SEPTEMBER 2025
TOGETHER
LETTER TO OUR SHAREHOLDERS
©Gameloft
It's a double celebration for Gameloft, with the company's 25th anniversary and the 20th anniversary of its outstanding Asphalt video game franchise.
© S. Sby Balmy, all rights reserved
ROBUST FIRST-HALF RESULTS
Yannick Bolloré, Chairman of the Supervisory Board, and Arnaud de Puyfontaine, Chief Executive OfficerV
Dear Shareholders,
ivendi reported strong results in the first half of 2025. Its revenues rose by 8.4% at constant currency and perimeter compared to the first half of 2024, and its EBITA improved by €47 million over the same period.
This positive momentum reflects the ongoing transformation of our video game publishing subsidiary, Gameloft, which now generates 45% of its revenues in the PC/console sector. Its good performance stands in contrast with the current trend in the sector. In the first half of 2025,
its EBITA amounted to €8 million, a strong improvement of €20 million over the same period in 2024. Gameloft has now achieved its objective of structural profitability.
The improvement in Vivendi's EBITA also reflects a €13 million reduction in corporate costs, and a
€14 million increase in the Group's share of the net earnings of Universal Music Group (UMG).
Vivendi holds significant interests in the leading content, media and entertainment companies including UMG, Banijay Group, Lagardère, MediaForEurope and Prisa. This portfolio amounted to €7 billion as of June 30, 2025. It generated €115 million in dividends over the half-year.
During the first half of the year, we continued to optimize this portfolio of investments. We sold almost all our TIM and Telefónica shares, marking our withdrawal from the telecom sector, which is no longer a core business for us. These disposals enabled us to significantly reduce our net financial debt to
€1.8 billion as of June 30, 2025, compared to €2.6 billion on December 31, 2024. Although we have disposed of our telecom assets, we now own over 13% of Lagardère, following the conclusion in June of the subsidiary offer of the public tender offer initiated on this company in 2022.
In line with our mission, we are pursuing the development of our activities in content, media and entertainment, while continuing to actively manage our portfolio of investments and exploring new opportunities for value creation.
We thank you for your trust and hope you enjoy this newsletter.
2 - LETTER TO OUR SHAREHOLDERS SEPTEMBER 2025
RESULTS
FIRST HALF OF 2025
Improved first-half revenues and EBITA(1)NEWS
For the first half of 2025, Vivendi's revenues were €145 million, an improvement of
8.4% at constant currency and perimeter, driven by Gameloft's good performance.
Its EBITA was €18 million, compared to -€29 million for the first half of 2024.
It included the following contributions:
Gameloft: €8 million, up by €20 million compared to the first half of 2024;
corporate: -€52 million, an improvement of €13 million compared to the first half
of 2024 due to recurring operating savings and favorable non-recurring effects;
share of net earnings of UMG accounted for under the equity method:
€62 million, up €14 million compared to the first half of 2024.
Earnings attributable to Vivendi SE shareowners totaled €30 million, compared to €159 million for the first half of 2024. For the latter period, it included the capital gain on the sale of festival and international ticketing activities (+€106 million).
The portfolio of listed and unlisted investments stands at €7 billion, following the sale of most of the TIM shares and the acquisition of Lagardère shares (subsidiary offer of the 2022 public tender offer).
As of June 30, 2025, Vivendi's net financial debt amounted to €1,768 million, compared to €2,573 million as of December 31, 2024.
(1) This newsletter presents unaudited condensed results prepared in accordance with IFRS. Please refer to the press release or the financial report for the first half of 2025, available on Vivendi's website, for further information.
DOUBLE ANNIVERSARY FOR GAMELOFT
The video game publisher is celebrating its 25th anniversary with a host of events and gifts for gamers throughout the year.
But Gameloft is also celebrating
the 20th anniversary of its outstanding car racing franchise, Asphalt. Created
in 2005, Asphalt features 17 episodes with
1.5 billion downloads and a presence on all mobile, PC and console platforms with the latest masterpiece, Asphalt Legends.
BERNARD OSTA, NEW MEMBER OF THE SUPERVISORY BOARD
On July 30, 2025, Vivendi's Supervisory Board decided to co-opt Bernard Osta as a member of the Board to replace Philippe Labro, who passed away
on June 4, 2025, effective as of that date and until the Annual General Shareholders' Meeting to be called to approve the 2026 financial statements. This co-optation will be submitted
©Gameloft
To celebrate Asphalt 's 20th anniversary, Gameloft has released a "20th Anniversary" update for Asphalt Legends, where gamers can enjoy a host of nostalgic throwbacks and discover new content.
Furthermore, in September, Asphalt Legends launched a new edition of
the Ferrari Esport Asphalt Series 2025, where gamers can compete for numerous prizes and for their spot in the final,
with an all-expenses-paid trip to
the Ferrari Museum in Maranello, Italy.
for ratification at the next General Shareholders' Meeting.
Bernard Osta is the Chief Financial Officer of Vestiaire Collective. Before joining Vestiaire Collective, he spent fifteen years in investment banking: from 2006 to 2011 in the Mergers
and Acquisitions division of Lazard Frères in New York and Paris, then from 2011
to 2021 in the Investment banking division of Goldman Sachs in Paris.
Bernard Osta has advised companies worldwide on complex mergers and acquisitions, equity financing and debt financing transactions. In 2021, Bernard Osta joined Vestiaire Collective as Chief Strategy Officer. Since September 2023, he has held the position of Chief Financial Officer. He graduated from HEC Paris.
SEPTEMBER 2025 LETTER TO OUR SHAREHOLDERS - 3
SHAREHOLDERS' COLUMN
VIVENDI AND YOU
QUESTION
FROM A SHAREHOLDER
Can you provide an update on the European Commission's investigation into Vivendi and the decisions taken by the Autorité des Marchés Financiers (AMF)?On July 25, 2023, the European Commission announced that it had opened a formal investigation to determine whether,
when acquiring Lagardère, Vivendi SE breached the notification requirement and standstill obligations set out in the EU Merger Regulation, as well as
the conditions and obligations attached to the Commission's decision to clear the Vivendi/Lagardère transaction.
On July 18, 2025, the European Commission sent a statement of objections to Vivendi regarding a potential early implementation of the takeover transaction of Lagardère SA.
The Commission takes the preliminary view that Vivendi breached three provisions
of Regulation (EC) No. 139/2004 on the control of concentrations by implementing the takeover of Lagardère SA before notifying the transaction, before obtaining authorization, and before the Commission's approval
of the purchasers of the assets divested as remedies (Editis and Gala).
This statement of objections initiates
the adversarial phase of the proceedings, providing Vivendi with the opportunity
to present all factual and legal arguments that, in its view, should justify clearing
it of any wrongdoing and the closing of the proceedings.
At this stage, according to this statement
of objections, the Commission is considering imposing fines on Vivendi for these breaches under article 14(2) of the aforementioned regulation, pursuant to which the Commission may impose fines not exceeding 10% of the global revenues of the sanctioned company.
On April 22, 2025, the Paris Court of
Appeal annulled the decision of the Autorité des Marchés Financiers (AMF), the French
securities regulator, on November 13, 2024, to the extent that it found that Bolloré SE did not control Vivendi SE, ruling that
Mr. Vincent Bolloré controls Vivendi SE and accordingly instructing the AMF
to reassess whether a public buyout offer for Vivendi SE shares must be launched.
Bolloré SE and Vivendi SE have filed appeals before the French Supreme Court (Cour de Cassation) against the decision of the Paris Court of Appeal. The hearing before the French Supreme Court
is scheduled for November 25, 2025.
On July 18, 2025, the AMF determined that the Bolloré Group and Mr. Vincent Bolloré are required to launch a public buyout offer for Vivendi SE within
six months. The AMF stated that it would ensure the offer does not close until
.
after the French Supreme Court has issued its ruling. Bolloré SE and Vivendi SE
This Letter to our Shareholders is produced by the Communications Departments of Vivendi and
have filed an appeal before the Paris Court of Appeal seeking the annulment of this decision.
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Stock price/reinvested dividendsCONTACT US
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Cautionary note regarding forward-looking statements. This newsletter may contain forward-looking statements with respect to Vivendi's financial position, results of operations, business, strategy, plans and outlook, including the impact of certain transactions and the payment of dividends and distributions, as well as share repurchases. Although Vivendi believes that such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results may differ substantially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including, but not limited to, the risks related to antitrust and other regulatory approvals, as well as any other approvals which may be required in connection with certain transactions and the risks described in the documents of the group filed by Vivendi with the Autorité des Marchés Financiers (the French securities regulator), which are also available in English on Vivendi's website (https://www.vivendi.com). Investors and security holders may obtain a free copy of documents filed by Vivendi with the Autorité des Marchés Financiers at https://www.amf-france.org, or directly from Vivendi. Any forward-looking statements contained in this newsletter are only valid on the date of distribution. Vivendi disclaims any intention or obligation to provide, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Unsponsored ADRs. Vivendi does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently in existence is "unsponsored" and has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of any such facility.