After a stellar 2022 owing to a buoyant environment, Bolloré returned to normal with revenues down 11% yoy (organic) in the Q1 23. The Logistics division was the main detractor from Bolloré’s performance stemming from falling air and sea traffic in tandem with lower freight rates. The decline in oil prices hampered Bolloré Energy, which recorded a 16% organic decline. The slight bright spot is the communications division, up 2%.