Compagnie de l'Odet : Results for fiscal year 2025
COMPAGNIE DE L'ODET
Net profit, Group share: €218 million
Proposal to pay a dividend of €4.80 per share, an increase of 9%
Revenue: €2,924 million, -9% at constant scope and exchange rates.
Adjusted operating income (EBITA ( 1 ) ( 2 )): €282 million including the results of the equity-accounted associates UMG, Canal+, Louis Hachette Group, Havas and Vivendi for the full year 2025.
Net income: €354 million, compared with €1,750 million in 2024, which included the net capital gain on the disposal of Bolloré Logistics (+€3.7 billion) and the capital loss on the deconsolidation of companies resulting from the spin-off of Vivendi (-€1.9 billion).
Net income, Group share: €218 million.
Net cash position: €5,126 million at December 31, 2025 (compared with €4,806 million in 2024).
Dividend: €4.80 per share, up 9% from the previous year.
Bolloré exceptional dividend: following Bolloré SE's announcement of an exceptional dividend of €1.5 per share, representing an amount of approximately €4.2 billion, in addition to the ordinary dividend of €0.08, the Board of Directors of Compagnie de l'Odet, which holds 71% of Bolloré's share capital, has indicated its intention to pay an interim dividend of an exceptional nature in the second half of 2026 representing at least two-thirds of the exceptional dividend received by Compagnie de l'Odet.
Results for fiscal year 2025
Compagnie de l’Odet’s Board of Directors met on March 17, 2026 to approve the financial statements for fiscal year 2025.
Revenue amounted to €2,924 million, down -9% at constant scope and exchange rates:
On a reported basis, revenue was down 7%, after a change of +€96 million in the scope of consolidation (corresponding primarily to the acquisition of Chantelat at the end of November 2024) and a currency effect of -€0.3 million (appreciation of the Euro against the Indian rupee, offset in part by the depreciation of the Euro against the Swiss franc).
Adjusted operating income (EBITA ( 3 )) was €282 million, compared with -€16 million in 2024:
Net financial income was €166 million, compared with €110 million in 2024. The performance was driven by the increase in dividends received, notably from Socfin Group, holdings recognized as financial assets since September 2024 and the capital gain on the disposal of UMG N.V. shares.
Net income from equity-accounted non-operating companies was -€1 million, compared with €31 million in 2024. In 2025 this item no longer included the share of Socfin Group’s net income.
After taking into account -€13 million in taxes (compared with -€28 million in 2024), consolidated net income came to €354 million, compared with €1,750 million in 2024, which included the net capital gain on the disposal of Bolloré Logistics (+€3.7 billion).
Net income, Group share amounted to €218 million, compared with €982 million in 2024.
Shareholders' equity stood at €21,089 million, compared with €21,754 million as of December 31, 2024, a decrease of €665 million, primarily due to changes in the fair value of securities held by the Group (mainly attributable to the decline in the value of investments in the holding companies), share buybacks by the Group and dividends paid. Group shareholders’ equity came to €12,793 million, down -€141 million.
As at December 31, 2025, Compagnie de l’Odet had a positive net cash position of €5,126 million, compared with €4,806 million at the end of 2024. The increase of €321 million includes the repayment of cash collateral for the proposed buyout offer/mandatory squeeze-out, the repayment in Bolloré SE’s current account with Vivendi SE, the repurchase of own shares by the Group, and the disposal of UMG N.V. shares.
At the end of December 2025, Compagnie de l’Odet had €9 billion in cash and cash equivalents and confirmed credit lines.
Main transactions
Compagnie de l’Odet
Compagnie de l'Étoile des Mers
Bolloré SE
In 2025, Bolloré SE acquired 35 million of its own shares (representing 1.26% of the share capital) for €196 million. Treasury shares were canceled in 2025.
Following the AMF’s decision to release Bolloré SE from its obligations in respect of Cambodge, Moncey and Artois shares, from end-June 2025 the Group acquired 1.07% of Moncey for €24 million and 1.5% of Artois for €38 million.
Vivendi spin-off
Proposed dividend: €4.80 per share
The General Shareholders’ Meeting will be asked to approve the distribution of a dividend of €4.80 per share, an increase of 9% compared with the dividend paid for the 2024 fiscal year. The ex-dividend date will be June 23, 2026, with payment in cash only on June 25, 2026.
In 2022 and 2024, Bolloré SE sold Bolloré Africa Logistics and Bolloré Logistics for a total amount of around €10 billion. In the absence of any significant reinvestment to date, Bolloré's Board of Directors has decided to propose to the Annual General Meeting of May 27, 2026, in agreement with its majority shareholder Compagnie de l'Odet, the distribution of an exceptional dividend of €1.5 per share, representing an amount of around €4.2 billion, taken from the retained earnings of previous years, resulting from capital gains realized on disposals.
The Board of Directors of Compagnie de l'Odet, which owns 71% of Bolloré's share capital, has indicated its intention to pay an interim dividend of an exceptional nature in the second half of 2026 representing at least two-thirds of the exceptional dividend received by Compagnie de l'Odet.
Consolidated key figures
(1) See glossary.
(2) Gearing: ratio of net debt to equity.
Change in revenue by activity
Change in revenue by quarter
Adjusted operating income (EBITA)
(1) At constant scope and exchange rates.
(2) In accordance with IFRS 5 and to ensure comparability of results, Vivendi's contribution for the 2024 financial year has been reclassified as a discontinued operation or in the process of being disposed of (the Group lost control within the meaning of IFRS 10 that it exercised over Vivendi following the spin-off/distribution transactions carried out on December 13, 2024 by the Vivendi Group)
(3) Before Group costs.
(4) Operating entities accounted for under the equity method since December 16, 2024.
A detailed presentation of the results of its subsidiary Bolloré SE is available at www.bollore.com.
The consolidated financial statements currently being audited. The certification report will be issued following finalization of the procedures required for the filing of the Universal Registration Document (URD).
Group shareholder structure as of December 31, 2025
See the organization chart in the PDF press release
Comparability of financial statements
Glossary
The non-GAAP measures defined above should be considered as additional information that does not replace GAAP measures of operating and financial performance; Compagnie de l’Odet considers them to be relevant indicators of the Group’s operating and financial performance. Other companies may define and calculate these indicators differently. The indicators used by Compagnie de l’Odet may therefore not be directly comparable with those of other companies.
The percentage changes shown in this document are calculated in relation to the same period of the previous fiscal year, unless otherwise stated. Due to rounding, in this presentation, the sum of some data may not correspond exactly to the calculated total, and the percentage may not correspond to the calculated variation.
(1) See glossary.
(2) Including the contribution from equity-accounted operating companies for +€495 million.
(3) See glossary.
(4) Before Group expenses.
(5) Equity-accounted operating companies since December 16, 2024.
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