Vivendi上半年EBITA受总部重组费用拖累，股价已下跌约4%

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Investing.com -- Shares in French media conglomerate Vivendi SA fell 4% after the company reported first-half adjusted EBITA of €4 million, down from €18 million a year earlier, after a collective mutual termination plan at its headquarters cost €21 million net.
Revenue for the six months ended June 30 was €140 million, down 3.5% from €145 million in the first half of 2025, which Vivendi attributed to the seasonality of Gameloft’s game launches.
Excluding the net impact of the termination plan, EBITA would have amounted to €25 million, the company said.
The plan, a French "rupture conventionnelle collective," was implemented June 1 and led to actual departures representing 40% of the group’s headquarters workforce, at a total cost of €25 million, of which €5 million was paid as of June 30.
By segment, Corporate EBITA was negative €66 million, compared with negative €52 million a year earlier, including the termination plan costs, Vivendi said.
Excluding that impact, Corporate EBITA would have been negative €45 million, an improvement of €7 million, or 13.8%, due to recurring operating savings. Vivendi’s share of Universal Music Group’s earnings, accounted for under the equity method, was €62 million, stable from a year earlier.
Earnings attributable to Vivendi SE shareowners were €28 million, or €0.03 per share, compared with €30 million, or €0.03 per share, a year earlier.
Dividends from non-consolidated companies were €66 million, including €28 million from Banijay Group, €25 million from MediaForEurope and €13 million from Lagardère. Including €51 million received from Universal Music Group, total dividends paid to Vivendi were €92 million, compared with €115 million a year earlier.
Vivendi’s investment portfolio, which includes stakes in Universal Music Group, Banijay Group, Lagardère, MediaForEurope and Prisa, was valued at €5.12 billion as of June 30, down from €5.88 billion as of Dec. 31, 2025.
The listed non-controlling equity portfolio was valued at €4.77 billion, down from €5.53 billion, which Vivendi said reflected the decline in Universal Music Group’s share price.
The value of Vivendi’s UMG stake was €3.33 billion, or €18.33 per share, down from €4.04 billion, or €22.23 per share.
Financial net debt was €1.59 billion as of June 30, compared with €1.50 billion as of Dec. 31, 2025, which Vivendi said was mainly due to investments in V Collection and Prisma Group and the payment of a dividend for fiscal year 2025.
Gameloft reported EBITA of €9 million, up 10.1% from €8 million, with its EBITA margin rising to 6.6% from 5.5%. Gameloft revenue was €132 million, down 6.1% at constant currency and perimeter, which the company said reflected seasonality ahead of second-half game launches.
Vivendi acquired the luxury division of Prisma Media, renamed V Collection, on March 31 for €10 million, and a 13.58% interest in Prisma Group for €30 million.