Bolloré : Financial information for the third quarter of 2026
Financial information for the third quarter of 2026 October 23, 2026
Revenue (at constant scope and exchange rates):
+53% in the third quarter of 2026
+21% in the first nine months of 2026
Revenue for the third quarter of 2026
At constant scope and exchange rates, Group revenue for the third quarter of 2026 totaled 937 million euros, up 53%:
- Bolloré Energy: 851 million euros, +61%, resulting from the general increase in oil product prices and a 9% decrease in volumes sold, attributable in part to this increase;
- Industry: 76 million euros, +4%, thanks to growth in Systems activity, driven by Automatics System’s businesses, and despite a decrease in Blue activity;
- Other activities: 10 million euros, +3%, reflecting an improvement in real estate revenue. On a gross basis, revenue was down by -17 million euros following the exit of the equity interest in Ovrsea from the scope of consolidation in December 2025 following its merger with Fusalpes.
On a reported basis, revenue increased by 49% compared with the third quarter of 2025, taking into account a -17 million euro change in scope, primarily due to the exit of Ovrsea.
Revenue for the first nine months of 2026
At constant scope and exchange rates, revenue at the end of September 2026 was up by 21% to 2,581 million euros. Compared with the first nine months of 2025, the main sectors trended as follows:
- Bolloré Energy: 2,318 million euros, +24%, up amid a general context of increasing prices linked to the conflict in the Middle East, and despite a decline in volumes sold (-11%);
- Industry: 232 million euros, +2%, up slightly compared with the first nine months of 2025, driven by growth in Films (higher volumes and prices in dielectric films and packaging) and Systems activities, and despite a decline in Blue activities, mainly Bluebus;
- Other activities: 31 million euros, -3%, reflecting a decrease in real estate revenue. On a gross basis, revenue was down by -50 million euros following the exit of the equity interest in Ovrsea from the scope of consolidation in December 2025 following its merger with Fusalpes.
On a reported basis, revenue for the first nine months of the year increased by 19%, taking into account a -48 million euro change in scope, primarily due to the exit of Ovrsea.
Change in revenue by business activity
| (in millions of euros) | Q3 | 9-month total | ||||||||
| 2026 | 2025 | Reported growth | Organic growth | 2026 | 2025 | Reported growth | Organic growth | |||
| | ||||||||||
| Bolloré Energy | 851 | 530 | +60% | +61% | 2,318 | 1,867 | +24% | +24% | ||
| Industry | 76 | 73 | +4% | +4% | 232 | 229 | +1% | +2% | ||
| Others (Agricultural Assets, Holding and others) | 10 | 27 | -63% | +3% | 31 | 82 | -62% | -3% | ||
| Total | 937 | 630 | +49% | +53% | 2,581 | 2,178 | +19% | +21% | ||
Highlights and recent events
Compagnie de l’Odet
- Since the beginning of 2026, Compagnie de l’Odet has acquired 114 million Bolloré SE shares at a unit price of 4.39 euros (representing 4.1% of the share capital), for a total amount of 502 million euros, including 15 million shares held by subsidiaries of Bolloré SE, for 81 million euros, as part of the simplification of the Group’s structure.
Bluebus/Blue Solutions
- On September 8, Bolloré SE announced a proposal to discontinue the production of Bluebus electric buses, which may lead to the loss of 74 jobs. In a French market that has been less dynamic than expected, marked by intense competition and significant pricing pressure, Bluebus is not large enough to compete with other players in the sector. After years of actively searching for solutions and despite the efforts made to adapt its business model, the company determined that the necessary conditions were no longer present. An offer has been made by a European industrial company to acquire certain assets, allowing the social cost to be minimized.
- Bolloré SE also announced that it was proposing to refocus Blue Solutions’ strategy on 4th generation batteries, which could lead to the loss of 41 jobs.
Vivendi demerger: Decision of the Paris Court of Appeal of July 8, 2026
In a ruling handed down on July 8, 2026, the Paris Court of Appeal, sitting as an extended bench, dismissed all of CIAM Fund’s claims. The Court held that Vivendi SE could not be regarded as being controlled by Bolloré SE within the meaning of subsections 3° and 4°of Article L. 233-3 I, of the French Commercial Code, and that the existence of control through concerted action, within the meaning of Section III of the same article, was likewise not established. CIAM Fund was ordered to pay a total of 350,000 euros under Article 700 of the French Code of Civil Procedure (Code de procédure civile), including 200,000 euros to Bolloré SE. CIAM Fund filed an appeal to the Court of Cassation on July 27, 2026.
Exceptional interim dividends
Following the distribution of an exceptional dividend of 4.2 billion euros by Bolloré SE in June 2026, Compagnie de l’Odet paid an exceptional interim dividend of 2.5 billion euros on September 29, 2026. On the same day, the companies that directly and indirectly control Compagnie de l’Odet (Sofibol, Financière V and Omnium Bolloré) also paid out exceptional interim dividends corresponding to the majority of the interim dividend amount received.
As a result of these exceptional interim dividend payments, Bolloré SE and its subsidiaries received a total amount of approximately 2 billion euros. These subsidiaries include Compagnie du Cambodge, Financière Moncey, and Société Industrielle et Financière de l’Artois. These three companies approved the payment of exceptional interim dividends of 13 euros per share for Compagnie du Cambodge (i.e. 789 million euros), 14 euros per share for Financière Moncey (i.e. 261 million euros), and 650 euros per share for Société Industrielle et Financière de l’Artois (i.e. 173 million euros), paid out on October 7, 2026.
Change in revenue by quarter
| (in millions of euros) | Q1 | Q2 | Q3 | ||||||
| 2026 | 2025 organic | 2025 | 2026 | 2025 organic | 2025 | 2026 | 2025 organic | 2025 | |
| Bolloré Energy | 731 | 678 | 675 | 736 | 663 | 661 | 851 | 530 | 530 |
| Industry | 74 | 77 | 78 | 82 | 78 | 78 | 76 | 73 | 73 |
| Others (Agricultural Assets, Holding and others) | 10 | 12 | 29 | 11 | 11 | 26 | 10 | 10 | 27 |
| Total | 815 | 766 | 782 | 829 | 751 | 765 | 937 | 613 | 630 |
All amounts are expressed in millions of euros and rounded to the nearest decimal. As a result, the sum of the rounded amounts may differ slightly from the reported total.
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