Vivendi : Annual Report – Universal Registration Document 2025

About this update from Vivendi Se

2025 Annual Report Universal Registration Document The Annual Report - Universal Registration Document in English is a translation of the French Document d'enregistrement universel provided for information purposes. This translation is qualified in its entirety by reference to the Document d'enregistrement universel. The Annual Report - Universal Registration Document is available on the company's websit https://www.vivendi.com . Table of contents PROFILE OF THE GROUP, STRATEGY AND GLOBAL PERFORMANCE, BUSINESSES, FINANCIAL COMMUNICATION 4 CORPORATE GOVERNANCE, COMPENSATION AND BENEFITS OF CORPORATE OFFICERS AND GENERAL INFORMATION ABOUT THE COMPANY 130 1. Profile of the group 6 1. Corporate Governance 132 2. Strategy and global performance 10 2. Compensation and benefits for corporate officers 169 3. Businesses, financial communication 13 3. General information about the company 206 SUSTAINABILITY REPORT BUSINESS ETHICS AND COMPLIANCE 22 FINANCIAL REPORT AND AUDITED CONSOLIDATED Sustainability Report 24 FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2025 220 1. ESRS 2: General disclosures 24 1. 2025 Financial Report 224 2. ESRS E1: Environmental Information 58 2. Audited Consolidated Financial Statements 3. ESRS S1: Providing everyone with an attractive for the year ended December 31, 2025 234 and inclusive work environment 75 3. 2025 - Parent Company Financial Statements 305 4. ESRS S2: Working with our value chain 86 5. ESRS S4: Ensuring the protection and satisfaction of consumers and end-users 89 6. Additional social and societal information 95 7. ESRS G1: Governance information 99 Business Ethics and Compliance 100 1. Organization and governance 101 RECENT EVENTS, 2. Implementing Business Ethics and Compliance 102 OUTLOOK 338 Report on the certification of sustainability 110 1. Recent events 340 information and verification of the 2. Outlook 341 disclosure requirements under Article 8 of Regulation (EU) 2020/852 for Vivendi SE RISK FACTORS, INTERNAL CONTROL AND RISK MANAGEMENT 114 Risk factors 116 Internal control and risk management 123 Insurance 129 Energy 129 RESPONSIBILITY FOR AUDITING THE FINANCIAL STATEMENTS 342 Responsibility for auditing the financial statements 344 ANNUAL REPORT - UNIVERSAL REGISTRATION DOCUMENT 2025 - VIVENDI Editorial "Today, Vivendi has a coherent portfolio of solid assets, made up of Gameloft and strategic stakes in major players in content, media and entertainment. Our management of this portfolio is based on a disciplined, selective approach, focused on value creation." Yannick Bolloré Chairman of the Supervisory Board Arnaud de Puyfontaine Chief Executive Officer VIVENDI - ANNUAL REPORT - UNIVERSAL REGISTRATION DOCUMENT 2025 2 2025 marked an important milestone in Vivendi's transformation. Following the spin-off in December 2024, our former subsidiaries Canal+, Havas and Louis Hachette Group are now independent entities with separate stock market listings. Vivendi has entered into a new chapter in its history. Today, Vivendi has a coherent portfolio of solid assets, made up of Gameloft and strategic stakes in Universal Music Group, Banijay Group, Lagardère, MediaForEurope and Prisa, major players in content, media and entertainment. Our management of this portfolio is based on a disciplined, selective approach, focused on value creation. As part of this trajectory, Vivendi took several major strategic steps in 2025. The group sold its entire stake in the telecoms operator TIM to Poste Italiane, which was seeking to raise its ownership interest, and also disposed of its entire stake in Telefónica. These transactions reflect our clear desire to exit the telecoms sector, which is no longer at the heart of our activities. The divestments we made during the year were on good financial terms. They have enabled the group to significantly reduce its debt and further strengthen its financial structure. At the same time, we are continuing our cost-efficiency efforts, particularly at our headquarters, in order to tailor our organization to the group's new configuration. Vivendi is now fully refocused on the content, media and entertainment industries. We firmly believe in the sustainable growth potential of these sectors, driven by strong public demand, technological innovation and the profoundly transfor-mative changes resulting from digital technology and artificial intelligence (AI). This belief is behind the proposed acquisition of Prisma Media's luxury division, which is currently under consideration. With premium press titles such as Harper's Bazaar, Côté Maison, Milk, Ideat and The Good Life, the acquisition would provide Vivendi with a solid strategic base for investment in these high-end segments and high value-added content. Within a landscape being shaped by the AI boom and growing influence of social media, the quality, authenticity and responsibility of these established and renowned brands are, more than ever, key factors of differentiation and trust - values that are the hallmarks of Vivendi's assets. We successfully navigated through this year of transition thanks to the engagement and professionalism of all our teams, to whom we extend our sincere thanks. We would also like to thank the members of the Supervisory Board for their invaluable support. On June 4, 2025, we sadly lost Philippe Labro, a leading figure in culture and journalism, whose memory we will cherish. The Supervisory Board has appointed Bernard Osta as his successor. A seasoned executive and former investment banker, Bernard is currently CEO of Vestiaire Collective, and will bring valuable expertise. 2025 was also marked by several legal rulings concerning Vivendi. On July 18, 2025, following the Paris Court of Appeal's ruling of April 22, 2025, the French securities regulator (the Autorité des marchés financiers) announced its decision that Bolloré SE and Vincent Bolloré were required to launch a public buyout offer for the shares of Vivendi SE, subject to certain conditions. On November 28, 2025, France's Supreme Court (Cour de cassation) overturned this decision, stating that the legal criteria for control had not been properly assessed, and referred the case back to the Court of Appeal. We are still awaiting the new Court of Appeal decision. Vivendi is now more agile and refocused on its core businesses, and is shaping its strategy in line with a balanced approach combining financial and non-financial performance. The group firmly believes that sustainable value creation requires an acute sense of responsibility towards the world around us. That is why we strive to make culture and entertainment accessible to as many people as possible, and to promote content that is meaningful, inclusive and a vehicle for social connection. Our commitment to this is tangibly illustrated in initiatives we carried out in 2025 such as through the "Cultural Moments" we organized with our partner non-profit organizations. Drawing on the strengths of our transformation, we are embarking on the next chapter of our journey with confidence and determination, and continuing to focus resolutely on delivering value to all of our stakeholders. 3 ANNUAL REPORT - UNIVERSAL REGISTRATION DOCUMENT 2025 - VIVENDI ‌Profile of the Group, Strategy and Global Performance, Businesses, Financial Communication PROFILE OF THE GROUP 6 Activities: content, media and entertainment 6 Corporate Governance 7 Key figures 8 STRATEGY AND GLOBAL PERFORMANCE 10 Strategy 10 Global performance 11 BUSINESSES, FINANCIAL COMMUNICATION 13 Businesses 13 Financial communication 21 VIVENDI - ANNUAL REPORT - UNIVERSAL REGISTRATION DOCUMENT 2025 4 5 ANNUAL REPORT - UNIVERSAL REGISTRATION DOCUMENT 2025 - VIVENDI Profile of the Group, Strategy and Global Performance, Businesses, Financial Communication ACTIVITIES: CONTENT, MEDIA AND ENTERTAINMENT PROFILE OF THE GROUP ‌CHAPTER 1 ‌SECTION 1. PROFILE OF THE GROUP ACTIVITIES: CONTENT, MEDIA AND ENTERTAINMENT Following its spin-off in December 2024, Vivendi is pursuing a strategy of sustainable growth by leveraging a unique portfolio of listed and unlisted equity interests in leading companies operating in the domains of content, media and entertainment. Drawing on its recognized expertise and experienced teams, the group focuses on long-term developments, placing innovation and social responsibility at the core of its business. GAMELOFT 100% PRISA (1) 11.19% 9.91% UNIVERSAL MUSIC GROUP (UMG) (1)(2) At December 31, 2025 15.92% MEDIAFOREUROPE (MFE) (1)(4) 19.17% BANIJAY GROUP (1)(3) 13.38% LAGARDÈRE (1) Listed company. On December 10, 2024, Vivendi declared a potential additional interest of 4.65% in UMG's share capital and voting rights, as part of an equity swap. On the same day, Vivendi declared a short position of 4.65% in respect of a prepaid forward sale. Accordingly, this financing transaction did not result in any net change in the amount of Vivendi's interest in UMG. Following partial repayments made under the bilateral structured financing agreements on April 7 and December 19, 2025, the outstanding balance of this financing was €1,350 million as of December 31, 2025, versus €2,000 million as of December 31, 2024. The notional amount of these derivatives has been proportionally reduced and now represents 3.13% of UMG's share capital and voting rights. Based on the number of ordinary shares. Following the settlement agreement between Vivendi, Fininvest and MediaForEurope (formerly Mediaset) that was finalized on July 22, 2021, Vivendi has undertaken to sell on the market, over a period of five years and subject to a price condition, the entire 12.83% stake in MediaForEurope held by Simon Fiduciaria. Vivendi remains free to retain or sell its direct 3.09% shareholding in MediaForEurope at any time. CORPORATE GOVERNANCE ‌PROFILE OF THE GROUP CORPORATE GOVERNANCE As of the date of this Annual Report - Universal Registration Document. SUPERVISORY BOARD Yannick Bolloré Chairman Philippe Bénacin (*) Vice Chairman and lead independent member Laurent Dassault (*) Laure Delahousse (*) Maud Fontenoy (*) Cathia Lawson-Hall (*) Sandrine Le Bihan Member representing employee shareholders (1) Bernard Osta (*) Katie Stanton (*) 9 MEMBERS 56% GENDER DIVERSITY (5 women out of a total of 9 members) 78% INDEPENDENT 2 SPECIAL COMMITTEES Audit and Sustainability Committee Corporate Governance, Nominations and Remuneration Committee MANAGEMENT BOARD Arnaud de Puyfontaine, Chairman Frédéric Crépin François Laroze Céline Merle-Béral 4 MEMBERS 25% GENDER DIVERSITY (1 woman out of a total of 4 members) Information on changes in the composition of the Supervisory Board and its Committees, and on changes in the composition of the Management Board, is provided in Section 1. of Chapter 4 of this Annual Report - Universal Registration Document. (*) Independent member. (1) Member appointed in accordance with Article 8-I.1., paragraph 2, of the company's by-laws. KEY FIGURES ‌PROFILE OF THE GROUP KEY FIGURES Vivendi applied IFRS 5 - Non-current assets held for sale and discontinued operations to all the periods presented below. In particular, in the statement of earnings and statement of cash flows for the year ended December 31, 2024, Vivendi has reclassified income and charges relating to Canal+, Louis Hachette Group (comprising Lagardère and Prisma Media) and Havas as discontinued operations. The same applies to festival and ticketing activities outside France that were sold on June 6, 2024, and activities in France sold on December 5, 2025. Financial indicators REVENUES Year ended December 31 In millions of euros EBITA (1) Year ended December 31 In millions of euros 297 307 45 (1) 2024 2025 2024 2025 EARNINGS ATTRIBUTABLE TO VIVENDI SE SHAREOWNERS Year ended December 31 In millions of euros FINANCIAL NET DEBT (2) As of December 31 In millions of euros (6,004) 20 (2,072) (1,050) 2024 2025 2024 2025 PORTFOLIO VALUE Year ended December 31 In millions of euros DIVIDEND (3) With respect to fiscal year In euros 7,219 5,873 0.04 0.04 2024 2025 2024 2025 The non-GAAP measures of EBITA and Financial Net Debt should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance. Vivendi considers these to be relevant indicators of the group's operating and financial performance. Vivendi Management uses these indicators for reporting, management and planning purposes because they exclude most non-operating and non-recurring items from the measurement of the business segments' performances. In addition, it should be noted that other companies may have definitions and calculations for these indicators that differ from those used by Vivendi, and therefore may not be directly comparable. Each of these indicators is defined in the Financial Report in Chapter 5 of this Annual Report - Universal Registration Document. Adjusted for the loan to Lagardère in an amount of €450 million (compared to €500 million as of December 31, 2024). Subject to shareholder approval on April 21, 2026. KEY FIGURES PROFILE OF THE GROUP Non-financial indicators CHANGE IN SCOPES 1 & 2 (1) CARBON EMISSIONS 20 % reduction vs 2024 (2) PERCENTAGE OF WOMEN ON EXECUTIVE BODIES (3) 26 % as of December 31, 2025 PERCENTAGE OF EMPLOYEES TRAINED (4) 85 % in 2025 PERCENTAGE OF EMPLOYEES TRAINED ON ANTI-CORRUPTION MEASURES (5) 93 % as of December 31, 2025 Headcount and revenues by geographic region Total headcount 2,535 / Total revenues € 307 million EUROPE 1,037 / € 99 million NORTH AMERICA 399 / € 141 million ASIA-PACIFIC 1,068 / € 38 million REST OF WORLD 31 / € 29 million Headcount / Revenues (6) Data as reported in Section 2., paragraph 2.1.2.5.2, of the "Sustainability Report" in Chapter 2 of this Annual Report - Universal Registration Document. New base year, as defined in Section 2., paragraph 2.1.2.2.2, of the "Sustainability Report" in Chapter 2 of this Annual Report - Universal Registration Document. Data as reported in Section 3., paragraph 3.4.2.3.1, of the "Sustainability Report" in Chapter 2 of this Annual Report - Universal Registration Document. Data as reported in Section 6., Appendix 1 of the "Sustainability Report" in Chapter 2 of this Annual Report - Universal Registration Document. Data as reported in Section 2., paragraph 2.1.2.2, of "Business Ethics and Compliance" in Chapter 2 of this Annual Report - Universal Registration Document. Revenues are broken down by customer location. STRATEGY STRATEGY AND GLOBAL PERFORMANCE ‌SECTION 2. STRATEGY AND GLOBAL PERFORMANCE ‌ STRATEGY During 2025, Vivendi pursued the strategy adopted at the end of 2024 following the spin-off of Canal+, Havas and Lagardère in December of that year, at a time of strong performances in an international operating environment filled with opportunities, which subsequently became stand-alone, separately listed entities, with the goal of unlocking their full growth potential. Following the spin-off, Vivendi remains a player in the content, media and entertainment industries, which are enjoying strong structural growth, led by high public demand for content, and radical technological changes driven by digital developments and AI. Within a landscape being shaped by the AI boom and the growing influence of social media, the quality, authenticity and responsibility of content are key factors for success, and are the hallmarks of Vivendi's assets. A portfolio of leading assets Vivendi has a portfolio of assets in groups that are leaders in the above-mentioned content, media and entertainment industries. The group's portfolio comprises both listed and unlisted companies. Among its unlisted assets is Gameloft, a powerhouse in the video game industry, which is the only entity that Vivendi wholly owns. Leveraging its world-renowned expertise, Gameloft is continuing to successfully transition from a mobile video game publisher to a publisher of PC, console and digital platform games. Its growth is being driven by the strong upward trends in streaming, cloud gaming and subscription services. In addition to Gameloft, Vivendi's asset portfolio includes strategic interests in several listed companies, which are managed through a pragmatic and optimized approach. As part of this approach, as it had indicated on several occasions, in 2025 Vivendi sold its stake in TIM, Italy's leading telecoms operator, to Poste Italiane - a sale that was achieved on good financial terms. Vivendi also sold its shares in Telefónica, a telco with operations in Spain, Europe and Latin America. These two divestments marked the group's withdrawal from the telecoms sector, which is no longer at the heart of its activities. Conversely, the group increased its stake in Lagardère, one of the world's leading publishing and travel retail businesses. It now holds a 13.38% stake in this company (compared to 4.73% as of December 31, 2024), as a result of the exercise of rights of beneficiaries who were granted rights to sell Lagardère shares under the subsidiary offer launched as part of Vivendi's public tender offer. In addition, in early 2026 Vivendi decided to acquire the luxury and lifestyle division of the press company Prisma Media (Harper's Bazaar France, Milk, Ideat, Côté Maison and The Good Life) to drive and future-proof its growth, and it also bought a minority stake in Prisma Media. These transactions are a seamless fit with the group's proven track record of supporting and nurturing projects to success. Vivendi also owned as of December 31, 2025: 9.91% of Universal Music Group, the world's leading music company; 19.17% of Banijay Group, a global independent leader in the entertainment industry; 15.92% of MediaForEurope, a European leader in television, audiovisual production and digital media; and 11.19% of Prisa, the media and education leader in the Spanish- and Portuguese-speaking markets. Rigorous financial management On the financial front, Vivendi continues to rigorously manage its balance sheet and cost structure. It reduced its debt through its divestments of TIM and Telefónica, and embarked on a policy of reducing headquarters costs. As well as applying strict financial discipline, Vivendi is firmly convinced that delivering on ESG is crucial for sustainable value creation. In 2025, Vivendi once again showed its determination to combine financial and non-financial performance to achieve sustainable growth. GLOBAL PERFORMANCE ‌STRATEGY AND GLOBAL PERFORMANCE GLOBAL PERFORMANCE BUSINESS MODEL This diagram is a concise, system-oriented representation of the group, its sustainable economic value creation, how this value is shared between its various stakeholders, and its contributions to society. It should be read in light of the detailed strategy set out in Section 2.1. of this chapter. Resources STABLE OWNERSHIP 29.9% of Vivendi's share capital held by the Bolloré Group as of December 31, 2025 1.7% of Vivendi's share capital held by group employees FINANCIAL RESOURCES €4.70 billion Total equity €1.50 billion Financial Net Debt TALENT 2,535 employees A committed investor over the long-term, supporting the development, transformation and success of its investees. A responsible investor, who is firm in its belief that non-financial components are essential to sustainable value creation. An expert investor in the content, media and entertainment sector for many years, which has helped drive its assets' growth. A supportive investor who takes care of its internal talent and all the content creators it supports. Sharing value with our stakeholders EMPLOYEES €128 million in compensation 34,569 training hours SHAREHOLDERS €40 million in dividends paid GOVERNMENTS AND LOCAL COMMUNITIES €31 million in taxes and social security contributions Contribution to society Vivendi is contributing towards building a more sustainable and inclusive society by supporting projects that give access to diverse, inventive and responsible creativity. GLOBAL PERFORMANCE STRATEGY AND GLOBAL PERFORMANCE SIMPLIFIED ORGANIZATION CHART AS OF DECEMBER 31, 2025 Assets (% held) Business description Rationale Unlisted company (100%) A leading video game developer and publisher Top five European mobile game developer World-renowned expertise and award-winning video games More than 60 video games developed in its 10 studios Underlying growth drivers: streaming, cloud gaming, subscription-based gaming services and AI Content and Entertainment Listed company Euronext Amsterdam (9.91%) (1) Listed company Euronext Amsterdam (19.17%) (2) World leader in music (publishing, merchandising, audiovisual content) World No. 1 in recorded music, music merchandising and music-based visual entertainment World No. 2 in music publishing A global independent leader in the entertainment industry Premium artist-centric model Broadest global reach of any music company Unrivaled catalog of songs and recordings Underlying growth drivers: streaming, changes in music consumption trends, technological partnerships Innovative leader in content creation with powerful brands and successful shows Underlying growth drivers: streaming, AI Listed company Euronext Paris (13.38%) A global group, with activities ranking among the world's leading publishing and travel retail businesses The world's third-largest consumer publishing group in the trade and education markets and the leader in France The world's third-largest travel retail operator and number two in airports Media and Telecoms Listed company Euronext Amsterdam (15.92%) (3) Listed company Madrid Stock Exchange (11.19%) European leader in television, audiovisual production, press and Internet No. 1 Italian and No. 1 Spanish TV broadcaster in terms of audience Media and education leader in Spain and the Spanish- and Portuguese-speaking world No. 1 in Spain and Chile in digital media No. 1 in Spain, Chile and Colombia in offline media Leading private TV publisher in Italy and Spain (five general networks and more than 30 channels) Underlying growth drivers: ongoing consolidation of the European media industry Global and premium brands: Santillana, El País, LOS40, AS, Caracol Radio Wide audience with over 230 million unique monthly digital users Underlying growth drivers: large Spanish-speaking addressable market Sources: Company websites. On December 10, 2024, Vivendi declared a potential additional interest of 4.65% in UMG's share capital and voting rights, as part of an equity swap. On the same day, Vivendi declared a short position of 4.65% in respect of a prepaid forward sale. Accordingly, this financing transaction did not result in any net change in the amount of Vivendi's interest in UMG. Following partial repayments made under the bilateral structured financing agreements on April 7, 2025 and December 19, 2025, the outstanding balance of this financing was €1,350 million as of December 31, 2025 (versus €2,000 million as of December 31, 2024). The notional amount of these derivatives has been proportionally reduced and represented 3.13% of UMG's share capital and voting rights as of December 31, 2025. Based on the number of ordinary shares. Following the settlement agreement between Vivendi, Fininvest and MediaForEurope (formerly Mediaset) that was finalized on July 22, 2021, Vivendi has undertaken to sell on the market, over a period of five years and subject to a price condition, the entire 12.83% stake in MediaForEurope held by Simon Fiduciaria. Vivendi remains free to retain or sell its direct 3.09% shareholding in MediaForEurope at any time. ‌SECTION 3. BUSINESSES, FINANCIAL COMMUNICATION ‌ BUSINESSES GAMELOFT Key figures as of December 31, 2025 2,366 employees € 15 million EBITA € 303 million revenues 2025 revenue breakdown By business By geographic region 124 144 148 135 13% Asia-Pacific 4% Latin America 21 24 PC/Console Mobile BtoB 2024 2025 37% Europe, Middle East, Africa 46% North America 3.1.1.1. Market trends The global video game industry generated $189 billion in 2025 (1) , up 3.4% year on year. Out of this total, mobile games represented 55%, and PC/Console games accounted for 45%. 3.1.1.2. Gameloft's activities Gameloft has established its position as a pioneer in the video game industry by creating innovative gaming experiences for twenty-five years. It develops, publishes and distributes multiplatform video games for the industry's main digital devices, including PC (Windows, Steam, Epic Games Store), consoles (PlayStation, Xbox, Nintendo Switch) and mobile phones (Google Play, App Store). Gameloft's specific expertise lies in the creation of GaaS (Games as a Service): games that receive updates and streams of new content (monetized or not) over time. Gameloft has world-renowned expertise, reflected in a portfolio of more than 60 video games developed in its 10 studios, and its products are well received by the press and players alike. Disney Dreamlight Valley, its first multi-platform and console-first game, won the "People's Voice Award" at the prestigious Webby Awards in 2023. Production quality is an absolute priority for Gameloft, which it controls thanks to a creative process that takes place in-house from start to finish of the value chain. Through its 10 in-house studios, located in the Americas, Europe, Asia and Australia, it is able to consolidate its leadership by drawing on the vast experience and expertise of its people and leveraging the synergies generated from their complementary skill sets. At the end of 2025, Gameloft's Game Development and Production teams accounted for more than 79% of its workforce. With this creative force, Gameloft can develop a very broad catalog spanning all genres, from general and action to sports, strategy, adventure and more. Gameloft has a broad portfolio of proprietary brands, with franchises such as Asphalt (motor racing), Dungeon Hunter (adventure), Dragon Mania Legends (simulation), Modern Combat and Gangstar (action), War Planet Online, March of Empires (strategy), as well as casual games such as SongPop (musical quiz). These franchises cover every genre and are aimed at the widest possible audience. At the same time, Gameloft develops a wide variety of games through partnerships with major rights holders. It works with Disney, Hasbro ® , Fox ® , Universal, LEGO ® and HarperCollins, allowing it to associate some of its games with the biggest international brands: Disney Magic Kingdoms, Disney Dreamlight Valley, Disney Speedstorm, LEGO Star Wars: Castaways, Minion Rush and My Little Pony: Mane Merge. Inspired by popular culture heroes, these franchises lead to the creation of games with a universe and characters that are familiar to players. One of Gameloft's major hits is Disney Dreamlight Valley, launched in September 2022 simultaneously on Nintendo Switch, PlayStation 4 and 5, Xbox One and Series X/S, Steam, Epic and Microsoft Store. This game has cemented its popularity, with the release of its third expansion, which was very well received by players. As of end-December 2025, it had over 8.32 million installs. According to forecasts issued by newzoo.com, a global leader in video game data. 3.1.1.3. PC/Console and mobile games activity Gameloft's revenues are generated by various business models, including premium games, free-to-play (games that are free to download and then offer in-app purchases and/or advertising) and subscription-based services. Historically focused on mobile video games, over the past few years Gameloft has been extending its activity to the entire video game market, including PC/Console games, allowing for new business models that can reach more players. Disney Dreamlight Valley and Disney Speedstorm were the first multiplatform and console-first games launched simultaneously on all existing platforms by Gameloft. This diversification has accelerated since then, with the arrival of Asphalt Legends for the first time on Playstation 4 & 5, and Carmen Sandiego on PC, console and mobile, as well as the release of several titles in physical versions, such as Disney Dreamlight Valley on Playstation 4 & 5, Nintendo Switch and Xbox, The Oregon Trail and Asphalt Legends on Nintendo Switch and Playstation 5, and Carmen Sandiego on Nintendo Switch and Playstation 5. Console and PC revenues accounted for 47% of revenues in 2025, compared to 42% in 2024 and 36% in 2023. For its mobile games, Gameloft has a large number of distribution channels including the Apple (App Store), Google (Google Play), Microsoft (Windows Store) and Amazon (Amazon Appstore) portals. Gameloft is also well placed at the center of the latest changes in the video game industry, where it draws on its expertise to support the success of subscription-based distribution models for games. For example, Disney Dreamlight Valley is available on Microsoft Game Pass and Apple Arcade. Mobile revenues (including in-game purchases and advertising, as well as revenues from games developed for Apple Arcade subscription offers and Netflix) accounted for 44% of Gameloft's total revenues in 2025. Lastly, Gameloft has successfully opened its own distribution platform - the Gameloft Club - which includes Dragon Mania Legends, Disney Magic Kingdoms, Asphalt Legends, March of Empires and War Planet Online. The platform has generated €11.5 million in revenues since its launch in 2024, of which €7.3 million in 2025. 3.1.1.4. CSR commitments Since its creation, Gameloft's mission has been to amaze the world so that everyone can enjoy moments of happiness. This mission must be carried out in a responsible and sustainable manner. Not only does Gameloft want to make incredible games, it wants to create them in a way that ensures people will be able to carry on playing for generations to come. This is why Gameloft created Play the Good Game, its CSR program focusing on three main pillars: the environment, society, and its talents. Play the Good Game for the Planet: Gameloft aims to mitigate its environmental footprint, champion best practices, and act for change at company and industry level. Gameloft is an active member of the Playing for the Planet Alliance and has participated in their Green Game Jam for the past three years. In addition, around 400 "Gamelofters" participated in an internal climate change conference and almost 74% of the electricity consumed at Gameloft's main studios comes from renewable energy. Play the Good Game for Society: protecting the security and privacy of its players is an absolute priority for Gameloft. The company makes sure that its games and communities are a safe environment for all, as outlined in its Player's Code of Conduct, and that players' data is protected, with stringent data collection policies that comply strictly with local laws. Video games can also be a positive force for change. Gameloft therefore seeks to make a difference by creating impactful in-game content, sharing its knowledge to make games more accessible, and inspiring future generations. To that end, Gameloft implemented a set of "Diversity Narrative Guidelines" to help teams create diverse and inclusive characters. Recent examples include a more accurate representation of Native Americans in The Oregon Trail, and extensive avatar customization options in Disney Dreamlight Valley. In 2025, Gameloft organized a Global Game Jam, an event where employees were invited to create a video game focused on diversity, within a set time limit, and including characters with unique skills, outlooks and/or cultures. It also organized a 25-hour charity livestream called "Gameloft Change", with the aim of raising €25,000 for local charities that support children and equal opportunities, with the company matching every euro donated. Play the Good Game for our Talents: Gameloft is made up of over 53 nationalities across 10 studios around the world and is making strides to reflect the multicultural nature of its employees in its games. Gameloft endeavors to promote a healthy, diverse, and inclusive working environment for its employees so they can thrive professionally and personally. It also provides equal access and opportunities to those wanting to learn about or join the industry, and it regularly hosts digital campaigns to raise awareness of diversity and inclusion. 3.1.1.5. Regulatory environment Like any video game publisher, Gameloft must comply with numerous complex and rapidly shifting national laws and regulations covering such areas as game content, consumer protection - particularly for minors -, personal data processing and general business conduct. Gameloft maintains a permanent watch on regulatory developments in the various countries where it operates and takes care to comply with the prevailing rules and practices. Changes in current regulations and the adoption of new regulations are likely to have a significant impact on Gameloft, particularly with regard to game content and features, monetization and loot boxes (virtual objects, generally presented in the form of a chest, containing one or more virtual objects, extra time to play and/or promotions). To that end, Gameloft has introduced appropriate procedures to comply with applicable laws and regulations, including: informing consumers of the rules of use, and game content and features; mechanisms for the protection of minors by referring to the age rating of games distributed on mobile platforms, PCs and consoles, making it possible to tell the age appropriateness of a given game (classifications may vary from one region to another); a notification, when players launch games, warning them that they may offer paid in-app purchases; and internal procedures designed to ensure compliance with applicable regulations (program for the prevention and detection of corruption, duty of vigilance, GDPR, etc.). Gameloft is a firm advocate of compliance with regulations on the collection, use, conservation and transfer of personal data, which are constantly changing. It takes care to comply with all of the applicable data protection laws, in particular Regulation (EU) 2016/679 of the European Parliament and of the Council of April 27, 2016 on the protection of natural persons with regard to the processing of personal data (the General Data Protection Regulation or GDPR, which came into effect on May 25, 2018). Gameloft also integrates a Consent Management Platform (CMP) into its mobile video games, allowing it to request, receive and store players' consent in relation to the processing of their personal data. The CMP also ensures that consent is provided to all of its partners who use the collected data and for whom the request for authorization has been submitted. In general, Gameloft only collects the information strictly necessary for its activity and the company takes care to offer a protected environment to all players by guaranteeing responsible use of the personal data collected. 3.1.1.6. Piracy Piracy is a very harmful practice for the mobile video game industry. It can have a dramatic impact on sales, given that video games are one of the most lucrative categories on the Apple, Google and Microsoft app stores. The freemium business model remains the most successful defense against piracy. Gameloft has a team of lawyers dedicated to defending and protecting its rights to combat all forms of counterfeiting and piracy as effectively as possible. To that end, Gameloft has deployed a permanent surveillance system enabling it to respond quickly as soon as illegal copies are uploaded. Gameloft also has a team dedicated to monitoring any fraudulent behavior and cheating that might alter the player experience. Such behaviors give dishonest players a competitive advantage over other players. Gameloft can, if necessary, sanction them through warnings, temporary suspensions, or even a total ban from the game so as not to disrupt the experience of other players. 3.1.1.7. Competition Competition in the mobile video gaming industry has intensified in recent years, in the wake of the increase in financing rounds, IPOs and M&A transactions. Some 345 new games are submitted to Apple and Google and put online on the App Store and Google Play each day. For PC, the number of games submitted each year on Steam, the leading PC game download platform, is estimated to have risen from 500 to 20,000 between 2013 and 2025. The number of new projects using AI has increased rapidly in the video game sector, spurred by the arrival of generative AI. Gameloft is already exploring these opportunities in a variety of areas, from video game production and automated story generation to smart marketing, programming, artistic creation and instant customer support. These tools should enable it to optimize creativity, increase productivity and remain competitive in the marketplace. 3.1.1.8. Research and Development Gameloft allocates all the human resources and infrastructure needed to develop its games. Over the years, the costs of developing games are mostly expensed when incurred. Every year, Gameloft develops and releases several thousands of versions of its games on mobile-PC/Console platforms and through its commercial partners. These versions cover hundreds of different mobile phone models, thousands of smartphones in 15 languages, and all major gaming platforms. This extreme fragmentation, and the uncertainty as to whether games will actually be released and be a success, combined with today's more global nature of distributor partners' sales information, make it impossible to accurately value the development costs and future benefits of each version, both from a technical and commercial perspective. On this basis, given that these costs do not meet all the criteria for being recognized as an intangible asset as defined in IAS 38, they are treated as an expense for the financial year in which they were incurred. UNIVERSAL MUSIC GROUP Key figures as of December 31, 2025 € 40.8 billion Market capitalization Euronext Amsterdam Exchange 9.91 % Interest held by Vivendi 3.1.2.1. Universal Music Group's activities Universal Music Group (UMG) is the world leader in music-based entertainment with a broad array of businesses engaged in recorded music, music publishing, music-based merchandise and audio-visual content. Everything UMG does revolves around supporting artists, promoting innovation, entrepreneurship, sustainability and bringing fans the world's most loved music. UMG's three core business segments (recorded music, music publishing and merchandising) work seamlessly, allowing UMG to lead the dynamic and ever-changing global music market. UMG is the global leader in recorded music (1) . It is home to top record labels and iconic studios, including Virgin, Republic Records, Mercury Records and EMI, and has the broadest global reach of any music company, with a local presence in more than 60 territories. Universal Music Publishing Group, UMG's music publishing business, is the world number two in music publishing (1) . It has a global catalog containing the rights to around 4.5 million chart-topping songs and iconic film themes. Bravado, UMG's merchandising business, is the world leader in music merchandising and music-based visual entertainment. It develops and markets high-quality licensed merchandise, spanning over 220 artists. This merchandise is sold in stores, online and at live tours. As digital technology refashions the world, UMG's commitment to lead in developing new services, platforms and business models for the delivery of music and related content empowers innovators and allows new commercial and artistic opportunities to flourish. Knowing that music, a powerful force for good in the world, is unique in its ability to inspire people and bring them together, UMG works with its artists and employees to serve its communities. UMG is the home for music's greatest artists, innovators and entrepreneurs. 3.1.2.2. Strategy UMG's priorities will continue to be - as they have always been - artist development and the investment it makes in artists, along with the global resources that support them. UMG is growing its presence in the broader touchpoints of its expanding industry, extending its geographic footprint, and leading the way in the development and growth of responsible AI. 3.1.2.3. CSR commitments The work carried out by UMG's Global Impact Team is a direct reflection of the group's passion and commitment to creating a positive impact worldwide in the areas of mental health, sustainability, music education and community support. Working closely with its partners - Mental Health Coalition, Project Healthy Minds and Music Health Alliance - UMG has directed funding to organizations focused on creating and expanding mental health services to help individuals in communities across the music industry and around the world. UMG also broadened its sustainability initiatives in 2025. By partnering with innovative suppliers, reimagining manufacturing processes, and collaborating across the industry, UMG continued to reduce its share of global climate pollution in everything it does, from the merchandising and audio products it sells, to electricity consumption. UMG also joined EarthPercent as a founding donor. In 2025, in collaboration with educational institutions, public school systems and non-profit partnerships, UMG launched career pathway programs and major scholarships to bolster and support global access to free music education for young people around the world. 3.1.2.4. Vivendi's investment in UMG In 2020 and 2021, Vivendi sold 20% of UMG's share capital in phases to a consortium led by Tencent, and 10% to the Pershing Square group. On September 8, 2021, Vivendi, Concerto Investment BV, Scherzo Investment BV, Compagnie de l'Odet SE and Compagnie de Cornouaille entered into a "relationship agreement", which was co-signed by UMG. In the relationship agreement, the parties have agreed to consult with one another prior to each General Shareholders' Meeting in order to form and exercise, to the extent possible, a common position and vote on the matters covered by the agreement. The agreement also sets out the parties' obligations, notably the right of the Tencent-led consortium to designate up to two non-executive directors for appointment by the General Shareholders' Meeting and the dividend policy. Accordingly, the parties are considered to have concluded a voting agreement and are therefore required to aggregate their voting rights in UMG. On September 21, 2021, Vivendi distributed 59.87% of the share capital of its subsidiary UMG to Vivendi shareholders and listed the company on Euronext Amsterdam. As of December 31, 2025, Vivendi held a 9.91% (2) interest in UMG's share capital. Source: UMG 2024 annual report. On December 10, 2024, Vivendi declared a potential additional interest of 4.65% in UMG's share capital and voting rights, as part of an equity swap. On the same day, Vivendi declared a short position of 4.65% in respect of a prepaid forward sale. Accordingly, this financing transaction did not result in any net change in the amount of Vivendi's interest in UMG. Following partial repayments made under the bilateral structured financing agreements on April 7 and December 19, 2025, the outstanding balance of this financing was €1,350 million as of December 31, 2025, versus €2,000 million as of December 31, 2024. The notional amount of these derivatives has been proportionally reduced and now represents 3.13% of UMG's share capital and voting rights. BANIJAY GROUP Key figures as of December 31, 2025 € 3.5 billion Market capitalization Euronext Amsterdam Exchange 19.17 % Interest held by Vivendi 3.1.3.1. Banijay Group's activities Banijay Group is the world's leading entertainment group, specializing in content production and distribution (via Banijay Entertainment, the world's largest international independent content producer and distributor), live experiences (via Banijay Live, which brings together the company's live experiences business) and online sports betting and gaming (via Banijay Gaming, under the Betclic brand, Europe's most dynamic online sports betting platform). Banijay Entertainment, its content production and distribution business, is the world's largest international independent content producer and distributor (1) . It creates, develops, sells, produces and distributes content through a global portfolio of more than 130 production companies across 23 countries. Banijay Live, its specialized live experiences and entertainment business, is a leading player in live experiences specialized in the production of institutional ceremonies and live events in the sports, luxury and fashion industries. Banijay Gaming, its online sports betting and gaming business, is experiencing strong growth. With a presence in several core countries, it has a leading position in France, Portugal and Ivory Coast with a wide offering which spans sports betting, casino games, poker and, only in France, horse racing. In 2025, Banijay acquired a majoroity interest in Tipico, leader in sports betting and online gaming in Germany and Austria. On March 3, 2026, Banijay Group announced the merger of its audiovisual production division, Banijay Entertainment, with its British counterpart All3Media (The Traitors, Squid Game: The Challenge, Fleabag , etc.). The transaction is expected to create an entity with pro forma 2024 revenue of more than €4.4 billion, owned 50-50 by Banijay Group and the RedBird IMI fund, the owner of All3Media. Source: Banijay Group website. 3.1.3.2. Strategy Develop large-scale entrepreneurship. Maximize growth by seizing opportunities for mergers and acquisitions and organic growth. Make long-term commitments to applying the highest ESG standards. Promote intellectual property, innovation and creativity. 3.1.3.3. CSR commitments Banijay Group applies high ESG standards and undertakes to lead in all its activities. Banijay Group believes that social and societal performance are closely linked and approaches all issues with an open mind, whether they concern gender, equality, disability, inclusion, well-being at work or outreach. This explains the range of ESG initiatives and actions based on respect, integrity and responsibility that have been implemented by the Banijay Group. 3.1.3.4. Vivendi's investment in Banijay Group As of December 31, 2021, Vivendi held a 32.90% interest in the share capital of Banijay Holding (formerly Banijay Group Holding), the holding company of Banijay. In 2022, Banijay and Betclic Everest Group merged with Spac Pegasus Entrepreneurs (Tikehau Capital, Financière Agache, Pierre Cuilleret, Jean-Pierre Mustier and Diego De Giorgi) to create Banijay Group (formerly FL Entertainment), which was listed on Euronext Amsterdam on July 1, 2022. As part of the merger, Vivendi contributed its 32.9% interest in Banijay Holding to Banijay Group. As of December 31, 2025, Vivendi held a 19.17% interest in Banjiay Group's share capital (based on the total number of ordinary shares). LAGARDÈRE Key figures as of December 31, 2025 € 2.7 billion Market capitalization Euronext Paris Exchange 13.38 % Interest held by Vivendi 3.1.4.1. Lagardère's activities Created in 1992, Lagardère is an international group with operations in more than 50 countries worldwide. It employs over 33,000 people and generated revenues of €9,353 million in 2025. The group focuses on two main divisions: Lagardère Publishing (Books, Partworks, Board Games and Premium Stationery) and Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion, Dining). The group's business scope also comprises Lagardère Live, which brings together Lagardère News (Le Journal du Dimanche, Le JDNews, Le JDMag and the ELLE brand license), Lagardère Radio (Europe 1, Europe 2, RFM and advertising sales brokerage, subsidiaries controlled by Arnaud Lagardère but whose capital is wholly owned by the group and consolidated in its financial statements), Lagardère Live Entertainment (performance venue management, production of concerts and shows, hosting and local promotional services) and Lagardère Paris Racing (sports club). 3.1.4.2. Strategy Lagardère Publishing is the world's third-largest consumer publishing group in the trade and education markets, operating mainly under the Hachette Livre imprint. It has more than 200 publishing brands and publishes over 15,000 new titles a year in a dozen languages. Lagardère Publishing serves all segments of the consumer publishing market, including textbooks and extra-curricular works, general literature, children and young adult titles, comic books, practical guides, humanities and social sciences works, fine arts books, tourist guides, historical works, dictionaries and partworks. It stands out for its broad range of paper, audio and digital formats and the diverse business lines covering publishing, marketing and distribution that it brings together. It is also diversifying beyond books into adjacent markets such as Board Games and Premium Stationery in France and in the international market. Lagardère Travel Retail, the world's third-largest travel retail merchant, has a network of over 4,800 points of sale in transit hubs and concessions across nearly 300 airports, and 700 train and underground stations. It has operations in three business segments: Travel Essentials, Duty Free & Fashion, and Dining. With operations in 50 countries on five continents, Lagardère Travel Retail aims to make every passenger's journey more enjoyable thanks to its network of international proprietary banners, distinctive local concepts and partnerships with leading retail brands. Lagardère News comprises iconic media brands with three press titles (Le Journal du Dimanche, Le JDNews and Le JDMag) which reach 5 million readers every month in their various print and digital formats (1) , as well as the licensing business for the ELLE brand, the world's number one women's media network. Lagardère Radio, which includes Europe 1 and the music radio stations, Europe 2 and RFM, as well as an advertising sales brokerage business, is a major player in the French radio market, with more than 5.3 million daily listeners (2) . Lagardère Live Entertainment is the first company in France to operate in all three areas of live entertainment: managing iconic venues (Casino de Paris and Folies Bergère) and larger new-generation venues (Arkéa Arena); producing concerts and shows (L Productions); hosting and providing local promotional services for French and international productions (Euterpe Promotion). With a 14,000-strong membership, Lagardère Paris Racing's main activity is to organize sports activities at the Croix Catelan site (Paris, France). This site boasts 44 tennis courts (14 of which are natural clay courts), three padel courts, two outdoor swimming pools (including an Olympic pool) and fitness facilities. 3.1.4.3. CSR commitments Since 2025, Lagardère's CSR strategy has been based on an approach called "Cultures on the move", which has four key focuses: fostering a culture of talent, by supporting the growth and well-being of teams, cultivating diversity, developing skills and encouraging innovation. fostering a culture of impact, by decarbonizing activities and safeguarding resources throughout the value chain. fostering a culture of trust, by ensuring ethical behavior in business relationships and by deploying responsible practices with partners. fostering a culture of openness, by supporting plurality in content creation and promoting access to education and culture for all. In addition, Lagardère registered an improvement in its non-financial ratings in 2025: the Group's Sustainalytics rating improved significantly to 12.87 - placing it 4th in its category - along with the EthiFinance score, which was up 14 points to 70/100. 3.1.4.4. Vivendi's investment in Lagardère In April 2022, Vivendi launched a public tender offer for Lagardère, which consisted of: a principal tender offer, allowing shareholders to sell their Lagardère shares to Vivendi at a price of €25.50 per share with rights to dividends attached; a subsidiary tender offer, granting shareholders, for each Lagardère share tendered to the subsidiary offer and held until the closing date of the offer, the right to sell their shares to Vivendi at a price of €24.10 per share until June 15, 2025. Based on the terms of this subsidiary tender offer, Vivendi acquired any shares carrying rights to sell for which the rights were/are exercised after the contribution of Lagardère's shares to Louis Hachette Group on October 28, 2024. As of December 31, 2025, Vivendi held a 13.38% interest in Lagardère SA's share capital. In 2025, Vivendi acquired approximately 12.3 million Lagardère shares, including the exercise of approximately 11.8 million Lagardère share transfer rights exercised before the due date of June 15, 2025. Source: ACPM OneNext Global 2025 H1; Brand audience over thirty days. Source: Médiamétrie EAR National; November-December 2025. MEDIAFOREUROPE Key figures as of December 31, 2025 € 2.4 billion Market capitalization Euronext Amsterdam Exchange 15.92 % Interest held by Vivendi 3.1.5.1. MediaForEurope's activities MediaForEurope (MFE) is an international holding company and one of the major pan-European broadcasting hubs. MFE's Italian business, Mediaset, is the leading Italian operator (1) in the commercial television broadcasting sector with a diversified portfolio comprising television, radio, digital and on-demand services, including over-the-top (OTT) services and a strong control of the media value chain, from acquisition, production and distribution of free-to-air and paid television content to the direct management of media advertising sales. MFE has also strengthened its radio segment by acquiring four of the largest national broadcasters. MFE's Spanish business, Grupo Audiovisual Mediaset España, is a leader in the media sector in Spain and the leading Spanish television broadcaster in terms of audience. It operates in Spain, mirroring the Italian business as an integrated television group in advertising and generalist television on nationwide channels, free thematic channels and over-the top television (OTT) activities. MFE is also the main shareholder of ProSiebenSat.1 Media SE, one of the largest television media groups in Europe and the leader in Germany, Austria and Switzerland. ProSiebenSat.1 Media SE is listed on the Frankfurt Stock Exchange. In 2025, MFE took a decisive step in its European strategy by launching a voluntary public takeover bid for over 75% of ProSiebenSat.1 Media SE. This company has been consolidated in MFE's financial statements since October 2025, establishing MFE as a truly European broadcaster with leadership positions in Italy, Spain and Germany. 3.1.5.2. Strategy Make content available "anywhere, anytime and on any device" and strengthen the offering with a variety of content and different business models integrated into a single platform. Increase its share in the advertising market in Italy and Spain to cover the entire commercial target audience and maximize visibility. Optimize the organizational model through digitalization for cost savings and improve operational efficiency. Keep the editorial focus on local and original entertainment content with a targeted film, series and football offering. 3.1.5.3. CSR commitments Make its audience aware of environmental and social issues by acting as a responsible and pluralist broadcaster. Ongoing integration of sustainability criteria and principles into management practices, with sustainable practices being integrated at all levels. 3.1.5.4. Vivendi's investment in MFE On April 8, 2016, Vivendi announced that it had concluded a strategic and industrial partnership with Italian media group Mediaset. On April 6, 2018, in accordance with the commitments given to the Italian communications regulator, AGCOM, Vivendi transferred the portion of its Mediaset voting rights in excess of 10% to Simon Fiduciaria, an independent Italian trustee. On December 23, 2020, the AGCOM decision was overturned (a decision contested by Mediaset). On July 22, 2021, Vivendi, Fininvest and Mediaset announced the conclusion of a global agreement to put an end to their disputes. Fininvest accordingly acquired 5% of the share capital of Mediaset held directly by Vivendi at a price of €2.70 per share (taking into account the ex-dividend and dividend payment dates, July 19 and July 21, 2021, respectively). As of December 31, 2025, Vivendi held a 15.92% interest in MFE's share capital (2) . Source: MFE website. Following the settlement agreement between Vivendi, Fininvest and MediaForEurope (formerly Mediaset) that was finalized on July 22, 2021, Vivendi has undertaken to sell on the market, over a period of five years and subject to a price condition, the entire 12.83% stake in MediaForEurope held by Simon Fiduciaria. Vivendi remains free to retain or sell its direct 3.09% shareholding in MediaForEurope at any time. PRISA Key figures as of December 31, 2025 € 0.5 billion Market capitalization Madrid Stock Exchange Exchange 11.19 % Interest held by Vivendi 3.1.6.1. Prisa's activities Prisa is a leading business group for education, news and entertainment content in the Spanish- and Portuguese-speaking markets. Present in 22 countries, Prisa operates global brands such as Santillana, El País, Los40, W Radio and AS. Prisa Media is the largest Spanish-language media and entertainment group in the world (1) . Its activities include advertising, print newspapers and digital subscriptions to El Pais. It also has a strong focus on developing Spanish-language podcasts. Santillana, Prisa's education business, is a leading educational company in the Spanish- and Portuguese-speaking world with a wide catalog of traditional textbooks. Santillana is currently digitizing the K-12 education market by implementing subscription-based models on its Ed-Tech platform. 3.1.6.2. Strategy Accelerate the digital transformation, in particular with digital subscriptions for El País and the development of new business lines related to AI. Focus on the transformation and digitization of the K-12 education market by switching to a subscription-based learning model. Focus on debt reduction and cash generation to strengthen the balance sheet. 3.1.6.3. CSR commitments Leading the progress and transformation of schools in Latam via Santillana and its EdTech platform. Generating awareness of social and environmental challenges through its content. 3.1.6.4. Vivendi's investment in Prisa In January 2021, Vivendi acquired a 7.6% interest in Prisa's share capital and then increased its stake to 9.9%. As of December 31, 2025, Vivendi held an 11.19% interest in Prisa's share capital. (1) Source: Prisa website. FINANCIAL COMMUNICATION ‌BUSINESSES, FINANCIAL COMMUNICATION FINANCIAL COMMUNICATION OBJECTIVES OF VIVENDI'S FINANCIAL COMMUNICATION Vivendi's financial communication is based on the core principle of providing accurate and transparent information on the group's position to the financial community (shareholders, analysts and investors) in compliance with the applicable legal and regulatory provisions. Vivendi's Investor Relations Department maintains close and ongoing dialogue with the analysts of brokerage firms, institutional investors and major sovereign wealth funds in order to give them a clear, transparent and precise understanding of the group's strategy and performance. A conference call led by the Chairman of the Management Board and the Chief Financial Officer is held to present the annual and half-year results. The slides of these presentations are accessible on Vivendi's website. Vivendi also provides financial information to institutional investors through in-person or videoconference meetings with the Chairman of the Management Board and the Chief Financial Officer, who is also a member of the Management Board. In 2025, over 110 meetings were organized with analysts and investors, mainly in Europe and the United States, providing an opportunity for Vivendi's management team to meet with representatives from around 60 financial institutions to present the finalization of the group's spin-off project in December 2024, the 2025 results and outlook for the re-configured group, and the main changes in Vivendi's listed and unlisted investments. The role of the Investor Relations Department is also to provide Vivendi's General Management with the financial community's perceptions of Vivendi's strategy and its competitive positioning. COMMUNICATION WITH INDIVIDUAL SHAREHOLDERS Vivendi has a specific team dedicated to individual shareholder communications. Individual shareholders can ask questions or make suggestions on a toll-free (when calling from France) number (0850 050 050), managed in-house, from Monday to Friday during office hours. They can also contact the department by e-mail ( [email protected] ) or by post (Vivendi - Individual Shareholders' Information Department - 42, avenue de Friedland - 75380 Paris Cedex 08). The department also manages the Shareholders' Club, which organizes in-person and videoconference meetings and other events with shareholders, on financial and other topics. Vivendi also has a Shareholders' Committee ( https://www.vivendi.com/en/ shareholders-investors/individual-shareholders/shareholders-committee/). This Committee meets twice a year and attends the General Shareholders' Meeting, acting as a bridge between Vivendi's individual shareholders and its management. In the Shareholders & Investors section of Vivendi's website, shareholders have access to all necessary information, as well as to the Shareholders newsletters. The website also provides access to information on Share-holders' Meetings and to press releases. ‌Sustainability Report Business Ethics and Compliance SUSTAINABILITY REPORT 24 ESRS 2: GENERAL DISCLOSURES 24 ESRS E1: ENVIRONMENTAL INFORMATION 58 ESRS S1: PROVIDING EVERYONE WITH AN ATTRACTIVE 75 AND INCLUSIVE WORK ENVIRONMENT ESRS S2: WORKING WITH OUR VALUE CHAIN 86 ESRS S4: ENSURING THE PROTECTION AND SATISFACTION 89 OF CONSUMERS AND END-USERS ADDITIONAL SOCIAL AND SOCIETAL INFORMATION 95 ESRS G1: GOVERNANCE INFORMATION 99 BUSINESS ETHICS AND COMPLIANCE 100 ORGANIZATION AND GOVERNANCE 101 IMPLEMENTING BUSINESS ETHICS AND COMPLIANCE 102 REPORT ON THE CERTIFICATION OF SUSTAINABILITY INFORMATION AND VERIFICATION OF THE DISCLOSURE REQUIREMENTS UNDER ARTICLE 8 OF REGULATION (EU) 2020/852 FOR VIVENDI SE 110 VIVENDI - ANNUAL REPORT - UNIVERSAL REGISTRATION DOCUMENT 2025 22 Sustainability Report Business Ethics and Compliance 23 ANNUAL REPORT - UNIVERSAL REGISTRATION DOCUMENT 2025 - VIVENDI ‌CHAPTER 2 ‌SUSTAINABILITY REPORT SECTION 1. ESRS 2: GENERAL DISCLOSURES GENERAL DISCLOSURES A CSR COMMITMENT AT THE HEART OF STRATEGY Vivendi is committed to a CSR policy that is fully integrated into the management of its activities. As early as 2003, the group defined specific CSR commitments for its various businesses. In 2023, Vivendi appointed an Executive Vice President, Corporate Social Responsibility who reports directly to the Chairman of the Management Board, illustrating the strategic importance the group places on CSR. The end of 2024 saw Vivendi's first-time application of the sustainability reporting requirements of the Corporate Sustainability Reporting Directive (CSRD), based on the group's post-spin-off structure. 2025 then served as an opportunity for the group to consolidate the continuous improvement approach that has always shaped its CSR strategy, focusing on the following: environmental matters: the group continued its work to reduce the carbon footprint of its activities, and revised its carbon-reduction pathway to adjust it to its new (post-spin-off) scope, extending the time horizon to 2035, changing the base year and aligning the pathway with the Paris Agreement (see Section 2 - ESRS E1 of this Sustainability Report); social matters: social dialog was pursued, on the one hand within Vivendi, which continued to support employees through the group's transition process, and on the other hand within Gameloft, by maintaining its initiatives to engage with employees on its strategy and goals, which were particularly well received (see Section 3 - ESRS S1 of this Sustainability Report); societal matters: maintained focus by Gameloft on continuing to ensure a safe and responsible gaming environment for its players (see Section 5 - ESRS S4 of this Sustainability Report). As part of the Transition Services Agreements entered into in connection with the spin-off, in 2025, Vivendi's CSR teams assisted the post-spin-off entities in establishing their own CSR governance and organizational structures and in implementing their sustainability reporting. This Sustainability Report reflects the momentum Vivendi has already built up in its commitment to working towards a fairer and more sustainable future, while ensuring the continuity of its activities in a rapidly changing world. It takes into account the regulatory changes resulting from the Omnibus simplification package adopted by the European Union in 2025, which introduces revisions and amendments to the Corporate Sustainability Reporting Directive (CSRD), European Sustainability Reporting Standards (ESRS) and the European Taxonomy Regulation. In accordance with the "stop the clock" provisions set out in the Omnibus package, which postpone certain reporting obligations (transposed into French law through the DDADUE Act published in the Journal Officiel legal gazette on May 2, 2025), the options Vivendi elected to apply in 2024 for "phased-in data" have also been applied in the 2025 Sustainability Report (see the methodological note in Section 1.8 of this chapter). In addition, for the purposes of consistent reporting, Vivendi has chosen to continue to provide disclosures relating to ESRS S2 and S4. Similarly, data related to the European Taxonomy has been presented in the same format as in 2024, in accordance with the option available to companies for 2025 under the Delegated Regulation adopted by the European Commission on July 4, 2025, on simplifying the application of the European Taxonomy Regulation (Omnibus published in the Official Journal on January 8, 2026). GENERAL DISCLOSURES ESRS 2: GENERAL DISCLOSURES A CSR APPROACH THAT HAS GROWN STEADILY STRONGER OVER THE PAST TWENTY YEARS Vivendi's CSR approach has steadily developed and strengthened over the past twenty years. The key components of this approach (strategy, governance, stakeholder dialog, risk management, environmental transition, business ethics and compliance and non-financial reporting), as described below, constitute the foundations of this Sustainability Report. Strategy 2003 - Definition of the group's very first CSR commitments: promoting cultural diversity, supporting and protecting young people, and sharing knowledge. 2008 - Vivendi becomes a signatory of the United Nations Global Compact. 2020 - Development of Vivendi's raison d'être, Creation Unlimited and the group's CSR program, Creation for the Future. 2021 - Rollout of the Creation for the Future program throughout the group. 2025 - Gameloft's CSR program evolves to focus on player safety and initiatives driven by Gamelofters. Engagement with stakeholders 2006 - Vivendi launches its CSR investor roadshows. 2011 - Vivendi is the inaugural winner of the Forum for Socially Responsible Investment - Vigeo Prize and becomes a founding member of the CEO Coalition for a safer Internet for kids, a European Commission initiative. 2013 - Vivendi signs the Diversity Charter promoted by Les Entreprises pour la Cité (LEPC) network. 2018 - First year of partnership with the European Disability Employment Week (EDEW). 2021 - Vivendi conducts its first materiality survey of CSR issues among its stakeholders. Governance 2007 - CSR issues are included in the agenda of Risk Committee meetings. 2010 - CSR criteria are incorporated into the performance conditions for senior executives' variable compensation. 2016 - CSR issues are included in the agenda of Audit Committee meetings. 2017 - Creation of a CSR Committee within the Supervisory Board. 2020 - Weighting of CSR criteria underlying the variable compensation of senior executives and management increased from 5% to 12%. 2023 - The CSR Department becomes a direct report to the Chairman of the Management Board. Risk Management 2018 and 2021-2022 - Vivendi draws up its CSR risk map. 2024 - Vivendi carries out its double materiality assessment. Business Ethics and Compliance 2017 - Launch of the group's Anti-Corruption Program and mapping of corruption risks. 2018 - Publication and rollout of the group's Anti-Corruption Code. 2020 - Launch of the Vigilance Plan and related risk mapping. 2021 - Issue of the group's Sustainable Purchasing Policy. 2023 - Code of Ethics drafted (and issued in 2024). 2025 - Gameloft draws up a Sustainable Purchasing Policy. Environmental transition 2009 - EMAS environmental certification awarded to Vivendi's headquarters for the first time. 2020-2024 - Vivendi signs up to the Science-Based Targets initiative (SBTi) and the Task Force on Climate-Related Financial Disclosures (TCFD). 2023 - The SBTi validates the group's carbon-reduction pathway within the group's boundaries to this date. 2022-2025 - Steady reduction in CO 2 emissions from operations. 2025 - The group's carbon-reduction plan is revised to align with the Paris Agreement. Non-financial reporting 2004 - Development of the protocol for reporting non-financial data, including specific indicators related to CSR commitments. 2011 - A CSR chapter, audited by the Statutory Auditors, is included in the Annual Report - Registration Document, and Vivendi becomes a founding member of the media sector working group of the Global Reporting Initiative (GRI). 2024 - Vivendi overhauls all of its non-financial reporting to ensure compliance with the sustainability reporting requirements of the CSRD. A YEAR OF CONSOLIDATION 2024 was a year of large-scale transitions for the Vivendi group, from both a strategic standpoint and in terms of regulatory developments. On the strategy front, the group's spin-off - which was completed at the end of the year - led to a major change in its structure. The new regulatory framework for sustainability reporting resulted in the group's first-time application of the CSRD, reflecting stakeholders' growing expectations for a more responsible economy, to which Vivendi strongly felt it should respond through rigorous and responsible reporting. For 2025, pending the full implementation of the provisions of the European Commission's Omnibus package that narrow the scope of the CSRD and simplify sustainability reporting standards, Vivendi's obligations in terms of environmental, social and governance reporting were similar to those applicable in 2024. During the year, teams from Vivendi's support functions, as well as Gameloft's operational teams, drew up action plans to address social and societal impacts, risks and opportunities. At the same time, they revised the carbon-reduction plan in order to adjust its pathway to the group's new scope and align it with the Paris Agreement, setting 2024 as the new base year. The main CSRD compliance work was carried out in 2023 and 2024, comprising a double materiality assessment, gap analysis and a CSR roadmap, together with awareness-raising among the group's corporate teams and business lines. The double materiality assessment published in 2024 was carried out based on the group's new (post-spin-off) scope at the end of 2024, in which Gameloft now represents the only significant operating activity. As the group did not undergo any major changes in 2025 (in terms of scope, corporate form, shareholding structure, listing, operations or business model), the work conducted during the year by Vivendi's CSR Department focused on reviewing the impacts, risks and opportunities (IROs) in order to (i) reconfirm the IRO list and scoring and (ii) structure the associated action plans in collaboration with Gameloft's operational teams and Vivendi SE's corporate teams. No additional IROs were identified as a result of this work. The double materiality assessment carried out and published in 2024 therefore remains representative of the IROs identified for 2025. In view of these factors, in 2025, the group focused on updating its carbon-reduction plan and implementing structured action plans for social, societal and governance matters (see the sections of this chapter relating to ESRS E1, S1, S2 and S4). The results of the double materiality assessment used to identify the material sustainability matters that form the basis of this Sustainability Report are presented in Section 1.5. "Material impacts, risks and opportunities and their interaction with the business model (SBM-3)" of this chapter. A CSR PROGRAM BUILT ON THREE PILLARS In 2020, Vivendi redefined and strengthened its CSR strategy with Creation for the Future, the group's CSR program that served as a framework for action for all of its consolidated entities at that time. It united the group's creative energies to help build more sustainable, more open, more inclusive and more responsible societies. This program remained in effect in 2025 and is based on the following three pillars, which are in line with (i) the sustainability matters identified in the double materiality assessment carried out year-end 2024 and reconfirmed in 2025, and (ii) the United Nations' Sustainable Development Goals: Creation for the Planet, which aims to contribute to the fight against climate change. In addition to taking action in respect of its own operations, the group is committed to engaging its partners and suppliers in its carbon-reduction strategy; Creation for Society, which aims to inspire change by working to make culture - as an instrument of individual fulfillment and social cohesion - accessible to as many people as possible, and to contribute to the emergence of more inclusive and responsible perspectives; Creation with All, which affirms collective commitment and the importance of every person's role in building a more sustainable and inclusive society. This commitment mainly affects the group's employees, but it also covers creative talent, customers, business partners and suppliers. Everyone can take action and make a positive impact. Sustainability topics relating to business ethics and conduct concern the Vivendi group as a whole and are presented in the "Business Ethics and Compliance" section of this chapter. The information in the "Business Ethics and Compliance" section - which meets the disclosure requirements of the CSRD - is incorporated by reference into this Sustainability Report and is listed in the table in Appendix A to the Report, which sets out the disclosure requirements incorporated by reference. GAMELOFT'S CSR COMMITMENTS Since its creation, Gameloft's mission has been to amaze the world so that everyone can enjoy moments of happiness. To carry out this mission responsibly, Gameloft has set up a CSR program called Play the Good Game, which is aligned with Vivendi's CSR program and comprises the following pillars. In 2025, Gameloft's CSR program was slightly adjusted to more closely reflect the relative importance of its main sustainability matters. The pillars of this program are: Play the Good Game for the Planet, which remains focused on reducing Gameloft's environmental footprint, championing best practices, and acting for change at a company and industry level. To that end, Gameloft is an active member of the Playing for the Planet Alliance. Play the Good Game for Society, which has been changed to reaffirm how critically important it is for Gameloft that all of its players have a positive gaming experience, based on security, respect and guaranteed privacy rights in its games. Gameloft ensures that its games and communities are a safe environment for all, as outlined in its Player's Code of Conduct. At the same time, Gameloft seeks to make a difference and inspire future generations by creating impactful content and making its games more accessible. It has also put in place a set of "Game Development Diversity Guidelines" to help its teams create diverse characters and inclusive universes. Play the Good Game with All, which has been renamed Play the Good Game for our Talents and is dedicated to Gameloft's talents. With over 50 nationalities spread across 10 studios worldwide, Gameloft strives to leverage the multiculturalism of its employees. It is committed to promoting a healthy, diverse and inclusive working environment so its people can thrive, both professionally and personally. Gameloft also provides equal access and opportunities to those wanting to discover or join the industry, and it regularly organizes digital campaigns to raise awareness about diversity and inclusion within the company. GOVERNANCE ESRS 2: GENERAL DISCLOSURES GOVERNANCE THE ROLE OF THE ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES (GOV-1) A description of the group's governing bodies (e.g., membership, number of executive and non-executive members, experience related to the group's business sectors, products and geographic locations, diversity ratio and percentage of independent Supervisory Board members and responsibilities reflected in Board mandates) and their skills and expertise, including in terms of sustainability, is provided in Chapter 4 of the Annual Report - Universal Registration Document. The corresponding data points are listed in the table in Appendix A to Section 1. of this Sustainability Report that sets out the disclosure requirements incorporated by reference. A description of the governance of sustainability topics relating to Business Conduct (ESRS G1) is provided in Section 1. of the "Business Ethics and Compliance" part of this chapter. A CSR STRATEGY SUPPORTED BY THE GOVERNING BODIES (GOV-2) For further information about the role of the group's governing bodies and the sustainability topics they addressed in 2025, see Section 1. of Chapter 4 as indicated in Appendix A to Section 1. of this Sustainability Report. In terms of governance, Vivendi's CSR policy is driven at the highest level by the Management Board and the Supervisory Board. To ensure strategic alignment and compliance with the group's CSR commitments, the CSR Department reports directly to the Chairman of the Management Board. In addition, the Executive Vice President of Corporate Social Responsibility is a member of the Risk Committee, which is chaired by the Chairman of Vivendi's Management Board. Supervisory Board Audit and Sustainability Committee Control and strategy validation Management Board Executive Committee Risk Committee Strategic steering Monthly strategic reviews Chairman of the Supervisory Board Chairman of the Management Board Chief Financial Officer Chief of HR Strategy and Corporate Culture General Counsel CSR Department Coordination and follow-up Monthly CSR Steering Committee meetings Gameloft's CSR department Gameloft's CSR program Implementation Group employees Information via internal communication systems (newsletters, intranet, etc.) CSR projects conducted at their level as part of their daily activities Adoption The Risk Committee has included social and environmental risk assessment in its meeting agendas since 2007. The Supervisory Board is also involved in the governance of the group's non-financial performance. In accordance with its Internal Regulations, it regularly monitors the group's CSR policy, and the Management Board sends it quarterly progress reports. In 2017, the Supervisory Board set up the CSR Committee, which was mandated to prepare the Board's decisions, make recommendations and issue opinions about the group's social, societal and environmental issues and employee engagement. The Audit Committee has reviewed the CSR policy and the Compliance Program each year. In 2025, these two committees were merged. At its meeting on March 6, 2025 - on the recommendation of the Corporate Governance, Nominations and Remuneration Committee - the Supervisory Board decided to create a new Audit and Sustainability Committee by merging the Audit Committee and the CSR Committee. This combined committee is responsible for monitoring CSRD compliance (see Section 1.1.14.5. of Chapter 4 of this Annual Report - Universal Registration Document). The CSR Committee met in March 2025, and the Audit and Sustainability Committee met in July and November 2025. Their work during the year focused on monitoring (i) the update and ongoing implementation of the group's carbon-reduction plan, (ii) measures introduced to further protect Gameloft's players and enhance their gaming experience, (iii) progress on disability-inclusion measures, (iv) the group's CSRD compliance work, including the presentation of the Statutory Auditors' 2024 report on sustainability information, (v) regulatory developments and impacts, (vi) the reconfirmation of the double materiality assessment, and (vii) the structured action plans associated with the impacts, risks and opportunities identified in the double materiality assessment. In 2024, in preparation for the CSRD coming into effect, the members of the Supervisory Board expressed a desire to be trained on building their skills and expertise on current CSR issues. Therefore, midway through the year, the members of Vivendi's Supervisory Board, as well as the members of the Management Board involved in the strategic oversight of CSR were given specific training on CSR and sustainability topics, and more specifically the CSRD, from internal and external specialists. This Sustainability Report was presented to the Audit and Sustainability Committee on March 9, 2026. In addition, in compliance with the obligation to consult the Social and Economic Committee (SEC) provided for in the sixth paragraph of Article L. 2312-17 of the French Labor Code, Vivendi SE's SEC was consulted in 2025 on the group's 2024 sustainability disclosures, and it issued its opinion in September 2025. This SEC will likewise be consulted in 2026 on the group's 2025 sustainability disclosures. Throughout 2025, the group continued to align its CSR strategy with the management of priority actions and its CSRD compliance work via the two strategic review bodies set up in 2023, which meet monthly. The first of these bodies comprises the Chairman of the Supervisory Board and the Chairman of the Management Board, and the second is made up of the Chief Financial Officer, the Chief of HR Strategy and Corporate Culture, and the General Counsel. Their role is to ensure that CSR issues are taken into account in strategic decision-making and to increase the involvement of corporate support departments in CSR issues. GOVERNANCE ESRS 2: GENERAL DISCLOSURES At Gameloft, CSR is the responsibility of the Chief People Officer, who is a member of the Executive Committee. In January 2023, Gameloft also set up a CSR Steering Committee to monitor the management of CSR and Compliance risks and identify those that could have an impact on the company's performance, image or financial situation. The CSR Steering Committee is chaired by the Chief People Officer and has five members: the CEO, the Head of Legal Affairs & Compliance Officer, the Chief Strategy and Transformation Officer, and the Global Communications Director. In 2025, it met quarterly, and its main work on sustainability matters related to the carbon-reduction plan and a review of Gameloft's Sustainable Purchasing Policy. Towards the end of 2024, as part of the preparatory work for reporting under the CSRD, all of Gameloft's Executive Committee members were given training about the main issues arising from the CSRD and their impact on the transformation of companies in the industry. The results of Gameloft's double materiality assessment carried out in late 2024 were also validated by its Executive Committee. A STRATEGY STEERED BY THE CSR DEPARTMENT Vivendi's CSR Department defines the strategic focus and objectives of the group's CSR policy, coordinates associated action plans and is responsible for raising awareness and driving the engagement of employees and executives on CSR issues. It also manages the group's non-financial reporting under the supervision of members of the Management Board and with the collaboration of experts from the various businesses. To carry out its duties, the CSR Department relies on a global team, headed by the group's Executive Vice President, Corporate Social Responsibility. It includes the heads of the three pillars of the CSR strategy, with each pillar head specializing in one of the three areas (environmental, societal and social) and managing a specific roadmap while ensuring that it is part of a shared strategy. The team also includes the Vice President of cross-cutting CSR projects. A group Vice President of non-financial reporting, assisted by an environmental reporting manager, supervises the reporting of non-financial information by each entity at group level, leveraging a network of over 30 reporting employees worldwide. Throughout 2025, the group CSR Department continued to closely liaise with Gameloft's CSR and Compliance teams, with which it is regularly in contact to ensure that the group's policy is being applied within Gameloft. It also worked closely with the group's corporate support departments (e.g., legal and compliance, finance, human resources, purchasing and communications), particularly in connection with the continuation of its CSRD compliance work. Due to the changes in the group's structure at the end of 2024, the Steering Committee of the Vivendi Foundation (now the Canal+ Foundation) and the Equal Opportunities Committee - France no longer exist in 2025. In 2025, the monthly Steering Committee, which was set up in late 2023 and brings together the CSR Departments of the group's various entities, was changed into a monthly CSR Club. Similarly, the Disability Inclusion Committee became a Disability Inclusion Club in 2025. These two Clubs enable Vivendi to share best practices with the companies that formed part of its pre-spin-off structure and which operate in sectors that face similar challenges. Within Gameloft, each of the pillars of its Play the Good Game CSR program is overseen by an ad-hoc officer, under the supervision of the Chief People Officer. The Play the Good Game for the Planet pillar is coordinated by the Global CSR & Corporate Communications Manager, the Play the Good Game for Society pillar by the Global Communications Director and the Play the Good Game for our Talents pillar by the HR Director. Gameloft also has a network of 14 CSR Ambassadors tasked with raising employee awareness through local initiatives in line with the Play the Good Game program. The vast majority of these Ambassadors are communicators in charge of growing the employer brand of the studio where they work. This network, led by the Global CSR & Corporate Communications Manager, meets every two months by videoconference to discuss initiatives, difficulties and best practices, as well as future projects, both on a local and international scale. Based on the results of the double materiality assessment carried out at the end of 2024 and reconfirmed in 2025, in addition to working on the areas identified in the assessment as having room for improvement, during the year, experts from the group and Gameloft drew up structured and relevant environmental, social and societal action plans, which were reviewed by their respective CSR Departments. These action plans are presented in detail in the sections below relating to each ESRS. Every year, Vivendi and Gameloft set sustainability-related targets, some of which are used as performance criteria underlying the variable compensation of Management Board members to ensure that their compensation is aligned with the group's sustainability commitments. INTEGRATION OF CSR PERFORMANCE INTO VARIABLE COMPENSATION (GOV-3) Since 2010, the Supervisory Board has included CSR criteria in the variable compensation component of the members of the Management Board. The criteria were revised in 2020, upon the recommendation of the Corporate Governance, Nominations and Remuneration Committee, to bring them in line with the changing environmental, social and governance (ESG) challenges that the group faces. The weighting of the CSR criteria in the variable compensation of the Management Board members was increased from 5% to 12% in 2020 and then from 12% to 15% starting in 2022 (details and criteria can be found in Sections 2.1.2.2. and 2.2.2. in Chapter 4). The CSR criteria and targets are also applied, on the same scales and proportions, to the variable compensation of eligible managers at Vivendi SE's headquarters and Gameloft's executive management, with weightings and criteria adapted to their specific business. In addition, in 2022, a different environmental criterion indexed to changes in Scope 3 indicators was introduced, with a 10% weighting, in relation to the vesting of performance shares (see Section 2.3. of Chapter 4 of this Annual Report - Universal Registration Document). The criteria set for 2026 take into account the results of the double materiality assessment in order to align the variable compensation criteria with the group's material sustainability matters.

View stock analysis, news, and events for Vivendi Se