Vivendi (VIV) H2 2024 earnings summary

Executive summary

• 2024 marked a profound transformation with the spin-off and listing of Canal+, Havas, and Louis Hachette Group, approved by 97.5% of shareholders, leaving Vivendi as a holding of listed financial assets and Gameloft as its main operational asset.

• Net asset value (NAV) as of Dec 31, 2024, was €4.829 billion (€4.69/share), with an investment portfolio valued at €7.1 billion and €6.9 billion in listed securities.

• Adjusted net income was €111 million, while reported net loss attributable to shareholders was €6,004 million due to spin-off-related capital losses and fair value adjustments.

• Dividend of €0.04/share proposed for 2024, with share buybacks totaling €342.2 million.

• Vivendi now manages a portfolio including UMG, Telecom Italia, Banijay, MediaForEurope, and retains Gameloft as an operational asset.

Financial highlights

• Revenues declined 4.9% year-over-year to €297 million; at constant currency and perimeter, down 5.2%.

• EBITA nearly break-even at -€1 million, a significant improvement from -€33 million in 2023, driven by Gameloft and UMG earnings.

• Adjusted net income fell 66.9% year-over-year to €111 million, mainly due to higher interest and tax expenses.

• Financial net debt (adjusted for Lagardère loan) was €2,072 million at year-end, with a loan-to-value ratio of 30%.

• Dividend yield target of ~1.5% for 2024.

Outlook and guidance

• Management remains confident in the value-creation potential of the spin-off and continues to pursue a sustainable growth strategy focused on content, media, and entertainment.

• Focus on organic growth and margin improvement for Gameloft, with openness to bolt-on acquisitions.

• Ongoing reduction of corporate costs, with further positive impact expected in 2025.

• Q1 2025 revenues to be released on April 28th; ex-dividend date set for April 29, 2025, with payment from May 2, 2025.