Vivendi Results: EBITA Reduced to €4 Million in First Half Due to Collective Redundancy Agreement
Vivendi published its first-half 2026 results on September 3, 2026, marked by an adjusted operating result reduced to €4 million due to a collective redundancy agreement at the headquarters. The investment portfolio value stands at €5,117 million as of June 30, 2026, compared to €5,878 million at the end of 2025, with the valuation of the stake in Universal Music Group declining from €4,041 million to €3,332 million.
EBITA at €4 Million After €21 Million Net Restructuring Cost
In the first half of 2026, Vivendi's revenue stands at €140 million, compared to €145 million one year earlier, representing a decline of 3.5% (and 6.4% at constant exchange rates and scope). The group attributes this decline to the seasonality of Gameloft game launches, with major releases positioned for the second half. The adjusted operating result (EBITA) comes in at €4 million, compared to €18 million in the first half of 2025. This aggregate includes a net cost of €21 million related to the collective redundancy agreement implemented at headquarters, the total cost of which reaches €25 million, recognized in the semester. Excluding this impact, EBITA would stand at €25 million, an improvement of €7 million year-over-year. The net profit attributable to the group comes to €28 million (€0.03 per share), compared to €30 million in the first half of 2025.
Gameloft Improves Its Margin, Headquarters Reduces Recurring Expenses by 13.8%
Gameloft's EBITA stands at €9 million, compared to €8 million one year earlier, an increase of 10.1%. The EBITA margin rate of the subsidiary rises from 5.5% in the first half of 2025 to 6.6% over the same period in 2026, a progression that the group attributes to the control of operating expenses and the management of marketing and production commitments. Gameloft's revenue comes in at €132 million, down 6.1% at constant exchange rates and scope, with the PC/console segment representing 49% of activity with growth of 0.6% on a comparable basis. The Corporate division shows EBITA of -€66 million, compared to -€52 million one year earlier; excluding the net cost of the collective redundancy agreement, it would stand at -€45 million, an improvement of €7 million, or 13.8%, related to recurring savings. The collective redundancy agreement represents 40% of the group's headquarters workforce.
Investment Portfolio at €5.1 Billion, Affected by UMG Decline
The overall value of the investment portfolio stands at €5,117 million as of June 30, 2026, compared to €5,878 million as of December 31, 2025. The stake in Universal Music Group is valued at €3,332 million (€18.33 per share), compared to €4,041 million (€22.23 per share) at the end of 2025. As of August 31, 2026, the UMG share price stood at €14.65 per share, representing a decline of 34.1% since January 1, 2026, and the overall portfolio value was reduced to €4.4 billion. Net financial debt reaches €1,591 million as of June 30, 2026, compared to €1,501 million at the end of 2025, primarily due to investments made (V Collection and a stake in Prisma Group) and the payment of the 2025 dividend. On March 31, 2026, Vivendi acquired the luxury division of Prisma Media, which became V Collection, for €10 million, as well as a 13.58% stake in Prisma Group for €30 million. This subsidiary contributes to consolidated revenue from the second quarter of 2026 onwards.
