Press Release

                            First half 2023 Results
                 H1 RESULTS IN LINE WITH GROUP'S ANTICIPATIONS
             REVENUE: EUR1,038 million (vs EUR1,193 million in H1 2022)
            ADJUSTED EBITDA: EUR49 million (vs EUR73 million in H1 2022)
              FCF (1): - EUR74 million (vs -EUR21 million in H1 2022)
                            GUIDANCE 2023 MAINTAINED

Paris (France) - July 27, 2023 - Vantiva (Euronext Paris: VANTI) is announcing its results for the first half of 2023. These results have been approved by the Board of Directors today and limited review procedures on the consolidated financial statements have been carried out.
Vantiva's results for the first half of 2023 are in line with the Group's expectations, but as anticipated down on last year. The decline stems mainly from weaker activity in both divisions due to less favorable economic conditions
and a high basis of comparison. Connected Home's customers are experiencing a high level of inventories due to weaker demand, and SCS is suffering lower DVD demand than expected. The Group continues to apply strict cost control and efficiency measures to offset the impact of the lower volumes. Therefore, the full-year guidance is maintained.
* Revenues decreased by 12.9% to EUR1,038 million (-13.3% at constant exchange

    rate).
  * Adjusted EBITDA at EUR49 million vs EUR73 million in H1 2022, representing 4.7%
    of revenues (vs 6.1% in H1 2022) largely explained by lower volume.
  * Adjusted EBITA at EUR9 million (vs EUR22 million in H1 2022).
  * The structural decrease in the DVD demand was stronger than expected and
    triggered a review of SCS' legacy and growth activities assumptions. This
    review has led to a EUR133 million impairment of SCS' goodwill.

* Net result from continuing operations was negative at -EUR227 million vs -75 million in H1 2022.
* Group net result was negative at EUR229 million vs -14 million in H1 2022 as

    loss from discontinued operations stood at -EUR2 million versus a gain of EUR62
    million in H1 2022.

* Capex increased by 37.9% to EUR44 million to support new products development

    at Connected Home and to increase vinyl capacity.
  * Free Cash Flow, before financial and tax, was negative at - EUR74 million vs -
    EUR21 million in H1 2022.
  * At the end of the semester, Vantiva held a cash position of EUR39 million.
  * Total net debt (w/o capital lease) amounted to EUR378 million in nominal
    terms.
  * The Group is working on new sources of financing, better suited to the
    seasonal nature of its business than the current line of credit.

Luis Martinez-Amago, Chief Executive Officer of Vantiva, said:
"Our first-half results in line with our expectations, but down compared to last
year. As anticipated, we experienced a more difficult environment and weaker demand from some of our clients in the Connected Home sector. The latter are seeing high inventory levels coming from a strong 2022, and weaker consumer demand this year. The DVD activity is still suffering from a structural decline,
more severe than expected in H1. However, our productivity improvements and diversification strategy will gradually turn around this activity. We expect some recovery in H2 and this combined with the positive impact of the efficiency
measures taken allow us to confirm the guidance for the full year. Moreover, I would like to thank all our employees for their contribution to this goal. The Group is fully focused on implementing our diversification plans, productivity improvements and preparing the next generation of products that will drive the business in the future as proven by the first successes of our Wi-Fi 7 and DOCSIS 4.0 offers."
I- H1 2023 Key Highlights & 2023 Outlook
In EUR million, Change at current Change at constant continuing operations H1 2023 H1 2022 rate Rate
-------------------------------------------------------------------------------

 Revenues                 1,038   1,193             (12.9)%             (13.3)%
 Adjusted EBITDA             49      73             (32.4)%             (33.3)%
 As a % of revenues        4.7%    6,1%            (137)bps            (141)bps
 Adjusted EBITA               9      22             (58.5)%             (60.0)%

Free Cash Flow before
Financial & Tax (74) (21) (53)
-------------------------------------------------------------------------------
2022 amounts restated considering Technicolor Creatives Studios accounted for as
discontinued operations
H1 2023 Key Highlights
The demand from some of our large Connected Home customers has been lower than in the previous year as the global economic environment makes them cautious, especially regarding their inventory management. This has been particularly true
in the North America and APAC regions which had enjoyed strong business trends a
year ago. The decrease in optical discs demand has been more severe than expected. Beyond the structural decline, demand suffered from excess inventory built by our customers during the chips crisis. On the other hand, the ramp up of vinyl production ramp up has mitigated this negative effect to some extent. The Group continues to take the measures necessary to defend its profitability.
Vantiva revenues totaled EUR1,038 million, down 12.9% (-13.3% at constant exchange
rate).
Connected Home revenues amounted to EUR807 million for the half, a decrease of
10% (-10.3% at constant exchange rate). Supply Chain Solutions revenues were EUR231 million, down 21.9% (-22.4% at constant exchange rate).
Adjusted EBITDA, despite strict cost control in both divisions, has been negatively impacted by this volume decline and fell by EUR24 million to amount to
EUR49 million in the semester vs EUR73 million in H1 2022.
Connected Home contributed EUR56 million (versus EUR70 million in the previous year)
to adjusted EBITDA while Supply Chain Solutions contributed EUR7 million (versus
EUR15 million in H1 last year).
FCF, before financial and tax for the half was negative by -EUR74 million, showing
a EUR53 million deterioration over last year, due to lower EBITDA, higher capex
and a less favorable change in working capital.
Outlook 2023
For the second part of the year Vantiva expects some recovery in demand and positive impact from the actions implemented to preserve profitability.
Revenues of Connected Home division, as planned, are expected to be down compared to last year. Broadband products should grow somewhat but video devices
will continue to decline.
The DVD business will still be under pressure, but we expect some normalization in the demand in H2. SCS' full year revenue is likely to remain below last year's level.
Against this backdrop and, thanks to its operational efficiency, the Group is maintaining its targets for FY 2023:

  * EBITDA > EUR140m
  * EBITA > EUR45m
  * FCF (2) > EUR50m
II-      Segment Review - H1 2023 Results Highlights

Connected Home
Revenues breakdown by product
In EUR million Change at current Change at constant H1 2023 H1 2022 rate rate
-------------------------------------------------------------------------------
Revenues 807 897 (10.0)% (10.3)%
o/w by product

 Broadband              647     694                (6.8)%                (7.5)%
 Video                  160     202               (20.8)%               (19.7)%
 EBITDA adj              56      70                 (19)%               (19.8)%
 As a % of revenues    7.0%    7.8%

-------------------------------------------------------------------------------
Connected Home revenues contributed 78% of Group revenues (75% in H1 22) and totaled EUR807 million in the semester, down 10%. At constant exchange rate, the
decrease would have been -10.3% compared with H1 2022. Sales of broadband products in our largest region, North America, were down as operators cautiously
managed their level of inventories and in Asia Pacific revenues have been penalized by a change of product generation. LATAM and EMEA reported double digit growth thanks to fiber which remains the growth driver. Cable demand has been slightly down and xDSL in decline. Globally Broadband revenues were down 6.8% in the period, whereas Video revenues decreased by 20.8%. LATAM has been particularly hit by weak demand for satellite TV devices.
Adjusted EBITDA of the division amounted to EUR56 million (vs EUR70 million in H1
22), or 7% of revenues (vs 7.8% in H1 22). Despite the drop in revenues, the division has been able to limit the margin decline to 80 basis points thanks to strict cost control and operational efficiency. Chips availability has improved materially and lead-times are getting better, but prices remain high.
Supply Chain Solutions

  In EUR million                                Change at       Change at
                       H1 2023   H1 2022   current rate   constant rate

------------------------------------------------------------------------

  Revenues                 231       296        (21.9)%         (22.4)%
  o/w by activity
  Disc                     193       265        (27.1)%         (27.5)%
  Growth activities         38        30          24.0%           22.9%
  EBITDA                     7        15        (55.0)%         (55.2)%
  As a % of revenues      3.0%      5.2%

------------------------------------------------------------------------
Supply Chain Solutions revenues totaled EUR231 million in the period, down 21.9% from H1 2022. At constant exchange rate the decline would have been 22.4%. The structural decline of the optical disc activity, has been amplified by a less favorable economic environment and inventory adjustments, especially in the US. This has led the major studios to reduce orders for optical discs and associated
services. Globally Discs revenues were down 27.1% in the half.
The diversification activities performed better showing 24.0% revenue growth, but this was not enough to compensate for the 40% volume decline in discs. In contrast, the production of vinyl has benefited from higher capacity and the ramp up is accelerating.
Adjusted EBITDA of the division amounted to EUR7 million (vs EUR15m in H1 22), or
3.0% of revenues (5.2% in H1 22). Margin decline came from the lower volumes in optical discs, distribution and freight activities while the development of the diversification activities has not been strong enough to offset the impact of the optical discs decline.
Corporate & Other

  In EUR million                                Change at       Change at
                       H1 2023   H1 2022   current rate   constant rate

------------------------------------------------------------------------

  Revenues                   0         0
  EBITDA                  (14)      (12)             nm        nm
  As a % of revenues        ns        ns

------------------------------------------------------------------------
2022 amounts restated considering Technicolor Creatives Studios accounted for as
discontinued operations.
Corporate & Other have no more revenues and the corporate costs explain the EBITDA negative contribution of EUR14 million vs EUR12 million in H1 2022.
III- Results analysis
P&L analysis
In EUR million Change at current Change at constant H1 2023 H1 2022 rate rate
-------------------------------------------------------------------------------
Revenues from
continuing operations 1,038 1,193 (12.9)% (13.3)%
Adjusted EBITDA from

 continuing operations        49      73             (32.4)%            (33.3)%
 As a % of revenues         4,7%    6,1%            (137)bps           (141)bps

D&A & Reserves(1), w/o
PPA amortization (40) (51) 21% 21.6%
-------------------------------------------------------------------------------
Adjusted EBITA from

 continuing operations         9      22             (58.5)%            (60.0)%
 As a % of revenues         0.9%    1.9%             (97)bps           (100)bps
 PPA amortization           (13)    (16)               16.1%              17.0%

-------------------------------------------------------------------------------
Non-recurring items (146) (17) nm nm
-------------------------------------------------------------------------------
EBIT from continuing

 operations                (150)    (11)                  nm                 nm
 As a % of revenues      (14.5)%  (0.9)%                  na                 na

Net financial income

 (loss)                     (55)    (61)             (10.0)%            (10.5)%
 Income tax                    3     (4)                  nm                 nm

Gain (loss) from
associates (25) 0 nm nm
-------------------------------------------------------------------------------
Profit (loss) from
continuing operations (227) (75) nm nm
Net gain (loss) from
discontinued operations (2) 62 nm nm
-------------------------------------------------------------------------------
Net income (loss) (229) (14) nm nm
-------------------------------------------------------------------------------
(1)Risk, litigation and warranty reserves
2022 amounts restated considering Technicolor Creatives Studios accounted for as
discontinued operations.
H1 Revenues stood at EUR1,038 million, representing a 12.9% decrease (-13.3% at
constant exchange rate) The decrease of Connected Home (-10%) was driven by the North America and APAC regions where some large customers reduced their business
in order to avoid developing a too high level of inventories. SCS suffered from the decrease of DVD demand, largely in the US partly due to inventories adjustment from the major studios.
H1 Adjusted EBITDA amounted to EUR49 million, down 32,4% year-on-year and
represented 4,7% of the revenues. Both division's contributions fell in the first half, being impacted by lower volume, and the corporate costs were slightly higher than a year ago.
H1 Adjusted EBITA of EUR9 million represented a EUR13 million year-on-year decrease,
despite lower depreciation.
PPA amortization was slightly down at -EUR13 million versus -EUR16 in H1 2022.
Non-recurring items amounted to -EUR146 million versus -EUR17 million a year ago:

  * restructuring costs accounting for -EUR8 million versus -EUR6 million in H1
    2022.

* other income and expenses of -EUR4 million showed an improvement over H1 2022

    of EUR5 million.
  * net impairment stood at -EUR135 million (versus -EUR2 million) mostly because of
    the EUR133 million impairment of SCS' goodwill.
EBIT  from  continuing  operations  was  a  -EUR150  million loss compared to -EUR11

million.
The financial result totaled -EUR55 million in the first half, compared to -EUR61
million in H1 2022. This improvement stems from the financial interest costs, which decreased by EUR34 million. However, part of this improvement has been
offset by the fair value adjustment of the TCS' shares from the date of their deconsolidation, the 8(th) of June, to the end of the semester.
Income tax is a positive of EUR3 million, thanks to deferred tax in Mexico,
whereas it was a negative of EUR4 million a year ago.
Result from associated is negative of 25 million mostly resulting from a depreciation of our stake in TCS from the first of January to the deconsolidation date.
Net loss from continued operations amounted to -EUR227 million compared to -EUR75
million in H1 2022.
Result of discontinued operations showed a small loss of EUR2 million.
Group net result therefore is a loss of EUR229 million in the half, compared to a
loss of -EUR14 million in H1 2022.
FCF and debt analysis
In EUR million | Change at current Change at constant H1 2023|H1 2022 rate rate
--------------------------------+-----------------------------------------------
Adjusted EBITDA from

 continuing operations        49      73            (32.4)%             (33.3)%
 Capex                      (44)    (32)              37.9%               36.5%

Non-recurring items
(cash impact) (26) (29) (9.4)% (9.2%)
Change in working
capital and other
assets and liabilities (54) (34) (20)
-------------------------------------------------------------------------------+
Free Cash Flow from | continuing operations | before Tax & Financial (74) (21) (53) na| -------------------------------------------------------------------------------+
2022 amounts restated considering Technicolor Creatives Studios accounted for as
discontinued operations.

                                                 --------------------------
                                                   30/06/2023   31/12/2022

---------------------------------------------------------------------------

  Nominal gross debt (including Lease debt)               487   449
  Cash and cash equivalent                               (39)   (167)

---------------------------------------------------------------------------

  Net financial debt at nominal value (non IFRS)          448   282
  IFRS adjustment                                         (9)   (19)

---------------------------------------------------------------------------
Net financial debt (IFRS) 439 263
---------------------------------------------------------------------------
2022 amounts restated considering Technicolor Creatives Studios accounted for as
discontinued operations.
Capex increased 37.9% and reached EUR44 million in the semester as Connected Home
is investing in new products, including IOT for verticals, and SCS in additional
capacity for vinyl production.

Free  Cash  Flow(3)  went  from  -EUR21  million to -EUR74 million. This significant
downgrade  reflects the lower EBITDA (-EUR24 million), higher capex (-EUR12 million)

and other change in working capital (-EUR20 million).
The cash position at the end of June 2023 was EUR39 million reflecting the working
capital seasonality.
Appendix
Debt details
In EUR million

                                                     IFRS     Nominal
 Line               Characteristics    Nominal     amount        Rate IFRS Rate
                   Cash: Euribor 3M +
 Barclays             2.50% & PIK          250        241        9.0%     13.3%
                   Cash: Euribor 3M +
 Angelo Gordon        4.00% & PIK          125        117       12.5%     17.6%
 Wells Fargo         WF Prime +2.0%         29         29       10.7%     10.7%
 Operating Lease                            7070       13.9%     13.9%
 Capital Lease                               0          0        1.0%      1.0%
 Other                                      13         20        0.0%      0.0%
 Total Debt                                487        478       10.5%     13.7%
 Cash    &   Cash
 Equivalents                                39         39
 Net Debt                                  448        439

IFRS 16 impact
+---------------------------------------+ +-----------------+ +----------------+
| Actual H1 23 | | Actual H1 23 | | | | (incl IFRS | | (excl. | | IFRS16 | | 16) | | IFRS16) | | impact | | +-------------------+ +-------------+ | | --------------+ | | -------------+ |
| | | | Actual | | | Actual | | | Actual | | | | In EUR million | | | | | | | | | |
| | | |Current rate | | | Current rate | | | Current rate| | | | ----------------- | +-------------+ | | --------------+ | | -------------+ |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | SALES | | 1,038 | | | | 1,038 | | | | +0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | EBITDA (ADJ) | | 49 | | | | 34 | | | | +15 | | | | | | | | | | | | | | | | | | | | 4.7% | | | | 3.3% | | | | 1.5% | | | | | | | | | | | | | | | | | | EBITA | | 9 | | | | 6 | | | | +3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating Cash | | | | | | | | | | | | | | Flow | | (5) | | | | (20) | | | | +15 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FCF before | | | | | | | | | | | | | | Financial & Tax | | (74) | | | | (89) | | | | +15 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FCF after | | | | | | | | | | | | | | Financial & Tax | | (104) | | | | (115) | | | | +10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ----------------- | | | | | | | | | | | | | | | | | | | | +-------------------+ | | | | | | | | | | | | | +---------------------------------------+ +-----------------+ +----------------+
2022 amounts restated considering Technicolor Creatives Studios accounted for as
discontinued operations.
Reconciliation of adjusted operating indicators
In addition to published results, and with the aim of providing a more comparable view of the evolution of its operating performance in H1 2023
compared to last year. Vantiva is presenting a set of adjusted indicators which exclude the following items as per the statement of operations of the Group's consolidated financial statements:

  * net restructuring costs;
  * net impairment charges;
  * other income and expenses (other non-current items).

In EUR million H1 2023 H1 2022 Change(1) -------------------------------------------------------------------------------

 EBIT from continuing operations                        (150)    (11)    (139)
 Restructuring charges, net                               (8)     (6)       (2)

Net impairment gain (losses) on non-current

 operating assets                                       (135)     (2)     (133)
 Other income (expense)                                   (4)     (9)         5
 PPA amortization                                        (13)    (16)         3

-------------------------------------------------------------------------------

 Adjusted EBITA from continuing operations                  9      22      (13)
 Depreciation and amortization ("D&A")                   (40)    (51)        11

-------------------------------------------------------------------------------
Adjusted EBITDA from continuing operations 49 73 (24)
-------------------------------------------------------------------------------
(1 )Variation at current rates

 2022 amounts    restated   considering   Technicolor
 Creatives  Studios  accounted  for  as  discontinued

operations.
The caption "Adjusted EBITDA" corresponds to the profit (loss) from continuing
operations before tax and net financial income (expense), net of other income
(expense), depreciation and amortization (including impact of provision for
risks, litigation and warranties).
The caption "Adjusted EBITA" corresponds to the profit (loss) from continuing
operations before tax and net financial income (expense), net of other income
(expense) and amortization of purchase accounting items.
Termination of ADS program (TCLRY)
The Company terminated the Deposit Agreement relating to its American Depositary
Shares (ADS).
As a result of such termination and in accordance with the provisions of the depositary agreement, ADS holders are required to exchange their ADS against Company shares prior to August 15, 2023, date of effectiveness of the termination.
ADS holders are requested to organize the exchange of their ADS with the depositary prior to August 15, 2023.
If you have any questions about such termination, please call Citibank, N.A. at 1-877-248-4237.
###
Warning: Forward Looking Statements
This press release contains certain statements that constitute "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions or which do not directly relate to historical or current facts. Such
forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted, or implied by such forward-looking statements. For a more complete list and description of such risks and uncertainties, refer to Vantiva's filings
with the French Autorité des marchés financiers. 2021 Universal Registration Document (Document d'enregistrement universel) has been filed with the French Autorité des marchés financiers (AMF) on April 26, 2023, under number D-23-0337.
###
About Vantiva
Pushing the Edge
Vantiva shares are admitted to trading on the regulated market of Euronext Paris
(VANTI).
Vantiva, formerly known as Technicolor, is headquartered in Paris, France. It is
an independent company which is a global technology leader in designing, developing and supplying innovative products and solutions that connect consumers around the world to the content and services they love - whether at home, at work or in other smart spaces. Vantiva has also earned a solid reputation for optimizing supply chain performance by leveraging its decades- long expertise in high-precision manufacturing, logistics, fulfillment and distribution. With operations throughout the Americas, Asia Pacific and EMEA, Vantiva is recognized as a strategic partner by leading firms across various vertical industries, including network service providers, software companies and
video game creators for over 25 years. The group's relationships with the film and entertainment industry goes back over 100 years by providing end-to-end solutions for its clients.
Vantiva is committed to the highest standards of corporate social responsibility
and sustainability across all aspects of their operations.
For more information, please visit vantiva.com (https://www.vantiva.com/) and follow Vantiva on LinkedIn (https://www.linkedin.com/company/vantiva/) and Twitter (https://twitter.com/vantiva).
Contacts
Vantiva Investor Relations Image 7 for
Vantiva - Corporate
investor.relations@vantiva.com (mailto:investor.relations@vantiva.com)
vantiva.press@image7.fr
(mailto:vantiva.press@image7.fr)
--------------------------------------------------------------------------------
1 Before interest and tax.
2 Before interest and tax.
3 Before interest and tax.
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