Reported Earnings • Apr 27
Full year 2025 earnings released: EPS: €0.11 (vs €0.05 in FY 2024) Full year 2025 results: EPS: €0.11 (up from €0.05 in FY 2024). Revenue: €2.93b (down 6.5% from FY 2024). Net income: €330.0m (up 133% from FY 2024). Profit margin: 11% (up from 4.5% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Oil and Gas industry in France. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. 공시 • Apr 08
Pershing Square Capital Management, L.P. signed a a non-binding proposal to acquire remaining 90% stake in Universal Music Group N.V. (ENXTAM:UMG) from Bolloré SE (ENXTPA:BOL), Vivendi SE (ENXTPA:VIV) and other shareholders for €50.2 billion. Pershing Square Capital Management, L.P. signed a non-binding proposal to acquire remaining 90% stake in Universal Music Group N.V. (ENXTAM:UMG) from Bolloré SE (ENXTPA:BOL), Vivendi SE (ENXTPA:VIV) and other shareholders for €50.2 billion on April 7, 2026. A cash consideration valued at €5.05 per share will be paid by Pershing Square Capital Management, L.P. As part of consideration, Universal Music Group N.V.'s shareholders will receive a total of €9.4 billion in cash and 0.77 shares of New UMG stock for each share of UMG held estimated to be worth €30.40 per share. Alternatively, shareholders may elect to receive all cash, all stock, or a mix of stock and cash consideration, subject to proration. Upon completion, Pershing Square Capital Management, L.P. will own 100% stake in Universal Music Group N.V. UMG will merge with Pershing Square and the newly merged company will become a Nevada corporation (“New UMG”), listed on the New York Stock Exchange. New UMG will publish financial statements under U.S. GAAP and be eligible for S&P 500 and other index inclusion. The Transaction will enable the cancellation of 17% of UMG outstanding shares while preserving the company’s investment grade balance sheet and its long-term financial and strategic flexibility. New UMG will have 1.541 billion shares outstanding. The cash portion of the consideration will be funded with €2.5 billion from Pershing Square including €1.05 billion from SPARC’s rights holders, €5.4 billion in additional investment grade debt financing at New UMG (resulting in total debt of no more than 2.5 times Net Debt to Adjusted EBITDA) and €1.5 billion of net proceeds from the monetization of the company’s stake in Spotify, after taxes and net of the artists’ share of Spotify proceeds. All Transaction equity financing will be backstopped by Pershing Square and affiliates, and all debt financing will be committed at signing. As part of the Transaction, UMG’s board will be refreshed to include Michael Ovitz as Chairman and two representatives from Pershing Square in addition to members from the current UMG board.
The Transaction will be subject to only a limited number of customary closing conditions, which include: (1) approval of UMG’s and SPARC’s boards of directors, (2) a two-thirds vote in favor of the Transaction by UMG shareholders in attendance at a meeting, and (3) required regulatory approvals. SPARC common stock is currently 100% owned by Pershing Square who will vote to support the Transaction. The Transaction will also be subject to a new employment contract and compensation arrangement for Lucian Grainge and the creation of a new board of directors for New UMG that will include Michael Ovitz as Chairman and two Pershing Square affiliates in addition to members from the current UMG board. The transaction is expected to close by year-end 2026.
Sullivan & Cromwell LLP acted as legal advisor for Pershing Square Capital Management, L.P. White & Case LLP acted as legal advisor for Pershing Square Capital Management, L.P. Stibbe N.V. acted as legal advisor for Pershing Square Capital Management, L.P. Jefferies LLC acted as financial advisor for Pershing Square Capital Management, L.P. Major Estimate Revision • Mar 24
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €0.133 to €0.11 per share. Revenue forecast steady at €3.08b. Net income forecast to shrink 18% next year vs 7.8% decline forecast for Oil and Gas industry in France. Consensus price target down from €5.80 to €5.45. Share price rose 11% to €4.85 over the past week. Declared Dividend • Mar 22
Final dividend of €1.56 announced Shareholders will receive a dividend of €1.56. Ex-date: 23rd June 2026 Payment date: 25th June 2026 Dividend yield will be 33%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (70% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • Mar 20
Bolloré SE, Annual General Meeting, May 27, 2026 Bolloré SE, Annual General Meeting, May 27, 2026. Reported Earnings • Mar 18
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: €2.93b (down 6.5% from FY 2024). Net income: €330.0m (up 133% from FY 2024). Profit margin: 11% (up from 4.5% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.9%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Oil and Gas industry in France. 
