Vivendi: Revenue up 13.8% in third quarter, net debt reduced to €1,279 million
Vivendi published on October 20, 2026 revenue of €77 million in the third quarter of 2026, up 13.8% year-on-year, and net financial debt brought down to €1,279 million as of September 30. For a holding company whose value rests largely on its listed stakes, the publication also reveals an investment portfolio valued at €4,239 million at end-September, compared to €5,117 million three months earlier.
The two movements have distinct origins. The reduction in debt stems from partial repayment of the loan granted to Lagardère. The decline in the portfolio is mainly attributable to the valuation of the stake in Universal Music Group (UMG), which represents its largest component.
13.8% growth in third quarter, 2.1% over nine months
In the third quarter of 2026, Vivendi's revenue stood at €77 million, compared to €68 million a year earlier. At constant exchange rates and scope, the increase is 5.0%. The "Other" line, which notably includes V Collection since the second quarter of 2026, rose from €1 million to €5 million over the period.
Over the first nine months, revenue reached €217 million, compared to €213 million in 2025, a 2.1% increase in published figures and a 2.6% decline at constant exchange rates and scope. The quarterly profile for 2026 shows sequential progression: €69 million in the first quarter, €71 million in the second, €77 million in the third.
Gameloft, which carries the bulk of the activity, illustrates the gap between cumulative reading and that of the latest quarter. Its video game subsidiary posted revenue of €204 million over nine months, down 2.9% (-2.2% at constant exchange rates and scope). In the third quarter alone, it came in at €72 million against €67 million, up 6.4% (+6.1% at constant exchange rates and scope).
At Gameloft, PC and consoles offset decline in mobile
Gameloft's quarterly growth is based on the PC/Consoles segment, whose revenue increased from €29 million to €36 million in the third quarter (+24.1%). Mobile declined from €38 million to €36 million (-7.1%), so the two segments now carry equal weight in the quarter.
Over nine months, PC/Consoles grew by 6.6% to €101 million (+7.8% at constant exchange rates and scope) and represents 49% of Gameloft's revenues. Mobile declined by 10.7%, to €103 million from €115 million. Management attributes the quarter's performance to updates of the main games in its catalog, foremost among which is Disney Dreamlight Valley.
Revenues remain concentrated: the top five titles (Disney Dreamlight Valley, Asphalt Legends, Disney Magic Kingdoms, March of Empires and Disney Speedstorm) account for 64% of Gameloft's revenue over nine months. Geographically, North America advanced to €102 million from €92 million, while Europe, Middle East and Africa declined to €71 million from €80 million, and Asia-Pacific to €23 million from €29 million.
Net debt at €1,279 million, portfolio revalued at €4,239 million
As of September 30, 2026, net financial debt amounts to €1,279 million, compared to €1,591 million on June 30 and €1,501 million on December 31, 2025. Following a bond issue completed on September 9, Lagardère repaid €250 million of its loan, whose nominal amount stands at €200 million compared to €450 million. Vivendi for its part repaid ahead of schedule on September 22 €250 million of its bilateral structured financing agreements, reduced to a nominal €1,100 million. Including the loan to Lagardère, adjusted net debt reaches €1,076 million, compared to €1,140 million on June 30 and €1,050 million at end-2025.
The value of listed minority stakes declined to €3,935 million, compared to €4,772 million on June 30 and €5,532 million at end-2025. The stake in UMG is valued at €2,593 million (€14.265 per share), compared to €3,332 million (€18.33 per share) on June 30. When publishing its half-yearly results on September 3, 2026, the group already cited the decline in UMG's share price among its risks. On October 19, the rise in the UMG share price brings the value of listed stakes to €4,238 million and that of the overall portfolio to €4,542 million.
On the stock market, Vivendi shares touched a five-year low around €1.45 on September 30, 2026, before rising above €1.56 on October 16. On the regulatory front, Vivendi has been the subject since July 25, 2023 of an investigation by the European Commission concerning a possible early implementation of the takeover of Lagardère; the Commission sent it on July 2, 2026 a supplementary statement of objections, to which the group replied on September 18.
For the fourth quarter, presented as traditionally the most important period of the year (€94 million in revenue in 2025), Gameloft is counting on the October 15 release of Bluey's Happy Snaps, developed with the BBC, followed by the November launch of The Keepsake Sea, the fourth expansion of Disney Dreamlight Valley. For the full year 2026, analysts anticipate on average revenue of €320 million, according to consensus established on October 16, compared to €307 million achieved in 2025.
