Vivendi (VIV) H1 2026 earnings summary

Executive summary

• Revenues for H1 2026 were €140 million, down 3.5% year-over-year, mainly due to Gameloft's performance.

• EBITA was €4 million, but adjusted EBITA excluding €21 million restructuring costs was €25 million, up €7 million from H1 2025.

• Net profit attributable to shareowners was €28 million (€0.03 per share), stable year-over-year.

• Successful integration of V Collection (Prisma Media's luxury division) as a new subsidiary from Q2 2026.

• Emphasis for H2 2026 on strict financial discipline, value creation, and business development.

Financial highlights

• Gameloft's EBITA rose 10.1% to €9 million, with margin improving from 5.5% to 6.6%.

• Revenues declined 3.5% year-over-year to €140 million, mainly due to lower mobile revenues at Gameloft.

• Financial net debt increased to €1,591 million from €1,501 million at year-end 2025.

• Adjusted financial net debt (excluding loan to Lagardère): €1,140 million.

• Overhead/corporate recurring expenses reduced by 13.8% year-over-year, excluding the termination plan.

Outlook and guidance

• Major game launches and updates expected in H2 2026, including Bluey's Happy Snaps.

• Focus on maintaining financial discipline, agility, and value creation.

• Cash flows from operations and dividends from investments expected to cover financial commitments for the rest of 2026.