Vivendi SE

Vivendi reported 2024 revenue of €297 million, EBITDA of negative €1 million, adjusted net income of €111 million, and net earnings group share of negative €6.4 billion. Management said the large loss was mainly due to a €5.7 billion fair value adjustment tied to the spin-off, a purely accounting effect. The re-evaluated net asset value was €4.8 billion, or €4.69 per share, based on a €7.1 billion portfolio value, €2.72 billion of net debt, and €311 million of liabilities. Gameloft revenue declined from €311 million to €293 million, while EBITDA improved from €5 million to €8 million; before restructuring charges it increased to €14 million from €10 million. For 2025, Vivendi said it will release Q1 revenues on April 28 and propose an ordinary dividend of €0.04 per share, about €40 million, expected to be paid 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 intended valuations for the spun-off assets will be achieved. On Gameloft, he said the business showed strength even without new launches and that the strategy is organic growth, margin expansion, and selective bolt-on acquisitions; he also rejected press speculation that Vivendi wants to exit the games business.

François Laroze focused on the reported figures and balance-sheet effects of the spin-off. He highlighted the €4.8 billion net asset value, the €7.1 billion portfolio value, and adjusted net debt of €2.72 billion, which he said implies a 30% loan-to-value ratio. He also broke down the net debt movement, citing €300 million from the ticketing divestment, €389 million of Lagardère share acquisitions, €343 million of share buybacks, and a little more than €250 million of dividends paid. On costs, he noted corporate expenses should benefit in 2025 from more than 25 people leaving the group after the split, but he declined to give a precise target.

Analysts asked about the long-term strategy for Gameloft, corporate cost reductions, and the Telecom Italia stake. Management said Gameloft is focused on organic growth, higher margins, and bolt-on acquisitions, and that rumors of an exit from gaming are incorrect. On corporate costs, Laroze said the split has reduced headcount by more than 25 people and that OpEx is being targeted for further reduction, though no precise 2025 ambition was given. On Telecom Italia, de Puyfontaine said Vivendi’s intention is to sell its stake and that it will do so when it can exit on favorable terms.