Compagnie de l'Odet : First-half 2025 results

Core Insights - Compagnie de l'Odet reported first-half 2025 results that were in line with expectations, with revenue of 1,547 million euros, reflecting a 3% decline at constant scope and exchange rates [1][4] - The adjusted operating income (EBITA) was 121 million euros, a significant improvement from a loss of 8 million euros in the first half of 2024 [5][9] - Net income for the period was 257 million euros, a substantial decrease from 3,869 million euros in the first half of 2024, which included a significant capital gain from the sale of Bolloré Logistics [2][9] Financial Performance - Revenue breakdown showed Bolloré Energy at 1,337 million euros, down 2%, while the Industry segment reported 156 million euros, down 14% [5][21] - Adjusted operating income by segment indicated a 52% increase in Bolloré Energy to 27 million euros and a 135% increase in Communications to 210 million euros [6][23] - The net cash position as of June 30, 2025, was 5,195 million euros, an increase from 4,806 million euros at the end of 2024 [11] Shareholder Actions - The company engaged in share repurchase activities, acquiring shares worth 19 million euros, representing 0.2% of the share capital [12] - Compagnie de l'Odet sold nearly 6 million UMG N.V. shares for a total of 164.9 million euros and purchased shares in Havas N.V. and Canal+ [14][15] Corporate Changes - Following the spin-off of Vivendi, the company no longer has control over Vivendi but retains significant influence, with its contributions now accounted for using the equity method [3][20] - The company is in the process of complying with a public buyout offer for Vivendi shares as mandated by the AMF [18] Key Figures - Consolidated key figures for H1 2025 included revenue of 1,547 million euros, EBITDA of 136 million euros, and net income of 257 million euros [19] - Shareholders' equity totaled 21,867 million euros, reflecting a slight increase from 21,754 million euros at the end of 2024 [10]