Hello, good evening, and thank you for being with us this evening. We will, with François, comment on the full-year 2025 annual results.

I will start by the key highlights and to get straight to the point. 2025 marks Vivendi's first fiscal year in its new structure following the spin-off in December 2024.

The group has refocused over the past 12 months its business portfolio on content, media, and entertainment following the divestment of its telecom asset in Italy and Spain. Gameloft continued its strong momentum, driven by its successful transformation despite a challenging environment for the video game industry.

The group pursued its strategy of reducing corporate operating cost at headquarters. Now I'm going to hand over to François.

Thank you, Arnaud. Good evening, everyone.

I will walk you through the main figures of this year 2025, starting by the key figures of the P&L with this revenues of 307 million, EBITDA of 45 million compared with -1 last year, and net income group share of 20 million for the year 2025. On the portfolio of listed financial asset, we are at 5.5 billion compared with 6.8 at the end of previous year, and we'll come back on it.

In terms of financial net debt, our net debt is at 1.5 billion before the loan to Lagardère. This 1.5 are to be compared with 2.5 1 year before.

If we now move to our portfolio of listed company, no major move since our previous communication, but the stake in MFE, MediaforEurope, which went down from 19.80 to 15.92% due to the dilution after the deal of MFE with ProSieben in Germany. For the other stakes, we are at the level we were during our last communication, i.e., almost 10% for Universal, 19% for Banijay, 11% for PRISA, and 13% for Lagardère.

In terms of valuation of our portfolio, the listed financial portfolio is at 5.532 billion, mainly coming from UMG, 4 billion; Banijay is almost 700 million; Lagardère, 350 million; and MFE, 400 million. In terms of dividend received from this financial assets, it has represented 158 million for the year 2025.

Now let's have a look at the evolution of our portfolio between the end of the year 2024 and then the year 2025. It went down from 7.2 billion to 5.8 billion.

This is the overall portfolio, the one I described as listed company, to which we have the Gameloft stake and the treasury shares. We moved from 7.2 to 5.9, let's say.

Partly the evolution comes from acquisition and sale of the period. We have disposed mainly Telecom Italia and Telefónica, representing a divestment of 1.4 billion during the period.

In the same time, we have acquired new shares of Lagardère for 296 million, which was the end of the tender offer with [droits de cession?] which have been exercised during the first half 2025.

It's a net divestment of 1.1 billion, 1 billion 053. In the same time, we have had evolution of our existing portfolio.

The main evolution is about UMG, which went down by 453 million. It's the evolution of the stock price between the end of the year 2025, roughly €24 per share, to the end of the year 2025, roughly €22 per share.

There has been a positive evolution of TIM before the disposal, which is 206 million, and that explains the total change of portfolio of 294 million. A few words now on Gameloft.

Gameloft, which has done a very positive year. The revenue is up by 4.2% in organic, and the EBITA almost doubled from 8 million to 15 million.

You see the evolution by region with a very sound performance of North America. Let's say on Gameloft that Gameloft has worked hard on its cost basis, and now take advantage of this reduction of cost with good performance of main games, including Disney Dreamlight Valley, which is the game number one in the Gameloft portfolio.

In terms of financial net debt evolution, from 2 billion 573 at the end of the previous year to 1 billion 500 at the end of this year, mainly coming, as you can imagine, from the divestiture I've just described, 1.5 billion, Telecom Italia, Telefónica mainly. The acquisition of the Lagardère share for 296.

The CFFO has been very solid, the cash flow from operation at 68 million. We have paid dividend for 40 million, interest and tax for 42 million, and we have the impact of the discontinued operation, mainly coming from the end of the split operation, which has generated 82 million of discontinued operation, which leads us to this 1.5 billion net debt at the end of the year 2025.

This 1.5 billion, on the next chart, you will see where it's coming from. We have still our margin loan with five banks for 1.3 and 50 billion euro.

In addition, we have some short-term marketable securities for 352 million, mainly in UCIP. We have this 1.7 billion financial net debt and 200 of gross cash position, which leads to the 1.5 net debt position at the end of the year 2025.

If we now move to our P&L, the revenues, I said 307 million, up by 4.3% in organic, mainly coming from Gameloft, which reflects the good performance I've already described. By business unit, the EBITA, you see the positive evolution of Gameloft I have already described, and the very positive evolution also of the corporate cost, which are coming from 126 million to 99 million, which is the route we are on to reduce our HQ cost for the coming months.

To finish, I will describe the net income group share, which is a profit of 20 million compared with a huge loss of last year due to the split operation. Starting from the EBITA I have just described at 45 million, then you have a few things to say, but the level of the interest at 73 million, and mitigated by the income from operation, which are the dividend coming from Lagardère, MFE, and Banijay.

The net financial cost is at zero with the interest plus the other financial charge being at the level of the income received from our subsidiaries. That leads to this 20 million euro net income group share.

That's where we are in a nutshell. What we can tell you is that the Q1 revenues will be released on April 21st, day of the next shareholder meeting.

That during this shareholder meeting will be proposed a dividend of 4 cents per share, which is a yield of almost 2% at the current stock price, in line with the guidance we gave during the time of the split. This dividend will be paid on April 24th.

That's where we are for this year 2025, and with Arnaud, we are now at your disposal to answer any question, please.

Hi, thank you for taking my question. I just have one question, please.

Do you have an update on the cash and portfolio allocation strategy, please? Thank you.

Could you repeat, because the sound is quite bad, and I don't know... I think

Laura was about... Sorry,

is that better?

Yes, it is better.

Sorry about this. Do you have any update on the cash and portfolio allocation strategy, please?

Thank you, Laura, for your question. As you have seen during 2025, we exited our position in Telecom Italia and Telefónica.

As regard to the future and based on our current portfolio, we are monitoring the situation of the different assets and preparing for the right timing as regard to an exit when the time is there and the value that we can expect from our different stake is going to be there. As regard to the proceeds, the proceeds are going to be used on three different objective.

Number one is going to be dividend paid to our shareholder. Second is going to be the decrease of our level of debt.

The remaining being allocated to situation and companies that are going to be part of our next equity story. We are currently preparing different options available to us in the future, and that's work in progress.

Do you want to add something, François? No,

no, I think you've been extensive. Thank you.

That's very helpful. Thank you.

Merci.

Yes, good evening. Several questions if I may.

First one is on your corporate cost. You announced the restructuring at the headquarters.

What is the level of corporate cost that you are targeting after this restructuring plan implementation? Second question is on your portfolio.

Is there any change in your holdings since the beginning of the year? Also a question on Universal Music.

Could you make a comment as regard market valuation of UMG and also the decision by the management team to postpone the dual listing in the US? Final question is on treasury shares.

You just canceled 7 million of treasury shares out of the remaining 27.9. How much have to be canceled before year end, please?

Thank you, Eric. Starting by the corporate cost, as I said, we are on the route to reduce this corporate cost.

We have done positive evolution in 2025. We aim to keep on reducing, and the target is roughly to be at let's say between the 2025 and 2027, once the plan would be achieved, to be at reduction of let's say around 20% of our existing cost.

We are still negotiating the plan, we can't give you any precise figures, but we could give you some more flavor in I would say one or two months' time once the plan has been fully negotiated and implemented. On the portfolio, Eric, could you tell me about your question precisely?

What... Yes, since the beginning of the year, unfortunately the main evolution is about UMG, as the other stakes has been quite stable.

UMG is another story, at €22 million €22 per share at the end of the year 2025 when we closed the accounts, and we are roughly today at €18, sometimes below. It's €4, we have 181 million of shares, it's 700 and 720 million of reduction of our portfolio.

That's the main evolution of the shares. We have not sell any shares.

We have kept the portfolio as it was during this first two months. I will hand over to Arnaud on the UMG questions.

On the treasury shares, we still have 27,000 shares to cancel. Most of them will be canceled during the month of July, and I think it's 17 in July and the rest between now and July.

At the end of the month of July, we'll have canceled all our shares, the one we had in our portfolio early this year. Now I give the floor to Arnaud.

As regard to the situation of Universal Music Group, well, obviously, we have seen the numbers which have been released, and those numbers are pretty compelling. They were good results.

Obviously, the trend of the share price over the past few weeks has been pretty disappointing. We do think that, obviously, question mark as regard to AI impact in the business model and so on and so forth is the big issue.

I guess that markets and the Street doesn't like uncertainty, and I really think that at this level of price and compared to the target price of main analyst, we're far away from the true value of the business. We at Vivendi do trust Sir Lucian Grainge and the management team to be able to ride through that period and to prove that the business should have a much greater value as it is today.

I remain optimistic and positive as regard to the forecast. As regard to the listing, well, as a shareholder of the company, we do back every initiatives as regard to value creation for the shareholder.

I've not been in the details of this project of double listing in New York, I can't comment and make any statements as regard to the situation. Again, as a proactive shareholder and with the willingness to support any initiative to create value, we'll do that.

Don't know whether this US listing would reach this objective, I can't comment anymore that specific topic. Thank you, Eric.

Thank you very much.

Any more question?

Thanks, good evening. I just wanted to ask about something from your press release about how you remain committed to the strategy of developing the businesses you control and of actively managing your portfolio of investments.

I wanted to ask if you see, for example, opportunities in gaming, adjacencies for Gameloft, or perhaps other sub-sectors. Yes, if you could help us with the thinking of what areas could be most of interest for you.

Then secondly, regarding your views around how AI could change the gaming space in the medium term, and if there is any applications and implementations you're doing within Gameloft. Thank you.

Thank you, Silvia. We with François are going to do our best to be comprehensive, but at least 50% of your question were just blurred by electronic influence, I'm not sure that we're going to be comprehensive.

If there are a few questions that we are not answering, please tell us. I understand that you wanted to have a vision as regard to which target we could have in terms of M&A in the future and the place of Gameloft in that environment.

Vivendi is going to remain an investor in media, entertainment, information, and content operation. As we speak, a team is working on different opportunities.

Opportunities should be opportunities of growth and matching this wide range of opportunities. We are currently working on different scenarii to be ready when the time comes.

As regard to Gameloft, well, you have seen the numbers 2025 compared to 2024, and we are happy about the trend. We do think that in a market which has gone through many changes and a kind of a situation of decline, Gameloft has performed well.

For two main reasons. A, a redefinition of the management organization and the cost base our operation, focusing on the big hitters that could really make a difference, our blockbusters, and canceling the kind of a operations which were not as positive, and while transforming the company from a mobile game operation into a multi-platform operations.

The level of quality of our studio, the level of quality of our publishing team created the right dynamic to be able to make a difference. Yes, we do think that the gaming environment with those solid foundation that Gameloft has established over the past few months and the numbers that have been delivered is opening for us perspective, and we are currently working on different opportunities.

That's for the gaming. As regard to AI, I think that AI is two things, how can it improve our creativity and the capacity on the different line of business to focus our resources in people and creative people to make a difference and to use AI to be faster in developing new creative asset and with a cost base that is going to benefit from the efficiencies that AI is generating on the one hand.

At corporate level, creating an environment where here also, we're going to make sure that resource available are going to be focused on what is going to create true value for the shareholder. As we know, AI is moving on a day-to-day basis.

It's a period of uncertainty on the kind of a size of the importance of AI in the operation. We are in the creative business, and in the creative business, there was a famous sentence as regard to can AI be creative?

I think that this is a sentence equivalent to the one which could ask whether submarines know how to swim. We do think that it's a transformation factor, obviously, in our operations.

I'm believing that in the creative world, among others, but we are in the creative business, AI will be benefit to the operation and is opening for our different operations more opportunities than threat. Maybe François, do you want to add something?

No? Have I missed something, Silvia, in your question?

No, that was all. Thanks a lot.

Thank you very much.

I'm going to speak on behalf of François and I and our team. Thank you very much for your attendance.

Thank you very much for your question. Thank you very much for your support.

Have a good evening, and speak to you all in the near future. Thank you very much.

Good evening.