Vivendi : Financial Report and Consolidated Statements FY 2023

FINANCIAL REPORT FOR THE YEAR 2023

Financial Report

and Audited Consolidated Financial Statements for the year ended December 31, 2023

March 7,

2024

VIVENDI

European Company with a Management Board and a Supervisory Board and a share capital of €5,664,549,687.50 Head Office: 42 avenue de Friedland - 75380 PARIS CEDEX 08 - FRANCE

IMPORTANT NOTICE: READERS ARE STRONGLY ADVISED TO READ THE IMPORTANT DISCLAIMERS AT THE END OF THIS FINANCIAL REPORT.

			Thursday March 07, 2024
KEY CONSOLIDATED FINANCIAL DATA FOR THE LAST FIVE YEARS	4
I- 2023 FINANCIAL REPORT	6
1	EARNINGS ANALYSIS: GROUP AND BUSINESS SEGMENTS	6
1.1 CONSOLIDATED STATEMENT OF EARNINGS	7
1.2 ANALYSIS OF THE CONSOLIDATED STATEMENT OF EARNINGS	7
1.3	ANALYSIS OF REVENUES AND OPERATING RESULTS BY BUSINESS SEGMENT	11
2	LIQUIDITY AND CAPITAL RESOURCES	20
2.1	LIQUIDITY AND EQUITY PORTFOLIO	20
2.2 CASH FLOW FROM OPERATIONS ANALYSIS	22
2.3 ANALYSIS OF INVESTING AND FINANCING ACTIVITIES	25
3	FORWARD-LOOKING STATEMENTS	26
4	OTHER DISCLAIMERS	26
II- APPENDIX TO THE FINANCIAL REPORT	27
1	QUARTERLY REVENUES BY BUSINESS SEGMENT	27
III- AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023	29
STATUTORY AUDITORS' REPORT	29
CONSOLIDATED STATEMENT OF EARNINGS	34
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	35
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	36
CONSOLIDATED STATEMENT OF CASH FLOWS	37
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY	38
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	40
NOTE 1	ACCOUNTING POLICIES AND VALUATION METHODS	40
NOTE 2	MAJOR EVENTS	60
NOTE 3	GROUP'S OUTLOOK WITH REGARD TO ECONOMIC UNCERTAINTIES	62
NOTE 4	SEGMENT DATA	63
NOTE 5	EBIT	68
NOTE 6	FINANCIAL CHARGES AND INCOME	69
NOTE 7	INCOME TAXES	70
NOTE 8	EARNINGS PER SHARE	75
NOTE 9	CHARGES AND INCOME DIRECTLY RECOGNIZED IN EQUITY	75
NOTE 10	GOODWILL	76
NOTE 11	CONTENT ASSETS AND COMMITMENTS	80
NOTE 12	OTHER INTANGIBLE ASSETS	82
NOTE 13	TANGIBLE ASSETS	83
NOTE 14	LEASES	84
NOTE 15	INVESTMENTS IN EQUITY AFFILIATES	86
NOTE 16	FINANCIAL ASSETS	89
NOTE 17	NET WORKING CAPITAL	90
NOTE 18	CASH POSITION	91
NOTE 19	EQUITY	92
NOTE 20	PROVISIONS	93
NOTE 21	EMPLOYEE BENEFITS	94
NOTE 22 SHARE-BASEDCOMPENSATION PLANS	99
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES AND FINANCIAL RISK MANAGEMENT	101
NOTE 24 CONSOLIDATED CASH FLOW STATEMENT	106
NOTE 25	RELATED PARTIES	106
NOTE 26 CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS	113
NOTE 27	LITIGATION	116
NOTE 28 MAJOR CONSOLIDATED ENTITIES OR ENTITIES ACCOUNTED FOR UNDER THE EQUITY METHOD	127
NOTE 29 STATUTORY AUDITORS FEES	129
NOTE 30	SUBSEQUENT EVENTS	129

Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2023

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Key consolidated financial data for the last five years

Preliminary comments:

Following the takeover of Lagardère by Vivendi on November 21, 2023, Lagardère has been fully consolidated in Vivendi's consolidated financial statements from December 1, 2023. For a detailed description, please refer to Note 2.2 to the Consolidated Financial Statements for the year ended December 31, 2023.

As a reminder, over the last five years, Vivendi has applied IFRS 5 - Non-current assets held for sale and discontinued operations to the following two transactions:

• As from December 31, 2022, in anticipation of the sale of Editis, Vivendi applied IFRS 5 until June 21, 2023, the date on which Editis was deconsolidated in accordance with IFRS 10. These adjustments were made to all periods as set out in the table of selected key consolidated financial data below. On November 14, 2023, Vivendi completed the sale of Editis (please refer to Note 2.3 to the Consolidated Financial Statements for the year ended December 31, 2023).
• As from September 14, 2021, the date on which the Management Board approved the loss of control of Universal Music Group (UMG), effective as of September 23, 2021, Vivendi applied IFRS 5 to the year ended December 31, 2021 and the previous years.

The financial information below is therefore presented on a comparable basis:

			Year ended December 31,
	2023	2022	2021			2020	2019
Consolidated data
Revenues	10,510	9,595	8,717			7,943	8,060
Adjusted earnings before interest and income taxes (EBITA) (a)	934	868	639			260	350
Earnings before interest and income taxes (EBIT)	847	761	356			212	293
Earnings attributable to Vivendi SE shareowners	405	(1,010)	24,692			1,440	1,583
Adjusted net income (a)	722	343	613			277	749
Net Cash Position/(Financial Net Debt) (a)	(2,839)	(860)	348			(4,953)	(4,064)
Total equity	17,237	17,604	19,194			16,431	15,575
of which Vivendi SE shareowners' equity	17,108	17,368	18,981			15,759	15,353
Cash flow from operations (CFFO) (a)	881	594	695			574	177
Cash flow from operations after interest and income tax paid (CFAIT) (a)	693	410	540			674	14
Financial investments	(388)	(1,228)	(2,120)			(1,617)	(2,231)
Financial divestments	(1,329)	801	76			323	1,062
Dividends paid by Vivendi SE to its shareholders	256	261	653			690	636
Special distribution of 59.87% of UMG to Vivendi SE shareowners (b)				25,284
Purchases of Vivendi SE's treasury shares	29	326	693			2,157	2,673
Per share data
Weighted average number of shares outstanding	1,024.6	1,031.7	1,076.3			1,140.7	1,233.5
Earnings attributable to Vivendi SE shareowners per share	0.40	(0.98)	22.94			1.26	1.28
Adjusted net income per share	0.70	0.33	0.57			0.24	0.61
Number of shares outstanding at the end of the period (excluding treasury shares)	1,024.7	1,024.7	1,045.4			1,092.8	1,170.6
Equity per share, attributable to Vivendi SE shareowners	16.70	16.95	18.16			14.42	13.12
Dividends per share paid	0.25	0.25	0.60			0.60	0.50

In millions of euros, number of shares in millions, data per share in euros.

1. The non-GAAP measures of EBITA, Adjusted net income, Net Cash Position (or Financial Net Debt), Cash flow from operations (CFFO) and Cash flow from operations after interest and income tax paid (CFAIT) should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance as presented in the Consolidated Financial Statements and the related Notes or as described in this Financial Report. Vivendi considers these to be relevant indicators of the group's operating and financial performance. Each of these indicators is defined in the appropriate section of this Financial Report or in its Appendix. In addition, it should be noted that other companies may have definitions and calculations for these indicators that differ from those used by Vivendi, and therefore may not be directly comparable.
2. As a reminder, as of September 23, 2021, Vivendi ceded control and deconsolidated 70% of Universal Music Group, following the effective payment of a special distribution in kind of 59.87% of UMG's share capital to Vivendi's shareholders, including the distribution of a special interim dividend in kind of €22,100 million in respect of fiscal year 2021.

Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2023

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Note:

In accordance with Article 19 of Regulation (EU) No. 2017/1129, the following items are incorporated by reference in this report:

• for the year ended December 31, 2022: the Financial Report and Consolidated Financial Statements for the year ended December 31, 2022, prepared under IFRS and the related statutory auditors' report on the Consolidated Financial Statements, presented on pages 286 to 421 of the Universal Registration Document (Document d'enregistrement universel), which was filed on March 16, 2023 with the French Autorité des Marchés Financiers (AMF) under No. D.23-0094 and on pages 286 to 421 of the English translation of such Universal Registration Document (Document d'enregistrement universel); and
• for the year ended December 31, 2021: the Financial Report and Consolidated Financial Statements for the year ended December 31, 2021, prepared under IFRS and the related statutory auditors' report on the Consolidated Financial Statements, presented on pages 240 to 377 of the Universal Registration Document (Document d'enregistrement universel), which was filed on March 17, 2022 with the French Autorité des Marchés Financiers (AMF) under No. D.22-0113 and on pages 240 to 377 of the English translation of such Universal Registration Document (Document d'enregistrement universel).

Any parts of Universal Registration Documents No. D.23-0094 and No. D.22-0113 that are not referred to above are either deemed not relevant for investors or are otherwise covered elsewhere in this Financial Report.

Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2023

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I- 2023 Financial Report

Preliminary comments:

On March 4, 2024, the Management Board approved the Financial Report and the Audited Consolidated Financial Statements for the year ended December 31, 2023. Upon the recommendation of the Audit Committee, which met on March 4, 2024, the Supervisory Board, at its meeting held on March 7, 2024, reviewed the Financial Report and the Audited Consolidated Financial Statements for the year ended December 31, 2023, as previously approved by the Management Board on March 4, 2024.

The Consolidated Financial Statements for the year ended December 31, 2023 were audited and certified by the Statutory Auditors without qualified opinion. The Statutory Auditors' report on the Consolidated Financial Statements is included in the preamble to the Financial Statements.

1 Earnings analysis: group and business segments

Preliminary comments:

Sale of Editis

As from December 31, 2022, and in accordance with IFRS 5 - Non-current assets held for sale and discontinued operations, Editis was presented in Vivendi's consolidated statement of earnings as a discontinued operation.

On June 21, 2023, the European Commission approved Editis's administrator and its assignment contract. On that date, Vivendi transferred the power to govern Editis's operational and financial policies to the administrator, notably by withdrawing from the direct management of Editis and by giving the administrator the power to exercise its voting rights over 100% of Editis's share capital. As of that date, in accordance with IFRS 10, Vivendi ceased to consolidate Editis.

From a practical perspective, income and charges from Editis have been reported as follows:

• its contribution, until its deconsolidation, to each line of Vivendi's Consolidated Statement of Earnings (before non-controlling interests) has been reported on the line "Earnings from discontinued operations";
• in accordance with IFRS 5, these adjustments have been applied to all periods presented to ensure consistency of information; and
• its share of net income has been excluded from Vivendi's adjusted net income.

On November 14, 2023, Vivendi completed the sale of Editis (please refer to Note 2.3 to the Consolidated Financial Statements for the year ended December 31, 2023).

Non-GAAP measures

"EBITA" and "adjusted net income", both non-GAAP measures, should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance as presented in the Consolidated Financial Statements and the related Notes, or as described in this Financial Report. Vivendi considers these to be relevant indicators for the group's operating and financial performance.

Vivendi's Management uses EBITA and adjusted net income for reporting, management and planning purposes because they exclude most non-recurring and non-operating items from the measurement of the business segments' performances. As defined by Vivendi:

• the difference between EBITA and EBIT consists of the amortization of intangible assets acquired through business combinations and through other catalogs of rights acquired by Vivendi's content production businesses, the impairment of goodwill and other intangibles acquired through business combinations and through the other catalogs of rights acquired by Vivendi's content production businesses, other income and charges related to transactions with shareowners (except where such transactions are directly recognized in equity), as well as items related to concession agreements (IFRS 16); and
• adjusted net income includes the following items: EBITA; income from equity affiliates - non-operational; interest (corresponding to interest expense on borrowings net of interest income earned on cash and cash equivalents); income from investments (including dividends and interest received from unconsolidated companies); and taxes and non-controlling interests related to these items. It does not include the following items: amortization of intangible assets acquired through business combinations and through other catalogs of rights acquired by Vivendi's content production businesses; impairment of goodwill and other intangible assets acquired through business combinations and through the other catalogs of rights acquired by Vivendi's content production businesses; the impact of IFRS 16 on EBITA for concession agreements; other financial charges and income; earnings from discontinued operations; provisions for income taxes and adjustments attributable to non-controlling interests; and non-recurring tax items.

In addition, it should be noted that other companies may have definitions and calculations for these non-GAAP measures that differ from those used by Vivendi, and therefore may not be directly comparable.

Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2023

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1.1 Consolidated Statement of Earnings

	Year ended December 31,		% Change
	2023		2022
REVENUES	10,510	9,595	+ 9.5%
Cost of revenues	(5,693)	(5,351)
Selling, general and administrative expenses excluding amortization of intangible assets acquired
through business combinations	(4,051)	(3,571)
Restructuring charges	(50)	(44)
Income from equity affiliates - operational	218		239
Adjusted earnings before interest and income taxes (EBITA)*	934	868	+ 7.5%
Amortization and depreciation of intangible assets acquired through business combinations	(87)		(107)
EARNINGS BEFORE INTEREST AND INCOME TAXES (EBIT)	847	761	+ 11.3%
Income from equity affiliates - non-operational	(103)	(393)
Interest	13	(14)
Income from investments	81	50
Other financial charges and income	(158)		(952)
	(64)	(916)
Earnings before provision for income taxes	680	(548)		na
Provision for income taxes	(190)		(99)
Earnings from continuing operations	490	(647)		na
Earnings from discontinued operations	(32)		(298)
Earnings	458	(945)		na
Non-controlling interests	(53)		(65)
EARNINGS ATTRIBUTABLE TO VIVENDI SE SHAREOWNERS	405		(1,010)		na
of which earnings from continuing operations attributable to Vivendi SE shareowners	437	(712)
earnings from discontinued operations attributable to Vivendi SE shareowners	(32)	(298)
Earnings attributable to Vivendi SE shareowners per share - basic (in euros)	0.40	(0.98)
Earnings attributable to Vivendi SE shareowners per share - diluted (in euros)	0.39	(0.98)
Adjusted net income*	722	343		x 2.1
Adjusted net income per share - basic (in euros)*	0.70	0.33
Adjusted net income per share - diluted (in euros)*	0.70	0.33

In millions of euros, except per share amounts. na: not applicable.

* non-GAAP measures.

1.2 Analysis of the Consolidated Statement of Earnings

1.2.1 Revenues

In 2023, Vivendi's revenues were €10,510 million, compared to €9,595 million in 2022. This increase of €915 million (+9.5%) reflected the growth of Canal+ Group (+€188 million) and Havas (+€107 million), as well as the impact of the consolidation of Lagardère from December 1, 2023 (+€670 million).

At constant currency and perimeter, Vivendi's revenues grew by 2.6%, compared to 2022, mainly due to the performance of Canal+ Group (+2.9%) and Havas (+4.3%).

For the second half of 2023, Vivendi's revenues were €5,812 million, compared to €5,066 million for the second half of 2022. This increase of €746 million (+14.7%) included the impact of the consolidation of Lagardère from December 1, 2023 (€670 million), as well as revenue growth for the second half of 2023 at Canal+ Group (+€102 million) and Havas (+€46 million), partially offset by the revenue decrease at Vivendi Village (-€63 million) following the cessation of its concert production activities (Olympia Production) at year-end 2022.

At constant currency and perimeter, Vivendi's revenues in the second half of 2023 grew by 2.2% compared to the second half of 2022, mainly due to the performance of Canal+ Group (+3.4%) and Havas (+4.4%).

Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2023

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For the fourth quarter of 2023, Vivendi's revenues were €3,386 million, compared to €2,700 million for the fourth quarter of 2022. This increase of €686 million (+25.4%) was mainly related to the consolidation of Lagardère from December 1, 2023 (€670 million).

At constant currency and perimeter, Vivendi's revenues in the fourth quarter of 2023 grew by 1.5% compared to the fourth quarter of 2022. This increase was mainly due to the performance of Havas (+3.5%) and Canal+ Group (+1.6%).

For a detailed analysis of revenues by business segment, please refer to Section 1.3 below and to Note 4.1.1 to the Consolidated Financial Statements for the year ended December 31, 2023.

1.2.2 Operating results

Cost of revenues was €5,693 million, compared to €5,351 million in 2022, an increase of €342 million, notably reflecting the impact of the consolidation of Lagardère from December 1, 2023 (€291 million).

Selling, general and administrative expenses excluding amortization of intangible assets acquired through business combinations were €4,051 million, compared to €3,571 million in 2022, an increase of €480 million, notably reflecting the impact of the consolidation of Lagardère from December 1, 2023 (€356 million).

Amortization and depreciation of tangible and intangible assets are included in either cost of revenues or selling, general and administrative expenses. Amortization of tangible and intangible assets, excluding amortization of intangible assets acquired through business combinations, amounted to €518 million (compared to €490 million in 2022), including amortization of rights-of-userelating to leases for €136 million (compared to €149 million in 2022).

EBITA was €934 million, compared to €868 million in 2022, an increase of €66 million (+7.5%). It included income from equity affiliates - operational of Universal Music Group (UMG) for €94 million, compared to €124 million in 2022 and Lagardère for €125 million until November 30, 2023, compared to €98 million in 2022. For a detailed description of previously published data by UMG, please refer to Note 15.2 to the Consolidated Financial Statements for the year ended December 31, 2023.

Excluding income from equity affiliates - operational of UMG and Lagardère, EBITA was €715 million, compared to €646 million in 2022, increasing by €69 million (+10.6%) notably due to the growth of Havas (+€24 million) and Canal+ Group (+€10 million), as well as the reduction of Vivendi Village's losses (+€19 million) following the cessation of its concert production activities (Olympia Production) at year-end 2022. This change also reflected the impact of the consolidation of Lagardère from December 1, 2023 (€20 million).

At constant currency and perimeter, EBITA increased by €98 million (+11.7%). Excluding income from equity affiliates - operational, EBITA increased by €77 million (+12.1%) at constant currency and perimeter. This increase was mainly due to the performance of Havas (+8.0%), Vivendi Village (x2.4) and New Initiatives (+26.3%).

For a detailed analysis of EBITA by business segment, please refer to Section 1.3 below.

EBIT was €847 million, compared to €761 million in 2022, an increase of €86 million (+11.3%). It included amortization and depreciation of intangible assets acquired through business combinations for €87 million, compared to €107 million in 2022.

1.2.3 Income from equity affiliates - non-operational

In 2023, income from equity affiliates - non-operational was a loss of -€103 million, including MutiChoice Group (-€89 million) and Viu (-€14 million); please refer to Note 15 to the Consolidated Financial Statements for the year ended December 31, 2023. In 2022, this amount corresponded to Vivendi's share of Telecom Italia's loss (-€393 million). As a reminder, Vivendi ceased to account for its interest in Telecom Italia under the equity method as of December 31, 2022.

1.2.4 Financial results

In 2023, interest was an income of €13 million, compared to a charge of €14 million in 2022. Of this amount:

• interest expense on borrowings was €52 million (compared to €31 million in 2022). As average outstanding borrowings remained stable at €3.9 billion (compared to an equivalent average outstanding borrowings in 2022), this change reflected an increase in the average interest rate on borrowings to 1.34% (compared to 0.80% in 2022), which included the impact of the consolidation of Lagardère from December 1, 2023; by excluding Lagardère, the average interest rate on Vivendi's borrowings would have amounted to 1.19%.
• interest income earned on the investment of cash surpluses was €62 million (compared to €13 million in 2022) due to the increase in the average interest rate to 2.69% (compared to 0.43% in 2022), despite the decrease in the average outstanding cash investments to €2.3 billion (compared to €3.1 billion in 2022); and
• Vivendi received interest on intra-group financings to Editis totaling €3 million (compared to €4 million in 2022).

Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2023

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Income from investments was €81 million, compared to €50 million in 2022, an increase of €31 million. In 2023, it mainly included dividends from FL Entertainment for €29 million, MediaForEurope for €28 million (unchanged compared to 2022) and Telefonica for €18 million (unchanged compared to 2022).

Other financial charges and income were a net charge of €158 million, compared to a net charge of €952 million in 2022, i.e., a favorable change of €794 million. As a reminder, as of December 31, 2022, Vivendi ceased to account for its interest in Telecom Italia under the equity method and, therefore, in accordance with IAS 28, Vivendi recorded the difference between the carrying amount of its interest in Telecom Italia as of December 31, 2022 (€0.5864 per share) and the fair value calculated on the basis of the share price at that date (€0.2163 per share) in the 2022 earnings, i.e., a fair value adjustment leading to a charge of -€1,347 million. In 2022, it also included the capital gain of €515 million realized on June 30, 2022 following the contribution of Vivendi's interest in Banijay Group Holding to FL Entertainment, prior to the public listing of the latter on July 1, 2022 as well as the impact of the fair value adjustment (€49 million) of the bond (ORAN 2) that was subscribed to by Vivendi in 2016 in connection with its investment in Banijay Group Holding, which was redeemed on July 5, 2022 at its nominal value plus interest.

For a detailed description of other financial charges and income, please refer to Note 6.2 to the Consolidated Financial Statements for the year ended December 31, 2023.

1.2.5 Provision for income taxes

In 2023, provision for income taxes reported to adjusted net income was a net charge of €155 million, compared to €156 million in 2022. The effective tax rate reported to adjusted net income was 19.1%, compared to 23.5% in 2022. This change was notably due to a favorable impact of certain non-recurringitems in 2023.

In 2023, provision for income taxes reported to net income was a net charge of €190 million, compared to €99 million in 2022, representing an increase of €91 million. This change was mainly due to changes in deferred tax assets related to expected savings from Vivendi SE's French Tax Group, which amounted to a charge of €41 million in 2023 (compared to an income of €41 million in 2022).

1.2.6 Earnings from discontinued operations

In accordance with IFRS 5, until June 21, 2023, Editis's contribution to the group's activities was reported in "Earnings from discontinued operations". In 2023, earnings from discontinued operations amounted to a loss of -€32 million, which included the following items: Editis's contribution to net earnings (before non-controlling interests) until June 21, 2023 (-€14 million, compared to €2 million in 2022); in accordance with IFRS 5, the discontinuation of amortization of Editis's non-current assets (+€32 million); and the loss on the deconsolidation of Editis (-€50 million), reflecting the terms of the put option agreement entered into with International Media Invest a.s. (IMI) on April 23, 2023.

As a reminder, as of December 31, 2022, Vivendi tested the value of goodwill allocated to Editis. In accordance with IFRS 5, Editis's recoverable amount was calculated at the lower of its carrying amount and fair value, less costs to divest, which, in practice, was based on the indicative sale value of a controlling interest in Editis to an investor having considered offers received by Vivendi. On this basis, Vivendi's Management concluded that, as of December 31, 2022, Editis's recoverable amount was less than its carrying amount, which led to a related goodwill impairment loss of €300 million.

1.2.7 Non-controlling interests

In 2023, earnings attributable to non-controllinginterests were €53 million, compared to €65 million in 2022.

1.2.8 Earnings attributable to Vivendi SE shareowners

In 2023, earnings attributable to Vivendi SE shareowners amounted to a profit of €405 million (or €0.40 per share - basic), compared to a loss of €1,010 million in 2022 (-€0.98 per share - basic), an increase of €1,415 million. In 2022, such earnings included the fair value adjustment of the Telecom Italia shares (-€1,347 million) as of December 31, 2022 (at which time Vivendi ceased to account for its interest in Telecom Italia under the equity method), Vivendi's share of Telecom Italia's net earnings (-€393 million) as well as the goodwill impairment loss of €300 million in relation to Editis, which was partially offset by the capital gain realized on the contribution of the interest in Banijay Group Holding to FL Entertainment (+€515 million).

1.2.9 Adjusted net income

In 2023, adjusted net income was a profit of €722 million (or €0.70 per share - basic), compared to €343 million in 2022 (or €0.33 per share - basic), an increase of €379 million (x2.1). In 2022, it notably included Vivendi's share of the net earnings of Telecom Italia (-€334 million)

Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2023

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Thursday March 07, 2024

accounted for under the equity method - non-operational. As a reminder, Vivendi ceased to account for its interest in Telecom Italia under the equity method as of December 31, 2022.

(in millions of euros)

Revenues

EBITA

Income from equity affiliates - non-operational

Interest

Income from investments

Adjusted earnings from continuing operations before provision for income taxes Provision for income taxes

Adjusted net income before non-controlling interests Non-controllinginterests

Adjusted net income

Year ended December 31,		% Change
2023		2022
10,510	9,595	+ 9.5%
934	868	+ 7.5%

1. (334)

13	(14)
81		50
945	570	+ 65.6%

1. (156)

790

414

+ 90.8%

1. (71)

722		343	x 2.1

Reconciliation of earnings attributable to Vivendi SE shareowners to adjusted net income

Year ended December 31,

(in millions of euros)	2023		2022
Earnings attributable to Vivendi SE shareowners (a)	405	(1,010)
Adjustments
Amortization and depreciation of intangible assets acquired through business combinations (a)	87	107
Amortization of intangible assets related to equity affiliates - non-operational	20	59
Other financial charges and income (a)	158	952
Earnings from discontinued operations (a)	32	298
Provision for income taxes on adjustments	35	(57)
Minority interests in adjustments	(15)		(6)
Adjusted net income	722	343

1. As reported in the consolidated statement of earnings.

Adjusted net income per share

				Year ended December 31,
	2023		2022
	Basic			Diluted		Basic			Diluted
Adjusted net income (in millions of euros)	722			722	343			343
Number of shares (in millions)
Weighted average number of shares outstanding (a)	1,024.6			1,024.6	1,031.7			1,031.7
Potential dilutive effects related to share-based compensation	-			2.4		-			2.5
Adjusted weighted average number of shares	1,024.6			1,027.0	1,031.7			1,034.2
Adjusted net income per share (in euros)	0.70			0.70	0.33			0.33

1. Net of the weighted average number of treasury shares (39.9 million shares in 2023, compared to 76.9 million shares in 2022).

Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2023

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