Results for fiscal year 2025

Results for fiscal year 2025 March 17, 2026

1. ‌See glossary.

2. ‌ Including the contribution from equity-accounted operating companies for +€478 million.

   Results for fiscal year 2025

   Bolloré's Board of Directors met on March 17, 2026 to approve the financial statements for the fiscal year 2025.

   Revenue amounted to €2,926 million, down -9% at constant scope and exchange rates:

   • Bolloré Energy: €2,511 million euros, -9%, down against a backdrop of a widespread decrease in prices, despite a slight increase in volumes sold (notably in trading in France);

   • Industry: €310 million, -13%, down from 2024, a year marked by the recovery in 12-meter bus sales to RATP, and despite strong momentum in the Films activity, driven by an increase in dielectric film and packaging volumes.

     On a reported basis, revenue was down 7%, after a change of +€96 million in the scope of consolidation (corresponding primarily to the acquisition of Chantelat at the end of November 2024) and a currency effect of -€0.3 million (appreciation of the Euro against the Indian rupee, offset in part by the depreciation of the Euro against the Swiss franc) Adjusted operating income (EBITA (3)) was €286 million, compared with €1 million in 2024:

   • Bolloré Energy (4): €53 million, up 18% on margin growth and solid control of operating expenses;

   • Communications (5): €476 million, up strongly, driven by the increased contribution by UMG (+8% compared with 2024) and by the good performances of Canal+, LHG, Havas and Vivendi, equity-accounted for the entire year in 2025 (compared with just 16 days in 2024);

   • Industry (4): -€90 million, a reduction in losses of €89 million euros compared with 2024, with Blue Solutions focusing on research into new-generation batteries.

   • Other: -€152 million, an increase in expenses resulting from major disposals made in the last few years.

     Net financial income was €173 million, compared with €145 million in 2024. The performance was driven by the increase in dividends received, notably from Socfin Group, holdings recognized as financial assets since September 2024. Net income from equity-accounted non-operating companies was -€2 million, compared with -€30 million in 2024. In 2025 this item no longer included the share of Socfin Group's net income.

     After taking into account -€13 million in taxes (compared with -€27 million in 2024), consolidated net income came to

     €351 million, compared with €1,840 million in 2024, which included the net capital gain on the disposal of Bolloré Logistics (+€3.6 billion). Net income, Group share amounted to €348 million, compared with €1,822 million in 2024.

3. ‌See glossary.

4. ‌Before Group expenses.

5. ‌ Equity-accounted operating companies since December 16, 2024.

As at December 31, 2025, the Bolloré Group had a positive net cash position of €5,619 million, compared with

€5,306 million euros at the end of 2024. The increase of €313 million includes the repayment of cash collateral for the proposed buyout offer/mandatory squeeze-out, the repayment in Bolloré SE's current account with Vivendi SE and the repurchase of Bolloré shares.

At the end of December 2025, the Bolloré Group had €8 billion in cash and cash equivalents and confirmed credit lines.

Main transactions

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. Treasury shares were canceled in 2025.

• Proposed public buyout offers followed by mandatory squeeze-outs for Compagnie du Cambodge, Financière Moncey and Société Industrielle et Financière de l'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 this outcome after an investigation lasting more than seven months, Bolloré SE took note of the AMF's ruling and decided not to appeal it. 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 24 and July 7, 2025 at the initial offer price. The Group acquired 1.07% of Moncey for €24 million and 1.5% of Artois for €38 million.

• Disposal of Vivendi shares

  In early 2026, Bolloré SE sold 5 million Vivendi shares at a unit price of €2.3 for a total amount of €11.6 million.

  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 Groupe Canal+ shares (2.62% of the share capital) at a unit

  price of €2.26, for a total of €59 million.

• Compagnie de l'Odet continued to acquire its own shares under its share repurchase program, for a total of €26 million, representing 0.3% of the share capital. Treasury shares were canceled on December 19, 2025.

• In early 2026, Compagnie de l'Odet acquired 6.8 million Bolloré shares (0.24% of the share capital) at a unit

  price of €4.72, for a total of €32 million.

  Compagnie de l'Étoile des Mers

• Compagnie de l'Étoile des Mers, a 51% subsidiary of Bolloré Participations and in which Compagnie de l'Odet owns a 49% stake, acquired a holding in Havas N.V. At end-2025, Compagnie de l'Étoile des Mers had a 14% stake in Havas N.V.

• In early March 2026, following the purchase of shares and the acquisition of YB6, which has a 2.9% stake in Havas N.V., Compagnie de l'Étoile des Mers directly and indirectly holds 22.6% of Havas N.V., for an investment of €347 million. In addition, Bolloré continues to directly hold a 30.44% stake in Havas N.V. and Compagnie de l'Odet holds 0.6%.

  Vivendi spin-off

• 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 Commercial Code.

• On July 18, 2025, pursuant to the Court of Appeal's ruling of April 22, 2025, the AMF ruled that a public tender offer to delist the shares of Vivendi SE had to be filed within a period of six months. The offer would not close until the Court of Cassation had handed down its ruling on the appeals against the Paris Court of Appeal's decision of April 22, 2025. The Court of Cassation hearing was set for November 25, 2025. On July 28, 2025, Bolloré decided to appeal to the Paris Court of Appeal against the AMF's decision of July 18.

• On November 28, 2025, the Court of Cassation canceled the ruling of April 22, 2025 to the extent it had ruled that Vivendi SE was controlled by Bolloré SE within the meaning of Article L. 233-3, I, 3 of the French Commercial Code on the grounds that the Court of Appeal had violated this provision and referred the case to the Paris Court of Appeal composed otherwise. The hearing for oral arguments is scheduled for May 22, 2026. The rulings handed down by the Court of Cassation led to the cancellation of the AMF decision of July 18, 2025, pronounced null and void by the AMF on December 4, 2025.

Proposed ordinary dividend: €0.08 per share and exceptional dividend of €1.5 per share

The General Shareholders' Meeting will be asked to approve the distribution of a dividend of €0.08 per share (including

€0.02 in interim dividend already paid in September 2025), identical to the dividend paid in respect of the 2024 fiscal year. The ex-dividend date will be June 23, 2026, with payment in cash only on June 25, 2026.

In 2022 and 2024, Bolloré SE sold Bolloré Africa Logistics and Bolloré Logistics for a total amount of around €10 billion. In the absence of any significant reinvestment to date, Bolloré's Board of Directors has decided to propose to the Annual General Meeting of May 27, 2026, in agreement with its majority shareholder Compagnie de l'Odet, the distribution of an exceptional dividend of €1.5 per share, representing an amount of approximately €4.2 billion, taken from the retained earnings of previous years, resulting from capital gains realized on disposals.

This dividend, which would constitute an exceptional distribution, would be paid at the same time as the ordinary dividend

of €0.08 per share, i.e. on June 25, 2026. It would be financed by using part of the available cash.

The Board of Directors of Compagnie de l'Odet, which owns 71% of Bolloré's share capital, has indicated its intention to pay an interim dividend of an exceptional nature in the second half of 2026 representing at least two-thirds of the exceptional dividend received by Compagnie de l'Odet.

Consolidated key figures

1. See glossary.

2. Gearing: ratio of net debt to equity.

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