Vivendi: Significant Decrease in the Financial Net Debt in the First Quarter of 2025
-- Revenues1 were EUR69.4 million for the first quarter of 2025, stable
compared to the first quarter of 2024, mainly due to Gameloft's revenues
(+0.3% at constant currency and perimeter).
-- Net asset value $(NAV)$ was EUR5.2 billion as of March 31, 2025, an
increase of 7.8% compared to December 31, 2024.
-- Financial net debt, adjusted for the loan to Lagardère, was EUR1,660
million as of March 31, 2025 (before receipt of EUR684 million following
the sale of 15% of TIM ordinary shares2 to Poste Italiane), compared to
EUR2,072 million as of December 31, 2024.
PARIS--(BUSINESS WIRE)--April 28, 2025--
Regulatory News:
Yannick Bolloré, Chairman of Vivendi's (Paris:VIV) Supervisory Board, and Arnaud de Puyfontaine, Chief Executive Officer, said:
"2025 represents a new chapter in Vivendi's history and a year of reinvention after having split the Group in December of last year.
During the first quarter of 2025, as part of the dynamic management of its equity interests, Vivendi decided to focus on the content, media and entertainment sectors. Our divestment from the telecoms industry led us to sell most of our stake in TIM, resulting in a substantial decrease in our financial net debt. Meanwhile, Gameloft continued to rebalance its games portfolio between the PC/console and mobile segments in line with the transformation strategy we have been pursuing for several years.
The composition of the Supervisory Board and the Management Board was also reviewed and adjusted during this period to reflect the new scale of our company.
Vivendi owns a portfolio of high-quality assets and maintains a solid balance sheet in the face of a turbulent and uncertain economic and stock market environment. We remain convinced of the soundness of our decision to split the Group at the end of 2024, and confident in the ability of this transaction to create value for all stakeholders."
Vivendi's revenues
For the first quarter of 2025, Vivendi's revenues(1) were EUR69.4 million, stable compared to the first quarter of 2024 (+0.6% and +0.3% at constant currency and perimeter).
Gameloft
For the first quarter of 2025, Gameloft's total revenues were EUR68.5 million, including EUR31.9 million from the PC/console segment and EUR33.3 million from the Mobile segment, representing a slight increase (+0.6% and +0.3% at constant currency and perimeter) in total revenues compared to the first quarter of 2024.
PC/console revenues now represent 46% of total revenues and were up 13.5% at constant currency and perimeter compared to the first quarter of 2024. Mobile revenues represented 49% of total revenues, down 10.5% at constant currency and perimeter compared to the first quarter of 2024.
Disney Dreamlight Valley, Asphalt Legends Unite, Disney Magic Kingdoms, March of Empires, and Disney Speedstorm were the five best-selling games in the first quarter of 2025 and represented 56% of Gameloft's total revenues.
In the first quarter of 2025, Gameloft launched Carmen Sandiego, first on Netflix in January, and then on PC and console platforms in March. The launch thrilled fans of the franchise and was covered in over 50 articles in the specialist press, noting the game's faithfulness to the original.
Change in the Group's listed investments
Number of shares Market value
As of March 31, 2025 held (in millions) Ownership interest % (in EURm)
--------------------- ------------------- -------------------- ------------
UMG 182 9.93% 4,623
--------------------- ------------------- -------------------- ------------
Telecom Italia 2,684 17.51%(3) 804
--------------------- ------------------- -------------------- ------------
Banijay Group 81 19.21% 752
--------------------- ------------------- -------------------- ------------
Media For Europe 112 19.78% 448
--------------------- ------------------- -------------------- ------------
Lagardère 7 5.01% 143
--------------------- ------------------- -------------------- ------------
Prisa 129 11.87% 48
--------------------- ------------------- -------------------- ------------
Total financial assets portfolio as of March 31, 2025 6,818
---------------------------------------------------------------- ------------
Portfolio value as of December 31, 2024 6,887
---------------------------------------------------------------- ------------
About Vivendi
Since its creation, Vivendi has established itself as a player in content, media and entertainment, developing a portfolio of both listed and unlisted assets, each a leader in its market. Vivendi owns 100% of Gameloft, a world-renowned video game publisher that successfully develops multi-platform games for consoles, PCs, and mobile devices. Vivendi's asset portfolio includes minority stakes in leading publicly traded companies: Universal Music Group and Banijay Group in content and entertainment, and MediaForEurope and Prisa in media and telecommunications. In addition, Vivendi owns a stake in the publishing and travel retail sector with Lagardère and a residual stake in telecoms with TIM. Leveraging its strategic and economic expertise, Vivendi anticipates global dynamics and participates in the transformations of the sectors in which the group operates, notably the digital revolution and new consumer uses of content. Vivendi supports value-creating companies, offering sustainable prospects and a positive contribution to the evolution of our society. Guided by a long-term vision and a constant drive for innovation, the group relies on experienced teams to identify and support sustainable growth projects. Corporate Social Responsibility $(CSR.AU)$, a commitment made in 2003, is at the heart of Vivendi's strategy and shapes each of its decisions. www.vivendi.com
Important Disclaimers
Cautionary Note Regarding Forward-Looking Statements. This press release may contain forward-looking statements. Although Vivendi believes that such statements are based on reasonable assumptions, they are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are beyond Vivendi's control, including, but not limited to the risks described in the documents filed by Vivendi with the Autorité des Marchés Financiers (the French securities regulator), which are also available in English on Vivendi's website (www.vivendi.com). Investors and security holders may obtain free copies of documents filed by Vivendi with the Autorité des Marchés Financiers at www.amf-france.org, or directly from Vivendi. These forward-looking statements are made as of the date of this press release. Vivendi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Unsponsored ADRs. Vivendi does not sponsor an American Depositary Receipt $(ADR.AU)$ facility in respect of its shares. Any ADR facility currently in existence is "unsponsored" and has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of any such facility.
APPENDIX I
VIVENDI
REVENUES
(IFRS, unaudited)
Three months
ended March 31,
----------------- -------- -------- ---------
% Change
at
% Change constant
at currency
(in millions of constant and
euros) 2025 2024 % Change currency perimeter
-------- ------- -------- -------- ---------
Revenues
Gameloft 68.5 68.1 +0.6% +0.3% +0.3%
Other 0.9 1.0
Elimination of
intersegment
transactions - (0.1)
-------- ------- -------- -------- ---------
Total Vivendi 69.4 69.0 +0.6% +0.3% +0.3%
Gameloft :
Three months ended
March 31,
-------------------- -------- --------- ---------
% Change
at
% Change constant
at currency
(in millions of constant and
euros) 2025 2024 % Change currency perimeter
--------- --------- -------- --------- ---------
PC/Consoles 31.9 27.8 +14.6% +13.5% +13.5%
Mobile 33.3 37.3 -10.9% -10.5% -10.5%
BtoB 3.3 3.0 +14.9% +13.4% +13.4%
--------- --------- -------- --------- ---------
Revenues 68.5 68.1 +0.6% +0.3% +0.3%
Revenues by
geographic
area
----------------
North America 33.0 29.1
EMEA (Europe,
the Middle
East, Africa) 23.0 25.0
Asia Pacific 9.7 10.4
Latin America 2.8 3.6
--------- ---------
68.5 68.1
As a reminder, quarterly revenues in 2024, were as follows:
2024
------------------------------------------------------
Three months Three months
Three months Three months ended ended
(in millions of ended March ended June September December
euros) 31, 30, 30, 31,
------------ ------------ ------------ ------------
Revenues
Gameloft 68.1 63.9 68.8 92.4
Other 1.0 0.9 0.8 1.2
Elimination of
intersegment
transactions (0.1) - - (0.2)
------------ ------------ ------------ ------------
Total Vivendi 69.0 64.8 69.6 93.4
============ ============ ============ ============
APPENDIX II
VIVENDI
NET ASSET VALUE
(unaudited)
Vivendi's Net Asset Value (NAV) is calculated as the Value of the Investment Portfolio less the Adjusted Financial Net Debt and other liabilities. The Value of the Investment Portfolio is calculated as the sum of the (i) fair market value of Vivendi's investments in listed companies based on the closing market price on the last day of the period; (ii) the value in use of Gameloft, unlisted company; (iii) the fair market value of treasury shares based on the closing market price on the last day of the period. Adjusted Financial Net Debt is calculated as the difference between (iv) borrowings (recognized at amortized cost); and (v) cash, cash equivalents and cash deposits allocated to borrowings; as well as (vi) the loan to Lagardère (including accrued interest). The per-share NAV is determined by dividing the NAV by the number of shares outstanding at the end of the period (including treasury shares).
December
March 31, 2025 31, 2024
---------- -------------------------------- ---------
Number of
shares Percentage
(in millions of Valuation owned of
euros) method (thousands) ownership Value Value
---------- ----------- ---------- ------- ---------
Stock
market
Listed companies price 6,818 6,887
------- ---------
Universal Music Group 181,799 9.93% 4,623 4,494
Telecom Italia (a) 2,683,520 12.56% 804 898
Banijay Group 81,330 19.21% 752 691
MediaForEurope (A & B) (b) 112,419 19.78% 448 397
Telefonica - - - 232
Lagardère 7,096 5.01% 143 136
Prisa 128,913 11.87% 48 39
Private Value in
companies use 234 234
------- ---------
Gameloft (100%) 234 234
Stock
Treasury shares market
(c) price 105 98
------- ---------
Portfolio valuation 7,157 7,219
----------------------------- ======= =========
Adjusted Financial Net Debt
(d) (e) (2,167) (2,573)
Loan to Lagardère 507 501
Adjusted Financial Net Debt (1,660) (2,072)
----------------------------- ======= =========
Other liabilities (f) (283) (311)
Net Asset Value
(NAV) (i) 5,214 4,836
======= =========
Number of shares
outstanding at
the end of the
period, in
millions of
shares (ii) 1,029.9 1,029.9
NAV / share (in
EUR) (i/ii) 5.06EUR 4.69EUR
1. Included 2,299,420 thousand ordinary Telecom Italia shares (representing
10.77% of its share capital), sold to Poste Italiane on April 3, 2025 and
valued at a sale price of EUR0.2975 per share for a total consideration
of EUR684 million.
2. Included 56,210 thousand A shares and 56,209 thousand B shares.
3. Vivendi held 37,684 thousand treasury shares, representing 3.66% of its
share capital, of which 32,147 thousand shares were allocated to share
cancellations, 2,843 thousand shares were allocated to covering employee
shareholding plans and 2,694 thousand shares were allocated to covering
performance share plans
4. Included cash collateral related to bilateral structured financing
agreements (EUR270 million as of March 31, 2025, compared to EUR35
million as of December 31, 2024).
5. Includes consolidated data established in IFRS standards.
6. Includes employee benefit reserves, intrinsic value of Lagardère
share transfer rights, and non-recurring transaction costs incurred in
connection with the Vivendi spin-off and the remaining to be paid.
(1) This press release contains unaudited consolidated revenues established under IFRS.
(2) 15.00% of ordinary shares and voting rights (representing 10.77% of the share capital).
(3) Ordinary shares and voting rights (representing 12.56% of the share capital).
View source version on businesswire.com: https://www.businesswire.com/news/home/20250427105612/en/
CONTACT: Media
Jean-Louis Erneux
+33 (0)1 71 71 15 84
Solange Maulini
+33 (0) 1 71 71 11 73
Investor Relations
Xavier Le Roy
+33 (0)1 71 71 18 77
Nathalie Pellet
+33 (0) 1 71 71 11 24
(END) Dow Jones Newswires
April 28, 2025 02:35 ET (06:35 GMT)
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