Vivendi: Return to Profitability After a Colossal Loss of 6 Billion Euros
Vivendi released its 2025 results on Thursday, March 12, marked by a return to profitability, with a net result of 20 million euros compared to a loss of 5.892 billion euros in 2024. However, this rebound must be viewed in the context of the major restructuring of the group that took place in December 2024, which significantly altered its scope and financial structure.
Revenue Growth and Business Focus
Vivendi recorded a revenue of 307 million euros in 2025, up 3.5% from 2024 (297 million euros), or 4.3% at constant exchange rates and scope. This modest increase reflects the performance of Gameloft, its video game publishing subsidiary, which accounted for 303 million euros of the consolidated revenue, representing 98.7% of the group's income. The remaining activities accounted for a negligible volume of 4 million euros. This extreme concentration of revenue illustrates the radical transformation of the group since the split in December 2024, which separated major historical activities such as Canal+, Havas, Lagardère, and Prisma Media. These are now classified as discontinued operations according to IFRS 5 and no longer appear in the revenue from continuing operations.
Significant Improvement in Operational Profitability
Beyond revenue figures, Vivendi shows a marked improvement in its operational profitability. Adjusted operating income (EBITA) reached 45 million euros in 2025, compared to -1 million euros in 2024, while operating income (EBIT) came in at 18 million euros after plunging to -264 million euros the previous year. This dramatic turnaround is primarily due to the absence in 2025 of exceptional charges related to the accounting treatment of the 2024 restructuring, rather than a particularly robust underlying operational improvement. The return to positive results marks a normalization of accounts in a stabilized scope. In 2024, the accounts had indeed been heavily impacted by the recording of significant losses related to the accounting treatment of the activity separation, bringing the net result to -6.004 billion euros (group share). The net result per share is established at 0.02 euro in 2025, compared to -5.96 euros in 2024.
Strategic Initiatives Beyond Accounting Normalization
Beyond accounting normalization, Vivendi has initiated several strategic initiatives that could reshape its profile in the short term. The group has notably started a process to acquire the luxury division of Prisma Media and could acquire about 14% of Prisma Group's capital through a capital increase, with operations possibly taking place before the end of June 2026. Concurrently, Vivendi has opened an information-consultation procedure with employee representatives on January 12, 2026, for a collective conventional termination, which could be implemented before June 30, 2026. For investors, the main challenge lies in Vivendi's ability to generate sustainable organic growth from this new structure highly concentrated on video gaming. The return to profitability in 2025, although positive, remains modest in absolute terms and largely relies on post-restructuring accounting stabilization rather than a tangible operational acceleration. The coming quarters will reveal whether the group can build a value creation trajectory from its current scope.
