Bollore Se · EURONEXT:BOL
Bollore — H1 2025 Earnings Presentation
36 slides from Bollore's earnings presentation, Sep 17, 2025
Slide 1: H1 2025 Results
H1 2025 RESULTS SEPTEMBER 17, 2025
Slide 2: Sommaire
SOMMAIRE 1 Summary 3 2 Business review 18 3 Appendices 29 2
Slide 3: 1 Summary
1 SUMMARY 3
Slide 4: Summary of H1 2025 Results
SUMMARY OF H1 2025 RESULTS Results in line with expectations Revenue: €1,547 million, -3% at constant scope and exchange Changes in scope and reclassifications as discontinued operations rates. pursuant to IFRS 5 include: Adjusted operating income (EBITA(1)(2)): €123 million, including - Vivendi’s c
Slide 5: Main Transactions (1/2)
MAIN TRANSACTIONS (1/2) Bolloré SE Bolloré SE share repurchase program In the first half of 2025, Bolloré SE acquired 35.4 million of its own shares (representing 1.26% of the share capital) for 196.5 million euros(1). 44.1 million Bolloré SE shares were cancelled during the first half of 2025, re
Slide 6: Main Transactions (2/2)
MAIN TRANSACTIONS (2/2) Compagnie de l’Odet Compagnie de l'Odet has arbitrated the shares it held in UMG N.V. with shares in Canal+ and Havas N.V. because of their attractive values: Compagnie de l’Odet sold almost 6 million UMG N.V. shares (i.e. 0.33% of the share capital) at a unit price of 27.5
Slide 7: Spin-off of Vivendi
SPIN-OFF OF VIVENDI At the Combined General Meeting held on December 9, 2024, more than 97.5% of Vivendi’s shareholders approved the proposed partial spin-off of Canal+ and Louis Hachette Group and the distribution of Havas NV shares. These transactions took place on December 13, 2024, and the lis
Slide 8: Share Price Performance
SHARE PRICE PERFORMANCE SHARE PRICE ON 09/16/2025: €4.87 | MARKET CAPITALIZATION: €13.7bn Since Δ (%) 01/01/25 15Y Bolloré (18%) 210% 7.0 SBF 120 6% 114% 6.0 5.0 4.0 3.0 2.0 1.0 - Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Bolloré
Slide 9: Group Structure
GROUP STRUCTURE ECONOMIC ORGANIZATION CHART ON 06/30/2025 (AS A % OF SHARE CAPITAL) Sofibol and holdings(1) : 57.4 % Compagnie du Cambodge(2) : 19.1 % 93.1 % Société Industrielle et Financière de l'Artois(2): 5.6 % Compagnie de l’Odet Financière Moncey(2): 4.9 % 0.1 % treasury shares Imperial Medite
Slide 10: H1 2025 Results
H1 2025 RESULTS in millions of euros 1st Half 2025 1st Half 2024 Revenue 1,547 1,541 (1) EBITDA 138 22 Depreciation and provisions (15) (21) Adjusted operating income (EBITA(1)) 123 0 (1) Amortization resulting from PPA and other items not included in EBITA 21 (25) EBIT 144 (25) o/w equity-accounted
Slide 11: Revenue
REVENUE in millions of euros 1st Half 2025 1st Half 2024(*) Reported growth Organic growth Bolloré Energy 1,337 1,316 2% (2%) Industry 156 178 (13%) (14%) Other (Agricultural Assets, Holding and others) 55 46 19% (1%) Total 1,547 1,541 0% (3%) Revenue: -3% at constant scope and exchange rates • Bo
Slide 12: Adjusted Operating Income (EBITA)
ADJUSTED OPERATING INCOME (EBITA) in millions of euros 1st Half 2025 1st Half 2024(*) Reported growth Bolloré Energy(1) 27 18 52% Communications 203 88 131% UMG 117 88 33% (2) Canal+ 44 - Louis Hachette Group(2) 6 - (2) Havas 23 - Vivendi(2) 13 - (1) Industry (52) (70) 25% Others (Agricultural Asset
Slide 13: Financial Income and Equity-Accounted Non-Operating Companies
FINANCIAL INCOME AND EQUITY-ACCOUNTED NON-OPERATING COMPANIES FINANCIAL INCOME in millions of euros 1st Half 2025 1st Half 2024(*) Change (€m) The financial result benefits from the increase in dividends received, now including dividends from the Socfin Group (financial assets since Dividends rece
Slide 14: Change in Net Cash
CHANGE IN NET CASH CASH / (NET DEBT), IN €M Repayment of cash collateral for the buyout offer/squeeze-out, Repurchase of Bolloré reduction in Vivendi shares, acquisition of current account, etc. 3 000 Moncey and Artois shares, etc. 418 276 5,530 2 500 5,306 58 (18) (172) (15) (323) 2 000 1 500 1 000
Slide 15: Balance Sheet – Liquidity (1/2)
BALANCE SHEET – LIQUIDITY (1/2) SHAREHOLDERS’ EQUITY AND NET DEBT in millions of euros 06/30/25 12/31/2024 Change Shareholders' equity 25,555 25,747 (192) of which Group share 25,317 25,448 (131) Net debt / (Net Cash) (5,530) (5,306) (223) Gearing (%) (1) na na Shareholders' equity: €25.6 billion
Slide 16: Balance Sheet – Liquidity (2/2)
BALANCE SHEET – LIQUIDITY (2/2) CHANGE IN CASH / (NET DEBT), IN €M 8,000 5,306 5,530 6,000 4,000 2,156 2,000 1,207 - (82) (2,000) (3,428) (1,465) (4,000) (4,360) (6,851) (6,000) (7,151) (7,528) (8,000) (8,720) (9,136) (10,000) 12/31/18 6/30/19 12/31/19 6/30/20 12/31/20 6/30/21 12/31/21 6/30/22 12/31
Slide 17: ESG Performance
ESG PERFORMANCE ENVIRONMENT : Adapt our activities to climate change by innovating our products and services and reducing our carbon footprint RATING 2024 BOLLORÉ 92% of our employees trained in environmental issues and the fight against climate change in 2024 Climate strategy approved by the Bo
Slide 18: 2 Business Review
2 BUSINESS REVIEW BOLLOREN
Slide 19: Oil Logistics – Bolloré Energy
OIL LOGISTICS BOLLORÉ ENERGY in millions of euros 1st Half 2025 1st Half 2024 Change Organic growth Revenue 1,337 1,316 2% (2%) (*) EBITA 27 18 52% 52% Investments 5 5 Revenue: -2% at constant scope and exchange rates. The first half of 2025 was impacted by adverse price effects (fall in benchmark
Slide 20: Communication – Universal Music Group
COMMUNICATION UNIVERSAL MUSIC GROUP (UMG) Key figures (results published by UMG) Stock market details As of 06/30/2025 €m H1 2025 H1 2024 Δ% Δ org. % Share price (€/share) 27.48 € Revenue 5,881 5,526 + 6% + 7% NOSH (M) 1,834 Recorded Music 4,464 4,190 + 7% + 7% Market Capitalization (€M) 50,401 o/w
Slide 21: Communication – Canal+
COMMUNICATION CANAL+ Key figures (results published by Canal+) Stock market details As of 06/30/2025 €m H1 2025 H1 2024 Δ% Δ org. % Share price (€/share) 2.66 € Subscribers (millions) 25.66 25.98 - 1.2% NOSH (M) 992 Of which self-distributed 19.19 19.16 + 0.2% Market Capitalization (€M) 2,641 Revenu
Slide 22: Communication – Louis Hachette Group
COMMUNICATION LOUIS HACHETTE GROUP Key figures (results published by Louis Hachette Group) Stock market details €m H1 2025 H1 2024 Δ% Δ org. % Louis Hachette Group (LHG) As of 06/30/2025 Share price (€/share) 1.74 € Revenue 4,495 4,340 +4% +3% NOSH (M) 992 EBITA 220 210 +5% Market Capitalization (€M
Slide 23: Communication – Havas
COMMUNICATION HAVAS Key figures (results published by Havas) Stock market details As of 06/30/2025 €m H1 2025 H1 2024 Δ% Δ org. % Share price (€/share) 1.46 € Net Revenue (*) 1,346 1,308 + 2.9% + 2.3% NOSH (M) 992 Adjusted EBIT (*) 144 133 + 8.3% Market Capitalization (€M) 1,446 Adjusted EBIT Margin
Slide 24: Communication – Vivendi
COMMUNICATION VIVENDI Key figures (results published by Vivendi) Stock market details As of 06/30/2025 €m H1 2025 H1 2024 Δ% Δ org. % Share price (€/share) 2.93 € Revenue 145 134 + 8% + 8% NOSH (M) 1,030 Adjusted operating income (EBITA) 18 (29) na na Market Capitalization (€M) 3,017 EBIT 5 (137) na
Slide 25: Industry
INDUSTRY in millions of euros 1st Half 2025 1st Half 2024 Change Organic growth Revenue 156 178 (13%) (14%) EBITA(*) (52) (70) 25% 25% Investments 11 14 Revenue: -14% at constant scope and exchange rates. Decline linked to the resumption of sales of 12-meter buses in Q2 2024 and the fall in the Sy
Slide 26: Industry – Blue
INDUSTRY BLUE Batteries (Blue Solutions) • Work continued on the Gen4 battery with the aim of designing a solid electrolyte battery with an energy density 50% greater than the best current lithium-ion batteries. Since the beginning of the year, Blue Solutions has delivered its first 1Ah “A” sample
Slide 27: Industry – Systems
INDUSTRY SYSTEMS IER / Automatic Systems (AS) • IER's revenue was down sharply due to the reclassification of the Indestat business at Polycea. Excluding this effect, it is down slightly in H1 2025 vs. H1 2024. Growth at Easier business, particularly in the public sector, offset the decline in the
Slide 28: Portfolio of Listed Securities
PORTFOLIO OF LISTED SECURITIES As at June 30, 2025 Market capitalization (€m) (%) Interest Market value (€m) Communications(*): 50,401 18.4% 9,290 2,641 30.4% 804 1,725 30.4% 525 1,446 30.4% 440 3,017 29.3% 884 Others: Groupe Socfin (1) 290 2,831 6.0% 170 Others 10 Total 12,413 (*) These investments
Slide 29: 3 Appendices
3 APPENDICES BOLLOREN
Slide 30: Comparability of Financial Statements
COMPARABILITY OF FINANCIAL STATEMENTS In accordance with IFRS 5 and to ensure comparability, Vivendi’s contribution for 2024 has been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distributio
Slide 31: Consolidated Balance Sheet H1 2025
CONSOLIDATED BALANCE SHEET H1 2025 in millions of euros June 30, 2025 Dec. 31, 2024 in millions of euros June 30, 2025 Dec. 31, 2024 Goodwill 134.4 134.3 Share capital 450.0 456.3 Intangible assets 58.6 66.6 Share issue premiums 475.9 714.8 Property, plant and equipment 549.9 562.8 Consolidated rese
Slide 32: Breakdown of Revenue Growth H1 2025
BREAKDOWN OF REVENUE GROWTH H1 2025 Revenue Q1 Q2 (1)(2) (2) (1)(2) (2) (in millions of euros) 2025 2024 2024 2025 2024 2024 Bolloré Energy 675 677 655 661 682 661 Industry 78 77 75 78 105 104 Other activities 29 27 20 26 28 26 Total 782 780 751 765 816 790 (2) (2) Analysis of the variation in reven
Slide 33: Consolidated Income Statement H1 2025
CONSOLIDATED INCOME STATEMENT H1 2025 (1) in millions of euros June 30, 2025 June 30, 2024 Revenue 1,547.4 1,540.7 Goods and services bought-in (1,462.0) (1,469.0) Staff costs (141.2) (138.9) Amortization and provisions 145.4 (22.2) Other operating income 15.0 19.9 Other operating expenses (184.3) (
Slide 34: Cash Flow Statement H1 2025
CASH FLOW STATEMENT H1 2025 in millions of euros June 30, 2025 June 30, 2024(1) Cash flow from operations Net income from continuing operations, Group share 227 45 Non-controlling interests from continuing operations 1 1 Net income from continuing operations 228 46 Non-cash income and expenses (186)
Slide 35: Change in Shareholders' Equity
CHANGE IN SHAREHOLDERS' EQUITY Share Share issue (in millions of euros) Number of shares Fair value of financial assets Actuarial Reserves capital premiums Treasury Translation Shareholders’ Minority excl. treasury (losses) TOTAL shares adjustment equity, Group share interests shares recyclable non-
Slide 36: Glossary
GLOSSARY Organic growth: growth at constant scope and exchange rates. Net Revenue (Havas) : sales after deduction of costs re-billable to customers. Adjusted operating income (EBITA): operating income before the amortization of intangible assets related to business combinations (PPA: purchase