Vivendi Stock

Ladies and gentlemen, dear shareholders, welcome to the 2026 Annual General Meeting of the Vivendi Group. Thank you, of course, for being here this morning. And I'd also like to greet those who are following us online. Thank you also to the Casino de Paris teams for the first time hosting Vivendi's AGM, and I'd like to remind you that the Casino de Paris belongs to the Lagardère Group, of which Vivendi is a shareholder.

First of all, I propose that we proceed with formalities in order to formally open our General Meeting. I'd like to remind you that our shareholders meeting was convened today by notice of meeting published in the BALO, 1st of April 2026. The legal announcement journal [indiscernible] the same day as well as by letters addressed to all registered shareholders. On the desk of the meeting over there on stage, there are the documents that have been available to shareholders in the forms and within the time limits prescribed by law.

I'd like to remind you, your assembly is called upon to vote on the following agenda. Firstly, the approval of the reports and accounts for FY 2025, setting of the dividend, approval of the statutory auditor's report on regulated agreements, approval of elements of '25, '26 remuneration of corporate officers, renewal of Madam Maud Fontenoy on the ratification and co-optation of Mr. Bernard Osta as members of the Supervisory Board, authorizations relating to share buybacks and cancellations as well as delegations relating to capital increases reserved for employees.

And lastly, bringing the Articles of Association into line with the new legislative regulatory provision relating to decision-making by written consultation of the Board in terms of conditions for participating in AGMs. The provisional quorum stands at 69.56%. The AGM is therefore regularly constituted.

I see shareholders as still arriving and the final quorum will be decided by Frederic before we vote for the formation of the bureau. I'm very pleased to welcome Madam Kim Menin representing companies Bollore SE and Compagnie de l'Odet. Madam Florence representing the Vivendi Employee Mutual Fund, our main shareholders present, who've agreed to act as scrutineers.

Very good. I propose to the meeting as I do every year to appoint Mr. Frederic Crepin, here present as Secretary to the meeting. [indiscernible] bailiffs have checked their signing in operations, will oversee smooth running of votes. Present at my side, like last year, Arnaud de Puyfontaine, Chairman of the Management Board, Celine Merle-Beral, Frederic Crepin, and Francois Laroze, all 3 members of the management Board fully constituted. The assembly is, therefore, officially open.

Dear shareholders. First of all, I'd like you to spare a thought for Mr. Philippe Labro, who was elected a member of Vivendi's Board at the last AGM and who passed away sadly on June 4. Philippe Labro, great figure in culture and journalism, and we pay tribute to his memory today with a great deal of emotion and gratitude.

Following his passing, the Board coopted Mr. Bernard Osta to succeed him and subject to the ratification of this co-optation today. Bernard Osta will put his experience as an executive at the service of the Board by chairing the Governance Appointments and Remuneration Committee as well as serving as Vice Chair and Independent Lead Member. We're delighted also to be able to count on his commitment at our side.

I'd also like to welcome the arrival last year of Madam Laure Delahousse who will chair the Audit and Sustainability Committee. These changes, as you'll see, reflect the new composition of the Supervisory Board, as you know.

The terms of office of Mr. Philippe Benacin, Madam Cathia Lawson-Hall and Ms. Katie Stanton expire today. All 3 joined the Board 12 years ago and chose not to seek the renewal of your mandate for reasons of independence. So on behalf of the Supervisory Board and Vivendi shareholders, I'd like to warmly thank the 3 of you for your contribution over the past 3 years. Thank you very much.

Madam Maud Fontenoy joined the Board in April 2022. We proposed that you renew her mandate for a 4-year period. Subject to your approval, the board will #6 members with Laurent Dassault and Sandrine Le Bihan, who might like to agree. Perfect balanced representation between women and men and 2/3 independent members. So thank you to all members of the Board.

I'd also like to thank Arnaud de Puyfontaine as well as members of the Management Board for the quality there, where we propose to renew the management Board and its current composition for members, Chairman, Arnaud, General Secretary Frederic Crepin, CFO, Francois Laroze and our Head of Human Resources Strategy, Celine Merle-Beral.

I'd also, of course, like to thank all the group teams for their commitment and engagement in a particularly foundational year, and thank you, dear shareholders, for your presence and loyalty over these many years.

2025 was clearly a pivotal year for Vivendi, the first full financial year since the group's split for financial year and it's a new configuration. Vivendi is now a group refocused on its industrial assets and financial holdings, Gameloft, UMG, Banijay Group, Lagardere, MediaForEurope, MFE and PRISA.

This refocusing was accompanied by clear decision, the sale of our stakes in Telecom Italia team, the telco operator [indiscernible] Italia, which wanted to strengthen its position in the capital as well as its sale of the stake in Telefonica. We decided to exit telecommunications to focus fully on our core business.

Our strategy is clear and straightforward, disciplined selectivity and long-term value creation and Arnaud de Puyfontaine will return to that in a few moments. The disposals have significantly strengthened our financial structure.

In parallel, we've adapted our organization and continued our cost-cutting efforts to better align with our new scope in a market that remains volatile. The value of this transformation is not yet fully reflected, but our cause is clear, and we're confident in future value creation.

The year 2025 was also marked by ongoing procedure on the issue of Bollore Group's control of Vivendi and the possible implementation of a buyout offer for Vivendi on November 28, 2025, the full Cour de Cassation helped that control had not been established referred the case to the court of appeal. We're waiting for the decision of said court appeal by next summer, hearing set in May and July 2025.

European Commission also sent Vivendi a statement of objections as part of its investigation initiated in 2023 into possible early takeover gun jumping of Lagardere, Vivendi responded in October 2025 by setting out all the arguments that should justify its exoneration.

We're waiting on the commission's decision following the hearing of December last year and an uncertain geopolitical and macro environment, Vivendi benefits its robust positioning with assets little exposed to international trade tensions. Results presented last March, present the solidity of our trajectory.

Francois Laroze, CFO, will set out that in a few moments, continuing our efforts for social environmental commitments, strong conviction that sustainable performance requires responsibility, Celine Merle-Beral will return to that.

The year 2026 is opening under the sign of consolidation and development. True to its identity, Vivendi intends to fully leverage the profound transformations of our industries driven by digital and AI.

In this context, one thing doesn't change the value of content, their quality, their authenticity and responsibility are more than ever crucial. And that is where the difference lies. That is where trust is built, where addressing this new stage with confidence driven by the quality of our assets, expertise and commitment of our team.

The rest of our story remains to be written. We have all the assets to build it. I'd now like to give the floor to Arnaud de Puyfontaine, Chairman of the Management Board and thank you for your attention.

Yannick, thank you very much. Ladies and gentlemen, shareholders. 2025 for Vivendi was a year of transition. After the historic split back in December 2024, which saw Canal+, Havas, Louis Hachette Group become each independent, each listed on their own respective markets. We've since turned the page from one chapter moving into a new one.

This new chapter is smaller. It's much more readily accessible for people. It's more ambitious. This is a chapter built upon a number of key stakes, strategic holdings in content, media and entertainment.

First, UMG, Universal Music Group, we have 9.9% of overall stakes. And it's been in the press recently after the announcement of a nonbinding offer by Pershing Square. There you have the global content production and distribution group, Banijay. We have a 19.1% stake. European Television Group, MediaForEurope, formerly Mediaset, with a 15.9% stake and the Spanish group PRISA, with a stake of 11.2%.

Vivendi also holds a stake in Publishing and Travel Retail with Lagardère. And another in the press sector with Prisma Group both with a stake of around 14%. In addition to these holdings, there are two 100% owned operating assets, Gameloft and V Collection, and I will talk about them in just a moment.

This is a set of assets that are united by one singular conviction, quality content in a world saturated with information, news transformed by AI. This is for us a considerable competitive advantage.

As of December 31, 2025, the value of our portfolio amounts to EUR 5.532 billion, including Gameloft and various treasury shares, the overall value of the portfolio reached EUR 5.87 billion.

In financial terms, the year was one under control. We finalized our withdrawal from telecommunications, a sector which is now far from our core business with the stake in TIM, Telecom Italia, sold to Poste Italiane under good conditions in 2-stage divestment, and we also sold our entire stake in Telefonica.

These operations have meant we could significantly reduce our debt level, which now stands at EUR 1.5 billion as of 31st of December 2025 compared to EUR 2.57 billion at the end of 2024, that is a reduction of over EUR 1 billion in just 1 year.

At the same time, we continued to streamline costs at head office, so that we could adapt it to the new business scope. We concluded a collective contractual termination agreement that covers about 60 positions within our holding company. I would now like to quickly say a few words about Gameloft before its CEO, Alexandre de Rochefort presents the more specific results.

Gameloft is steadily and successfully pursuing its own transformation. From a business historically focused on mobile video games, the group is now expanding its business footprint into PC, console and subscription platforms, in line with major trends in cloud gaming and streaming.

The global video game market represents nearly $190 billion, in Gameloft within that space embodies Vivendi's ability to provide long-term support to a high potential creative asset. Alexandre will give you the full measure of what has been accomplished over the past year and what remains to be done.

At the beginning of the month, we finalized acquisitions for Prisma Media's Luxury division, which now incorporated into Vivendi gives rise to a new subsidiary, a new sector for us called V Collection.

V Collection brings together exceptional premium brands. First and foremost, the oldest fashion magazine Harper's Bazaar created back in 1867. In addition to that, you have Cote Maison, IDEAT, Milk, The Good Life, 5 brands. Each brand embodying within their respective spaces, editorial stringency, which is much sought after both by advertisers and readers alike.

The luxury is a sector of response to its own goings within long-term frameworks. Harper's Bazaar in France has demonstrated in just 3 years, thanks to the talent of its editor in chief Olivier Lalanne and it's -- all of his teams. They have showed up a leading position.

It's a drive that V Collection intends to build upon to become the key reference, the benchmark for luxury media and cultural content in France and internationally by capitalizing in particular, on our privilege links with the host group, the host corporation as we have already begun to do with Harper's Bazaar brand.

To see this project forward, we've entrusted management of V Collection to Clement Pelletier, who with background in media and publishing, will have to lead this project with all the ambition and rigor it deserves.

Now let's quickly see [Audio gap] obviously, we want everyone to read and love these brands as much as possible. So with V Collection Vivendi is fully leaning into its role as an incubator and mentor of high-potential creative assets, something that it knows perfectly well -- something it knows perfectly well as evidenced by its support for Universal Music Group up until its successful IPO in 2021.

These movements as we disengage from telecoms, we strengthened our position in Lagardere. We launched V Collection, all of this is shaping the consistency and coherence of our trajectory forward.

Vivendi is a player. We operate in content creativity and meaningful industries. At a time when AI is transforming production and distribution of content, quality, authentic and trusted assets are essential things to make a step-out from competition. This is a deep conviction, I believe, and it is that on which we build our strategy.

As Yannick pointed out, from a legal point of view, we're still waiting for new decisions to come through. We are following these cases with the utmost attention. Before concluding, I would just like to join Yannick to pay tribute to Philippe Labro. We pay tribute to his memory with respect and gratitude.

Ladies and gentlemen, dear shareholders, despite the uncertainties that we faced in 2025, Vivendi move forward steadily. We executed our strategy with discipline and a clear site. We strengthened our balance sheet. We clarified our business scope, and we prepared for future growth drivers.

This ability to combine financial rigor on one side and industrial ambition on the other, will continue to guide our action as we push forward, following key objectives to remunerate shareholders, to reduce our debt, in particular, by optimizing our structural costs and finally, to fully lean into our role as an active minority or majority investor depending on the opportunities that we have identified.

Therefore, in coming months, we have great confidence and great determination, true to our commitment to you and to each of our stakeholders. Thank you. Thank you for your attention.

Arnaud, thank you very much. I would now like to hand over to Francois Laroze, our CFO.

Good morning to all dear shareholders. It's now my duty to present the group's 2025 financial results. Summarized here the results published on March 12, the portfolio holdings held by your group representative value of EUR 5.5 billion at the end of 2025 down compared to 2024, mainly due to the sale of shares, net of purchases.

In this context, net debt amounted to EUR 1.5 billion, down EUR 1.1 billion over last year. Revenue amounted to EUR 307 million in 2025, up 4%, thanks to Gameloft and EBITDA amounted to EUR 45 million. The net income group shares of profit of EUR 20 million in 2024. It included the effects of the group's spin-off.

EBITDA by business. Group is up EUR 46 million, thanks to doubling of Gameloft's profit, significant reduction in corporate cost increase in UMG's share of earnings, group EBITDA stands at EUR 45 million, 2025. As reported revenue totaled EUR 307 million in 2025 and EBITDA at EUR 45 million. EBIT operating result positive at EUR 18 million compared to a loss of EUR 264 million in 2024.

The 2024 financial statements were impacted by the impairment of Gameloft's goodwill, EUR 440 million to settle agreement with institutional investors for EUR 96 million income received from our financial investments, essentially, the dividends received, offset the increase in the cost of financing after taking into account the net income of divested operations.

Net income group share shows a profit of EUR 20 million compared to last of EUR 6 billion in 2024, which included the accounting consequences of the demerger. Portfolio of listed investments that Arnaud has just discussed represented a value of EUR 5.5 billion at the share price of December 31, 2025, as previously indicated.

The main movements in our portfolio of listed investments came from the sale of TIM and Telefonica shares for EUR 1.35 billion, the purchases in Lagardere shares for EUR 296 million, mainly related to the exercise of Lagardère transfer rights subscribed by certain shareholders during Vivendi's public offer in 2022. The group moreover, received EUR 155 million in dividends in 2025 from its listed shareholdings.

Let's look at the performance of our unlisted asset Gameloft, which is 100% owned by Vivendi. 2025, Gameloft achieved revenue of EUR 303 million, up 4%, driven by the expansion of PC, console platform revenue represented 47% of revenue as compared to 42% in 2024.

EBITA for 2025 came in at EUR 15 million as compared to EUR 8 million at December 31, 2024. Continued improvement in profitability is due to the growth in activity driven by the successor of Disney Dreamlight Valley and the positive effects of cost reduction plans implemented, closure of several studios, more selected investments, particularly in marketing.

Let's now spend a few moments on the evolving financial debt. Net financial debt decreased from EUR 2.6 billion at the end of 2024 to EUR 1.5 billion at the end of 2025. The notable elements that mark a change in the group's financial debt are mainly, as we said, the sale of our stakes in TIM and Telefonica for EUR 1.35 billion, sale of GVA shares to Canal+ for EUR 66 million, and acquisition of Lagardère shares for EUR 296 million mainly related to sale rights granted in 2022.

Lastly, partial repayment of the loan granted to Lagardère for EUR 50 million. Consequently, our financial position remains very strong with EUR 4.7 billion in equity at end of December last year is against EUR 4.6 billion at the end of '24. Net financial debt of EUR 1.5 billion and a portfolio of listed securities valued at EUR 5.5 billion at December 31, 2025.

A few words now on Vivendi's corporate results. Loss is of EUR 92 million compared to a loss of EUR 229 million in 2024 reflects the strong reduction in corporate costs in 2025, in 2024 included the costs generated by the implementation of the merger, that's EUR 80 million.

Financial result was income of EUR 527 million includes dividends received for EUR 158 million including UMG, EUR 95 million, but also the positive impact of disposal of TIM and GVA shares for a total of EUR 490 million in total. Vivendi's net income is a profit of EUR 446 million.

Turning now to the appropriation of profits. It's proposed that your approved resolution #4, i.e. the payment in cash in respect of 2025, an ordinary dividend, EUR 40 million or EUR 0.04 per share to be deducted from the profit for the year. If approved, this dividend will be paid out as of 24th of April 2026 with an ex dividend date set at 22nd of April 2026.

A few words now regarding Q1 financial information reported this morning before market opening. Firstly, listed investments as of March 31, 2026. It stands at EUR 4.4 billion, down more than EUR 1 billion compared to the end of December 2025.

This decline is attributable to the decline in UMG and MFE share prices. Nevertheless, given the recent evolution of our equity securities, in particular, UMG, MFE risen sharply over the past, we remind you, amount of our portfolio April 20, last night amounted to EUR 5.2 billion, close to that at December 31, 2025.

In Q1 2026 revenue amounts to EUR 69 million, up 1.3% compared with Q1 2025 at constant scope and exchange rate. These figures reflects the activity of Gameloft, which in a challenging environment for the video game industry is performing well with continued growth of the PC console segment, which now represents 51% of revenue as compared to 49% for the mobile segment.

As a reminder, on March 31, 2026, Vivendi acquired the Luxury division of Prisma, which now bears the name V Collection, described by of note as of Q2 2026 that V Collection will contribute to the consolidated revenue of Vivendi. Furthermore, Vivendi concomitantly acquired a stake of 13.58% in Prisma Group, the holding company of Prisma Media as part of a capital increase in cash.

Finally, let me remind you that January 12, 2026, as part of our initiatives to reduce our corporate costs, Vivendi initiated an information consultation procedure with employee representatives as part of the implementation of a collective contractual termination at group's headquarters 18th March and agreement was signed with the trade unions, validated by the DRIEETS on April 2 for implementation as of the 1st of June 2026. Ladies and gentlemen, dear shareholders, thank you for your attention.

Francois, thank you very much. We're now going to hear from Celine Merle-Beral.

Yannick, thank you very much. Good morning, dear shareholders. It is my pleasure to talk to you about the group's CSR policy, one which we have been implementing for many years now, we strive for responsibility. It is a deep held conviction that companies today have an essential role to play in building and in society, which is more inclusive and a company that needs to actively contribute to the fight against climate change.

But on top of that, we operate within a highly strict framework since the demerger, and it's entity the SBF 120. Vivendi has been operating in a regulatory environment that reinforces expectations in terms of extra financial performance.

As you can see on the screen, with more than 2,500 employees in 19 countries, Vivendi and Gameloft intend to fully lean into their role, driven by social, environmental and societal responsibility.

Our CSR program creation for the future guides everything that we do. And thanks to that, year after year, we make significant progress for the group. Progress that has been recognized this year by the ratings agency, MSCI, which raised Vivendi's rating from BBB to A. I would like to thank all teams at headquarters and at Gameloft, whose commitment has been decisive in advancing these issues forward.

Let me now present to you our main results, starting with the environment. On the slide, you can see that in 2025, Vivendi reduced its greenhouse gas emissions related to its businesses by 27% for the first time. This decrease has been observed across all measurement scopes. This is a major step forward for our group because it shows that financial and environmental performance can go hand in hand.

We remain fully committed to aligning our activities, our businesses with the goals of the Paris Agreement, and we hope to help limit global warming.

In terms of energy, 78% of electricity used by the group around the world is now renewable, a figure that has reached 100% in France. And you can see here on the next slide that we are putting in place concrete action to pursue issues to help people who are far, were moved from -- don't have access to culture. This is through our philanthropic program called Les Moments.

It is a solidarity cultural program, which has made it possible for over 350 young people in the yield of France, Greater Paris region to have access to unique experiences in venues such as Olympia, La Seine Musicale or Théâtre de l'Œuvre.

Third pillar of our CSR program is for gender diversity and inclusion. In a historically male-dominated technology and digital sector. Gameloft has undertaken numerous initiatives to favor women's careers, thanks to which it is now possible for us to have nearly 30% of our workforce made up by women, 5 points above national average in digital professions, which currently stands at 24%.

In terms of disability, we still have progress to make, but actions that have been put in place are already bearing fruit this year. The employment rate of people with disabilities has increased by 0.2% worldwide.

In France, Vivendi's growth remained at 3.5% after a sharp increase in 2025. These results are part of a much broader approach, which includes our actions to favor equal opportunity and support employee caregivers. They testify to our determination to make concrete progress on these issues, which are the heart of key transformations in the world of work.

This brings me to another major issue, AI. AI is a major transformation that we are seeing in the workplace. It is having a profound impact on all of our professions. But more than just a tool, AI is reshaping the way we create, produce and work.

In this context, our ambition is clear. We need to have AI as a key driver of performance and transformation. This implies going far beyond just acculturation. We need to help our employees quickly learn new skills so that they are ready, not just to use these new technologies but to also fully incorporate them into their day-to-day practices and skill sets.

We have already been heading forward in this band for the past few years, we have encouraged teams to experiment through projects, tests, pilots in order to develop a concrete understanding of how we can use this technology.

We've now taken a new step forward by deploying large-scale training programs for AI for all Vivendi and Gameloft employees. To date, more than 40% of employees have been trained. That means we have put in place more than 1,400 hours of training, covering a wide spectrum from early users to the most advanced technical users always depending on the names of our various business lines.

Our goal now is to accelerate further, generalize skills, structure the deployment, bring out a new generation of talent who can take full advantage of AI. AI for us is not just an opportunity. It is a determining factor in our future competitiveness, and it is one to help us stand out from the crowd. Thank you very much.

Thank you, Celine. Now we can move on to the work of our Audit and Sustainability Committee. For that, I am pleased to invite to stage, Cathia Lawson-Hall.

Yannick, thank you very much. Good morning, everyone. As a member of the Supervisory Board and Chair of Vivendi's Audit and Sustainability Committee, I am pleased to present to you today our committee's report, here at the 2026 AGM.

The AGM marks the end of my duties as Chair of the Audit and Sustainability Committee. It is, therefore, with a specific level of emotion that I speak to you today.

2025 was the first full business year for the group in its new scope, following the spin-off end of 2024, a pivotal year during which the group continued transformation, particularly with Gameloft and a portfolio of leading financial assets, while teams maintained solid operations at head office and solid governance, 2 key factors that have always characterized Vivendi.

Given this backdrop, the Audit and Sustainability Committee continued its work with a keen eye, ensuring quality control over the group's activities for both financial and nonfinancial information.

During its 3 sessions in 2025, held again in presence of our statutory auditors, the committee looked at quite closely the financial statements for the year, the budget, the evolving financial asset portfolio and work carried out by internal audit teams.

The committee also focused on key risks to which Vivendi was exposed, be it financial, legal, tax, operational issues at Gameloft or also compliance issues. In particular, we kept a close eye on ongoing litigation, we looked at operational internal control systems, and we also kept a close eye on developments in compliance and insurance.

In terms of sustainability, 2025 was the second year that Vivendi complied with the nonfinancial reporting requirements of the CSRD directive particularly with regard to the reduction of carbon footprint. The committee also paid close attention to progress at head office and also within its operational divisions.

Finally, in line with the transformation that is currently underway, the Audit and Sustainability Committee paid -- will pay particular attention in 2026 to regulatory developments for nonfinancial matters. This is following the European Sustainability that was adopted at the end of 2025. Again, in this backdrop Vivendi may no longer fall within the scope of the CSRD. This is a point that the committee will follow closely.

I would like to thank all -- warmly thank all of Vivendi's teams for quality information and quality work that they presented throughout the year. And I would like to thank you for your attention.

Cathia, thank you very much. Thank you for such fine work over the past 12 years as an independent member of the Supervisory Board and Chair of Vivendi's Audit and Sustainability Committee. Thank you very much, Cathia. We can now move on to our statutory auditors presided by Mr. [ Jean-Francois ].

Thank you, Chairman. Ladies and gentlemen, shareholders, on behalf of the Board of Auditors, Deloitte and Graham Thornton, I have the honor to report on our mission and to present the reports that we've drawn up your attention in connection with the combined shareholders meeting held today.

Our reports were made available to you by the company are included in the universal registration document that you found on arrival. I propose, therefore, that in accordance with the practice of this meeting to summarize the terms of these reports, starting with those relating to the annual and consolidated financial statements in accordance with our standards of professional practice.

The objective of our engagement is to obtain reasonable assurance on the fairness and regularity of the statements and to verify that they are free from material misstatement. We informed your company's executive and Supervisory Boards as well as the Audit and Sustainability Committee regarding the nature and scope of our work and presented our findings to them early March.

Our reports, which appear respectively on Pages 309 and 236 of the 2025 URD include our conclusions on the one hand, the annual financial statements drawn in accordance with French accounting principle on the other, consolidated financial statements prepared in accordance with IFRS as adopted by the European Union as required by applicable regulations.

We have expressed an qualified opinion, both on the annual and consolidated financial statements of your company. With regard to the annual financial statements, in addition to our unqualified certification, we've made an observation I described as technical to be found in almost all the reports on the financial statements of companies in France this year.

We've drawn your attention to the implementations of the first applications of regulation of the accounting standards authority set out in note 1.1 of notes to annual financial statements entitled General Principles and change of method.

In addition, our reports detail in particular, the justification of our assessments, and the key audit matters in accordance with provisions of the French commercial code. For the annual financial statements, these are estimates and judgments used by the company to assess the holdings and fixed securities of the portfolio for other fixed securities and current account advances.

With regard to the consolidated financial statements, the key audit matter highlighted in our report concerns the assessment of goodwill allocated to the cash-generating unit. Gameloft on these various key audit matters, both for the annual as well as consolidated financial statement.

We reviewed the assumptions and underlying data used by the company. We reviewed the calculations made and thus ensured ourselves the reasonableness of these estimates. We also check that they're correctly presented in the notes to the accounts. Furthermore, we carried out the specific checks provided by law.

We have no comments to make regarding the sincerity and consistency between the annual financial statements, consolidated financial statements and information contained in your management report.

With regard now to approval of regulated agreements subject of the third resolution, we issued a so-called special report that is to be found on Page 337 of the registration document.

The report sets out the characteristics incurred of these agreements as well as reasons justifying the interest for the company of the contracts of which we've been notified or become informed of during the course of our. In 2025, we give notice of no agreement authorized and concluded during the past financial year to be submitted to the approval of this AGM.

In addition, we have been given notice of an agreement previously approved by your AGM that continued relating to the shareholders' agreement of UMG entered into your company as part of the distribution of 59.87% of its capital to Vivendi shareholders.

Finally, we were informed of an agreement previously approved, but without execution during the past financial year, namely the agreement concluded between your company and Compagnie de l'Odet in the context of the settlement negotiations with the company's media set and Fininvest.

To conclude on the various reports we've issued, your AGM is being held today in extraordinary form so that you can vote on several transactions on the capital of your company. As such, we've drawn up 3 reports. The first relating to the 17th resolution concerns, a delegation of part of the Management Board to reduce the company's share capital by canceling purchase shares up to a 10% limit of its share capital for a period of 24 months.

The second report relating to the 18th resolution concerns the delegation of authority to the Management Board to decide to increase the share capital for the benefit of employees and retirees, members of the group savings plan without maintaining preferential subscription rights, operation reserve for employees and retirees, members have said savings plan. This delegation is given for a period of 26 months.

Corresponding issues may not exceed 3% of the company's share capital, and any amount will be deducted from the overall ceiling of EUR 225 million provided for in the 21st resolution adopted last year by the combined shareholders meeting held on 28th of April 2025.

The third of our reports pertains to the 19th resolution that will be put to you concerned deligation of authority to the Management Board to decide to increase the share capital without maintaining preferential subscription rights is time for the benefit of employees of Vivendi's foreign subsidiaries or members of its international group savings plan.

Said delegation is given for a period of 18 months, the corresponding issues may not exceed 3% of the company's share capital. And any amount will be deducted from the overall ceiling of EUR 2 million to EUR 5 million provided for in the 21st resolution adopted by last year's combined general meeting.

We confirm that we have no particular observations to make on these operations. And as we indicated at the conclusion of our various reports signed on March 2026 on behalf of the Board of Auditors, I thank you for your attention.

Thank you to our auditors, and thank you to the Board, and I'm now pleased to invite Philippe Benacin, Chairman of the Governance Nomination and Remuneration Committee to the stage.

Good morning, everyone. Mr. President, ladies and gentlemen, good morning. It is now over to me to explain the remuneration policy of members of the management and Supervisory Board as well as the proposed renewal and cooptation within Vivendi Supervisory Board. As you know, Vivendi for a number of years, has been conducting enhanced dialogue with certain proxy advisory firms and various shareholders on governance, remuneration.

As for Resolution 5, transparency of information in the corporate governance report has been enhanced, simplified for 2025. This given completion of spin-off of Vivendi's activities and businesses in 2024.

With regard to Resolution 6, the '25 remuneration of Chairman of the Supervisory Board amounted to EUR 600,000, which is unchanged since 2024. In addition to this, there is -- there are EUR 60,000 in attendance fees, the amount which has remained unchanged since 2014.

Finally, Resolutions 7, 8, 9, 10 relating to the '25 remuneration of the Chair and members of the Management Board with individual votes for each of them. As announced last year, the Chairman and members of the Management Board have been subject to remuneration policy for 2025. The rate of the '25 bonuses added 84.2% of the fixed share of the remuneration package and is subject to your approval as it is every year.

As a reminder, the policy provides for a bonus of 80% to 100% of the fixed share. For 2026, the remuneration policy for Board members remains unchanged. Nevertheless, the Board is reduced from 9 to 6 members, which will have an overall effect of limiting the total amount of remuneration.

With regard to the Chairman and members of the Management Board, the policy for 2026 remains unchanged compared to '25. In determining the 2026 bonus emphasis will be placed on continued reduction of structural costs of head office, in particular, in the context of the collective contractual termination agreement that was announced in March.

As you can see on the slide, we have also maintained improvements over the past few years. In the context of ongoing dialogue with advisory firms and Vivendi's shareholders, in particular, with the allocation of 2025 performance shares, the evaluation criteria for which have been since last year, completely different from those of the annual owners.

The proposal is to renew the term of office for Madam Maud Fontenoy, as an independent member of the Supervisory Board. Renewal would allow the Supervisory Board to continue to benefit from her expertise with regard to issues related to content diversity, environmental preservation, entrepreneurship while also remaining majoritarily independent.

In addition, there is a proposal to ratify cooptation of Mr. Bernard Osta as independent member of the Supervisory Board. This ratification would allow the Supervisory Board to benefit from his financial and strategic skills while also strengthening the Board's level of independence.

As for me, my term of office expires today. After 12 years of service, I would not be able to, therefore, retain my status as independent nor would Cathia Lawson-Hall and Katie Stanton, whose terms also end today. Subject to your approval, the Supervisory Board will be composed therefore, of 6 members, 50% of whom are women, 67% of whom are independent. Thank you for your trust over these years. I would like to thank Yannick Bollore and all members of the Board as well.

As announced back in March, Bernard Osta will take over as Chair of the Governor's Nomination and Remuneration kitty. [indiscernible] will chair the Audit and Sustainability Committee. Bernard Osta will also step in for me as Vice Chairman of the Supervisory Board.

Thank you all. I would like to thank the Board. I would like to thank everyone at Vivendi, who gave me so much over these past 12 years. During my time on the Board, I learned so much, and now I'll be able to utilize everything that I've learned for another company that I'm sure you're all very familiar with.

Philippe, thank you so much for 12 years of such a strong commitment over the past 12 years. We are now going to move on to a Q&A session. And for that -- before we do that, I'm going to ask Alexandre de Rochefort to introduce you all to Gameloft.

Thank you very much, ladies and gentlemen, shareholders. Today, I would like to highlight the work that has been carried out by all Gameloft employees and also Vivendi's teams since our last AGM in April 2025.

Gameloft today is an international integrated video game company with solid financial results. It is a company with a diverse catalog of games and unique cross-platform know-how. It is a company that once again has proven its ability to reinvent itself to come up with a fantastic creation costs. We owe this to all of our employees who I would like to thank today. We still have a long way ahead of us because our ambitions are quite great, but the quality and daily involvement of our teams reinforces our ability to reach these objectives.

Gameloft, 2,900 people around the world in 10 production studios from Brisbane to Montreal, Lviv, Saigon, Yogyakarta, around the world. These talented people bring our gaming services to life. They bring together several million players every day. Games ranging from Disney Dreamlight Valley, March of Empires, Asphalt Legends. We also work with partners who are as diverse and prestigious as Disney, Hasbro, Universal, LEGO. These teams are preparing the future of Gameloft by working on future games, future releases that will continue to make this company grow.

With teams working around the world, we have financial results for 2025 that break all records growing by 4.2% at constant exchange rates despite market tensions. Revenue from PC and Consoles now represents 47% of Gameloft's overall total revenue, up 17% in 2025 compared to '24. Gameloft in '25 has a global audience. 47% of revenue comes from North America, 37% from Europe and Middle East and Africa, 13% from Asia Pacific and 4% from South America.

EBITA stood at EUR 15 million, up 88%, thanks to stable operating costs, and quite stable certainly compared to '24.

Finally, Gameloft's operating cash flow reached record levels of EUR 31 million, up 44% after a 2024 year, which was already a record breaker. Solid results that are part of a positive drive forward that has already been felt for the past few years. Our EBITA and operating cash flow has indeed increased steadily since 2023.

Above all, these results are part of a long-term process. In-depth work that we have been putting in place with Vivendi. And I would like to take this opportunity to just say that this year marks the 10 years since we joined Vivendi. So ongoing work. It's not over yet. But thanks to all of this work, we will be able to aim for greater heights in the future. Not all of this comes from just controlling our costs. It also comes from growing our top line. This comes from successful releases that are in the works. And I'm quite confident in these games because the games that we have in the pipeline are probably the best lineup in Gameloft's history.

We are planning to release Nickelodeon Extreme Tennis: Next!

In May. This is collaboration with Paramount and the loan-based Studio, Old Skull Games. It is a family-friendly game, bringing families around tennis, popular cartoon characters, and it is the first collaboration as a game publisher rather than developer. We also have Bluey's Happy Snaps for 2026. Bluey is probably the most streamed TV series in the world. It is a phenomenal success and teams out in Brisbane are doing their utmost to create an extremely high-quality game that lives up to the original content. It's a collaboration with BBC and the first time that Gameloft is venturing into this segment, games for young children on PC and console.

Last of all, we announced the second half of 2027 with a Dungeons & Dragons game, which is the most popular role-playing game franchise in the world, developed by our teams in Montreal, one of Gameloft's historic studios. It is probably the most promising game we have ever developed at Gameloft, both in terms of investment, but also in terms of creative ambition.

We have 5 other projects in development with studios, release dates running us right up until 2028. We can't unfortunately tell you more about them today, but they are going to give us a bright future. Allow me to share with you just 2 very short videos that show Gameloft's expertise and know-how, and thank you all for your attention.

[Presentation]

Thank you very much, Alexandre for that present and happy anniversary, Vivendi. I remember Gameloft joining Vivendi 10 years ago as it was yesterday, 47% of revenue generated on PC/Console. It was 0. Gameloft was only on mobiles. Wish the very best of the 2 games we've just seen. So dear shareholders, I now propose that we move to the question-and-answer section before the vote on resolutions. Frederic, over to you with the written questions.

Thank you, Yannick. So indeed, we've received this year 2 sets of written questions from 2 shareholders, Mr. [ Airbey Laroze ], Whitebox Advisors, LLC. These questions relate to the evolution of Vivendi SE shares and securities resulting from the spin-off as well as the advisability of launching a share buyback program. Answers to these questions have been provided during the context of this AGM, but you'll find all these written questions online on our website in the General Meeting section and the details of the answers adopted by the Management Board in accordance with legal and regulatory provisions.

Thank you, Frederic. We're now going to have questions from the hall. If we could have the house lights up. And as every year, let's start with the Vivendi Shareholders Committee present who will answer the first question.

I'd like to return to 2 points. The first concerns Prisma Media's Luxury division. And the second is the Pershing Square's nonbinding offer regarding the Prisma Media Luxury division. I wonder, it wouldn't have been perhaps better to acquire all the full company, Prisma Media. Of course, I understand that in the interest of the Luxury division. If I may continue, please do so. As regards now the Pershing Square offer, I'd be very interested in hearing your views on the viability of the transaction about which I have a few doubts.

Well, thank you very much for your two questions. I'll perhaps start by answering the second question, and then Arnaud will come in and answer the first. So on the offer/proposal that UMG received from Pershing Square, let me remind you that Vivendi following the merger and the listing distribution of UM, 9.91% of UMG, and I believe it's up to UMG to answer first or at least the UMG Board to respond to what it thinks of this proposal. I don't quite know when the UMG Board is scheduled, but I know that the Q1 results, the revenue will be presented on April 29 and the shareholders' meeting is to be held on May 13 in Amsterdam. I note because it's on the same day as the Havas General Meeting.

So we'll let UMG answer in the coming days and weeks regarding their opinion on this proposal. Arnaud, would you like to say a word of at least how Vivendi views the UMG results and its outlook.

Thank you. Yannick. Universal Music Group and we have a stake of some close on 10% is a company where we've set high hopes in the ability to maintain its growth trajectory on the results presented 1st of March. Revenue at constant scope were organically up by some 7% if memory serves. And the streaming -- paid streaming growth figures, the new business and margin improvement prospects is such that it's a business that is set to have a higher valuation short and midterm. That's for UMG.

Thank you and possibly answer the first question on the Luxury division of Prisma. So 2 brief answers to that. The firstly, as I indicated earlier, it's a sector where we see growth in Vivendi's role, which is that of investor in growth activities is such that the Luxury division today, the collection is fully aligned with this ambition that we have for your company.

And why did we do a carve out of the Prisma Media activity simply because there are activities and brands that have business models that are different from [indiscernible]. Actually, it was under the same Prisma umbrella, but we concluded that in terms of the growth phase, there were 2 business models for advertising, distribution, which were 2 separate different companies, consistent that this unit should join Vivendi so that we could write the next stage of its growth and development.

Thank you, Arnaud. And let me just add that Arnaud de Puyfontaine has unparalleled expertise on this new division that has joined Vivendi and presented that brilliantly at the Supervisory Board and my colleagues would concur. So you have a question.

Yes, Chairman. So my question concerns the net asset value of Vivendi since the demerger, Canal+, Louis Hachette Group and have you presented Vivendi as a portfolio company. These companies are generally assessed on the basis of their NAV, one of the relevant metrics of the sector. You published twice in 2025. December 31, 2024, net asset value was EUR 5.06, March '26, EUR 4.69, and since then you haven't published the net asset value.

Well, might you say we take the asset. We divide the debt divided by the number of shares and find the net asset value. It's a bit more complicated. There are a number of items such as other assets that are difficult to assess for the retail shareholders. So instead of each of us taking our respective calculators. Could you share light on the NAV per share of Vivendi, the net asset value and currently and quarterly going forward?

Thank you for your questions. So Vivendi is, of course, a company that holds financial investments, but isn't just a portfolio company. We presented Gameloft. We have great ambitions. Arnaud de Puyfontaine presented the Luxury division, the collection, we have high ambitions, but the large part of our activities, financial investments. Francois, would you like to report the non-publication of the NAV.

Thank you for your questions. The net asset value is not a standardized aggregate. There's no strict definition of that asset for several reasons regarding the assets we've taken into account and also the liabilities. Should we take account pension liabilities or discuss or include capitalization holding costs. There are many discussions on the net asset value. That's why we stopped publishing. But all the items that allow us to calculate the NAV, the details of all the liabilities given and we let everyone do their calculations by incorporating pension liabilities or not or a share of capitalized holding costs. So we give all the information, and we leave everyone the opportunity of doing that calculation. I feel so that you're going to have to keep your calculator at hand.

We're now going to take further questions. You, sir, please.

Chairman, ladies and gentlemen, I have a question just about the documents that we received as our invitation. You would speak of the past 5 years of finances and they said pretax, we're looking at EUR 2.7 billion and post tax, we're looking at EUR 446 million. So where did this miracle come from? Are you going to get the same in 2026?

Francois, do you have the figures? I'll just have a quick look at it, and then maybe I'll speak in a second, Page 28. Well, maybe in the meantime, we'll get another question, and then we'll come back to you in a second. So we have #4, please.

Yes, [ Jean-Luc ] individual shareholder. So I go back to Jean-Marie Messier. I've got a number of questions, actually. First, about the stock market performance since the share makeup was broken about. Are you quite happy with the break-apart and the split? Second, the engagement of Board members, you have 6 out of 9 Board members who have only roughly 2,200 shares each and [ Mr. Belason ] has 14x more than that. And I'd just like to pay tribute to him today. Now this would not have flown at all in the eyes of Warren Buffett, one of my dear mentors because here we have the Board members who are not at all engaged and committed to the company.

Now about individual shareholders, when we look at what's happening internationally, it's -- I mean, feels like there is no love for us. You said that you want to be simple with us, but I can't see any proof of that. So what about your individual shareholders.

Well, thank you very much for your questions. As to your second question about the Supervisory Board, all I can just say is that they are fully committed. Now if we're talking about the number of shares at EUR 2 each, maybe they could put some of their presence fees into attendance fees into shares. Sure, why not. But I can just pay tribute here today to the quite involved -- quite steep involvement with the work. So we had a meeting to prepare today's AGM. Now when the divestment was announced, I'm talking about the combined share value. So Vivendi, Havas, Louis Hachette, Canal, all added together, we're looking at EUR 8.96 as of the 13th of December. And then one year later, that was -- then it was EUR 8.3.

So there was a bit of flowback considerable like a lot of historical Vivendi shareholders who no longer wanted to have shares in those companies that were divested. So if we look at the combined share value, we're looking at EUR 8.4. So slightly up. Just to give you a bit more contextual information, first and foremost, there was a drop in UMG because it was at EUR 2.24, then it was down a bit. Now you saw that had an impact on Vivendi's share price. UMG is a considerable part of Vivendi's overall value, because of its -- through our stake. And [indiscernible] media, if you look at that, it is an industry which is doing quite okay.

If you look at the key 4 entities and the share values, Vivendi included, you can't really say that the divestment or the split has added or taken away really much of value. If you look at our fundamentals. As we said, Vivendi, the Board and our teams have done a fantastic job. The Management Board has done a fantastic job with considerable divestments in telecoms, restructuring, considerable restructuring, strong deleveraging as well. So really 2025 was a pivotal year, as I said in my introductory comments. It was a pivotal year for us. So Vivendi is now here to create value in the long term.

Now as for the other companies, part of that shift. Now it's not up to Vivendi today to comment really on that. But the 3 other companies are also registering some considerable performance. Havas, 2025 had a record breaking year. Louis Hachette good financials as well. I think also a record breaking for them, both for Travel Retail and Lagardere as well. Their share price has gone up considerably since -- now in 2025, I think there was a bit of a 10% increase, which could be reinvested. Again, that is doing very good in the advertising group. If you compare Havas with [ CPR ], for example, they are doing very well.

As for Canal+, the traditional scope of business is doing very well with the acquisition of MultiChoice that went through, it was finalized. That was a major milestone for them. Now it was under the Vivendi. Vivendi put in the initial investment for MultiChoice. And then Maxime Saada said that he was quite confident for the coming years, given MultiChoice and synergies that lie ahead. So again, the fundamentals are very solid.

Now as for the various stock brokers, the only one that is abroad is Canal+ because for Havas and Louis Hachette, they're at Euronext, be it for [indiscernible] or Amsterdam. I mean it's very easy for French shareholders to access that because it's pretty much the same whether you're on Amsterdam or the other European stock markets, in Paris. Canal+, however, the main issue there is going to be finalized the MultiChoice acquisition and to consolidate that in a dualistic way. So being present in London, Johannesburg, so Canal+ will communicate on that more effectively with their own shareholder meeting.

So ultimately, they chose London for a number of reasons. And my personal alignment is to be with Vivendi shareholders because I am myself, my family, are major shareholders in Vivendi. And my heart goes out to all shareholders here today and joining us online. Arnaud, do you have something you'd like to add?

Yes, I agree with you. I also have admiration for Warren Buffett. He is an investor who has always showed that you need to invest considerably in the long term. And I would like to thank you for your long-term investment in Vivendi because from what I understand, you have been with us ever since the end of 90s back when we first created in 1998. If I just may -- I would like to talk about 2024 when the new team joined us and from ever since the issue with CAC 40, we have had some of the best performance over that time frame. So I think that our ability to create value remains the same.

So we have the fundamentals, fundamentals which have taken us to where we currently stand. And given what we have just heard from Yannick Bollore as to the operational performance of our various entities, we remain a management team. We have a management team that is -- has a full faith, and we are going to continue creating value for all shareholders.

Arnaud, thank you very much. Francois, were you able to find what you're looking for?

Yes, on Page 28 for the post-tax pre-amortization and provisions. So minus [ EUR 2.61 ] -- now remember, and then plus [ EUR 0.41 ]. Now what you need to remember is that we're talking about 2 divestments, considerable divestments, Telecom Italia and Poste Italiane and GVA, which was sold to Canal+. There were 2 major provisions that were already put through end of 2024. So when they were sold off, we were able to get back some of the provisions once having sold the stock. So ultimately, positive outcome with [ session ] on -- divestment on one side and buyback on the other. So again, this is all before amortization and provisions again, quite positive, and this is reflected in the EUR 446 million in overall profits.

Thank you very much, Francois. We're now going to move on to our next question #3.

Yes, good morning. Thank you for your presentation. I have to say that the long-standing shareholder that I am, 1998, remains underwhelmed and doesn't really clearly understand the corporate strategy that you haven't presented. It worries us about the EUR 0.15 per euro that are generously offered today. So what's your rollout strategy and expansion and growth for the company. As you recall, a few years ago, the situation was very different.

Secondly, you mentioned a plan -- this collective plan and what prompted this plan? This collective termination agreement? Would you like perhaps to Arnaud, give our shareholder -- our intention is to be an active shareholder in various situations, be it as minority, majority shareholder in total control, create value for shareholders, we're still in a period of transition for the reasons previously outlined. So I won't return to those.

We, Vivendi, is a company that will monetize its various holdings when the conditions are right for us to do so and reinvest in minority, majority, control business is close to media, information and entertainment to make sure the quality of the investments that we make and their performance in terms of this monetization and the ability to rotate our portfolio gives us the means to give a return to our shareholders, reduce our debt; and thirdly, have the ways and means to reinvest that I referred to. So once again, we're in a period of transition. Our strategy is clear. Now we need some time to implement it, but we're convinced of the merits of that approach and the virtue of the model as we're preparing it.

Thank you. And perhaps the second question that we're tracking with the Board, which has reduced corporate cost with the adaptability, would you like to say a word about this plan?

Across aspects, we plan to cut costs and so this strategy and vision that I've just shared with you must go hand-in-hand with an organization to write this new chapter in the story. And here, there are aspects linked to the organization. Many actors in the corporate segment to put in place and change in skills and know-how. To support that change, hence, this scheme, which let me remind you, is a voluntary contractual scheme. We began this scheme with discussions and a lot of interaction with the group's employees and Celine Merle-Beral, here present, and the HR teams at Vivendi are gradually implementing this agreement, which is a voluntary agreement to arrive at the conditions which calmly and confidently, which will support the development of your group.

Thank you Arnaud. And [ Isabel Fara ] representing employees at the Board. I mean this collective contractual termination agreement is never pleasant. But looking at something, I have to say that the conditions are fair and equitable. So everything is done smoothly on the cost cutting, perhaps, 2 points just as a follow-up to that. Hence, the choice of the Casino de Paris, that's actually cheaper to host this AGM than the Olympia. And secondly, Arnaud and Francois Laroze came to offer to reduce the cost to stop the gifts that we give to the shareholders and I fought long and hard, let me tell you so that we could keep those gifts offered to you. So that's a proof of love for our shareholders here present. Further questions. We have another question at the back of the hall. Yes, over there.

Yes. Individual shareholder. So I was listening to you speak about the stake in UMG. And I think we are all wondering what the future holds, and maybe that will be more interesting from the Bollore Group side. So Vivendi is now very much tied with Gameloft with a 100% stake. Now in the Bollore universe, there is also another major game publisher name, Nacon, and they're currently going through bankruptcy proceedings. So is -- what's going to happen there? Are you going to stand by and do nothing?

And there's another question just about is Vivendi or Gameloft going to completely buy out all of that for their game development? Or are you going to buy out the logistics platform that they have?

Now for those people who aren't specialized in this, Nacon, they make video games. They have roughly half the turnover of Gameloft.

So thank you for the question about Gameloft. Just to answer that second part. We've already answered the first part of the question as we answered the first question. I think it's worth underlining the fact that Gameloft's performance has been fantastic from a financial point of view, also with good games. But it comes at a time, which is quite challenging for computer games and video games. And other operators like Nacon or other names that we're quite familiar with at Vivendi, I'm sure they can speak to that. Arnaud, is there something you'd like to say to answer the question?

Yes. Thank you very much for your question. It is quite clear that given Gameloft's solid performance, this goes against the grain of what we're seeing elsewhere in the gaming industry. And that gives Vivendi teams and Gameloft's teams to grow fast through acquisition. It's a possibility. And the current teams have been with Alexandre de Rochefort. They have been working on identifying business opportunities to ensure up faster growth with solid fundamentals as we presented to you today. So you were talking specifically about a situation. It's a rather unique situation because what you're talking about is both the computer games, video games, studio work publishing. But you also have part of the business, which is devoted to the actual manufacturing of objects. So it is quite a diverse business segment that they are in.

So what I could say to answer your question is that we have a current agenda for Gameloft and that is to shore up organic growth opportunities while successfully rolling out the operational issues. And there is a lot that teams are doing for 2026 through to '28 with a number of games being released. Now if there are external growth opportunities that arise then the Gameloft's teams will look at them with a keen eye, but while also maintaining financial sense.

Any other questions?

Yes. I'm an individual shareholder. I have several questions. Thank you for hosting us here if the location is cheaper. What would be really great if we could have some WiFi because you're mentioning written answers that are available on the website. If we don't have WiFi, that's a bit challenging. That's my first point.

Second point, you mentioned cutting overheads, I appreciate that you're going to have a smaller, lower headcount. I'm a bit surprised by the compensation of the management team because Vivendi was divided by 4, but salaries haven't changed following the demerger. And when we look the compensation obtained last year, the levels are extremely high. And the compensation, I have specific Page 160, 161, 162 that concern Mr. Puyfontaine who's at the same time, members of the Boards of Canal+, Dailymotion, Gameloft, et cetera, I'd like to know if there are directors fees for Mr. Puyfontaine for those activities. And what does he do? Does he take them or not and still for Mr. Puyfontaine, I saw there's Article 20 of the AFEP-MEDEF Code that he doesn't comply with since February '26.

He's in a listed company in Amsterdam, Page 162, [ SWE Capital ] and the Remuneration Committee considered it wasn't a problem. Could we have more insights on that or more important information on TIM, you said in the share capital in the parent company accounts that TIM, the sale of TIM brought in EUR 206 million, give or take.

If I recall, TIM was not a very good deal. Could you tell us if we made money with TIM or if we lost money and what was the order of magnitude? You talk about clarity of the group since the split where we lack clarity. We're buying some press titles, V collection, what will the revenue be? Is it posting a loss? Or is it a breakeven? And the demerger was to clarify things, and that's why we created asset for the Lagardere stake. Last year, you moved down the 5% Lagardere. Vivendi now has 13% Lagardere. I have difficulty in seeing this clarity. Could you clearly tell us where the clarity lies when Vivendi today owns 13% Lagardere. Sorry, it was a bit longer. I think it interests everyone.

Well, thanks very much for your questions. So to answer you, and then after that, Arnaud and Francois will come in. Lagardere was linked to the exercise of the disposal right that occurred just after the divestment or just before when things were well underway. Vivendi owed these sale rights and major shareholders bought their shares. That's why it has a bigger stake, [ Lagardere ] collection. Well, it's just an activity that's profitable. That's just slightly profitable, but it's set to grow significantly.

On the remuneration, you'll note that remuneration has not been increased. We can't decrease pay -- fixed pay in France, but total remuneration declined in '26 versus '25. Remuneration that will be paid in 2026 in respect of 2025 will be lower because the bonus attainment rate is lower than what it was last year. Mr. de Puyfontaine, well, quite frankly, I won't -- I'm not saying this because you're next and I say this, Vivendi is very fortunate to have Arnaud de Puyfontaine as CEO, as Chairman of the Management Board. He has unrivaled experience various media, very international. We look at the benchmark of international leaders in the company. Arnaud is in the lower part of the bracket. We're very -- I don't think you receive directors' fees for activities linked to Vivendi and Gameloft. But for the split company, the directors also receive directors' fees.

On the overboarding aspect of things, thanks to mention, Arnaud de Puyfontaine, I'm also in the case, I'm also a board member of the other split companies. We considered back then that it was better for reasons of continuity, know-how expertise in these businesses for Arnaud and I to continue to be directors as long as we continue to do the job properly. It allows all stakeholders, particularly shareholders to have a Board that provides the greatest amount of expertise and experience in those companies. And the Supervisory Board will cost less because there'll be 6 instead of 9 members previously or even 12 or 13 a few months. On TIM, perhaps Francois.

Well, just before Francois answers your question to explain that what we've done on Telecom Italia was done in parallel to what we did on Universal Music Group. In any company, you take a number of wages, gambles, some investments, some work, some don't work.

So well, let me remind you as you're a loyal investor and shareholder, and thank you, look at the value creation of UMG that was massive because it was above EUR 35 billion value created between arrival and exit. Telecom Italia, a different story. We tried industrially to carry forward the project. Many reasons linked to the TI environment and the environment in which we didn't reach the targets, but I'd like the assessment to be done in comparing like with like to have an objective view of the situation. Over to Francois.

Yes. So the sale of Telecom Italia 2025 has upside on the earnings. We provisioned in the past. These shares following the decline in the share price. But overall, it represents a significant loss for Vivendi because we bought at almost EUR 4 billion the stake, and it was sold at around EUR 1.2 billion. So a large part was linked to an exchange of stock with a Brazilian telco in exchange.

One last question perhaps over there. Yes.

So individual shareholder. I have a question about Universal Music. There was an offer that was put through by [indiscernible] for a buyout. It wasn't very interesting from a financial point of view, especially when we look at the share price. And then with the departure of the Bollore family from the Board, what are your ambitions for -- do you think it's an interesting offer? And if you are going to sell, are you going to go forward with a share buyback?

Well, I did answer that in part a little earlier. Universal Music Group or certainly the Board who are going to have to meet, they're going to have to talk first and foremost about the offer that they're putting forward. So Vivendi and UMG, we are quite familiar with each other. We worked quite closely together for about 20 years. And then with the drastic drop of the music industry with music [ parting ] and then the rise again with streaming. So with Arnaud de Puyfontaine, we believe in the financial future of UMG. But I -- once again, I would just like to allow Universal Music Group an opportunity to speak. I don't know if mid-May when they have their own meeting whether they will talk about that in greater detail, but I will leave it up to them.

Thank you very much. That brings us now to the crucial moment of our shareholder meeting, voting resolutions. Frederic, over to you. And maybe if you would like to quickly go over the final quorum.

Yes. So quorum is at 69.58%. So there are 22 resolutions put to vote, which have been put forward, again by the Board. As usual, there is an electronic voting system. We have the [indiscernible] is here again to officially approve. You have 3 buttons: 1 for, 2 against, 3 abstain. And then we will have the results appearing on the screen so that you can determine whether your vote has been properly counted.

Moving on to the first ordinary items, approval of the parent company financial statements for 2025. Voting is open.

[Voting]

Voting is closed. The first resolution has been approved. Resolution #2, approval of consolidated financial statements for 2025. Voting is open.

[Voting]

Voting is closed. The first resolution has been approved.

Resolution #2, approval of the consolidated financial statements for fiscal year '25. Voting is open.

[Voting]

Voting is now closed. Second resolution was approved.

Third resolution, approval of the Statutory Auditors'� special report on regulated agreements. Voting is open.

[Voting]

Voting is closed. The third resolution has been adopted.

Fourth resolution, allocation of the 2025 fiscal year result, setting of the dividend and its payment date. Voting is open.

[Voting]

Voting is now closed. The fourth resolution has been adopted.

Resolution #5, Approval of the information referred to in Article L. 22-10-9 I. of the French Code de commerce as set out in the corporate governance report. Voting is open.

[Voting]

Voting is now closed. Resolution adopted.

Resolution #6, approval of the components of compensation and benefits of any kind paid during or allocated for 2025 to Yannick Bollore, Chairman of the Supervisory Board. Voting is now open.

[Voting]

Voting is now closed. The sixth resolution was adopted.

Resolution #7. Approval of the components of compensation and benefits of any kind paid during or allocated for 2025 to Arnaud de Puyfontaine, Chairman of the Management Board. Voting is open.

[Voting]

Voting is now closed. The seventh resolution has passed.

Resolution #8, approval of the components of compensation and benefits of any kind paid during or allocated for 2025 to Frederic Crepin, member of the Management Board. Voting is open.

[Voting]

Voting is closed. Eighth resolution has passed. Thank you very much.

Moving on to the ninth resolution, approval of the components of compensation and benefits of any kind paid during or allocated for 2025 to Francois

Laroze, member of the Management Board. Voting is now open.

[Voting]

Voting is now closed. The ninth solution passed.

Tenth resolution, approval of the components of compensation and benefits of any kind paid during or allocated for 2025 to Celine Merle-Beral, member of the Management Board. Voting is now open.

[Voting]

Voting is closed. Resolution #10 has been approved.

Moving on to the 11th resolution, approval of the compensation policy for the Chairman and members of the Supervisory Board for 2026. Voting is now open.

[Voting]

No more voting. 11th resolution is approved.

12th the resolution, approval of the compensation policy for the Chairman of the Management Board for FY 2026. Voting is open.

[Voting]

No more voting. 12th resolution is approved.

13th resolution, approval of the compensation policy for members of the Management Board for FY 2026. Vote open.

[Voting]

Vote closed. 13th resolution approved.

14th resolution, renewal of the term of office of Maud Fontenoy as a member of the Supervisory Board.

The vote is open.

[Voting]

No more voting. 14th resolution is approved.

15th resolution, ratification of the co-optation of Bernard Osta as a member of the Supervisory Board. The vote is open.

[Voting]

No more voting. The 15th resolution is approved.

16th resolution, authorization granted to the Management Board for the purchase by the Company of its own shares within the limit of 10% of the Company's� share capital. Vote is open.

[Voting]

No more voting. 16th resolution is approved.

We now move to the extraordinary meeting with the 17th resolution, authorization granted to the Management Board to reduce the Company's� share capital by canceling shares within the limit of 10% of the share capital. Vote is open.

[Voting]

No more voting. 17th resolution is approved.

18th resolution, delegation of authority to the Management Board to decide to increase the Company�'s share capital in favor of employees and retirees who are members of the Group Employee Stock Purchase Plan, with cancellation of � preferential subscription rights. Please vote.

[Voting]

Voting is closed. 18th resolution has been approved.

Moving on to the 19th resolution, delegation of authority granted to the Management Board to increase the share capital in favor of employees of Vivendi�'s foreign subsidiaries who are members of International Employee Stock Purchase Plan or for the purpose of implementing any equivalent mechanism, with cancellation of shareholders� preferential subscription rights. Voting is open.

[Voting]

Voting is over. The resolution passed.

The 20th resolution, amendment to Article 10-4 of the by-laws relating to decision-making by written consultation of the Supervisory Board. Voting is now open.

[Voting]

Voting is over. The 20th resolution passed.

21st resolution, harmonization of Article 16-4 of the by-laws with the new regulatory provisions relating to the procedures for participation in general shareholders� meetings, to take into account the new regulatory provisions. Voting is open.

[Voting]

Voting is over. 21st resolution passed.

22nd resolution, powers to carry out formalities. Voting is open.

[Voting]

Voting is over. 22nd resolution has been approved.

I would now like to remind you all that the final detailed results will be put online at the end of this meeting in just a few minutes. Thank you very much.

Thank you, dear shareholders. All the resolutions have been adopted. Thank you for that. Before adjourning the meeting, I'd just like to thank all the teams that contributed to the smooth running of this AGM. My thanks to the Vivendi teams, [indiscernible] shortcut and all those who took part in preparing this event. Thank you all, dear shareholders. Meeting is adjourned.

Ladies and gentlemen, welcome to the Vivendi conference call regarding its 2025 annual results. The call will be structured in two parts. First, a presentation by the Vivendi Group management team represented by Mr. Arnaud de Puyfontaine; and Francois Laroze, CFO. [Operator Instructions]

I will now hand over to the management team. Gentlemen, please go ahead.

Hello, good evening, and thank you for being with us this evening. We will, with Francois comment on the full year 2025 annual results. So I will start by the key highlights and to get stretched 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 assets in Italy and Spain. Gameloft continued its strong momentum, driven by its successful transformation despite the challenging environment for the video game industry. And the group pursued its strategy of reducing corporate operating costs at headquarters.

And now I'm going to hand over to Francois.

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

In terms of financial net debt, our net debt is at EUR 1.5 billion before the loan to Lagardere, this EUR 1.5 billion to be compared with EUR 2.5 billion 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 1980 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 Lagardere.

In terms of valuation of our portfolio, the listed financial portfolio is at EUR 5.532 billion, mainly coming from UMG, EUR 4 billion. Banijay is almost EUR 700 million. Lagardere, EUR 350 million, and MFE, EUR 400 million. In terms of dividend received from these financial assets, it has represented EUR 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 in the year 2025. It went down from EUR 7.2 billion to EUR 5.8 billion. This is the overall portfolio, the one I described as listed company, to which we had the Gameloft stake and the treasury shares. So we moved from EUR 7.2 billion to EUR 5.9 billion, let's say. Partly the evolution comes from acquisition and sale of the period. We have disposed mainly Telecom Italia and Telefonica, representing a divestment of EUR 1.4 billion during the period. And in the same time, we have acquired new shares of Lagardere for EUR 296 million, which was the end of the tender offer with [indiscernible], which have been exercised during the first half 2025. So it's a net investment of EUR 1.1 billion, EUR 1.053 billion

And in the same time, we have had evolution of our existing portfolio. The main evolution is about UMG, which went down by EUR 453 million. It's the evolution of the stock price between the end of the year 2025, roughly EUR 24 per share to the end of the year 2025, roughly EUR 22 per share. There has been a positive evolution of TIM before the disposal, which is EUR 206 million, and that explains the total change of portfolio of EUR 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 EBITDA almost doubled from EUR 8 million to EUR 15 million. And 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 a good performance of main games, including Disney Dreamlight Valley, which is the game #1 in the Gameloft portfolio.

In terms of financial net debt evolution from EUR 2.573 billion at the end of the previous year to EUR 1.5 billion at the end of this year, mainly coming, as you can imagine, from the divestiture I just described, EUR 1.5 billion, Telecom Italia, Telefonica mainly, and the acquisition of the Lagardere share for EUR 296 million. The CFFO has been very solid. The cash flow from operation at EUR 68 million. We have paid dividend for EUR 40 million, interest and tax for EUR 42 million, and we have the impact of the discontinued operation, mainly coming from the end of the split operation, we have generated EUR 82 million of discontinued operation, which leads us to this EUR 1.5 billion net debt at the end of the year 2025.

This EUR 1.5 billion on the next chart, you will see where it's coming from. We have still our margin loan with 5 banks for EUR 1.350 billion. In addition, we have some short-term marketable securities for EUR 352 million, mainly in UCP. So we have this EUR 1.7 billion financial net debt and EUR 200 million of gross cash position, which leads to the EUR 1.5 billion net debt position at the end of the year 2025.

If we now move to our P&L, the revenues, I said, EUR 307 million, up by 4.3% in organic, mainly coming from Gameloft, which reflects the good performance I've already described. And by business unit, the EBITDA, you see the positive evolution of Gameloft, I have already described and a very positive evolution also of the corporate costs, which are coming from EUR 126 million to EUR 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 EUR 20 million compared with the huge loss of last year due to the split operation starting from the EBITDA I have just described at EUR 45 million. Then you have a few things to say, but the level of the interest at EUR 73 million and mitigated by the income from operation, which are the dividend coming from Lagardere, MFE and Banijay. So the net financial cost is at 0 with the interest being at interest plus the other financial charge being at the level of the income received from our subsidiaries.

That leads to this EUR 20 million net income group share. So that's where we are in a nutshell. And what we can tell you is that with the Q1 revenues will be released on April 21 day of the next shareholder meeting and that during this shareholder meeting will be proposed a dividend of EUR 0.04 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 24.

So that's where we are for this year 2025. And with Arnaud, we are now at your disposal to answer any questions.

[Operator Instructions] The next question comes from Laura Metayer from Morgan Stanley.

I just have one question, please. Do you have an update on the cash and portfolio allocation strategy, please?

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

Okay. 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 Telefonica. And 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.

And as regard to the proceeds, the proceeds are going to be used on three different objectives. Number one is going to be dividend paid to our shareholders. Second is going to be the decrease of our level of debt. And the remaining being allocated to situation and companies that are going to be part of our next equity story. So we are currently preparing different options available to us in the future, and that's work in progress.

You want to add something, Francois?

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

The next question comes from Eric Ravary from CIC CIB.

First one is on your core price cost. So you announced restructuring at the headquarters. So 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? And also a question on Universal Music. Could you make a comment on what the current market valuation of UMG and also the decision by the management team to postpone the dual listing in the U.S.? And final question is on treasury shares. So you just canceled EUR 7 million of treasury shares. out of the remaining EUR 27.9 million, how much have to be canceled before year-end, please?

Okay. Thank you, Eric. Starting by the corporate growth. As I said, we are on the route to reduce this corporate cost. We have done a 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 a reduction of, let's say, around 20% of our existing costs. We are still negotiating the plan. So 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 with...

Sorry, since the beginning of the year, unfortunately, the main evolution is about UMG as the other stake has been quite stable. And UMG, you know the story, we at EUR 22 million -- EUR 22 per share at the end of the year 2025 when we closed the accounts. And we are roughly today at EUR 18, sometimes below. It's EUR 4. We have EUR 181 million of shares. So it's EUR 720 million of reduction of our portfolio. So that's the main evolution of the shares, and we have not set any shares. we have kept the portfolio as it was during this first 2 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 it's -- I think it's 17 in July and the rest between now and July. So at the end of the month of July, will have canceled all our shares the one we had in our portfolio early this year. So 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. And obviously, the trend of the share price over the past few weeks has been pretty disappointing. So 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 analysts were far away from the true value of the business. So we, at Vivendi, do trust the solution range and the management team to be able to ride through that period and to prove that the business has a much -- should have a much greater value as it is today. And I remain optimistic and positive as regard to the forecast.

And as regard to the listing, well, as a shareholder of the company, we do back every initiative as regard to value creation for the shareholder. I've not been in the details of this project of double listing in New York, so I can't comment and make any statement 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 U.S. listing would reach this objective. So I can't comment any more on that specific topic.

Any more questions?

[Operator Instructions] The next question comes from Silvia Cuneo from Deutsche Bank.

I just wanted to ask about something from your press release about how you remain committed to the strategy of developing businesses you control and actively managing your portfolio of investments. So I wanted to ask if you see for example, opportunities in gaming or adjacencies for Gameloft or perhaps other subsectors? And yes, if you could help us with the thinking of what areas could be most of interest for you.

And 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 are doing within Gameloft.

Well, thank you, Silvia. With Francois, we 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. So if there are a few questions that we are not answering, please tell us.

I understand that you wanted to have 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. So Vivendi is going to remain an investor in media entertainment, information and content operation. And as we speak, our team is working on different opportunities. Opportunities should be opportunities of growth and matching this wide range of opportunities. And we are currently are working on a different scenario 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. And 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. And for two main reasons. A, really redefinition of the management organization and the cost base of our operation focusing on the big hitters that could really make a difference, our blockbusters and canceling the kind of operations, which were not as positive. And while transforming the company from a mobile game operation into multi-platform operations.

The level of quality of our studio, the level of quality of our publishing team create the right dynamic to be able to make a difference. And 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 the different opportunities. That's for the gaming.

And as regard to AI, I think that AI is two things, is 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 assets and to -- with a cost base that is going to benefit from the efficiencies that AI is generating on the one hand, and 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 the true value for the shareholder.

As we know, AI is being on a day-to-day basis. It's a period of uncertainty on the kind of size of the importance of AI in the operation, but we are in the creative business. And in the creative business, there was a famous sentence as regard to, can AI be creative. And I think that this is a sentence equivalent to the one which could ask whether submarines know how to swim.

And we do think that it's a transformation factor, obviously, in our operations, but 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.

And maybe, Francois, do you want to add something? Have I missed something, Silvia, in your question?

No. That is all. Thank you very much.

There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

Well, I'm going to speak on behalf of Francois and I and our team. Thank you very much for your attendance. Thank you very much from your question. Thank you very much for your support. And have a good evening and speak to you all in the near future. Thank you very much. Good evening.