Bouygues (BOUYF) Q1 2025 Earnings Call Highlights: Strong Construction Backlog and Telecom ...
Net Result Attributable to the Group: Minus EUR156 million, including an exceptional income tax surcharge of EUR33 million.
Net Debt: EUR7.1 billion, an improvement of EUR645 million year-on-year.
Construction Backlog: EUR34.2 billion, up EUR3.8 billion year-on-year.
Equans COPA: EUR177 million, with a COPA margin of 3.8%, up 0.9 points year-on-year.
Colas Sales: EUR2.7 billion, up 3% year-on-year.
Bouygues Telecom Fixed Customers: 5.2 million, with 148,000 new FTTH customers in Q1.
Bouygues Telecom Mobile Plan Customers: 18.3 million, with 63,000 new customers in Q1.
TF1 Group Sales: Up 2% year-on-year, with media sales up 2% and TF1+ up 37%.
Liquidity: EUR14.8 billion, including EUR3.8 billion in cash and equivalents.
Warning! GuruFocus has detected 12 Warning Signs with BOUYF.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Bouygues (BOUYF) confirmed its group outlook for 2025, with group sales and COPA both up year-on-year.
The construction backlog reached a record level of EUR34.2 billion, up 12% year-on-year, providing good visibility on future activities.
Net debt improved by EUR645 million year-on-year, despite significant acquisitions, indicating strong financial management.
Bouygues Telecom achieved a 6% growth in sales billed to customers year-on-year, driven by strong performance in the Fixed segment.
Equans showed significant improvement with a COPA margin increase of 0.9 points to 3.8%, reflecting successful execution of strategic plans.
The net result attributable to the group was negatively impacted by an exceptional income tax surcharge, leading to a net loss of EUR156 million.
Bouygues Telecom's EBITDA after leases decreased due to higher energy costs and increased IFER tax on mobile sites.
The macroeconomic environment remains uncertain, affecting the pace of growth in certain segments like giga factories and data centers.
Bouygues Immobilier's backlog remains low, reflecting a challenging market environment.
The Fixed ABPU growth rate is expected to slow down in 2025 compared to previous years.
Q: Can you provide insights into the current telecom market, particularly regarding pricing pressures in mobile and fixed segments? A: Christian Lecoq, Bouygues Telecom SA - CFO: The mobile market is less dynamic with slight growth and sustained competition in the low-end segment. We initiated an upward trend in tariffs, but not all competitors followed. In the high-end, our new marketing strategy has reduced churn and improved customer satisfaction. In fixed, we are gaining market share, especially in rural areas, due to our strong network quality.
Q: How is the synergy extraction and margin improvement progressing at Equans? A: Pascal Grange, Bouygues SA - Deputy CEO and CFO: We are implementing a strategic plan focusing on pricing, purchasing, and productivity improvements. This has led to gradual margin improvements, with a target to reach a 5% margin by 2027. We are optimistic about achieving slightly higher margins than previously guided for 2025.
Q: Are there any impacts from tariffs on Equans or construction businesses? A: Pascal Grange, Bouygues SA - Deputy CEO and CFO: There is no significant impact from tariffs as our operations are largely localized. The main concern is the global economic environment, which remains uncertain.
Q: Could you elaborate on the slowdown in certain market segments for Equans in Q1? A: Pascal Grange, Bouygues SA - Deputy CEO and CFO: The slowdown is due to a wait-and-see approach in segments like giga factories for batteries and data centers, where technological advancements and policy changes are causing delays in decision-making.
Q: What is the outlook for Bouygues Telecom's fixed ABPU growth? A: Christian Lecoq, Bouygues Telecom SA - CFO: Fixed ABPU growth will continue in 2025 but at a slower pace than previous years. This is due to the end of DSL and WiFi 5 commercialization and the introduction of new technologies at higher prices, along with the impact of our B&YOU offers.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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FIRST-HALF 2025 RESULTS ROBUST H1 2025 GROUP RESULTS GROUP OUTLOOK FOR 2025 CONFIRMED, IN A VERY UNCERTAIN MACROECONOMIC AND GEOPOLITICAL ENVIRONMENT Group sales: €26.9bn, up 1.3% year-on-year, notably driven by the construction businesses Group current operating profit from activities (COPA): €796m, up €49m year-on-year, an increase driven largely by Equans and the construction businesses Net profit attributable to the Group (excluding the exceptional income tax surcharge for large companies in France) amounted to €220m, improving €34m year-on-year The estimated total impact of the French Finance law and the Social security financing law for 2025 (mainly the exceptional income tax surcharge for large companies in France) on net profit attributable to the Group is confirmed at around €100m for the full year, of which around €60m was booked in the first half of 2025 Net profit attributable to the Group amounted to €173m, and therefore, cannot be compared to that of first-half 2024 Robust financial structure: very high level of liquidity (€13.4bn) and year-on-year improvement in net debt to €8.5bn, including net acquisitions of close to €1.2bn over the year The Board of Directors, chaired by Martin Bouygues, met on 30 July 2025 to close off the first-half 2025 financial statements. KEY FIGURES As each year, the Group's first-half results are not indicative of full-year performance, mainly due to the seasonal nature of business at Colas, and to a lesser extent, at Equans. (€ million) H1 2025 H1 2024 Change Sales 26,870 26,516 +1.3% a Current operating profit/(loss) from activities 796 747 +49 Margin from activities 3.0% 2.8% +0.2 pts Current operating profit/(loss) ᵇ 743 702 +41 Operating profit/(loss) ᶜ 688 596 +92 Financial result (189) (185) -4 Net profit/(loss) attributable to the Group excluding exceptional income tax surcharge for large companies in France 220 186 +34 Exceptional income tax surcharge for large companies in France (47) 0 -47 Net profit/(loss) attributable to the Group including exceptional income tax surcharge for large companies in France 173 186 -13 (€ million) End-June 2025 End-June 2024 Change Net surplus cash (+)/net debt (-) (8,528) d (8,734) +206 (a) Up 0.7% like-for-like and at constant exchange rates.(b) Includes PPA amortisation of €53m in H1 2025 and €45m in H1 2024.(c) Includes net non-current charges of €55m in H1 2025 and of €106m in H1 2024.(d) Net debt at end-June 2025 included net acquisitions of close to €1.2bn over the year. 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In particular, net profit attributable to the Group includes: amortisation and impairment of intangible assets recognised in acquisitions (PPA) of €53 million (up €8 million year-on-year); net non-current charges2 of €55 million, which do not reflect the operational performance of the business segments. This mainly includes non-current charges related to the Management Incentive Plan at Equans; financial result of -€189 million, almost stable versus -€185 million in first-half 2024; income tax expense of €268 million, which includes the exceptional income tax surcharge for large companies in France for an amount of €58 million3. In first-half 2024, income tax expense was €162 million4. The Group's effective tax rate was 54% in first-half 2025. The exceptional income tax surcharge significantly distorts the effective tax rate for 2025, and even more so for the first-half, due to the seasonality of the Group's activities. share of net profits of joint ventures and associates amounting to a €4 million loss, versus a €6 million profit in first-half 2024. This change notably results from the end of the positive contribution from a co-promotion office development at Bouygues Immobilier. Net debt was €8.5 billion at end-June 2025, an improvement of €206 million versus end-June 2024, including net acquisitions of close to €1.2 billion over the year, especially the acquisition of La Poste Telecom. Net gearing5 was 62% at end-June 2025 (versus 65% at end-June 2024). The change of around €2.5 billion at end-June 2025 versus end-December 2024 (net debt €6.1 billion) is linked to seasonal effects in the beginning of the year. OUTLOOK FOR 2025 Outlook for the Group In a very uncertain global environment, the Group's six business segments will continue to prove their ability to keep pace with developments in their respective markets. They will pursue their efforts to improve profitability. As a result, the Bouygues group is targeting for 2025 a slight increase in sales and current operating profit from activities (COPA) versus 2024. The effects of the French Finance law and the Social security financing law for 2025 on net profit attributable to the Group are estimated to date at around €100 million. Outlook for Equans Equans continues to roll out its strategic Plan. Equans has adjusted its outlook for 2025 and is targeting: Sales close to the level of 2024, at constant exchange rates (previously, Equans was targeting continued organic sales growth, at a lower pace than in 2024). 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The figure will be, either slightly higher or slightly lower, depending on the duration and intensity of the competitive pressure currently being experienced (previously, Bouygues Telecom was targeting a slight increase in sales billed to customers versus 2024 (like-for-like, excluding La Poste Telecom), to which is added the contribution from La Poste Telecom). For 2025, Bouygues Telecom confirms it is aiming for: Broadly stable EBITDA after Leases compared to 2024. In 2025, Bouygues Telecom will no longer benefit from the very favourable low hedged energy prices arranged in 2020 and 2021. La Poste Telecom's contribution to EBITDA after Leases will be limited in 2025, with the full effect expected from 2028. Gross capital expenditure of around €1.5 billion (excluding frequencies), including expenditure related to the preparation for the migration of La Poste Telecom Mobile customers. 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The backlog at Colas totalled €15 billion, rising by around €900 million or 6% year-on-year (up 9% at constant exchanges rates and excluding principal disposals and acquisitions, notably reflecting the disposal of Colas Rail Italy in third-quarter 2024). The Roads backlog rose 3% year-on-year, improving by 1% in France and by 5% internationally. The Rail backlog was up 12% year-on-year. The share of backlog at end-June 2025 to be executed within 18 months, increased by around €500 million versus end-June 2024. Colas recorded an order intake of €7.5 billion in first-half 2025. The order intake increased slightly year-on-year in Roads, with a strong rise internationally driven by the EMEA (Europe, Middle East, Africa) and APAC (Asia-Pacific) regions, and a decline in France. In Rail, the order intake increased sharply year-on-year, notably following the signature of major contracts in the first quarter in Morocco and the United Kingdom. In the second quarter, Colas also won new contracts in Rail and in Roads, notably in Canada, Finland, the United States and the United Kingdom. Bouygues Construction's backlog stood at €17.2 billion at end-June 2025, up around €1.3 billion or up 8% year-on-year (up 7% at constant exchange rates and excluding principal disposals and acquisitions). This was driven mainly by Civil Works and France Building, where backlogs increased by 15% and 5% respectively year-on-year. The backlog at International Building decreased slightly by 1% year-on-year. The share of backlog at end-June 2025 to be executed within 18 months, increased by around €200 million versus end-June 2024. In first-half 2025, Bouygues Construction's order intake was €4.1 billion. A large part of the order intake came from the normal course of business (contracts of less than €100 million), representing 77% of total order intake in the period. In addition, Bouygues Construction signed several contracts worth over €100 million in first-half 2025. In the second quarter, for example, it won contracts to build Building C at Quai Vernets in Switzerland (worth around €140 million) and package A1 of the Nidfeld neighbourhood at Kriens in Switzerland (worth around €130 million). Bouygues Immobilier continues to face a still challenging market environment. In France, Residential property reservations rose slightly (up 2% year-on-year), with an increase in Block reservations and stable Unit reservations. Commercial property activity remains at a very low level. The backlog was €794 million10, down €216 million or -21% year-on-year. The growth in Residential property reservations in France during first-half 2025 should gradually help to rebuild the backlog over the coming months. The construction businesses reported sales of €12.7 billion in first-half 2025, up 3% year-on-year11. Sales at Colas were stable year-on-year12. Rail (up 12% year-on-year) benefited from the continued rapid growth in soft-mobility infrastructure, while Roads was 1% lower year-on-year, with France up 1%, the EMEA (Europe, Middle East, Africa) region up 3%, APAC (Asia-Pacific) up 21% and North America down 9%. Bouygues Construction's sales rose 5% year-on-year13, thanks to its three core businesses – International Building (up 10% year-on-year), France Building (up 5% year-on-year) and Civil Works (up 4% year-on-year). Sales at Bouygues Immobilier increased 6%14 versus first-half 2024, with sales from Residential property up 5% year-on-year in France (up 1% year-on-year including internationally), and sales from Commercial property increased momentarily to €37 million during the first half in relation to the handover of a project in the second quarter for €36 million. In first-half 2025, current operating profit from activities (COPA) in the construction businesses was €26 million, an improvement of €47 million year-on-year. This increase was driven by an increase in Bouygues Construction's COPA, an almost-stable current operating loss from activities at Colas, and a lower current operating loss from activities at Bouygues Immobilier. COPA margin in the construction businesses improved by 0.4 points year-on-year to 0.2%. At Colas, the current operating loss from activities was €116 million, broadly stable year-on-year, despite unfavourable weather conditions in North America. As a reminder, Colas' first-half results are not indicative of full-year results, due to the seasonality of its activities. Bouygues Construction's COPA increased €16 million to €150 million in first-half 2025. Its margin from activities was 2.9%, improving by 0.2 points year-on-year. Lastly, at Bouygues Immobilier, the current operating loss from activities was €8 million, versus a current operating loss from activities of €36 million in first-half 2024. This loss reflected the impact of seasonality, as a result of activity being generally lower in the first half than in the second half. The lower loss versus first-half 2024 stemmed from the cost savings achieved as a result of the measures implemented in 2024, and a slight improvement in the profitability of operations in 2025. EQUANS The backlog at Equans at end-June 2025 was €25.8 billion, down 2% year-on-year15. Order intake in first-half 2025 was €9.4 billion. Equans has a significant pipeline of projects but saw some delays in the launch of data centre projects, and a temporary slowdown in the gigafactories market. The underlying margin of the order intake continues improving steadily. Equans posted sales of €9.2 billion in first-half 2025, down slightly by 1% year-on-year. This reflected broadly favourable medium and long-term market trends and a persistent short-term wait-and-see stance in certain sectors of industry and in the tertiary sector, as well as its continued selective approach to contracts at Equans was €364 million in first-half 2025, up €64 million year-on-year. The margin from activities was 3.9%, an increase of 0.7 points year-on-year, demonstrating notably the continued successful execution of the Perform plan. BOUYGUES TELECOM Bouygues Telecom maintained a robust commercial performance in Fixed amid slightly more competitive market conditions. It benefited from the good momentum from the and B&YOU Pure Fibre offers launched in late 2024, which translated into improved customer satisfaction and churn. At end-June 2025, FTTH customers totalled 4.4 million after 244,000 new customers were added in first-half 2025, of which 95,000 in the second quarter. The total fixed customer base was 5.3 million, equating to an additional 105,000 in first-half 2025, of which an increase of 36,000 in the second quarter. The share of Fixed customers subscribing to a FTTH line continued to increase, reaching 84% versus 77% one year earlier. Bouygues Telecom continued extending its geographical reach across France. To date, 39.6 million FTTH premises have been marketed. In the second quarter, Fixed ABPU was stable year-on-year at €33.0 per customer per month. Bouygues Telecom reported a good commercial performance in Mobile, in a mature and highly competitive market The initial benefits of its new strategy with again fed through into customer satisfaction, churn and the number of convergent customers. Mobile plan customers excluding MtoM totalled 18.4 million as 105,000 were added in first-half 2025, of which 43,000 in the second second-quarter 2025, Mobile ABPU including La Poste Telecom was €17.3 per customer per month16, in a still competitive market in the low-end segment, with low prices for new customers. Sales billed to customers reached €3.2 billion, up 5% versus first-half 2024, driven by La Poste Telecom. They were broadly stable excluding La Poste Telecom, with the positive contribution from Fixed being offset by the decline in Mobile. In total, Bouygues Telecom's sales were up 3% year-on-year, impacted by the decline in Other sales (down 2% year-on-year), which mainly consist of Handset, Accessories and Built-to-suit sales. EBITDA after Leases came to €956 million in first-half 2025, stable year-on-year, and included, as expected, a limited contribution from La Poste Telecom. This figure reflects the growth in sales billed to customers and ongoing efforts to control costs, as well as higher energy costs (Bouygues Telecom no longer benefits from very favourable energy price hedging since late 2024) and the increase in the IFER tax17 booked in the first quarter. EBITDA after Leases margin was 29.9%, a decrease of 1.4 points Telecom's COPA was €306 million, down €50 million year-on-year. This decrease resulted from the increase in depreciation and amortisation in line with the gross capex trajectory. Current operating profit amounted to €288 million and included €18 million of PPA amortisation. Operating profit was €291 million and included non-current income of €3 capital expenditure excluding frequencies was €706 million at end-June 2025 (versus €778 million in first-half 2024). 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In first-half 2025, the change in working capital requirements and other was a negative €2.0 billion, which is usual for the first half. Net gearing19 was 62%, an improvement versus end-June 2024 (65%). At end-June 2025, the average maturity of the Group's bonds was 7.0 years, and the average coupon was 3.01% (average effective rate of 2.25%). The debt maturity schedule is well spread over time, and the next bond redemption will be in October 2026. The long-term credit ratings assigned to the Group by Moody's and Standard & Poor's are: A3, stable outlook, and A-, negative outlook, respectively. SUSTAINABLE AND RESPONSIBLE INITIATIVES The Group has actively studied new models for the city of the future for a number of years. Its approach draws on the innovation expertise of its six business segments and is based on four drivers: Energy: the city of the future will generate, store and distribute its own energy at district level to keep pace with changing patterns of use and behaviour. Water: urban infrastructure will be designed to support the restoration of the natural water cycle, with rainwater harvesting and reuse systems in buildings. Biodiversity: nature will be reintroduced into the city through greening, the reopening of canals, green, blue and black networks20, and noise pollution reduction systems. Harmonious living: the challenge is to rebuild a connection between inhabitants and their environment by providing spaces for community life and rethinking mobility solutions. At VivaTech 2025, the Bouygues group presented its vision for the city of the future through an immersive experience built around the 'Living Avenues' urban prototype. This initiative, designed in collaboration with its subsidiaries, implements practical solutions that illustrate the Group's commitment to sustainable and innovative urban development. 'Living Avenues' embodies the Group's ambition to develop its portfolio of solutions as part of its climate strategy. In first-half 2025, the Bouygues group and its business segments continued to pursue their initiatives and expand their partnerships, illustrating the carbon footprint reduction aspects of the Group's climate strategy. Bouygues Construction signed a global partnership with Ecocem, Europe's independent leader in low-carbon cement technologies, that aims to reduce the construction industry's carbon footprint by introducing the ACT low-carbon cement technology Ecocem has developed. Under this partnership, Bouygues Construction's R&D teams will conduct a series of lab- and full-scale trials to confirm the technology's performance in actual worksite conditions. Three separate phases are planned: (i) testing by a French Accreditation Committee-certified (Cofrac) lab, (ii) trials of structural concrete walls in a variety of weather conditions, and (iii) creation of a large-scale prototype model featuring all the structural components. This partnership illustrates Bouygues Construction's commitment to innovation and the environmental transition in the building sector. Meanwhile, Bouygues Immobilier has also extended its partnership with Hoffmann Green Cement Technologies until December 2027. Under this strategic alliance, it is able to use zero-clinker cement, which reduces the carbon footprint by 57% compared with that of a conventional CEM II-A cement, the most widely used type on the market at present. This approach reflects a determination to cut buildings' carbon footprint by extending the use of concrete from innovative, decarbonised and zero-clinker cement in its property developments. Lastly, Bouygues Telecom signed a new Power Purchase Agreement (PPA) with SUEZ, under which the latter will supply 53 GWh per year of low-carbon energy generated in France from 1 January 2027 onwards. The electricity will be generated by recovering energy from household waste and will be used to power Bouygues Telecom's infrastructure. This initiative is fully aligned with Bouygues Telecom's net zero strategy, significantly reducing the carbon emissions from its operations. GOVERNANCE Martin Bouygues has informed the Board of Directors that Pascal Grangé, Deputy Chief Executive Officer, has announced his intention to hand over his executive office to the Board of Directors at the end of 2025, as a result of his upcoming retirement. The Board of Directors has been informed of the appointment of Stéphane Stoll as Senior Vice-President and Chief Financial Officer of the Group with effect from 1 August 2025. He will join the Group Management Committee on that date and will report directly to Pascal Grangé, Deputy Chief Executive Officer. FINANCIAL CALENDAR 5 November 2025: Nine-month 2025 results (7.30am CET) The financial statements have been subject to a limited review by the statutory auditors andthe corresponding report has been can find the full financial statements and notes to the financial statements on results presentation for analysts will start at 9.00am (CET) on 31 July on how to connect are available on results presentation will be available before the conference call startson ABOUT BOUYGUESBouygues is a diversified services group operating in over 80 countries with 200,000 employees all working to make life better every day. Its business activities in construction (Colas, Bouygues Construction and Bouygues Immobilier); energies & services (Equans); telecoms (Bouygues Telecom) and media (TF1) are able to drive growth since they all satisfy constantly changing and essential needs. INVESTORS AND ANALYSTS CONTACT:investors@ • Tel.: +33 (0)1 44 20 11 01 PRESS CONTACT:presse@ • Tel.: +33 (0)1 44 20 12 01 BOUYGUES SA • 32 avenue Hoche • 75378 Paris Cedex 08 • FIRST-HALF 2025 BUSINESS ACTIVITY BACKLOG IN THE CONSTRUCTION BUSINESSES (€ million) End-June 2025 End-June 2024 Change Colas 14,957 14,081 +6% a Bouygues Construction 17,213 15,949 +8% b Bouygues Immobilier 794 1,010 -21% c Total 32,964 31,040 +6% d (a) Up 9% at constant exchange rates and excluding principal disposals and acquisitions.(b) Up 7% at constant exchange rates and excluding principal disposals and acquisitions.(c) Down 21% at constant exchange rates and excluding principal disposals and acquisitions.(d) Up 7% at constant exchange rates and excluding principal disposals and acquisitions. COLAS BACKLOG (€ million) End-June 2025 End-June 2024 Change Mainland France 3,803 3,799 0% International and French overseas territories 11,154 10,282 +8% Total 14,957 14,081 +6% BOUYGUES CONSTRUCTION ORDER INTAKE (€ million) H1 2025 H1 2024 Change France 1,861 2,293 -19% International 2,262 3,248 -30% Total 4,123 5,541 -26% BOUYGUES IMMOBILIER RESERVATIONS (€ million) H1 2025 H1 2024 Change Residential property 664 679 -2% Commercial property 35 3 nm Total 699 682 +2% EQUANS BACKLOG (€ million) End-June 2025 End-June 2024 Change France 8,638 8,802 -2% International 17,202 17,691 -3% Total 25,840 26,493 -2% a (a) Down 3% at constant exchange rates and excluding principal disposals and acquisitions. BOUYGUES TELECOM CUSTOMER BASE ('000) End-June 2025 End-Dec 2024 Change Mobile customer base excl. MtoM 18,501 18,433 +68 Mobile plan base excl. MtoM 18,381 18,276 +105 Total mobile customers 27,097 26,810 +287 FTTH customers 4,426 4,182 +244 Total fixed customers 5,269 5,165 +105 TF1 AUDIENCE SHARE a (%) End-June 2025 End-June 2024 Change Total 33.7% 34.6% -0.9 pts (a) Source Médiamétrie – Women under 50 who are purchasing decision-makers. FIRST-HALF 2025 FINANCIAL PERFORMANCE GROUP CONDENSED CONSOLIDATED INCOME STATEMENT (€ million) H1 2025 H1 2024 Change Sales 26,870 26,516 +1.3% a Current operating profit/(loss) from activities 796 747 +49 Amortisation and impairment of intangible assets recognised in acquisitions (PPA) ᵇ (53) (45) -8 Current operating profit/(loss) 743 702 +41 Other operating income and expenses (55) c (106) d +51 Operating profit/(loss) 688 596 +92 Cost of net debt (100) (91) e -9 Interest expense on lease obligations (60) (50) -10 Other financial income and expenses (29) (44) e +15 Income tax (268) (162) -106 Share of net profits/(losses) of joint ventures and associates (4) 6 -10 Net profit/(loss) from continuing operations 227 255 -28 Net profit/(loss) attributable to non-controlling interests (54) (69) +15 Net profit/(loss) attributable to the Group including exceptional income tax surcharge for large companies in France 173 186 -13 Exceptional income tax surcharge for large companies in France (47) 0 -47 Net profit/(loss) attributable to the Group excluding exceptional income tax surcharge for large companies in France 220 186 +34 (a) Up 0.7% like-for-like and at constant exchange rates.(b) Purchase Price Allocation.(c) Includes net non-current charges of €3m at Bouygues Construction, of €33m at Equans, net non-current income of €3m at Bouygues Telecom, net non-current charges of €5m at TF1 and of €17m at Bouygues SA.(d) Includes net non-current charges of €3m at Bouygues Construction, of €23m at Bouygues Immobilier, of €46m at Equans, of €13m at Bouygues Telecom, of €13m at TF1 and of €8m at Bouygues SA.(e) See note 2.2 to the consolidated financial statements. GROUP SALES BY SECTOR OF ACTIVITY (€ million) H1 2025 H1 2024 Change Forex effect Scope effect Lfl & constant fx ᶜ Construction businesses ᵃ 12,654 12,328 +3% 0% 0% +3% o/w Colas 6,890 6,856 0% +1% 0% +1% o/w Bouygues Construction 5,205 4,945 +5% 0% 0% +5% o/w Bouygues Immobilier 648 614 +6% 0% 0% +5% Equans 9,231 9,351 -1% 0% 0% -1% Bouygues Telecom 3,910 3,785 +3% 0% -5% -1% TF1 1,103 1,104 0% 0% -1% -1% Bouygues SA and other 118 107 nm - - nm Intra-Group eliminations ᵇ (235) (246) nm - - nm Group sales 26,870 26,516 +1% 0% -1% +1% o/w France 13,535 13,291 +2% 0% -1% 0% o/w international 13,335 13,225 +1% 0% 0% +1% (a) Total of the sales contributions after elimination of intra-Group transactions.(b) Including intra-Group eliminations of the construction businesses.(c) Like-for-like and at constant exchange OF GROUP EBITDA AFTER LEASES a (€ million) H1 2025 H1 2024 Change Group current operating profit/(loss) from activities 796 747 +49 Amortisation and impairment of intangible assets recognised in acquisitions (PPA) (53) (45) -8 Interest expense on lease obligations (60) (50) -10 Net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets 1,170 1,089 +81 Charges to provisions and other impairment losses, net of reversals due to utilisation 91 (36) +127 Reversals of unutilised provisions and impairment losses and other (152) (177) +25 Group EBITDA after Leases 1,792 1,528 +264 (a) See glossary for definitions. CONTRIBUTION TO GROUP EBITDA AFTER LEASES a BY SECTOR OF ACTIVITY (€ million) H1 2025 H1 2024 Change Construction businesses 55 (34) +89 o/w Colas (57) (42) -15 o/w Bouygues Construction 121 36 +85 o/w Bouygues Immobilier (9) (28) +19 Equans 490 349 +141 Bouygues Telecom 956 959 -3 TF1 301 266 +35 Bouygues SA and other (10) (12) +2 Group EBITDA after Leases 1,792 1,528 +264 (a) See glossary for definitions. CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) a BY SECTOR OF ACTIVITY (€ million) H1 2025 H1 2024 Change Construction businesses 26 (21) +47 o/w Colas (116) (119) +3 o/w Bouygues Construction 150 134 +16 o/w Bouygues Immobilier (8) (36) +28 Equans 364 300 +64 Bouygues Telecom 306 356 -50 TF1 131 129 +2 Bouygues SA and other (31) (17) -14 Group current operating profit/(loss) from activities 796 747 +49 (a) See glossary for definitions. RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR FIRST-HALF 2025 (€ million) COPA PPA amortisation ᵃ COP Construction businesses 26 -5 21 o/w Colas (116) -4 (120) o/w Bouygues Construction 150 -1 149 o/w Bouygues Immobilier (8) 0 (8) Equans 364 0 364 Bouygues Telecom 306 -18 288 TF1 131 -7 124 Bouygues SA and other (31) -23 (54) Total 796 -53 743 (a) Amortisation and impairment of intangible assets recognised in acquisitions. RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR FIRST-HALF 2024 (€ million) COPA PPA amortisation ᵃ COP Construction businesses (21) -4 (25) o/w Colas (119) -4 (123) o/w Bouygues Construction 134 0 134 o/w Bouygues Immobilier (36) 0 (36) Equans 300 0 300 Bouygues Telecom 356 -12 344 TF1 129 -1 128 Bouygues SA and other (17) -28 (45) Total 747 -45 702 (a) Amortisation and impairment of intangible assets recognised in acquisitions. CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT (COP) BY SECTOR OF ACTIVITY (€ million) H1 2025 H1 2024 Change Construction businesses 21 (25) +46 o/w Colas (120) (123) +3 o/w Bouygues Construction 149 134 +15 o/w Bouygues Immobilier (8) (36) +28 Equans 364 300 +64 Bouygues Telecom 288 344 -56 TF1 124 128 -4 Bouygues SA and other (54) (45) -9 Group current operating profit/(loss) 743 702 +41 CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY (€ million) H1 2025 H1 2024 Change Construction businesses 18 (51) +69 o/w Colas (120) (123) +3 o/w Bouygues Construction 146 131 +15 o/w Bouygues Immobilier (8) (59) +51 Equans 331 254 +77 Bouygues Telecom 291 331 -40 TF1 119 115 +4 Bouygues SA and other (71) (53) -18 Group operating profit/(loss) 688 a 596 b +92 (a) Includes net non-current charges of €3m at Bouygues Construction, of €33m at Equans, net non-current income of €3m at Bouygues Telecom, net non-current charges of €5m at TF1 and of €17m at Bouygues SA(b) Includes net non-current charges of €3m at Bouygues Construction, of €23m at Bouygues Immobilier, of €46m at Equans, of €13m at Bouygues Telecom, of €13m at TF1 and of €8m at Bouygues SA. CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY (€ million) H1 2025 H1 2024 Change Construction businesses (44) (94) +50 o/w Colas (144) (150) +6 o/w Bouygues Construction 122 109 +13 o/w Bouygues Immobilier (22) (53) +31 Equans 234 194 +40 Bouygues Telecom 66 147 -81 TF1 36 44 -8 Bouygues SA and other (119) (105) -14 Net profit/(loss) attributable to the Group 173 186 -13 NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT (€ million) End-June 2025 End-Dec 2024 Change Colas (511) 965 -1,476 Bouygues Construction 3,514 4,033 -519 Bouygues Immobilier (506) (384) -122 Equans 1,467 1,517 -50 Bouygues Telecom (4,444) (3,800) -644 TF1 473 506 -33 Bouygues SA and other (8,521) (8,903) +382 Net surplus cash (+)/net debt (-) (8,528) (6,066) -2,462 Current and non-current lease obligations (3,117) (3,110) -7 CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY (€ million) H1 2025 H1 2024 Change Construction businesses 108 144 -36 o/w Colas 88 89 -1 o/w Bouygues Construction 20 54 -34 o/w Bouygues Immobilier 0 1 -1 Equans 59 70 -11 Bouygues Telecom 667 774 -107 TF1 150 141 +9 Bouygues SA and other 5 2 +3 Group net capital expenditure – excluding frequencies 989 1,131 -142 Frequencies 0 6 -6 Group net capital expenditure – including frequencies 989 1,137 -148 CONTRIBUTION TO GROUP FREE CASH FLOW a BY SECTOR OF ACTIVITY (€ million) H1 2025 H1 2024 Change Construction businesses (14) (155) +141 o/w Colas (182) (193) +11 o/w Bouygues Construction 177 95 +82 o/w Bouygues Immobilier (9) (57) +48 Equans 288 252 +36 Bouygues Telecom 209 67 +142 TF1 86 76 +10 Bouygues SA and other (130) (29) -101 Group free cash flow ᵃ – excluding frequencies 439 211 +228 Frequencies 0 (6) +6 Group free cash flow ᵃ – including frequencies 439 205 +234 (a) See glossary for definitions. GLOSSARY ABPU (Average Billing Per User): In the mobile segment, it is equal to the total of mobile sales billed to customers (BtoC and BtoB) divided by the average number of customers over the period. It excludes MtoM SIM cards and free SIM cards. In the fixed segment, it is equal to the total of fixed sales billed to customers (excluding BtoB) divided by the average number of customers over the period. Available cash: the aggregate of cash and cash equivalents and the positive fair value of hedging instruments. BtoB (business to business): when one business makes a commercial transaction with another. Backlog: Colas, Bouygues Construction, Equans: the amount of work still to be done on projects for which a firm order has been taken, i.e. the contract has been signed and has taken effect (after notice to proceed has been issued and suspensory clauses have been lifted). Bouygues Immobilier: sales outstanding from notarised sales. Under IFRS 11, Bouygues Immobilier's backlog does not include sales from notarised sales taken via companies accounted for by the equity method (co-promotion companies where there is joint control). Business segment: designates each one of the Bouygues group's six main subsidiaries, namely Colas, Bouygues Construction, Bouygues Immobilier, Equans, Bouygues Telecom and TF1. Change in sales like-for-like and at constant exchange rates: At constant exchange rates: change after translating foreign-currency sales for the current period at the exchange rates for the comparative period. On a like-for-like basis: change in sales for the periods compared, adjusted as follows: For acquisitions, by deducting from the current period those sales of the acquired entity that have no equivalent during the comparative period. For divestments, by deducting from the comparative period those sales of the divested entity that have no equivalent during the current period. Construction businesses: Colas, Bouygues Construction and Bouygues Immobilier. Current operating profit/(loss) from activities (COPA): current operating profit from activities equates to current operating profit before amortisation and impairment of intangible assets recognised in acquisitions (PPA). EBITDA after Leases: current operating profit after taking account of the interest expense on lease obligations, before (i) net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets, (ii) net charges to provisions and other impairment losses and (iii) effects of losses of control. Those effects relate to the impact of remeasuring retained interests. EBITDA margin after Leases (Bouygues Telecom): EBITDA after Leases as a proportion of sales from services. Energies & services: Equans. Free cash flow: net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated before changes in working capital requirements (WCR) related to (i) operating activities and (ii) non-current assets used in operations. FTTH (Fibre to the Home): optical fibre from the central office (where the operator's transmission equipment is installed) all the way to homes or business premises (Arcep definition). FTTH premises secured: premises for which the horizontal is deployed, being deployed or ordered up to the concentration point. FTTH premises marketed: the connectable sockets, i.e. the horizontal and vertical deployed and connected via the concentration point. Group (or the Bouygues group): designates Bouygues SA and all the entities that are controlled directly or indirectly by Bouygues SA as defined in Article L. 233-3 of the French Commercial Code. Liquidity: the aggregate of available cash, the fair value of hedging instruments and undrawn, confirmed medium- and long-term credit facilities. MtoM: machine to machine communication. This refers to direct communication between machines or smart devices or between smart devices and people via an information system using mobile communications networks, generally without human intervention. Net surplus cash/(net debt): the aggregate of cash and cash equivalents, overdrafts and short-term bank borrowings, non-current and current debt, and the fair value of financial instruments. Net surplus cash/(net debt) does not include non-current and current lease obligations. A positive figure represents net surplus cash and a negative figure represents net debt. The main components of change in net debt are presented in Note 7 to the consolidated financial statements at 30 June 2025, available at Order intake (Colas, Bouygues Construction, Equans): a project is included under order intake when the contract has been signed and has taken effect (the notice to proceed has been issued and all suspensory clauses have been lifted) and the financing has been arranged. The amount recorded corresponds to the sales the project will generate. Reservations by value (Bouygues Immobilier): the € amount of the value of properties reserved over a given period. Residential properties: the sum of the value of unit and block reservation contracts signed by customers and approved by Bouygues Immobilier, minus registered cancellations. Commercial properties: these are registered as reservations on notarised sale. For co-promotion companies: If Bouygues Immobilier has exclusive control over the co-promotion company (full consolidation), 100% of amounts are included in reservations. If joint control is exercised (the company is accounted for by the equity method), commercial activity is recorded according to the amount of the equity interest in the co-promotion company. Sales from services (Bouygues Telecom) comprise: Sales billed to customers, which include: In Mobile: For BtoC customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services. For BtoB customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services, plus sales from business services. Machine-To-Machine (MtoM) sales. Visitor roaming sales. Sales generated with Mobile Virtual Network Operators (MVNOs). In Fixed: For BtoC customers: sales from outgoing call charges, fixed broadband services, TV services (including Video on Demand and catch-up TV), and connection fees and equipment hire. For BtoB customers: sales from outgoing call charges, fixed broadband services, TV services (including Video on Demand and catch-up TV), and connection fees and equipment hire, plus sales from business services. Sales from bulk sales to other fixed line operators. Sales from incoming Voice and Texts. Spreading of handset subsidies over the projected life of the customer account, required to comply with IFRS 15. Capitalisation of connection fee sales, which is then spread over the projected life of the customer account. Other sales (Bouygues Telecom): difference between Bouygues Telecom's total sales and sales from comprises: Sales from handsets, accessories and other. Roaming sales. Non-telecom services (construction of sites or installation of FTTH lines). Co-financing of advertising. Wholesale: wholesale market for telecoms operators. 1 The impact of the exceptional income tax surcharge for large companies in France on net profit attributable to the Group in first-half 2025 was -€47 million, broken down as follows: -€35 million in respect of financial year 2024 and -€12 million in respect of first-half 2025.2 Includes net non-current charges of €3m at Bouygues Construction, of €33m at Equans, net non-current income of €3m at Bouygues Telecom, net non-current charges of €5m at TF1 and of €17m at Bouygues SA.3 The impact of the exceptional income tax surcharge for large companies in France on the Group's income tax in first-half 2025 was -€58 million, broken down as follows: -€43 million in respect of financial year 2024 and -€15 million in respect of first-half 2025.4 The effective tax rate for H1 2025 was 54% (vs 39% in H1 2024).5 Net debt/shareholders' equity.6 Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid.7 La Poste Telecom's full-year sales billed to customers in 2024: €320 million.8 Up 7% at constant exchange rates and excluding principal disposals and acquisitions.9 Includes the United Kingdom.10 Includes the backlog of €57 million in Poland, which was sold on 10 July 2025.11 Up 3% like-for-like and at constant exchange rates.12 Up 1% like-for-like and at constant exchange rates.13 Up 5% like-for-like and at constant exchange rates.14 Excluding the share of co-promotions; up 5% like-for-like and at constant exchange rates.15 Down 3% at constant exchange rates and excluding principal disposals and acquisitions.16 Mobile ABPU excluding La Poste Telecom was €18.3 per customer per month, down €1.4 year-on-year.17 IFER - 'Imposition Forfaitaire sur les Entreprises de Réseau' (Flat-rate tax on network companies).18 Women under 50 who are purchasing decision-makers.19 Net debt/shareholders' equity.20 The green, blue and black networks are ecological networks that aim to preserve biodiversity and natural continuity across both rural and urban environments. The green network encompasses green spaces on land (woods, hedges, parks), the blue network includes aquatic environments (rivers, wetlands) and the black network aims to protect the darkness necessary for nocturnal animals, by restricting light pollution. Attachment Press release - H1 2025Sign in to access your portfolio
