Bolloré: Revenue Up 53% in Third Quarter, Driven by Oil Prices
Bolloré's revenue increase in the third quarter of 2026 is not based on a rise in quantities sold. At Bolloré Energy, which generated 851 M€ out of the group's 937 M€, volumes declined by 9%. The group attributes this decline in part to the general increase in petroleum product prices, which also explains the revenue growth.
A Quarter at 937 M€, Up 53% at Constant Scope
At constant scope and exchange rates, third quarter 2026 revenue reached 937 M€, up 53%. On a reported basis, the increase is 49% compared to third quarter 2025 (630 M€), taking into account a scope effect of -17 M€. This effect is mainly linked to the exit of Ovrsea from the consolidation scope in December 2025, following its merger with Fusalpes. Bolloré Energy achieved 851 M€, up 61% organically. The Industry division recorded 76 M€ (+4%), thanks to growth in the Systems business, driven by Automatic Systems activities, despite a decline in Blue activities. Other activities represented 10 M€, up 3% organically, thanks to improved real estate income. Over the first nine months of 2026, revenue stood at 2,581 M€. It grew by 21% at constant scope and exchange rates and by 19% on a reported basis, with a scope effect of -48 M€.
Growth Driven by Prices, With Volumes Declining
The third quarter marks an acceleration. When publishing the half-year results on September 16, 2026, the group had reported a 8% increase in revenue at constant scope and exchange rates, including +9% for Bolloré Energy. In value, quarterly revenue increased from 815 M€ in the first quarter to 829 M€ in the second, then to 937 M€ in the third. This pace primarily reflects the price of distributed products. Over nine months, Bolloré Energy achieved 2,318 M€ (+24%), growth that the press release places in a context of rising prices linked to the Middle East conflict. Volumes sold declined by 11% over the period. The revenue growth of this activity is therefore mainly driven by rising oil prices, despite the decline in volumes delivered. Other business segments evolved more moderately. Industry posted 232 M€ over nine months (+2%), supported by Films (volume and price increases in dielectric films and packaging) and Systems, despite the decline in Blue activities, mainly Bluebus. Other activities declined by 3%, to 31 M€, due to a decrease in real estate income.
Proposed Halt to Bluebus and Approximately 2 Billion Euros in Dividends Received by Bolloré SE and Its Subsidiaries
On September 8, Bolloré SE proposed to halt production of Bluebus electric buses, which could result in the elimination of 74 positions. The group cites a French market less dynamic than expected, intense competition, and strong price pressure. A European industrialist has made an offer to acquire certain assets. Bolloré SE also proposed to refocus Blue Solutions on fourth-generation batteries, which could result in the elimination of 41 positions. Since the beginning of 2026, Compagnie de l'Odet has acquired 114 million Bolloré SE shares at a unit price of 4.39 €, representing 4.1% of capital, for a total amount of 502 M€. This amount includes 15 million securities held by Bolloré SE subsidiaries, for 81 M€, as part of the simplification of the group's structure. In the Vivendi split case, the Paris Court of Appeal rejected on July 8, 2026 all requests by CIAM Fund. It ruled that Vivendi SE could not be considered as controlled by Bolloré SE. CIAM Fund filed a cassation appeal on July 27, 2026. Following the exceptional dividend of 4.2 billion euros paid by Bolloré SE in June 2026, Compagnie de l'Odet paid an exceptional interim dividend of 2.5 billion euros on September 29. The holdings that control it did the same. In total, Bolloré SE and its subsidiaries received approximately 2 billion euros. Compagnie du Cambodge (789 M€), Financière Moncey (261 M€), and Société Industrielle et Financière de l'Artois (173 M€) subsequently paid their own exceptional interim dividends on October 7, 2026.
