Vivendi SE

Vivendi reported 2024 revenue of €297 million, EBITDA of minus €1 million, adjusted net income of €111 million, and net income group share of minus €6.4 billion. The reported loss was driven mainly by a €5.7 billion fair value adjustment linked to the spin-off assets; management said this was a purely accounting effect. The portfolio was valued at €7.1 billion at year-end, and net asset value was €4.8 billion, or €4.69 per share, after deducting €2.72 billion of net debt and €311 million of liabilities. Gameloft revenue declined from €311 million to €293 million, but EBITDA rose from €5 million to €8 million, and €14 million before restructuring charges. For 2025, Vivendi said it will release Q1 revenues on April 28 and proposed an ordinary dividend of €0.04 per share, about €40 million, payable on May 2 if approved.

Arnaud de Puyfontaine framed 2024 as an exceptionally busy transformation year, centered on the spin-off and the listings of Canal+, Havas, and Louis Hachette Group. He emphasized that Vivendi is now a portfolio of listed investments plus Gameloft, and said the company remains confident the expected valuations of the spun-off activities will be achieved. On Gameloft, he said the business showed strength in a year without new launches and that the strategy is to drive organic growth, improve margins, and pursue bolt-on acquisitions; he also rejected press speculation that Vivendi wants to exit gaming.

François Laroze focused on the financial bridge behind the reported numbers: €7.1 billion portfolio value, €4.8 billion NAV, €2.72 billion net debt, and a 30% loan-to-value ratio. He broke down debt movement through the year, citing €300 million from the ticketing business divestment, €389 million of Lagardère shares acquired, €343 million of share buybacks, and a little more than €250 million of dividends paid. On operations, he highlighted the improvement in Gameloft EBITDA from €5 million to €8 million, and said corporate costs should benefit in 2025 from more than 25 people leaving after the split, though he would not give a precise target.

Analysts asked about the long-term strategy for Gameloft, corporate cost reduction, and the status of the Telecom Italia stake. Management said Gameloft is intended to be grown organically with higher margins and bolt-on acquisitions, and denied rumors that Vivendi wants to exit the game business. On corporate costs, Laroze said more than 25 people left with the split and that the group is focused on reducing OpEx, but he would not provide a numeric cost target. On Telecom Italia, de Puyfontaine said Vivendi’s intention is to sell the stake and will do so when it can exit on good terms.