Press Release

                                  Results 2023
                        VANTIVA ACHIEVES ITS OBJECTIVES
              Strong margin resilience in a difficult environment
                      Adjusted EBITDA of 142 million euros
              Adjusted EBITDA margin up 1 point to 6.8% of sales
                       Adjusted EBITA at 57 million euros
          Positive FCF (before interest and tax) of 13 million euros
    The group confirms the potential of synergy resulting from Home Networks
                                  acquisition

Paris - March 26, 2024 - Vantiva (Euronext Paris: VANTI), announces its
financial results for the year 2023. These results were approved by the Board of
Directors today.
The audit procedures on the consolidated financial statements have been
completed, and the certification report will be issued once the verification of
the management report and the due diligence relating to the electronic ESEF
format of the 2023 financial statements have been finalized.
Results for the 2023 financial year are in line with targets, despite the
difficult economic climate.

  * Sales fell by 25.3% to 2,075 million euros (-23.3% at constant exchange
    rates).
  * Adjusted EBITDA totaled 142 million euros (-11.7%), with the margin rising
    to 6.8% of sales from 5.8% in 2022.

* Adjusted EBITA rose slightly to 57 million euros (versus 55 million euros in

    2022).
  * Net income from continuing operations was a loss of 283 million euros,

compared with a loss of 529 million euros in 2022, which took into account a

    negative contribution of 311 million euros from equity-accounted earnings
    resulting from the impairment of the value of TCS shares.
  * Group net income was a loss of 285 million euros, compared with a profit of
    151 million euros, which included a profit of 680 million euros from
    "discontinued operations", mainly due to the distribution of TCS shares.

* Free cash flow, before interest and taxes, was positive at 13 million euros,

    down by 75 million euros compared with 2022, due to the decline in EBITDA
    and above all to the negative impact of changes in working capital.

* At year-end, Vantiva held cash and cash equivalents of 133 million euros and

    an undrawn credit line of 76 million euros.
  * Total net debt (excluding asset leases) amounted to 366 million euros
    (nominal).

Luis Martinez-Amago, Chief Executive Officer of Vantiva, said:
"We are proud to have achieved our targets against a backdrop of reduced
customer orders in both our Connected Home where customers are still holding
excess inventories and Supply Chain Solutions where the new diversified offer is
still not compensated the natural decline in Disks. The strong resilience shown
by our improved adjusted EBITDA margin, despite the significant drop in sales,
demonstrates the company's agility and responsiveness in responding to a highly
volatile environment in a context of cost inflation. This performance gives me
particular confidence in the successful integration of the acquisition of
CommScope's Home Networks business.
This acquisition is a strategic turning point for Vantiva and ideally positions
the group to meet the challenges of our industry and achieve unprecedented
financial results for the company. I would like to thank all our teams for their
commitment, without which these results would not have been possible".

I-      Key points 2023 and outlook 2024
 In EUR million, continuing                                   Constant exchange
 operations               2023  2022  Real exchange rates         rates

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

 Sales figures            2,075 2,776             (25.3)%               (23.3)%
 Adjusted EBITDA            142   161             (11.7)%                (9.2)%
 As % of sales             6.8%  5.8%             105 bps               106 bps
 Adjusted EBITA              57    55                2.9%                  6.1%

Free cash flow before
interest and taxes 13 88 (75) (74)
-------------------------------------------------------------------------------
Key points 2023
The group's business was penalized by the general economic environment and the
reduction in investment budgets by major telecom network and cable operators,
against a backdrop of high inventories. The company's responsiveness to this
situation enabled it to limit the decline in adjusted EBITDA in absolute terms,
and to improve the margin as a percentage.
Vantiva sales totaled 2,075 million euros, down 25.3% (-23.3% at constant
exchange rates). "Connected Home" contributed 1,563 million, down 26.3% (-24.2%
at constant exchange rates), while "Supply Chain Solutions" sales fell by 21.9%
to 512 million euros (-20.3% at constant exchange rates).
Adjusted EBITDA came to 142 million euros for the group. The decline in this
indicator was limited to 19 million euros. This decline was mainly due to the
impact of lower sales in both divisions, largely but not totally offset by cost-
cutting measures and tight control of central costs.
The contribution of "Connected Home" is 120 million euros (compared with 135
million in 2022) and that of "Supply Chain Solutions" 45 million euros (compared
with 56 million in 2022).
Cost-containment measures improved EBITDA margin, which rose by 105 basis points
to 6.8% of sales.
Free cash flow before financial expenses and taxes is positive at EUR13 million,
compared with EUR88 million in 2022. This deterioration is largely explained by
lower EBITDA and the negative impact of changes in working capital.
Outlook
The beginning of the year confirms that 2024 should be another challenging year
for Connected Home business. Major telco operators are cutting their capex
program for the year and this will weigh on demand for CPE. We are expecting the
market to start to recover by the end of 2024.
For Supply Chain Solutions, Vantiva anticipates a natural decline in demand for
optical discs, and an increase in sales for "growth activities". The increase in
vinyl records production capacity should continue to be one of the main growth
drivers in this area.
Against this backdrop, Vantiva management will be focused on the success of Home
Networks' integration and will continue to make the needed structural
adjustments for preserving the profitability.
For the fiscal year 2024, the group aims to achieve the following:

  * Adjusted EBITDA > EUR140 million
  * FCF(()(1))> EUR0 million

(()(1))After financial expenses and taxes and before restructuring and
integration costs related to HN acquisition.
This outlook is based on a EUR/$ parity assumption of 1.08.
By 2026, the management is confident that Vantiva will generate a sustainable
and healthy positive FCF, after interest, tax and restructuring costs.
II- Analysis by division - Highlights of 2023 results
Connected Home
Breakdown of sales by product
In EUR million 2023 2022 Real exchange rates Constant exchange rates
------------------------------------------------------------------------
Sales figures 1,563 2,120 (26.3)% (24.2)%
Of which

 Broadband       1,262 1,598             (21.1)%                 (19.0)%
 Video             301   522             (42.3)%                 (39.9)%

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

 Adjusted EBITDA   120   135             (10.4)%                  (8.3)%
 As % of sales    7.7%  6.3%

------------------------------------------------------------------------
The contribution of the Connected Home division accounted for 75% of group sales
(versus 76% in 2022) and totaled 1,563 million euros, down 26.3%. At constant
exchange rates, the decline would have been -24.2% compared with 2022. This is
primarily the result of falling volumes in all regions where the group is
active, due to reduced investment programs by telecom and cable network
operators. Broadband products, especially fiber, held up better than video
products, which were particularly hard hit, notably in North America, by the
decline in Android TV products. Broadband accounted for over 80% of the
division's sales, compared with 75% the previous year.
The division's adjusted EBITDA represented 85% of the group total, versus 84% in
2022. It amounted to 120 million euros for 2023 versus 135 million in 2022, or
7.7% of sales (6.3% in 2022). This increase in the margin rate illustrates the
cost-cutting measures rapidly deployed to offset the decline in activity.
Supply Chain Solutions
Sales and EBITDA
In EUR million 2023 2022 Real exchange rates Constant exchange rates
----------------------------------------------------------------------

 Sales figures    512  655             (21.9)%                 (20.3)%
 Adjusted EBITDA   45   56             (20.4)%                 (18.4)%
 As % of sales   8.8% 8.6%

----------------------------------------------------------------------
Sales for the "Supply Chain Solutions" division amounted to EUR512 million in
2023, down 21.9% on 2022. At constant exchange rates, the decline would have
been -20.3%. The structural decline in optical disc sales was amplified by the
downturn in consumer discretionary spending, particularly in North America, but
partially offset by price increases. Other logistic activities remained
relatively stable despite this unfavorable environment. Vinyl record sales rose
following the commissioning of new production capacity.
The division's adjusted EBITDA amounted to 45 million euros (vs. 56 million in
2022), representing 8.8% of sales vs. 8.6% in 2022. The decline was limited
thanks to cost reductions, price increases and the ramp-up of the vinyl record
business. As a result, adjusted EBITDA margin improved by 17 basis points.
Corporate & Other
In EUR million 2023 2022 Real exchange rates Constant exchange rates
----------------------------------------------------------------------

 Sales figures      1    1                  Ns                      Ns
 Adjusted EBITDA (23) (30)                  Ns                      Ns
 As % of sales     ns   ns

----------------------------------------------------------------------
Corporate & Other recorded sales of 1 million euros, as in 2022.
Adjusted EBITDA amounted to -23 million, an improvement of 7 million euros in 2022 due to strict control of central services operating expenses.
III- Income statement analysis
Income statement
In EUR million Constant exchange 2023 2022 Real exchange rates rates
-------------------------------------------------------------------------------
Sales from continuing
operations 2,075 2,776 (25.3)% (23.3)%
Adjusted EBITDA from

 continuing operations       142    161             (11.7)%              (9.2)%
 % of sales                 6.8%   5.8%             105 bps             106 bps

D&A & provisions(1)
(excluding amortization
of intangible assets
acquired) (86) (106) 19.2% 17.2%
-------------------------------------------------------------------------------
Adjusted EBITA from

 continuing operations        57     55                2.9%                6.1%
 % of sales                 2.7%   2.0%              74 bps              76 bps
 PPA Amortization           (26)   (31)               16.7%               14.7%

-------------------------------------------------------------------------------
Non-recurring items (167) (35) ns ns
-------------------------------------------------------------------------------
EBIT from continuing

 operations                (136)   (11)                  ns                  ns
 % of sales               (6.5)% (0.4)%                  na                  na

Net financial income

 (expense)                 (107)  (177)               39.7%               39.0%
 Income tax                 (15)   (30)               48.9%               48.0%

Contribution from equity
affiliates (25) (311) ns ns
-------------------------------------------------------------------------------
Net income from
continuing operations (283) (529) ns ns
Results of discontinued
operations (2) 680 ns ns
-------------------------------------------------------------------------------
Net income for the year (285) 151 ns ns
-------------------------------------------------------------------------------
(1) Provisions for risks, litigation and guarantees.
Sales for 2023 amounted to 2,075 million euros, down 25.3% (-23.3% at constant
exchange rates), due to the downturn in our main markets for "Connected Home",
notably in North America, and for video decoders. The contribution of the
"Supply chain Solutions" division fell by a similar amount, due to the
continuing downturn in the DVD business, marginally offset by an increase in
growth activities.
Adjusted EBITDA totaled 142 million euros, down 11.7% and 9.2% at constant
exchange rates. By contrast, adjusted EBITDA margin improved by 105 basis points
to 6.8% of sales. This improvement, against a backdrop of a significant
contraction in business, reflects the impact of cost-cutting measures which were
implemented rapidly and effectively.
Adjusted EBITA of EUR57 million was up EUR2 million despite the fall in adjusted
EBITDA, due to lower depreciation and provisions.
PPA amortization totaled -26 million euros, compared with 31 million euros.
Non-recurring items showed a negative balance of 167 million euros, due to:

  * Restructuring costs of -14 million euros, compared with -17 million in
    2022, following a drop in expenses for "Supply Chain Solutions" and
    Corporate, while they increased by 2 million for "Connected Home";

* Other income and expenses, which represented an expense of -14 million euros

    versus -13 million euros the previous year, mainly due to costs incurred in
    connection with the acquisition of Home Networks;
  * Impairment losses on non-current assets of -139 million euros (vs. -5
    million in 2022) following the impairment of "Supply Chain Solutions"
    goodwill recorded in the first half of the year.

As a result, EBIT is negative by -136 million euros, compared with a loss of -11
million in 2022.
Net financial expense amounted to -107 million euros for 2023, compared with
-177 million the previous year.
Net interest expense on debt (excluding asset leases) came to -70 million euros,
compared with -167 million euros in 2022. It should be remembered that the cost
of debt in 2022 was impacted by the cost of early repayment of debt prior to
completion of the Spin-Off.
Other financial expenses of -37 million euros were mainly due to impairment of
TCS assets and an increase in pension commitments.
Income tax amounted to -15 million euros, compared with -30 million euros in
2022.
Equity-accounted income was a loss of -25 million euros versus -311 million
euros in 2022, mainly due to the impairment of the value of the 35% stake in
TCS.
Net income from continuing operations for the year was therefore -283 million
euros, compared with -529 million euros in 2022.
Group net income was a loss of -285 million euros, compared with a profit of
151 million euros, which took into account the gain on the valuation of TCS at
the time of the Spin-Off.
Cash flow and debt analysis

                               |
 In EUR million                  |                           Constant exchange
                           2023|2022 Real exchange rates         rates

-------------------------------+------------------------------------------------
Adjusted EBITDA from

 continuing operations      142  161                (19)                   (15)
 Investments               (77) (80)                   3                      1

Non-recurring expenses
(cash impact) (45) (50) 5 5
Change in WCR and other
assets and liabilities (8) 57 (65) (65)
-------------------------------------------------------------------------------+
Free cash flow before | interest and taxes 13 88 (75) (74)| -------------------------------------------------------------------------------+

                                                   --------------------------
                                                     31/12/2023   31/12/2022

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

  Gross nominal debt (including lease liabilities)          555          449
  Cash and cash equivalents                               (133)        (167)

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

  Net nominal debt (non-IFRS)                               422          282
  IFRS adjustments                                         (15)         (19)

-----------------------------------------------------------------------------
Net financial debt (IFRS) 407 263
-----------------------------------------------------------------------------
Free cash flow before interest and taxes fell from +88 million euros to +13
million. This decline was due to adjusted EBITDA (-19 million), and changes in
working capital (-65 million), while capital expenditure and restructuring costs
were down by 3 and 4 million euros respectively.
The change in working capital requirements is mainly due to the negative impact
of lower sales and customer order deferrals.
Pension commitments fell by 10 million euros after taking into account payments
made for 28 million euros, a negative actuarial effect of 7 million euros and a
net charge for the year of 12 million euros.
Cash out for restructuring amounted to -18 million euros versus -22 million
euros.
Capital expenditure amounted to -77 million euros, a decrease of 3 million euros
compared to 2022. Most of this was R&D capital expenditure.
The cash position at the end of December 2023 was 133 million euros, compared
with 167 million euros a year earlier.
Nominal net debt at the end of the year stood at 422 million euros, an increase
of 140 million due mainly to negative FCF (after interest and tax cash out),
non-cash interest and new leases.
Under IFRS, net debt was EUR407 million at December 31, 2023.
Post-closing event
On October 3, 2023, the group announced an agreement to acquire CommScope's home
connectivity business. This acquisition was finalized on January 9, 2024. For
further details, please refer to the press releases published on these dates and
available on our website.
Appendice 1
Debt details
In EUR million

 Line                  Features    Nominal IFRS amount Nominal rates IFRS rates
                    Cash: Euribor
                     3M + 2.50% &
 Barclays                PIK           258         249         10.4%      13.7%
                    Cash: Euribor
                     3M + 4.00% &
 Angelo Gordon           PIK           131         125         13.4%      18.0%
 Angelo  GBarclays  PIK:E + 10%
 STL                    SALES           85          85         14.0%      31.4%
                    WF prime rate
 Wells Fargo        + 1.75 margin        0           0         10.3%      10.3%
 Lease commitments                      56          56         15.4%      15.4%
 Leasing                                 2           2         10.9%      10.9%

Accrued interest &

 Other                                  24          24          0.0%       0.0%
 Total debt                            555         541         11.7%      17.0%
 Cash & Equivalents                    133         133
 Net debt                              422         407

Appendice 2
Impact of IFRS 16
+----------------------------------------+ +----------------+ +----------------+
| Year 2023 | | Year 2023 | | | | (incl. | | (excl. | | IFRS 16 | | IFRS 16) | | IFRS 16) | | impact | | +--------------------+ +-------------+ | | -------------+ | | -------------+ |
| | | | | | | | | | | | | | | | | | | | | | | | | | In EUR million | | | | | At real | | | At real | |
| | | |At real rates| | | rates | | | rates | | | | ------------------ | +-------------+ | | -------------+ | | -------------+ |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Sales figures | | 2,075 | | | | 2,075 | | | | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | EBITDA (ADJ) | | 142 | | | | 111 | | | | 31 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | EBITA | | 57 | | | | 50 | | | | 7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating cash | | | | | | | | | | | | | | flow | | 48 | | | | 17 | | | | 30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FCF before | | | | | | | | | | | | | | financial | | | | | | | | | | | | | | expenses and | | | | | | | | | | | | | | taxes | | 13 | | | | (18) | | | | 30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FCF after | | | | | | | | | | | | | | financial | | | | | | | | | | | | | | expenses and | | | | | | | | | | | | | | taxes | | (45) | | | | (66) | | | | 21 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------ | | | | | | | | | | | | | | | | | | | | +--------------------+ | | | | | | | | | | | | | +----------------------------------------+ +----------------+ +----------------+
Appendice 3
Reconciliation of indicators 4
In addition to the published results, and to enable better comparability of
operating performance trends in 2023 versus 2022, Vantiva presents a set of
adjusted indicators which exclude the following items as presented in the
group's consolidated income statement and financial statements:

  * Net restructuring costs;
  * Expenses net of asset impairment;
  * Other income and expenses (other non-recurring items).
 In EUR million                       2023  2022           Variation(1)

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

 EBIT from continuing operations    (136) (11)                           (125)
 Restructuring costs, net              14   17                              (4)

Impairment gains (losses) on non-

 recurring operating assets           139    5                              134
 Other income (expenses)               14   13                                1
 PPA amortization                      26   31                              (5)

-------------------------------------------------------------------------------
Adjusted EBITA from continuing
operations 57 55 2
Depreciation, amortization and
impairment ("D&A") (2) 86 106 (20)
-------------------------------------------------------------------------------
Adjusted EBITDA from continuing
operations 142 161 (19)
-------------------------------------------------------------------------------
(1 )Change at real exchange rates
(2) Excluding amortization of intangible assets arising on acquisitions, and
including provisions for risks, litigation and warranties.
Adjusted EBITDA corresponds to income from continuing operations before tax and
net financial income, excluding other income and expenses, depreciation and
amortization (including the impact of provisions for risks, guarantees and
litigation).
Adjusted EBITA corresponds to income from continuing operations before tax and
net financial income, excluding other income and expenses and impairment of PPA
items.
###
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 (AMF). The Universal
Registration Document (Document d'enregistrement universel) for fiscal year
2022 was filed with the Autorité des marchés financiers on April 26, 2023, under
no. D.23-0337, and an amendment was filed with the Autorité des marchés
financiers on December 8, 2023, under no. D.23-0337-A01.

                                      ###
                                 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.
Following the acquisition of CommScope's Home Networks in January 2024, Vantiva
continues its 130-year legacy as a global leader in the connected home market.
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
investor.relations@vantiva.com (mailto:investor.relations@vantiva.com)
vantiva.press@image7.fr
(mailto:vantiva.press@image7.fr)
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