Compagnie de l'Odet SE

Latest Results (30.07.2026):

Compagnie de l'Odet SE — first half (H1) 2025 results (covering Q1–Q2 2025): revenue of €1,547m, adjusted operating income (EBITA) of €121m and consolidated net income of €257m (Group share €163m). Results improved at the EBITA level versus H1 2024, while net income is much lower than H1 2024 because that period included a one-off €3.7bn capital gain on the sale of Bolloré Logistics. The Group held a net cash position of €5,195m at June 30, 2025 and roughly €9bn of liquidity (cash + confirmed credit lines).

Key consolidated figures

Revenue €1,547m (stable reported; -3% at constant scope & FX). EBITDA €136m. EBITA €121m (vs. -€8m in H1 2024). Net income €257m (H1 2024: €3,869m including one-off disposal gain). Group net income €163m. Net cash position €5,195m at 30/06/2025.

Segment performance — highlights

Bolloré Energy: revenue €1,337m (-2% organic), EBITA €27m (+52%) driven by higher volumes and margins in distribution. Communications (equity‑accounted entities including UMG, Canal+, Louis Hachette Group, Havas, Vivendi): combined contribution strong — Communications EBITA €210m; UMG contribution €118m (UMG reported +7% organic growth; Compagnie de l’Odet sold ~6m UMG shares for €165m). Industry: revenue €156m (-14% organic) and EBITA -€52m, an improvement vs prior year losses, with Blue focusing R&D on Gen4 batteries.

Profitability drivers and items

EBITA improvement to €121m benefited from +€211m contribution from equity-accounted operating companies. Net financial income €96m (higher dividends including Socfin and a €24.6m capital gain on UMG disposals). Taxes -€11m. Net income from discontinued operations was small (€14m) in H1 2025 versus large gains in H1 2024.

Balance sheet and liquidity

Shareholders’ equity €21,867m (Group share €13,263m). Net cash position €5,195m (up €390m vs 31/12/2024). Group liquidity reported at ~€9bn including cash and confirmed lines. Marketable securities/listed portfolio value ~€12.6bn at 30/06/2025.

Portfolio and corporate actions

Compagnie de l’Odet sold ~6m UMG shares for €164.9m and increased holdings in Havas (Acquisition via Compagnie de l'Etoile des Mers) and Canal+ (c.26m shares). The Group continued share repurchases (Compagnie de l’Odet repurchased shares in H1 and after period; Bolloré SE also repurchased and canceled shares in H1 2025).

Regulatory / legal events (Vivendi)

Significant post-period developments: the AMF (18 July 2025) required a proposed public buyout offer for Vivendi SE subject to further legal process; Bolloré SE appealed the AMF decision (appeal filed 28 July 2025). These proceedings and court timelines (Court of Cassation hearing set for 25 Nov 2025) create uncertainty regarding potential offers and scope of obligations.

ESG and risks

ESG reporting progress: 2024 global rating 59/100, climate strategy approved by the Board, and CSRD-aligned reporting published April 2025. Main risks referenced in Note 7 of the condensed half‑year financial statements (financial risk disclosures).

Takeaway

H1 2025 shows an operational recovery at EBITDA/EBITA driven by energy distribution and strong equity-accounted contributions (UMG, Canal+, Havas, LHG). Net income is lower year-on-year because H1 2024 included a large one‑off disposal gain. The Group remains highly liquid with significant listed holdings and active portfolio management; regulatory/legal developments around Vivendi are material events to monitor.