Slide 1: 2025 Results
BOLLOREN 2025 RESULTS MARCH 17, 2026
Slide 2: Sommaire
SOMMAIRE 1 Summary 3 2 Business review 19 3 Appendices 30 2
Slide 3: 1 Summary
1 SUMMARY 3
Slide 4: 2025 Results Summary
2025 RESULTS Summary Revenue: €2,926 million, -9% at constant scope and exchange rates. Adjusted operating income (EBITA(1)(2)): €286 million, including the results of the equity-accounted associates UMG, Canal+, Louis Hachette Group, Havas and Vivendi for the full year 2025. Net income: €351 millio
Slide 5: Main Transactions (1/2)
MAIN TRANSACTIONS (1/2) Bolloré SE Bolloré SE share buyback program During 2025, Bolloré SE acquired 35 million of its own shares (representing 1.26% of the share capital) for €196 million. The treasury shares were cancelled in 2025. Proposed public buyout offers followed by mandatory squeeze-ou
Slide 6: Main Transactions (2/2)
MAIN TRANSACTIONS (2/2) Compagnie de l’Odet Compagnie de l'Odet sold almost 6 million UMG N.V. shares (0.33% of the share capital) at a unit price of €27.5, for a total of €165 million. Compagnie de l'Odet purchased nearly 26 million Canal+ shares (2.62% of the share capital) at a unit price of
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 French
Slide 8: Share Price Performance
SHARE PRICE PERFORMANCE SHARE PRICE AT 03/16/2026: €4.40 | MARKET CAPITALIZATION: €12.4bn Since Δ (%) 01/01/26 15Y Bolloré (8%) 187% 7.0 SBF 120 (3%) 117% 6.0 5.0 4.0 3.0 2.0 1.0 - Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Bolloré
Slide 9: Group Structure
GROUP STRUCTURE ECONOMIC ORGANIZATION CHART ON 12/31/2025 (AS A % OF SHARE CAPITAL) Sofibol and holdings(1) : 57.5 % Compagnie du Cambodge(2) : 19.2 % 93.4 % Société Industrielle et Financière de l'Artois(2): 5.6 % Compagnie de l’Odet Financière Moncey(2): 5.0 % Imperial Mediterranean(2): 6.0 % 71.6
Slide 10: 2025 Results
2025 RESULTS in millions of euros 2025 2024 Change Revenue 2,926 3,130 (7%) EBITDA(1) 360 48 €312m Depreciation and provisions (74) (47) (1) Adjusted operating income (EBITA ) 286 1 €285m (1) Amortization resulting from PPA and other items not included in EBITA (112) 9 EBIT 174 11 €163m o/w equity-a
Slide 11: Revenue
REVENUE Reported Organic in millions of euros 2025 2024 growth growth Bolloré Energy 2,511 2,676 (6%) (9%) Industry 310 351 (12%) (13%) Other (Agricultural Assets, Holding and others) 105 104 2% (10%) Total 2,926 3,130 (7%) (9%) Revenue: -9% at constant scope and exchange rates • Bolloré Energy: -
Slide 12: Adjusted Operating Income (EBITA)
ADJUSTED OPERATING INCOME (EBITA) in millions of euros 2025 2024 Reported growth Bolloré Energy(1) 53 45 18% Communications 476 207 UMG 243 224 (2) Canal+ 136 (12) (2) Louis Hachette Group 25 (6) Havas(2) 58 0 (2) Vivendi 14 1 Industry(1) (90) (179) 50% Others (Agricultural Assets, Holding and other
Slide 13: Financial Income and Equity-Accounted Non-Operating Companies
FINANCIAL INCOME AND EQUITY-ACCOUNTED NON-OPERATING COMPANIES FINANCIAL INCOME The financial income benefited from the increase in in millions of euros 2025 2024 Change (€m) dividends received, notably from Socfin Group, holdings recognized as financial assets since September 2024. Dividends recei
Slide 14: Change in Net Cash Position
CHANGE IN NET CASH POSITION NET CASH POSITION / (NET DEBT), IN €M Repayment of cash collateral for the proposed buyout offer / mandatory squeeze-out and current account with Repurchase of Bolloré shares, Vivendi, etc. 7 000 acquisition of Moncey and Artois securities, etc. 523 421 5,619 6 000 5,306
Slide 15: Balance Sheet – Liquidity (1/2)
BALANCE SHEET – LIQUIDITY (1/2) SHAREHOLDERS’ EQUITY AND NET DEBT in millions of euros 12/31/2025 12/31/2024 Change Shareholders' equity 24,427 25,747 (1,320) of which Group share 24,211 25,448 (1,237) Net debt / (Net Cash) (5,619) (5,306) (313) Gearing (%)(1) na na Shareholders' equity: €24.4bn
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 5,306 5,530 6,000 4,000 2,156 2,000 1,207 - (82) (2,000) (3,428) (1,465) (4,000) (4,360) (6,851) (6,000) (7,528) (8,000) (9,136) (8,720) (10,000) 12/31/19 6/30/20 12/31/20 6/30/21 12/31/21 6/30/22 12/31/22 6/
Slide 17: Dividend
DIVIDEND DIVIDEND PROPOSALS SUBMITTED TO THE AGM OF MAI 27, 2026 TREND IN DIVIDENDS PAID (€ PER SHARE) 1.5 Ordinary dividend: €0.08 per share (stable compared to 2024), of which an interim dividend of €0.02 paid in September 2025. Exceptional dividend: €1.5 per share. 0.08 0.08 0.07 0.06 0.06 0.
Slide 18: ESG Performance
ESG PERFORMANCE ENVIRONMENT : Adapt our activities to climate change by innovating our products and services and reducing our carbon footprint RATING 2025 BOLLORÉ 92% of our employees trained in environmental issues and the fight against climate change in 2025 Update of the climate strategy and
Slide 19: 2 Business Review
2 BUSINESS REVIEW BOLLOREN
Slide 20: Oil Logistics: Bolloré Energy
OIL LOGISTICS BOLLORÉ ENERGY in millions of euros 2025 2024 Change Organic Growth Revenue 2,511 2,676 (6%) (9%) (*) EBITA 53 45 18% 17% Investments 10 13 Revenue: -9% at constant scope and exchange rates. • Business activity was affected in 2025 by unfavorable price effects, resulting from the dec
Slide 21: Communications: Universal Music Group
COMMUNICATIONS UNIVERSAL MUSIC GROUP (UMG) Key figures (results published by UMG) Stock market parameters €m 2025 2024 Δ% Δ org. % As of 12/31/2025 Revenue 12,507 11,834 + 6% + 9% Share price (€/share) €22.23 Recorded Music 9,456 8,901 + 6% + 9% NOSH (M) 1,834 o/w Streaming & Subscription 6,319 6,03
Slide 22: Communications: Canal+
COMMUNICATIONS CANAL+ Key figures (results published by Canal+) Stock market parameters As of 12/31/2025 €m 2025 (1) 2024 (2) Δ% Δ org. % Share price (€/share) €3.06 Subscribers (millions) 42.30 25.91 + 63.2% na NOSH (M) 992 Revenue 6,949 6,418 + 8.3% 1% Market Capitalization (€M) 3,031 Adj. EBIT (b
Slide 23: Communications: Louis Hachette Group
COMMUNICATIONS LOUIS HACHETTE GROUP Key figures (results published by Louis Hachette Group) Stock market parameters As of 12/31/2025 €m 2025 2024 Δ% Δ org. % Share price (€/share) €1.56 Revenue 9,619 9,235 +4% +3% NOSH (M) 992 EBITA 551 510 +8% Market Capitalization (€M) 1,550 o/w Lagardère 600 498
Slide 24: Communications: Havas
COMMUNICATIONS HAVAS Key figures (results published by Havas) Stock market parameters €m 2025 2024 Δ% Δ org. % As of 12/31/2025 (*) Share price (€/share) €17.00 Net Revenue 2,783 2,736 + 1.7% + 3.1% NOSH (M) 99 Adjusted EBIT (*) 358 338 + 5.9% Market Capitalization (€M) 1,686 Adjusted EBIT Margin (%
Slide 25: Communications: Vivendi
COMMUNICATIONS VIVENDI Key figures (results published by Vivendi) Stock market parameters €m 2025 2024 Δ% Δ org. % As of 12/31/2025 Revenue 307 297 + 4% + 4% Share price (€/share) €2.37 EBITA(*) 45 (1) na NOSH (M) 1,030 Quote-part de résultat net d'UMG (9,91%) 129 122 - 5% Market Capitalization (€M)
Slide 26: Industry
INDUSTRY in millions of euros 2025 2024 Change Organic growth Revenue 310 351 (12%) (13%) (*) EBITA (90) (179) 50% 50% Investments 19 23 Revenue: down 13% at constant scope and exchange rates, mainly due to an unfavorable base effect in 2024 (recovery in sales of 12- meter buses) and a downturn in
Slide 27: Industry: Blue
INDUSTRY BLUE Batteries (Blue Solutions) • Pursuit of “Gen4” R&D, expected to provide an energy density 50% higher than existing lithium-ion technologies. “A” samples of 1 Ah and 10 Ah are currently undergoing validation by third-party laboratories in Europe and the Unites States. • In industrial
Slide 28: Industry: Systems
INDUSTRY SYSTEMS IER / Automatic Systems • IER revenue fell sharply owing to the transfer of the Indestat business to Polycea and to the decline in the Easier and Track&Trace businesses. • AS revenue decreased strongly relative to 2024, mainly due to the slowdown in the Public Transport business.
Slide 29: Portfolio of Listed Securities
PORTFOLIO OF LISTED SECURITIES Market Market As at December 31, 2025 Prices (€) (%) Interest capitalization (€m) value (€m) Communications(*): 22.2 40,774 18.4% 7,515 3.1 3,031 30.4% 922 1.6 1,550 30.4% 472 17.0 1,686 30.4% 513 2.4 2,437 29.3% 714 Others: Groupe Socfin (1) 306 32.1 3,309 6.0% 199 Ot
Slide 30: 3 Appendices
3 APPENDICES BOLLOREN
Slide 31: Comparability of Financial Statements
COMPARABILITY OF FINANCIAL STATEMENTS In accordance with IFRS 5 and to ensure comparability of results, Vivendi's contribution for 2024 had already been reclassified in discontinued operations or assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the sp
Slide 32: Consolidated Balance Sheet 2025
CONSOLIDATED BALANCE SHEET 2025 w in millions of euros 12/31/2025 12/31/2024 in millions of euros 12/31/2025 12/31/2024 Goodwill 113 134 Share capital 449 456 Intangible assets 53 67 Share issue premiums 458 715 Property, plant and equipment 510 563 Consolidated reserves 23,304 24,277 Investments in
Slide 33: Analysis of Revenue Growth 2025
ANALYSIS OF REVENUE GROWTH 2025 Revenue Q1 Q2 Q3 Q4 (1) (2) (1) (2) (1) (2) (1) (in millions of euros) 2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2024 Bolloré Energy 675 677 655 661 682 661 530 711 688 644 684 672 Industry 78 77 75 78 105 104 73 93 92 81 82 81 Others (Agricultural Assets
Slide 34: Consolidated Income Statement 2025
CONSOLIDATED INCOME STATEMENT 2025 in millions of euros 2025 2024 Revenue 2,926 3,130 Goods and services bought-in (2,746) (2,976) Staff costs (278) (276) Amortization and provisions 86 (123) Other operating income 29 41 Other operating expenses (207) (80) Operating income before share of net income
Slide 35: Cash Flow Statement 2025
CASH FLOW STATEMENT 2025 in millions of euros 2025 2024 Cash flow from operations Net income from continuing operations, Group share 330 156 Non-controlling interests from continuing operations 3 3 Net income from continuing operations 332 159 Non-cash income and expenses (255) (161) Other adjustmen
Slide 36: Changes in Shareholders' Equity
CHANGES IN SHAREHOLDERS' EQUITY Number of shares Actuarial Share Share issue Treasury Fair value of financial Translation Shareholders’ Minority (in millions of euros) excl. treasury (losses) and Reserves TOTAL capital premiums shares assets adjustment equity, Group share interests shares gains recy
Slide 37: Economic Organization Chart on 12/31/2025
ECONOMIC ORGANIZATION CHART ON 12/31/2025 (% 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 38: Glossary
GLOSSARY Organic growth: growth at constant scope and exchange rates. Net Revenue (Havas) : corresponds to revenue after deduction of costs re-invoiced to customers. Adjusted operating income (EBITA): corresponds to operating income before the amortization of intangible assets related to busin