Committee meeting minutes

The Committee meets three times per year. One meeting is held after the first half-yearly results and another before the General Shareholders’ Meeting, an occasion devoted to dialogue between the group and its individual shareholders. The Committee also attends the General Shareholders’ Meeting.

Meeting of the Shareholders’ Committee on March 13, 2026

On March 13, 2026, the members of Vivendi’s Individual Shareholders’ Committee were welcomed by Vivendi’s Individual Shareholders Department at the group’s headquarters.

Update on Vivendi’s 2025 annual results by Solange Maulini

Solange Maulini, Vice President Individual Shareholder Relations and Director Press Relations, explained Vivendi’s 2025 results to the Committee.

The performance of Gameloft, the Group’s video game subsidiary, the increase of Vivendi’s share of the net earnings of Universal Music Group (UMG), in which Vivendi holds a 9.91% interest, and the reduction in headquarters costs, enabled the EBITA to reach €45 million in 2025, compared with a loss of -€1 million in 2024.

Vivendi’s balance sheet also improved in 2025: thanks to the sale of its stakes in TIM and Telefónica, its financial net debt as of December 31, 2025, stood at €1,501 million, compared to €2,573 million a year earlier. In addition, there is a €450 million loan to Lagardère as of December 31, 2025.

As of December 31, 2025, Vivendi’s portfolio of listed holdings amounted to €5,532 million, compared to €6,887 million as of December 31, 2024, due to the sales of its stakes in TIM and Telefónica.

In addition, Vivendi is working on a proposed acquisition of Prisma Media’s luxury division and of a minority stake of around 14% in Prisma Group, the holding company of Prisma Media.

Presentation of the “Les Moments Culturels” program by Claudia Ambruosi

Claudia Ambruosi, Director of Special CSR Projects at Vivendi, explained how access to culture is a cornerstone of the Group’s CSR commitments. One of its social priorities is to inspire change by working to ensure that culture, a vehicle for personal fulfillment and social connection, is accessible to as many people as possible.

In this context, Vivendi created “Les Moments Culturels,” a socially responsible cultural program that opens the doors of iconic cultural venues to young people (primarily teenagers and young adults) who have few opportunities to visit them.

Since its creation in 2022, 17 “Cultural Moments” in the fields of music, musical theater, photography, and theater have been offered to 350 young people.

Discussion with François Laroze, Chief Financial Officer and Member of Vivendi’s Management Board

François Laroze outlined the strategy of the new Vivendi, focusing in particular on the objectives for each of Vivendi’s holdings (Universal Music Group, Banijay, MediaForEurope, Lagardère, and Prisa) and on the sale of the stake in TIM and Telefónica.

He also detailed cost-cutting efforts at both the Group’s headquarters and at Gameloft. In a challenging environment for the video game industry, thanks to these efforts, Gameloft’s EBITA excluding 2025 restructuring charges reached €19 million, up 34.0% compared to 2024. Including restructuring charges, EBITA amounted to €15 million, an increase of 87.5% compared to 2024.

François Laroze also commented on the evolution of Vivendi’s stock price, which was influenced by speculative factors, UMG’s stock price, and the conflict in the Middle East.

Following these three highly interesting presentations, the meeting concluded with a luncheon.