Vivendi SE (VIV) Earnings Call Transcript & Summary

Ladies and gentlemen, shareholders, good morning and welcome to the 2025 AGM for Vivendi Group. I want to thank you for members here this morning and I would also like to welcome those of you who have tuned in online. Before anything else, let us do the formalities so that we can formerly begin our AGM. I'd like to remind you that this AGM has been summoned today. The invitation is published on the VALO on the 9th of April 2025, legal gazette [Foreign Language] on the same date. Letters were also sent to individual shareholders. On the desk to my left, you can find all of the documents that were made available to the shareholders in all the forms. I'd like to remind that the AGM will be required to vote on the following agenda. First of all, approving the financials and the financial reports of 2024, setting the dividend as well. Approving the report by the statutory auditors on the regulated agreements. Approval of compensation for 2024, '25 for corporate offices, renewing Sandrine Le Bihan and approving the admission to the Supervisory Board of Mrs. Laure Delahousse, and Philippe Labro. Authorizations and dedications required for share buybacks, cancellations and increasing capital with over date. Preferential subscription rights through incorporation of reserves or for the benefit of Vivendi Group. And finally, the Management Board authorization to attribute shares to corporate officers. The current quorum is 69.87%, the AGM is therefore regularly constituted. Shareholders are still filtering in, so the final quorum will be announced before the press. For the Bureau, I'm very happy to welcome Mrs. Kim Menin, representing Bolloré SE and Compagnie de l’'Odet; and Mrs. Florence [indiscernible] representing the shareholder plan. These are our 2 major shareholders represented in the room, and they have accepted to be scrutineers for this meeting. They are sitting in the front row. I'd like to recommend as the case of the year to appoint as our Secretary, Mr. Frédéric Crépin, who's also Secretary General of the Group. Silva and Dennis [indiscernible] are bailiffs and they have verified the register and will be supervising the vote. Next to me, Mr. Frédéric Crépin, we have Arnaud de Puyfontaine, Chairman of the Management Board sitting and Head of the Strategy and Resources Committee; and Mr. Laroze. This AGM is now formally open. Dear shareholders, the past year has been full of challenges and events especially our demerger project and the floating of Canal+, Havas and Louis Hachette Group. As you know, we decided to recommend this strategic reshuffle to reduce the conglomeration discount that have been affecting our group since Universal Music joined in September 2024. This operation was put to the vote to the shareholders last December and received a broad majority with more than 97% of shareholders voting in favor of the action. This is a historic date for Vivendi and this symbolizes the opening of a new chapter in the history of our group and also in the story of Canal+, Havas and Louis Hachette that have been floated in London, Amsterdam and Paris, respectively. Dear shareholders, we are fully aware that the sum of the share prices of the 4 split entities is not yet where we would have hoped, but it takes time to win people over. It takes time to get better known. And it takes time to reassure markets who may be discovering or rediscovering these securities. Regarding Vivendi, the demerger has led to a number of changes in our governance. First of all, within the Supervisory Board, 3 members have ended their participation early in March. First of all, Mrs. Michèle Reiser who has gone to the Board of Havas and Lagardère, and Cyrille and Sébastien Bolloré for reasons related to internal reshuffling have decided to no longer be members of the Supervisory Board. And I'd like to thank on everyone's behalf their involvement. Of course, Véronique Driot-Argentin has not decided to renew her term. Her term will, therefore, come to an end today. And I'd like to thank for her work since 2017. After the demerger, Vivendi now has fewer than 1,000 employees in France and few of them 5,000 worldwide. According to the law and our bylaws, we, therefore, needed to acknowledge the early end of 2 mandates, Paulo Cardoso and [indiscernible] who I would like to thank for their contributions. Furthermore, in line with the applicable laws, with employee shareholders holding less than 3% of the share capital, we would not have had to keep them on the board. However, given the capital participation of 2.4%, we're more than 3% holding of voting rights, we have decided to renew Mrs. [indiscernible] I'd like to acknowledge is also allowed for [indiscernible]. Also be putting to your vote, the arrival of 2 new members, who will be replacing Cyrille and Sébastien Bolloré. First of all, Laure Delahousse, is with us here; and Philippe Labro, who is tuned in online who will bring their useful skills to the Board. Mrs. Laure Delahousse, whose photo is on the screen right now is the Director General of the French Association of Financial Management, representing people involved in asset management in France. Laure Delahousse knows the regulatory and financial frameworks inside and out and also understand their impact on the competitiveness of economic actors. Mr. Philippe Labro, who I'm sure you already know, is a writer, journalist, Director, former CEO, and a specialist in media. He was behind a number of radio shows, newspapers and TV shows for decades. We're very happy to have them with us on the board, and we are counting on your support through the vote today. At the end of this AGM, if the renewals and the votes are approved, our Board will be made up of 9 members, 5 women, 4 men, 6 independents and Isabelle Bernier will continue to chair the Board. I'd also like to thank all of the members of the Supervisory Board for their involvement and for their work throughout 2024. The management board is also changing, from 6 to 4 members in December. Indeed, Ms. Claire Leost and Mr. Maxime Saada representing Prisma Media and Canal+, respectively, left the Management Board as was announced as part of the demerger and also commend them for the excellent work they did over the years. The Management Board is therefore now made up of Mr. Arnaud de Puyfontaine, the Chairman, Frédéric Crépin, the Secretary General; Francois Laroze, Financial Director; and Ms. Sandrine Le Bihan, the Head of Human Resource strategy and corporate culture. Dear shareholders. If we take a look back at the demerger, Vivendi is looking at about a 40% discount. The aim of the Management Board is twofold. First of all, to increase the value of our net assets, whilst also reducing that conglomeration discount. If you look at the legacy businesses for the group that you know probably very well, Lagardère and Louis Hachette will hold the AGM tomorrow at the Casino de Paris. I'm sure you saw the excellent results in 2024 already. Havas will be holding its AGM in Amsterdam on the 28th of May, you'll be able to go there to attend in person or follow it online. Havas will be able to discuss its record financials in 2024 and the excellent first quarter that was published at the beginning of the month. And Canal+ is working on its international development with the acquisition project of MultiChoice, they will be holding their AGM here in the Olympia in Paris on the 6th of June. Of course, the geopolitical and macroeconomic environment is uncertain to say the least. It's very difficult to establish solid forecast in this kind of environment. However, I'd like to remind you that we are fortunate to have Vivendi to have participations that are not in the companies. We have shares and stakes in companies that are not directly impacted by the increase in tariffs on products going in and out of the U.S. The annual results presented last month were reassuring Francois Laroze will share with you our solid financials in a few minutes. The value of our stakes and shares is EUR 7 billion and our net asset value restated at EUR 4.8 billion in 31st of December 2024, and it's gone up in the first quarter '25. Our strategy presented by Arnaud de Puyfontaine in a few minutes is based on 2 things. First of all, transformation of our business lines as we have done up until now with Canal+, Havas, Prisma Media, and as we are continuing to do with Gameloft. And by the way, on the topic of Gameloft, Alexandre de Rochefort, the Director General, will be sharing more details in a minute. The second challenge is the pragmatic and dynamic management of our stakes. As you see, we followed through on that by selling off most of our shares in Telecom Italia. UMG's resilience is noteworthy. It's one of our major assets, and it has been remarkably resilient in previous turbulent times. When it comes to social and environmental responsibility, Vivendi, of course, intends to continue on its strategy has implemented the last year. Mrs. Sandrine Le Bihan will be presenting the main levers and the results achieved. 2025 is looking to be a year during which we reinvent ourselves. We remain true to who we are. We are traded on Euronext Paris, and we are a major player in content media and entertainment. We believe in the strength of our assets in the face of future challenges and in our ability to seize opportunities as they arise in these times of upheaval. The next chapter in our story remains to be written, and we have what we need to achieve success during that creativity, expertise and experience. The Supervisory Board, this is what we believe, Arnaud de Puyfontaine, the Chairman of our Management Board believes as well as well as his teams. And I'd now like to give him the floor, and thank you for your attention.

Thank you, Yannick. Ladies and gentlemen, dear shareholders, as Yannick Bollore just recall the past year is historic for our group that saw it's profoundly changed after a transaction undertaken with the unfailing mobilization of teams and I'd like to once again warmly thank them for their support. The entities that make up Vivendi have won their autonomy and hence forth have all the levers to expand and thereby accelerate their sustainable growth, quickly becoming cousins, having being sisters, they can rely on their shared history whilst maintaining the same core shareholder, the Bolloré Group. I'd now like to run through the main highlights of 2024 for each of them. With a subscriber base of 26.9 million customers across 50 countries, Canal+ continued its internationalization shifting its central gravity to the growth markets of Africa and Asia, Havas accelerated its expansion by leveraging its fundamentals, creativity, technology, talent, integrated model and active policy to launch its new strategic plan converge. Louis Hachette Group, the new entity comprised of Lagardère and Prisma Media was able to count on the dynamism activities. Like the Travel Retail with its global reach and business portfolio leverage, the sector dynamics in publishing, Hachette strengthened its place as third largest publisher with its 200 publishing brands and thousands of pruritus. Prisma Media strengthened its luxury unit with 3 new magazines and leading media publisher paper digital in France. First weeks saw some ups and downs in the stock markets for one month now. They're not escaping the storm that is wrecking global stock markets, giving the global economy and new phase between unrest and uncertainty. This requires a long-term approach so that each entity can fully realize its potential. These micro effects in no way undermine our belief that the demerger was done in the interest of the split companies and all Vivendi shareholders. The fundamentals are there. And down the road, we can look to value creation level that is up to our expectations in the new configuration for Vivendi's hence forth made up of listed financial investments in the stock market and Gameloft and unlisted operational asset owned 100%, where Gameloft presented by CEO, Alexandre de Rochefort in a few moments, Vivendi's presence in gaming market weighing $188 billion in '24, up 2% and transformation underway, creative talent and unanimously recognized quality of production, make Gameloft a high potential asset for expansion so that Vivendi can play a role in its market and our portfolio has several investments shown on screen UMG. Vivendi supported its ramp-up up until its successful IPO in 2021, UMG today is a major investment, allowing Vivendi to remain associated with the global world music leader in 2024, placed 9 artists in the top 10 most widely listened to. On the back of this success, we believe that UMG has high growth potential, which in a mature streaming market goes via the growth driver of premium and energy group. Our initial investment dates back to 2016. Since then, the group's become a global leader in broadcasting output. We're also present in the capital of Media for Europe, a European leader in free-to-air television and broadcasting production that plans to play an active role in the European media consolidation as witnessed by a takeover bid on ProSiebenSat.1. Southern Europe, our stake in Prisa allows Vivendi to be an industrial investor, a leader in media and education in Spain and Spanish speaking. Lastly, the 5% stake in Lagardère shown on screen corresponds to the stock acquired as part of the public tender offering launched in April 22, our investments are the subject of dynamic and pragmatic management on our part for a strategic review of our assets, Vivendi approved its investment from the telecom sector, this divestment led to a significant reduction of our stake in Telecom Italia, indeed, in accordance with its reiterated attention to sell its stake in good financial conditions. Vivendi concluded 29th of March and agree with Poste Italiane for the disposal of 15% of ordinary shares in TI after this transaction, Vivendi preserves a residual holding of 251% of ordinary shares in TI. As you can see with the radically changed profile, the group remains true to its DNA and historic player in content, media and entertainment, it's the sense of the refocusing that we began with the exit from the telecoms. This asset rotation is accompanied with future investments. Our investment case is targeting assets where creativity, talent and creation at Central, even if we're not ruling out exploring adjacent sectors if they offer sustainable value creation prospects. On that basis, Vivendi plans to be at the side of entrepreneurs or be tomorrow's leaders in a responsible long-term and value sharing strategy across stakeholders. This roadmap is in line with what Vivendi has gone through the past 10 years, a history shown on screen with acquisitions, disposals and drawing a value creation pathway, as Yannick Bollore said Vivendi has all the assets to continue on this trajectory in spite of a very uncertain economic context. Ladies and gentlemen, shareholders, this AGM marks an important milestone for Vivendi, which with the past that for its future opens a new chapter in its history. Thank you for listening. Over to Francois Laroze, the CFO. Thank you.

Good morning, everyone, shareholders. It's my pleasure to present the 2024 financials for the group. For application of IFRS 5, the figures published for financial years 2024 and '25, are only for current holdings in our portfolio. So Gameloft and other publicly-traded securities. Here is a summary of what we published on the 6th of March. First of all, the value of our portfolio holdings held by the Group. We had a value of a little over EUR 7 billion at the end of 2024. Net debt was at EUR 2.1 billion, down EUR 700 million versus the end of the previous year. If you account for that net debt and other elements on the balance sheet, the NAV, net asset value was at EUR 4.8 billion, so EUR 4.69 per share. Turnover and EBITDA are mainly drawn from our holdings of Gameloft. Turnover was EUR 300 million in 2024 and EBITDA, minus EUR 1 million. Adjusted net profit, which excludes the components related to the demerger that I'll be coming back to in a minute and lead to a profit of EUR 111 million. But let's start with 2024. As I said, revenue was EUR 300 million in 2024, EBITDA minus EUR 1 million. And EBITA, the accounts are impacted by depreciation of the value of Gameloft and EUR 140 million of -- and a EUR 140 million agreement concluded in June 2024. This leads to an EBIT loss of EUR 264 million. Later on in the table, you can see the divested businesses, a loss of EUR 5.7 billion. This is the accounting impact of the demerger. Due to these accounting impacts, the net profit group share is a loss of EUR 6 billion versus profit of EUR 405 million in 2023. If we look at a little more detail of the figures, our portfolio had a valuation of EUR 6.9 billion on the 31st of December 2024. These groups paid out EUR 167 million in dividend in 2024, if you should also increase dividend received from Lagardère EUR 56 million. Let's look at our non-publicly-traded business, Gameloft that we have a 100% share of. In 2024, turnover for Gameloft was EUR 293 million and has continued to strengthen its presence across platform, platforms such as PC, console and mobile, PC and console gaming now account for 42% of overall turnover for Gameloft, 10% growth versus 2023. Operating profit, that was known as EBITA before restructuring costs is at EUR 14 million, a 37% increase versus 2023. If you include restructuring costs, EBITA is at EUR 8 million, up 57% versus 2023. In a nutshell, if you take the valuation of our publicly-traded holdings EUR 6.887 billion, Gameloft as well, then our overall portfolio comes in at EUR 7.2 billion. If you deduct from that net debt and other liabilities, and AV comes in EUR 4.8 billion, as I said, at the end of 2024. Let's now talk about our financial debt. Net financial debt has gone from EUR 2.8 billion at the end of 2023 to EUR 2.1 billion at the end of '24. This is including all of the impacts from the demerger and the effects of deconsolidation of Canal+, Havas and Louis Hachette Group as well as the loan to Lagardère. Some notable highlights in 2024 include the divestment of our ticketing business to the German Group CTS Eventim for EUR 300 million. The purchase of EUR 35 million of our own shares was EUR 343 million and a payout of a dividend for the financial year 2023 for EUR 234 million. Finally, acquiring the securities of Lagardère before the demerger for EUR 389 million. So if we come back to our financial situation, it is still remarkably stable with EUR 4.5 billion in equity, after taking into account the demerger, adjusted net debt of EUR 2.1 billion and a portfolio of publicly-traded assets of EUR 6.9 billion dated 31st December '24. The loan-to-value ratio, LTV is calculated by dividing net debt by the value of investments, and that comes in at 30% at the end of 2024. Before revenue and EBITA business line, most of this is related to Gameloft coming in at EUR 297 million. EBITA is minus EUR 1 million versus minus EUR 33 million in 2023. Beyond the operating profit from Gameloft, this includes corporate costs for EUR 126 million and UMG's contribution for EUR 192 million, which is part of the profit for UMG 2024. The corporate accounts. And this is typical of a holding company, and most of its income comes from dividend. Havas for EUR 235 million, UMG for EUR 93 million, Lagardère EUR 56 million, MFE EUR 28 million, and Telefonica for EUR 15 million. Operating profit is a loss of EUR 229 million. This includes, amongst other things, the costs related to the demerger of EUR 50 million. I'd like to remind you that for corporate accounts, only distribution of Havas has had an impact on net profit, an impact of EUR 1.6 billion. The partial divestments of Canal+ and Louis Hachette had direct impact on equity. Then we have the depreciation of Gameloft and the transaction that we already mentioned in the consolidated accounts. The net profit is minus EUR 1.6 billion for 2024. Regarding allocation of profit, we are suggesting you approved resolution #4. So a cash payout for 2024 of an ordinary dividend of EUR 40 million, this means that from a tax perspective, this will be seen as a reimbursement of a bonus and not as dividend. This means that it will not be taxed. If you approve it, the dividend will be payable from the 2nd of May 2025 with the coupon being detachable from the 29th of April 2025. A little information on the financials as communicated to the financial markets this morning. First of all, the portfolio of publicly-traded assets, 31st of March 2025. We are at EUR 6.8 billion in value, EUR 4.6 billion of which are UMG shares and EUR 804 million stake in Telecom Italia that I would like to come back to. Indeed, on the 31st of December 2024, Vivendi held 3.6 billion shares in Telecom Italia. That was 23.75% of ordinary shares for a market value of EUR 898 million. During the first quarter 2025. Vivendi sold 956.6 million shares in Telecom Italia, 6.2% of the ordinary shares for EUR 273 million. Following the agreement achieved with Poste Italiane on 15% of the ordinary shares. Vivendi received EUR 684 million after that transaction now hold 384 million shares, 2.5% of the ordinary shares of Telecom Italia, at current share price, that stake represents about EUR 130 million. Given the updating of the value of our portfolio and the good divestments, NAV comes in at EUR 5.2 billion, up 8% for 2024. That's a value of more than EUR 5 per share. Finally, turnover for the first quarter has remained stable at EUR 69 million, mainly reflecting Gameloft's business. Ladies and gentlemen, shareholders, I would like to thank you for your attention.

Now we -- thank you, Francois. Let's now turn to the activities at Gameloft with Alexandre de Rochefort on stage.

Thank you, Yannick. Good morning, to you all year. 9 years dear shareholders that Gameloft and all its employees joined the Vivendi Group, 9 years during which Gameloft has been profoundly transformed from a niche player in the segment of mobile video games, 40% of revenues came from telcos and telephone manufacturers. Jointly, we've built a company that now covers 100% of the video games market company whose major partners and Nintendo, Apple, Sony, Disney, Microsoft, Google, Aspiro and many more company focused on its best studios, its best games and on its core business, creating video games for all the company. Lastly, that is more efficient and more productive, whose revenue per employee has doubled over the same period. But things are only just getting started this year. We're celebrating our 25th anniversary, and we still have a long way to go. Few people know this, but back in April 2000 Gameloft was the origin of video games on mobile phones. Gameloft has accompanied since in all innovations in mobile games, the first black and white Java games, iPhone games and the free games and free-to-play, free-to-play games is the availability free of charge of content and the financing by ads or virtual goods in the game and free-to-play has marked a major this eruption in video games, and it's -- this disruption that led us to embark on a new path when we joined Vivendi, Gameloft has left the mobile video games need to reach gamers worldwide. This change, of course, allowed us to put out the biggest success in our history, Disney Dreamlight Valley available in 2022 on PC and consoles in 2023 on mobile phones, other ambitious titles will come out in the coming months from our studios to reach our targets. These targets reach through M&A, and we wish this to be a driver for our revenue and earnings. Today, Gameloft, EUR 293 million annual revenue. EUR 14 million EBITDA before restructuring, EUR 22 million of operating cash flow. Let me tell you that record free cash flow in the history of our company. Gameloft is also 2,900 talents across the world, 10 production studios, Montreal, Brisbane, Paris, Sofia, Indonesia, global audience, 45% of its revenue is coming from North America, 30% Europe, Middle East, Africa 30% in Asia Pacific and 40% Latin America Gameloft is a company that is present in a balanced way and all platforms of video games, 42% of our revenue that comes from our PC and console segment. This financial performance and operational performance at Gameloft is all the more remarkable as it was achieved in an uncertain business environment, sometimes degraded. The video games industry weighs in $180 billion, twice the size of video streaming, 4x that of cinema, 7x that of music, this industry had 3 difficult years from '22 to '24, very little growth even decline in growth with many studios shutting down throughout the world. The video game sector is now on the March again at a more measured, but very promising pace. In this changing environment, Gameloft has a clear cause around 4 strategic areas. Firstly, diversification and a saving transition of its production and activity to multi platform. This transition allows us to cover 100% of video game market and diversifying our sales partners; secondly, refocusing on key franchise of our catalog and the bulk of our studio shifted to Eastern Europe and Asia. We've sharply increased the profitability of our catalog. Third area, our investment focused on ever more ambitious creations on best talents of the market. Lastly, a big integration effort around services and technology shared across studios and in parallel heightened cooperation between our creation studios on our future plans. These 4 strategic areas allow us to benefit from very rare production capability and multi-platform know-how we successfully apply the recipes Lenton Mobile to our PC and console creation. From the mobile segment, we've learned to develop past 20 years, our games. Under major constraints, we benefit from very competitive creation costs on the new segment, PC and consoles, the transfer of the bulk of our catalog to Eastern Europe and Asia allows us to operate a very competitive cost. Gameloft has more than the sum of its parts were both a multinational and integrated group. We benefit from a high-quality games catalog and strong relations built over the year around the major entertainment brands such as Disney or Hasbro. All this has allowed us over the years to build a rich and very catalog shown here. An example in rich since 2022 new multi-platform franchises, the Disney Dreamlight Valley, the Oregon Trail or Disney speed storm. And the growth will come from new franchises being rolled down in our studios. We can only unveil on at this stage, Dungeons and Dragons, it's a PC or console game very ambitious on development in Montreal, which will come out in 2027 with Hasbro, all the games will follow. We'll be able to unveil those during an upcoming AGM. And I'd like to share with you thanks to 2 short videos of Gameloft's know-how, Asphalt is a car racing game that came out in 2017 on mobile phone available since the summer of '24 across video games platforms. It's a franchise that has been downloaded over 1 million times. [Presentation]

Now another video that's highly representative. This new strategy, Disney Dreamlight Valley, it's the biggest success in the history of Gameloft that in 2.5 years generated now over than EUR 250 million in revenue for Gameloft and Vivendi. [Presentation]

Well done. Thank you very much, Alexandre. Let's now move on to the report from the Audit Committee. Catherine Lawson-Hall unfortunately, wasn't able to be with us this morning for medical reasons that are not too serious, don't worry. It's therefore, myself, we will report on the audit committees. As the Chairman of the Supervisory Board and with Cathia Lawson, will not able to make it as the Chairwoman of the Audit and Sustainability Committee is, therefore, up to me to present the works of the Audit Committee in 2024. At the end of 2024, Vivendi Group, of course, significantly transformed by implementing the demerger program. This is a distribution project that was approved by more than 97% of the AGM on the 9th of December 2024. As Cathia announced last year, subject was a major driver for the Audit Committee's work in 2024. It's against this strong transformation backdrop that the Audit Committee continued to work based on complete detailed and transparent information provided by the teams within the Group. And the Audit Committee would like to warmly thank the corporate HQ teams that undertook these difficult tasks in very good conditions. As wardens of the financial control internal and external and wardens of the quality of the information going out to the market, the Audit Committee, of course, examined the accounts, the budget, changes in asset value and internal audit efforts with particular attention given to the changes in scope related to, of course, the follow-through on the demerger project, which is opening a new chapter for our Group. This work occurred during 3 meetings with the statutory auditors. On top of which, the Audit Committee continued to guarantee oversight of insurance compliance and also CSR initiatives. And on that final point on CSR, the committee's work included the double materiality analysis required as part of the CSR delegislation. As you can see, the Audit Committee is actively involved in CSR impact within Vivendi scope. As part of this, on the 6th of March, following a recommendation from the Governance Committee, the Supervisory Board decided to put the audit committees and CSR committees together within a single organ which we are now calling the Audit and Sustainability Committee and Cathia is the Chairwoman of that committee. And I would like to thank all of the members of the CSR Committee for their work over the years. Amongst other things, given the changes in scope within the group 2025, will be the opportunity for this new committee to review the risk mapping, which could impact businesses within Vivendi. Thank you very much for your attention, and I'd now like to specifically thank Cathia and all of the members of the Audit Committee -- Audit and Sustainability Committee for their commitment. We'd now like to welcome to the stage, Frédéric Sohet from Deloitte & Associates who will be speaking on behalf of the standard auditors for the Group.

Ladies and gentlemen, shareholders, on behalf of the Board of statutory auditors, I'd now like to read our reports to you. I have the honor of reporting on our assignment presenting the reports that we drew up your attention in respect to the combined shareholders' meeting being held today. These reports were made available to you by the company or they be found in the universal registration document as per usual, I propose to summarize these reports, starting with our reports on the annual and consolidated financial statements. The purpose of our assignment is to obtain reasonable assurance on the accounts, making sure that they are fair and reasonable and contain no material misstatements. We informed the Management Board, the Board and the Audit Committee of your company of the nature and extent of our work and we also presented our conclusions to the work to be found respectively on Pages 345 and 251 of the universal registration document contained our conclusions on annual financial statements under financial GAAP and consolidated financial statements under IFRS presented by the EU. We have no reservations on the annual and consolidated financial statements or report set out the justifications of our assessment and key audit matters in accordance with the credit for the annual financial statements, estimates and assessments for Gameloft stock for consolidated statements, the key audit matters cover the justification of our assessment, value, goodwill, value the capital loss from the deconsolidation of Canal+, Louis Hachette Group and Havas us. We reviewed the assessments of underlying points calculation presented in the annexes and we made sure the reasonableness of these estimates. Furthermore, we undertook specific audits required by law. And we have no matters to report on this sincerity consistency between annual financial and consolidated financial statements and information in the management report regarding report on related party agreements in Resolution 3. We put out a special report to be found on page 380 of the registration document, setting out the arrangements of these agreements and just define the contracts that we were informed of during the course of our work. In 2024, we were informed of no agreement authorized and entered into during the year to be submitted to the approval of this AGM. Furthermore, we were informed of an agreement previously authorized by your AGM concerning the execution by your company of UMG shareholders agreement with the distribution of 59.87% of UMG's capital to shareholders of your's. Lastly, we were informed an agreement authorized by your Board not being executed, that's the agreement between your company and company as part of settlement negotiations with Mediaset and Fininvest these railroads reports signed on 6th of March. Lastly, our AGM is in an extraordinary form for you to form a view on several operations regarding to capital operations. We drew up a report of powers to the Management Board to undertake the transactions on screen and fourth reports on delegations to the Management Board undertake the transactions on screen. We confirm that we have no comments to make on these transactions has concluded in our various reports signed on 20th of March this year. On behalf of the Board of Auditors, I thank you for your attention.

Thank you, Mr. Sohet thank you to our auditors. I'd like to call Philippe Benacin, the Chairman of our Compensation governance and Nomination Committee to the stage.

Ladies and gentlemen, Mr. Chairman, it is my role to share with you the details of the compensation policy for the members of the Supervisory Board and also the renewals and new members of the Supervisory Board of Vivendi. As you know, Vivendi since 2022, has strengthened this dialogue with certain consultants for voting and shareholders specialized in governance and compensation. On the topic of Resolution 5, as was the case last year, we published a fully transparent detail of the achievement rate of financial and nonfinancial criteria related to the 2024 bonus for Mr. Yannick Bollore, Chairman and CEO of Havas subsidiary of Vivendi up until, December 2024. In line with that, the amount received up until December 2024 for Canal+, Havas, and Prisma Media, the members of the Management Board with operational roles were also published fully transparently. Regarding resolution #6, compensation in 2024 for the Chairman of the Supervisory Board, it amounts to EUR 600,000 to which a further EUR 60,000 of presence fees can be added. Resolution 7 through 12 are related to compensation in 2024, the Chairman and the members of the Management Board with an individual vote for each of them, including for Maxime Saada and [indiscernible] whose terms came to an end on the date of the AGM 9th December 2024, which approved the demerger. As we announced last year, the Chairman and the members of the Management Board had a compensation policy applied to then 2024 bonuses come in at 92% of the fixed share and require your approval as is the case every year. As a reminder, the compensation policy allows for a bonus between 80% to 100% of the fixed share of compensation. Fully in line with the compensation policy approved last year, given the demerger of Vivendi businesses in December 2024, the attribution of performance shares in 2024 has been replaced by allocation to the Chairman of members of the Management Board of a cash equivalent. This has been decided based on the level of involvement of each of them in the achievement of the goals of the project. It will be paid out this year, subject to your approval. In 2025, the compensation policy of the members of the Board has remained unchanged. However, the Board will be going from 13 to 9 members, which will keep the overall payout lower to less than EUR 1 million for all members of the Board in 2025. Regarding the Chairman and the members of the Management Board, the policy in 2025 remains again unchanged versus 2024 structurally. As you can see on this slide, we have also kept changes that we have implemented over the last years, thanks to shareholder and consultancy enrollment, such as performance shares in 2025 with criteria that are now completely different from the criteria for the bonuses. We're recommending you renew the mandate for Mrs. Sandrine Le Bihan representing the employee shareholders, renewing her mandate would allow the Supervisory Board to maintain a link that has existed since 2013 between the employee shareholders and the upper management of the Group. Furthermore, we are recommending you acknowledge the co-optation of Laure Delahousse, an independent member of the Supervisory Board. Signing off on this. Will it now allow the Supervisory Board to benefit from expertise in regulations and asset management. We're also recognizing you acknowledge the co-optation of Philippe Labro to our Board to allow the Supervisory Board to benefit from his skills in media and content. Subject to your approval, the Supervisory Board will therefore be made up of 56% women, 67% independents, versus 55% women and independents last year. I'd like to thank you for your attention.

Thank you, Philippe. I'd now like to see call up to the stage, Mr. Celine Merle-Beral to discuss CSR policy.

Ladies and gentlemen, dear shareholders, I'm pleased to share with you the highlights of our CSR policy more than have companies constitute a key link to build a society that is more inclusive, more protective and to actively contribute to the fight against global warming. Our group has embarked on this initiative a long time ago. And this commitment has continued since the demerger with some 3,000 employees across 20 countries while Vivendi seeks to fully assume its corporate, social responsibility. Our CSR creation for the future program guides our actions allowed us once again to operationalize some significant breakthroughs for our company. A big thank you to all the teams at head office at Gameloft who remain more mobilized than ever around these key challenges. These here are results in terms of the environment. In 2024, Vivendi reduced by 34% its GHG emissions linked to energy consumption. It's the third consecutive year of reduction on scopes 1 and 2, thanks to our energy efficiency measures, but also significant increase in our use of renewable energy. Today, 63% of electricity consumed by the group comes from renewable sources, a rate that reaches 100% in France. Second area, a tangible action that we're continuing with conviction is access to culture. For those who are far removed for it. We know how important this access is to promote empowerment, self confidence and opening to the world in 2024 of the 16,000 people were able to benefit from our initiatives, in 15 countries among our flagship initiatives, the cultural moments, this new inclusive programs landed over 100 young people in the Paris region to experience cultural events in iconic locations such as the Olympiad, the musical scene or the Odeon theater. Third pillar of our CSR program focuses on gender equality and inclusion. The pay gap between men and women in Vivendi is a 3% in favor of women at global level. Furthermore, in France for Vivendi SE. Our initiatives in 2024 allows us to reach a historic score of 95 out of 100 professional equality index between men and women. This progress is added to all the initiatives incepted this year in favor of disability, core opportunities and supporting our employees who are carriers. It demonstrates our profound commitment for CSR shows that our group is fully mobilized in the face of these key challenges. A very big thank you to all the teams for their contribution. Thank you.

Thank you, Celine, for the shareholders. Let's now move to the Q&A session before the vote on resolutions. Frédéric, let's start perhaps with answers to written questions.

Mr. Chairman, we received 2 series of written questions from 2 individual shareholders, Mr. [indiscernible] These questions were related to the impact of AI on administrative services, legal services and accounting within Vivendi as well as an import to our clients and shareholders and also Vivendi's strategy after the demerger when it comes to its holdings of UMG shares and its share buyback programs and governance.

Some of the answers to these questions has already been -- have already been provided as part of the AGM presentation. However, as is the case every year online, under the AGM tab, you will see all of the written questions as well as the written answers provided by the Management Board, in line with the legal and regulatory requirements.

Let us now move on to questions in the room. If we can get the lights. Let's start things with questions from the shareholder association.

Patrick, you know I'm an individual shareholder, and I'm also a member of the shareholder committee. I'd like to come back to the results of the demerger. What can you tell us? I especially like to know what you think of the Vivendi SE share price right now? That's my first question. My second question is related to the strategy for the New Vivendi, New Vivendi is an investment company, that hold operating holdings. What can you tell us about that strategy, the current strategy and also maybe future changes.

I'm Jean-Pierre. I'm also an individual shareholder. I'm also a member of the Shareholder Committee. Mr. Chairman, could you please provide more detail on what the impact on Vivendi and on the shareholders will be of the Front Court of Appeals decision to annul the previous financial regulation decision related to the demerger.

Thank you, gentlemen, and thank you to the Shareholder Committee. I can maybe answer that first question on dividends from the demerger and Arnaud, you can answer strategy. And Fred, you can address the court appeals decision. Looking at the demerger and looking at share prices, maybe it's important to remind ourselves of the why behind the demerger. The demerger was because clearly for a long time, but especially since trading of UMG had been affected by a significant conglomeration discount. We saw that during previous AGMs. And this discount was weighing down a valuation of Vivendi shares for shareholders and also was holding us back in an external growth perspective, we weren't able to raise funds through issuing shares. In December, huge majority of you enabled Canal+ and have us to free themselves from the shackles at this discount, so to speak, and to be traded independently. If you look at the share prices of the 4, and if you were to add all 4 together. We're, of course, disappointed by the current valuations. It's currently slightly lower than Vivendi share price when the demerger was announced. There are 2 reasons that might explain this valuation. First of all, there's that natural impact of a spin-off, which is now a flowback, shareholders receiving new shares, sell them off because they don't match their investment strategy. We saw that in these 3 demerged companies and we're hoping that will come to the end of that flowback phenomenon. And furthermore, there is the downward valuation of Canal+ and Havas by analysts. If you look at Vivendi share price last year, we had a valuation based on the value of its assets and for Canal+ and Havas, the valuations were higher. If you look at what's coming down the road, what we're interested in right now are the fundamentals of those 4 companies. Right now, those fundamentals are extremely solid, and satisfactory certainly in line with their marching orders. The companies that have published for the first quarter published solid first quarter results, and we're hoping that analysts will revisit their valuations on those companies. For those of you who will be fortunate enough to be attending the AGM meetings -- for the AGM, sorry, for those other companies. I can reassure you that the main task for those teams is to create short- to medium-term value. So to conclude, despite the low valuations, we remain confident at Vivendi, and indeed, within all of the entities on the potential short and medium-term increase of those valuations. Arnaud de Puyfontaine, maybe would like to answer our strategy.

I'd first of all like to thank you for that question. Vivendi is and remains a company that wishes to be involved in media, communication and entertainment. This is something that we're going to go about in a different way given the change in scope and given the change in the nature of our business, as was presented at this AGM. Now as an active investor in the sector, we are going to shift towards proactive management of our current holdings as we showed recently with Telecom Italia. We're, of course, going to monitor all of the holdings that make up the Group so that the performance of the various business lines match expectations, especially when it comes to value creation. On top of that, management limitation of our assets will require resources so that we can identify companies in which we wish to become shareholders and in a way that will create the expected value for Vivendi shareholders. We have a very real case that we presented, which is Gameloft. Right now, we hold 100% of its shares and the aim is to develop that company in the way that Alexandre de Rochefort, and we're hoping to find other Gamelofts that will enable us to once again achieve our value creation targets that we've set. This is a new chapter in our story and our aim is to achieve performance and results that are in line with those that we've been able to achieve the last decade.

Thank you, Arnaud. And Frédéric on the court appeals.

I'd like to thank you for your question because indeed, it does raise a number of ancillary issues. As you mentioned, last week, the court appeals decided that the monetary this regulation authority needed to revisit the decision made at the AGM on the 9th of December. Indeed, they believe that Bolloré controls Vivendi from a legal perspective, which is something that we can test. The AMF, so the controlling authority needs to decide where other measures need to be taken. Now first of all, we are very surprised by this decision. Indeed, if you look at control, the court appeals has recognized following a detailed examination of the voting statistics since 2017 that the Bolloré Group has never received a simple majority in votes within Vivendi and certainly not the 2/3 majority that would be required to approve a demerger. There is no denial that the Bolloré group is acting on its own behalf and is not coordinating with other shareholders. There are subjective elements that were brought up, such as authority, credibility, writing or even the career of an industrial shareholder, but none of these can be seen as a legal control by that shareholder of what of the company. Now this will be taken to the administrative Supreme Court. The decision was made in line with existing case law, including case law handed down by the Paris Court appeals itself. In this regard, I think it's important to remind you, that you the Vivendi shareholders were not asked to vote on an alternative. The demerger project as presented by the Management Board and the Supervisory Board of Vivendi or public offerings. The Bolloré assets were issued with the fact that the courts had acknowledged there was no control of Bolloré over Vivendi and had, therefore, not required a public tender. If that has not been the case, the demerger project would not have been followed through on because there would not have been a 2/3 majority. There was no public offering from July 2024. The possibility for repurchase by shareholders given that the shareholders were fully informed of the situation and had approved at 97%. Majority of the decision was not appropriate. We don't know what the AMF will decide, but we are certain that the AMF will reexamine the situation in a pragmatic and diligent way. As Yannick has said, we are continuing to focus on creating value for all of our shareholders and all of our stakeholders, with our friends at the Management Board and our Supervisory Board. We still have a 2/3 independent majority.

Thank you for that, Frédéric. Let's now move to the next question, kindly raise your hand if you wish to ask a question.

Mr. Chairman, since the criminal aggression of Ukraine by Putin and the blood letting, the economy is supported by Ukraine, allowing us to live, including American companies benefiting from substantial profit in Europe. Our economy has entered a period of turmoil since Trump's erratic policies and territorial extravagant claims against the backdrop of deadly Russian submission in brief Europe. I'm getting to my point, Europe is playing Russian roulette with an American cult. All this threatens our businesses, values and freedom. I'd like to know your view regarding the messianic tariffs imposed by Trump and the estimated impact for all the affiliates of our conglomerate, please inform us if an acquisition or heightened investment is planned in the United States. Thank you.

So your question concerns the impact of U.S. tariffs on Vivendi. Well, today, as I indicated at the outset, Vivendi is fortunate, so to speak, because of course, we hadn't anticipated tariff changes. Vivendi is rather fortunate because all Vivendi activities, be it Gameloft, our financial investments in Universal Music Group in Banijay or Media for Europe to site, but those are not directly impacted by these customs tariffs now have to see whether in terms of impact on growth across countries, it might not indirectly impact our companies. Let me reassure you, Vivendi is not a company that's directly impacted by this likely hike in tariffs. Thank you for your question.

Chairman, I have a couple of quick questions. Firstly, on the demerger and on the dividend on the split, we're rather disappointed to see the drop in value of all the assets stemming from the demerger. So I was wondering, isn't really just linked to the economic climate, what was true in 2021 is maybe no longer true in 2025, perhaps with current turbulence, the trend is perhaps more to consolidation rather than to demerger. I was wondering about that second decision by the court of appeal that we just referred to isn't that fueling further investor concerns and doesn't challenge the possibility of value uplift in the coming one. Secondly, an inconvenience that I noted, given the exemplary behavior of the Vivendi Investor Relations. It does a superb job I applaud the dedication of their team. They need to be commended. But with the new entities, Canal+, in particular, I had a question that I wish to ask that I put to Canal+. I never received an answer, and it was also perhaps a result of the demerger, but UMG did I put them a question about the administrative registered share that I can't have with UMG, whereas I got it with the Havas. I didn't get an answer. It works very well with Vivendi. No answer. Could you perhaps use your influence to set up a fully fledged shareholder service in the new entities. And then the complication is for Canal+ because it's listed in London, on the London Stock Exchange. We see it's already very complicated. We can no longer include Canal+ stock in a group savings plan. Wouldn't it have been easier as in on come have listing in parallel, both in Paris and London, given that the easing code of Canal+ starts with F. Hence, my surprise that we can't have companies listed on both stock markets, London and Paris. That's for the demerger for the dividend and rather surprise given that there's a last deficit in terms of earnings that you're giving a symbolic dividend of EUR 0.04, so I did the calculation of it , but actually, what we gain on the dividend we lose in terms of the share price 100,000 shares, the yield would be EUR 4,000. Is it benefit important for him to benefit of EUR 4,000 if he had a holding of 100,000 Vivendi shares. I think it had been wiser not to pay out a dividend this year to offset. I see there are many people, EUR 0.04. They're saying, okay, it's EUR 0.04. It's an amount, perhaps there are wiser decisions to be made for the long term.

Well, thank you for your questions. I was thinking that on the dividend, you'd find that it wasn't sufficiently high. It wasn't high enough. Yes. Take your point. Maybe just to take your questions in the order in which you put on the demerger, of course, we discussed this at great length in the Board meeting and with our friends from the management board. We continue to believe that the split these was a best solution for Vivendi I mentioned 2 points that penalized us the flowback that we could have anticipated. We did anticipate, but also the asset valuation as viewed by analysts. And so on this stock, of course, the teams must work both at Canal+ and Havas and Louis Hachette, also Vivendi outlined the strategy aim to increasing our net asset value and reduce the conglomerate discount. We believe that this strategy will be successful. But as I speak, we can be disappointed of the share price performance. Court of appeal, I've spoken to that. I don't think it has any impact on the share price, at least not for the time being. On services, investor shareholder relations. We take careful note of that for Canal+ that's a new company and I'll pass on the message to the onshore they will be quite prepared to set up a shareholder service as good as that of Vivendi. I'd like to take this opportunity to thank the Vivendi team, Arnaud on the London listing for Canal+.

Yes. Let me just recall the backdrop to the demerger and the situation of Canal, we recommended to the Supervisory Board, we were supported to pick London as the listing market for a practical reason, the company that launched a friendly takeover on multi choice English speaking and Portuguese speaking, which is pending and it were to complete the reason why it shouldn't would have a significant impact on the future of Canal+ in for regulatory reasons. It's quite likely that a financial transaction will be necessary, and there is what's known as a fast track again the anglicize to ensure that a stock market transaction can take place between the Johannesburg stock market and the London stock market, that's the first reason. Secondly, Canal+ operates in environment with many Anglo-Saxon players, notably American and the fact that it have a position in a market, which is British in this case will allow us to view other transactions that would exist with our partners, they're numerous Disney, Netflix, Paramount going forward. That's why we picked and recommended. We recommended and then chose the London market, there are impacts, as you've mentioned, and which have an impact on Canal's valuation. To date, a number of investors or investors that only invest in companies in euros, whereas this company is listed in pound sterling and leads to a period of transition on which there are a number of things that need to be improved. And given the size of the Canal+ Group, a dual listing that has a significant financial impact to date would have not generated additional value. So the energy of the teams will, as Yannick said, to have a shareholder service that is aligned with that of Vivendi, but also to ensure that we can bring and create the very value that exists in Canal and those are the various points in response to your question.

Yes, the dividend, do you want to say a word on the dividend? Well, if you look back, we set a range of targets when it comes to our payout, and when it comes to profitability and dividend. What we've recommended and what has been put to this AGM is in line with those targets. We want to send a sign to the shareholders that Vivendi's new form will continue to pay out a dividend. The strategic targets that I laid out earlier, I mean that we've duly noted your point, and we're looking forward to the Group's financials and valuation to improve in a way that we can improve our policy going forward. Francois, on the dividend, please?

Just a word on it. This year, as I already discussed, we saw losses in the corporate accounts. However, we have equity that's still quite high to more than EUR 4.5 billion, this is why we decided to maintain our dividend policy which will be a bonus rather than being allocated from profit. The yield comes out at about 1.5% given the current share price, and it's taken on the issuer bonus. So there's the extra bonus of this being nontaxable. It's actually a reimbursement of the payout. So that's why we have the folks on team dividend or a 1.5% yield.

I'm [indiscernible] shareholder of 1,600 shares, a lot of losses, unfortunately, now make sure that my math is correct, you normally pay out 25 santims in dividend. However, if I to it up, we come out at 20 santims right now. So that's a 20% loss, so there's a capital loss, but there's also a dividend loss. So which company is messing up. I would probably think that it's Canal+ that isn't paying out its share.

Thank you very much for that question. The sum of all 4 dividends. So 4 for Vivendi, 8 Havas, 6 for Hachette, it comes in just a little bit more than. Okay. So yes, your math is correct. I wouldn't say that any company is messing up, Arnaud de Puyfontaine and I was just discussed the situation of Vivendi with a yield of about 1.5%, which leads us to that for santims Havas announced a payout ratio of around 40%, which means an 8 santim dividend, which will be announced at the end of May and we are set announced as part of their dividend policy that they would be paying out about 85% of the dividend received from Lagardère and Canal+ we'll be paying out a dividend as well. So there's 4 companies are in line with what they announced.

Mr. [indiscernible] individual shareholder. I have a number of questions. First of all, I saw that you still hold 5% of Lagardère was that not held by Hachette indeed, the goal of the split was to keep things clean and simple. And regarding that split, can you share corporate costs? And I saw that the company was looking at Resolutions 13, 15 on corporate costs and salaries, Board members, now there are fewer Board members, that's great. But I'm not really seeing a drop-off in corporate costs. On Page 364 -- sorry, 374, there's a European Commission investigation that is based on the size of old Vivendi, if there is a fine, will that be borne by current Vivendi? Or will that be split across those 4 companies? And can you give us a range of the risk there? And what was my other question that's not ongoing litigation with NBC Entertainment on Page 351, we are waiting the decision from the French administrative court. Could you give us a reminder of how much that is? I believe it's tax credits.

Thank very much for those questions. Now on the first question on the 5% from Lagardère, Francois Laroze coming corporate costs and divestments.

Indeed, so the reason why we still hold 5% of Lagardère is that, as you know, as part of the public tender, there were divestment rights for shareholders that run until June 2025. Right now, that is about EUR 300 million for Vivendi. So on the 15th of June, if those shareholders decide to provide those securities, Vivendi would increase its stake in Lagardère. The reason why we hold 5% right now is that some of those rights were brought after the demerger meaning that Vivendi acting as a counterpart of those guarantees ends up holding no shares. So currently 5% and the final percentage of Vivendi and Lagardère will be known on the 13th of June, which is the deadline for the exercise of those divestment rights. Regarding corporate costs, as you know, on the 16th of December, the company was floated, the rest of the year was probably more intense than we've seen in the past, given a demerger that happened in less than a single year. The duty now falls on the Management Board to work on driving down corporate costs in the coming years. And that's something we're working on, and it's something that we will report on in upcoming meetings and announcements.

Thank you, Francois. Frédéric, on the Commission investigation?

Indeed, yes, the European Commission still has an ongoing investigation that started in 2023. This is an investigation related to early takeover of Lagardère, it's not I am jumping, otherwise you can jump in all of the type of administrative investigations, especially for New York Commission are very long. They take a lot of time. It was the takeover of Lagardère, that's in question. And from a practical perspective, it would be very difficult to leave that investigation purely on Vivendi. So it's Vivendi that will handle it. If it gets fined, then it will be Vivendi they will pay that fine, but we're not in that situation yet. I think we're expecting development this year. But once again, this type of investigation takes a really long time.

Thank you for that, Frédéric. And to answer your fourth question on the NBC litigation, we have our Tax Director, and maybe, Bernard, before you take the floor, is it worth noting that the accounting principles applicable here, date back to 2004. So before [indiscernible] entered the Board.

Indeed, this litigation comes back from transactions carried out in the 2010-2011 and it comes from the divestment of NBCU securities that had come from a merger between Vivendi and General Electric in 2020 -- 2004. The decision was handed down on the 12th of March 2025. This end litigation that had been ongoing for more than 14 years. The decision was related to the write-off of tax losses during the divestment of NBCU, so 2010, 2011. Those Vivendi losses we deemed were deficit from a tax perspective, the administration contested that position, Vivendi complied with the administration's decision, i.e., did not write off the loss against taxes, but as part of this case, asked the French Administrative Court to put the deficit back on Vivendi's balance sheet, too. Keep it simple. The decision from the tax court was in favor for us. The Minister of court went against us. The Appeals Court went with us and the Supreme Court went against us. This has no impact on the corporate accounts or the consolidated accounts for Vivendi or on its cash position as we abate with the tax authorities at the time despite contesting its decision, so we never wrote off the loss. That means that there were no savings on Vivendi side, and therefore, there is no impact on our cash situation from that decision. We would have liked it to go the other way, of course, but we accept it. because, indeed, the French Ministry of Supreme Court is the final word when it comes to taxes.

Thank you, Bernard, for that very clear question. Moving on to question 4.

Yes, [indiscernible], individual shareholder. I'm very disappointed by the various share prices shown by the 4 entities, which leads me to a number of questions. On the conglomerate model of Vivendi as compared to Warren Buffett's conglomerate that seems to be doing very well. How can you explain that business conglomerates are doing so well in the U.S. but not in France. How is it possible that beautiful companies like France has needed to split out when the Americans did. Canal+ is having piracy issues in Africa. What is the shortfall and what are you going to fight against it? And thirdly, on the U.K. listing, a minus 40 since the IPO, how are you communicating with our British friends, and what about the French markets. Everyone in France goes to the Boursorama website, and there's very little to be read on that website on that company, balance sheet or anything. Is there a communication budget going to communication from the London entity.

Thank you very much for that question. I'm going to recommend that we keep those 2 final questions, Canal+ and piracy and financial communication for the 6th of June, which will be the Canal+ AGM with the Canal+ teams in the room. On your first question, first of all, thanks very much for comparing Vivendi to Berkshire Hathaway, it's very nice to be compared to Warren Buffett. He's an inspiring role model. The new post-demerger Vivendi actually looks a lot more like Warren Buffett's model than what we previously had did. So I'm hoping that in the next months, actions by the Management Board and the investment opportunities prevented by Management Board of Supervisory Board will be just as fruitful as Berkshire Hathaway were. And in fact, their AGM is next weekend. So we will be monitoring that very closely. And of course, sir, your question is an excellent one. And I hope that one day, we can truly be compared to Berkshire Hathaway the management board teams and all of our teams are looking closely at best practice and we follow examples as we can in a way that informs investment decisions and value creation decisions in a way that we hope to make as effective and efficient as possible. But let me come back to your first comment as shareholders, as corporate officers, and as Chairman of the Management Board of Vivendi, we're all disappointed we can be nothing but disappointed by this lower valuation. We believe that this is a huge lack of recognition of potential. And we think that the heads of all of these new 4 entities are working hard and all they need is a little bit of time to create that value. The value is there. Based on our experience over the last month, if we were in a situation to go forward with it or not, we still would because we laid solid groundwork in a way that enables us to extract the value sustainably and to create equity stories for all of these businesses in a way that will achieve our goals. But it's just going to take time. It's just going to take some patience. The flowback effect was more pronounced than we expected. Indeed, there are some things that we can control and some things that we can't control. However, the foundational components of that value creation are still there. That's what I wanted to share in light of your question. Thank you. Arnaud, and thank you, sir, for your question. Let's maybe do a final question. We have 27 resolutions to get through.

A question for Mr. Laroze, CFO. I didn't understand the $5.7 billion loss stemming from activities divested. Is it the result of the company's ceded? Or is it the capital loss on the stock of those companies?

Yes, it's the variation between the value of investments in the group's consolidated financial statements before the date on the first day of listing December 7, EUR 5.7 billion, EUR 4 billion coming from Canal+, and EUR 4.7 billion and EUR 1 billion from UMG. It doesn't represent the loss of entities concerned difference between the mark-to-market in the financial consolidated statements and the value on the first day of listing.

Thank you, Francois. Let's now turn to the vote of the resolutions. Back to our General Counsel, Frédéric Crépin.

Thank you. Let me inform you that the final quorum stands at 70.71%. We have 27 resolutions presented to you by your management board and supervisory board with every year, you have an electronic voting device if there were to be a power failure, you all have a card which allows you to move to a manual vote. Sylvia Thomas and colleagues as officer of the court will oversee the voting process. The vote appears as soon as the countdown is displayed on screen, 1 in favor, 2 against, 3 abstention. The screen will indicate that your vote has been received and recorded. Let's begin with the ordinary general meeting. First resolution, approval of the parent company financial statements for FY 2024. Please vote now. [Voting]

Vote is closed as resolution is approved. The second resolution approval of the consolidated financial statements for FY 2024. Vote is open. [Voting]

Vote is closed. Second resolution is approved. Third resolution, approval of the statutory auditor special report on regulated agreements. Vote is open. [Voting]

Vote is closed. Third resolution adopted. Fourth resolution allocated to the 2024 FY results setting of the dividend and its payment date. Vote is open. [Voting]

Voting closed. Fourth resolution is approved. Fifth resolution, approval of the information referred to in Article L. 22-10-9 I. of the French Code de commerce code set out in the corporate governance report vote is open. [Voting]

Vote is closed. Fifth resolution is adopted. Sixth resolution, approval of the components of compensation and benefits of any kind paid during allocated to 2024. Mr. Yannick Bollore, Chair of the Supervisory Board. Vote is open. [Voting]

No more voting. Sixth resolution is approved. Seventh resolution, approval of the components of compensation and benefits of any kind paid or allocated for 2024 to Arnaud de Puyfontaine, Chairman of the Management Board. Vote is open. [Voting]

Vote is closed. Seventh resolution is approved. Eighth resolution, improvements of items the compensation benefits of any kind paid or allocated for 2024, the Frédéric Crépin, the member of the Management Board. Please vote. [Voting]

No more voting. Eighth resolution is approved. Thank you. Ninth resolution approval of items of compensation benefits of any kind paid or allocated 2024, Francois Laroze, Member of the Management Board. Voting open. [Voting]

Vote is closed. Ninth resolution is approved. 10th resolution, approval of components, compensation benefits of any kind paid or allocated 2024, to Claire Léost, member of the Management Board, voting open. [Voting]

No more voting. 10th resolution is approved. 11th resolution, approval of the components compensation benefits, any kind paid or allocated 2020 Madam Celine Merle-Beral, our member of the Management Board. Voting open. [Voting]

Voting closed. 11th resolution is approved. 12th resolution, approval of compensation benefits, any kind paid or allocated for 2024 to Maxim Saada, member of the Management Board. Voting open. [Voting]

Voting is now closed. Resolution 12 is adopted. 13th resolution, approval of the compensation policy for the Chairman and members of the Supervisory Board for 2025. Voting is now open. [Voting]

Voting is closed. The 13th resolution is adopted. 14th resolution, approval of the compensation policy for the Chairman of the Management Board for 2025. Voting is now open. [Voting]

Voting is closed. Resolution 14 is adopted. Resolution 15, approval of the compensation policy for members of the Management Board for 2025. Voting is now open. [Voting]

K Voting is closed. Resolution 15 is adopted. Resolution 16. The renewal of the term of office of Sandrine Le Bihan as member of the Supervisory Board, representing employee shareholders. Voting is now open. [Voting]

Voting is closed. Resolution 16 is adopted. Congratulations, Sandrine. Resolution 17, ratification of the cooptation of Laure Delahousse as member of the Supervisory Board. Voting is now open. [Voting]

Voting Is closed. Resolution 17 is adopted. Resolution 18 ratification of the cooptation of Mr. Philippe Labro as member of the Supervisory Board. Voting is now open. [Voting]

Voting is closed. Resolution 18 is adopted. Resolution 19, authorization granted to the Management Board for the purchase of -- by the company of its own shares within the limit of 10% of the company's share capital. Voting is open. [Voting]

Voting is closed. Resolution 19 is adopted. We're now going to move on to the extraordinary component of the meeting. Resolution 20, authorization granted to the Management Board to reduce the company's share capital by canceling shares within the limit of 10% of share capital. Please vote. [Voting]

Voting is closed. Resolution 20 is adopted. 21st resolution, delegation of authority to the Management Board to increase company's share capital through issuance of ordinary shares or any securities granting rights to the company's share capital with preferential subscription rights for shareholders up to a maximum amount of EUR 225 million. Voting is now open. [Voting]

Voting is now closed. 21st resolution is adopted. Moving on to Resolution 22, delegation of authority to the Management Board to increase company's share capital through the incorporation of premiums, reserves and profits or other amounts up to a maximum nominal amount of EUR 55 million. Please vote. [Voting]

Voting is closed. Resolution 22 is adopted. Resolution 23. Delegation of authority to the Management Board to increase the company's share capital without preferential subscription rights for shareholders within the limit of 10% of the share capital and the ceiling established by the 21st resolution of this general shareholders' meeting to remunerate in-kind contributions consisting of equity securities or securities giving access to the share capital of third-party companies outside of the context of a public exchange offer. Voting is now open. [Voting]

Voting is closed. Resolution 23 has adopted. Resolution 24, authorization granted to the Management Board to proceed with the allocation of existing shares or shares to be issued to employees and corporate officers of the company and affiliates with cancellation of shareholders' preferential subscription rights in the case of an allocation of new shares. Voting is now open. [Voting]

Voting is closed. Resolution 24 is adopted. Resolution 25. 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 Vivendi Group Employee Stock Purchase Plan with cancellation of shareholders' preferential subscription rights. Please vote. [Voting]

Voting is now closed. Resolution 25 is adopted. Resolution 26. Delegation of authority to the Management Board to decide to increase the share capital in favor of employees of Vivendi's foreign subsidiaries who are members of Vivendi's International Group 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 closed. Resolution 26 is adopted. Resolution 27 powers to carry out formalities. Please vote now. [Voting]

Voting is now over. Resolution 27 is adopted. I'd like to thank you. And I'd like to remind you that the details of the voting results will be made available online in the next hours.

Thank you very much, Frédéric. And thank you very much. Dear shareholders, all of the resolutions were adopted. I'd like to thank you for your support. And before the end of this meeting, I would like to thank all of the teams who contributed to making this AGM a success. Thank you to Vivendi's teams, to shortcut teams, shortcuts team and the Olympias teams and anyone who is involved in preparing this meeting. Thank you very much to our shareholders. The meeting is now adjourned.