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Bouygues: First-quarter 2025 results
Paris, 14/05/25
GROUP OUTLOOK FOR 2025 CONFIRMED, IN A VERY UNCERTAIN MACROECONOMIC AND GEOPOLITICAL ENVIRONMENT.
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
(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.
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:
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:
Outlook for the TF1 group
In an advertising market with very limited visibility, the TF1 group confirms its objectives for 2025:
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-year , 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), Europe excluding France (up 8% year-on-year) and international excluding Europe (up 19% year-on-year).
The construction businesses reported sales of €5.5 billion in first-quarter 2025, up 3% year-on-year .
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%.
EQUANS
The backlog at Equans at end-March 2025 was €26.4 billion, up 1% year-on-year . 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 Europe , 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 slightly.
COPA 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 B.iG 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 B.iG 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 month , 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 tax 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 margin 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 centres.
Gross 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<50 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):
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 gearing 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 www.bouygues.com/results.
The results presentation conference call for analysts will start at 9.00am (CET) on 14 May 2025.
Details on how to connect are available on www.bouygues.com.
The results presentation will be available before the conference call starts
on www.bouygues.com/results.
ABOUT BOUYGUES
Bouygues 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@bouygues.com • Tel.: +33 (0)1 44 20 11 01
PRESS CONTACT:
presse@bouygues.com • Tel.: +33 (0)1 44 20 12 01
BOUYGUES SA • 32 avenue Hoche • 75378 Paris Cedex 08 • bouygues.com
FIRST-QUARTER 2025 BUSINESS ACTIVITY
BACKLOG IN THE CONSTRUCTION BUSINESSES
(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
BOUYGUES CONSTRUCTION ORDER INTAKE
BOUYGUES IMMOBILIER RESERVATIONS
EQUANS BACKLOG
(a) Stable at constant exchange rates and excluding principal disposals and acquisitions.
BOUYGUES TELECOM CUSTOMER BASE
TF1 AUDIENCE SHARE
(a) Source Médiamétrie – Women under 50 who are purchasing decision-makers.
FIRST-QUARTER 2025 FINANCIAL PERFORMANCE
GROUP CONDENSED CONSOLIDATED INCOME STATEMENT
(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
(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 rates.
CALCULATION OF GROUP EBITDA AFTER LEASES
(a) See glossary for definitions.
CONTRIBUTION TO GROUP EBITDA AFTER LEASES BY SECTOR OF ACTIVITY
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) BY SECTOR OF ACTIVITY
(a) See glossary for definitions.
RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR FIRST-QUARTER 2025
(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
(a) Amortisation and impairment of intangible assets recognised in acquisitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT (COP) BY SECTOR OF ACTIVITY
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY
(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
NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT
CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY
CONTRIBUTION TO GROUP FREE CASH FLOW BY SECTOR OF ACTIVITY
(a) See glossary for definitions.
GLOSSARY
ABPU (Average Billing Per User):
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:
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:
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 bouygues.com.
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.
For co-promotion companies:
Sales from services (Bouygues Telecom) comprise:
Other sales (Bouygues Telecom): difference between Bouygues Telecom's total sales and sales from services.
It comprises:
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.
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