Vivendi (VIV) H1 2024 earnings summary

Executive summary

• Revenues for H1 2024 reached €9.052 billion, up 92.7% year-over-year, mainly due to the full consolidation of Lagardère from December 2023 and organic growth at Canal+ and Havas; organic growth at constant currency and perimeter was 5.8%.

• EBITA rose 39.3% to €619 million, with adjusted net income at €329 million (+1.5%) and earnings attributable to shareholders at €159 million, impacted by a €95 million litigation settlement.

• The group is progressing with a major split project, aiming to list Canal+, Havas, and Louis Hachette Group separately by end-2024, subject to regulatory, employee, and shareholder approvals.

• Strategic international expansion continued, notably through Canal+ acquisitions in MultiChoice (Africa), Viu (Asia), and Viaplay (Nordics), and the sale of festival and ticketing activities.

• Havas launched a new strategic plan, integrating four new agencies and investing €400 million in data, tech, and AI over four years.

Financial highlights

• H1 2024 revenues: €9.052 billion (+92.7% YoY, +5.8% organic); EBITA: €619 million (+39.3% YoY); adjusted net income: €329 million (+1.5%); net income group share: €159 million (-8.3%).

• Net financial debt increased to €3.88 billion as of June 30, 2024, mainly due to investments in MultiChoice, Viaplay, Viu, and shareholder returns.

• Cash flow from operations was €160 million in H1; available committed credit facilities stood at €2.9 billion.

• Dividend of €0.25/share paid in May 2024 (€254 million total); share buybacks totaled €155 million in H1 2024.

• Portfolio includes significant stakes in UMG (11.87%), MultiChoice (45.2%), Viu (36.8%), and Viaplay (29.3%).

Outlook and guidance

• Management remains confident in the resilience of core businesses and expects sufficient liquidity for operations, investments, and shareholder returns for the remainder of 2024.

• The split project feasibility study is ongoing, with a potential decision and submission to shareholders by year-end, pending regulatory and employee consultations.

• Virtually zero net debt targeted for Canal+, Havas, and Louis Hachette Group, except for MultiChoice tender offer debt.