Bollore Se · EURONEXT:BOL
Bollore — H1 2026 Earnings Presentation
37 slides from Bollore's earnings presentation, Sep 16, 2026
Slide 1: H1 2026 Results
H1 2026 RESULTS SEPTEMBER 16, 2026
Slide 2: Summary
SUMMARY 1 Summary 3 2 Business review 17 3 Appendices 28 2
Slide 3: 1 Summary
1 SUMMARY 3
Slide 4: Summary of H1 2026 Results
SUMMARY OF H1 2026 RESULTS Revenue: €1,644 million, +8% at constant scope and exchange rates. Adjusted operating income (EBITA(1)(2)): €104 million, compared to €123 million in the first half of 2025. Net income: €133 million compared with €242 million in the first half of 2025. Net income Group sha
Slide 5: Exceptional Interim Dividends
EXCEPTIONAL INTERIM DIVIDENDS Following the distribution by Bolloré SE in June 2026 of an exceptional dividend of €4.2 billion, and in accordance with the announcement made in its press release dated March 17, 2026, Compagnie de l’Odet’s Board of Directors has decided today to pay an exceptional int
Slide 6: Main Transactions
MAIN TRANSACTIONS Bolloré SE Since the beginning of 2026, Bolloré SE has sold 10 million Vivendi SE shares (representing 1% of the share capital) at a unit price of €2.2, for a total of €22 million. On July 6, 2026, Vivendi cancelled 17.7 million shares. Following this cancellation, the Bolloré
Slide 7: Spin-off of Vivendi
SPIN-OFF OF VIVENDI On April 22, 2025, following proceedings by the Luxembourg company CIAM Fund, the Paris Court of Appeal overturned a decision by the AMF on November 13, 2024, insofar as it had found that Bolloré SE did not control Vivendi SE within the meaning of article L. 233- 3 of the Frenc
Slide 8: Share Price Performance
SHARE PRICE PERFORMANCE SHARE PRICE AT 09/15/2026: €3.71 | MARKET CAPITALIZATION: €10.4bn Since Δ (%) 01/01/26 15Y Bolloré 7% 204% SBF 120 (1%) 163% 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 - Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Boll
Slide 9: Group Structure
GROUP STRUCTURE ECONOMIC ORGANIZATION CHART ON 09/15/2026 (AS A % OF SHARE CAPITAL) Sofibol and holding companies(1): 57.7 % Compagnie du Cambodge(2): 19.2 % 93.5% Société Industrielle et Financière de l'Artois(2): 5.6 % Compagnie de l’Odet Financière Moncey(2): 5.0 % Imperial Mediterranean(2): 6.0
Slide 10: H1 2026 Results
H1 2026 RESULTS in millions of euros 1st half 2026 1st half 2025 Change Revenue 1,644 1,547 6% (1) EBITDA 138 138 Depreciation and provisions (34) (15) (1) Adjusted operating income (EBITA ) 104 123 (15%) (1) Amortization resulting from PPA and other items not included in EBITA (22) 21 EBIT 82 144 o
Slide 11: Revenue
REVENUE Reported Organic in millions of euros 1st half 2026 1st half 2025 growth growth Bolloré Energy 1,467 1,337 10% 9% Industry 156 156 0% 1% Other (Agricultural Assets, Holding and others) 21 55 (61%) (6%) Total 1,644 1,547 6% 8% Revenue: +8% at constant scope and exchange rates • Bolloré Ener
Slide 12: Adjusted Operating Income (EBITA)
ADJUSTED OPERATING INCOME (EBITA) in millions of euros 1st half 2026 1st half 2025 Reported growth Bolloré Energy(1) 47 27 77% Communications 181 203 (11%) UMG(2) 112 117 Canal+(2) 24 44 (2) Louis Hachette Group 6 6 Havas(2) 26 23 Vivendi(2) 12 13 (1) Industry (42) (52) 20% Others (Agricultural Asse
Slide 13: Financial Income and Equity-Accounted Non-Operating Companies
FINANCIAL INCOME AND EQUITY-ACCOUNTED NON-OPERATING COMPANIES FINANCIAL INCOME The financial income declined, due to in millions of euros 1st half 2026 1st half 2025 Change lower interest rates and a fall in the Dividends received and financial income dividends received from the Socfin 43 53 (10)
Slide 14: Change in Net Cash Position
CHANGE IN NET CASH POSITION NET CASH POSITION / (NET DEBT), IN €M Payment of the exceptional dividend 7 000 (€4,215 million), the balance of the ordinary dividend (€169 million), … 6 000 5,619 254 110 (16) (59) (73) 5 000 Sale of shares in Vivendi 4 000 SE (€21 million) and Bolloré SE (€81 million),
Slide 15: Balance Sheet – Liquidity (1/2)
BALANCE SHEET – LIQUIDITY (1/2) SHAREHOLDERS’ EQUITY AND NET DEBT in millions of euros 06/30/2026 12/31/2025 Change Shareholders' equity 20,803 24,427 (3,624) of which Group share 20,596 24,211 (3,615) Net debt / (Net Cash) (1,447) (5,619) 4,172 Gearing (%) (1) na na Shareholders' equity: €20.8bn
Slide 16: Balance Sheet – Liquidity (2/2)
BALANCE SHEET – LIQUIDITY (2/2) CHANGE IN NET CASH POSITION / (NET DEBT), IN €M 8,000 5,619 6,000 5,306 5,530 4,000 2,156 1,447 2,000 1,207 - (82) (2,000) (1,465) (4,000) (3,428) (4,360) (6,000) (6,851) (8,000) (7,528) (9,136) (10,000) 6/30/20 12/31/20 6/30/21 12/31/21 6/30/22 12/31/22 6/30/23 12/31
Slide 17: 2 Business Review
2 BUSINESS REVIEW BOLLOREN
Slide 18: Oil Logistics – Bolloré Energy
OIL LOGISTICS BOLLORÉ ENERGY in millions of euros 1st Half 2026 1st Half 2025 Change Organic growth Revenue 1,467 1,337 10% 9% (*) EBITA 47 27 77% 77% Investments (5) (5) Revenue: +9% at constant scope and exchange rates. • Growth in activity, driven by favorable price effects, mainly in distribut
Slide 19: Communications – Universal Music Group
COMMUNICATIONS UNIVERSAL MUSIC GROUP (UMG) Key figures (results published by UMG) Stock market parameters As of 06/30/2026 €m H1 2026 (1) H1 2025 Δ% Δ const. % Share price (€/share) €18.33 Revenue 6,194 5,881 + 5% + 11% NOSH (M) 1,839 Recorded Music 4,769 4,464 + 7% + 13% Market Capitalization (€M)
Slide 20: Communications – Canal+
COMMUNICATIONS CANAL+ Key figures (results published by Canal+) Stock market parameters H1 2025 (incl. Δ % incl Δ org. % incl As of 06/30/2026 €m H1 2026(1) MCG) MCG (2) (3) MCG (2) (3) Share price (€/share) €2.84 Subscribers (millions) 41.16 37.96 + 8.4% NOSH (M) 992 Revenue 4,287 4,263 + 0.6% + 0.
Slide 21: Communications – Louis Hachette Group
COMMUNICATIONS LOUIS HACHETTE GROUP Key figures (results published by Louis Hachette Group) Stock market parameters As of 06/30/2026 €m H1 2026 H1 2025 Δ% Δ org. % Share price (€/share) €1.75 Revenue 4,545 4,495 +1% +2% NOSH (M) 992 EBITA 218 220 -1% Market Capitalization (€M) 1,733 o/w Lagardère 21
Slide 22: Communications – Havas
COMMUNICATIONS HAVAS Key figures (results published by Havas) Stock market parameters As of 06/30/2026 €m H1 2026 H1 2025 Δ% Δ org. % Share price (€/share) €17.05 Net Revenue (*) 1,362 1,346 + 1.2% + 2.5% NOSH (M) 99 Adjusted EBIT (*) 150 144 + 4.2% Market Capitalization (€M) 1,691 Adjusted EBIT Mar
Slide 23: Communications – Vivendi
COMMUNICATIONS VIVENDI Key figures (results published by Vivendi) Stock market parameters €m H1 2026 H1 2025 Δ% Δ org. % As of 06/30/2026 Share price (€/share) €2.16 Revenue 140 145 - 4% - 6% NOSH (M) 1,015 Adjusted operating income (EBITA) 4 18 - 80% - Market Capitalization (€M) 2,193 EBIT (10) 5 n
Slide 24: Industry
INDUSTRY in millions of euros 1st Half 2026 1st Half 2025 Change Organic growth Revenue 156 156 0% 1% EBITA(*) (42) (52) 20% 20% Investments (10) (11) Revenue: up 1% at constant scope and exchange rates, driven by growth in Films, thanks to higher volumes in dielectric and packaging, as well as by
Slide 25: Industry – Blue
INDUSTRY BLUE Batteries (Blue Solutions) • Announcement of a strategic refocusing on fourth-generation battery development, which may affect 41 positions. • Work continued on “Gen4” R&D to deliver 50% higher energy density to existing lithium-ion technologies. 1 Ah and 10 Ah “A” samples are being
Slide 26: Industry – Systèmes
INDUSTRY SYSTEMES IER / Automatic Systems • IER's revenue increased, fueled by growth in Easier activities, itself primarily driven by an increase in sales of air transport related equipment. • AS revenue rose in relation to the first half of 2025, mainly due to the upturn in the Public Transport
Slide 27: Portfolio of Listed Securities
PORTFOLIO OF LISTED SECURITIES As at June 30, 2026 As at September 14, 2026 In €m Market Price change since Prices (€) (%) Interest Market value Prices (€) Market value capitalization 01/01/2026 (%)(3) Communications(*): 18.3 33,700 18.4% 6,197 14.8 5,000 (33%) 2.4 £ 2,813 30.4% 856 2.5 £ 894 (5%) 1
Slide 28: 3 Appendices
3 APPENDICES BOLLOREN
Slide 29: Economic Organization Chart on 06/30/2026
ECONOMIC ORGANIZATION CHART ON 06/30/2026 (% OF SHARE CAPITAL) Bolloré Participations SE 50,2 (100,0) 32,7 (0,0) Financière du Champ de Mars** Omnium Bolloré 17,1 (0,0) Financière Moncey** 50,3 (100,0) 23,3 (0,0) Compagnie du Cambodge** 12,2 (0,0) Financière Moncey** Financière V 9,2 (0,0) Bolloré S
Slide 30: Equity-Accounted Companies and Portfolio of Shareholdings
EQUITY-ACCOUNTED COMPANIES AND PORTFOLIO OF LISTED AND UNLISTED SHAREHOLDINGS At 06/30/2026 At 12/31/2025 In millions of euros Percentage of Percentage of Net book value Net book value ownership (*) ownership (*) Equity-accounted companies 10,505.2 10,590.0 UMG 18.39 7,938.6 18.43 8,015.5 Canal+ 30.
Slide 31: Comparability of Financial Statements
COMPARABILITY OF FINANCIAL STATEMENTS Performance indicators • At June 30, 2026, the Bolloré Group had not changed the definition of its performance indicators, particularly EBITA, which were comparable to those at June 30, 2025. EBITA and operating income data are presented before Group expenses.
Slide 32: Consolidated Balance Sheet H1 2026
CONSOLIDATED BALANCE SHEET H1 2026 in millions of euros June 30, 2026 Dec. 31, 2025 in millions of euros June 30, 2026 Dec. 31, 2025 Goodwill 106.3 113.5 Share capital 449.6 449.5 Intangible assets 48.8 52.7 Share issue premiums 458.0 458.0 Property, plant and equipment 503.0 510.0 Consolidated rese
Slide 33: Consolidated Income Statement H1 2026
CONSOLIDATED INCOME STATEMENT H1 2026 in millions of euros June 30, 2026 June 30, 2025 Revenue 1,644.2 1,547.4 Goods and services bought-in (1,532.9) (1,462.0) Staff costs (150.6) (141.2) Amortization and provisions (34.4) 145.4 Other operating income 7.1 15.0 Other operating expenses (11.4) (184.3)
Slide 34: Cash Flow Statement H1 2026
CASH FLOW STATEMENT H1 2026 in millions of euros June 30, 2026 June 30, 2025 Cash flow from operations Net income from continuing operations, Group share 132 227 Non-controlling interests from continuing operations 1 1 Net income from continuing operations 133 228 Non-cash income and expenses (104)
Slide 35: Changes in Shareholders' Equity
CHANGES IN SHAREHOLDERS' EQUITY (in millions of euros) Number of shares Fair value of financial assets Actuarial Share Share issue Treasury Translation Shareholders’ Minority excl. treasury (losses) Reserves TOTAL capital premiums shares adjustment equity, Group share interests shares recyclable non
Slide 36: Analysis of Revenue Growth H1 2026
ANALYSIS OF REVENUE GROWTH H1 2026 Revenue Q1 Q2 (in millions of euros) 2026 2025 (1) 2025 2026 2025 (1) 2025 Bolloré Energy 731 678 675 736 663 661 Industry 74 77 78 82 78 78 Other activities 10 12 29 11 11 26 Total 815 766 782 829 751 765 Analysis of the variation in revenue growth Q1 Q2 Δ actual
Slide 37: Glossary
GLOSSARY Organic growth: growth at constant scope and exchange rates. Net revenue (Havas Group): revenue after the deduction of costs rebilled to customers. Adjusted operating income (EBITA): operating income before the amortization and impairment of intangible assets related to business combi