Vivendi (VIV) H2 2024 earnings summary

Executive summary

• 2024 marked a major transformation with the spin-off and listing of Canal+, Havas, and Louis Hachette Group, approved by 97.5% of shareholders in December 2024.

• Vivendi now holds a dynamic portfolio of listed investments and Gameloft as its main operational asset.

• Net asset value (NAV) as of December 31, 2024, is €4.829 billion (€4.69/share), with an investment portfolio valued at €7.1 billion.

• Adjusted net income was €111 million, while reported net loss attributable to shareholders was €6,004 million due to spin-off-related capital losses and fair value adjustments.

• Dividend of €0.04/share proposed for 2024, with share buybacks totaling over €340 million.

Financial highlights

• Revenues declined 4.9% year-over-year to €297 million; adjusted net income was €111 million.

• EBITA nearly break-even at -€1 million, a significant improvement from -€33 million in 2023, driven by Gameloft and UMG earnings.

• Net asset value stands at €4.8 billion after accounting for €2.1 billion in debt and €0.3 billion in liabilities.

• Loan to value ratio is 30%, with net debt at €2.072 billion.

• Dividend yield proposed at 1.5%.

Outlook and guidance

• Management remains confident in achieving anticipated valuations for spun-off entities and continues to pursue a sustainable growth strategy focused on content, media, and entertainment.

• Focus on organic growth and margin improvement for Gameloft, with openness to bolt-on acquisitions and ongoing cost reductions.

• Q1 2025 revenues to be released on April 28; proposed dividend of €0.04 per share, ex-dividend April 29, payment from May 2, 2025.