Bolloré (BOL) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €1,547 million, stable year-over-year with a -3% decline at constant scope and exchange rates.

• Adjusted operating income (EBITA) reached €123 million, a significant improvement from break-even in H1 2024, driven by strong contributions from equity-accounted associates.

• Net income was €242 million, down from €3,884 million in H1 2024, which included a €3.7 billion capital gain from the sale of Bolloré Logistics.

• Net cash position increased to €5,530 million as of June 30, 2025.

• Interim dividend of €0.02 per share (€57 million) declared, payable September 30, 2025.

Financial highlights

• EBITDA rose to €138 million from €22 million year-over-year.

• EBITA for Bolloré Energy rose 52% to €27 million; Communications EBITA up 131% to €203 million, driven by UMG and new equity-accounted contributions.

• Net financial income increased to €95 million, benefiting from higher dividends received.

• Shareholders' equity stood at €25,555 million, slightly down from year-end 2024.

• Earnings per share (basic): €0.09 for H1 2025.

Outlook and guidance

• Results are in line with expectations, with stable revenue and improved operating profitability.

• The group continues to focus on investments in next-generation fuels, battery technology, AI, data, and technology, particularly at Havas.

• Interim dividend maintained at €0.02 per share, signaling confidence in cash flow.