2025 HALF-YEAR FINANCIAL REPORT




Financial Report
and Unaudited* Condensed
Financial Statements for
the Half-Year ended
June 30, 2025

July 31,
2025




*The Condensed Financial Statements for the half-year ended June 30, 2025
were subject to a limited review by Vivendi’s Statutory Auditors.
The Auditors’ Report on the 2025 half-year financial information follows
the Condensed Financial Statements.
VIVENDI
European Company with a Management Board and a Supervisory Board and a share capital of €566,454,968,75

Head Office: 42 avenue de Friedland – 75380 PARIS CEDEX 08 – FRANCE

IMPORTANT NOTICE: READERS ARE STRONGLY ADVISED TO READ THE IMPORTANT DISCLAIMERS AT THE END OF THIS
FINANCIAL REPORT.
Key consolidated financial data for the last five years 4
I- Financial Report for the first half of 2025 5
1 Earnings analysis 5
1.1 Condensed Statement of Earnings 6
1.2 Analysis of the Condensed Statement of Earnings 7
2 Liquidity and capital resources 12
2.1 Financial Debt 12
2.2 Cash flow from operations analysis 15
3 Forward-Looking Statements 16
4 Other Disclaimer 16
II- Unaudited Condensed Financial Statements for the half-year ended June 30, 2025 17
Condensed Statement of Earnings 17
Condensed Statement of Comprehensive Income 18
Condensed Statement of Financial Position 19
Condensed Statement of Cash Flows 20
Condensed Statement of Changes in Equity 21
Notes to the Condensed Financial Statements 24
Note 1 Accounting policies and valuation methods 24
Note 2 Significant events 25
Note 3 Segment data 26
Note 4 Financial charges and income 28
Note 5 Income taxes 30
Note 6 Earnings per share 30
Note 7 Charges and income directly recognized in equity 31
Note 8 Investments in equity affiliates 31
Note 9 Financial assets 32
Note 10 Cash position 34
Note 11 Equity 35
Note 12 Provisions 35
Note 13 Share-based compensation plans 36
Note 14 Borrowings and other financial liabilities and financial risk management 37
Note 15 Related parties 39
Note 16 Contractual obligations and other commitments 43
Note 17 Litigation 43
Note 18 Subsequent events 46
III- Statement on the Financial Report for the half-year 2025 47
IV - Statutory auditors' review report on the half-yearly financial information 48




Half-Year Financial Report 2025 Vivendi / 3
Key consolidated financial data for the last five years
Preliminary comments:
As a reminder, Vivendi has applied IFRS 5 - Non-current assets held for sale and discontinued operations to all periods as set out below,
which are therefore presented on a comparable basis. In particular, in the statement of earnings and the statement of cash flows for the year
ended December 31, 2024, Vivendi reclassified income and charges related to Canal+, Louis Hachette Group (comprising Lagardère and
Prisma Media) and Havas as discontinued operations. In accordance with IFRS 5, the statement of earnings and the statement of cash flows
for the year ended December 31, 2023 and the previous years have been restated accordingly. The same applies to festival and ticketing
activities (Vivendi Village), sold on June 6, 2024; Editis, deconsolidated on June 21, 2023; Universal Music Group (UMG), deconsolidated on
September 23, 2021.
Six months ended June 30,
Year ended December 31,
(unaudited)
2025 2024 2024 2023 2022 2021
Consolidated data

Revenues 145 134 297 312 320 264
Adjusted earnings before interest and income taxes (EBITA) (a) 18 (29) (1) (33) 14 (34)
Earnings before interest and income taxes (EBIT) 5 (137) (264) (61) (15) (244)
Earnings attributable to Vivendi SE shareowners 30 159 (6,004) 405 (1,010) 24,692
Adjusted net income (a) 54 141 119 336 (172) 248

Portfolio valuation 7,044 na 7,219 na na na
Net Cash Position/(Financial Net Debt) (a) (1,768) (3,880) (2,573) (2,839) (860) 348
Total equity 4,817 17,846 4,592 17,237 17,604 19,194

Financial investments (296) (15) (149) (114) (581) (1,867)
Financial divestments 1,227 281 328 1,275 757 54
Dividends paid by Vivendi SE to its shareholders 40 254 254 256 261 653
Purchases of Vivendi SE's treasury shares - 170 343 29 326 693

Canal+ and Louis Hachette Group partial demergers and distribution of Havas (b) 10,795
Special distribution of 59.87% of UMG to Vivendi SE shareowners (c) 25,284

Per share data

Weighted average number of shares outstanding 992.1 1,019.4 1,007.3 1,024.6 1,031.7 1,076.3
Earnings attributable to Vivendi SE shareowners per share 0.03 0.16 (5.96) 0.40 (0.98) 22.94
Adjusted net income per share 0.05 0.14 0.12 0.33 (0.17) 0.23

Number of shares outstanding at the end of the period (excluding treasury shares) 992.2 1,008.1 991.8 1,024.7 1,024.7 1,045.4
Equity per share, attributable to Vivendi SE shareowners 4.86 16.78 4.63 16.70 16.95 18.16

Dividends per share paid 0.04 0.25 0.25 0.25 0.25 0.60
In millions of euros, number of shares in millions, data per share in euros.
na: not applicable.

a. The non-GAAP measures of EBITA, Adjusted net income and Financial Net Debt should be considered in addition to, and not as
substitutes for, other GAAP measures of operating and financial performance as presented in the Consolidated Financial Statements
and the related Notes or as described in this Financial Report. Vivendi considers these to be relevant indicators of the group’s operating
and financial performance. Each of these indicators is defined in the appropriate section of this Financial Report or in its Appendix. In
addition, it should be noted that other companies may have definitions and calculations for these indicators that differ from those used
by Vivendi, and therefore may not be directly comparable.
b. On December 13, 2024, the Canal+ and Louis Hachette Group partial demergers, as well as the distribution of Havas NV took effect
(please refer to Note 2 to the Consolidated Financial Statements for the year ended December 31, 2024, page 276 of the 2024 Annual
Report - Universal Registration Document). Pursuant to the resolutions of Vivendi's Combined General Shareholders' Meeting on
December 9, 2024, the total distribution paid to Vivendi’s shareholders amounted to €10,794.6 million (please refer to Note 19.2 to the
Consolidated Financial Statements for the year ended December 31, 2024, page 304 of the 2024 Annual Report - Universal Registration
Document).
c. As a reminder, as of September 23, 2021, Vivendi ceded control and deconsolidated 70% of UMG, following the effective payment of a
special distribution in kind of 59.87% of UMG’s share capital to Vivendi’s shareholders. This distribution included a special interim
dividend in kind of €22,100 million in respect of fiscal year 2021.


Half-Year Financial Report 2025 Vivendi / 4
I- Financial Report for the first half of 2025
Preliminary comments:
On July 28, 2025, the Management Board approved the Financial Report and the Unaudited Condensed Financial Statements for the half-
year ended June 30, 2025. Upon the recommendation of the Audit Committee, which met on July 28, 2025, the Supervisory Board, at its
meeting held on July 30, 2025, reviewed the Financial Report and the Unaudited Condensed Financial Statements for the half-year ended
June 30, 2025, as previously approved by the Management Board on July 28, 2025.
The Unaudited Condensed Financial Statements for the half-year ended June 30, 2025 were subject to a limited review by Vivendi’s
Statutory Auditors. The Statutory Auditors’ report on the 2025 half-year financial information is included after the Condensed Financial
Statements.
This Financial Report for the first half of 2025 should be read in conjunction with the 2024 Financial Report, as published in the “Rapport
Annuel - Document d’enregistrement universel 2024” filed on March 20, 2025, with the Autorité des marchés financiers (“AMF”, the French
securities regulator). Please also refer to pages 232 to 250 of the English translation1 of the “Rapport Annuel - Document d’enregistrement
universel 2024” (the “2024 Annual Report - Universal Registration Document”), which is available on Vivendi’s website (www.vivendi.com)
for informational purposes.
For a detailed description of the significant events that occurred during the first half of 2025, as well as any subsequent events, please refer
to Notes 2 and 18 to the Condensed Financial Statements for the half-year ended June 30, 2025, respectively.
For updated information on the main transactions with related parties as of June 30, 2025, please refer to Note 15 to the Condensed
Financial Statements for the half-year ended June 30, 2025.


1 Earnings analysis
Preliminary comments:
Non-GAAP measures
“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 as presented in the Consolidated Financial Statements and the related Notes, or as
described in this Financial Report. 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. As defined by Vivendi:
• the difference between EBITA and EBIT consists of the amortization of intangible assets acquired through business combinations,
the impairment of goodwill and other intangibles acquired through business combinations and other income and charges related to
transactions with shareowners (except where such transactions are directly recognized in equity); and
• adjusted net income includes the following items: EBITA; interest (corresponding to interest expense on borrowings net of interest
income earned on cash and cash equivalents); income from investments (including dividends and interest received from
unconsolidated companies, as well as fees earned on financial guarantees granted); and taxes and non-controlling interests related
to these items. It does not include the following items: amortization of intangible assets acquired through business combinations;
impairment of goodwill and other intangible assets acquired through business combinations; other financial charges and income;
earnings from discontinued operations; provisions for income taxes and adjustments attributable to non-controlling interests; and
non-recurring tax items.
In addition, it should be noted that other companies may have definitions and calculations for these non-GAAP measures that differ from
those used by Vivendi, and therefore may not be directly comparable.

Application of IFRS 5
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:



1
This free translation of the “Rapport Annuel - Document d’enregistrement universel 2024” is provided solely for the convenience of English-speaking readers. In the event of
any discrepancy, the French version shall prevail.



Half-Year Financial Report 2025 Vivendi / 5
• 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.
For a detailed description, please refer to Note 2 to the Consolidated Financial Statements for the year ended December 31, 2024, pages 276
to 277 of the 2024 Annual Report - Universal Registration Document. The adjustments to previously published data, including data for the
first half of 2024, are presented in the Financial Report for the year ended December 31, 2024. These adjustments were made in respect of
data from the Consolidated Statements of Earnings and Cash Flows.


1.1 Condensed Statement of Earnings
Six months ended June 30,
% Change
2025 2024
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 combinations (13) (13)
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 x3,2
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 shareowners 30 9
Earnings from discontinued operations attributable to Vivendi SE shareowners - 150
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.




Half-Year Financial Report 2025 Vivendi / 6
1.2 Analysis of the Condensed Statement of Earnings
1.2.1 Revenues
Six months ended June 30,
% Change at
% Change at constant currency
(in millions of euros) 2025 2024 % Change constant 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%

For the first half of 2025, Vivendi’s revenues were €145 million, compared to €134 million for the first half of 2024, representing an
increase of €11 million. This increase reflects the performance of Gameloft.

2025
Three months ended Three months 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 ended Three months ended Three months ended Three months 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

For the second quarter of 2025, Vivendi’s revenues were €76 million, compared to €65 million for the second quarter of 2024, an increase
of 15.9% (+17.2% at constant currency and perimeter). This increase primarily reflects the performance of Gameloft (+16.0% and +17.2% at
constant currency and perimeter).
As a reminder, for the first quarter of 2025, Vivendi’s revenues were €69 million, stable compared to the first quarter of 2024 (+0.6% and
+0.3% at constant currency and perimeter).
For a detailed analysis of revenues by business segment, please refer to Note 3.1 to the Condensed Financial Statements for the half-year
ended June 30, 2025.




Half-Year Financial Report 2025 Vivendi / 7
Gameloft
Six months ended June 30,
% Change at
% Change at constant currency
(in millions of euros) 2025 2024 % Change constant currency and perimeter
PC/Consoles 65 55 +18.0% +18.0% +18.0%
Mobile 71 71 -1.3% -0.5% -0.5%
BtoB 7 6 +29.2% +29.4% +29.4%
Revenues 143 132 +8.0% +8.4% +8.4%

EBITA before restructuring charges 8 (7)
Restructuring charges - (5)
EBITA 8 (12)



Revenues by geographic area
North America 65 57
EMEA (Europe, the Middle East, Africa) 53 48
Asia Pacific 19 20
Latin America 6 7
143 132

For the first half of 2025, Gameloft’s revenues were €143 million, representing an increase of 8.4% at constant currency and perimeter
compared to the first half of 2024, including €65 million for the PC/console segment and €71 million for the Mobile segment.
For the first half of 2025, PC/console revenues represented 45% of Gameloft’s total revenues, representing an 18.0% 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.
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, representing 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).

1.2.2 Operating results

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.
For the first half of 2025, EBITA was €18 million, compared to -€29 million for the first half of 2024, an improvement of €47 million. EBITA
included the following contributions:
• Gameloft: +€8 million (compared to -€12 million for the first half of 2024), an increase of €20 million (see above);
• 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




Half-Year Financial Report 2025 Vivendi / 8
• Vivendi's share of the net earnings of Universal Music Group (UMG) accounted for under the equity method: €62 million (compared
to €48 million for the first half of 2024), an increase of €14 million. For a detailed description of published data by UMG, please
refer to Note 9.2 to the Condensed Financial Statements for the half-year ended June 30, 2025.
For the first half of 2025, EBIT was +€5 million, compared to -€137 million for the first half of 2024, a €142 million increase. As a reminder,
for the first half of 2024, it included the financial consequences of the settlement agreement entered into on June 28, 2024 with all the
institutional investors (-€95 million), ending the dispute over the financial communication of the early 2000s. Excluding this impact, the
change in EBIT resulted from the increase in EBITA (+€47 million). EBIT also included the amortization of intangible assets acquired through
business combinations related to the equity accounting treatment of UMG (-€13 million, unchanged compared to the first half of 2024).

1.2.3 Financial results
For the first half of 2025, interest was a net charge of €42 million, compared to a net income of €44 million for the first half of 2024. This
evolution reflects the changes in Vivendi’s financial position following the group's split.
As of June 30, 2025, Financial Net Debt was €1,768 million, compared to €2,573 million as of December 31, 2024 and €3,880 million as of
June 30, 2024 (including Lagardère's Financial Net Debt for €2,255 million). This amount includes borrowings of €1,939 million (compared to
€2,647 million as of December 31, 2024) as well as cash, cash equivalents and cash management financial assets of €172 million (compared
to €74 million as of December 31, 2024).
For the first half of 2025, the average Financial Net Debt was €2,070 million, compared to €3,230 million for the first half of 2024. This
amount includes average outstanding borrowings of €2,409 million (compared to €3,622 million for the first half of 2024) as well as average
outstanding cash, cash equivalents and cash management financial assets of €339 million (compared to €392 million for the first half of
2024).
For the first half of 2025, the average interest rate on borrowings was 3.86%, compared to 1.82% for the first half of 2024; the average
interest income earned on the investment of cash surpluses was 2.59%, compared to 3.99% for the first half of 2024.
For the first half of 2024, interest expense mainly included interest on bonds (€15 million, for an average outstanding amount of
€2,750 million at an average interest rate of 1.05%), which were fully repaid in the second half of 2024, including €850 million repaid on
maturity in September 2024 and €1,900 million repaid in advance on December 13, 2024 in connection with the Vivendi spin-off; as well as
interest on commercial paper (€17 million, for an average outstanding amount of €861 million at an average interest rate of 4.03%).
For the first half of 2025, interest expense on borrowings mainly included interest on bilateral structured financing agreements (€38 million,
for an average outstanding amount of €1,778 million at an average interest rate of 4.25%), implemented on September 27, 2024 and fully
drawn on December 13, 2024 for €2,000 million, to facilitate the redemption of the bonds, and whose outstanding amount was subsequently
reduced to €1,500 million following a partial reimbursement made on April 7, 2025, as well as interest on commercial paper (€6 million, for
an average outstanding amount of €420 million at an average interest rate of 2.83%).
For the first half of 2025, interest income earned on the investment of cash surpluses was €4 million, compared to €13 million for the first
half of 2024.
For the first half of 2024, interest income on financings granted to entities classified as «discontinued operations», in accordance with IFRS
5, as a result of the Vivendi spin-off, included interest received on loans granted to Canal+ (€18 million), as well as Louis Hachette Group
(€43 million, mainly corresponding to interest received on the loan granted to Lagardère).
For a detailed description of interest, please refer to Note 4.1 to the Condensed Financial Statements for the half-year ended June 30, 2025.
For the first half of 2025, income from investments was €80 million, compared to €68 million for the first half of 2024. This amount
includes dividends from non-consolidated companies of €64 million (compared to €66 million for the first half of 2024), interest income on
the loan granted to Lagardère of €11 million and fees earned on financial guarantees granted to Canal+ of €5 million.
For the first half of 2025, dividends from non-consolidated companies included the dividend from MediaForEurope (€30 million, compared to
€28 million for the first half of 2024), Banijay Group (€29 million, unchanged compared to the first half of 2024) 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).
For a detailed description of income from investments, please refer to Note 4.2 to the Condensed Financial Statements for the half-year
ended June 30, 2025.
For the first half of 2025, other financial charges and income were a net charge of €8 million, compared to a net charge of €24 million
for the first half of 2024. For the first half of 2025, this amount reflected the loss related to the dilution of Vivendi's interest in UMG's share
capital (-€12 million, compared to -€18 million for the first half of 2024), as well as the change in the fair value of Lagardère share transfer
rights, an income of €12 million. As a reminder, as of December 31, 2024, approximately 12.5 million Lagardère share transfer rights were
exercisable, representing 8.8% of Lagardère's share capital and recognized as a financial liability of €300 million. Following the
deconsolidation of Lagardère on December 13, 2024, Vivendi derecognized this financial liability against equity and accounted for these


Half-Year Financial Report 2025 Vivendi / 9
transfer rights as derivative financial instruments, recorded at their fair value against earnings, representing a charge of -€12 million as of
December 31, 2024. As these share transfer rights expired on June 15, 2025, their due date, their fair value was nil as of June 30, 2025 and
Vivendi therefore recognized income of +€12 million for the first half of 2025, corresponding to their change in fair value.
For a detailed description of other financial charges and income, please refer to Note 4.3 to the Condensed Financial Statements for the half-
year ended June 30, 2025.

1.2.4 Provision for income taxes
For the first half of 2025, provision for income taxes was a net charge of -€5 million, compared to a net income of +€58 million for the
first half of 2024, representing a favorable change of €63 million. For the first half of 2024, the tax income related to the expected savings
from Vivendi's French Tax Group was €38 million. As a reminder, the Vivendi spin-off on December 13, 2024 resulted in the exit of Canal+,
Havas, Prisma Media and their respective French subsidiaries that are least 95%-owned, from Vivendi’s French Tax Group. For the first half
of 2025, the tax income related to the expected savings from Vivendi's French Tax Group was nil.

1.2.5 Earnings from discontinued operations
For the first half of 2025, earnings from discontinued operations were nil compared to a profit of €184 million for the first half of 2024 which
mainly included:
• the net earnings (before minority interests) of Canal+, Louis Hachette Group and Havas for the period from January 1 to June 30,
2024, for an aggregate amount of +€93 million (before minority interests), including Canal+ (+€57 million), Louis Hachette Group
(-€38 million) and Havas (+€74 million); and
• the capital gain on the sale of festival and international ticketing activities (+€106 million).

1.2.6 Non-controlling interests
For the first half of 2024, earnings attributable to non-controlling interests were €34 million and related to the share of net earnings of
Canal+, Havas and Louis Hachette Group attributable to non-controlling interests.

1.2.7 Earnings attributable to Vivendi SE shareowners
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 mainly 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 (before minority interests), partially offset by the financial
consequences of the settlement agreement entered into on June 28, 2024 with all institutional investors (-€95 million).




Half-Year Financial Report 2025 Vivendi / 10
1.2.8 Adjusted net income
For the first half of 2025, adjusted net income was a profit of €54 million (or €0.05 per share - basic), compared to €141 million for the first
half of 2024 (€0.14 per share - basic). The increase in EBITA (+€47 million) was more than offset by the unfavorable change in interest
(-€86 million, mainly due to interest income for the first half of 2024 on financings granted to discontinued entities for €64 million), and to
provision for income taxes (-€61 million, notably due to tax income in 2024 related to the expected savings from Vivendi’s French Tax Group
for €38 million).

Six months ended June 30,
% Change
(in millions of euros) 2025 2024
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 income
56 83 -31.8%
taxes
Provision for income taxes (2) 58
Adjusted net income before non-controlling interests 54 141 -61.6%
Non-controlling interests - -
Adjusted net income 54 141 -61.6%

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 combinations (a) 13 13
Settlement 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

na: not applicable.
a. As reported in the condensed statement of earnings.

Adjusted net income per share
Six months ended June 30,
2025 2024
Basic Diluted Basic Diluted
Adjusted net income (in millions of euros) 54 54 141 141
Number of shares (in millions)
Weighted average number of shares outstanding (a) 992.1 992.1 1,019.4 1,019.4
Potential dilutive effects related to share-based compensation - 4.0 - 2.7
Adjusted weighted average number of shares 992.1 996.1 1,019.4 1,022.1
Adjusted net income per share (in euros) 0.05 0.05 0.14 0.14

a. Net of the weighted average number of treasury shares (37.8 million shares for the first half of 2025, compared to 10.5 million shares
for the first half of 2024).




Half-Year Financial Report 2025 Vivendi / 11
2 Liquidity and capital resources
2.1 Financial Debt
Preliminary comments:
• “Financial Net Debt”, a non-GAAP measure, should be considered in addition to, and not as a substitute for, GAAP measures
presented in the consolidated statement of financial position, as well as any other measure of indebtedness reported in accordance
with GAAP. Vivendi considers this to be a relevant financial indicator for the group. Vivendi’s Management uses this indicator for
reporting, management and planning purposes.
• “Financial Net Debt” is calculated as the sum of:
i. cash and cash equivalents, as reported in the consolidated statement of financial position, including (i) cash in banks and
deposits, whether or not compensated, corresponding to cash, and (ii) money market funds, which meet the qualification
requirements of the ANC’s and AMF’s decision released in November 2018 and other highly liquid short-term investments
with initial maturities of generally three months or less corresponding to cash equivalents, defined in accordance with
IAS 7;
ii. cash management financial assets, included in the consolidated statement of financial position under “financial assets”,
relating to financial investments, which do not meet the criteria for classification as cash equivalents set out in IAS 7, and,
with respect to money market funds, the qualification requirements of ANC’s and AMF’s decision released in November
2018; and
iii. derivative financial instruments, net (assets and liabilities) where the underlying instruments are Financial Net Debt items,
as well as cash deposits securing borrowings included in the consolidated statement of financial position under “financial
assets”;
less:
iv. the value of borrowings at amortized cost.
In addition, it should be noted that other companies may have definitions and calculations for non-GAAP measures that differ from those
used by Vivendi, and therefore may not be directly comparable.
• For a detailed description, please refer to Note 10 “Cash position” and Note 14 “Borrowings and other financial liabilities” to the
Condensed Financial Statements for the half-year ended June 30, 2025.
• As a reminder, in accordance with IFRS 5, cash flows 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 sale to each line of Vivendi’s consolidated statement of cash flows has
been reported on the line “Cash Flows of discontinued operations”;
- these adjustments have been applied to all periods presented to ensure consistency of information; and
- its cash flow from operations (CFFO), cash flow from operations before capital expenditures (CFFO before capex, net) and
cash flow from operations after interest and income taxes (CFAIT) have been excluded from Vivendi’s CFFO, CFFO before
capex, net and CFAIT.




Half-Year Financial Report 2025 Vivendi / 12
2.1.1 Financial Net Debt
As of June 30, 2025, Vivendi's Financial Net Debt was €1,768 million (compared to €2,573 million as of December 31, 2024) and breaks
down as follows:


Refer to Notes to the
(in millions of euros) Consolidated June 30, 2025 December 31, 2024
Financial Statements
Cash and cash equivalents 172 39
Cash management financial assets 10 - 35
Cash position 172 74
Bilateral structured financial agreements 14 (1,495) (1,993)
Short-term marketable securities (340) (450)
Shareholder current account advance 15.2.1 (100) (200)
Bank credit facilities - -
Accrued interest (5) (4)
Borrowings at amortized cost 14 (1,940) (2,647)
Financial Net Debt (a) (1,768) (2,573)

a. Excluding "other liabilities" of €211 million as of June 30, 2025 and €311 million as of December 31, 2024. "Other liabilities" include
provisions for employee benefits (€141 million as of June 30, 2025 and €163 million as of December 31, 2024), the intrinsic value of
Lagardère share transfer rights (€47 million as of December 31, 2024), the cost of the hedge put in place on the stake in Telecom Italia
(€14 million as of June 30, 2025) as well as non-recurring transaction costs incurred in connection with the Vivendi spin-off that are yet
to be paid.
In addition, Vivendi held a portfolio of listed non-controlling equity interests representing an aggregate market value of €6,700 million
(before tax) as of June 30, 2025, including: 9.91% of Universal Music Group (UMG)'s share capital for €4,996 million; 19.20% of Banijay
Group’s share capital for €691 million; 13.38% of Lagardère's share capital for €409 million; 19.78% of MediaForEurope’s share capital for
€386 million; and 1.80% of Telecom Italia's share capital for €161 million. For a detailed description, please refer to Notes 8.1 and 9.1 to the
Condensed Financial Statements for the half-year ended June 30, 2025.
As a reminder, all or a part of the shareholdings in UMG, Lagardère, MediaForEurope and Telecom Italia are pledged in favor of the lending
financial institutions under the bilateral structured financing agreements, based on a contractual Loan-to-Value ratio of 55%, representing a
countervalue of €2,727 million as of June 30, 2025. For a detailed description, please refer to Note 14.2 to the Condensed Financial
Statements for the half-year ended June 30, 2025.
Vivendi considers that cash flows generated by its operating activities, mainly dividends received from its listed investments, as well as, if
necessary, the partial disposal of its portfolio of listed investments or the use of the shareholder current account advance, will be sufficient
to meet its financial commitments for the remaining six months of 2025, as known on June 30, 2025, including any potential share
repurchases under existing ordinary shareholders' authorizations (please refer to Note 11.2 to the Condensed Financial Statements for the
half-year ended June 30, 2025).




Half-Year Financial Report 2025 Vivendi / 13
2.1.2 Change in Financial Net Debt

Borrowings at amortized
Cash and cash Net Cash Position /
(in millions of euros) cost and other financial
equivalents (Financial Net Debt)
items (a)
Financial Net Debt as of December 31, 2024 39 (2,612) (2,573)
(Outflows) / inflows of continuing operations:
Operating activities (62) - (62)
Investing activities 1,044 (35) 1,009
Financing activities (796) 707 (89)
Foreign currency translation adjustments (1) - (1)
(Outflows) / inflows of discontinued operations (52) - (52)
Financial Net Debt as of June 30, 2025 172 (1,940) (1,768)

a. “Other financial items” includes cash management financial assets and derivative financial instruments relating to interest rate and
foreign currency risk management (assets and liabilities).

For the first half of 2025, Vivendi’s Financial Net Debt decreased by €805 million, an improvement due to the following inflows:
• during the first quarter of 2025, Vivendi sold approximately 956.6 million Telecom Italia ordinary shares on the market for an
aggregate amount of €273 million. On April 3, 2025, Vivendi sold to Poste Italiane approximately 2,299.4 million ordinary shares of
Telecom Italia, representing 15.00% of Telecom Italia’s ordinary shares and voting rights, at a price of €0.2975 per share, for €684
million. For the first half of 2025, the aggregate amount received from the sale of Telecom Italia's shares was €957 million; and
• the sale of all Telefonica shares during the first half of 2025 for €251 million.
These inflows were partially offset by:
• during the first half of 2025, Vivendi acquired approximately 12.3 million Lagardère shares for an investment of -€296 million,
including the exercise of approximately 11.8 million Lagardère share transfer rights for €286 million;
• the payment by Vivendi on May 2, 2025 of a dividend of €0.04 per share in respect of fiscal year 2024, i.e., an outflow of
-€40 million (please refer to Note 11.3 to the Condensed Financial Statements for the half-year ended June 30, 2025); and
• net interest paid represented an outflow of -€31 million, including -€42 million, notably on bilateral structured financing
agreements (please refer to Note 14.2 to the Condensed Financial Statements for the half-year ended June 30, 2025), partially
offset by the inflow of interest received on the loan to Lagardère for €11 million.




Half-Year Financial Report 2025 Vivendi / 14
2.2 Cash flow from operations analysis
Preliminary comments:
Non-GAAP measures
Under Vivendi’s definition, EBITDA is calculated as EBITA, as presented in the Adjusted Statement of Earnings, before amortization and
depreciation of tangible and intangible assets, restructuring charges, gains/(losses) on the sale of tangible and intangible assets, income
from equity affiliates - operational and other non-recurring operating items.
“Cash flow from operations” (CFFO) and “cash flow from operations after interest and income tax paid” (CFAIT), both non-GAAP measures,
should be considered in addition to, and not as substitutes for, other GAAP measures of operating and financial performance as presented in
the Consolidated Financial Statements and the related notes or as described in this Financial Report. Vivendi considers these to be relevant
indicators of the group’s operating and financial performance.

Cash flow from operations analysis

Six months ended June 30,
(in millions of euros) 2025 2024
Revenues 145 134
Operating expenses excluding depreciation and amortization (178) (193)
EBITDA (33) (59)
Restructuring charges paid (5) (6)
Content investments, net (5) -
Neutralization of change in provisions included in operating expenses (9) 5
Other cash operating items - -
Other changes in net working capital (16) (3)
Net cash provided by operating activities before income tax paid (68) (63)
Dividends received from equity affiliates and unconsolidated companies 115 87
Capital expenditures, net (capex, net) (2) (1)
Repayment of lease liabilities and related interest expenses (8) (8)
Cash flow from operations (CFFO) 37 15
Interest (paid)/received, net (31) 44
Other cash items related to financial activities (9) 2
Income tax (paid)/received, net 6 45
Cash flow from operations after interest and income tax paid (CFAIT) 3 106


For the first half of 2025 and 2024, dividends received by Vivendi were as follows:
Six months ended June 30,
(in millions of euros) 2025 2024
Universal Music Group 51 49
Lagardère (a) 5 na
Telefonica - 9
MediaForEurope 30 -
Banijay Group 29 29
Total dividends received 115 87

na: not applicable.
a. The dividend received by Vivendi from Lagardère for the first half of 2024 (€56 million) was eliminated since it was an intra-group
transaction, as Lagardère was fully consolidated until December 13, 2024.




Half-Year Financial Report 2025 Vivendi / 15
3 Forward-Looking Statements
Cautionary note
This Financial Report 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 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 of Vivendi’s control, including, but not limited to, risks related to antitrust and other
regulatory approvals, and to any other approvals that may be required in connection with certain transactions, as well as the risks described
in the documents filed by Vivendi with the Autorité des marchés financiers (the “AMF”) (the French securities regulator), and in its press
releases, if any, which are also available in English on Vivendi’s website (www.vivendi.com). Accordingly, readers are cautioned against
relying on such forward-looking statements. These forward-looking statements are made as of the date of this Financial Report. 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.
Value of goodwill

As of June 30, 2025, Vivendi had reviewed the items that may indicate a decrease in the recoverable amount of CGU or groups of CGU
during the first half of 2025. In particular, Vivendi analyzed the performance of CGU and groups of CGU in comparison with forecasts
(particularly business plans, budgets and market data) and financial parameters (discount rate and long-term growth rate) used at year-end
2024.
Notwithstanding the current macroeconomic uncertainties, Vivendi’s Management concluded that, as of June 30, 2025, there were no
triggering events indicating a decrease in the recoverable amount of CGU or groups of CGU compared to December 31, 2024.
In addition, during the fourth quarter of 2025, Vivendi intends to perform an annual impairment test of the carrying value of goodwill and
other intangible assets.

Consideration of macroeconomic uncertainties
Vivendi notes that the current macroeconomic uncertainties have a significant impact on the financial markets and the prices of certain
commodities, which affect the outlook of the global economy. Vivendi has, to the best of its ability and using current analyses, taken into
account the indirect consequences of these events in determining the value of its business activities as of June 30, 2025, and remains
confident in the capacity for resilience of its main business.
Financial debt
Please refer to Section 2.1.

4 Other Disclaimer
Unsponsored ADRs
Vivendi does not sponsor any 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.
Translation
This Financial Report is an English translation of the French version of the report and is provided solely for the convenience of English-
speaking readers. This translation is qualified in its entirety by the French version, which is available on the company’s website
(www.vivendi.com). In the event of any inconsistencies between the French version of this Financial Report and the English translation, the
French version will prevail.




Half-Year Financial Report 2025 Vivendi / 16
II- Unaudited Condensed Financial Statements for the
half-year ended June 30, 2025
Preliminary comment:
As from December 9, 2024, the date on which the Vivendi Combined General Shareholders' Meeting approved the proposed separation from
Vivendi of Canal+, Louis Hachette Group (comprising Lagardère and Prisma Media) and Havas, Vivendi applied IFRS 5 to the fiscal year ended
December 31, 2024. For a detailed description, please refer to Note 2 to the Consolidated Financial Statements for the year ended December
31, 2024, page 276 of the 2024 Annual Report - Universal Registration Document.


Condensed Statement of Earnings
Six months ended June 30,
(unaudited) Year ended
December 31, 2024
Note 2025 2024
Revenues 3 145 134 297
Cost of revenues (101) (106) (211)
Selling, general and administrative expenses (100) (112) (222)
Restructuring charges (1) (6) (14)
Impairment losses on intangible assets acquired through business combinations - - (140)
Income from equity affiliates - operational 62 48 122
Settlement agreement with all the institutional investors 17 - (95) (96)
Earnings before interest and income taxes (EBIT) 5 (137) (264)
Interest 4 (42) 44 41
Income from investments 4 80 68 84
Other financial income 4 16 4 14
Other financial charges 4 (24) (28) (55)
30 88 84
Earnings before provision for income taxes 35 (49) (180)
Provision for income taxes 5 (5) 58 (3)
Earnings from continuing operations 30 9 (183)
Earnings from discontinued operations - 184 (5,709)
Earnings 30 193 (5,892)
Of which
Earnings attributable to Vivendi SE shareowners 30 159 (6,004)
of which earnings from continuing operations attributable to Vivendi SE shareowners 30 9 (183)
Earnings from discontinued operations attributable to Vivendi SE shareowners - 150 (5,821)
Non-controlling interests - 34 112
of which earnings from continuing operations - - -
Earnings from discontinued operations - 34 112
Earnings from continuing operations attributable to Vivendi SE shareowners per share - basic 6 0.03 0.01 (0.18)
Earnings from continuing operations attributable to Vivendi SE shareowners per share - diluted 6 0.03 0.01 (0.18)
Earnings from discontinued operations attributable to Vivendi SE shareowners per share - basic 6 - 0.15 (5.78)
Earnings from discontinued operations attributable to Vivendi SE shareowners per share - diluted 6 - 0.15 (5.78)

Earnings attributable to Vivendi SE shareowners per share - basic 6 0.03 0.16 (5.96)
Earnings attributable to Vivendi SE shareowners per share - diluted 6 0.03 0.16 (5.96)

na: not applicable.

In millions of euros, except per share amounts, in euros.

The accompanying notes are an integral part of the Condensed Financial Statements.



Half-Year Financial Report 2025 Vivendi / 17
Condensed Statement of Comprehensive Income
Six months ended June 30,
(unaudited) Year ended
December 31, 2024
(in millions of euros) Note 2025 2024
Earnings 30 193 (5,892)
Actuarial gains/(losses) related to employee defined benefit plans, net 2 32 41
Financial assets measured at fair value through other comprehensive income 217 (104) (70)
Comprehensive income from equity affiliates, net 79 42 84
Items not subsequently reclassified to profit or loss 298 (30) 55

Foreign currency translation adjustments 1 46 76
Unrealized gains/(losses), net (10) 3 1
Comprehensive income from equity affiliates, net (57) 27 (20)
Other impacts, net - - -
Items to be subsequently reclassified to profit or loss (66) 76 57

Charges and income directly recognized in equity 7 232 46 112

Total comprehensive income 262 239 (5,780)

Of which
Total comprehensive income attributable to Vivendi SE shareowners 262 197 (5,911)
Total comprehensive income attributable to non-controlling interests - 42 131


The accompanying notes are an integral part of the Condensed Financial Statements.




Half-Year Financial Report 2025 Vivendi / 18
Condensed Statement of Financial Position
June 30, 2025 December 31,
(in millions of euros) Note (unaudited) 2024
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 8 4,380 4,371
Non-current financial assets 9 2,219 2,952
Deferred tax assets 5 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 9 70 70
Cash and cash equivalents 10 172 39
359 232
Assets of discontinued businesses 2 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 11 4,817 4,592

Non-current provisions 12 142 162
Long-term borrowings and other financial liabilities 14 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 12 42 46
Short-term borrowings and other financial liabilities 14 461 668
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 2 33 53
Current liabilities 708 1,011

TOTAL LIABILITIES 2,510 3,337

TOTAL EQUITY AND LIABILITIES 7,327 7,929


The accompanying notes are an integral part of the Condensed Financial Statements.




Half-Year Financial Report 2025 Vivendi / 19
Condensed Statement of Cash Flows
Six months ended June 30, Year ended
(unaudited) December 31,
(in millions of euros) Note 2025 2024 2024
Operating activities
EBIT 5 (137) (264)
Adjustments (52) 78 135
Content investments, net (5) - (4)
Gross cash provided by operating activities before income tax paid (52) (59) (133)
Other changes in net working capital (16) (4) 27
Net cash provided by operating activities before income tax paid (68) (63) (106)
Income tax (paid)/received, net 6 45 (13)
Net cash provided by operating activities of continuing operations (62) (18) (119)
Net cash provided by operating activities of discontinued operations (2) 629 1,959
Net cash provided by operating activities (64) 611 1,840

Investing activities
Capital expenditures (2) (1) (3)
Purchases of consolidated companies, after acquired cash - - -
Investments in equity affiliates - - -
Increase in financial assets 2; 9 (296) (15) (149)
Investments (298) (16) (152)
Proceeds from sales of property, plant, equipment and intangible assets - - -
Proceeds from sales of consolidated companies, after divested cash 2 (18) 281 279
Decrease in financial assets 2; 9 1,245 - 49
Divestitures 1,227 281 328
Dividends received from equity affiliates 8 51 49 93
Dividends received from unconsolidated companies 9 64 37 74
Net cash provided by/(used for) investing activities of continuing operations 1,044 351 343
Net cash provided by/(used for) investing activities of discontinued operations (50) (936) (2,478)
Net cash provided by/(used for) investing activities 994 (585) (2,135)

Financing activities
Sales/(purchases) of Vivendi SE's treasury shares 11 - (155) (328)
Distributions to Vivendi SE's shareowners 11 (40) (254) (254)
Other transactions with shareowners - (124) (389)
Transactions with shareowners (40) (533) (971)
Setting up of long-term borrowings and increase in other long-term financial liabilities 14 - - 2,000
Principal payment on long-term borrowings and decrease in other long-term financial liabilities 14 (500) - (1,200)
Principal payment on short-term borrowings 14 (210) (1) (1,556)
Other changes in short-term borrowings and other financial liabilities 2 169 703
Interest (paid)/received, net 4 (31) 44 41
Other cash items related to financial activities (9) 2 (6)
Transactions on borrowings and other financial liabilities (748) 214 (18)
Repayment of lease liabilities and related interest expenses 4 (8) (8) (16)
Net cash provided by/(used for) financing activities of continuing operations (796) (326) (1,005)
Net cash provided by/(used for) financing activities of discontinued operations - (752) (829)
Net cash provided by/(used for) financing activities (796) (1,078) (1,834)

Foreign currency translation adjustments of continuing operations (1) 1 1
Foreign currency translation adjustments of discontinued operations - (1) 9
Change in cash and cash equivalents 133 (1,052) (2,119)
Reclassification of discontinued operations' cash and cash equivalents - - -

Cash and cash equivalents
At beginning of the period 10 39 2,158 2,158
At end of the period 10 172 1,106 39


The accompanying notes are an integral part of the Condensed Financial Statements.




Half-Year Financial Report 2025 Vivendi / 20
Condensed Statement of Changes in Equity
Six months ended June 30, 2025 (unaudited)

Retained Shareowners Non-controlling
Total equity
Share capital (A) earnings equity interest
(A+B+C)
(B) (A+B) (C )
Number of Additional
shares Share paid-in Treasury Sub-
(in millions of euros, except number of shares) (in thousands) capital capital shares total

Balance as of December 31, 2024 1,029,918 566 865 (415) 1,016 3,576 4,592 - 4,592
Net earnings 30 30 - 30
Items not to be subsequently reclassified to earnings 298 298 - 298
Items to be subsequently reclassified to earnings (66) (66) - (66)
Other comprehensive income (OCI), net of tax 232 232 - 232
Total Comprehensive Income (D) - - - - - 262 262 - 262
Dividends paid in cash - - (40) (40) - (40)
Sale (purchase) of treasury shares - - - - - -
Impact of share-based compensation plans 10 10 (8) 2 - 2
Contribution by (distribution to) shareowners - - - 10 10 (48) (38) - (38)
Other changes in equity, net - - - - - 1 1 - 1
Other impacts on equity (E) - - - 10 10 (47) (37) - (37)
Total changes over the period (D+E) - - - 10 10 215 225 - 225
Balance as of June 30, 2025 1,029,918 566 865 (405) 1,026 3,791 4,817 - 4,817



The accompanying notes are an integral part of the Condensed Financial Statements.




Half-Year Financial Report 2025 Vivendi / 21
Six months ended June 30, 2024 (unaudited)


Retained Shareowners Non-controlling
Total equity
Share capital (A) earnings equity interest
(A+B+C)
(B) (A+B) (C )
Number of Additional
shares Share paid-in Treasury Sub-
(in millions of euros, except number of shares) (in thousands) capital capital shares total

Balance as of December 31, 2023 1,029,918 5,664 865 (100) 6,429 10,679 17,108 129 17,237
Net earnings 159 159 34 193
Items not to be subsequently reclassified to earnings (32) (32) 2 (30)
Items to be subsequently reclassified to earnings 70 70 6 76
Other comprehensive income (OCI), net of tax 38 38 8 46
Total Comprehensive Income (D) - - - - - 197 197 42 239
Dividends paid in cash - (254) (254) (114) (368)
Sale (purchase) of treasury shares (170) (170) - (170) - (170)
Impact of share-based compensation plans 11 11 (3) 8 - 8
Contribution by (distribution to) shareowners - - - (159) (159) (257) (416) (114) (530)
Share of non-controlling interests in purchase price allocation - - - 932 932
Impact of increase in ownership interests - 40 40 (60) (20)
Impact of Lagardère acquisition/deconsolidation - - - - - 40 40 872 912
Other changes in equity, net - - - - - (9) (9) (3) (12)
Other impacts on equity (E) - - - (159) (159) (226) (385) 755 370
Total changes over the period (D+E) - - - (159) (159) (29) (188) 797 609
Balance as of June 30, 2024 1,029,918 5,664 865 (259) 6,270 10,650 16,920 926 17,846



The accompanying notes are an integral part of the Condensed Financial Statements.




Half-Year Financial Report 2025 Vivendi / 22
Year ended December 31, 2024
Retained Shareowners Non-controlling
Total equity
Share capital (A) earnings equity interest
(A+B+C)
(B) (A+B) (C )
Number of Additional
shares Share paid-in Treasury Sub-
(in millions of euros, except number of shares) (in thousands) capital capital shares total

Balance as of December 31, 2023 1,029,918 5,664 865 (100) 6,429 10,679 17,108 129 17,237
Net earnings (6,004) (6,004) 112 (5,892)
Items not to be subsequently reclassified to earnings 50 50 5 55
Items to be subsequently reclassified to earnings 43 43 14 57
Other comprehensive income (OCI), net of tax 93 93 19 112
Total Comprehensive Income (D) - - - - - (5,911) (5,911) 131 (5,780)
Dividends paid in cash - (254) (254) (146) (400)
Sale (purchase) of treasury shares (343) (343) - (343) - (343)
Impact of share-based compensation plans 28 28 (4) 24 - 24
Contribution by (distribution to) shareowners - - - (315) (315) (258) (574) (146) (720)
Share of non-controlling interests in purchase price allocation - - - 897 897
Impact of increase in ownership interests - 161 161 (182) (21)
Derecognition of transfer rights liability upon deconsolidation - 300 300 - 300
Impact of Lagardère acquisition/deconsolidation - - - - - 461 461 715 1,176

Partial demerger of Canal+ (3,900) (3,900) (2,951) (6,851) (267) (7,118)
Partial demerger of Louis Hachette Group (1,198) (1,198) (960) (2,158) (536) (2,694)
Distribution of Havas - (1,786) (1,786) (20) (1,806)
Fair value adjustment in compliance with Interpretation IFRIC 17 - 4,363 4,363 - 4,363
Impact of Spin-Off - (5,098) - - (5,098) (1,334) (6,432) (823) (7,255)
Other changes in equity, net - - - - - (60) (60) (6) (66)
Other impacts on equity (E) - (5,098) - (315) (5,413) (1,192) (6,605) (260) (6,865)
Total changes over the period (D+E) - (5,098) - (315) (5,413) (7,103) (12,516) (129) (12,645)
Balance as of December 31, 2024 1,029,918 566 865 (415) 1,016 3,576 4,592 - 4,592


The accompanying notes are an integral part of the Condensed Financial Statements.



Half-Year Financial Report 2025 Vivendi / 23
Notes to the Condensed Financial Statements
On July 28, 2025, the Management Board approved this Financial Report and the Unaudited Condensed Financial Statements for the half-
year ended June 30, 2025. Upon the recommendation of the Audit Committee, which met on July 28, 2025, the Supervisory Board, at its
meeting held on July 30, 2025, reviewed this Financial Report and Unaudited Condensed Financial Statements for the half-year ended June
30, 2025, as previously approved by the Management Board on July 28, 2025.
The Unaudited Condensed Financial Statements for the half-year ended June 30, 2025 should be read in conjunction with Vivendi’s audited
Consolidated Financial Statements for the year ended December 31, 2024, as published in the “Rapport Annuel - Document d’enregistrement
universel” filed on March 20, 2025 with the Autorité des marchés financiers (“AMF”, the French securities regulator). Please also refer to
pages 232 to 341 of the English translation2 of the “Rapport Annuel - Document d’enregistrement universel 2024” (the “2024 Annual Report -
Universal Registration Document”), which is available on Vivendi’s website (www.vivendi.com).

Note 1 Accounting policies and valuation methods
1.1 Interim Financial Statements
Vivendi’s interim Condensed Financial Statements for the half-year ended June 30, 2025 are presented and have been prepared in
accordance with IAS 34 – Interim Financial Reporting as endorsed in the European Union and published by the International Accounting
Standards Board (IASB). As a result, except as mentioned in paragraph 1.2 below, Vivendi has applied the same accounting methods used in
its Consolidated Financial Statements for the year ended December 31, 2024 (please refer to Note 1 “Accounting policies and valuation
methods” to the Consolidated Financial Statements for the year ended December 31, 2024, pages 266 to 275 of the 2024 Annual Report -
Universal Registration Document) and the following provisions were applied:
• provisions for income taxes have been calculated on the basis of the estimated effective annual tax rate applied to pre-tax
earnings. The assessment of the annual effective tax rate notably takes into consideration the recognition of anticipated deferred
tax assets for the full year which were not previously recognized; and
• compensation costs recorded for share-based compensation plans, employee benefits and profit-sharing have been included on a
pro-rata basis of the estimated cost for the year, adjusted, if necessary, for any non-recurring events which occurred over the
period.

1.2 New IFRS standards and IFRIC interpretations applicable as from January 1, 2025
Amendments to IFRS standards and IFRIC interpretations issued by the IASB/IFRS IC applicable as from January 1, 2025, had no material
impact on Vivendi’s Condensed Financial Statements.




2
This free translation of the “Rapport Annuel - Document d’enregistrement universel 2024” is provided solely for the convenience of English-speaking readers. In the event of
any discrepancy, the French version shall prevail.



Half-Year Financial Report 2025 Vivendi / 24
Note 2 Significant events
2.1 Sale of Telecom Italia (TIM) shares
As of December 31, 2024, Vivendi held 3,640,109,990 ordinary shares of Telecom Italia, representing 23.75% of its ordinary shares and
voting rights, and 17.04% of its share capital. As a reminder, this ownership interest in Telecom Italia is classified as a financial asset
measured at fair value through other comprehensive income, in accordance with IFRS 9 – Financial instruments.
Vivendi indicated on several occasions its intention to sell its interest in Telecom Italia under favorable financial conditions. During the first
quarter of 2025, Vivendi sold approximately 956.6 million Telecom Italia ordinary shares on the market for an aggregate amount of
€273 million. As of March 31, 2025, Vivendi held 2,683,519,890 ordinary shares of Telecom Italia, representing 17.51% of its ordinary shares
and voting rights, and 12.56% of its share capital.
On April 3, 2025, Vivendi sold to Poste Italiane approximately 2,299.4 million ordinary shares of Telecom Italia, representing 15.00% of its
ordinary shares and voting rights, at a price of €0.2975 per share, for a consideration of €684 million.
As of June 30, 2025, upon completion of this transaction, Vivendi held 384,099,915 ordinary shares of Telecom Italia, representing 2.51% of
its ordinary shares and voting rights, and 1.80% of its share capital, i.e., a value of €161 million at stock market price on that date.
In addition, Vivendi implemented a fair value hedging strategy for this investment with a countervalue of approximately €147 million,
resulting in a negative value of the hedging instrument of €14 million as of June 30, 2025.

2.2 Lagardère
As of December 31, 2024, Vivendi held 6,682,875 shares of Lagardère representing 4.73% of its share capital and 3.21% of its voting rights.
As a reminder, this ownership interest in Lagardère is classified as a financial asset measured at fair value through other comprehensive
income, in accordance with IFRS 9 – Financial instruments.
In addition, as of December 31, 2024, 12,454,742 Lagardère share transfer rights were exercisable, at a unit price of €24.10 up to June 15,
2025, representing 8.8% of Lagardère’s share capital and recognized as a financial commitment of €300 million.
During the first half of 2025, Vivendi acquired approximately 12.3 million Lagardère shares for an investment of €296 million, including the
exercise of approximately 11.8 million Lagardère share transfer rights for €286 million.
As of June 30, 2025, Vivendi held 18,953,852 shares of Lagardère, representing 13.38% of its share capital and 9.46% of its voting rights. As
of that date, no share transfer rights remain exercisable, as 639,997 share transfer rights that were not exercised by their expiry date of June
15, 2025 have expired.

2.3 Telefonica
During the first half of 2025, Vivendi sold all its interest in Telefonica, i.e., approximately 59.0 million shares for €251 million.

2.4 Sale of festival and ticketing activities
As a reminder, on June 6, 2024, Vivendi and CTS Eventim announced the completion of the sale of Vivendi’s festival and international
ticketing activities.
As of June 30, 2025, the sale of the French ticketing company See Tickets SAS is being considered.




Half-Year Financial Report 2025 Vivendi / 25
Note 3 Segment data
3.1 Statement of earnings by business segment

Six months ended June 30, 2025

Eliminations of
Total
(in millions of euros) Gameloft Corporate Share of UMG Other intersegment
Vivendi
transactions
REVENUES 143 - - 2 - 145
Adjusted earnings before interest and income taxes (EBITA)* 8 (52) 62 - - 18
Amortization of intangible assets acquired through business combinations - - (13) - - (13)
Impairment losses on intangible assets acquired through business combinations - - - - - -
Settlement agreement with all the institutional investors - - - - - -
EARNINGS BEFORE INTEREST AND INCOME TAXES (EBIT) 8 (52) 49 - - 5
Interest (42)
Income from investments 80
Other financial charges and income (8)
Earnings before provision for income taxes 35
Provision for income taxes (5)
Earnings from continuing operations 30
Earnings from discontinued operations -
Earnings 30
-
of which -
EARNINGS ATTRIBUTABLE TO VIVENDI SE SHAREOWNERS 30
Earnings from continuing operations attributable to Vivendi SE shareowners 30
Earnings from discontinued operations attributable to Vivendi SE shareowners -
Non-controlling interests -


Six months ended June 30, 2024

Elimination of
Total
(in millions of euros) Gameloft Corporate Share of UMG Other intersegment
Vivendi
transactions
REVENUES 132 - - 2 - 134
Adjusted earnings before interest and income taxes (EBITA)* (12) (65) 48 - - (29)
Amortization of intangible assets acquired through business combinations - - (13) - - (13)
Impairment losses on intangible assets acquired through business combinations - - - - - -
Settlement agreement with all the institutional investors - (95) - - - (95)
EARNINGS BEFORE INTEREST AND INCOME TAXES (EBIT) (12) (160) 35 - - (137)
Interest 44
Income from investments 68
Other financial charges and income (24)
Earnings before provision for income taxes (49)
Provision for income taxes 58
Earnings from continuing operations 9
Earnings from discontinued operations 184
Earnings 193

of which
EARNINGS ATTRIBUTABLE TO VIVENDI SE SHAREOWNERS 159
Earnings from continuing operations attributable to Vivendi SE shareowners 9
Earnings from discontinued operations attributable to Vivendi SE shareowners 150
Non-controlling interests 34




Half-Year Financial Report 2025 Vivendi / 26
Year ended December 31, 2024

Elimination of
Total
(in millions of euros) Gameloft Corporate Share of UMG Other intersegment
Vivendi
transactions
REVENUES 293 - - 4 - 297
Adjusted earnings before interest and income taxes (EBITA)* 8 (126) 122 (5) - (1)
Amortization of intangible assets acquired through business combinations - - (27) - - (27)
Impairment losses on intangible assets acquired through business combinations (140) - - - - (140)
- (96) - - - (96)
EARNINGS BEFORE INTEREST AND INCOME TAXES (EBIT) (132) (222) 95 (5) - (264)
Interest 41
Income from investments 76
Other financial charges and income (33)
Earnings before provision for income taxes (180)
Provision for income taxes (3)
Earnings from continuing operations (183)
Earnings from discontinued operations (5,709)
Earnings (5,892)

of which
EARNINGS ATTRIBUTABLE TO VIVENDI SE SHAREOWNERS (6,004)
Earnings from continuing operations attributable to Vivendi SE shareowners (183)
Earnings from discontinued operations attributable to Vivendi SE shareowners (5,821)
Non-controlling interests 112

* Vivendi’s Management uses EBITA for reporting, management and planning purposes because it excludes most non-recurring and non-operating items
from the measurement of the business segments’ performances. As defined by Vivendi, the difference between EBITA and EBIT consists of the amortization
of intangible assets acquired through business combinations, the impairment of goodwill and other intangibles acquired through business combinations,
other income and charges related to transactions with shareowners (except where such transactions are directly recognized in equity).

Revenues by business segment


Six months ended June 30, Year ended
(in millions of euros) 2025 2024 December 31, 2024
Intellectual property licensing 136 120 260
Advertising 7 12 33
Other 2 2 4
Elimination of intersegment activities - - -
Revenues 145 134 297



Revenues by geographic area
Revenues are broken down by customer location.
Six months ended June 30, Year ended
(in millions of euros) 2025 2024 December 31, 2024
Americas 71 65 145
France 17 12 26
Rest of Europe 30 30 72
Asia/Oceania 22 23 46
Africa 5 4 8
Revenues 145 134 297




Half-Year Financial Report 2025 Vivendi / 27
3.2 Segment assets and liabilities

Segment assets

Segment assets include goodwill, content assets, other intangible assets, property, plant and equipment, rights-of-use relating to leases,
equity affiliates, financial assets, inventories and trade accounts receivable, and other.
As of June 30, 2025, segment assets amounted to €7,120 million (€7,844 million as of December 31, 2024).
Segment assets by geographic area are as follows:
(in millions of euros) June 30, 2025 December 31, 2024
France 1,375 19 % 1,140 14 %
Rest of Europe 5,683 80 % 6,643 85 %
Americas 53 1% 50 1%
Africa 1 -% 2 -%
Asia/Oceania 8 -% 9 -%
Segment assets 7,120 100 % 7,844 100 %


Segment liabilities
Segment liabilities include provisions, other non-current liabilities, short-term and long-term lease liabilities and trade accounts payable, and
other.
As of June 30, 2025, segment liabilities amounted to €377 million (compared to €478 million as of December 31, 2024).

Note 4 Financial charges and income
4.1 Interest

(in millions of euros) Six months ended June 30, Year ended
(Charge)/Income Note 2025 2024 December 31, 2024
Interest expense on borrowings 14 (46) (b) (33) (a) (73)
Interest income from cash, cash equivalents and investments 4 13 24
Interest income from intra-group financing granted to discontinued operations - 64 (c) 90
Interest (42) 44 41
Fees and premiums on borrowings and credit facilities issued (2) (1) (4)
(44) 43 37


a. For the first half of 2024, interest expense mainly included interest on bonds (€15 million), fully repaid in the second half of 2024,
including €850 million repaid on maturity in September 2024 and €1,900 million repaid in advance on December 13, 2024 as a result of
the Vivendi spin-off as well as interest on commercial paper (€17 million).
b. For the first half of 2025, interest expense mainly included interest on bilateral structured financing agreements (€38 million), entered
into on September 27, 2024 and fully drawn on December 13, 2024 for €2,000 million, to enable the redemption of the above-mentioned
bonds, i.e., the outstanding balance was €1,500 million given a partial repayment made on April 7, 2025 (please refer to Note 14) as
well as interest on commercial paper (€6 million).
c. For the first half of 2024, interest income from intra-group financings granted to entities classified as «discontinued operations», in
accordance with IFRS 5, as a result of the Vivendi spin-off, included interest received on loans granted to Canal+ (€18 million), as well
as Louis Hachette Group (€43 million, mainly corresponding to interest received on the loan granted to Lagardère; please refer to
Note 15).




Half-Year Financial Report 2025 Vivendi / 28
4.2 Income from investments

(in millions of euros) Six months ended June 30, Year ended
2025 2024 December 31, 2024

Universal Music Group (a) na na na
Banijay Group 29 29 29
Lagardère (b) 5 na na
MediaForEurope 30 28 28
Telefonica - 9 18
Dividends 64 66 75

Interest on the Lagardère loan 11 na 1
Fees earned on financial guarantees to Canal+ 5 2 8

Income from investments 80 68 84


na: not applicable.

a. Dividends from Universal Music Group (UMG) were eliminated as intra-group flows since Vivendi's interest in UMG was accounted for
under the equity method. Dividends from UMG were €51 million for the first half of 2025, compared to €49 million for the first half of
2024 and €93 million for the full year of 2024.
b. In 2024, dividends from Lagardère were eliminated as intra-group flows since Lagardère was fully consolidated until December 13,
2024. As of that date, Vivendi’s ownership interest in Lagardère is classified as a financial asset measured at fair value through other
comprehensive income, in accordance with IFRS 9 – Financial instruments. Lagardère’s dividends are accounted for in earnings as
income from investments. As a reminder, dividends from Lagardère were €56 million for the first half of 2024.

4.3 Other financial charges and income

Six months ended June 30, Year ended
(in millions of euros) 2025 2024 December 31, 2024
Capital gain and revaluation on financial investments - 1 7
Expected return on plan assets related to employee benefit plans 3 3 6
Foreign exchange gain - - 1
Lagardère share transfer rights (b) 12 - -
Other 1 - 1
Other financial income 16 4 15
Capital loss and revaluation on financial investments (a) (12) (18) (18)
Interest cost related to employee benefit plans (7) (8) (15)
Fees and premiums on borrowings and credit facilities issued (2) (1) (4)
Interest expenses on lease liabilities (1) (1) (1)
Lagardère share transfer rights (b) - - (12)
Other (2) - (5)
Other financial charges (24) (28) (55)
Net total (8) (24) (40)

a. Includes losses related to Vivendi's dilution in Universal Music Group's share capital.
b. Includes changes in the fair value of Lagardère share transfer rights (please refer to Note 2.2). As a reminder, as of December 31, 2024,
approximately 12.5 million Lagardère share transfer rights were exercisable, representing 8.8% of Lagardère’s share capital, and
recognized as a financial liability of €300 million. Following the deconsolidation of Lagardère on December 13, 2024, Vivendi
derecognized this financial liability against equity and accounted for these transfer rights as derivative financial instruments, recorded
at their fair value against earnings, representing a charge of -€12 million as of December 31, 2024. As these share transfer rights
expired on June 15, 2025, their due date, their fair value was nil as of June 30, 2025 and Vivendi therefore recognized income of
+€12 million for the first half of 2025, corresponding to their change in fair value.




Half-Year Financial Report 2025 Vivendi / 29
Note 5 Income taxes

(in millions of euros) Six months ended June 30, Year ended
(Charge)/Income 2025 2024 December 31, 2024
Impact of Vivendi SE's French Tax Group (a) - 38 3
Other components of the provision for income taxes (5) 20 (6)
Provision for income taxes (5) 58 (3)


a. Any subsidiary that is grouped for tax purposes and subsequently falls below the 95% direct or indirect ownership level in the
incorporated company, regardless of the cause, is deemed to have been separated from the tax consolidation group from the first day of
the fiscal year during which the event occurred with retrospective effect. Therefore, the Vivendi spin-off completed on December 13,
2024 resulted in the exit of all the group companies of Canal+, Havas, Prisma Media and their respective French subsidiaries that are at
least 95%-owned from Vivendi’s French Tax Group.

Note 6 Earnings per share
Six months ended June 30, Year ended December 31,
2025 2024 2024

Basic Diluted Basic Diluted Basic Diluted
Earnings (in millions of euros)
Earnings from continuing operations attributable to Vivendi SE shareowners 30 30 9 9 (183) (183)
Earnings from discontinued operations attributable to Vivendi SE shareowners - - 150 150 (5,821) (5,821)
Earnings attributable to Vivendi SE shareowners 30 30 159 159 (6,004) (6,004)


Number of shares (in millions)
Weighted average number of shares outstanding (a) 992.1 992.1 1,019.4 1,019.4 1,007.3 1,007.3
Potential dilutive effects related to share-based compensation - 4.0 - 2.7 - 3.9
Adjusted weighted average number of shares 992.1 996.1 1,019.4 1,022.1 1,007.3 1,011.2


Earnings per share (in euros)
Earnings from continuing operations attributable to Vivendi SE shareowners per share - basic 0.03 0.03 0.01 0.01 (0.18) (0.18)
Earnings from discontinued operations attributable to Vivendi SE shareowners per share - basic - - 0.15 0.15 (5.78) (5.78)
Earnings attributable to Vivendi SE shareowners per share 0.03 0.03 0.16 0.16 (5.96) (5.96)


a. Net of the weighted average number of treasury shares (37.8 million shares for the first half of 2025, compared to 10.5 million shares
for the first half of 2024).




Half-Year Financial Report 2025 Vivendi / 30
Note 7 Charges and income directly recognized in equity
Details of changes in equity related to other comprehensive income


Items not subsequently
Items to be subsequently
reclassified to
reclassified to profit or loss
profit or loss
Financial
Actuarial
assets Unrealized Other
gains/(losses) Foreign
measured at gains/(losses) comprehensive Other
related to currency
fair value income from comprehensive
employee translation income
through other equity
defined benefit adjustments
comprehensive Hedging affiliates, net
plans (a)
(in millions of euros) income instruments
Balance as of December 31, 2024 (183) (792) (1) (905) 89 (1,792)
Charges and income directly recognized in equity 2 217 (14) 1 22 228
Tax effect - - 4 - - 4
Balance as of June 30, 2025 (181) (575) (11) (904) 111 (1,560)



Note 8 Investments in equity affiliates
8.1 Main investments in equity affiliates
Net carrying value of equity
Ownership interest Voting interest
affiliates
December 31, December 31, December 31,
(in millions of euros) June 30, 2025 June 30, 2025 June 30, 2025
2024 2024 2024
Universal Music Group (a) 9.91% 9.94% 9.91% 9.94% 4,380 4,371
Other - -
4,380 4,371

a. As of June 30, 2025, Vivendi held 181.8 million Universal Music Group (UMG) shares, representing 9.91% of the share capital and
voting rights of UMG. As of June 30, 2025, the market price valuation of the UMG shares was €4,996 million.

Change in value of investments in equity affiliates

Six months ended Year ended
(in millions of euros) June 30, 2025 December 31, 2024
Opening balance 4,371 5,536
Acquisitions/increase - 526
Sales/decrease - (11)
Income from equity affiliates (a) 62 (17)
Change in other comprehensive income 22 133
Dividends received (51) (112)
Divestitures of discontinued operations - (1,653) (b)
Other (24) (31)
Closing balance 4,380 4,371

a. Includes Vivendi’s share of the net earnings of UMG accounted for under the equity method. In 2024, it also included the share of net
earnings of companies accounted for by Canal+ under the equity method until December 13, 2024 (notably MultiChoice Group and Viu).
b. Mainly included the deconsolidation of investments in equity affiliates of Canal+, Louis Hachette Group and Havas on December 13,
2024.




Half-Year Financial Report 2025 Vivendi / 31
8.2 Financial information data
For the first half of 2025, the main financial items in the Consolidated Financial Statements, as publicly disclosed by Universal Music Group,
were as follows:
Statement of Financial Position June 30, 2025 December 31, 2024
(in millions of euros)
Non-current assets 13,764 12,747
Current assets 4,537 4,573
Total assets 18,301 17,320

Total equity 4,907 4,551
Non-current liabilities 6,220 5,145
Current liabilities 7,174 7,624
Total liabilities 18,301 17,320
of which net financial debt (a) (2,734) (2,098)


Annual Financial
Six months ended June Statements as of
Statement of Earnings 30, 2025 December 31, 2024
(in millions of euros)
Revenues 5,881 11,834
EBITDA (a) 1,214 2,332
Earnings attributable to equity holders of the parent 1,432 2,086
Vivendi's share of net earnings (b) 49 95
Other comprehensive income 23 127
Dividends paid to Vivendi SE (51) (93)
a. Non-GAAP measures.
b. Includes amortization of assets related to the purchase price allocation, as well as the elimination of the re-evaluation gain or loss on
the investments in Spotify and Tencent Music Entertainment, reclassified in “other comprehensive income”, in accordance with IFRS 9.

Note 9 Financial assets
June 30, 2025 December 31, 2024

Total Current Non-current Total Current Non-current
(in millions of euros)
Financial assets measured at fair value through profit or loss
Level 1 - Listed equity securities - - - - - -
Level 2 - Derivative financial instruments 2 2 - 2 2 -
Level 3 - Other financial assets - - - - - -
Financial assets measured at fair value through other
comprehensive income
Level 1 - Listed equity securities 1,704 - 1,704 2,394 - 2,394
Level 2 - Unlisted equity securities - - - - - -
Level 3 - Unlisted equity securities 6 - 6 15 - 15
Financial assets at amortized cost 577 68 509 611 68 543
Financial assets 2,289 70 2,219 3,022 70 2,952

The three classification levels for the measurement of financial assets at fair value are defined in Note 1.3.1 to the Consolidated Financial
Statements for the year ended December 31, 2024 (page 267 of the 2024 Annual Report - Universal Registration Document).




Half-Year Financial Report 2025 Vivendi / 32
9.1 Listed equity and financial assets portfolio
June 30, 2025
Cumulative
Average Stock Change in
Number of Ownership Carrying unrealized
purchase price market value over
shares held interest value capital gain/
(a) price the period
(loss)
(in thousands) (€/share) (in millions of euros)
Telecom Italia (b) 384,100 1.80% 1.08 0.42 161 66 (254)
Banijay Group (c) 81,277 19.20% 10.00 8.50 691 - (122)
MediaForEurope 112,419 19.78% 9.25 na 386 (12) (654)
of which Shares A 56,210 9.25 2.91 164 (2) (356)
Shares B 56,209 9.25 3.95 222 (10) (298)
Lagardère 18,954 13.38% 22.91 21.60 409 (22) (25)
Prisa 150,908 11.24% 0.64 0.38 57 11 (39)
Other - - -
Total 1,704 43 (1,094)
December 31, 2024
Cumulative
Average Stock Change in
Number of Ownership Carrying unrealized
purchase price market value over
shares held interest value capital gain/
(a) price the period
(loss)
(in thousands) (€/share) (in millions of euros)
Telecom Italia 3,640,110 17.04% 1.08 0.25 898 (173) (3,031)
Banijay Group 81,330 19.21% 10.00 8.50 691 4 (122)
MediaForEurope 112,419 19.78% 9.25 na 397 81 (642)
of which Shares A 56,210 9.25 2.95 166 33 (354)
Shares B 56,209 9.25 4.12 231 48 (288)
Telefonica (d) 59,003 1.04% 6.23 3.94 232 24 (135)
Lagardère 6,683 4.73% 20.72 20.30 136 (3) (3)
Prisa 128,913 11.87% 0.69 0.30 39 1 (49)
Other 1 - (1)
Total 2,394 (66) (3,983)

na: not applicable.
a. Includes acquisition fees and taxes.
b. Vivendi implemented a strategy to hedge the fair value of the balance of its investment in Telecom Italia, i.e., 384,099,915 ordinary
shares of Telecom Italia hedged for an exchange value of approximately €147 million (please refer to Note 2.1).
c. In June 2025, Vivendi sold 52 thousand Banijay Group shares on the market, representing approximately 0.01% of Banijay Group's share
capital, at an average price of €8,866 per share, in a very narrow market (approximately 2 thousand shares traded on average over the
12-month period ending June 30, 2025, representing 0.005% of the float).
d. During the first half of 2025, Vivendi sold all its interest in Telefonica.




Half-Year Financial Report 2025 Vivendi / 33
Note 10 Cash position
Vivendi’s cash position comprises cash and cash equivalents, as well as cash management financial assets classified as current financial
assets. As defined by Vivendi, cash management financial assets relate to financial investments that do not satisfy the criteria for
classification as cash equivalents set out in IAS 7, and, with respect to money market funds, the ANC’s and AMF’s decision released in
November 2018.

Carrying value
(in millions of euros) June 30, 2025 December 31, 2024
Cash collateral (a) - 35
Cash management financial assets - 35
Cash 5 5
Term deposits and current accounts 167 34
Cash and cash equivalents 172 39
Cash position 172 74

a. Includes cash collateral related to bilateral structured financing agreements, please refer to Note 14.2.

10.1 Liquidity risk

As of June 30, 2025, Vivendi’s Financial Net Debt was €1,768 million, including drawings on bilateral structured financing agreements for
€1,500 million, as well as the issuance of short-term marketable securities for €340 million. In addition, the nominal amount of Vivendi's loan
to Lagardère was €500 million as of June 30, 2025 (please refer to Note 15.3).
In addition, Vivendi held a portfolio of listed non-controlling equity interests representing an aggregate market value of €6,700 million
(before tax) as of June 30, 2025, including: 9.91% of Universal Music Group (UMG)'s share capital for €4,996 million; 19.20% of Banijay
Group’s share capital for €691 million; 13.38% of Lagardère’s share capital for €409 million; 19.78% of MediaForEurope’s share capital for
€386 million and 1.80% of Telecom Italia's share capital for €161 million. For a detailed description, please refer to Notes 8.1 and 9.1.
As a reminder, all or a part of the shareholdings in UMG, Lagardère, MediaForEurope and Telecom Italia are pledged in favor of the lending
financial institutions under the bilateral structured financing agreements, based on a contractual Loan-to-Value ratio of 55%, representing a
countervalue of €2,727 million as of June 30, 2025. For a detailed description, please refer to Note 14.2.
Vivendi considers that cash flows generated by its operating activities, mainly dividends received from its listed investments, as well as, if
necessary, the partial disposal of its portfolio of listed investments or the use of the shareholder current account advance, will be sufficient
to meet its financial commitments for the remaining six months of 2025, as known on June 30, 2025, including any potential share
repurchases under existing ordinary shareholders' authorizations (please refer to Note 11.2).




Half-Year Financial Report 2025 Vivendi / 34
Note 11 Equity
11.1 Changes in the share capital of Vivendi SE
(in thousands) June 30, 2025 December 31, 2024
Number of shares comprising the share capital 1,029,918 1,029,918
Treasury shares (37,684) (38,107)
Number of shares, net 992,234 991,811


Number of voting rights, gross 1,061,029 1,060,155
Treasury shares (37,684) (38,107)
Number of voting rights, net 1,023,345 1,022,048

As of June 30, 2025, Vivendi SE’s share capital amounted to €566 million, divided into 1,029,918 thousand shares.

11.2 Share repurchases
On April 28, 2025, the General Shareholders’ Meeting approved a resolution renewing the authorization granted to the Management Board
to repurchase shares of Vivendi SE within the limit of 10% of the share capital at a maximum purchase price of €4 per share (2025-2026
program), and cancel the shares so acquired up to a limit of 10% of the share capital. The duration of the program was set at 18 months from
the General Shareholders' Meeting of April 28, 2025 until October 27, 2026.
As of June 30, 2025, Vivendi held 37,684 thousand treasury shares, representing 3.66% of its share capital, of which 32,147 thousand shares
were allocated to cancellation, 2,843 thousand shares were allocated to covering employee shareholding plans and 2,694 thousand shares
were allocated to covering performance share plans.

11.3 Ordinary cash dividend distribution to Shareholders
On March 3, 2025 (the date of the Management Board Meeting which approved the Consolidated Financial Statements for the year ended
December 31, 2024, and the allocation of earnings for the fiscal year then ended), the Management Board decided to propose to
shareholders the payment of an ordinary dividend in cash of €0.04 per share representing a total distribution of €40 million, in line with the
target yield of approximately 1.5% announced in November 2024. This proposal was presented to, and approved by, the Supervisory Board at
its meeting held on March 6, 2025, and was approved by the General Shareholders’ Meeting on April 28, 2025. The dividend was paid on
May 2, 2025, following the coupon detachment on April 29, 2025.

Note 12 Provisions

(in millions of euros) Note June 30, 2025 December 31, 2024
Employee benefits (a) 143 166
Restructuring costs 1 3
Litigation 17 6 6
Other provisions (b) 34 33
Provisions 184 208
Deduction of current provisions (42) (46)
Non-current provisions 142 162


a. Includes deferred employee compensation as well as provisions for employee defined benefit plans but excludes employee termination
reserves recorded under restructuring costs.
b. Includes litigation provisions for which the amount and nature are not disclosed because such disclosure could be prejudicial to Vivendi.




Half-Year Financial Report 2025 Vivendi / 35
Changes in provisions

Six months ended Year ended
(in millions of euros) June 30, 2025 December 31, 2024
Opening balance 208 1,164
Addition 6 321
Utilization (20) (253)
Reversal (1) (83)
Business combinations - 208 (a)
Divestitures in progress or discontinued - (1,122) (b)
Changes in foreign currency translation adjustments and other (9) (27)
Closing balance 184 208

a. Mainly included Lagardère, which was fully consolidated from December 1, 2023 to December 13, 2024.
b. Mainly included the Canal+ and Louis Hachette Group partial demergers, as well as the distribution of Havas.

Note 13 Share-based compensation plans
13.1 Plans granted by Vivendi SE

13.1.1 Equity-settled instruments
Transactions relating to outstanding instruments that occurred since January 1, 2025 were as follows:
Performance shares
Number of outstanding
performance shares

(in thousands)
Balance as of December 31, 2024 4,137
Granted 2,331
Issued (423)
Cancelled (57) (a)
Adjusted 60 (b)
Balance as of June 30, 2025 6,048 (c)
Rights acquired as of June 30, 2025 71

a. Relates to the cancellation of rights in their vesting period due to the termination of employment of certain beneficiaries.
b. On May 19, 2025, the Management Board decided to adjust the number of performance share rights in their vesting period, pursuant to
the terms and conditions of the plan, to account for the impact of the distribution of the ordinary cash dividend for 2024 by deduction
from the share premiums (primes d'émission), which constituted the entirety of the Additional Paid-in-Capital (Primes d'émission, de
fusion et d'apport) account. This adjustment has no impact for calculating the accounting expense relating to the performance shares
concerned.
c. The weighted-average remaining period prior to the delivery of performance shares was 1.6 years.

Free share and performance share plans
On May 22, 2025, Vivendi SE granted 2,331 thousand shares to employees and executive management, including 1,370 thousand
performance shares granted to members of the Management Board. As of that date, the share price was €2.865 and the expected dividend
yield was 1.5%. The fair value of each share granted was estimated at €2.74, corresponding to an aggregate fair value of the plan of
€6 million.
Performance shares granted to members of the Management Board definitively vest at the end of a three-year vesting period subject to the
satisfaction of performance criteria and the presence of the beneficiaries within the group (with no holding period). The compensation cost is
recognized on a straight-line basis over the vesting period.
Satisfaction of the objectives that determine the definitive vesting of the performance shares granted to members of the Management Board
is assessed over a three-year consecutive period based on the following performance criteria:



Half-Year Financial Report 2025 Vivendi / 36
• internal indicators (with a weighting of 80%), broken down as follows:
- net earnings (50%);
- cash flow from operations after interest and income tax paid - CFAIT (20%);
- reduction in Vivendi’s carbon footprint, based on Scope 3 (corresponding to the “Operations” excluding investments) (10%);
and
• external indicator (with a weighting of 20%) measured against the stock market performance of Vivendi SE shares relative to the
SBF 120 index (reinvested dividends).
For the first half of 2025, the charge recognized with respect to all share plans granted by Vivendi SE amounted to €1.6 million, compared to
€1.8 million for the first half of 2024 (in accordance with IFRS 5 excluding discontinued operations).

13.1.2 Employee stock purchase plan
On July 17, 2025, an employee shareholding transaction was implemented through the sale of treasury shares pursuant to an employee
stock purchase plan reserved for employees of French subsidiaries and corporate officers of the group. The shares were all previously
repurchased by Vivendi SE pursuant to the authorizations granted at the General Shareholders’ Meetings on April 24, 2023 and April 29,
2024.
These shares, which are subject to certain sale or transfer restrictions during a five-year period, were acquired by the beneficiaries referred
to above at a discount of up to 15% on the average opening market price for Vivendi shares during the 20 trading days preceding the date on
which the Management Board meeting set the acquisition price for the new shares. The difference between the acquisition price for the
shares and the share price on that date represents the benefit granted to the beneficiaries. The value of the acquired shares is estimated
and fixed on the date on which the acquisition price for the new shares is set.
As of July 17, 2025, 1,315 thousand shares were acquired through a company mutual fund (Fonds Commun de Placement d'Entreprise) at a
price per share of €2.412, based on a benefit granted of €0.552 as of the grant date, June 16, 2025.
The charge recognized under this employee stock purchase plan was €0.7 million.

Note 14 Borrowings and other financial liabilities and financial risk
management
June 30, 2025 December 31, 2024
(in millions of euros) Note Total Long-term Short-term Total Long-term Short-term
Bilateral structured financing agreements 14.2 1,500 1,500 - 2,000 2,000 -
Bank credit facilities - - - - - -
Short-term marketable securities 340 - 340 450 - 450
Shareholder current account advance 15.2.1 100 - 100 200 - 200
Bank overdrafts - - - - - -
Accrued interest to be paid 5 - 5 4 - 4
Cumulative effect of amortized cost 14.1 (5) (5) - (7) (7) -
Other - - - - - -
Borrowings at amortized cost 1,940 1,495 445 2,647 1,993 654
Commitments to purchase non-controlling interests - - - - - -
Derivative financial instruments 16 - 16 14 - 14
Borrowings and other financial liabilities 1,956 1,495 461 2,661 1,993 668
Lease liabilities 37 24 13 41 29 12
Total 1,993 1,519 474 2,702 2,022 680




Half-Year Financial Report 2025 Vivendi / 37
14.1 Fair market value of borrowings and other financial liabilities
June 30, 2025 December 31, 2024
Carrying Fair market Carrying Fair market
(in millions of euros) Level (a) Level (a)
value value value value
Nominal value of borrowings 1,945 - 2,654 -
Cumulative effect of amortized cost (5) - (7) -
Derivative financial instruments on liabilities - - - -
Borrowings at amortized cost 1,940 1,940 na 2,647 2,647 na
Commitments to purchase non-controlling interests - - na - - na
Derivative financial instruments 16 16 3 14 14 3
Borrowings and other financial liabilities 1,956 1,956 2,661 2,661

na : not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 1.3.1 to the Consolidated
Financial Statements for the year ended December 31, 2024 (page 267 of the 2024 Annual Report - Universal Registration Document).

14.2 Bilateral structured financing agreements
As a reminder, on September 27, 2024, Vivendi entered into financing agreements for a nominal value of €2,000 million to cover in advance
the redemption of its bond on December 13, 2024, following the approval of the group’s split by the General Meeting of shareholders on
December 9, 2024.
The five bilateral structured financing agreements were amended on March 20, 2025 and Vivendi repaid on April 7, 2025, €500 million in
advance. These agreements involve purely cash-settled derivatives governed by Articles L. 211-36 et seq. of the French Monetary and
Financial Code (Code monétaire et financier), namely, cash-settled prepaid forward agreements combined with equity swaps on a portion of
Universal Music Group (UMG)3 shares held by Vivendi, with pledges on all or part of shares held by Vivendi in UMG, Lagardère, Telecom
Italia and MediaForEurope and/or the assignment of cash as collateral, according to a contractual Loan-to-Value ratio of 55%, representing a
countervalue of €2,727 million as of June 30, 2025 (please refer to the table below).
These structured financing agreements may be subject to margin calls in the form of a pledge of additional shares held by Vivendi in UMG
and/or assignment of cash as collateral in the event the Loan-to-Value ratio is higher than 65% on any given trading day. If the value of the
pledged shares falls below this tolerance ratio, additional shares held by Vivendi in UMG or Lagardère should be guaranteed and/or
additional cash should be deposited as collateral to avoid the early settlement of these agreements, leading to the redemption of any sums
due under these agreements. In the event that Vivendi does not comply with margin calls, financial institutions would have the right to take
possession of the pledged shares (please refer to the table below).
These structured financing agreements contain standard covenants related to unwinding events (including where Bolloré SE ceases to own,
directly or indirectly, at least 25% of Vivendi's share capital or voting rights), credit events (such as the settlement of the treasury agreement
with Bolloré SE) and cross-default provisions. Additionally, these structured financing agreements contain unwinding events linked to credit
events and cross-defaults (i) with respect to Bolloré SE as well as (ii) concerning Canal+ SA, for so long as Vivendi acts as guarantor of its
obligations under certain credit agreements and other contractual arrangements relating to sports audiovisual rights (please refer to Note
15.4).
The structured financing agreements also include covenants requiring that all or part of the net disposal proceeds of the shares held by
Vivendi in UMG, Lagardère and MediaForEurope (whether pledged or not) or in Banijay Group be applied either (i) to the unwinding of these
structured financing agreements or (ii) as cash collateral.
These bilateral structured financing agreements mature in September 2026 and are extendable by one year.




3
On December 10, 2024, Vivendi declared a potential additional interest of 4.65% in UMG’s share capital and voting rights, as part of an equity swap. On this date, Vivendi
declared a short position of 4.65% in respect of a prepaid forward sale. Accordingly, this financing transaction did not result in any net change in the value of Vivendi's interest
in UMG. Following the partial repayment of bilateral structured financing agreements made on April 7, 2025 (with a drawing of €1,500 million as of June 30, 2025, compared to
€2,000 million as of December 31, 2024), the notional value of these derivative instruments was proportionately reduced and as of June 30, 2025, amounts to 3.48% of UMG’s
share capital and voting rights.



Half-Year Financial Report 2025 Vivendi / 38
Pledge value as of June 30, 2025

Number of pledged
shares as of Pledge value as of
Note June 30, 2025 June 30, 2025
(in thousands) (in millions of euros)
Universal Music Group 8.1 102,996 2,830
Telecom Italia 9.1 384,100 161
MediaForEurope 9.1 21,789 (a) 75
Lagardère 9.1 7,064 153
Pledged shares 3,219
Cash collateral -
Total pledge value 3,219

a. Vivendi holds 20% of MediaForEurope's share capital, 4% of which is directly held by Vivendi and 16% is held by Simon Fiduciara
pursuant to the agreements entered into with Fininvest on July 22, 2021. Only the shares representing the 4% directly held by Vivendi in
MediaForEurope were pledged upon the establishment of the bilateral structured financing agreements.

14.3 Borrowings by maturity
(in millions of euros) June 30, 2025 December 31, 2024
Maturity
< 1 year (a) 445 23 % 654 25 %
Between 1 and 2 years 1,500 77 % 2,000 75 %
> 2 years - -% - -%
Nominal value of borrowings 1,945 100 % 2,654 100 %

The average “economic” term of the group’s gross financial debt, calculated on the assumption that available medium-term credit lines may
be used to redeem the group’s borrowings with the shortest term, was 1 year as of June 30, 2025 (compared to 1.3 year as of December 31,
2024). As a reminder, the bilateral structured financing agreements for a nominal value of €1.500 million mature in September 2026 and are
extendable by one year.

Note 15 Related parties
Vivendi’s main related parties are subsidiaries over which the group exercises an exclusive or joint control and companies over which
Vivendi exercises a significant influence (please refer to Note 25 to the Consolidated Financial Statements for the year ended December 31,
2024, pages 321 to 325 of the 2024 Annual Report - Universal Registration Document), as well as the group’s corporate officers and their
related entities, in particular Bolloré Group and its related parties.

15.1 Corporate officers

Supervisory Board
On March 6, 2025, the Supervisory Board, under the chairmanship of Yannick Bolloré, acknowledged the decision of Ms. Michèle Reiser and
Messrs. Cyrille Bolloré and Sébastien Bolloré to terminate their terms as members of the Supervisory Board early, effective as of that date,
and decided to co-opt Ms. Laure Delahousse (independent) and Mr. Phillipe Labro to replace Messrs. Cyrille Bolloré and Sébastien Bolloré.
The ratification of the co-optation of Ms. Laure Delahousse (independent) and Mr. Phillippe Labro was approved at the General
Shareholders’ Meeting of April 28, 2025, which also voted on the renewal of Ms. Sandrine Le Bihan as a member of the Supervisory Board
representing employee shareholders. Ms. Véronique Driot-Argentin did not seek the renewal of her term.

Furthermore, the Supervisory Board also acknowledged the early expiration of the terms of Messrs. Paulo Cardoso and Nicusor Cojocaru as
members of the Supervisory Board representing the employees, effective as of March 6, 2025, following the Management Board’s meeting
noting that the company no longer meets the legal conditions requiring employee representatives on the board in accordance with Article 8-
II.4. of the bylaws.
Following the General Shareholders’ Meeting held on April 28, 2025, the Supervisory Board was comprised of nine members, of which six
were independent (67%) and five were women (56%).



Half-Year Financial Report 2025 Vivendi / 39
Information on changes in the composition of the Supervisory Board are described in Section 1 of Chapter 4 of the 2024 Annual Report –
Universal Registration Document.
On July 30, 2025, Vivendi’s Supervisory Board decided to co-opt Mr. Bernard Osta 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.

15.2 Bolloré Group - Compagnie de l'Odet
The shareholding in Vivendi, which had previously been accounted for using the equity method since October 7, 2016, was fully consolidated
from April 26, 2017. Following the Vivendi spin-off/distribution on December 13, 2024, Vivendi is accounted for by Bolloré Group under the
equity method.
As of December 31, 2024, through the companies Compagnie de l’Odet and Bolloré SE which he controls, Mr. Vincent Bolloré directly and
indirectly held 307,964,178 Vivendi SE shares bearing 316,551,626 voting rights, i.e., 29.90% of the share capital and 29.86% of the gross
voting rights of Vivendi SE.
On May 2, 2025, as part of the dividend payment by Vivendi SE to its shareholders with respect to fiscal year 2024, Bolloré Group received a
dividend of €12 million (compared to €77 million with respect to fiscal year 2023, paid in 2024).
As of June 30, 2025, through the companies Compagnie de l’Odet and Bolloré SE which he controls, Mr. Vincent Bolloré directly and
indirectly held 307,957,019 Vivendi SE shares bearing 316,922,443 voting rights, i.e., 29.90% of the share capital and 29.87% of the gross
voting rights of Vivendi SE.

15.2.1 Cash management agreement between Vivendi SE and Compagnie de l'Odet SE
Vivendi SE entered into cash management agreements, on market terms, with Bolloré SE on March 20, 2020, and Compagnie de l’Odet SE on
October 26, 2021, to optimize their investment and financing capacities.
On December 12, 2024, pursuant to the agreement with Bolloré SE as amended on the same date, Bolloré SE made available to Vivendi SE a
shareholder current account advance for an aggregate maximum amount of €250 million in accordance with Article L. 312-2 of the French
Monetary and Financial Code (Code monétaire et financier). As of June 30, 2025, the outstanding balance on this shareholder current
account advance was €100 million (compared to €200 million as of December 31, 2024).

15.2.2 Regulated related-party agreement between Vivendi SE and Compagnie de l'Odet regarding Mediaset and Fininvest
On May 4, 2021, Vivendi SE and Compagnie de l’Odet entered into an agreement in the context of settlement negotiations between Vivendi
SE and Mediaset and Fininvest.
Mediaset and Fininvest requested that Compagnie de l’Odet, acting on its own behalf and on behalf of its subsidiaries, together with Vivendi
SE, enter into a five-year standstill commitment regarding the share capital of Mediaset and Mediaset España, as well as the share capital
of any other company holding more than 3% of either of these companies. This commitment also included divestment obligations and
penalties, and a ban on exercising the rights attached to the shares concerned.
Compagnie de l’Odet, alongside with Vivendi SE, agreed to comply with the aforementioned standstill commitment for a five-year period. In
return, Vivendi SE agreed to be responsible, without limitation as to amount or duration, for all the consequences, damages, expenses and
costs that Compagnie de l’Odet or any of its subsidiaries may incur as a result of an actual or alleged breach of the obligations undertaken by
Vivendi SE under this standstill commitment, without Compagnie de l’Odet losing control over any litigation to which it may be subject.
After several years of legal proceedings, the execution of this agreement between Vivendi SE and Compagnie de l’Odet on May 4, 2021,
enables Compagnie de l’Odet to give the requested commitment and satisfy a necessary condition to the completion of the proposed
transaction with Mediaset and Fininvest.
However, the cost of this agreement for Vivendi SE cannot be quantified since it depends on assumptions that are neither known nor
foreseeable.
Information on this agreement was published as provided for under Article L. 22-10-30 of the French Commercial Code.
In accordance with Article L. 225-88 of the French Commercial Code, this agreement was approved at the General Shareholders’ Meeting
held on June 22, 2021.

15.2.3 Regulated related-party agreements between Vivendi SE, Compagnie de l'Odet and Compagnie de Cornouaille
regarding Universal Music Group (UMG)
In connection with the special distribution in kind by Vivendi SE to its shareholders of 59.87% of the share capital of UMG and the admission
of UMG’s shares to trading on Euronext Amsterdam on September 8, 2021, Vivendi SE, the Tencent-led consortium, and Compagnie de l'Odet



Half-Year Financial Report 2025 Vivendi / 40
along with its sub-subsidiary Compagnie de Cornouaille (which together received 18% of UMG's share capital and voting rights), agreed to
use their respective powers as UMG shareholders to cause UMG to declare and pay semi-annual dividends in an aggregate amount of not
less than 50% of UMG's annual earnings.
To this end, as from the date of admission of UMG’s shares to trading on Euronext Amsterdam, Vivendi SE, the Tencent-led consortium and
Compagnie de l'Odet and Compagnie de Cornouaille committed to vote in favor of all distribution-related resolutions that align with this
dividend policy and to vote against all resolutions that deviate from it. They will also put forward a resolution to be placed on the agenda of
UMG's shareholders' meetings, where appropriate, to pay a dividend in line with this dividend policy. Furthermore, for a two-year period
which expired on the date of UMG's annual general shareholders' meeting held in 2024, the parties used their respective powers to ensure
that the Tencent-led consortium had two members on the UMG Board of Directors for so long as they together held at least 10% of UMG's
share capital, and one member for so long as the parties together held at least 5% of the share capital.
This agreement has a 5-year term starting from the date UMG’s shares were admitted to trading on Euronext Amsterdam. For a description
of this agreement, please refer to the prospectus on the admission of UMG’s shares to trading on Euronext Amsterdam4.
Under Dutch law, this agreement constitutes concerted action among the parties, which together held approximately 48% of the share
capital and voting rights in UMG following the special distribution in kind. To prevent the parties from being required to file a mandatory
public tender offer, which is required under Dutch law when the threshold of 30% of the voting rights is exceeded, the concerted action was
strengthened by including, among other things, a statement by the parties acting in concert, a cooperation clause between the parties
concerning shareholders' meetings and various customary undertakings. These provisions do not restrict any potential transfer of UMG
shares by Vivendi SE after the admission of UMG’s shares to trading on Euronext Amsterdam and during the term of the agreement. This
agreement allows the parties to benefit from a grandfathering clause exempting them from the obligation to file a mandatory public tender
offer for 100% of UMG's share capital so long as they hold, together, at least 30% of UMG's voting rights. Each UMG share carries one
voting right.
In anticipation of the entry into force of this agreement and to ensure that all parties to the agreement had the status of a UMG shareholder
prior to the admission of UMG’s shares to trading on Euronext Amsterdam, i.e., prior to the receipt of the approval from the Dutch Financial
Markets Authority (Autoriteit Financiële Markten) on September 14, 2021, Vivendi SE sold, on September 8, 2021, 100 UMG shares out of
the 1,813,241,160 shares comprising the share capital of UMG on that date to Compagnie de l'Odet and Compagnie de Cornouaille in
proportion to their respective shareholdings in Vivendi SE, i.e., 2 and 98 UMG shares, respectively.
As Compagnie de l'Odet indirectly (through Compagnie de Cornouaille)5 holds more than 10% of the voting rights of Vivendi SE, and four of
the directors of Compagnie de l'Odet are either members of Vivendi SE's Supervisory Board (Yannick Bolloré and Cyrille Bolloré) or members
of its Management Board (Gilles Alix and Cédric de Bailliencourt)6 of Vivendi SE as at the date of the conclusion of these agreements,
pursuant to Article L. 225-86 of the French Commercial Code, at its meeting of July 28, 2021, Vivendi SE's Supervisory Board reviewed the
execution of the act-in-concert agreement between Vivendi SE, Compagnie de l'Odet and Compagnie de Cornouaille and authorized the
execution of this agreement as well as the sale of 100 UMG shares by Vivendi SE to Compagnie de l'Odet and Compagnie de Cornouaille.
The agreement to act in concert and the UMG share sale met the conditions set forth under Dutch law for an exemption from the obligation
to make a mandatory public tender offer for UMG, provided that the parties to the act-in-concert agreement together hold at least 30% of
UMG's voting rights.
This agreement to act in concert has a zero price for the parties. The sale price for the 100 UMG shares was €18.20 per share, i.e., €1,820.
This price reflects to the valuation resulting from the financial valuation work performed by PwC and confirmed by EY, in connection with the
contribution transactions that led, on February 26, 2021, to the merger of the entire share capital of each of Universal Music Group, Inc. and
Universal International Music B.V. with and into UMG.
Information on these agreements was published pursuant to Article L. 22-10-30 of the French Commercial Code.
Pursuant to Article L. 225-88 of the French Commercial Code, these agreements were approved at Vivendi SE’s General Shareholders’
Meeting held on April 25, 2022.

15.3 Loan agreement between Vivendi SE and Lagardère SA
On December 12, 2023, Vivendi and Lagardère SA entered into a loan agreement providing for drawing rights up to €1,900 million (maturing
on March 31, 2025) to facilitate the redemption of Lagardère SA’s bonds resulting from the triggering of the change of control provisions in
the bond documentation.
On June 7, 2024, this loan agreement was amended and restated to set out terms and conditions that benefit Lagardère SA by optimizing the
balance between the size of bank financing and the financial terms. This loan agreement now includes a maximum available amount of


4
The prospectus is available on the websites of Vivendi (www.vivendi.com/en/shareholders-investors/financial-operations/) and UMG (https://investors.universalmusic.com).
5
Following a simplified merger-absorption whose final completion took place on July 17, 2024, Compagnie de Cornouaille merged with and into Bolloré SE.
6
The terms of Mr. Gilles Alix and Mr. Cédric de Bailliencourt as members of Vivendi SE’s Management Board expired on June 23, 2022.


Half-Year Financial Report 2025 Vivendi / 41
€500 million due on December 7, 2029, and an additional available loan line of €150 million, partially repaid up to €110 million on December
16, 2024 following the sale of Paris Match. The €40 million undrawn balance as of that date matured on December 31, 2024.

15.4 Other related-party transactions

Share transfers between Vivendi SE and Canal+
On September 19, 2024, Canal+ Group agreed to acquire 100% of the share capital of GVA SAS for a consideration of €286 million, subject
to certain conditions precedent. An advance of €220 million was paid in this transaction. If the transfer is not completed by December 31,
2025, the advance will not be refunded and will be definitively forfeited as a non-refundable deposit.

Agreements related to the implementation of the Vivendi spin-off
As part of the implementation of the Vivendi spin-off, Vivendi entered into various agreements with Canal+, Louis Hachette Group and
Havas, including:
• transitional services agreements (covering areas such as finance, accounting, legal, tax, insurance, human resources, IT, ESG and
other support services) for a period of 12 months (renewable once), for the benefit of Canal+, Louis Hachette Group and Havas
(please refer to Note 25.4 to the Consolidated Financial Statements for the year ended December 31, 2024 on page 325 of the
2024 Annual Report – Universal Registration Document) in accordance with Article L. 225-87 of the French Commercial Code (Code
de commerce); and
• counter-guarantees for the payment of amounts due to any beneficiary as from December 13, 2024, in Vivendi's stead, in the
context of guarantees and/or sureties previously granted by Vivendi for Canal+ and Prisma Media, mainly corresponding to several
guarantees related to sports broadcasting rights to UEFA, the Football Association Premier League Limited, the French Ligue
Nationale de Rugby and other guarantees to a satellite operator; certain real estate lease commitments; guarantees to tax
authorities with respect to Canal+, and guarantees covering certain third-party commitments of Prisma Media.
(in millions of euros) June 30, 2025 December 31, 2024
Sports broadcasting rights 764 1,000
Satellite transponders 169 174
Security deposit on leases and other 203 203
Cash management - -
Guarantee on the financing of the acquisition of MultiChoice Group (a) 1,900 1,900
Self-financing guarantee (a) 1,085 1,150
Other 38 66
Total 4,159 4,493

a. Vivendi guarantees (as joint and several guarantor (caution solidaire)) the obligations of Canal+ (i) up to an aggregate principal
amount of €1,900 million under Canal+ financing related to its acquisition of MultiChoice Group Limited decided in April 2024,
and (ii) up to an initial aggregate principal amount of €1,150 million under Canal+'s term loan and revolving senior credit
facilities entered into in July 2024.




Half-Year Financial Report 2025 Vivendi / 42
Note 16 Contractual obligations and other commitments
16.1 Share purchase and sale commitments
In connection with the sale or purchase of operations and financial assets, Vivendi has granted or received commitments to purchase or sell
securities. In addition, Vivendi and its subsidiaries have granted or received put or call options on shares in equity affiliates and
unconsolidated investments.
Lagardère transfer rights
As of June 30, 2025, no share transfer rights remain exercisable, share transfer rights that were not exercised by their expiry date of
June 15, 2025 have expired. Please refer to Note 2.

16.2 Collateral and pledges
Structured financing agreements
The five bilateral structured financing agreements entered into by Vivendi include pledges on all or part of shares held by Vivendi in UMG,
Lagardère, Telecom Italia and MediaForEurope and/or the assignment of cash as collateral, according to a contractual Loan-to-Value ratio of
55%, representing a countervalue of €2,727 million as of June 30, 2025. Please refer to Note 14.2.

16.3 Shareholders' agreements
In connection with the purchase or sale of operations and financial assets, Vivendi received or granted certain rights to protect its
shareholder's' rights under shareholders' agreements or other contractual provisions. Please refer to Note 15.2.
16.4 Other commitments given or received relating to operations
As of June 30, 2025, the net amount of commitments was -€14 million (compared to -€17 million as of December 31, 2024). Vivendi has
granted guarantees in various forms to financial institutions or third parties on behalf of its subsidiaries in the course of their operating
activity.

Note 17 Litigation
In the normal course of its business, Vivendi SE is subject to various lawsuits, arbitrations and governmental, administrative or other
proceedings (collectively referred to herein as “Legal Proceedings”).
Certain Legal Proceedings involving Vivendi or its subsidiaries (as plaintiff or defendant) are described in the 2024 Annual Report - Universal
Registration Document (see Note 27 to the Consolidated Financial Statements for the year ended December 31, 2024, pages 329-331). The
following paragraphs update such disclosure through July 28, 2025 (the date of Vivendi’s Management Board meeting that approved the
Condensed Financial Statements for the half-year ended June 30, 2025).
To the company’s knowledge, there are no Legal Proceedings or any facts of an exceptional nature (including any pending or threatened
proceedings in which it is a defendant), which may have or have had in the previous months a material effect on the company and on its
group’s financial position, profit, business and property, other than those described herein.

European Commission Investigation
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.
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.


Half-Year Financial Report 2025 Vivendi / 43
Appeal by CIAM Fund
By a statement of appeal for annulment dated November 22, 2024, supplemented by a statement of grounds on December 5, 2024, the
Luxembourg alternative investment manager CIAM (CIAM) petitioned the Paris Court of Appeal to annul AMF Decision No. 224C2288,
published on November 13, 2024. This decision determined that the Vivendi spin-off did not fall within the scope of Article 236-6 of the AMF
General Regulation on public buyout offers since Bolloré SE did not meet the control criteria set forth in Article L. 233-3 of the French
Commercial Code with respect to Vivendi SE.
On April 22, 2025, the Paris Court of Appeal annulled the AMF’s decision 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 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.
In addition, on November 27, 2024, CIAM filed an urgent application for an interim injunction before the President of the Paris Commercial
Court, seeking to postpone Vivendi's General Shareholders' Meeting scheduled for December 9, 2024. On December 5, 2024, the President of
the Commercial Court rejected this request and ordered CIAM to pay €100,000 in reimbursement of legal costs pursuant to Article 700 of the
French Code of Civil Procedure. CIAM has appealed this decision before the Paris Court of Appeal.
Finally, on December 3, 2024, CIAM initiated expedited substantive proceedings against Vivendi before the Paris Commercial Court. CIAM
requested the court to rule that the Vivendi spin-off would be unlawful, as it constitutes fraud against securities regulations and the rights of
minority shareholders, and to annul the resolutions of Vivendi’s Supervisory and Management Boards approving the Vivendi spin-off and to
convene the General Shareholders’ Meeting to approve it.

Vivendi against TIM SpA
On December 15, 2023, Vivendi filed a complaint against TIM SpA before the Court of Milan seeking the annulment of the resolution
adopted by TIM's Board of Directors on November 5, 2023, which approved the sale of the company’s fixed-line network, and requesting a
declaration that the transaction agreement entered into on November 6, 2023 is unenforceable. On January 14, 2025, the Court of Milan
dismissed Vivendi’s claim, deeming it inadmissible due to lack of standing. Vivendi has appealed this decision.
On March 29, 2025, Vivendi entered into an agreement with Poste Italiane for the sale of 15% of the ordinary shares and voting rights of
Telecom Italia. The transaction was completed on May 22, 2025, after which Vivendi withdrew its action pending before the Court of Appeal,
as it had committed to do.

Devon Energy against Texas Pacific Oil Company
In November 2022, Devon Energy sued Texas Pacific Oil Company (a former Seagram subsidiary now owned by Vivendi, hereafter “TPOC”) in
the US District Court of the Middle District of Louisiana, following a settlement reached between Devon Energy and the Wichita Partnership
(hereafter “Wichita”). This settlement put an end to proceedings between Wichita and several defendants, including Devon Energy, before
the Cameron Parish Court in Louisiana. Wichita was seeking damages following oil and gas exploration in the region. TPOC was not named
as a defendant in these proceedings, and had no knowledge of the case. Devon Energy based its claim on the fact that TPOC's predecessor,
Frankfort Oil, was a co-owner of a 1951 mineral lease involving five wells identified in the Wichita proceedings.
On June 18, 2025, the parties entered into a settlement agreement, bringing the proceedings to an end.

Vinton Harbor against TPOC
Vinton Harbor Terminal District, a government entity that owns and operates a freight terminal in the Port of Vinton, Louisiana, has sued 13
oil companies, including TPOC, alleging that their oil and gas exploration and production activities on land near the port caused
environmental damage. The District is seeking damages, the amount of which cannot be determined at this stage.
On July 2, 2025, the Louisiana Third Circuit Court of Appeal dismissed substantially all of Vinton Harbor’s claims against TPOC. The Court
ruled that, with one exception, TPOC could not be held liable to Vinton Harbor for damage to its land resulting from drilling activities before
Vinton Harbor acquired the land. The proceedings continue, however, regarding one parcel of land.




Half-Year Financial Report 2025 Vivendi / 44
Tax litigation
In the normal course of their business, Vivendi SE and its subsidiaries are subject to tax audits by the relevant tax authorities in the countries
in which they conduct or conducted business. Various tax authorities have proposed adjustments to the financial results reported by Vivendi
and its subsidiaries for fiscal year 2021 and prior years, under statutes of limitation applicable to Vivendi and its subsidiaries. In the event of
litigation, Vivendi's policy is to pay the taxes it intends to contest, and to seek a refund through appropriate legal proceedings. Regarding
ongoing tax audits, no provision is recorded where the impact that could result from an unfavorable outcome cannot be reliably assessed.
Vivendi’s Management believes that it has solid legal grounds to defend its positions for determining the taxable income of all its
subsidiaries. Vivendi’s Management therefore considers that the outcome of the ongoing tax audits is unlikely to have a material impact on
the group’s financial position or liquidity.
Regarding the tax audit for fiscal years 2008 to 2012, Vivendi SE was subject to a rectification procedure under which the tax authorities
challenged the accounting and tax treatment of NBC Universal shares received in consideration of the sale of Vivendi Universal
Entertainment shares in 2004. Additionally, the tax authorities challenge the deduction of the €2.4 billion loss recorded as part of the sale of
these shares. By a decision dated March 12, 2025, the French Council of State (Conseil d’État) dismissed Vivendi SE's appeal concerning the
litigation. This litigation is therefore at an end.
Regarding the tax audit for fiscal years 2013 to 2017 in respect of the group’s fiscal consolidated earnings, on June 14, 2021, the tax
authorities proposed an adjustment to Vivendi SE, the parent company. After exercise of the various remedies offered by the adversarial
procedure (hierarchical superior and departmental contract (Interlocuteur départemental)), Vivendi and the Audit Department remain in
disagreement regarding foreign tax receivables. Vivendi and the Audit Department have therefore jointly decided to submit the matter to the
Legal Security and Tax Control Department of the Directorate General for Public Finances (DGFiP). The case was officially submitted by
Vivendi on March 15, 2022. As of June 30, 2025, the procedure remains open pending a response from the DGFiP.
Regarding the tax audit for fiscal years 2018 to 2021 in respect of Vivendi SE's individual earnings, a proposal for a final rectification was
received on December 15, 2023. This proposal does not result in any significant financial impact in terms of taxes. On February 13, 2024,
Vivendi submitted its comments. On April 5, 2024, the Audit Department replied. Following the exchanges, the disagreement concerns a tax
on remuneration claimed against Vivendi. Vivendi requested a hierarchical appeal followed by a departmental hearing, after which the
Service upheld its position in a letter dated July 12, 2024. After receiving a notice of recovery on September 24, 2024 for €2.8 million,
Vivendi SE paid the full amount of taxes on the remuneration. Vivendi continues to partially contest the tax reassessments and filed a
complaint on April 14, 2025 for an amount of €2 million.
With regard to the tax audit of the integrated company Gameloft, on December 21, 2023, the tax authorities proposed adjustments to the
treatment of game development costs, recommending that these costs be capitalized. For Gameloft, these adjustments would result in a
reduction of its tax losses carried forward for the audited period (2018-2021) by €14.4 million. For the Vivendi tax group, which was a
beneficiary in 2021, these adjustments would result in an additional tax liability of €4.1 million for this fiscal year. Following an objection
raised by Gameloft in a letter dated February 16, 2024, the tax authorities upheld their position in a response dated April 18, 2024. After
hierarchical appeal filed on June 13, 2024, the authorities upheld their position in a letter dated July 26, 2024. Remaining in disagreement
with the authorities on the rectified point, Gameloft continues to explore remedies. In January 2025, it appealed to the departmental hearing
and plans to appeal to the National Tax Commission during 2025, while not ruling out the possibility of pursuing litigation.
In respect of the litigation concerning the right to defer foreign tax receivables upon exiting the Consolidated Global Profit Tax System
without time limitation, the Administrative Court of Montreuil rendered a first judgment against Vivendi on December 21, 2023, for fiscal
year 2017 and a second judgment against Vivendi on February 15, 2024, for fiscal year 2018. Vivendi filed a joint appeal against these two
judgments, which were issued on the same terms, before the Administrative Court of Appeal of Paris by petition filed on February 21, 2024.
For fiscal years 2019 and 2020, proceedings remain pending before the Administrative Court of Montreuil. Finally, in respect of fiscal year
2021, on June 26, 2024, Vivendi filed a claim to assert any potentially favorable effects of the main cases pending before the tax judge, in
particular regarding foreign tax receivables cases. The tax administration had six months expiring on December 27, 2024 to respond to this
claim. In the absence of a decision expressly rejecting this claim dated June 26, 2024, following the negative decision of the French Council
of State (Conseil d’État) on March 12, 2025, regarding the NBC Universal dispute, Vivendi will continue this litigation procedure on the
grounds already subject to the claim, in particular regarding foreign tax claims, and simultaneously is studying its right to substitute new
grounds, which will be presented by filing a complaint before the Administrative Court of Montreuil in the second half of 2025.
Regarding the Brazilian litigation, Vivendi realized at the time of the sale of GVT in May 2015 to Telefonica Brasil a capital gain that was
subject to withholding tax in Brazil. On March 2, 2020, the Brazilian tax authorities challenged the methods of calculating this capital gain
and requested that Vivendi pay an amount of 1.3 billion BRL (approximately €200 million) in taxes, late interest and penalties. This additional
tax assessment, and the refusal to take into account the reduction of the capital gain resulting from price adjustments were unsuccessfully
challenged before the administrative authorities in the first instance. In the second instance, the administrative commission issued a
decision entirely in Vivendi's favor on May 13, 2024. Vivendi, acting through its Brazilian boards, believes it has a strong chance of
succeeding. Accordingly, no provision has been recorded in the financial statements for the half-year ended June 30, 2025 in respect of this
assessment.




Half-Year Financial Report 2025 Vivendi / 45
With regard to the tax audit of the companies that belonged to Vivendi’s tax group and exited this group as a result of the Vivendi spin-off on
December 13, 2024 with effect on January 1, 2024, namely mainly Canal+, Havas, Prisma Media and their respective French subsidiaries that
are at least 95%-owned, these companies remain linked to Vivendi pursuant to the tax integration agreements (during their integration
period) and the tax integration exit agreements. Under these agreements, companies that exited the tax group with effect on January 1,
2024 and are subject to a tax audit over the integrated and statutory period, i.e., fiscal years 2022 and 2023, would be required, if applicable,
to pay Vivendi any additional corporate tax that might result from the audit or to request from Vivendi a refund of the tax paid if a relief were
to be ruled in respect of these years. In application of these principles, Vivendi could therefore either incur a tax integration charge or
recognize a tax integration income.

Note 18 Subsequent events
The significant events that occurred between the closing date as of June 30, 2025 and July 28, 2025 (the date of Vivendi’s Management
Board meeting that approved the Condensed Financial Statements for the half-year ended June 30, 2025) were as follows:
• On July 17, 2025, an employee shareholding transaction was implemented through the sale of treasury shares pursuant to an
employee stock purchase plan reserved for employees of French subsidiaries and corporate officers of the group (please refer to
Note 13.1.2);
• On July 18, 2025, the AMF determined that Bolloré SE 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 (please refer to Note 17); and
• 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 (please refer to Note 17).




Half-Year Financial Report 2025 Vivendi / 46
III- Statement on the Financial Report for the half-year
2025
The following is a free English translation of the Statement on the Financial Report for the half-year 2025 issued in French and is provided
solely for the convenience of English-speaking readers.
I state that, to my knowledge, the Condensed Financial Statements for the half-year ended June 30, 2025 have been drawn up in accordance
with the applicable accounting standards and give a fair view of the assets and liabilities, and of the financial position and results of
operations of the issuer and of all the entities included in its consolidation perimeter, and that the half-year management report, contained
in the first part of this Financial Report, provides a fair view of the significant events that occurred during the first six months of the fiscal
year and their impact on the financial statements, of the main related-party transactions and a description of the major risks and
uncertainties for the remaining six months of the fiscal year.
Arnaud de Puyfontaine
Chairman of the Management Board




Half-Year Financial Report 2025 Vivendi / 47
IV - Statutory auditors' review report on the half-yearly
financial information

Period from January 1, 2025 to June 30, 2025
This is a free translation into English of the statutory auditors’ review report on the half-yearly financial information issued in French and is
provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of
information given in the group’s half-yearly management report. This report should be read in conjunction with, and construed in accordance
with, French law and professional standards applicable in France.


To the shareholders,
In compliance with the assignment entrusted to us by your Annual General Meetings and in accordance with the requirements of article
L. 451-1-2 III of the French Monetary and Financial Code (Code monétaire et financier), we hereby report to you on:
• the review of the accompanying condensed half-yearly consolidated financial statements of Vivendi SE, for the period from
January 1, 2025 to June 30, 2025;
• the verification of the information presented in the half-yearly management report.
These condensed half-yearly consolidated financial statements are the responsibility of your Management Board. Our role is to express a
conclusion on these financial statements based on our review.

I. Conclusion on the financial statements
We conducted our review in accordance with professional standards applicable in France.
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with
professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated
financial statements are not prepared, in all material respects, in accordance with IAS 34 – standard of the IFRS relating to interim financial
reporting, as endorsed by the European Union, and published by the International Accounting Standard Board.

II. Specific information
We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial
statements subject to our review.
We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.


Neuilly-sur-Seine and Paris-La Défense, July 30, 2025


The Statutory Auditors
French original signed by:

Deloitte & Associés Grant Thornton

Ariane Bucaille Jean-François Baloteaud




Half-Year Financial Report 2025 Vivendi / 48