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New Vintages Of Vidal Fleury's Top Wines In The Rhône Valley

New Vintages Of Vidal Fleury's Top Wines In The Rhône Valley

Forbes14-06-2025
Vineyards on the Cote-Rotie hill in the northern Rhone valley, copyright BKWine Photography
BKWine Photography
Vidal Fleury is the northern Rhône Valley's oldest producer still in operation. The house makes some excellent wines from syrah, the only red grape variety permitted in the region, and the three whites, viognier, marsanne and roussanne.
Vidal Fleury was founded in 1781 in Ampuis, a small town in the heart of the Côte Rôtie and Condrieu appellations. Some of the Rhône Valley's most prestigious wines are made here. Over the years, Vidal Fleury has expanded its operations and now makes wines from the entire Rhône Valley, including the southern part.
A few years ago, I tasted the producer's many wines alongside Antoine Dupré, the managing director, who is also an oenologist.
Read my detailed presentation of Vidal Fleury from this encounter here: An Impressive Range Of Wines From The Rhône Valley, From Maison Vidal-Fleury.
I recently met Antoine Dupré again and tasted new vintages of Vidal Fleury's wines from the Northern Rhône Valley.
Antoine emphasises that he is careful to bring out freshness in the wines. It is essential for him to reduce the impact of the oak barrels on the wine; to use a smaller proportion of new barrels, let the wines remain in the barrels for a shorter time, and possibly use larger formats. The length can vary depending on the vintage, to prevent the fruit from drying out. "We are looking for elegance and lightness in our wines, not the muscular style," he says.
Antoine Dupré, general manager of Vidal-Fleury in the Rhone Valley, copyright BKWine Photography
BKWine Photography
Vidal-Fleury has been producing its top wine, La Chatillonne, since 1781, the only one it has made since the beginning. 'We have always had this vineyard,' says Antoine. There are never many bottles of La Chatillonne, a maximum of 4,000. The wine comes from vines that grow in the northern part of the Côte Blonde with a soil of gneiss and clay. It is a special soil where the grapes ripen late but exceptionally well. Antoine says it is a 'sunny vineyard with a terroir that gives freshness'. Syrah is blended with 12% Viognier.
The wine is not muscular; it is relatively light in style, yet boasts great complexity in its aromas and a richness on the palate. Here, you can feel the warmth and spices that are typical of the region's wines. The barrel ageing is discreet and its impact stays in the background. 2019 was 'a perfect year with no blockage of the maturation,' says Antoine.
La Chatillonne, Cote Rotie, Vidal Fleury, Rhone Valley, copyright BKWine Photography
BKWine Photography
2018 was another excellent vintage. It began with a rainy spring and a cold spell in April and May. Then came a hot and dry summer. The grapes ripened properly. A light rain in early September was welcome for the sake of balance.
Here we have the lovely, elegant, and slightly light style again. A classic and well-balanced Côte Rôtie, very good to drink now, savoury with blackcurrant and exotic spices in the aromas. Long taste. (~90 euro/$102)
A good alternative to La Chatillonne is Vidal-Fleury's Côte Rôtie Brune & Blonde, which blends grapes from the appellation's different soil types. Here, the wine comes from vineyard plots in both the northern and southern parts of the appellation and thus gives a good picture of the entire Côte Rôtie appellation (which is small, only 300 hectares/740 acres). The steeply sloping terraces face due south.
2021 was a cool and challenging year, and here they have chosen to blend syrah with only 5% Viognier. The flowering was delayed, and the summer was not particularly hot, but the sun managed to give the grapes enough sugar and aromas, and in the end, it was an excellent vintage. As often occurs in slightly cooler years, the typical syrah aromas are evident, and so they are here too. This is a wine that all Syrah lovers will be happy with. No problem drinking a 2021 now, but it will age nicely as well. (~55 euro/$62)
Cote Rotie Brune et Blonde de Vidal Fleury, Rhone Valley, copyright BKWine Photography
BKWine Photography
Condrieu is a small appellation of only 200 hectares (495 acres), but it has achieved great international fame. The grape is 100% viognier, and for a long time, it was only found here in the northern Rhône Valley. Now it has spread further south in France and to other countries. However, in Condrieu, the grape achieves an expression that is difficult to replicate elsewhere.
For its Condrieu, Vidal-Fleury only allows 30% of the must to ferment in new oak barrels, while the rest ferments in steel tanks. The wine then remains in its respective barrels or steel tanks for 14 months. This way, the freshness is not masked, and the wine gets a good structure. As is often the case with viognier, aromas of ripe yellow fruit, apricot and ripe melons dominate. You can feel the sweetness of this ripe fruit in the richness of the palate. The acidity is not so prominent, but the wine has a certain vibrancy that I like. A delicious wine with a lot of body and a lovely mouthfeel. (~35 euro/$40)
White wines from Vidal Fleury, Crozes-Hermitage, Saint Joseph, Condrieu, Rhone Valley, copyright BKWine Photography
BKWine Photography
From the top of the legendary Hermitage Hill, you have a splendid view of the Rhône River, the steep wine slopes and the two twin towns of Tain l'Hermitage and Tournon, on either side of the river. Hermitages are often powerful and well-structured wines, and so is this 2022 vintage from Vidal-Fleury, where I also find a savoury pepperiness. The wine can be drunk with pleasure already now with a good piece of meat - the tannins are not at all in the way - or aged for many years. (45 euros)
The summer of 2022 was very dry, but a bit of rain in mid-August provided the water needed to produce fine grapes, bursting with sugar and aromas.
From Vidal Fleury, look also for more excellent wines from the northern Rhône:
And the whites:
—Britt Karlsson
Read more on the Rhône Valley on Forbes:
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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

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