Bolloré (BOL) investor relations material

Executive summary

• Revenue for 2025 was €2,926 million, down 9% at constant scope and exchange rates compared to 2024, reflecting declines in both Energy and Industry segments.

• Adjusted operating income (EBITA) rose sharply to €286 million, mainly due to the full-year equity-accounted contributions from UMG, Canal+, Louis Hachette Group, Havas, and Vivendi.

• Net income was €351 million, significantly lower than 2024, which included major one-off items from the sale of Bolloré Logistics and the Vivendi spin-off.

• Net income, Group share, was €348 million, a significant decrease from €1,822 million in 2024, which included major one-off gains from asset disposals.

• Proposed dividends include an ordinary dividend of €0.08 per share and an exceptional dividend of €1.5 per share, totaling up to €4.4 billion.

Financial highlights

• Revenue declined 9% year-over-year at constant scope and exchange rates, with reported revenue down 7%.

• Adjusted operating income (EBITA) improved to €286 million from €1 million in 2024, driven by margin growth in Energy and strong equity-accounted contributions.

• Net cash position increased to €5,619 million at year-end 2025, up €313 million from 2024.

• Shareholders’ equity decreased by €1.3 billion to €24.4 billion, mainly due to fair value changes and share buybacks.

• Net financial income rose to €173 million, supported by higher dividends from financial assets.

Outlook and guidance

• Exceptional dividend distribution reflects lack of significant reinvestment following major asset disposals.

• Board of Directors intends to maintain a stable ordinary dividend and distribute excess cash to shareholders.

• The Board of Directors of the majority shareholder intends to pay an interim exceptional dividend in the second half of 2026, representing at least two-thirds of the exceptional dividend received.