Compagnie de l'Odet: profit divided by three in first half, exceptional dividend of €380
The first half of 2026 for Compagnie de l'Odet combines two opposing movements.
On one side, revenue growth driven by energy activity. On the other, a net profit attributable to the group reduced to 54 million euros, compared to 163 million a year earlier, in a context of declining contributions from equity-accounted companies and a contraction in financial results. The board of directors also decided on the payment of an exceptional dividend advance of 380 euros per share.
Revenue of 1,644 million euros, driven by Bolloré Energy
Compagnie de l'Odet published on September 16, 2026 half-yearly accounts showing revenue of 1,644 million euros, up 8% at constant scope and exchange rates and 6% in reported figures.
The increase stems primarily from Bolloré Energy, at 1,467 million euros (+9% on an organic basis), in a context of widespread price increases linked to the Middle East conflict, despite a decline in volumes sold (-10%). The Industrial segment stands at 156 million euros (+1%), driven by Films and Systems, while the Other segment declines to 21 million euros.
In reported figures, the change includes a negative scope effect of 34 million euros, mainly related to the exit of Ovrsea from the consolidation scope in December 2025, and a positive exchange effect of 1 million euros.
EBITA down 20% and net profit attributable to the group at 54 million euros
Operating profit adjusted (EBITA) comes to 97 million euros, down 20% year-on-year. Bolloré Energy contributes 47 million euros, up 77%, driven by positive inventory effects and distribution in France and Germany.
The Communications segment declines to 184 million euros (-12%), notably due to lower contributions from Groupe Canal+ (-21 million euros) and UMG (-6 million euros). Industrial remains negative at -42 million euros, with a reduction in losses of 10 million euros, as Blue Solutions refocuses on next-generation batteries.
Financial results stand at 45 million euros, compared to 96 million in the first half of 2025, due to lower interest rates and a decline in dividends received from the Socfin group. After a tax charge of 28 million euros, consolidated net profit reaches 96 million euros, compared to 257 million a year earlier, and net profit attributable to the group stands at 54 million euros, compared to 163 million.
Exceptional dividend advance of 2.5 billion euros approved
The board of directors decided on the payment of an exceptional dividend advance of 380 euros per share, corresponding to an amount of 2.5 billion euros, with payment occurring on September 29, 2026.
This distribution follows the payment by Bolloré SE, in June 2026, of an exceptional dividend of 4.2 billion euros, and is in line with the announcement of March 17, 2026. On June 25, 2026, Compagnie de l'Odet received from Bolloré SE an exceptional dividend of 1.5 euros per share, or 3.1 billion euros.
As of June 30, 2026, net cash position stood at 3,658 million euros, compared to 5,126 million at end 2025, a decline of 1,468 million euros notably including the payment of dividends to non-controlling interests (-1,190 million euros) and acquisitions of minority interests for 253 million euros. Equity attributable to the group reached 13,269 million euros, compared to 12,793 million at end 2025.
