Vivendi (VIV) AGM 2025 summary

Opening remarks and agenda

• Invitations and documents were distributed in compliance with legal requirements, and the AGM was formally opened with a quorum of 69.87% announced before voting began.

• Meeting held on April 28, 2025, with participation from the Supervisory and Management Boards, including Yannick Bolloré and Arnaud de Puyfontaine.

• The agenda included approval of 2024 financials, dividend setting, auditor reports, compensation approvals, board renewals, share buyback authorizations, and share allocations.

• Major shareholders and scrutineers were introduced, and the meeting's procedural roles were confirmed.

Financial performance review

• Portfolio value at end-2024 was over EUR 7 billion, with net debt at EUR 2.1 billion, down EUR 700 million from the previous year; LTV ratio was 30%.

• Net asset value (NAV) was EUR 4.8 billion (EUR 4.69/share) at end-2024, rising to EUR 5.2 billion (EUR 5.06/share) by March 31, 2025.

• Adjusted net profit was EUR 111 million, down from EUR 336 million in 2023, mainly due to spin-off effects.

• Gameloft revenue declined 6% to EUR 293 million, but EBITA before restructuring rose 37% to EUR 14 million; 42% of revenue from PC and console gaming.

• The demerger led to an accounting loss of EUR 5.7 billion, resulting in a group net loss of EUR 6 billion for 2024.

Board and executive committee updates

• Several board members departed following the demerger, with new appointments including Laure Delahousse and Philippe Labro.

• The Supervisory Board will comprise nine members (five women, four men, six independents) if renewals are approved, increasing independence to 67% and gender balance to 56%.

• The Management Board was reduced from six to four members, reflecting the group's new structure.

• No increase in fixed or exceptional compensation for Management Board in 2025; performance criteria for bonuses and shares maintained.

• Compensation for all corporate officers and board members for 2024 submitted and approved via resolutions.