Vivendi (VIV) Q1 2025 earnings summary

Executive summary

• Revenues for Q1 2025 were €69.4 million, stable year-over-year, mainly driven by Gameloft's performance (+0.3% at constant currency and perimeter).

• Net asset value (NAV) rose 7.8% to €5.2 billion as of March 31, 2025, compared to December 31, 2024.

• Significant reduction in financial net debt to €1,660 million as of March 31, 2025, before receipt of €684 million from the sale of TIM shares.

• Strategic focus shifted to content, media, and entertainment following the group split and telecom divestment.

Financial highlights

• Gameloft revenues for Q1 2025 were €68.5 million, up 0.3% at constant currency and perimeter year-over-year.

• PC/console segment revenues grew 13.5% at constant currency and perimeter, now representing 46% of Gameloft's total.

• Mobile segment revenues declined 10.5% at constant currency and perimeter, now 49% of Gameloft's total.

• Top five games accounted for 56% of Gameloft's total revenues.

Outlook and guidance

• Leadership expressed confidence in the value-creating potential of the 2024 group split and ongoing transformation.

• Continued focus on rebalancing Gameloft's portfolio between PC/console and mobile segments.