Vivendi : Shareholders newsletter – September 2022

TOGETHER	LETTER TO OUR
SHAREHOLDERS
SEPTEMBER 2022
RESULTS P. 4	NEWS P. 5	DIARY P. 8
	- First half	- A first half-year	- Shareholders' diary
	of 2002	of initiatives	Vivendi and you

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NEW STRATEGIC THRUST

AT VIVENDI

Yannick Bolloré, Chairman of the Supervisory Board,

and Arnaud de Puyfontaine, Chairman of the Management Board

FDear shareholders,

ollowing the distribution of 60% of the share capital of Universal Music Group and its listing on the Amsterdam Stock Exchange in September 2021, Vivendi is opening a new chapter. The proposed combination with the Lagardère group is a perfect example. This new era for our group will be marked by the acceleration of our strategic planning in three key areas.

First of all, transformation. All our businesses, without exception, have embarked on a major transformation process, of which we can be proud. Just a few examples: Canal+ has boosted its digitalization with myCanal, the leading TV platform in France, which is available in some thirty countries in Europe and Africa. Havas Group has developed offers in areas of disruptive innovation, such as the metaverse.

The acquisition of Prisma Media has put Vivendi at the top of the rankings of digital groups in France in terms of number of unique visitors. Our group is also committed to transforming its business model into a sustainable one. Our Creation for the Future roadmap aims for excellence in corporate social responsibility.

Internationalization is another strategic priority. We plan to accelerate our international development. Havas Group and Canal+ Group already generate 80% and 40% of their revenue, respectively, outside France. Our objective is to reach a critical size to build an effective and sustainable model in response to global consolidation and the growing weight of the major platforms. The friendly public tender offer for Lagardère (see page 6), a global player present in over 40 countries, is in keeping with this strategy.

Lastly, integration. Vivendi's businesses are industry leaders that already collaborate frequently due to their high complementarity. We intend to further this cooperation by developing the links between our businesses to promote innovation, support content derivatives to expand its reach, attract and retain the best talent and, ultimately, generate new business opportunities.

To give this new impetus to our group's strategy, the Supervisory Board decided last May to appoint a new Management Board. An Executive Committee, in which the Chairman and members of the Management Board will participate, has also been created to assist the Management Board in implementing the group's strategic orientations. This new team reflects the great diversity of profiles, expertise and businesses within Vivendi, as well as the operational reality of a fully integrated group (see page 3).

We intend to maintain this strategic direction in a climate of macroeconomic and geopolitical uncertainty and the ongoing Covid-19 pandemic. As reflected in our first-half results (see page 4), our group has strong reasons for approaching the next few months with confidence. In particular, in the months ahead, we will study the proposed divestment of Editis to avoid any potential antitrust problems connected to the combination with Lagardère (see page 6).

We thank you for your loyalty and hope you enjoy this newsletter.

2 - LETTER TO OUR SHAREHOLDERS
	SEPTEMBER 2022

NEW

GOVERNANCE

Vivendi has established a new team led by Arnaud de Puyfontaine, who was re-appointed as Chairman of the Management Board, and has also created a new Executive Committee. A veritable boost for the strategy of the "New Vivendi".

Vivendi has begun a new era. On May 19, 2022, the Supervisory Board meeting, chaired by Yannick Bolloré, decided to adopt a new governance structure. On June 23, 2022, the terms of office of the Management Board members expired, and the members of the new Management Board took office the following day for a four-year term, until June 23, 2026. The Management Board is now supported by an Executive Committee which assists it in implementing the group's strategy.

THE MANAGEMENT BOARD, led by Arnaud de Puyfontaine, is composed of:

Frédéric Crépin, Vivendi Group General Counsel;

François Laroze, Chief Financial Officer of Vivendi, who continues to serve as Chief Financial Officer of Havas Group;

Claire Léost, President of Prisma Media;

THE EXECUTIVE COMMITTEE, in which

the Chairman and members of the Management Board participate, is composed of:

Raphaël de Andréis, President of Havas in France and Southern Europe, who also assists Arnaud de Puyfontaine on matters relating to Italy and on certain cross-functional projects;

Hala Bavière, appointed CEO of Vivendi Village;

Céline Merle-Béral, appointed Chief of HR Strategy and Corporate Culture, who continues to perform her duties with the Havas Group following organizational adjustments;

Maxime Saada, Chairman of the Management Board of Canal+ Group and CEO of Dailymotion.

Michèle Benbunan, CEO of Editis and advisor to Arnaud de Puyfontaine on publishing-relatedissues;

Lorella Gessa, appointed Chief Communications Officer Vivendi;

Félicité Herzog, Chief Strategy and Innovation Officer Vivendi;

Caroline Le Masne, Chief Legal, Compliance and Corporate Responsibility Officer Vivendi;

Michel Sibony, Chief Value Officer Vivendi.

The Management Board and the Executive Committee bring together a variety of talents and expertise from the various group entities. This will enable the group to accelerate its transformation, internationalization and integration. Vivendi's ambition is to support all its businesses in their strategic priorities so as to release their energies and create value for all its stakeholders.

SEPTEMBER 2022		LETTER TO OUR SHAREHOLDERS - 3

RESULTS

FIRST HALF OF 2022

In the first half of 2022, Vivendi's revenues were €4,873 million, up 10.9% compared to the first half of 2021, thanks to very good momentum at Havas Group, the growth of Canal+ Group, the recovery of Vivendi Village and the contribution

of Prisma Media (consolidated since June 1, 2021). At constant currency and perimeter(1), revenues increased by 5.4% compared

to the first half of 2021.

Adjusted earnings before interest and income taxes (EBITA) stood at

€412 million, up 31.5% compared to the first half of 2021, thanks to the growth of Havas Group and the contribution of Prisma Media. It also includes the share in the net income of Universal Music Group (UMG) and Lagardère. EBITA generated by the businesses (wholly owned) increased by 16.9%. At constant currency and perimeter(1), EBITA increased by 27.8% and EBITA generated by the businesses by 6.9% compared to the first half of 2021.

Earnings attributable to Vivendi SE shareowners amounted to €491 million, up 0.5%. These earnings included

the increase in EBITA (+€99 million) and the capital gain realized on the contribution of the interest in Banijay Group Holding to FL Entertainment (+€526 million), partially offset by the sharp decline in Vivendi's share of Telecom Italia's earnings accounted for under the equity method (-€197 million). Moreover, in the first half of 2021, they included Vivendi's share of Universal Music Group's earnings (€370 million, after non-controlling interests) and the extraordinary dividend from Mediaset (€102 million).

1. Constant perimeter notably reflects the impacts of Prisma Media, consolidated since June 1, 2021, as well as the equity accounting of Lagardère since July 1, 2021 and Universal Music Group since September 23, 2021.

REVENUES	EBITA(1)	EARNINGS ATTRIBUTABLE
		TO VIVENDI SE SHAREOWNERS

	€4,873 M			491	€488 M	€491 M
€4,394 M
		€412 M
		412
		€313 M
		0		0
2021	2022	2021	2022		2021	2022

1. EBITA (adjusted earnings before interest and income taxes), which is a non-GAAP measure, should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance. Vivendi considers it to be a relevant indicator of the Group's operating and financial performance. Vivendi's Management uses EBITA for reporting, management and planning purposes because it excludes most non-recurring and non- operating items from the measurement of the business segments' performance. For more information, please refer to the document entitled "2022 Half- Year Financial Report", which is available on the Vivendi website (www.vivendi.com).

4 - LETTER TO OUR SHAREHOLDERS
	SEPTEMBER 2022

NEWS

A first half-yearof initiatives

Vivendi enjoyed a good first half of 2022, with its entities stepping up their operations. Overview of the various developments.

Canal+ Group

Canal+ Group's total subscriber portfolio reached 23.9 million in the first half of 2022, including 9.6 million in mainland France, up 6.5% compared to the first half of 2021 (pro forma). Canal+ Group carried out a number of initiatives. On February 15, 2022, it signed a strategic partnership with ViacomCBS.

DR Canal+

On March 15, 2022, it launched a streaming platform in partnership with A1 Telekom Austria. On March 17, 2022, it completed the acquisition of 70% of SPI International.

On June 17, 2022, Studiocanal acquired a majority interest in Dutch Filmworks. Lastly, it acquired key sports broadcasting rights, including

all UEFA European soccer competitions (see page 7) and signed an agreement with Rai Com to be the sole broadcaster in France of the Venice Film Festival in 2022 and 2023.

Havas Group		Play
Havas Group had excellent first and second quarters, recording		"©Havas
	Avatar
half-year net revenues of €1,206 million, up 19.8% compared
to the same period in 2021. Its three divisions		"Undercover
regions delivered very strong organic performances.
(Creative, Media and Health & Wellness) and all geographical
Reflecting this momentum, Havas Group won over 500 awards		-profit
during the first half of 2022. In addition, 5 targeted acquisitions have
	non
strengthened the expertise and geographical presence of Havas
	Bleu
Group: Tinkle (Spain and Portugal), Inviqa (United Kingdom and
	L'Enfant
Germany), Search Laboratory (United Kingdom and United States),
Frontier Australia (Australia) and Front Networks (China).

SEPTEMBER 2022		LETTER TO OUR SHAREHOLDERS - 5