Vivendi Se Unsp/Adr (VIVHY) Q4 2025 Earnings Call

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WEBVTT 00:00:00.051 -- 00:00:04.912 Ladies and gentlemen, welcome to the Vivendi conference call regarding its 2025 annual 00:00:04.912 -- 00:00:08.233 results. The call will be structured in two parts. 00:00:08.233 -- 00:00:12.374 First, a presentation by the Vivendi Group management team, represented by Mr. 00:00:12.374 -- 00:00:17.115 Arnaud de Puyfontaine, CEO, and Francois Leraz, CFO. 00:00:17.115 -- 00:00:21.556 Afterwards, there will be a Q&A session. During this session, you may ask questions by 00:00:21.556 -- 00:00:26.117 dialing pound key 5 on your telephone keypad to enter the queue. 00:00:26.117 -- 00:00:28.458 I will now hand over to the management team. 00:00:28.458 -- 00:00:31.418 Gentlemen, please go ahead. 00:00:32.495 -- 00:00:38.176 Hello, good evening and thank you for being with us this evening. 00:00:38.337 -- 00:00:43.678 We will, with François, comment on the full 00:00:43.678 -- 00:00:49.640 year 2025 annual results. So I will start by the key highlights 00:00:49.640 -- 00:00:52.760 and to get straight 00:00:52.781 -- 00:00:57.802 to the point. 2025 marks Vivendi's first fiscal year in its new structure following the 00:00:57.802 -- 00:01:00.948 spin-off in December 2024. 00:01:00.948 -- 00:01:06.291 The group has refocused over the past 12 months its business 00:01:06.291 -- 00:01:11.315 portfolio on content, media and entertainment, following the divestment of 00:01:11.315 -- 00:01:16.398 its telecom asset in Italy and Spain. Gameloft continued its 00:01:16.398 -- 00:01:21.721 strong momentum, driven by its successful transformation despite a challenging environment 00:01:21.721 -- 00:01:26.802 for the video game industry. and the group pursued its strategy of reducing corporate 00:01:26.802 -- 00:01:32.445 operating costs at headquarters....