Committee meeting minutes

On March 15, 2024, Vivendi Individual Shareholders’ Committee met with Lorella Gessa, Vivendi’s Chief Communications Director and member of the Comex, Christine Pigeyre, Director of External Relations and CEO of CanalOlympia, and Solange Maulini, Vice President Individual Shareholders Relations and Director of Press Relations.

Discussion with Lorella Gessa, member of Vivendi’s Executive Committee and its Chief Communications Director

The Shareholders’ Committee meeting began with a friendly conversation with Lorella Gessa, who commented on the Group’s situation and recent highlights. She explained the feasibility study of the split project of the Group into four listed and independent entities, emphasizing that the reason for this project was the 40-45% discount on the Vivendi share price. The Group’s strategy of supporting and developing its entities has enabled them to become leaders in their sectors and to now benefit from individual listings.

Lorella Gessa welcomed the stock market’s positive reaction to the announcement of the feasibility study of the split project for the Group’s split project, a jump of over 10% in the share price on December 13. She highlighted the various aspects of the study (finance, legal, stock market, tax, etc.), which explains its duration of 12 to 18 months.

She also reported on the numerous developments of the Group’s entities, in particular those of Havas, Lagardère and Prisma Media, recalling the success of acquisitions (and the recent launches of Mortelle Adele, Harper’s Bazar France and Les Clés de Mon énergie magazines for Prisma Media).

Finally, she answered the Committee’s questions on the performance of Havas and Publicis, on Vivendi’s stake in TIM-Telecom Italia, and on the reasons for the transaction with Lagardère.

Update on Lagardère

Laure Rivière Doumenc, Lagardère’s Chief Corporate Communications Director, and Emmanuel Rapin, Lagardère’s Head of Financing and Investor Relations, then took over, presenting their group, its organizational chart, its activities and brands, and its latest developments. They showed a film summarizing the group’s activities, and particularly its strong international presence.

Emmanuel Rapin commented on Lagardère’s 2023 financial results and its 2024 outlook, before answering questions from the Committee, notably on Lagardère’s post-Covid sales trends and the operating methods of the Travel retail business unit.

2023 Vivendi’s results

Solange Maulini, Vice President Individual Shareholders Relations and Press Relations Director, gave the Committee a detailed overview of the Group’s 2023 results, highlighting the major developments and the performance of each business.

Solange Maulini also reminded the Committee of the solid financial position of the Group, presented the annual evolution of financial net debt and reviewed the portfolio of equity interests held by Vivendi, before answering the Committee’s questions on the impact of the integration of Lagardère and on the dividend.

At the end of the meeting, the Committee’s members shared lunch with the entire Vivendi shareholders relations team.