Bolloré's Performance Review for First Half of 2025
Overview of First-Half 2025 Financial Performance
BOLLORÉ
Results in Line with Expectations
Revenue: 1,547 million euros, a decrease of 3% at constant scope and exchange rates.
Adjusted Operating Income (EBITA): 123 million euros. This figure includes results from equity-accounted associates such as UMG, Groupe Canal+, Louis Hachette Group, Havas, and Vivendi.
Net Income: 242 million euros, which shows a notable decline compared to the 3,884 million euros reported during the same period last year, characterized by a significant net capital gain from the asset sale of Bolloré Logistics in 2024.
Net Income Group Share: 240 million euros.
Net Cash Position: At June 30, 2025, the company's net cash position stood at 5,530 million euros.
Interim Dividend: 0.02 euros per share, translating to 57 million euros, is scheduled for cash payment by September 30, 2025.
Changes in Accounting Practices: The first half of 2024 saw Vivendi’s contributions reclassified under discontinued operations due to the company's reduced control over these entities following strategic restructuring.
Strategic Efforts Leading to Mid-2025 Performance
Bolloré's Board of Directors reported that as of June 30, 2025, the company's revenue totaled 1,547 million euros, reflecting a minor decline of 3% at constant exchange rates as market dynamics shifted, particularly in the energy sector.
Revenue Breakdown:
- Bolloré Energy: Income was 1,337 million euros, down 2%, attributed to falling prices even as overall sales volume increased.
- Industry Sector: Generated 156 million euros, down 14%, impacted by lower sales of 12-meter buses to RATP in the first half of the previous year.
Despite the drops in revenue, a reported basis indicated stability, bolstered by strategic acquisitions such as that of Chantelat in late 2024, and minor currency fluctuations.
Profitability Metrics:
Adjusted Operating Income (EBITA): Reached 123 million euros, a striking recovery from breaking even in the first half of 2024. This recovery is supported by considerable improvements in various sectors:
- Bolloré Energy: Contributions soared by 52% to reach 27 million euros due to increased sales volumes and improved profit margins.
- Communications: Reported earnings surging by 131% to 203 million euros, greatly influenced by the enhanced contributions from UMG and new recognitions of Canal+, Louis Hachette Group, Havas, and Vivendi using the equity method.
- Industry sector: A reduction in losses down to 52 million euros presents a positive trend compared to previous periods, while Blue Solutions continues research into next-generation battery technology.
Meanwhile, the net financial income reported was 95 million euros, a substantial increase from 61 million euros last year, benefiting from higher dividend yields, including from Socfin Group.
Adjusted Financial Indicators:
Notably, Bolloré's net income from equity-accounted non-operating firms fell to -1 million euros, reflective of internal financial restructuring efforts as the impact from previous year gains is now behind.
Considering tax effects, the consolidated net income landed at 242 million euros, a significant drop contrasted with last year's extraordinary gains related to logistical asset sales.
The Group's shareholders’ equity reported amounts to 25,555 million euros, indicating minor fluctuations primarily due to market artifacts tied to security valuations and dividend distributions.
As of the last financial reporting period, Bolloré Group's liquidity remains robust with a net cash position hitting 5,530 million euros, slightly up from the preceding year.
Key Transactions and Strategic Developments
The first half of 2025 marks critical transactions for Bolloré SE, which have included:
- Bolloré SE executed a repurchase of 35.4 million shares representing 1.26% of its total share capital, costing 196.5 million euros. Additionally, 44.1 million shares were canceled during this time.
The organizational shifts continue with proposed public buyouts for several affiliated companies, emphasizing Bolloré's focus on streamlining operations.
Vivendi Divestiture:
Bolloré's strategic transition included a partial spin-off of Canal+ and Louis Hachette Group, recently solidified through shareholder approvals, showcasing a strong evolution towards equity-accounted company status.
The financial landscape continues to evolve, necessitating adjustments in how Bolloré engages with entities like Vivendi post-spin-off, maintaining influence but no direct control thereafter.
Financial forecasts project potential developments in the upcoming quarters as court rulings may influence compliance requirements regarding public buyouts.
Frequently Asked Questions
What were Bolloré's total revenues for the first half of 2025?
Bolloré's total revenues for the first half of 2025 amounted to 1,547 million euros, marking a decrease of 3% at constant scope and exchange rates.
How did Bolloré's adjusted operating income (EBITA) perform?
The adjusted operating income (EBITA) for Bolloré was 123 million euros, a significant improvement compared to breaking even during the first half of 2024.
What can we expect for Bolloré's interim dividend?
The interim dividend is set at 0.02 euros per share, payable in cash on September 30, 2025.
How is Bolloré adapting to changes in market conditions?
Bolloré is responding to market dynamics with strategic acquisitions and divestitures, particularly focusing on enhancing profitability in energy and communication sectors.
What was notable about Bolloré's financial strategies in early 2025?
Key strategies included share repurchases and preparations for public buyout offers, demonstrating an emphasis on maintaining shareholder value and streamlining operations.
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