Bolloré: Revenue up 6% in first half, but net income down to €133M
Bolloré published revenue growth in the first half of 2026, but net income and adjusted operating income declined year-over-year.
The publication is dominated by two major cash movements: the payment of an exceptional dividend of €4.2 billion by Bolloré SE in June 2026 and the announcement of a new exceptional interim dividend of €2.5 billion decided by Compagnie de l'Odet.
Revenue up 8% organically, EBITA and net income decline
First half 2026 revenue amounted to €1,644 million, up 8% at constant scope and exchange rates and 6% on a reported basis, following a negative scope effect of €31 million mainly related to the exit of Oversea from the consolidation scope.
Bolloré Energy, the main contributor, reached €1,467 million (+9% organically), in a context of rising prices linked to the Middle East conflict, despite a 10% decline in volumes sold. Industrial activity came in at €156 million (+1%).
Adjusted operating income (EBITA) amounted to €104 million, compared to €123 million a year earlier, a decline of 15%. Net income stood at €133 million, compared to €242 million previously, and net income attributable to the Group at €132 million, compared to €240 million.
Bolloré Energy advances sharply, Communications retreats
The breakdown of EBITA reveals contrasting developments across activities. Bolloré Energy advanced 77%, to €47 million, driven by positive inventory effects and strong performance in distribution in France and Germany.
Communications contribution stood at €181 million, down 11%, mainly due to lower contributions from Canal+ Group (-€19 million) and UMG (-€5 million). Industrial activity reduced its losses by €10 million, to -€42 million, with Blue Solutions refocusing on next-generation batteries.
Financial income reached €64 million, compared to €95 million in the first half of 2025, due to lower interest rates and a decline in dividends received from the Socfin group.
Exceptional interim dividend of €2.5 billion to Compagnie de l'Odet, net cash at €1.4 billion
The Group's net cash position stood at €1,447 million at June 30, 2026, compared to €5,619 million at end-2025, a decline of €4,172 million including the payment of an exceptional dividend of €4.2 billion in June 2026. At end-June 2026, the Group had €3.6 billion in cash and confirmed credit lines.
The Board of Directors of Compagnie de l'Odet decided on September 16, 2026 to pay an interim exceptional dividend of €2.5 billion, payable on September 29, 2026. Following the distribution of these exceptional interim dividends, Bolloré SE and its subsidiaries will receive a total amount of approximately €2 billion.
The value of the quoted securities portfolio amounted to €9,232 million at June 30, 2026. At September 14, 2026, it stood at €7,943 million, reflecting the decline in the UMG share price (-33% since January 1, 2026).
