at Geneva Airport on 2 June, in a new agreement covering more than 2,000 sqm of retail space.

The news followed the awarding of a contract covering five travel essentials points-of-sale, building on a long-standing partnership with Geneva Airport that dates to 2011.

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