Vivendi (VIV) H1 2025 earnings summary

Executive summary

• Revenues rose 8% year-over-year to €145 million in H1 2025, driven by Gameloft's strong performance.

• EBITA improved to €18 million from a €29 million loss in H1 2024, reflecting operational gains and cost reductions.

• Net income attributable to shareowners was €30 million, down from €159 million in H1 2024 due to absence of prior year one-offs.

• Financial net debt reduced to €1,768 million from €2,573 million at year-end 2024.

• Major portfolio reshaping included the sale of Telecom Italia and Telefonica shares and increased stake in Lagardère.

Financial highlights

• Revenues: €145 million (+8% year-over-year); Q2 revenues up 15.9% to €76 million.

• EBITA: €18 million (vs. -€29 million in H1 2024); EBIT: €5 million (vs. -€137 million in H1 2024).

• Adjusted net income: €54 million, down 62% year-over-year.

• Earnings per share: €0.03 (vs. €0.16 in H1 2024).

• Corporate costs decreased to €52 million from €65 million.

Outlook and guidance

• Management expects operating cash flows and dividends from investments to cover financial commitments for the rest of 2025.

• Macroeconomic uncertainties persist, but no impairment triggers identified as of June 30, 2025.

• Annual impairment test of goodwill and intangibles planned for Q4 2025.

• Focus remains on content, media, and entertainment, with continued portfolio optimization.

• Caution regarding forward-looking statements due to regulatory and market risks.