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First Half 2021 Results

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First Half 2021 Results July 28, 2021 FIRST HALF 2021 RESULTS IMPORTANT NOTICE: Pour insérer la notice, cliquez sur le bouton « Formes » puis double-cliquez sur la version EN ou FR Financial results for the half year ended June 30, 2021 dans le dossier 02. Mentions & Tags Unaudited financial statements, prepared under IFRS First Half 2021 Results - July 28, 2021 IMPORTANT LEGAL DISCLAIMER ■ Cautionary note regarding forward-looking statements This presentation contains forward-looking statements with respect to Vivendi's financial condition, results of operations, business, strategy, plans, and outlook including the impact of certain transactions (notably the planned distribution of 60% of Universal Music Group’s share capital and its stock market listing), and the payment of dividends and distributions, as well as share repurchases. Although Vivendi believes that such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside Vivendi’s control, including, but not limited to, the risks related to antitrust and other regulatory approvals as well as any other approvals which may be required in connection with certain transactions and the risks described in the documents of the group filed by Vivendi with the Autorité des Marchés Financiers (French securities regulator) and its press releases, if any, which are also available in English on Vivendi's website (www.vivendi.com). Investors and security holders may obtain a free copy of documents filed by Vivendi with the Autorité des Marchés Financiers at www.amf-france.org, or directly from Vivendi. Accordingly, readers of this presentation are cautioned against relying on these forward-looking statements. These forward-looking statements are made as of the date of this presentation. Vivendi disclaims any intention or obligation to provide, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. ■ Unsponsored ADRs Vivendi does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently in existence is “unsponsored” and has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of any such facility. For all financial or business information, please refer to our Investor Relations website at: http://www.vivendi.com ■ Information relative to Covid-19 impact Report to the slide in Appendices 2 First Half 2021 Results - July 28, 2021 SOMMAIRE 1 H1 2021 Key Highlights 2 H1 2021 Financials 3 Business Unit Performances 4 Conclusion 5 Q&A 6 Appendices and glossary 3 ARNAUD DE PUYFONTAINE Chairman of the Management Board Chief Executive Officer H1 2021 Key Highlights 4 First Half 2021 Results - July 28, 2021 H1 2021 VERY GOOD RESULTS REVENUES +11.9%* EBITA +49.3%* *Compared to 2020 ; organic growth. 5 First Half 2021 Results - July 28, 2021 TRANSFORMATION CAPACITY Soon to be an independent quoted company Accelerated transformation into a leading content and digital aggregator Outstanding performance since its acquisition Improvement quarter after quarter Perfect fit for our ambition First Half 2021 Results - July 28, 2021 VALUE CREATION SHARE PRICE EVOLUTION (June 24, 2014 – July 22, 2021) Dividends reinvested Vivendi +112.2% DIVIDEND €0.60 per share Total amount of €653M CAC 40 +77.8% First Half 2021 Results - July 28, 2021 STRONG ASSETS TO SUCCEED SOLID STRATEGY ROBUST ACTIVITIES CONSTANT TRANSFORMATION VALUE CREATION FOR ALL STAKEHOLDERS 8 HERVÉ PHILIPPE Member of the Management Board Chief Financial Officer H1 2021 Financials 9 First Half 2021 Results - July 28, 2021 SCOPE OF CONSOLIDATION AND CURRENCY IMPACTS Revenues EBITA Q2 2020 Q2 2021 H1 2020 H1 2021 H1 2020 H1 2021 D organic -7.9% +18.9% -2.0% +11.9% -3.8% +49.3% Consolidation scope impact +2.8pts +1.1pts +4.2pts +0.6pt +5.1pts +1.0pt D at constant currency rate -5.1% +20.0% +2.2% +12.5% +1.3% +50.3% FX impact +0.3pt -3.4pts +0.8pt -4.0pts +1.1pts -5.3pts D actual -4.8% +16.6% +3.0% +8.5% +2.4% +45.0% ▪ Main changes in scope of consolidation: ▪ Prisma Media has been consolidated by Vivendi since June 1, 2021 ▪ UMG is fully consolidated by Vivendi and has minority interests of 10% since March 31, 2020, and 20% since January 29, 2021 ▪ Change in currencies Average rate over the period Q2 2020 Q2 2021 D QoQ H1 2020 H1 2021 D YoY USD: 1.085 1.206 +11.2% 1.092 1.211 +10.9% EUR vs. GBP: 0.898 0.863 -3.9% 0.871 0.874 +0.4% JPY: 118 131 +11.3% 119 129 +7.9% 10 First Half 2021 Results - July 28, 2021 H1 2021 KEY FIGURES D organic H1 2020 H1 2021 D (%) in euro millions (%) Revenues 7,576 8,221 +8.5% +11.9% EBITA * 735 1,066 +45.0% +49.3% Adjusted Net Income 583 724 +24.1% EBIT 660 973 +47.3% Earnings attributable to Vivendi SE shareowners 757 488 -35.5% CFFO 338 662 x 2.0 Equity as of June 30 19,343 vs. €16,431 M at 2020 YE including the capital gain on the sale of 10 % of UMG to Tencent-led consortium (2nd tranche) 2,357 Net Debt as of June 30 2,878 vs. €4,953 M at 2020 YE * Details of the reconciliation between EBITA and EBIT are provided in the appendices 11 First Half 2021 Results - July 28, 2021 Capital gains resulting from the two P&L disposals of 10% of UMG were recognized in equity for a total of € 4.7 Bn in H1 2020 and H1 2021, respectively D (%) H1 2019 H1 2020 H1 2021 in euro millions 2021 vs 2020 Revenues 7,353 7,576 8,221 +8.5% EBITA* 718 735 1,066 +45.0% EBIT 645 660 973 +47.3% Income from non-operating equity affiliates (8) 64 (38) Interest (21) (16) (21) Income from investments 5 15 117 Other financial income and charges ** 91 417 (157) Provision for income taxes (182) (299) (277) Earnings 530 841 597 -29.0% Non-controlling interests (10) (84) (109) Earnings attributable to Vivendi SE shareowners 520 757 488 -35.5% Adjusted net income* 554 583 724 +24.1% * Details of the reconciliation between EBITA and EBIT, and Earnings attributable to Vivendi SE shareowners and Adjusted net income are provided in the appendices ** In H1 2021, this amount included the revaluation of the interests in Spotify and TME for € -170 M compared to € +449 M in H1 2020 12 First Half 2021 Results - July 28, 2021 CONSOLIDATED BALANCE SHEET Assets Equity and Liabilities December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 in euro millions in euro millions Goodwill 14,183 14,508 Equity* 16,431 19,343 Intangible and tangible assets 8,289 8,114 Provisions 1,730 1,739 Financial investments 7,842 7,905 Net Debt 4,953 2,878 Net deferred tax liabilities 430 455 Working capital requirements and other 6,770 6,112 Total 30,314 30,527 Total 30,314 30,527 * The evolution of consolidated equity is notably linked to the capital gain on the 2nd sale of 10% of UMG 13 First Half 2021 Results - July 28, 2021 INVESTMENTS ACCOUNTED FOR UNDER THE EQUITY METHOD ▪ 23.75 % of common ▪ 32.9 % of share capital stocks and voting rights 14 First Half 2021 Results - July 28, 2021 MINORITY INTERESTS AS OF JUNE 30, 2021 ▪ 12 % of share capital ▪ 27.2 % of share capital ▪ 9.9 % of share capital ▪ ~1 % of share capital ▪ 28.8 % of share capital* * On July 22, 2021, Vivendi sold 5% of Mediaset at a price of €2.70 per share, in accordance with the global agreement announced on May 3, 2021 15 First Half 2021 Results - July 28, 2021 CASH EVOLUTION (in euro billions) 2.4 +3.3 Dividends (- €653 M) Share buybacks (- €189 M) +2.0 -0.8 +0.7 -0.5 -0.1 (2.9) +2.8 * (5.0) Net Debt Sale of Shareholder CFFO Financial Interest, Net Debt Deconsolidation Expected sale of Restated as of 10% of returns investments taxes as of of UMG's 5% to 10% Net Cash Dec. 31, 2020 UMG and other June 30, 2021 net debt* of UMG (Tranche 2) * The separation of the cash pooling and financing arrangements between Vivendi and UMG was completed on July 7, 2021. 16 First Half 2021 Results - July 28, 2021 LIQUIDITY AND CAPITAL RESOURCES Changes in net debt position December 31, 2020 June 30, 2021 in euro millions Cash and cash equivalents (976) (1,590) Cash management financial assets (120) (183) Gross cash position (1,096) (1,773) Bonds 5,050 4,050 Other 999 601 Bonds and other financial liabilities 6,049 4,651 Net Debt position 4,953 2,878 Bond maturities (€ M) 850 700 600 700 500 700 2022 2023 2024 2025 2026 2027 2028 ▪ Debt average “economic” term: 4.5 years ▪ Net debt-to-equity (gearing) ratio: 15% as of June 30, 2021 (vs. 30% as of December 31, 2020) ▪ After UMG-related operations, Vivendi should have c. €10 Bn financial flexibility, including cash, liquid equity investments and significant financing resources. 17 Business Unit Performances 18 First Half 2021 Results - July 28, 2021 ORGANIC GROWTH PER QUARTER 2021 Q1 2021 Q2 2021 H1 2021 Organic growth (in %) Universal Music Group +9.4% +25.5% +17.3% Canal+ Group -0.1% +9.8% +4.7% Havas Group - Net Revenues -0.8% +15.8% +7.3% Editis* +40.1% +43.4% +42.0% Other businesses** and intercompany elimination -20.3% +20.1% +0.9% Total Vivendi +5.0% +18.9% +11.9% Reminder of 2020 results Q1 2020 Q2 2020 H1 2020 Organic growth (in %) Universal Music Group +12.7% -4.7% +3.5% Canal+ Group +1.0% -4.3% -1.6% Havas Group - Net Revenues -3.3% -18.3% -11.2% Editis - Proforma* -14.3% -15.7% -15.1% Other businesses** and intercompany elimination -7.3% -34.2% -21.7% Total Vivendi +4.4% -7.9% -2.0% * Editis has been consolidated since February 1, 2019 ** Other businesses include Prisma Media (consolidated since June 1, 2021), Gameloft, Vivendi Village and New
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