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Adjusted Operating Income (Ebita) 2020 RESULTS MARCH 4, 2021 CONTENTS 1 Summary 3 2 Business review 17 3 Appendixes 29 2 1 SUMMARY 3 SUMMARY OF 2020 EARNINGS in millions of euros 2020 2019 Change ▪ Good results for all business lines despite the Revenue 24 109 24 843 (3%) pandemic. EBITDA (1) 3 265 2 913 12% Adjusted operating income: up 25% (+23% at constant scope and exchange rates) Adjusted operating income (EBITA(1)) 2 043 1 634 25% Bolloré Transportation & Logistics 607 637 (5%) Communications 1 627 1 526 7% Electricity Storage and Systems (102) (434) 76% ▪ Net income, Group share: +79%. Net income 1 563 1 408 11% This does not include the gain on the sale of 10% of the share capital of UMG on March 31, 2020, on Net income group share 426 237 79% the basis of an enterprise value of €30 billion for 100% of UMG. The sale was recognized in equity in the amount of €2.8 billion. ▪ Continued reduction in Bolloré's debt, excluding Net debt 9 136 8 720 415 Vivendi. o/w Bolloré excl. Vivendi 4 183 4 656 -473 ▪ Continued high level of liquidity of €9.2 billion at January 31, 2021, including €2.9 billion at Bolloré Gearing 35% 34% level. ▪ Proposed dividend: €0.06 (including €0.02 interim already paid in September 2020). (1) See glossary 4 GROUP STRUCTURE: ▪ Universal Music Group ▪ Sale of 20% of UMG to a Tencent-led consortium 10% on March 31, 2020 for €2,842 million based on an enterprise value of €30 billion for 100% of UMG and another 10% on January 29, 2021 for €2,847 million. ▪ Vivendi plans to distribute 60% of UMG's share capital to shareholders An Extraordinary General Meeting of Vivendi's shareholders will be convened on March 29th to amend the articles of association and permit such distribution. In the event of a positive vote by its shareholders, Vivendi will continue this project, with a general meeting approving the distribution that could be completed before the end of 2021. ▪ Buyback of Vivendi shares ▪ In 2020, Vivendi acquired 89.2 million of its own shares in the market for €2,157 million. ▪ Bolloré’s tender offer for Blue Solutions ▪ Completion of the public tender for Blue Solutions for €17 per share which took place from May 29 to July 8, 2020; ▪ Mandatory squeeze-out on July 15, 2020: Bolloré now owns 100% of Blue Solutions’ share capital; ▪ The value of the shares acquired is €110 million. ▪ Sale of BluePointLondon Ltd ▪ On December 31, 2020, IER entered into an agreement with Total to sell its subsidiary BluePointLondon Ltd, which has developed and operates a network of 1,600 electric vehicle charging stations in London. 5 GROUP STRUCTURE: ECONOMIC ORGANIZATIONAL CHART AT 12/31/2020 (IN % OF SHARE CAPITAL) Sofibol and holdings(1): 57.01% Compagnie du Cambodge(2): 19.1% 92.6% Société Industrielle et Financière de l'Artois(2): 5.6% Financière de l’Odet SE Financière Moncey(2): 4.9% (3) Imperial Mediterranean(2): 3.6% 64% Nord-Sumatra Investissements(2): 2.3% Bolloré SE TRANSPORTATION & LOGISTICS COMMUNICATION ELECTRICITY STORAGE AND SYSTEMS Bolloré Logistics Vivendi (27%): Brittany: Bolloré Ports Universal Music Group Blue Solutions Canal + Bluebus, Bluestorage, Plastic films Bolloré Railways Systems: Havas OIL LOGISTICS IER, Automatic Systems Bolloré Energy Editis, Others (Gameloft, etc.) Smart Mobility, Polyconseil, Telecoms OTHER ASSETS (1) Directly by Sofibol and by holdings controlled by Vincent Bolloré. Shareholding Portfolio (2) Companies controlled by Bolloré SE (3) Including 0.5% held by Bolloré SE subsidiaries 6 CHANGES IN THE STOCK PRICE PRICE ON 03/02/2021: €4.08 | MARKET CAPITALIZATION: €12.0 BILLION Since Δ (%) 01/01/21 10Y 6.0 Bolloré 20.5% 145.2% SBF 120 4.5% 52.1% 5.0 4.0 3.0 2.0 1.0 - Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Bolloré SBF 120 Indexed Source : Thomson Reuters 7 ESG PERFORMANCE REMINDER OF CHANGES IN GOVERNANCE IMPLEMENTED IN 2020 ONGOING DIALOGUE WITH THE RATING AGENCIES Changes in governance in 2020: New ▪ Tighter Board of Directors (13 directors), more independent (36% independent), more female (45%). 2020 Environment & Social score = 1 2020 ESG Global score = 45/100 (High transparency close to 1) Creation of a Bolloré SE Executive Committee: ➢ vs. 31/100 in 2019 (S&P’s default rating) Governance score = 7 ▪ 14 members, including 7 women, representing 50% women. (Moderate risk close to 10) ➢ vs. Governance score = 8 in 2019 ▪ Functions represented: finance, human resources, legal, tax, procurement, ESG and compliance departments. PRIORITY ESG COMMITMENTS IN 2021 « Climate Change » score = A 2020 SEPTEMBER 2020 Climate ➢ vs. B score in 2019 ESG Global score = 51/100 ▪ Structuring of a climate strategy at Group level: definition of « Supplier Engagement Rating » score = A- ➢ +3 points compared to the 2017 rating ➢ vs. B score in 2019 ➢ Rank in sector : 9/43 decarbonization objectives and levers. Scale from A to D- Duty of care ▪ Implementation of the ethics system, refinement of risk identification for entities and the supply chain, definition of ESG Global score = Low Risk (14.4) ESG Global score = B objectives and appropriate corrective action plans. AUGUST 2020 FEBRUARY 2021 ➢ vs. B score in October 2020 ➢ vs. “Medium risk” score (24.2) in April 2020 MSCI rating scale: • Sustainalytics rating scale: Commitments in line with the Signatory of the Global Compact SDGs: positive impact on 64 out of for over 15 years Communication These scores result from a risk exposure rating and a risk the 169 targets on Progress: Advanced level management rating. 8 2020 RESULTS SUMMARY OF THE MAIN 2020 FINANCIAL ITEMS in millions of euros 2020 2019 Change Revenue 24,109 24,843 (3%) EBITDA(1) 3,265 2,913 12% Depreciation and provisions (1,222) (1,279) Adjusted operating income (EBITA(1)) 2,043 1,634 25.0% Amortization resulting from PPA(1) (393) (375) EBIT 1,650 1,259 31% o/w equity-accounted operating companies 39 23 Financial income 622 17 Share of the net income of equity-accounted (32) 98 non-operating companies Taxes (677) 35 Net income 1,563 1,408 11% Net income Group share 426 237 79% Minority interests 1,137 1,171 (3%) (1) See the glossary 9 REVENUE CHANGE IN REVENUE BY BUSINESS Reported Organic in millions of euros 2020 2019 growth growth Transportation & Logistics 5,820 5,939 (2%) 1% Oil logistics 1,900 2,650 (28%) (29%) Communications 16,085 15,891 1% (1%) Electricity Storage and Systems 280 329 (15%) (3%) Other (Agricultural Assets, Holding) 25 34 (26%) (26%) Total 24,109 24,843 (3%) (3%) ▪ 2020 revenue: -3% at constant scope and exchange rates • Transportation and Logistics: +1% - Bolloré Logistics: up +8%, benefiting from the strong performance of air transport activities which fully absorbed the slight drop in maritime transport activities; - Bolloré Africa Logistics: down 10% as a result of the contraction of the logistics business and the impact of the end of the Douala terminal concession (DIT) in Cameroon; • Oil Logistics: -29%, due to lower oil prices and volumes; • Communications (Vivendi): down 1%, despite growth at UMG (+5%) which did not fully offset the decline in the other activities; • Electricity storage and systems: -3%, due to the decline in IER's industrial activities affected by the health crisis. ▪ On a reported basis, revenue was down 3%, which includes a €378 million change in the scope of consolidation (consolidation of Editis and M7 at Vivendi, exit of Bolloré Ports France and Wifirst), and a -€289 million foreign exchange impact (mainly reflecting the fall of the US dollar and other currencies). 10 ADJUSTED OPERATING INCOME (EBITA) CHANGE IN EBITA BY ACTIVITY Bolloré Transport & Logistics EBITA Reported Organic in millions of euros 2020 2019 Change by year (in millions of euros) growth growth 637 607 56 Bolloré Transportation & Logistics 607 637 (5%) (2%) 527 545 56 34 Transportation & Logistics (1) 551 580 (5%) (2%) 36 Oil Logistics 56 56 (1%) (1%) Communications 1,627 1,526 7% 4% 580 551 511 Electricity Storage and Systems (102) (434) 76% 77% 491 Others (Agricultural Assets, Holding) (1) (89) (94) 6% 6% Total EBITA Bolloré Group 2,043 1,634 25% 23% 2017 2018 2019 2020 Transp. & Logistics EBITA Bolloré Energy EBITA ▪ EBITA: €2,043 million, up 25%; (+23% at constant scope and exchange rates) • Transportation & Logistics down 2% as a result of the end of the Douala terminal concession (DIT) in Cameroon and the decline in the logistics activities in Africa, partially offset by the good performance of the freight forwarding activities, primarily air and port terminals; • Oil logistics: stable; growth in earnings from distribution and storage activities was offset by a negative inventory effect in 2020; • Communications (Vivendi): up +4% thanks to the excellent performance of UMG and the Canal+ Group; • Electricity storage and systems: a €332 million improvement compared to 2019, which included significant non-recurring impairment as part of the strategic redeployment in batteries, buses and stationary solutions. (1) Before Bolloré trademark fees. 11 FINANCIAL AND EQUITY-ACCOUNTED INCOME FINANCIAL INCOME ▪ Financial income primarily includes in millions of euros 2020 2019 Change (€m) €591 million generated by the revaluation of the Spotify and Tencent Net dividends and income from investments in 34 23 11 Music securities (compared to €139 marketable securities million in 2019). Net financing expenses (111) (128) 17 Other financial expenses and income 700 122 578 Financial income 622 17 606 ▪ The results of associates include: • -€172 million related to Mediobanca, corresponding to the drop in the share price, offset by financial income of €159 million corresponding to the hedges on the shares and the impact of the end of INCOME OF ASSOCIATES the equity method for the holding; • +€126m in Telecom Italia.
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