Compagnie de l'Odet (ODET) Q2 2024 earnings summary

Executive summary

• Revenue reached €10,591 million, up 4% at constant scope and exchange rates, driven by Communications and the full consolidation of Lagardère since December 2023, despite a decline in Bolloré Energy.

• Adjusted operating income (EBITA) rose 10% to €611 million, mainly driven by strong Communications performance, particularly Lagardère and UMG, offsetting declines in Oil Logistics and Industry.

• Net income surged to €3,869 million (vs. €207 million in H1 2023), mainly due to a €3.7 billion capital gain from the sale of Bolloré Logistics.

• Net income Group share was €2,211 million, up from €46 million in the prior year period.

• Net cash position (excl. Vivendi) was €5,614 million at June 30, 2024; including Vivendi, net cash was €1,734 million.

Financial highlights

• EBITDA: €890 million (+46% year-over-year); EBITA: €611 million (+34% reported, +10% organic); EBIT: €336 million (-2%).

• Net financial income improved to €28 million from a loss of €27 million year-over-year.

• Equity: €36,628 million at June 30, 2024.

• Gearing improved to a net cash position from net debt at year-end 2023.

• Minority interests increased to €1,658 million from €161 million year-over-year.

Outlook and guidance

• The group remains confident in the resilience of its main business lines despite macroeconomic uncertainties and ongoing global conflicts.

• Liquidity is strong, with €10 billion in cash and confirmed credit lines at end-June 2024.

• Results are in line with expectations following significant changes in scope, including major disposals and consolidations.