Compagnie de l'Odet (ODET) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was €1,644m, up 8% at constant scope and exchange rates and 6% reported.

• Adjusted operating income (EBITA) fell 20% to €97m; consolidated net income was €96m versus €257m, and shareholders’ net income was €54m versus €163m.

• Net cash was €3,658m at June 30, 2026, down from €5,126m at year-end 2025.

Financial highlights

• EBITDA was €131m versus €136m; EBIT declined to €73m from €159m.

• Financial income fell to €45m from €96m, reflecting lower interest rates and reduced Socfin dividends; tax expense rose to €28m from €11m.

• H1 consolidated net income included €95.8m from ongoing activities; prior-year net income included €13.5m from discontinued operations and assets held for sale.

• Shareholders’ equity was €20,017m at June 30, including €13,269m attributable to shareholders.

Segment performance

• Bolloré Energy revenue rose 9% organically to €1,467m; EBITA increased 77% to €47m, helped by favorable stock effects and distribution performance, despite a 10% volume decline.

• Communications EBITA was €184m versus €210m; contributions were UMG €112m, Canal+ €27m, Louis Hachette Group €6m, Havas €26m and Vivendi €13m.

• UMG organic revenue grew 11%; adjusted EBITDA was €1,310m, down 2% reported, while adjusted net income attributable to shareholders rose 4% to €863m.

• Canal+ revenue grew 1.4% organically excluding MCG; adjusted EBIT rose 19.1% including MCG, whose adjusted EBIT increased 34% to €143m.

• Industry revenue grew 1% organically and EBITA loss narrowed to €42m from €52m; Havas organic net revenue rose 2.5% and adjusted EBIT increased 4.2% to €150m.