Vivendi (VIV) H2 2025 earnings summary

Executive summary

• 2025 marked the first fiscal year under a new structure after the December 2024 spin-off, with a strategic focus on content, media, and entertainment following telecom divestments in Italy and Spain.

• Gameloft delivered strong momentum and transformation, outperforming in a challenging video game market.

• Corporate operating costs at headquarters were reduced, with further cost-cutting initiatives underway.

• EBITA turned positive at €45 million, up from a €1 million loss in 2024, reflecting operational improvements.

• Earnings attributable to shareowners reached €20 million, a significant turnaround from a €6,004 million loss in 2024.

Financial highlights

• Revenue reached €307 million, up 4.3% at constant currency and perimeter, mainly driven by Gameloft.

• EBITA improved to €45 million from a €1 million loss last year.

• Net income group share was €20 million, reversing a significant loss from the prior year.

• Net debt reduced to €1.5 billion from €2.6 billion year-over-year, mainly due to telecom asset divestitures.

• Dividend income from financial assets totaled €158 million.

Outlook and guidance

• Continued focus on reducing corporate costs, targeting a 20% reduction by 2027.

• Dividend of €0.04 per share proposed, yielding nearly 2% at current prices, to be paid April 24, 2026.

• Q1 revenues to be released April 21, 2026, at the next shareholder meeting.

• Management remains committed to developing controlled businesses and actively managing the investment portfolio.

• Exploring new opportunities for value creation, including the proposed acquisition of Prisma Media's luxury division.