Bolloré (BOL) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €1,547 million, stable on a reported basis but down 3% organically year-over-year.

• Adjusted operating income (EBITA) reached €123 million, a significant improvement from break-even in H1 2024, driven by improved contributions from equity-accounted associates and core segments.

• Net income was €242 million, sharply lower than H1 2024 due to the prior year’s €3.7 billion gain from the sale of Bolloré Logistics.

• Net cash position stood at €5,530 million as of June 30, 2025.

• Interim dividend of €0.02 per share (totaling €57 million) to be paid on September 30, 2025.

Financial highlights

• EBITDA rose to €138 million from €22 million year-over-year, a 539% increase.

• EBITA for Bolloré Energy rose 52% to €27 million; Communications EBITA up 131% to €203 million, driven by UMG and new equity-accounted contributions.

• Financial income increased to €95 million, benefiting from higher dividends received.

• Shareholders' equity stood at €25,555 million, with group liquidity at €8 billion.

• EPS (basic): €0.09 for H1 2025.

Outlook and guidance

• The group expects to maintain a strong liquidity position, with €8 billion in available cash and credit lines.

• Strategic investments in next-generation fuels, battery technology, AI, data, and technology are planned, particularly at Havas.

• No explicit forward guidance provided, but operational focus remains on energy distribution, communication, and next-generation battery research.

• The AMF has required a public tender offer for Vivendi SE shares, pending court decisions.