PRESS RELEASE


Paris, July 31, 2025



VIVENDI: RESULTS FOR THE FIRST HALF OF 2025

• Gameloft achieved a good performance, with revenues up more than 8%
for the first half of 2025, to €143 million, and a strong increase in its EBITA
(+€20 million compared to the first half of 2024)

• Corporate costs were €52 million for the first half of 2025, a decrease
compared to the first half of 2024 (€65 million)

• Vivendi’s EBITA was €18 million, an improvement of €47 million
compared to the first half of 2024

• Earnings attributable to Vivendi SE shareowners amounted to a profit
of €30 million

• The portfolio of listed and unlisted investments was €7 billion,
following the sale of most of the TIM shares and the acquisition of
Lagardère shares (subsidiary offer of the 2022 takeover bid)

• Financial Net Debt has been reduced to €1.8 billion as of June 30, 2025,
compared to €2.6 billion as of December 31, 2024

• Co-optation of Bernard Osta to the Supervisory Board, replacing
Philippe Labro


Yannick Bolloré, Chairman of Vivendi’s Supervisory Board, and Arnaud de Puyfontaine, Chief
Executive Officer, said:

“Vivendi reported strong results for the first half of 2025. Our revenues increased by 8%, and EBITA
improved by €47 million compared to the first half of 2024. This positive momentum reflects in particular
the ongoing transformation of Gameloft, whose strong performance stands in contrast with the current
PRESS RELEASE


trend in the video game sector. We also reduced corporate costs by €13 million and benefited from an
increase in our share of the net earnings of Universal Music Group (UMG) of €14 million.

During this first half of the year, we continued to optimize our portfolio of investments. The sale of almost
all our TIM’s shares marks our withdrawal from the telecoms sector, which is no longer a core business
for us, and enables us to achieve a significant reduction in our financial net debt. In addition, the Group
now owns more than 13% of Lagardère following the conclusion of the subsidiary offer of the takeover
bid initiated on this company in 2022.

True to our mission, we are pursuing the development of our activities in the content, media and
entertainment industries, while continuing to manage our portfolio of investments and exploring new
opportunities for value creation.”


Comments on earnings

This press release contains unaudited condensed financial results for the first half of 2025, established under IFRS1,
which were approved by Vivendi’s Management Board on July 28, 2025, reviewed by Vivendi’s Audit Committee
on July 28, 2025, and by Vivendi’s Supervisory Board on July 30, 2025.


For the first half of 2025, Vivendi’s revenues were €145 million, an increase of €11 million compared to
the first half of 2024 (+8.4% at constant currency and perimeter). This increase reflects the good
performance of Gameloft.

For the same period, EBITA was €18 million, compared to -€29 million for the first half of 2024. EBITA
included the following contributions:
• Gameloft: +€8 million (compared to -€12 million for the first half of 2024), an increase of
€20 million (see below);
• Corporate: -€52 million (compared to -€65 million for the first half of 2024), an improvement of
€13 million mostly due to recurring operating savings and favorable non-recurring effects; and
• Vivendi's share of the net earnings of UMG accounted for under the equity method: €62 million
(compared to €48 million for the first half of 2024), an increase of €14 million.




1
As a reminder, in accordance with IFRS 5, income and charges from distributed entities following the Vivendi spin-off on
December 13, 2024, i.e., Canal+, Havas, Lagardère and Prisma Media, as well as income and charges from other discontinued entities,
i.e., festival and ticketing activities, are reported as follows:
• their contribution until the date of their effective disposal to each line of Vivendi’s Consolidated Statement of Earnings (before
non-controlling interests) has been reported on the line “Earnings from discontinued operations”;
• these adjustments have been applied to all periods presented to ensure consistency of information; and
• the share of net income has been excluded from Vivendi’s adjusted net income.
These adjustments were made in respect of data from the Consolidated Statements of Earnings and Cash Flows.
PRESS RELEASE


For the first half of 2025, earnings attributable to Vivendi SE shareowners amounted to a profit of
€30 million (or €0.03 per share - basic), compared to €159 million for the first half of 2024 (€0.16 per share
- basic). For the first half of 2024, it included the capital gain on the sale of festival and international
ticketing activities (+€106 million) and the net earnings (before minority interests) of Canal+, Havas and
Louis Hachette Group for an aggregate amount of +€93 million. These positive items were partially offset
by the financial consequences of the settlement agreement entered into on June 28, 2024, with all
institutional investors which put an end to the litigation relating to the Group's financial communications
in the early 2000s (-€95 million).

Dividends received from non-consolidated companies were €64 million in the first half of 2025
(€66 million for the first half of 2024). They included dividends from MediaforEurope
(€30 million), Banijay Group (€29 million) and Lagardère (€5 million). As a reminder, in 2024, Lagardère's
dividend was eliminated as an intra-group flow, as Lagardère was fully consolidated until
December 13, 2024. In addition, for the first half of 2024, dividends from non-consolidated companies
included the dividend from Telefonica (€9 million).

As of June 30, 2025, the Financial Net Debt amounted to €1,768 million, compared to €2,573 million as
of December 31, 2024; borrowings amounted to €1,940 million, compared to €2,647 million as of
December 31, 2024; and cash, cash equivalents and cash management financial assets amounted to
€172 million, compared to €74 million as of December 31, 2024.


European Commission statement of objections

On July 25, 2023, the European Commission announced that it had opened a formal investigation to
determine whether, when acquiring Lagardère, Vivendi SE breached the notification requirement and
standstill obligation set out in the EU Merger Regulation, as well as the conditions and obligations
attached to the Commission's decision to approve the Vivendi/Lagardère transaction.

On July 18, 2025, the European Commission sent a statement of objections to Vivendi regarding a
potential early implementation of the takeover transaction of Lagardère SA.

The Commission takes the preliminarily view that Vivendi breached three provisions of Regulation
(EC) No 139/2004 on the control of concentrations by implementing the takeover of Lagardère SA before
notifying the transaction (in breach of Article 4(1) of the Regulation), before obtaining authorization (Article
7(1)), and before the Commission’s approval of the purchasers of the assets divested as remedies, Editis
and Gala (Article 8(2)).

This statement of objections initiates the adversarial phase of the proceedings, providing Vivendi with the
opportunity to present all factual and legal arguments that, in its view, should justify clearing it of any
wrongdoing and the closing of the proceedings.
PRESS RELEASE


At this stage, according to this statement of objections, the Commission is considering imposing fines on
Vivendi for these breaches under Article 14(2) of the aforementioned Regulation, pursuant to which the
Commission may impose fines not exceeding 10% of the global turnover of the sanctioned company.


Autorité des Marchés financiers (AMF) decision

On April 22, 2025, the Paris Court of Appeal annulled the decision of the Autorité des Marchés financiers
(AMF), the French securities regulator, on November 13, 2024, to the extent that it found that Bolloré SE
did not control Vivendi SE, ruling that Mr. Vincent Bolloré controls Vivendi SE and accordingly instructing
the AMF to reassess whether a public buyout offer for Vivendi SE shares must be launched.

Bolloré SE and Vivendi SE filed appeals before the French Supreme Court against the decision of the Paris
Court of Appeal on April 28 and 30, 2025, respectively. The hearing before the French Supreme Court is
scheduled for November 25, 2025.

On July 18, 2025, the AMF determined that the Bolloré Group and Mr. Vincent Bolloré are required to
launch a public buyout offer for Vivendi SE within six months. The AMF stated that it would ensure the
offer does not close until after the French Supreme Court has issued its ruling. Bolloré SE filed an appeal
before the Paris Court of Appeal seeking the annulment of this decision. Vivendi SE also filed an appeal
with the same objective.


Co-optation of Mr. Bernard Osta to the Supervisory Board

On July 30, 2025, Vivendi’s Supervisory Board decided to co-opt Mr. Bernard Osta (see biography before
the appendices) to replace Mr. Philippe Labro, who passed away on June 4, 2025, effective as of that date
and for the remainder of the latter’s term, i.e., until the Annual General Shareholders' Meeting to be called
to approve the 2026 financial statements.

This co-optation will be submitted for ratification at the next General Shareholders' Meeting.


Financial comments on Gameloft

For the first half of 2025, Gameloft’s revenues were €143 million, an increase of 8.4% at constant currency
and perimeter compared to the first half of 2024.

This amount included €65 million for the PC/console segment and €71 million for the Mobile segment.
PC/console revenues represented 45% of Gameloft’s total revenues, representing an18.0% increase at
constant currency and perimeter compared to the first half of 2024. Mobile revenues represented 50% of
Gameloft’s total revenues, remaining stable at constant currency and perimeter compared to the first half
of 2024.
PRESS RELEASE


Disney Dreamlight Valley, Asphalt Legends Unite, Disney Magic Kingdoms, March of Empires, and Disney
Speedstorm were the five best-selling games for the first half of 2025 and represented 57% of Gameloft’s
total revenues.

For the first half of 2025, Gameloft’s EBITA was €8 million, a significant improvement of €20 million
compared to the first half of 2024. Due to the resilience of its catalogue, the strong performance of Disney
Dreamlight Valley and the implementation of its cost reduction plan, Gameloft has achieved its objective
of structural profitability. Excluding restructuring charges, EBITA increased by €15 million (€8 million
compared to -€7 million for the first half of 2024).


For additional information, please refer to the “Financial Report and Unaudited Condensed
Financial Statements for the Half-Year ended June 30, 2025” to be released tonight (Paris time)
on Vivendi’s website (www.vivendi.com).


About Vivendi

Since its creation, Vivendi has established itself as a player in content, media and entertainment, developing a portfolio of both listed and
unlisted assets, each a leader in its market. Vivendi owns 100% of Gameloft, a world-renowned video game publisher that successfully
develops multi-platform games for consoles, PCs, and mobile devices. Vivendi’s asset portfolio includes minority stakes in leading publicly
traded companies: Universal Music Group and Banijay Group in content and entertainment, and MediaForEurope and Prisa in media and
telecommunications. In addition, Vivendi owns a stake in the publishing and travel retail sector with Lagardère and a residual stake in
telecoms with TIM in Italy. Leveraging its strategic and economic expertise, Vivendi anticipates global dynamics and participates in the
transformations of the sectors in which the group operates, notably the digital revolution and new consumer uses of content. Vivendi supports
value-creating companies, offering sustainable prospects and a positive contribution to the evolution of our society. Guided by a long-term
vision and a constant drive for innovation, the group relies on experienced teams to identify and support sustainable growth projects.
Corporate Social Responsibility (CSR), a commitment made in 2003, is at the heart of Vivendi’s strategy and shapes each of its decisions.
www.vivendi.com

Important Disclaimers

Cautionary Note Regarding Forward-Looking Statements. This press release may contain forward-looking statements with respect to
Vivendi’s financial condition, results of operations, business, strategy, plans and outlook, including the impact of certain transactions and
the payment of dividends and distributions, as well as share repurchases. Although Vivendi believes that such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of Vivendi’s future performance. Actual results may differ
materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control,
including, but not limited to, the risks related to antitrust and other regulatory approvals as well as any other approvals which may be required
in connection with certain transactions, as well as the risks described in the documents of the Group filed by Vivendi with the Autorité des
Marchés Financiers (the French securities regulator), which are also available in English on Vivendi's website (www.vivendi.com). Investors
and security holders may obtain a free copy of documents filed by Vivendi with the Autorité des Marchés Financiers at www.amf-france.org,
or directly from Vivendi. Accordingly, we caution readers against relying on such forward-looking statements. These forward-looking
statements are made as of the date of this press release. Vivendi disclaims any intention or obligation to provide, update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.

Unsponsored ADRs. Vivendi does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently
in existence is “unsponsored” and has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of any such facility.
PRESS RELEASE




CONTACTS
Media Investor relations
Jean-Louis Erneux Xavier Le Roy
+33 (0) 1 71 71 15 84 +33 (0) 1 71 71 18 77
Solange Maulini Nathalie Pellet
+33 (0) 1 71 71 11 73 +33 (0)1 71 71 11 24




Biography of Mr. Bernard Osta
Bernard Osta is the Chief Financial Officer of Vestiaire Collective.

Before joining Vestiaire Collective, Bernard Osta spent 15 years in Investment Banking. He started his career in the
Mergers and Acquisitions division of Lazard Frères, in New York (2006 to 2009) and Paris (2009 à 2011).

In 2011, he joined the Investment Banking Division of Goldman Sachs based in Paris where he held the position of
Executive Director.

During his investment banking career, Bernard Osta advised companies globally on complex M&A, equity financing
and debt financing transactions.

In 2021, Bernard Osta joined e-commerce platform Vestiaire Collective as Chief Strategy Officer. Since September
2023, he has held the position of Chief Financial Officer.

He graduated from HEC Paris (Master of Science in Management).
PRESS RELEASE


APPENDIX I
VIVENDI
CONDENSED STATEMENT OF EARNINGS
(IFRS, unaudited)
Six months ended June 30,
2025 2024 % Change
REVENUES 145 134 +8.0%
Cost of revenues (101) (106)
Selling, general and administrative expenses excluding amortization of intangible
assets acquired through business combinations (87) (99)
Restructuring charges (1) (6)
Income from equity affiliates - operational 62 48
Adjusted earnings before interest and income taxes (EBITA)* 18 (29) na
Amortization and depreciation of intangible assets acquired through business (13) (13)
combinations
Settlement agreement with all the institutional investors na (95)
EARNINGS BEFORE INTEREST AND INCOME TAXES (EBIT) 5 (137) na
Interest (42) 44
Income from investments 80 68
Other financial charges and income (8) (24)
30 88
Earnings before provision for income taxes 35 (49) na
Provision for income taxes (5) 58
Earnings from continuing operations 30 9 x 3.2
Earnings from discontinued operations - 184
Earnings 30 193 -84.2%
Non-controlling interests - (34)
EARNINGS ATTRIBUTABLE TO VIVENDI SE SHAREOWNERS 30 159 -80.9%
of which earnings from continuing operations attributable to Vivendi SE 30 9
shareowners
Earnings from discontinued operations attributable to Vivendi SE - 150
shareowners
Earnings attributable to Vivendi SE shareowners per share - basic (in euros) 0.03 0.16
Earnings attributable to Vivendi SE shareowners per share - diluted (in euros) 0.03 0.16

Adjusted net income* 54 141 -61.6%
Adjusted net income per share (in euros)* 0.05 0.14
Adjusted net income per share - diluted (in euros)* 0.05 0.14

In millions of euros, except per share amounts.

na: not applicable.
*non-GAAP measures.
As a reminder, in accordance with IFRS 5, income and charges from distributed entities following the Vivendi spin-off on December 13, 2024,
i.e., Canal+, Havas, Lagardère and Prisma Media, as well as income and charges from other discontinued entities, i.e., festival and ticketing
activities, are reported as follows:
• their contribution until the date of their effective disposal to each line of Vivendi’s Consolidated Statement of Earnings (before non-
controlling interests) has been reported on the line “Earnings from discontinued operations”;
• these adjustments have been applied to all periods presented to ensure consistency of information; and
• the share of net income has been excluded from Vivendi’s adjusted net income.
PRESS RELEASE

“EBITA” and “adjusted net income”, both non-GAAP measures, should be considered in addition to, and not as a substitute for, other GAAP
measures of operating and financial performance. Vivendi considers these to be relevant indicators for the group’s operating and financial
performance.
Vivendi’s Management uses EBITA and adjusted net income for reporting, management and planning purposes because they exclude most non-
recurring and non-operating items from the measurement of the business segments’ performances.
For any additional information, please refer to the “Financial Report for the half-year 2025”, which will be released online later on Vivendi’s
website (www.vivendi.com).



Reconciliation of earnings attributable to Vivendi SE shareowners to adjusted net income



Six months ended June 30,
(in millions of euros) 2025 2024
Earnings attributable to Vivendi SE shareowners (a) 30 159
Adjustments
Amortization and depreciation of intangible assets acquired through business 13 13
combinations
Settlement (a)
agreement with all the institutional investors na 95
Other financial charges and income (a) 8 24
Earnings from discontinued operations (a) - (184)
Provision for income taxes on adjustments 3 -
Impact of adjustments on non-controlling interests - 34
Adjusted net income 54 141

a. As reported in the condensed statement of earnings.



Adjusted Statement of Earnings

Six months ended June 30,
(in millions of euros) 2025 2024 % Change
Revenues 145 134 +8.0%
Adjusted earnings before interest and income taxes (EBITA) 18 (29) na
Interest (42) 44
Income from investments 80 68
Adjusted earnings from continuing operations before provision for 56 83 -31.8%
income taxes
Provision for income taxes (2) 58
Adjusted net income before non-controlling interests 54 141
Non-controlling interests - -
Adjusted net income 54 141 -61.6%



na: not applicable.
PRESS RELEASE


APPENDIX II
VIVENDI
REVENUES AND EBITA
(IFRS, unaudited)

Revenues
Six months ended June 30,
% Change at % Change at
constant constant currency
(in millions of euros) 2025 2024 % Change currency and perimeter
Revenues
Gameloft 143 132 +8.0% +8.4% +8.4%
Other 2 2
Elimination of intersegment transactions - -
Total Vivendi 145 134 +8.0% +8.4% +8.4%

Quarterly revenues:
2025
Three months Three months
ended ended
(in millions of euros) March 31, June 30,
Revenues
Gameloft 68 75
Other 1 1
Elimination of intersegment - -
transactions
Total Vivendi 69 76

2024
Three months Three months Three months Three months
ended ended ended ended
(in millions of euros) March 31, June 30, September 30, December 31,
Revenues
Gameloft 68 64 69 92
Other 1 1 - 2
Elimination of intersegment - - - -
transactions
Total Vivendi 69 65 69 94

EBITA
Six months ended June 30,
(in millions of euros) 2025 2024 Change
EBITA
Gameloft 8 (12) +20
Corporate (52) (65) +13
Vivendi's share of Universal Music Group's earnings (a) 62 48 +14
Other - - -
Total Vivendi 18 (29) +47

a. Includes share of earnings of companies accounted for by Vivendi under the equity method.
PRESS RELEASE

APPENDIX III
VIVENDI - CONDENSED STATEMENT OF FINANCIAL POSITION
(IFRS, unaudited)
June 30, 2025
(in millions of euros) December 31, 2024
(unaudited)
ASSETS
Goodwill 264 264
Non-current content assets 18 16
Other intangible assets 1 2
Property, plant and equipment 41 41
Rights-of-use relating to leases 31 35
Investments in equity affiliates 4,380 4,371
Non-current financial assets 2,219 2,952
Deferred tax assets 10 10
Non-current assets 6,964 7,690
Inventories - -
Current tax payables 20 29
Current content assets - -
Trade accounts receivable and other 97 93
Current financial assets 70 70
Cash and cash equivalents 172 39
359 232
Assets of discontinued businesses 4 7
Current assets 363 239

TOTAL ASSETS 7,327 7,929
EQUITY AND LIABILITIES
Share capital 566 566
Additional paid-in capital 865 865
Treasury shares (406) (415)
Retained earnings and other 3,792 3,576
Vivendi SE shareowners' equity 4,817 4,592
Non-controlling interests - -
Total equity 4,817 4,592
Non-current provisions 142 162
Long-term borrowings and other financial liabilities 1,495 1,993
Deferred tax assets 141 142
Long-term lease liabilities 24 29
Other non-current liabilities - -
Non-current liabilities 1,802 2,326
Current provisions 42 46
Short-term borrowings and other financial liabilities 461 668
Trade accounts payable and other 157 229
Short-term lease liabilities 13 12
Current tax payables 2 3
675 958
Liabilities associated with assets of discontinued businesses 33 53
Current liabilities 708 1,011
TOTAL LIABILITIES 2,510 3,337
TOTAL EQUITY AND LIABILITIES 7,327 7,929