Latest news with #Equans
Yahoo
15-05-2025
- Business
- Yahoo
Bouygues (BOUYF) Q1 2025 Earnings Call Highlights: Strong Construction Backlog and Telecom ...
Group Sales: EUR12.6 billion, up 2.2% year-on-year. 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.
Reuters
14-05-2025
- Business
- Reuters
France's Bouygues posts Q1 core earnings above expectations
May 14 (Reuters) - French construction-to-telecoms group Bouygues ( opens new tab posted better-than-expected first-quarter core earnings on Wednesday, driven by strong performances of its energy arm Equans, road-building division Colas, and construction and telecom units. The company acquired Equans from French power group Engie ( opens new tab in late 2022, in a bid to grow in the energy transition and services. Bouygues reported quarterly current operating profit from activities (COPA) of 69 million euros ($77.21 million), substantially above a company-compiled consensus of 35 million euros. Quarterly sales of 12.59 billion euros came in line with consensus and included the first full-quarter contribution from La Poste Telecom. Bouygues completed the acquisition of the telecom firm in mid-November 2024. The group confirmed its full-year outlook, despite 'a very uncertain macroeconomic and geopolitical environment.' ($1 = 0.8937 euros)
Yahoo
14-05-2025
- Business
- Yahoo
Bouygues: First-quarter 2025 results
FIRST-QUARTER 2025 RESULTS Paris, 14/05/25 GROUP OUTLOOK FOR 2025 CONFIRMED, IN A VERY UNCERTAIN MACROECONOMIC AND GEOPOLITICAL ENVIRONMENT. Group sales: €12.6bn, up 2.2% year-on-year Group current operating profit from activities (COPA): €69m, up €43m year-on-year Equans: improvement in COPA and margin from activities year-on-year, reaching €177m and 3.8% respectively, demonstrating successful execution of the strategic Perform plan Construction businesses: backlog at a new record level (€34.2bn) at end-March 2025, providing good visibility on future activity Net result attributable to the Group (excluding the exceptional income tax surcharge for large companies in France) amounted to -€123m, improving €23m 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 the net result attributable to the Group is confirmed at around €100m for the full year, of which around €40m was booked in the first quarter of 2025. Net result attributable to the Group amounted to -€156m, and therefore, cannot be compared to that of the first quarter 2024 Robust financial structure: very high level of liquidity (€14.8bn) and significant year-on-year improvement in net debt to €7.1bn, including net acquisitions of close to €1.2bn over the year The Board of Directors, chaired by Martin Bouygues, met on 13 May 2025 to close off the first-quarter 2025 financial statements. As each year, the Group's first-quarter results are not indicative of half-year and full-year performance, mainly due to the seasonal nature of business at Colas, and to a lesser extent, at Equans. KEY FIGURES (€ million) Q1 2025 Q1 2024 Change Sales 12,585 12,314 +2.2% a Current operating profit/(loss) from activities 69 26 +43 Margin from activities 0.5% 0.2% +0.3 pts Current operating profit/(loss) ᵇ 40 3 +37 Operating profit/(loss) ᶜ 21 (39) +60 Financial result (97) (74) -23 Net profit/(loss) attributable to the Group excluding exceptional income tax surcharge for large companies in France (123) (146) +23 Exceptional income tax surcharge for large companies in France (33) 0 -33 Net profit/(loss) attributable to the Group including exceptional income tax surcharge for large companies in France (156) (146) -10 (€ million) End-March 2025 End-March 2024 Change Net surplus cash (+)/net debt (-) (7,080) d (7,725) +645 (a) Up 0.9% like-for-like and at constant exchange rates.(b) Includes PPA amortisation of €29m in first-quarter 2025 and €23m in first-quarter 2024. (c) Includes net non-current charges of €19m in first-quarter 2025 and of €42m in first-quarter 2024.(d) Net debt at end-March 2025 included net acquisitions of close to €1.2bn over the year. Sales in first-quarter 2025 were €12.6 billion, up 2.2% versus first-quarter 2024, driven by Colas, Bouygues Construction and Bouygues Telecom, reflecting the first full-quarter contribution from La Poste Telecom. Like-for-like and at constant exchange rates, sales increased 0.9% year-on-year. Current operating profit from activities (COPA) was €69 million, up €43 million year-on-year, driven mainly by Equans, where COPA increased €44 million year-on-year. The net result attributable to the Group was -€156 million. Excluding the exceptional income tax surcharge for large companies in France, the net result attributable to the Group was -€123 million1, improving €23 million year-on-year. In particular, the net result attributable to the Group includes: amortisation and impairment of intangible assets recognised in acquisitions (PPA) of €29 million (up €6 million year-on-year); net non-current charges2 of €19 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 and non-current income related to the sale of data centres by Bouygues Telecom; financial result of -€97 million, compared with -€74 million in first-quarter 2024. This change was mainly due to the impact of the La Poste Telecom acquisition, and a decrease in the return on cash and cash equivalents related to lower interest rates, which was nonetheless mitigated by the increase in average cash and cash equivalents over the period; income tax expense of €63 million, which includes the exceptional income tax surcharge for large companies in France for an amount of €42 million, with a particularly distorting effect on the first quarter3. In first-quarter 2024, income tax expense was €7 million. share of net results of joint ventures and associates amounting to a €9 million loss, versus a €4 million loss in first-quarter 2024. This change notably results from losses at certain Bouygues Immobilier co-promotion companies and Bouygues Telecom joint ventures. Net debt was €7.1 billion at end-March 2025, an improvement of €645 million versus end-March 2024, including net acquisitions of close to €1.2 billion over the year, especially the acquisition of La Poste Telecom. Net gearing4 was 50% at end-March 2025 (versus 55% at end-March 2024). The change of around -€1 billion at end-March 2025 versus end-December 2024 (net debt €6.1 billion) is linked to seasonal effects in the beginning of the year, and is more limited than last 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 In 2025, Equans will continue to roll out its strategic Plan. It is targeting: Continued organic sales growth, at a lower pace than in 2024; A margin from activities close to 4%, possibly slightly higher; A cash conversion rate (COPA-to-cash flow5) before working capital requirement (WCR) of between 80% and 100%. As a reminder, Equans aims to gradually catch up with the organic growth of sector peers and to achieve a margin from activities (COPA margin) of 5% in 2027. Outlook for Bouygues Telecom For 2025, Bouygues Telecom is 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 Telecom6; 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. Outlook for the TF1 group In an advertising market with very limited visibility, the TF1 group confirms its objectives for 2025: Strong double-digit revenue growth in digital; Broadly stable margin from activities compared with 2024; Aiming for a growing dividend policy in the coming years. DETAILED ANALYSIS BY SECTOR OF ACTIVITY CONSTRUCTION BUSINESSES At end-March 2025, the backlog in the construction businesses (Colas, Bouygues Construction and Bouygues Immobilier) set a new record at €34.2 billion, up 12% year-on-year7, driven by Bouygues Construction and Colas, and providing good visibility on future activity. The backlog was up in the three main geographies, which are France (up 9% year-on-year), Europe8 excluding France (up 8% year-on-year) and international excluding Europe (up 19% year-on-year). The backlog at Colas totalled €15.1 billion, rising by €1.3 billion or 9% year-on-year (up 12% 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 5% year-on-year, improving by 5% in France and by 6% internationally. The Rail backlog was up 18% year-on-year. At end-March 2025, the backlog at Colas to be executed in the current year (Y) and next year (Y+1) was higher than at end-March 2024. Colas recorded an order intake of €4.1 billion in first-quarter 2025. The order intake for Roads showed strong growth internationally and a slight decrease in France year-on-year. In Rail, the order intake increased sharply year-on-year following the signature of major contracts in the first quarter. These included the contract to develop the high-speed rail line between Kenitra and Marrakesh in Morocco (worth around €250 million, together with a contract worth around €170 million to provide the related civil engineering, under the Roads activity) and an eight-year contract to operate and maintain On-Track machines in the UK (worth around €380 million). Bouygues Construction's backlog stood at €18.3 billion at end-March 2025, up €2.6 billion or 17% year-on-year (up 15% at constant exchange rates and excluding principal disposals and acquisitions). This was driven by Civil Works and France Building, where backlogs increased by 37% and 7% respectively year-on-year. The backlog at International Building decreased slightly by 3% year-on-year. At end-March 2025, the backlog at Bouygues Construction to be executed in the current year (Y) and next year (Y+1) was higher than at end-March 2024. In first-quarter 2025, Bouygues Construction's order intake was €2.3 billion, broadly supported by good momentum in the normal course of business (contracts of less than €100 million), representing 71% of total order intake in the period, and by several major contract awards. For example, in the first quarter, Bouygues Construction won contracts to build the new mother-child unit at Rennes Teaching Hospital (worth around €100 million), the new Cardiff and Vale College campus in the UK (worth around €140 million), a data centre in France (worth around €110 million), and to modernise airports in Cyprus (worth around €120 million). These contracts highlight Bouygues Construction's know-how in specific business lines such as healthcare infrastructure, academic buildings and airport facilities. Bouygues Immobilier continues to face a challenging market environment. In France, Residential property reservations nevertheless improved year-on-year. Commercial property activity remains at a standstill. The backlog was €0.9 billion, down €106 million or -11% versus end-March 2024. The construction businesses reported sales of €5.5 billion in first-quarter 2025, up 3% year-on-year9. Sales at Colas rose 3% year on year10, lifted by Rail (sales up 12% year-on-year), which benefits from sustained momentum related to demand for soft-mobility infrastructure. Sales were up 2% year-on-year for Roads, with France up 2%, the EMEA (Europe, Middle East, Africa) region up 6%, North America down 9% and Asia-Pacific up 29%. Bouygues Construction's sales rose 3% year-on-year11. Sales rose slightly for Civil Works (up 1% year-on-year). Sales for International Building increased very strongly (up 13% year-on-year) and were down slightly for France Building (down 1% year-on-year). Sales at Bouygues Immobilier increased 3%12 versus first-quarter 2024 in a still challenging market environment. Sales from Residential property advanced 4% year-on-year, and sales from Commercial property remained at a very low level. In first-quarter 2025, the current operating loss from activities (COPA) in the construction businesses was €240 million, an improvement of €24 million year-on-year. COPA margin in the construction businesses improved by 0.6 points to -4.4%. At Colas, the current operating loss from activities was €305 million, broadly stable year-on-year. As a reminder, Colas' first-quarter results are not indicative of half-year and full-year results, due to the seasonality of its activities. Bouygues Construction's COPA increased €10 million to €72 million in first-quarter 2025, and its margin from activities was 2.9%, improving by 0.4 points year-on-year. The current operating loss from activities at Bouygues Immobilier was €7 million versus a current operating loss from activities of €26 million in first-quarter 2024 related to an adjustment of structure costs implemented in 2024. In the first quarter 2024, provisions had also been booked on certain operations. EQUANS The backlog at Equans at end-March 2025 was €26.4 billion, up 1% year-on-year13. Order intake in first-quarter 2025 was €5.2 billion. The underlying margin of the order intake continues improving steadily. Equans posted sales of €4.6 billion in first-quarter 2025, stable year-on-year. It reflected overall positive market trends and its continued selective approach to contracts strategy. Equans has observed some short-term wait-and-see stance in a few activities in France and Europe14, which was reflected in the order intake and sales. International sales increased despite Equans gradually exiting the new-build business in the UK (building of new homes, notably social housing) due to unfavourable market conditions. Sales in France were down at Equans was €177 million in first-quarter 2025, up €44 million year-on-year. The margin from activities was 3.8%, up 0.9 points year-on-year, demonstrating the strong discipline in the execution of the Perform plan in all of Equans' operating units. BOUYGUES TELECOM Bouygues Telecom maintained a solid commercial performance in Fixed in terms of volume and value, benefiting from good momentum in the and B&YOU Pure Fibre offers, launched late 2024. At end-March 2025, FTTH customers totalled 4.3 million after 148,000 new customers were added in first-quarter 2025 versus 134,000 in first-quarter 2024. The Fixed customer base was 5.2 million, equating to an additional 69,000 in first-quarter 2025 (versus 38,000 new customers in first-quarter 2024). The share of Fixed customers subscribing to a FTTH line continued to increase, reaching 83% versus 75% one year earlier. Bouygues Telecom continued extending its geographical footprint across France. To date, nearly 39 million FTTH premises have already been marketed. In the first quarter, Fixed ABPU increased by €0.7 year-on-year to €33.2 per customer per month. Bouygues Telecom reported solid commercial performance in Mobile, reflecting its new strategy. The initial results from the plan are satisfactory in terms of customer acquisition and growth in the number of convergent households, and are showing the first positive effects on churn, in line with the customer loyalty strategy. Mobile plan customers excluding MtoM totalled 18.3 million as 63,000 were added in first-quarter 2025 (versus 17,000 in first-quarter 2024).In first-quarter 2025, Mobile ABPU including La Poste Telecom was €17.5 per customer per month15, in a still competitive market in the low-end segment, with low prices for new customers. Sales billed to customers reached €1.6 billion, up 6% versus first-quarter 2024 or 1% excluding La Poste Telecom. Organic growth in sales was achieved through Fixed. In total, Bouygues Telecom's sales were up 5% year-on-year, of which Other sales, which mainly consist of Handsets, Accessories and Built-to-suit sales, were up 2% year-on-year. EBITDA after Leases came to €415 million in first-quarter 2025, decreasing by €14 million year-on-year. This lower figure reflects, on the one hand, growth in sales billed to customers and continued efforts to control costs, and, on the other hand, an increase in the IFER tax16 levied in relation to the operator's mobile sites, as well as higher energy costs now that Bouygues Telecom no longer benefits from very favourable low hedged energy prices. EBITDA after Leases margin17 was 25.9%, a decrease of 2.3 points year-on-year and includes a dilutive impact related to the La Poste Telecom acquisition. Current operating profit from activities at Bouygues Telecom was €101 million, down €29 million year-on-year as a result of lower EBITDA after Leases and higher depreciation and amortisation in line with the gross capex trajectory. Current operating profit was €92 million, including PPA amortisation of €9 million. Operating profit was €101 million and includes net-non-current income of €9 million notably related to the sale of data capital expenditure excluding frequencies was €394 million at end-March 2025 (versus €476 million in first-quarter 2024). TF1 The TF1 group maintained its audience leadership in first-quarter 2025, with an audience share of 33.0% in the WPDM<5018 category and of 30.1% among individuals aged 25-49. The TF1 group reported sales of €520 million in first-quarter 2025, representing a 2% increase year-on-year (stable like-for-like and at constant exchange rates): Media sales rose by 2% year-on-year, with advertising revenues stable. Advertising revenues at TF1+ maintained strong growth momentum (up 37% year-on-year). Sales at Studio TF1 (formerly Newen Studios) were €59 million in first-quarter 2025, stable year-on-year, including the €9 million contribution from Johnson Production Group (JPG) and reflecting less significant programme deliveries than in the prior-year period. COPA at TF1 was €43 million, up €6 million year-on-year. The cost of programmes was similar to the figure for first-quarter 2024, with premium programming maintained for both linear and streaming. The margin from activities was 8.3%, an increase of 1 point year-on-year. FINANCIAL SITUATION At €14.8 billion, the Group maintained a very high level of liquidity, which comprised €3.8 billion in cash and cash equivalents, supplemented by €11 billion in undrawn medium- and long-term credit facilities. Net debt at end-March 2025 was €7.1 billion, versus €6.1 billion at end-December 2024 and €7.7 billion at end-March 2024. This represents an improvement of €645 million year-on-year and includes net acquisitions of close to €1.2 billion over the year, especially the acquisition of La Poste Telecom. The change versus 31 December 2024 (around -€1 billion) was linked to seasonal effects in the beginning of the year, and was more limited than last year. In first-quarter 2025, the change in working capital requirements and other was a negative €0.9 billion, which is usual for the first quarter, yet lower than in first-quarter 2024. Net gearing19 was 50%, an improvement versus end-March 2024 (55%). At end-March 2025, the average maturity of the Group's bonds was 7.4 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's People First programme embodies its core human resources and ethical values. It rolls out strong commitments in favour of the environment and society as a whole. It fights climate change by launching new products and services to help customers reduce their environmental impact, whilst cutting its own greenhouse gas emissions at the same time, and by helping to preserve resources and protect biodiversity. Tangible examples of these solutions were on show at the ChangeNow event held in Paris from 24 to 26 April. The Group is also continuing its efforts to enforce strict compliance with ethical business conduct and maintain trust-based relations with its suppliers and subcontractors. FINANCIAL CALENDAR 31 July 2025: First-half 2025 results (7.30am CET)5 November 2025: Nine-month 2025 results (7.30am CET) The financial statements have been subject to a limited review by the statutory auditors and the corresponding report has been issued. You can find the full financial statements and notes to the financial statements on The results presentation conference call for analysts will start at 9.00am (CET) on 14 May on how to connect are available on The results presentation will be available before the conference call startson ABOUT BOUYGUESBouygues is a diversified services group operating in over 80 countries with 200,200 employees all working to make life better every day. Its business activities in construction (Colas, Bouygues Construction, 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-QUARTER 2025 BUSINESS ACTIVITY BACKLOG IN THE CONSTRUCTION BUSINESSES (€ million) End-March 2025 End-March 2024 Change Colas 15,051 13,781 +9% a Bouygues Construction 18,291 15,693 +17% b Bouygues Immobilier 860 966 -11% c Total 34,202 30,440 +12% d (a) Up 12% at constant exchange rates and excluding principal disposals and acquisitions. (b) Up 15% at constant exchange rates and excluding principal disposals and acquisitions. (c) Down 11% at constant exchange rates and excluding principal disposals and acquisitions. (d) Up 13% at constant exchange rates and excluding principal disposals and acquisitions. COLAS BACKLOG (€ million) End-March 2025 End-March 2024 Change Mainland France 3,956 3,716 +6% International and French overseas territories 11,095 10,065 +10% Total 15,051 13,781 +9% BOUYGUES CONSTRUCTION ORDER INTAKE (€ million) Q1 2025 Q1 2024 Change France 981 813 +21% International 1,335 2,047 -35% Total 2,316 2,860 -19% BOUYGUES IMMOBILIER RESERVATIONS (€ million) Q1 2025 Q1 2024 Change Residential property 303 273 +12% Commercial property 0 0 nm Total 303 273 +11% EQUANS BACKLOG (€ million) End-March 2025 End-March 2024 Change France 8,774 8,648 +1% International 17,606 17,540 0% Total 26,380 26,188 +1% a (a) Stable at constant exchange rates and excluding principal disposals and acquisitions. BOUYGUES TELECOM CUSTOMER BASE ('000) End-March 2025 End-Dec 2024 Change Mobile customer base excl. MtoM 18,453 18,433 +20 Mobile plan base excl. MtoM 18,339 18,276 +63 Total mobile customers 26,922 26,810 +111 FTTH customers 4,331 4,182 +148 Total fixed customers 5,233 5,165 +69 TF1 AUDIENCE SHARE a (%) Q1 2025 Q1 2024 Change Total 33.0% 34.5% -1.5 pts (a) Source Médiamétrie – Women under 50 who are purchasing decision-makers. FIRST-QUARTER 2025 FINANCIAL PERFORMANCE GROUP CONDENSED CONSOLIDATED INCOME STATEMENT (€ million) Q1 2025 Q1 2024 Change Sales 12,585 12,314 +2.2% a Current operating profit/(loss) from activities 69 26 +43 Amortisation and impairment of intangible assets recognised in acquisitions (PPA) ᵇ (29) (23) -6 Current operating profit/(loss) 40 3 +37 Other operating income and expenses (19) c (42) d +23 Operating profit/(loss) 21 (39) +60 Cost of net debt (49) (38) e -11 Interest expense on lease obligations (29) (25) -4 Other financial income and expenses (19) (11) e -8 Income tax (63) (7) -56 Share of net profits/(losses) of joint ventures and associates (9) (4) -5 Net profit/(loss) from continuing operations (148) (124) -24 Net profit/(loss) attributable to non-controlling interests (8) (22) +14 Net profit/(loss) attributable to the Group including exceptional income tax surcharge for large companies in France (156) (146) -10 Exceptional income tax surcharge for large companies in France (33) 0 -33 Net profit/(loss) attributable to the Group excluding exceptional income tax surcharge for large companies in France (123) (146) +23 (a) Up 0.9% like-for-like and at constant exchange rates.(b) Purchase Price Allocation.(c) Includes net non-current charges of €19m at Equans, net non-current income of €9m at Bouygues Telecom, net non-current charges of €2m at TF1 and of €7m at Bouygues SA.(d) Includes net non-current charges of €5 at Bouygues Immobilier, of €22m at Equans, of €9m at Bouygues Telecom, of €3m at TF1 and of €3m at Bouygues SA.(e) See note 2.2 to the consolidated financial statements. GROUP SALES BY SECTOR OF ACTIVITY (€ million) Q1 2025 Q1 2024 Change Forex effect Scope effect Lfl & constant fx ᶜ Construction businesses ᵃ 5,487 5,325 +3% -1% 0% +2% o/w Colas 2,728 2,644 +3% 0% 0% +3% o/w Bouygues Construction 2,521 2,444 +3% -1% 0% +2% o/w Bouygues Immobilier 289 281 +3% 0% 0% +3% Equans 4,606 4,602 0% -1% 0% -1% Bouygues Telecom 1,990 1,899 +5% 0% -5% 0% TF1 520 512 +2% 0% -1% 0% Bouygues SA and other 56 51 nm - - nm Intra-Group eliminations ᵇ (125) (119) nm - - nm Group sales 12,585 12,314 +2% -1% -1% +1% o/w France 6,443 6,374 +1% 0% -1% 0% o/w international 6,142 5,940 +3% -1% 0% +2% (a) Total of the sales contributions after eliminations 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) Q1 2025 Q1 2024 Change Group current operating profit/(loss) from activities 69 26 +43 Amortisation and impairment of intangible assets recognised in acquisitions (PPA) (29) (23) -6 Interest expense on lease obligations (29) (25) -4 Net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets 557 526 +31 Charges to provisions and other impairment losses, net of reversals due to utilisation 39 (26) +65 Reversals of unutilised provisions and impairment losses and other (94) (87) -7 Group EBITDA after Leases 513 391 +122 (a) See glossary for definitions. CONTRIBUTION TO GROUP EBITDA AFTER LEASES a BY SECTOR OF ACTIVITY (€ million) Q1 2025 Q1 2024 Change Construction businesses (266) (291) +25 o/w Colas (290) (293) +3 o/w Bouygues Construction 32 25 +7 o/w Bouygues Immobilier (8) (23) +15 Equans 247 156 +91 Bouygues Telecom 415 429 -14 TF1 118 106 +12 Bouygues SA and other (1) (9) +8 Group EBITDA after Leases 513 391 +122 (a) See glossary for definitions. CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) a BY SECTOR OF ACTIVITY (€ million) Q1 2025 Q1 2024 Change Construction businesses (240) (264) +24 o/w Colas (305) (300) -5 o/w Bouygues Construction 72 62 +10 o/w Bouygues Immobilier (7) (26) +19 Equans 177 133 +44 Bouygues Telecom 101 130 -29 TF1 43 37 +6 Bouygues SA and other (12) (10) -2 Group current operating profit/(loss) from activities 69 26 +43 (a) See glossary for definitions. RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR FIRST-QUARTER 2025 (€ million) COPA PPA amortisation ᵃ COP Construction businesses (240) -3 (243) o/w Colas (305) -2 (307) o/w Bouygues Construction 72 -1 71 o/w Bouygues Immobilier (7) 0 (7) Equans 177 0 177 Bouygues Telecom 101 -9 92 TF1 43 -5 38 Bouygues SA and other (12) -12 (24) Total 69 -29 40 (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-QUARTER 2024 (€ million) COPA PPA amortisation ᵃ COP Construction businesses (264) -2 (266) o/w Colas (300) -2 (302) o/w Bouygues Construction 62 0 62 o/w Bouygues Immobilier (26) 0 (26) Equans 133 0 133 Bouygues Telecom 130 -6 124 TF1 37 -1 37 Bouygues SA and other (10) -14 (25) Total 26 -23 3 (a) Amortisation and impairment of intangible assets recognised in acquisitions. CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT (COP) BY SECTOR OF ACTIVITY (€ million) Q1 2025 Q1 2024 Change Construction businesses (243) (266) +23 o/w Colas (307) (302) -5 o/w Bouygues Construction 71 62 +9 o/w Bouygues Immobilier (7) (26) +19 Equans 177 133 +44 Bouygues Telecom 92 124 -32 TF1 38 37 +1 Bouygues SA and other (24) (25) +1 Group current operating profit/(loss) 40 3 +37 CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY (€ million) Q1 2025 Q1 2024 Change Construction businesses (243) (271) +28 o/w Colas (307) (302) -5 o/w Bouygues Construction 71 62 +9 o/w Bouygues Immobilier (7) (31) +24 Equans 158 111 +47 Bouygues Telecom 101 115 -14 TF1 36 34 +2 Bouygues SA and other (31) (28) -3 Group operating profit/(loss) 21 a (39) b +60 (a) Includes net non-current charges of €19m at Equans, net non-current income of €9m at Bouygues Telecom, net non-current charges of €2m at TF1 and of €7m at Bouygues SA.(b) Includes net non-current charges of €5 at Bouygues Immobilier, of €22m at Equans, of €9m at Bouygues Telecom, of €3m at TF1 and of €3m at Bouygues SA. CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY (€ million) Q1 2025 Q1 2024 Change Construction businesses (216) (218) +2 o/w Colas (264) (255) -9 o/w Bouygues Construction 63 61 +2 o/w Bouygues Immobilier (15) (24) +9 Equans 118 80 +38 Bouygues Telecom (8) 38 -46 TF1 7 14 -7 Bouygues SA and other (57) (60) +3 Net profit/(loss) attributable to the Group (156) (146) -10 NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT (€ million) End-March 2025 End-Dec 2024 Change Colas 278 965 -687 Bouygues Construction 3,781 4,033 -252 Bouygues Immobilier (447) (384) -63 Equans 1,896 1,517 +379 Bouygues Telecom (4,188) (3,800) -388 TF1 559 506 +53 Bouygues SA and other (8,959) (8,903) -56 Net surplus cash (+)/net debt (-) (7,080) (6,066) -1,014 Current and non-current lease obligations (3,123) (3,110) -13 CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY (€ million) Q1 2025 Q1 2024 Change Construction businesses 46 62 -16 o/w Colas 38 40 -2 o/w Bouygues Construction 8 22 -14 o/w Bouygues Immobilier 0 0 0 Equans 29 34 -5 Bouygues Telecom 356 474 -118 TF1 68 62 +6 Bouygues SA and other 1 1 0 Group net capital expenditure – excluding frequencies 500 633 -133 Frequencies 0 0 0 Group net capital expenditure – including frequencies 500 633 -133 CONTRIBUTION TO GROUP FREE CASH FLOW a BY SECTOR OF ACTIVITY (€ million) Q1 2025 Q1 2024 Change Construction businesses (258) (319) +61 o/w Colas (343) (358) +15 o/w Bouygues Construction 94 68 +26 o/w Bouygues Immobilier (9) (29) +20 Equans 149 127 +22 Bouygues Telecom 54 (90) +144 TF1 27 28 -1 Bouygues SA and other (51) (47) -4 Group free cash flow ᵃ – excluding frequencies (79) (301) +222 Frequencies 0 0 0 Group free cash flow ᵃ – including frequencies (79) (301) +222 (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 31 March 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 the net result attributable to the Group in first-quarter 2025 was -€33 million, broken down as follows: -€35 million in respect of financial year 2024 and +€2 million in respect of first-quarter 2025.2 Includes net non-current charges of €19m at Equans, net non-current income of €9m at Bouygues Telecom, net non-current charges of €2m at TF1 and of €7m at Bouygues SA.3 The impact of the exceptional income tax surcharge for large companies in France on Group's income tax in first-quarter 2025 was -€42 million, broken down as follows: -€43 million in respect of financial year 2024 and +€1 million in respect of first-quarter 2025.4 Net debt/shareholders' equity.5 Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid.6 La Poste Telecom's sales billed to customers were €320 million in 2024.7 Up 13% at constant exchange rates and excluding principal disposals and acquisitions.8 Including the UK.9 Up 2% like-for-like and at constant exchange rates.10 Up 3% like-for-like and at constant exchange rates.11 Up 2% like-for-like and at constant exchange rates.12 Excluding the share of co-promotions; up 3% like-for-like and at constant exchange rates.13 Stable at constant exchange rates and excluding principal disposals and acquisitions.14 Including the United Kingdom.15 Mobile ABPU excluding La Poste Telecom was €18.6 per customer per month, down €1.1 year-on-year.16 Imposition Forfaitaire sur les Entreprises de Réseau (Flat-rate tax on network companies).17 See glossary for the definition.18 Women under 50 who are purchasing decision-makers.19 Net debt/shareholders' equity. Attachment Press Release - Q1 2025
Yahoo
06-03-2025
- Business
- Yahoo
Bouygues: 2024 Full-Year Results
FULL-YEAR 2024 RESULTS Paris, 06/03/25 Very robust Group results for 2024 and guidance achieved: Group sales of €56.8bn, up 1% year-on-year and Group current operating profit from activities of €2,535m, up €124m year-on-year Very successful execution of Equans' strategic plan: margin from activities of 3.5%, +0.6 points year-on-year, cash conversion rate (COPA-to-cash flow) before WCR1 of 98% and net cash position exceeding €1.5bn Backlog in the construction businesses at a record €32.2bn, providing visibility on future activity Group free cash flow before WCR2 of €1,268m, up 8% year-on-year Year-on-year improvement in Group net debt at end-December 2024, including net acquisitions of over €1.1bn during the year All six business segments SBTi-certified Dividend of €2.00 per share in respect of 20243, up 5.3% versus 2023 The Board of Directors, chaired by Martin Bouygues, met on 5 March 2025 to close off the full-year 2024 financial statements. KEY FIGURES (€ million) 2024 2023 Change Sales 56,752 56,017 +1% a Current operating profit/(loss) from activities 2,535 2,411 +124 Margin from activities 4.5% 4.3% +0.2 pts Current operating profit/(loss) ᵇ 2,438 2,308 +130 Operating profit/(loss) ᶜ 2,242 2,113 +129 Financial result (392) (424) +32 Net profit/(loss) attributable to the Group 1,058 1,040 +18 Net surplus cash (+)/net debt (-) (6,066) (6,251) +185 (a) Up 1% like-for-like and at constant exchange rates.(b) Includes PPA amortisation of €97m in 2024 and €103m in 2023. (c) Includes net non-current charges of €196m in 2024 and of €195m in 2023. Full-year sales were €56.8 billion, up 1% versus 2023, driven mainly by Bouygues Construction and Equans. Like-for-like and at constant exchange rates, sales also increased 1% year-on-year. Current operating profit from activities (COPA) was €2,535 million, up €124 million year-on-year, driven mainly by Equans, where COPA increased €135 million year-on-year, and to a lesser extent by Bouygues Construction, where COPA increased €45 million in the period. In a still challenging market environment, COPA declined €79 million year-on-year at Bouygues Immobilier, resulting in a current operating loss from activities of €51 million in the period, impacted in particular by a sharp decline in its business activity and provisions booked on operations. Net profit attributable to the Group was €1,058 million, up €18 million year-on-year. In particular, this comprises: amortisation and impairment of intangible assets recognised in acquisitions (PPA) of €97 million (of which €54 million at Bouygues SA related to the acquisition of Equans); net non-current charges4 of €196 million, which do not reflect the operational performance of the business segments. This mainly includes the Management Incentive Plan at Equans, which was applied to the whole of 2024 whereas it was only applied to a part of 2023, the impact on Bouygues Construction's activities of a regulatory change in the UK, and the cost of adaptation measures at Bouygues Immobilier. At the end of the year, Bouygues Telecom booked non-current income notably related to the sale of data centres and mobile sites. financial result of -€392 million, compared with -€424 million in 2023. This improvement was notably due to the combined effect of a higher level of net cash and the return on net cash, given that debt is at fixed rates; income tax expense of €617 million, versus €547 million in 2023; share of net profits of joint ventures amounting to an €11 million loss versus a €59 million profit in 2023. This change notably results from losses at certain Bouygues Telecom joint ventures that are still in investment phase, and a lower contribution from Tipco Asphalt, a Colas joint venture in Thailand. Net debt was €6.1 billion at end-December 2024, an improvement of €185 million versus 31 December 2023, including net acquisitions of more than €1.1 billion over the full year, especially the acquisition of La Poste Telecom finalised in November. Net gearing5 was 42% at end-December 2024 (versus 44% at end-December 2023). DIVIDEND The Board of Directors will ask the Annual General Meeting on 29 April 2025 to approve a 2024 dividend of €2.00 per share, up 5.3% relative to the 2023 financial year. The ex-date and payment date have been set at 5 and 7 May 2025 respectively. OUTLOOK FOR 2025 Outlook for the Group In an 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 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 In 2025, Equans will continue to roll out its strategic Plan. It is targeting: Continued organic sales growth; A margin from activities close to 4%; A cash conversion rate (COPA-to-cash flow6) before working capital requirement (WCR) of between 80% and 100%. As a reminder, Equans aims to gradually catch up with the organic growth of sector peers and to achieve a margin from activities (COPA margin) of 5% in 2027. Outlook for Bouygues Telecom For 2025, Bouygues Telecom is 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 Telecom7; 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 ; Bouygues Telecom will not exercise its call option in 2025 which would give it a 51% stake in the SDAIF joint venture8. As a reminder, Bouygues Telecom is targeting for 20269, excluding La Poste Telecom and excluding any possible continuation in 2026 of the changes made to taxation first applied in the 2025 Finance Law: Modest growth in sales from services and EBITDA after Leases versus 2023; Gross capital expenditure of around €1.25bn (excluding frequencies); FCF before WCR of around €600 million10. The effects of the consolidation and growth of La Poste Telecom are estimated at this stage to be approximately: La Poste Telecom's contribution to EBITDA after Leases at Bouygues Telecom will be limited in 2025 before reaching a low point close to zero in 2026 and recovering gradually in 2027, with the full effect of around €140m expected from 2028. In 2026, Bouygues Telecom's FCF before WCR11 will be reduced by: operating capex assigned to ensure the successful migration of La Poste Telecom's customers to its network (estimated at around €35 million); interest expense net of tax associated with the acquisition of La Poste Telecom (estimated at around €35 million). La Poste Telecom's contribution to Bouygues Telecom's free cash flow before WCR1 will be gradual: neutral in 2027, it will produce its full effects from 2028 once around 90% of its mobile customers have migrated to Bouygues Telecom's network. Outlook for the TF1 group In an advertising market with limited visibility, the TF1 group's outlook for 2025 is the following: Strong double-digit revenue growth in digital, Broadly stable margin from activities compared with 2024, Aiming for a growing dividend policy in the coming years In line with TF1's distribution policy disclosed to the market in February 2024, the Board of Directors will propose to TF1's Annual General Meeting on 17 April 2025, a dividend of €0.60 per share, up 9% relative to 2023. DETAILED ANALYSIS BY SECTOR OF ACTIVITY CONSTRUCTION BUSINESSES At end-December 2024, the backlog in the construction businesses (Colas, Bouygues Construction and Bouygues Immobilier) was a record €32.2 billion, up 13% year-on-year (up 15% at constant exchange rates and excluding principal disposals and acquisitions), and provides visibility on future activity. The backlog for France and the international backlog both increased year-on-year, by 9% and 16% respectively, mainly thanks to Bouygues Construction. The share of the international backlog rose to represent around 68% of the construction businesses backlog, up from around 63% in 2021. The backlog at Colas totalled €13.1 billion, rising by €0.7 billion 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 the third quarter whose backlog was around €0.3 billion). The Roads backlog rose 2% year-on-year, improving by 8% in France and decreasing by 1% internationally. The Rail backlog was up 14% year-on-year. Colas recorded an order intake of €13.4 billion over full-year 2024. The order intake for Roads increased in France and internationally year-on-year, with notably an acceleration during the fourth quarter in the US and, to a lesser extent, in Canada. The Rail order intake was down year-on-year but this is not representative of business owing to the unfavourable comparison basis. In the fourth quarter 2024, the Rail intake benefited from the booking of two major contracts, one to renovate Line 1 of the Cairo metro in Egypt (worth around €310 million) and the other to design and install overhead catenary systems for the HS2 high-speed rail line in the UK (worth around €240 million). Bouygues Construction's backlog stood at €18.2 billion at end-December 2024, up €3.2 billion or 21% year-on-year (up 20% at constant exchange rates and excluding principal disposals and acquisitions). This was driven by its three segments. The backlog rose 42% year-on-year at Civil Works, 6% year-on-year at International Building and 3% year-on-year at France Building. Over full-year 2024, Bouygues Construction's order intake was €13.3 billion, backed by good momentum from the normal course of business (contracts of less than €100 million), representing 49% of total order intake over the period, with major project awards representing the other 51%. In the fourth quarter, Bouygues Construction won contracts to build the northern tunnels on the SRL metro in Melbourne, Australia (worth around €340 million) and the Bern campus in Switzerland (worth around €310 million). The order book to be executed in 2025 stood at end-December 2024 at around €9 billion, a level higher than the previous Immobilier continues to face a challenging market environment. In France, Residential unit property reservations improved year-on-year. Commercial property activity remains at a standstill. The backlog was around €0.9 billion, down €0.1bn or -6% versus end-December 2023. The construction businesses reported sales of €27.5 billion in full-year 2024, up 1% year-on-year, driven by Bouygues Construction. Sales at Colas were slightly lower year-on-year on a reported basis but stable like-for-like and at constant exchange rates. Business was driven by Rail (up 6% year-on-year), helped by the rapid growth of low-carbon alternative transport infrastructure. Year-on-year, Roads sales were down 1%, rising 2% in France but declining 3% internationally. Bouygues Construction's sales rose 6% year-on-year and 5% like-for-like and at constant exchange rates. Sales rose slightly for Civil Works (up 2% year-on-year). Sales for International Building increased very strongly (up 16% year-on-year) while rising slightly for France Building (up 2% year-on-year). Bouygues Immobilier's sales declined 17%12 versus 2023, reflecting the challenging market environment. Sales from Residential property were down 14% year-on-year and sales from Commercial property were close to zero. COPA in the construction businesses was €827 million in 2024, a decline of €24 million year-on-year, which was fully attributable to Bouygues Immobilier. COPA margin in the construction businesses decreased slightly (by 0.1 point) over the period to 3.0%. At Colas, COPA was €552 million, rising €10 million year-on-year. Its margin from activities was 3.5%, up 0.1 point year-on-year, this despite a material capital gain booked in the third quarter of 2023 in connection with a land sale in the US. Bouygues Construction's COPA increased €45 million to €326 million at end-December 2024 and its margin from activities was 3.2%, improving by 0.3 points year-on-year; an increase notably due to the good progress achieved with the strategic plan launched 2 years Immobilier reported a current operating loss from activities of €51 million versus a €28 million profit in 2023. This was due to a sharp fall in business, the adaptation of its cost structure, customer discounts and provisions booked on operations. EQUANS Equans' backlog was €25.4 billion, which was 3% higher than at end-December 2023. Equans continues pursuing its selective approach to contracts strategy and is gradually exiting the new-build business in the UK (building of new homes, notably social housing) due to unfavourable market conditions. Equans posted an order intake of €18.4 billion in 2024, up both in France and outside France. Throughout the year, momentum remained strong in installation of solar farms, data centres, hospitals, high-tech plants. Recurring maintenance contracts and contracts in the normal course of business performed well. The underlying margin of the order intake continued improving steadily. Equans posted a 2% year-on-year increase in sales to €19.2 billion in 2024, lifted by overall solid momentum in France and abroad. This was despite the divestment of activities in late 2023 and the gradual exit from the new-build business in the UK. Sales increased 3% like-for-like and at constant exchange rates. Current operating profit from activities at Equans was €680 million, up €135 million year-on-year. The margin from activities was therefore 3.5%, up 0.6 points versus 2023, reflecting the rigorous execution of the Perform plan in all of Equans' operating units. The net cash surplus improved sharply over the period to €1,517 million versus €981 million at end-2023, notably driven by strong cash flow from operations. BOUYGUES TELECOM Bouygues Telecom saw a solid business performance in Fixed, in terms of both volumes and value. At end-December 2024, FTTH customers totalled 4.2 million after 615,000 new customers were added in 2024, of which 207,000 in the fourth quarter. The Fixed customer base was 5.2 million, equating to an additional 263,000 versus end-December 2023, of which 111,000 new adds in the fourth quarter. The share of Fixed customers subscribing to a FTTH line continued to increase, reaching 81% versus 73% one year earlier. Bouygues Telecom continued extending its geographical reach across France. To date, 38 million FTTH premises have been marketed. Bouygues Telecom is targeting around 40 million by the end of 2026. In the fourth quarter of 2024, Fixed ABPU increased by €2.0 year-on-year to €33.4 per customer per month. Bouygues Telecom reported a robust commercial performance for Mobile in a mature market. Mobile plan customers excluding MtoM totalled 18.3 million, marking the addition of 2.8 million customers compared with end-December 2023. This is thanks to the gain of 339,000 new customers over the year excluding La Poste Telecom (of which 93,000 in the fourth quarter) and the 2.4 million La Poste Telecom customers. In the fourth quarter of 2024, Mobile ABPU excluding La Poste Telecom decreased €0.6 year-on-year to €19.1 per customer per month, in a still competitive market, with low prices for new customers. Mobile ABPU at La Poste Telecom is €11 per customer per billed to customers reached €6.2 billion, up 5% versus 2023. Sales from services rose 4% year-on-year. In total, Bouygues Telecom's sales were up 1% year-on-year, impacted by the decline in Other sales (down 9% year-on-year), which mainly consist of Handset, Accessories and Built-to-suit sales. EBITDA after Leases came to €2,037 million in 2024, rising by €68 million year-on-year. This was driven by growth in sales billed to customers combined with continued efforts to control costs. EBITDA after Leases margin was 32.7%, slightly lower year-on-year, owing to slight dilution from the acquisition of La Poste Telecom and higher operating expenses related to the customer acquisition drive in operating profit from activities at Bouygues Telecom was €795 million, stable year-on-year. The increase in EBITDA after Leases was offset by the increase in depreciation and amortisation in line with the gross capex trajectory. Operating profit was €810 million, and includes net-non-current income of €41 million notably related to the sale of data centres and mobile capital expenditure excluding frequencies amounted to €1,541 million at end-December 2024, in line with full-year outlook. Including frequencies, gross capital expenditure amounted to €1,723 million. The consolidation of La Poste Telecom into Bouygues Telecom will be carried out gradually between 2025 and 2027. This will involve, in particular, the launch of a Fixed offer in the fourth quarter of 2025, and the migration of La Poste Telecom customers to Bouygues Telecom's network. Synergies will also be generated over the period on purchasing, IT licences, insurance and communication. TF1 TF1 group's audience ratings remained at a high level in 2024, with an audience share of 33.5% in the WPDM 5013 category and of 30.5% among individuals aged 25-49. TF1 group reported sales of €2.4 billion in 2024, representing a 3% increase year-on-year (up 1% like-for-like and at constant exchange rates): Media sales rose by 2% year-on-year, with advertising revenues up 2% year-on-year, driven notably by digital, namely the performance of TF1+, where advertising revenues increased 39% year-on-year, confirming the platform's appeal to advertisers. In linear TV, advertising revenue was stable year-on-year despite unprecedented competition, given that France Télévisions broadcast the Olympic Games. Sales at Newen Studio were €345 million, up 5% relative to 2023. Johnson Production Group (JPG), a TV film production and distribution company acquired in late July, added €24 million to sales over five months. Newen's business was marked in the fourth quarter by the delivery of flagship shows such as the second seasons of Marie-Antoinette and Memento Mori. Current operating profit from activities at TF1 was €297 million, up marginally year-on-year, which includes a €26 million year-on-year increase in cost of programmes and specific expenditure related to the launch of TF1+ earlier in the year and a ramp-up of investments on the platform towards the end of the year, despite a less supportive linear advertising market, thanks to the divestment of the Ushuaïa brand in the third quarter of 2024. The margin from activities was 12.6%, an increase of 0.1 points year-on-year, in a year of major transformation at the TF1 group. FINANCIAL SITUATION At €15.8 billion, the Group maintained a very high level of liquidity, which comprised €4.8 billion in cash and equivalents, supplemented by €11.0 billion in undrawn medium- and long-term credit facilities. Net debt at end-December 2024 was €6.1 billion, versus €6.3 billion at end-December 2023. The change between end-December 2023 and end-December 2024 reflected mainly: acquisitions and disposals for -€1,148 million; payment of dividends for -€816 million; and net cash from operating activities and other, which generated €2.2 billion. During 2024, the change in working capital requirements (WCR) related to operating activities and other was €942 million, of which €3 billion in the fourth quarter. Net gearing14 was 42%, an improvement versus end-December 2023 (44%). At end-December 2024, the average maturity of the Group's bonds was 7.5 years, and the average coupon was 3.01% (average effective interest 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. NON-FINANCIAL PERFORMANCE After Bouygues Telecom in 2022, and Bouygues Construction, Bouygues Immobilier and TF1 in 2023, Equans' decarbonisation targets for reducing GHG emissions were endorsed by the SBTi in 2024. By 2030, Equans is aiming to: Reduce GHG emissions in scopes 1 and 2 by 42% (in absolute terms, excluding energy production activities) Reduce GHG emissions from heating and electricity production activities for customers in scopes 1 and 2 by 68% (in relative terms) Reduce GHG emissions by 52% in scope 3 (in relative terms) These targets are consistent with the Paris Agreement goal of limiting global warming to 1.5°C. Colas' previous targets were endorsed by SBTi in 2021 based on keeping global warming 'well below 2°C'. In 2024, Colas secured approval of its decarbonisation targets aligned with the Paris Agreement goal of limiting global warming to 1.5°C. By 2030, Colas is aiming to: Reduce GHG emissions in scopes 1 and 2 by 46.5% (in absolute terms) Reduce GHG emissions in upstream scope 3 by 30% (in absolute terms) Measured on a constant consolidation scope basis, the 1.6 million tonnes of CO2 equivalent decrease in the Group's GHG emissions in 2024 relative to 2023 reflects continued efforts by the six business segments to reduce their carbon footprint. The trend in the Group's GHG emissions may vary over time, depending on the scopes analysed, the methodologies used to calculate GHG emissions, the type and geographical mix of the Group's activities as well as their rate of growth. GOVERNANCE At its meeting of 5 March 2025, the Board of Directors approved the draft resolutions that will be submitted for approval to the Annual General Meeting on 29 April 2025 with the purpose of: renewing the terms of office of Olivier Bouygues and SCDM as directors; renewing the terms of office for Félicie Burelle and Clara Gaymard as independent directors; appointing Charlotte Bouygues as a director, replacing SDCM Participations, whose term of office has not been recommended for renewal; appointing Nathalie Bellon-Szabo as an independent director, replacing Rose-Marie Van Lerberghe, whose term of office will expire at the end of the AGM. Nathalie Bellon-Szabo's main occupation is CEO of Sodexo Live! and is also a member of the Sodexo group's executive committee. She was chosen by the Governance, Selection and Remuneration Committee following a selection process. As well as meeting all the requirements of an independent director, Nathalie Bellon-Szabo has acquired valuable experience as a senior executive in a multinational. She is recognised as an expert in finance, innovation and digital, as well as in sustainability and CSR, and this will be invaluable to the Board in view of the Group's priorities and the challenges that lie ahead. The Board of Directors will furthermore recommend: renewing the term of office for Raphaëlle Deflesselle as a director representing employee shareholders, and appointing Sylvie Bruneau as a director representing employee shareholders, replacing Michèle Vilain. These two candidates were put forward by the Group's employee share ownership funds (FCPE) following elections to their respective supervisory boards in January 2025. Each appointment will be for three years, expiring at the end of the AGM called to approve the financial statements for 2027. Assuming these resolutions are approved at the AGM on 29 April 2025, the Board would remain at 14 directors, of which three new female directors, one of whom is independent and one of whom represents employee shareholders. The proportion of independent directors would be unchanged at 50%, and female representation would be 50% (excluding directors representing employees). FINANCIAL CALENDAR 29 April 2025: Annual General Meeting (3.30pm CET)7 May 2025: Dividend payment, subject to approval by the Annual General Meeting14 May 2025: First-quarter results (7.30am CET)31 July 2025: First-half results (7.30am CET)5 November 2025: Nine-month results (7.30am CET) The financial statements have been audited and the statutory auditors haveissued a report certifying them without reserve. You can find the full financial statements and notes to the financial statements on The results presentation for analysts will start at 11.00am (CET) on 6 March on how to connect are available on The results presentation will be available before the webcast starts on ABOUT BOUYGUESBouygues is a diversified services group operating in over 80 countries with 200,200 employees all working to make life better every day. Its business activities in construction (Colas, Bouygues Construction, 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 • FULL-YEAR 2024 BUSINESS ACTIVITY BACKLOG IN THE CONSTRUCTION BUSINESSES (€ million) End-Dec 2024 End-Dec 2023 Change Colas 13,124 12,428 +6% a Bouygues Construction 18,185 15,007 +21% b Bouygues Immobilier 923 985 -6% c Total 32,232 28,420 +13% d (a) Up 9% at constant exchange rates and excluding principal disposals and acquisitions. (b) Up 20% at constant exchange rates and excluding principal disposals and acquisitions. (c) Down 6% at constant exchange rates and excluding principal disposals and acquisitions. (d) Up 15% at constant exchange rates and excluding principal disposals and acquisitions. COLAS BACKLOG (€ million) 2024 2023 Change Mainland France 3,674 3,322 +11% International and French overseas territories 9,450 9,106 +4% Total 13,124 12,428 +6% BOUYGUES CONSTRUCTION ORDER INTAKE (€ million) 2024 2023 Change France 4,451 4,052 +10% International 8,826 6,556 +35% Total 13,277 10,608 +25% BOUYGUES IMMOBILIER RESERVATIONS (€ million) End-Dec 2024 End-Dec 2023 Change Residential property 1,402 1,207 +16% Commercial property 19 86 -78% Total 1,421 1,293 10% EQUANS BACKLOG (€ million) End-Dec 2024 End-Dec 2023 Change Total 25,446 24,777 +3% BOUYGUES TELECOM CUSTOMER BASE ('000) End-Dec 2024 End-Dec 2023 Change Mobile customer base excl. MtoM 18,433 15,733 +2,700 Mobile plan base excl. MtoM 18,276 15,510 +2,766 Total mobile customers 26,810 23,451 +3,359 FTTH customers 4,182 3,567 +615 Total fixed customers 5,165 4,902 +263 TF1 AUDIENCE SHARE a (%) End-Dec 2024 End-Dec 2023 Change Total 33.5% 34.0% -0.5 pts (a) Source Médiamétrie – Women under 50 who are purchasing decision-makers. FULL-YEAR 2024 FINANCIAL PERFORMANCE GROUP CONDENSED CONSOLIDATED INCOME STATEMENT (€ million) 2024 2023 Change Sales 56,752 56,017 +1% a Current operating profit/(loss) from activities 2,535 2,411 +124 Amortisation and impairment of intangible assets recognised in acquisitions (PPA) ᵇ (97) (103) +6 Current operating profit/(loss) 2,438 2,308 +130 Other operating income and expenses (196) c (195) d -1 Operating profit/(loss) 2,242 2,113 +129 Cost of net debt (187) (254) e +67 Interest expense on lease obligations (108) (87) -21 Other financial income and expenses (97) (83) e -14 Income tax (617) (547) -70 Share of net profits/(losses) of joint ventures and associates (11) 59 -70 Net profit/(loss) from continuing operations 1,222 1,201 +21 Net profit/(loss) attributable to non-controlling interests (164) (161) -3 Net profit/(loss) attributable to the Group 1,058 1,040 +18 (a) Up 1% like-for-like and at constant exchange rates.(b) Purchase Price Allocation.(c) Includes net non-current charges of €56m at Bouygues Construction, of €31m at Bouygues Immobilier, of €96m at Equans, non-net current income of €41m at Bouygues Telecom, net non-current charges of €18m at TF1 and of €36m at Bouygues SA.(d) Includes net non-current charges of €10m at Colas, €81m at Bouygues Construction, of €13m at Bouygues Immobilier, of €81m at Equans, non-net current income of €22m at Bouygues Telecom, net non-current charges of €30m at TF1 and of €2m at Bouygues SA.(e) See note 14 to the consolidated financial statements GROUP SALES BY SECTOR OF ACTIVITY (€ million) 2024 2023 Change Forex effect Scope effect Lfl & constant fx ᶜ Construction businesses ᵃ 27,508 27,335 +1% 0% 0% +1% o/w Colas 15,907 16,015 -1% 0% 0% 0% o/w Bouygues Construction 10,340 9,755 +6% -1% 0% +5% o/w Bouygues Immobilier 1,451 1,738 -17% 0% 0% -17% Equans 19,170 18,761 +2% 0% +1% +3% Bouygues Telecom 7,820 7,727 +1% 0% -1% 0% TF1 2,356 2,297 +3% 0% -1% +1% Bouygues SA and other 225 229 nm - - nm Intra-Group eliminations ᵇ (517) (505) nm - - nm Group sales 56,752 56,017 +1% 0% 0% +1% o/w France 27,639 27,750 0% 0% 0% -1% o/w international 29,113 28,267 +3% 0% +1% +3% (a) Total of the sales contributions (after eliminations within the construction businesses).(b) Including intra-Group eliminations of the construction businesses.(c) Like-for-like and at constant exchange OF GROUP EBITDA AFTER LEASES a (€ million) 2024 2023 Change Group current operating profit/(loss) from activities 2,535 2,411 +124 Amortisation and impairment of intangible assets recognised in acquisitions (PPA) (97) (103) +6 Interest expense on lease obligations (108) (87) -21 Net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets 2,398 2,328 +70 Charges to provisions and other impairment losses, net of reversals due to utilisation 479 334 +145 Reversals of unutilised provisions and impairment losses and other (470) (338) -132 Group EBITDA after Leases 4,737 4,545 +192 (a) See glossary for definitions. CONTRIBUTION TO GROUP EBITDA AFTER LEASES a BY SECTOR OF ACTIVITY (€ million) 2024 2023 Change Construction businesses 1,189 1,423 -234 o/w Colas 836 960 -124 o/w Bouygues Construction 383 453 -70 o/w Bouygues Immobilier (30) 10 -40 Equans 891 593 +298 Bouygues Telecom 2,037 1,969 +68 TF1 680 590 +90 Bouygues SA and other (60) (30) -30 Group EBITDA after Leases 4,737 4,545 +192 (a) See glossary for definitions. CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) a BY SECTOR OF ACTIVITY (€ million) 2024 2023 Change Construction businesses 827 851 -24 o/w Colas 552 542 +10 o/w Bouygues Construction 326 281 +45 o/w Bouygues Immobilier (51) 28 -79 Equans 680 545 +135 Bouygues Telecom 795 798 -3 TF1 297 287 +9 Bouygues SA and other (64) (70) +7 Group current operating profit/(loss) from activities 2,535 2,411 +124 (a) See glossary for definitions. RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR FULL-YEAR 2024 (€ million) COPA PPA amortisation ᵃ COP Construction businesses 827 -9 818 o/w Colas 552 -8 544 o/w Bouygues Construction 326 -1 325 o/w Bouygues Immobilier (51) 0 (51) Equans 680 0 680 Bouygues Telecom 795 -26 769 TF1 297 -8 289 Bouygues SA and other (64) -54 (118) Total 2,535 -97 2,438 (a) Amortisation and impairment of intangible assets recognised in acquisitions. RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR FULL-YEAR 2023 (€ million) COPA PPA amortisation ᵃ COP Construction businesses 851 -8 843 o/w Colas 542 -8 534 o/w Bouygues Construction 281 0 281 o/w Bouygues Immobilier 28 0 28 Equans 545 0 545 Bouygues Telecom 798 -29 769 TF1 287 -5 283 Bouygues SA and other (70) -61 (132) Total 2,411 -103 2,308 (a) Amortisation and impairment of intangible assets recognised in acquisitions. CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT (COP) BY SECTOR OF ACTIVITY (€ million) 2024 2023 Change Construction businesses 818 843 -25 o/w Colas 544 534 +10 o/w Bouygues Construction 325 281 +44 o/w Bouygues Immobilier (51) 28 -79 Equans 680 545 +135 Bouygues Telecom 769 769 0 TF1 289 283 +6 Bouygues SA and other (118) (132) +14 Group current operating profit/(loss) 2,438 2,308 +130 CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY (€ million) 2024 2023 Change Construction businesses 731 739 -8 o/w Colas 544 524 +20 o/w Bouygues Construction 269 200 +69 o/w Bouygues Immobilier (82) 15 -97 Equans 584 464 +120 Bouygues Telecom 810 791 +19 TF1 271 253 +18 Bouygues SA and other (154) (134) -20 Group operating profit/(loss) 2,242 a 2,113 b +129 (a) Includes net non-current charges of €56m at Bouygues Construction, of €31m at Bouygues Immobilier, of €96m at Equans, non-net current income of €41m at Bouygues Telecom, net non-current charges of €18m at TF1 and of €36m at Bouygues SA.(b) Includes net non-current charges of €10m at Colas, €81m at Bouygues Construction, of €13m at Bouygues Immobilier, of €81m at Equans, non-net current income of €22m at Bouygues Telecom, net non-current charges of €30m at TF1 and of €2m at Bouygues SA. CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY (€ million) 2024 2023 Change Construction businesses 455 498 -43 o/w Colas 310 310 0 o/w Bouygues Construction 235 195 +40 o/w Bouygues Immobilier (90) (7) -83 Equans 421 305 +116 Bouygues Telecom 376 414 -38 TF1 95 87 +8 Bouygues SA and other (289) (264) -25 Net profit/(loss) attributable to the Group 1,058 1,040 +18 NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT (€ million) End-Dec 2024 End-Dec 2023 Change Colas 965 623 +342 Bouygues Construction 4,033 3,435 +598 Bouygues Immobilier (384) (150) -234 Equans 1,517 981 +536 Bouygues Telecom (3,800) (2,625) -1,175 TF1 506 505 +1 Bouygues SA and other (8,903) (9,020) +117 Net surplus cash (+)/net debt (-) (6,066) (6,251) +185 Current and non-current lease obligations (3,110) (3,017) -93 CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY (€ million) 2024 2023 Change Construction businesses 352 141 +211 o/w Colas 240 55 +185 o/w Bouygues Construction 111 82 +29 o/w Bouygues Immobilier 1 4 -3 Equans 186 202 -16 Bouygues Telecom 1,484 1,428 +56 TF1 280 298 -18 Bouygues SA and other 0 48 -48 Group net capital expenditure – excluding frequencies 2,302 2,117 +185 Frequencies 182 0 +182 Group net capital expenditure – including frequencies 2,484 2,117 +367 CONTRIBUTION TO GROUP FREE CASH FLOWa BY SECTOR OF ACTIVITY (€ million) 2024 2023 Change Construction businesses 537 708 -171 o/w Colas 352 469 -117 o/w Bouygues Construction 235 236 -1 o/w Bouygues Immobilier (50) 3 -53 Equans 507 321 +186 Bouygues Telecom 301 249 +52 TF1 229 178 +51 Bouygues SA and other (124) (277) +153 Group free cash flow – excluding frequencies 1,450 1,179 +271 Frequencies (182) 0 -182 Group free cash flow ᵃ 1,268 1,179 +89 (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 plus total sales from signed reservations that have still to be notarised. Under IFRS 11, Bouygues Immobilier's backlog does not include sales from reservations 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 operating activities and changes in working capital requirements (WCR) related to fixed assets. 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 9 to the consolidated financial statements at 31 December 2024, 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 Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid. 2 Including frequencies.3 Submitted for approval by the Annual General Meeting of 29 April 2025. 4 Includes net non-current charges of €56m at Bouygues Construction, of €31m at Bouygues Immobilier, of €96m at Equans, net non-current income of €41m at Bouygues Telecom, net non-current charges of €18m at TF1, and net non-current charges of €36m at Bouygues SA.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 sales billed to customers were €320 million in 2024.8 SDAIF is a joint venture 49%-owned by Bouygues Telecom and 51%-owned by Vauban Infrastructure Partners. SDAIF invests in the roll-out of fibre in Orange's part of the Medium Dense Area.9 Like-for-like.10 Free cash-flow after tax and interest expense and before WCR, excluding frequencies.11 Free cash-flow after tax and interest expense (including interest expense related to the acquisition of La Poste Telecom), and before WCR, excluding frequencies.12 Excluding the share of co-promotions.13 Women under 50 who are purchasing decision-makers.14 Net debt/shareholders' equity. Attachment PR_Bouygues_2024_financial-results
Reuters
06-03-2025
- Business
- Reuters
French conglomerate Bouygues' annual core profit beats estimate
March 6 (Reuters) - France's Bouygues ( opens new tab posted slightly better-than-expected full-year core earnings on Thursday, as strong performances in its energy division Equans and construction unit helped offset a sharp decline in the real estate business. The construction-to-telecoms group reported 2024 current operating profit from activities (COPA) of 2.54 billion euros ($2.75 billion), above company-compiled consensus of 2.52 billion. Though full-year sales totalled 56.75 billion euros, falling short of the consensus of 56.85 billion euros. The company proposed a dividend for 2024 of 2 euros per share, up 5.3% year-on-year. The family-owned group expects a slight increase in sales and COPA in 2025, compared with 2024. Bouygues acquired Equans from French power group Engie ( opens new tab in October 2022, as the family-owned group — already active in civil engineering, construction, media, and telecom sectors — looks to expand its presence in the energy transition and services markets. ($1 = 0.9246 euros)
