to shareholders

“The Bolloré Group has a positive net cash position and substantial liquidity, enabling it to continue investing in a serene manner in its various business lines.”

2022, the bicentenary year of Bolloré, was marked by two important transactions for our Group. The first was the sale of Bolloré Africa Logistics to the MSC
group in late 2022, which marks a key turning point in our Group’s history, even though we maintain significant presence in Africa, notably through Canal+. The
second was Vivendi’s increased stake of 57% of Lagardère, a global player in publishing and travel retail. The two transactions reflect the Bolloré Group’s agility and its ability to seize new opportunities. Reinvention is part of our DNA.

In operational terms, all Group activities posted strong results in 2022, with EBITA(1)(2) of 1,502 million euros, up 47% at constant scope and exchange rates.

The Transportation and logistics activities proved particularly resilient, with adjusted operating income (EBITA)(3) of 578 million euros, up 84% at constant
scope and exchange rates.
Growth was underpinned by record income from Bolloré Logistics and Bolloré Energy in an exceptionally favorable market environment, after what was already a particularly buoyant year in 2021.

The results of the Communications sector, namely the activities of Vivendi and UMG(4), increased 20% to 1,086 million euros, thanks to strong showings by
Vivendi (Groupe Canal+, Havas Group, etc.) and companies accounted for using the equity method (UMG, Lagardère).

The Industry sector (Blue, Films and Systems) posted a 14 million euro decrease in income year on year owing to the sharp rise in the cost of resins and electricity and the slowdown in battery business resulting primarily from the two incidents that occurred in the second quarter on RATP buses.

Net income came out at 2,724 million euros in 2022. This figure is hard to compare with that of 2021, which included the gain from the deconsolidation of Universal Music Group (19.9 billion euros). The 2022 result includes 3,150 million euros from a capital gain on the sale of Bolloré Africa Logistics to MSC for an enterprise value of 5.7 billion euros net of minority interests, as well as the proceeds from the deconsolidation of Vivendi’s stake in Telecom Italia (–1,494 million euros).
It also includes the capital gain on the transfer of the stake in Banijay to FL Entertainment (515 million euros).

With the slowdown in global demand since third-quarter 2022, high inflation in many sectors of the economy, and the tense geopolitical context, 2023 is expected to be
more complex for all our business lines. However, following the sale of Bolloré Africa Logistics to MSC group, the Bolloré Group has a positive net cash position of 1.2 billion
euros (of which 2.1 billion euros for Bolloré excluding Vivendi) and strong liquidity (8 billion euros in cash and lines confirmed for Bolloré). These assets will enable the
Group to continue to invest calmly in its various business lines, regardless of the macroeconomic environment.

(1) See glossary page 365.
(2) Including contributions from operations consolidated by the equity method at
Vivendi (UMG (124 million euros) and Lagardère (98 million euros): +222 million euros
and a contribution from operations consolidated by the equity method of UMG at
Bolloré: +218 million euros.
(3) Net of group fees and Bolloré brand license fees.
(4) Since September 23, 2021, UMG has been accounted for as an operating company
using the equity method.