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 September 12, 2025

Discussion with Céline Merle-Béral, member of the Management Board and Chief of HR Strategy and Corporate Culture at Vivendi

The Committee meeting began with a discussion on the Group’s latest developments with Céline Merle-Béral, member of the Management Board and Head of Human Resources Strategy and Corporate Culture at Vivendi.

She commented on the Group’s solid results for the first half of 2025, highlighting Gameloft’s major contribution to this momentum, then explained the evolution of Vivendi’s portfolio and the debt reduction process.

Céline Merle-Béral also addressed the Group’s legal developments, reviewing the European Commission’s objections statement regarding the Lagardère case sent last July and their context, as well as Vivendi’s response strategy.

She also recalled the decisions of the Paris Court of Appeal and the Autorité des Marchés financiers (AMF), the French securities regulator, relating to control of Vivendi by the Bolloré Group. She reminded the appeals filed by both groups against these decisions and that the hearing before the French Supreme Court in this matter is scheduled for November 25.

Céline Merle-Béral responded to questions from the Committee members regarding the duration of these legal proceedings, the scope involved, the impact on Vivendi SE’s share price, and the duration of ownership of the stake held in Lagardère.

Update on the results of the first half of 2025 by Solange Maulini

Taking over, Solange Maulini, Vice President Individual Shareholders Relations and Press Relations Director, provided more details on Vivendi’s performance in the first half of 2025.

She presented the Group’s results as of June 30, 2025, highlighting Gameloft’s ongoing and successful transformation, and commented on the decrease in the Group’s head office costs and the financial debt.

Solange Maulini also commented on the optimization of Vivendi’s investment portfolio, the company’s stock market performance, and ongoing legal proceedings. She then responded to the Committee’s questions about the use of AI in the video game industry.

Discovering the bookstore L’Ecume des pages with Loïc Ducroquet, Managing Director

The Committee attended a presentation by Loic Ducroquet, Managing Director of L’Ecume des pages, on this bookstore, which was acquired by Vivendi in 2023.

He traced the history of this last major independent general bookstore in Saint-Germain-des-Prés in Paris, then highlighted its 40,000 titles and various strengths, noting its operating hours (until midnight on weekdays and until 10 p.m. on Sundays).

Loic Ducroquet also detailed the bookstore’s business figures and its specifics in terms of profitability and organization.

He concluded his presentation by answering questions from the Committee, particularly on the freedom of choice in purchasing books, the proportion of French literature, foreign books and manga in its range of books, and online sales.