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 year’s results were heavily affected by a €5.7 billion fair value adjustment tied to the spin-off assets. Vivendi said its portfolio was valued at €7.1 billion at year-end, with net asset value of €4.8 billion, or €4.69 per share, after €2.72 billion of net debt and €311 million of liabilities. Gameloft revenue declined 5.7% from €311 million to €293 million, while EBITDA improved from €5 million to €8 million; EBITDA before restructuring charges rose from €10 million to €14 million. For 2025, Vivendi said it will release Q1 revenue on April 28 and propose an ordinary dividend of €0.04 per share, implying roughly €40 million and a 1.5% yield if approved.

Arnaud de Puyfontaine framed 2024 as a transformational year centered on the spin-off and the creation of a more focused listed investment portfolio. He said the group is now composed of investments such as UMG, Telecom Italia, Banijay, and MFE, plus Gameloft, and argued the newly listed businesses have not yet reached their expected valuation but should over time. On Gameloft, he stressed the business delivered results in a year without new launches, and said the strategy is organic growth, margin expansion, and selective bolt-on acquisitions. He also rejected press speculation that Vivendi wants to exit gaming, calling that information invalid.

François Laroze said the group ended 2024 with €7.1 billion of portfolio value and €4.8 billion of net asset value, supported by €6.9 billion of listed securities. He walked through net debt of €2.72 billion, explaining the change from €2.8 billion at the start of the year through the €300 million ticketing divestment, €389 million of Lagardère share purchases, €343 million of buybacks, and just over €250 million of dividends paid. He also noted the loan-to-value ratio was 30% and detailed the P&L bridge from minus €1 million EBITDA to a €183 million loss from continuing operations, then to the €6.4 billion reported loss after the spin-off accounting effect. He said more than 25 people left the group after the split, which should help 2025 corporate costs, but he did not provide a precise target.

Analysts asked for the long-term strategy for Gameloft, whether corporate costs should keep falling, and for an update on Telecom Italia. Management said Gameloft is expected to grow organically, improve margins, and potentially add bolt-on acquisitions, while denying any intention to sell the gaming business. On costs, François Laroze said the departure of more than 25 people after the split should reduce 2025 expenses and that the company is trying to lower OpEx, but he would not give a formal 2025 target. On Telecom Italia, Arnaud de Puyfontaine said Vivendi’s intention is to sell its stake and that it will do so “when we are in a position to be able to exit the company in good terms.”