Bolloré (BOL) H1 2026 earnings summary

Executive summary

• Consolidated revenue for H1 2026 reached €1,644 million, up 8% at constant scope and exchange rates year-over-year.

• Adjusted operating income (EBITA) was €104 million, down 15% from H1 2025.

• Net income was €133 million, compared to €242 million in H1 2025; group share at €132 million.

• Net cash position dropped to €1,447 million from €5,619 million at end-2025, mainly due to a €4.2 billion exceptional dividend.

• Portfolio value of listed securities was €9.2 billion at June 30, 2026, falling to €7.9 billion by September 14 due to a sharp drop in UMG shares.

Financial highlights

• Revenue up 8% organically and 6% on a reported basis year-over-year.

• EBITA fell 15% to €104 million, with Bolloré Energy EBITA up 77% to €47 million, Industry losses reduced to -€42 million.

• Financial result decreased to €64 million from €95 million, mainly due to lower interest rates and dividends.

• Equity at €20.8 billion, down from €24.4 billion at end-2025, reflecting dividend payouts.

• Group liquidity at €3.6 billion in cash and confirmed credit lines at June 2026.

Outlook and guidance

• No impairment required for UMG and Vivendi participations despite UMG share price drop; new impairment tests planned for year-end.

• Bluebus production to cease, with partial asset sale under review; Blue Solutions to focus on next-gen batteries.

• Exceptional dividend distributions to continue through group holding structure.

• Strategic refocus on fourth-generation battery development for Blue Solutions.

• Discontinuation of electric bus production due to market conditions and competition.