Vivendi SA recorded a slight uptick in revenue in the first quarter, driven almost entirely by its videogame arm, Gameloft, even as the total valuation of the French media group’s listed assets contracted sharply at the end of March.
For the three months ended March 31, Vivendi’s revenue increased 1.3% from a year earlier to 69 million euros. Company commentary attributed the gain principally to Gameloft, which accounted for nearly all of the group’s income for the period.
Vivendi described Gameloft as having held steady amid a challenging environment for videogames and confirmed plans to launch two new titles in 2026. The statement positions Gameloft as the firm’s primary operating asset following a major restructuring completed in late 2024, when Vivendi spun off a large portion of its holdings.
The conglomerate also noted that the luxury division of Prisma Media, acquired in March, will begin contributing to revenue from the second quarter of 2026.
On the balance-sheet side, Vivendi reported that the market value of its listed holdings fell to 4.4 billion euros as of March 31, down from 5.5 billion euros at the end of December. The company attributed the decline mainly to a fall in the value of its equity stake in Universal Music Group NV, whose shares slid in the first quarter after reporting disappointing fourth-quarter earnings and pausing plans for a U.S. listing.
Vivendi noted that Universal Music shares staged a sharp rebound in early April following a proposed $64 billion takeover offer from Pershing Square Capital. That recovery was reflected in Vivendi’s portfolio valuation, which stood at 5.18 billion euros as of April 20, 2026.
The group highlighted that the late-2024 restructuring, coupled with ongoing cost-reduction measures, helped it return to profitability in 2025. However, Vivendi said the company is now a considerably leaner entity than in previous years.
Vivendi also scheduled a shareholder meeting for later on Tuesday to discuss additional potential capital return plans. The meeting will address options for returning capital to shareholders in the context of the company’s reshaped asset base and recent financial results.
Context for markets
The latest figures underscore Gameloft’s central role in Vivendi’s near-term revenue profile and highlight how swings in the market value of listed holdings - particularly Universal Music Group - can materially affect the conglomerate’s portfolio valuation from quarter to quarter.