What happened? Q1 sales increased by 7% of which 5.5% organic. They came above consensus by 1.2% while organic growth was 30bps ahead. Once again digital was a key growth driver up 17%, of which 15.8% organic while digital OOH was up a robust 29.9% Q1 saw a balanced delivery per segment with street furniture up 5.3% (consensus: 4.9%), transport up 6.1% (consensus: 7%), and Billboard up 4.6% organic (consensus: 3%) All geographical areas have been delivering growth in this Q1 with China however remaining lacklustre (flat) Q2 guide also came in below consensus expectations with JC Decaux aiming at low single digit organic growth (c2.5%). It compares with a consensus of 4.0%. While street furniture is delivering well (mid-single digit organic growth) other activities are flat. Q2 is impacted by comps (Olympics, UEFA 2024, equivalent of 1.5 percentage point of growth) and geopolitical uncertainties. However, the mix is favourable with Street furniture being way more profitable than other activities while in China, JC Decaux has been able to renegotiate its leases lower. In a word, margins in China are well supported and most likely expanding. BNPP Exane View: Decaux is reiterating its 2026 guidance. Following this release, we expect consensus to trim sales but to leave operating margin for the year (cEUR812m) unchanged. Shares should not move much.