H1 2025 RESULTS
SEPTEMBER 17, 2025
1 Summary 3
2 Business review 18
3 Appendices 29
1 SUMMARY
Results in line with expectations Revenue: €1,547 million, -3% at constant scope and exchange rates. Adjusted operating income (EBITA(1)(2)): €123 million, including the results of the equity-accounted associates UMG, Canal+, Louis Hachette Group, Havas and Vivendi. Net income: €242 million, compared with €3,884 million in the first half of 2024, which included the net capital gain on the disposal of Bolloré Logistics (+€3.7 billion). Net income Group share: €240 million. Net cash: €5,530 million as at June 30, 2025. Interim dividend: €0.02 per share (€57 million) payable in cash on September 30, 2025.See glossary.
Including the contribution from equity-accounted operating companies of +€204 million.
Changes in scope and reclassifications as discontinued operations pursuant to IFRS 5 include:
Vivendi's contribution for the first half of 2024, which has been reclassified in discontinued operations and assets held for sale. Following the spin-off/distribution transactions carried out on December 13, 2024, the Group no longer has control over Vivendi within the meaning of IFRS 10, but only significant influence.
As of this date, the contributions of Canal+, Louis Hachette Group, Havas and Vivendi are recognized as equity-accounted operating companies.
Bolloré Logistics, which was sold on February 29, 2024, was reclassified as a non-current asset held for sale in the first half of 2024.
Bolloré SE
-
Bolloré SE share repurchase program
In the first half of 2025, Bolloré SE acquired 35.4 million of its own shares (representing 1.26% of the share capital) for 196.5 million euros(1).
44.1 million Bolloré SE shares were cancelled during the first half of 2025, reducing the total number of treasury shares to 3.2 million (representing 0.11% of the share capital).
The Board decided to cancel the 3.2 million treasury shares on September 17, 2025.
- Proposed public buyout offers followed by mandatory squeeze-outs (OPR-RO) for Cambodge, Moncey and Artois.
On April 17, 2025, the Autorité des Marchés Financiers announced that, on April 15, 2025, it had decided to declare these offers non-compliant. It published the reasons for these decisions on May 2, 2025. While regretting such an outcome after an examination having lasted more than seven months, Bolloré SE took note of the AMF's ruling. On May 5, 2025, Bolloré decided not to challenge these decisions.
These decisions have therefore become final, and Bolloré SE is released from any obligation in this respect.
As indicated at the General Shareholders' Meeting, Bolloré SE ensured liquidity for Cambodge, Moncey and Artois shares with purchases made between June 26 and July 7, 2025 at the initial offer price. Accordingly, the Group acquired 200,151 Moncey shares (1.07% of the share capital) for 23.6 million euros and 4,106 Artois shares (1.54% of the share capital) for 38.1 million euros.
Compagnie de l'Odet
Compagnie de l'Odet has arbitrated the shares it held in UMG N.V. with shares in Canal+ and Havas N.V. because of their attractive values:
Compagnie de l'Odet sold almost 6 million UMG N.V. shares (i.e. 0.33% of the share capital) at a unit price of 27.5 euros, for a total of
164.9 million euros.
Compagnie de l'Odet purchased, through Compagnie de l'Etoile des Mers (49% owned by Compagnie de l'Odet, equity accounted company in the consolidated financial statements of Compagnie de l'Odet), nearly 73 million Havas N.V. shares at a price of €1.46 per share (i.e. 7.38% of the share capital), for an amount of €107 million.
Compagnie de l'Odet acquired nearly 26 million Canal+ shares at a price of €2.26 per share (i.e. 2.62% of the capital) for an amount of
€58.8 million.
In addition, Compagnie de l'Odet continued to acquire its shares under its share repurchase program for a total of 19 million euros, representing 0.2% of the share capital.
At the Combined General Meeting held on December 9, 2024, more than 97.5% of Vivendi's shareholders approved the proposed partial spin-off of Canal+ and Louis Hachette Group and the distribution of Havas NV shares. These transactions took place on December 13, 2024, and the listing of Canal+ on the London Stock Exchange, Louis Hachette Group on Euronext Growth and Havas NV on Euronext Amsterdam began on December 16, 2024.
Further to this transaction, Bolloré SE directly holds 30.4% of Canal+, 30.4% of Louis Hachette Group, 30.4% of Havas, and retains 29.3% of Vivendi.
This development led the Bolloré Group to reassess its involvement in and relations with Vivendi, Canal+, Louis Hachette Group and Havas NV. It concluded that it now only exercises significant influence over Canal+, Louis Hachette Group and Havas NV, and that it has lost control of Vivendi within the meaning of IFRS 10. From December 14, 2024, these four companies are recognized as equity-accounted operating companies.
On April 22, 2025, following proceedings launched by the Luxembourg company CIAM Fund, the Paris Court of Appeal overturned a decision by the AMF dated 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 Commercial Code. The ruling held that Mr Vincent Bolloré controls Vivendi SE within the meaning of paragraph I, section 3 of this article and ordered the AMF to examine the other conditions set out in Article 236-6 of its General Regulation in the context of the spin-off of Vivendi SE which was already completed and to assess its consequences with regard to the interests of minority shareholders and to decide whether there were or had been grounds for implementing a public buy-out offer for the shares of Vivendi SE. Bolloré and Vivendi SE have both appealed against this ruling.
On July 18, 2025, pursuant to the Court of Appeal's ruling of April 22, 2025, the AMF ruled that Bolloré SE and Mr Vincent Bolloré, who controls Bolloré SE, must make a public buyout offer over the shares of Vivendi SE within a period of six months. The offer will not close until the Court of Cassation has handed down its ruling on the appeals against the Paris Court of Appeal's decision of April 22, 2025. The Court of Cassation hearing has been set for November 25, 2025. On July 28, 2025, Bolloré decided to appeal to the Paris Court of Appeal against the AMF's decision dated July 18.
Since
Δ (%)
01/01/25
15Y
Bolloré
(18%)
210%
SBF 120
6%
114%
SHARE PRICE ON 09/16/2025: €4.87 | MARKET CAPITALIZATION: €13.7bn
7.0
6.0
5.0
4.0
3.0
2.0
1.0
-
Sep-10 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
Bolloré SBF 120 Indexed
Source: Refinitiv
Bolloré Energy
OIL LOGISTICS
ECONOMIC ORGANIZATION CHART ON 06/30/2025 (AS A % OF SHARE CAPITAL)
Sofibol and holdings(1) : 57.4 %
Compagnie du Cambodge(2) : 19.1 %
Société Industrielle et Financière de l'Artois(2): 5.6 % Financière Moncey(2): 4.9 %
Imperial Mediterranean(2): 3.8 %
Nord-Sumatra Investissements(2): 2.3 %
93.1 %
0.1 % treasury shares
71.5 %(3)
0.1 % treasury shares
Bolloré SE
Compagnie de l'Odet
INDUSTRY
Films
Blue Systems
Louis Hachette Group 31.0% (5)
Havas N.V. 33.9% (6)
Vivendi SE 29.9% (7)
33.7% (4)
Canal+
Universal Music Group N.V. 18.4%
COMMUNICATIONS
Portfolio of equity investments
OTHER ASSETS
Held directly by Sofibol and holdings controlled by Bolloré Participations SE (Bolloré family).
Companies controlled by Bolloré SE
Of which 0.5% held by Bolloré SE subsidiaries.
30.4% held by Bolloré SE and 3.2% by Compagnie de l'Odet.
30.4% held by Bolloré SE and 0.6% by Compagnie de l'Odet.
30.4% by Bolloré SE, 0.6% by Compagnie de l'Odet and 2.9% by Compagnie de l'Etoile des Mers, 49% owned by Compagnie de l'Odet, equity accounted company in the consolidated financial statements of Compagnie de l'Odet. As of September 15, 2025, Compagnie de l'Etoile des Mers held 7.38% of the share capital.
9 (7) 29.3% held by Bolloré SE and 0.6% by Compagnie de l'Odet.
in millions of euros
1stHalf 2025
1stHalf 2024
Revenue
1,547
1,541
EBITDA(1)
138
22
Depreciation and provisions
(15)
(21)
Adjusted operating income (EBITA(1))
123
0
Amortization resulting from PPA and other items not included in EBITA (1)
21
(25)
EBIT
144
(25)
o/w equity-accounted operating companies
224
64
Financial income
95
61
Share of the net income of equity-accounted non-operating companies
(1)
18
Taxes
(10)
(8)
Income from discontinued or held for sale activities
14
3,838
Net income
242
3,884
Net income Group share
240
3,758
Minority interests
1
126
(*) Restated: In accordance with IFRS 5 and to ensure comparability, Vivendi's contribution for 2024 has been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution operations carried out by the Vivendi group on December 13, 2024).
in millions of euros
1stHalf 2025
1stHalf 2024(*)
Reported growth
Organic growth
Bolloré Energy
1,337
1,316
2%
(2%)
Industry
156
178
(13%)
(14%)
Other (Agricultural Assets, Holding and others)
55
46
19%
(1%)
Total
1,547
1,541
0%
(3%)
-
Revenue: -3% at constant scope and exchange rates
Bolloré Energy: -2%, a slight decline against a backdrop of falling prices, despite an overall increase in volumes sold;
Industry: -14%, down on the first half of 2024, which benefited from the resumption of sales of 12-meter buses to RATP.
-
On a reported basis, revenue was stable, after +€54 million in changes in scope (corresponding mainly to the acquisition of Chantelat at the end of November 2024) and a currency effect of +€2 million (depreciation of the euro against the Swiss franc).
in millions of euros
1stHalf 2025
1stHalf 2024(*)
Reported growth
Bolloré Energy(1)
27
18
52%
Communications
203
88
131%
UMG
117
88
33%
Canal+(2)
44
-
Louis Hachette Group(2)
6
-
Havas(2)
23
-
Vivendi(2)
13
-
Industry(1)
(52)
(70)
25%
Others (Agricultural Assets, Holding and others)
(55)
(36)
(54%)
Total EBITA Bolloré Group
123
0
na
- EBITA: €123 million, compared with €0.1 million in the first half of 2024
Bolloré Energy: up 52% thanks to higher volumes sold (mainly in distribution in France) and higher margins;
Communications: up 131% thanks to an increase in the contribution from UMG (+33% compared with H1-2024), and the inclusion of the contributions from Canal+, LHG, Havas and Vivendi, which are now accounted for using the operating equity method;
Industry: loss reduction of +€17 million compared to H1-2024, Blue Solutions focusing its efforts on research related to next-generation batteries.
Before Group expenses.
Equity-accounted operating companies since December 14, 2024.
(*) Restated: In accordance with IFRS 5 and to ensure comparability, Vivendi's contribution for 2024 has been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution operations carried out by the Vivendi group on December 13, 2024).
FINANCIAL INCOME
in millions of euros | 1stHalf 2025 | 1stHalf 2024(*)Change (€m) |
Dividends received and financial income from investment securities, net | 53 | 23 29 |
Net cost of financing | 66 | 75 (9) |
Other financial expenses and income | (24) | (37) 14 |
Financial income (loss) | 95 | 61 34 |
INCOME FROM EQUITY-ACCOUNTED NON-OPERATING COMPANIES
-
The financial result benefits from the increase in dividends received, now including dividends from the Socfin Group (financial assets since September 2024).
in millions of euros
1stHalf 2025
1stHalf 2024(*)Change (€m)
Share in net income of non-operating companies accounted for using the equity method
(1)
18 (19)
- Income from equity-accounted non-operating companies in the first half of 2025 no longer includes the share of Socfin Group's net income.
(*) Restated: In accordance with IFRS 5 and to ensure comparability, Vivendi's contribution for 2024 has been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution operations carried out by the Vivendi group on December 13, 2024).
CASH / (NET DEBT), IN €M
3
276
Repurchase of Bolloré shares, acquisition of Moncey and Artois shares, etc.
Repayment of cash collateral for the buyout offer/squeeze-out, reduction in Vivendi current account, etc.
418
5,530
2 5,306 58
(18)
(172) (15)
(323)
2
1
1
Net cash 12/31/24 | Operating cash flow Fin. pdcts., taxes & | Net capex | Acquisitions of | Disposals of fin. | Dividends paid to | Others | Net cash 06/31/25 |
dividends received | financial assets | assets | third parties |
SHAREHOLDERS' EQUITY AND NET DEBT
in millions of euros | 06/30/25 | 12/31/2024 | Change |
Shareholders' equity | 25,555 | 25,747 | (192) |
of which Group share | 25,317 | 25,448 | (131) |
Net debt / (Net Cash) | (5,530) | (5,306) | (223) |
Gearing (%)(1) | na | na | |
-
Shareholders' equity: €25.6 billion
Slight decrease in total shareholders' equity: -€192 million, mainly due to changes in the fair value of securities held and dividends paid.
-
Net cash: €5.5 billion
Increase in net cash: +€223 million, including in particular the repayment of cash collateral for the proposed buyout offer/mandatory squeeze-out, the reduction in Bolloré SE's current account with Vivendi SE and the repurchase of Bolloré shares.
-
Group liquidity: at end-June 2025, the Bolloré Group had €8 billion in cash and cash equivalent and confirmed credit lines.
(1) Gearing = ratio of net debt to equity.
CHANGE IN CASH / (NET DEBT), IN €M
8,000
6,000
5,306 5,530
4,000
2,000
1,207
2,156
-
(2,000)
(3,428)
(82)
(1,465)
(4,000)
(6,000)
(8,000)
(7,151)
(8,720)
(7,528)
(9,136)
(6,851)
(4,360)
(10,000)
12/31/18 6/30/19 12/31/19 6/30/20 12/31/20 6/30/21 12/31/21 6/30/22 12/31/22 6/30/23 12/31/23 6/30/24 12/31/24 6/30/25
16
ENVIRONMENT : Adapt our activities to climate change by innovating our products and services and reducing our carbon footprint
92% of our employees trained in environmental issues and the fight against climate change in 2024
Climate strategy approved by the Board of Directors in December 2023, currently being updated
RATING 2024 BOLLORÉ
Scope 3
Score ESG Global = Low Risk (12.8)
Risk exposure + risk management rating.
Risk exposure + risk management rating.
Scope 1&2
Target of a 42% reduction in Scope 1&2 by 2030 compared with 2022, taking into account the commitments made by Vivendi in March 2023, aligned with a trajectory aimed at limiting global warming to
1.5°C.
Score ESG Global = BB
Échelle de notation :
CCC - B - BB - BBB - A - AA - AAA
Target of a 30% reduction in "Combustion of petroleum products sold", particularly thanks to Bolloré Energy's investments in biofuels.
SOCIAL : Building everyone's skills and providing safe working conditions for all, including in our value chain
90% of entities with an industrial site have deployed an HSE management system in 2024.
Score « Climate Change » = B
Rating scale : from A to D-
A grade of B or B- reflects a heightened awareness of ecological issues.
Update of Diversity, Inclusion and Responsible Purchasing charters.
GOVERNANCE : Conducting our business with integrity, transparency and ethics
A Board of Directors made up of 13 directors, 36% independent and 45% women.
An Executive Committe made up of 14 members, withnin 50 % of women.
Functions represented: finance, human resources, legal, tax, purchasing, CSR and compliance.
- Executive Session of independent directors since 2022.
- CSR training of independent directors since 2023 (1 to 2 times a year).
Inclusion of a CSR indicator in the remuneration of Board members.
-
CSRD 2024 : Implementation of with the new European directive, publication in April 2025 of the first sustainability report audited by the CAC.
Score = 59/100
Governance
Social
Environment
External stakeholders
Rating 2024
72
6G
82
77
Trend 2022-2023
↗
↗
↗
↘
Rating scale : from 0 to 100
17
2 BUSINESS REVIEW
OIL LOGISTICSBOLLORÉ ENERGY
in millions of euros
1stHalf 2025
1stHalf 2024
Change
Organic growth
Revenue
1,337
1,316
2%
(2%)
EBITA(*)
27
18
52%
52%
Investments
5
5
- Revenue: -2% at constant scope and exchange rates. The first half of 2025 was impacted by adverse price effects (fall in benchmark prices), despite an increase in volumes sold (domestic heating oil in particular).
-
EBITA: €27 million, +52% at constant scope and exchange rates
Results up sharply on the back of a strong performance by the distribution business in France, driven mainly by growth in volumes sold and firm margins. Results from logistics and operations in Switzerland improved.
-
Investment and development
Following the purchase of Sicarbu Ouest in 2023, acquisition of the Chantelat business in November 2024 and expansion of the service station network in Germany. Continued renewal of the Retail Distribution truck fleet.
Continued investment in the DRPC site to accommodate new-generation fuels.
(*) Before Group expenses.
€m
H1 2025
H1 2024
Δ %
Δ org. %
Revenue
5,881
5,526
+ 6%
+ 7%
Recorded Music
4,464
4,190
+ 7%
+ 7%
o/w Streaming & Subscription
3,160
2,945
+ 7%
+ 8%
Publishing
1,125
1,008
+ 12%
+ 12%
Merchandising
305
341
- 11%
- 10%
Eliminations
(13)
(13)
Adjusted EBITDA (1)
1,336
1,240
+ 8%
+ 9%
Adjusted Net Income Group share (2)
882
809
Contribution to Bolloré's EBITA (3)
117
88
UNIVERSAL MUSIC GROUP (UMG)
Key figures (results published by UMG)
Stock market details
As of 06/30/2025
Share price (€/share)
27.48 €
NOSH (M)
1,834
Market Capitalization (€M)
50,401
Dividend for the 2024 financial year (€/per share)
0.52 €
Bolloré's interest:
Shares held (M)
338
% of share capital
18.4%
Valuation (€M) (i)
9,290
Dividends paid to Bolloré for the 2024FY (€M) (ii)
176
Yield (ii)/(i)
2%
June 30, 2025 Dec. 31, 2024
Net Debt / (Cash)
2,734
2,098
Comments and highlights Share ownership structure at June 30, 2025
Shareholder
Number of shares (m)
% of capital
Bolloré SE
338
18.4%
Vivendi SE
182
9.9%
Tencent Holdings
210
11.4%
Float
1,105
60.2%
Total
1,834
100%
- Revenue: +7% driven by growth in paid streaming (+8.9% organic growth) and music publishing (+12.1% organic growth).
- Adjusted EBITDA: adjusted EBITDA margin rose by +0.3% to 22.7%, thanks to revenue growth and cost savings (€50 million in H1 2024) which offset lower margins in Publishing and Merchandising.
- Net income Group share: €1,432 million +56.7%. Excluding the impact of the revaluation of the stakes in Spotify and Tencent, catalogue amortization and share-based compensation costs, adjusted net income was €882 million, up +9.0%.
-
Interim dividend: €0.24 per share (€440 million), to be paid on October 28, 2025.
(1) & (2) See glossary.
CANAL+
Key figures (results published by Canal+)
Stock market details
As of 06/30/2025
Share price (€/share)
2.66 €
NOSH (M)
992
Market Capitalization (€M)
2,641
Dividend for the 2024 financial year (€/per share)
0.02 €
Bolloré's interest:
Shares held (M)
302
% of share capital
30.4%
Valuation (€M) 804
June 30, 2025 Dec. 31, 2024
Dividend paid to Bolloré in 2025 (€M) 6
€m
H1 2025
H1 2024
Δ %
Δ org. %
Subscribers (millions)
25.66
25.98
- 1.2%
Of which self-distributed
19.19
19.16
+ 0.2%
Revenue
3,086
3,190
- 3.3%
+ 0.9%
EBITA (before except.)
246
315
- 21.8%
- 21.6%
Net income Group share
70
23
Adjusted Net income
104
83
Contribution to Bolloré's EBITA
44
-
Net Debt / (Cash)
24
355
Yield 1%
Comments and highlights Revenue by segment at 06/30/2025
-
Revenue: +0.9% organic growth, excluding the negative impact of the end of the UEFA sub-licensing contract for RMC Sport, the closure of
C8 and the termination of the Disney contract.
- EBITA: the decline was due to the end of the highly profitable UEFA sub-licensing contract; the one-off effect of the integration of OCS in H1 2024 (payment of the balance for the acquisition); higher sports content fees, which weighed on profitability in Africa; and lower profitability in Vietnam.
-
Net income Group share and adjusted net income: strong growth due to i) a positive contribution from equity-accounted companies of €42 million (including +€32 million from MCG and +€22 million from MC Vision, acquired in H1 2025; VIU made a negative contribution of -€17 million (-€18 million in H1 2024)); ii) a tax loss of -€29 million, compared with a loss of -€107 million in H1 2024, due to the fall in profit before tax on ordinary activities and the positive impact of the new Canal+ tax consolidation in France (implemented in 2025).
Content
production, distribution and other
10%
Africa and Asia 17%
Europe 73%
LOUIS HACHETTE GROUP
Key figures (results published by Louis Hachette Group) Stock market details
€m
H1 2025
H1 2024 Δ %
Δ org. %
Revenue
4,495
4,340 +4%
+3%
EBITA
220
210 +5%
o/w Lagardère
219
201 +9%
o/w Prisma Media
3
9 na
o/w LHG SA
(2)
- na
Résultat net part du Groupe
(9)
(35)
Adjusted net profit Group share
52
24
Contribution to Bolloré's EBITA
6
-
Louis Hachette Group (LHG) As of 06/30/2025 Share price (€/share) 1.74 €
NOSH (M) 992
Market Capitalization (€M) 1,725
Dividend for the 2024 financial year (€/per share) 0.06 €
Bolloré's interest:
Shares held (M) 302
Valuation (€M)
525
Dividend paid to Bolloré in 2025 (€M)
18
Yield
3%
LHG's interest in Lagardère:
Lagardère's share price (€/share)
21.60 €
% of share capital
66.3%
Valuation (€M)
2,029
Dividend paid to LHG in 2025 (€M)
63
% of share capital 30.4%
June 30, 2025 Dec. 31, 2024
Net Debt / (Cash)
1,958
1,826
Comments and highlights
- Revenue: up on a good performance from Lagardère (+3.0% organic growth) driven by growth at Lagardère Travel Retail (+4.0% organic growth) and Lagardère Live (+2.5% organic growth), despite the decline at Prisma Media (-3.1% organic growth).
-
EBITA: growth from Lagardère Travel Retail, a slight decline from Lagardère Publishing (on activities in Spain/Latin America and Literature in France). Prisma Media continued to be impacted by the sale of Gala (2023) and a decline in activity.
EBITA includes €11 million (vs. €14 million in H1-2024) of restructuring costs (mainly at Lagardère Travel Retail and Prisma Media).
-
Highlights: on 26 August, 2025, Arnaud Lagardère was appointed Chairman of Prisma Media, replacing Claire Léost.
Yield 3%
Lagardère EBITA by business line at 06/30/2025
€m
06/30/2025
%
Lagardère Publishing
103
47%
Lagardère Travel Retail
117
53%
Lagardère Live
(1)
Total
219
100%
22
HAVAS
Key figures (results published by Havas) Stock market details
As of 06/30/2025
June 30, 2025 Dec. 31, 2024
€m
H1 2025
H1 2024
Δ %
Δ org. %
Net Revenue (*)
1,346
1,308
+ 2.9%
+ 2.3%
Adjusted EBIT (*)
144
133
+ 8.3%
Adjusted EBIT Margin (%)
10.7%
10.2%
Depreciation
(3)
3
Restructuring costs
(7)
(11)
EBIT
134
125
+ 7.2%
Net profit Group share
74
71
+ 4.2%
Contribution to Bolloré's EBITA
23
-
Share price (€/share) 1.46 €
NOSH (M) 992
Market Capitalization (€M) 1,446
Dividend for the 2024 financial year (€/per share) 0.08 €
Bolloré's interest:
Shares held (M) 302
% of share capital 30.4%
Valuation (€M) 440
Dividend paid to Bolloré in 2025 (€M) 24
Yield 5%
Net Debt / (Cash)
79
(211)
Comments and highlights Net Revenue by geographic area at 06/30/2025
-
Net Revenue(*) : +2.3% organic growth, driven by strong sales in
North America (+3.9% organic, driven by Havas Health) and Europe (+1.3% organic growth). Sustained growth in Latin America (+8.6%) and decline in APAC & Africa (-1.8%), mainly impacted by reduced customer spending in China.
- Adjusted EBIT: +8.3%, the increase mainly reflects tight control of personnel costs.
-
Highlights: (i) share repurchase program for up to 10% of share capital (launched on June 2, 2025); (ii) share consolidation (10 ordinary shares consolidated into 1 ordinary share), planned for H2 2025; (iii) new strategic plan, Converged.AI: Havas is committed to investing €400 million between now and 2027 (data, technology and AI).
Latin America
Asia Pacific and 6% Africa
9%
Europe 50%
North America 35%
23 (*) See glossary for definition
VIVENDI
Key figures (results published by Vivendi) Stock market details
As of 06/30/2025
June 30, 2025 Dec. 31, 2024
€m
H1 2025
H1 2024 Δ %
Δ org. %
Revenue
145
134 + 8%
+ 8%
Adjusted operating income (EBITA)
18
(29) na
na
EBIT
5
(137) na
Results of continued operations after
30
9
tax
Results of disc. operations (IFRS 5)
-
184
Net income Group share
30
159
Contribution to Bolloré's EBITA
13
-
Share price (€/share) 2.93 €
NOSH (M) 1,030
Market Capitalization (€M) 3,017
Dividend for the 2024 financial year (€/per share) 0.04 €
Bolloré's interest:
Shares held (M) 302
% of share capital 29.3%
Valuation (€M) 884
Dividend paid to Bolloré in 2025 (€M) 12
Yield 1%
Adjusted Net Debt / (Cash)*
1,768
2,573
Comments and highlights Portfolio of listed investments
UMG
Banijay Group
182
81
9.91%
19.20%
4,996
691
2024), driven by the performance of the Disney Dreamlight Valley
Lagardère
19
13.38%
409
game and the cost-cutting plan, as well as a positive contribution from
MediaForEurope
112
19.78%
386
UMG accounted for using the equity method (+€14 million vs. H1 2024).
Telecom Italia
Prisa
384
151
1.80%
11.24%
161
57
Net income Group share: €30 million, compared with €159 million in
Total
6,700
H1 2024, which included the proceeds from the disposal of the
Portfolio reported by Vivendi
international festivals and ticketing activities (+€106 million), the net
income of Canal+, LHG and Havas (+€93 million), and the settlement
agreement reached with all institutional investors on June 28, 2024
(-€95 million).
EBITA: +€47 million improvement at Gameloft (+€20 million vs. H1
- Revenue: the increase in revenue (+8%) reflects the performance of Gameloft (+8.4% organic growth), boosted by growth in the PC/Console segment (45% of revenue, +18% organic growth).
As of 06/30/2025 Number of shares held (in m)
(%) stake Market value (€m)
in millions of euros
1stHalf 2025
1stHalf 2024
Change
Organic growth
Revenue
156
178
(13%)
(14%)
EBITA(*)
(52)
(70)
25%
25%
Investments
11
14
-
Revenue: +0.9% organic growth, excluding the negative impact of the end of the UEFA sub-licensing contract for RMC Sport, the closure of
- Revenue: -14% at constant scope and exchange rates. Decline linked to the resumption of sales of 12-meter buses in Q2 2024 and the fall in the Systems business (downturn in Specialized Terminals), despite growth in the Films business (increase in dielectric film and packaging volumes).
-
EBITA: -€52 million, an improvement of +€17 million on a reported basis compared with the first half of 2024, mainly due to lower losses at Blue, which is focusing on research related to the new generation of batteries despite a deterioration in the profitability of the Systems.
(*) Before Group expenses.
BLUE
-
Batteries (Blue Solutions)
Work continued on the Gen4 battery with the aim of designing a solid electrolyte battery with an energy density 50% greater than the best current lithium-ion batteries. Since the beginning of the year, Blue Solutions has delivered its first 1Ah "A" samples. Validations are under way, internally, by its JDA (joint development agreement) partners, and at independent laboratories in Europe and North America, against the backdrop of a particularly challenging automotive market.
At the same time, Blue Solutions has signed two additional co-development partnerships with international leaders:
A Japanese technology firm that manufactures high-altitude platforms for telecoms applications,
A recognized Chinese specialist in the development of the tools and methods needed to industrialize the Gen4 solid-state battery.
-
Bluebus
Successful delivery of 46 Bluebus 6-meter buses in the first half of 2025, compared with 19 in the first half of 2024.
BOLLORÉ INNOVATIVE THIN FILMS
Continued improvement in the profitability of Bolloré Innovative Thin Films thanks to a rise in sales of food films in the USA for the packaging activity and sales of films for energy transportation in Europe for the Dielectric activity.
Bolloré Innovative Thin Films has embarked on a major €30 million investment plan for its two industrial activities in Brittany.
SYSTEMS
-
IER / Automatic Systems (AS)
IER's revenue was down sharply due to the reclassification of the Indestat business at Polycea. Excluding this effect, it is down slightly in H1 2025 vs. H1 2024. Growth at Easier business, particularly in the public sector, offset the decline in the Track&Trace business.
AS revenue was down sharply compared with the first half of 2024, mainly due to the slowdown in the Public Transport business. Sales of pedestrian and vehicle access security equipment were stable compared with 2024, with the decline in business in the North American market offset by buoyant sales in the Benelux, UK and International markets. Operating profit was impacted by the decline in business and a less favorable geographical mix.
-
Polycea (ex-Polyconseil)
Growth in Polycea revenue, benefiting from the integration of Indestat (formerly IER) in the first half of 2025. EBITA rose in line with revenue.
-
Mobility
Bluesystems continues to expand its urban mobility monitoring business in the United States.
- Autolib'
In a ruling handed down on February 21, 2025, the Paris Administrative Court of Appeal ordered the Syndicat Mixte Autolib' Vélib' Métropole to pay Autolib' a total of nearly €75 million (including legal interest), which has been received in full. This ruling has become final as no challenge has been made before the French Cour of cassation.
As at June 30, 2025 | Market capitalization (€m) | (%) Interest | Market value (€m) | |
Communications(*): | ||||
50,401 | 18.4% | 9,290 | ||
2,641 | 30.4% | 804 | ||
1,725 | 30.4% | 525 | ||
1,446 | 30.4% | 440 | ||
3,017 | 29.3% | 884 | ||
Others: Groupe Socfin (1) | 290 | |||
2,831 | 6.0% | 170 | ||
Others | 10 | |||
Total | 12,413 |
(*) These investments are accounted for under the equity method in the Group's financial statements.
(1) Investments in Socfinaf, Socfinasia and Socfin (including €160 million for Socfin at the delisting value).
3 APPENDICES
- In accordance with IFRS 5 and to ensure comparability, Vivendi's contribution for 2024 has been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution operations carried out by the Vivendi group on December 13, 2024).
-
Performance indicators
At June 30, 2025, the Bolloré Group has not changed the definition of its performance indicators, particularly EBITA, which are comparable to those at December 31, 2024. EBITA and operating income data are presented before Group expenses.
- Trend in the main currencies
Average exchange rates | H1 2025 | H1 2024 | Change |
USD | 1.09 | 1.08 | 1% |
GBP | 0.84 | 0.85 | (1%) |
PLN | 4.23 | 4.32 | (2%) |
CHF | 0.94 | 0.96 | (2%) |
CNY | 7.93 | 7.80 | 2% |
RON | 5.00 | 4.97 | 1% |
CAD | 1.54 | 1.47 | 5% |
INR | 94.14 | 89.98 | 5% |
ZAR | 20.11 | 20.24 | (1%) |