Compagnie de l'Odet (ODET) Q2 2025 earnings summary

Executive summary

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

• Adjusted operating income (EBITA) reached €121 million, a significant improvement from -€8 million in H1 2024, driven by strong contributions from equity-accounted associates.

• Net income was €257 million, down from €3,869 million in H1 2024, which included a €3.7 billion capital gain from the Bolloré Logistics sale.

• Net cash position at June 30, 2025, stood at €5,195 million.

Financial highlights

• EBITDA rose sharply to €136 million from €13 million in H1 2024.

• Group net income attributable to shareholders was €163 million, compared to €2,211 million in H1 2024.

• Shareholders’ equity increased to €21,867 million, with group share at €13,263 million.

• Net financial income improved to €96 million, benefiting from higher dividends and a capital gain on UMG share sales.

Outlook and guidance

• Results are in line with expectations, with stable reported revenue and improved profitability despite a challenging pricing environment.

• The group maintains a strong liquidity position, with €9 billion in cash and credit lines at end-June 2025.

• Management expects continued focus on operational efficiency and investment in strategic assets.