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Bouygues: First-Half 2025 Results
FIRST-HALF 2025 RESULTS
ROBUST H1 2025 GROUP RESULTS
GROUP OUTLOOK FOR 2025 CONFIRMED, IN A VERY UNCERTAIN MACROECONOMIC AND GEOPOLITICAL ENVIRONMENT
The Board of Directors, chaired by Martin Bouygues, met on 30 July 2025 to close off the first-half 2025 financial statements.
KEY FIGURES
As each year, the Group’s first-half results are not indicative of full-year performance, mainly due to the seasonal nature of business at Colas, and to a lesser extent, at Equans.
(a) Up 0.7% like-for-like and at constant exchange rates.
(b) Includes PPA amortisation of €53m in H1 2025 and €45m in H1 2024.
(c) Includes net non-current charges of €55m in H1 2025 and of €106m in H1 2024.
(d) Net debt at end-June 2025 included net acquisitions of close to €1.2bn over the year.
OUTLOOK FOR 2025
Outlook for the Group
In a very uncertain global environment, the Group’s six business segments will continue to prove their ability to keep pace with developments in their respective markets. They will pursue their efforts to improve profitability. As a result, the Bouygues group is targeting for 2025 a slight increase in sales and current operating profit from activities (COPA) versus 2024.
The effects of the French Finance law and the Social security financing law for 2025 on net profit attributable to the Group are estimated to date at around €100 million.
Outlook for Equans
Equans continues to roll out its strategic Plan. Equans has adjusted its outlook for 2025 and is targeting:
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
Bouygues Telecom has adjusted its outlook for sales billed to customers in 2025:
For 2025, Bouygues Telecom confirms it is aiming for:
Outlook for the TF1 group
After a first part of the year marked by a more challenging advertising market than expected, and with visibility remaining very limited, the TF1 group confirms its 2025 guidance:
DETAILED ANALYSIS BY SECTOR OF ACTIVITY
CONSTRUCTION BUSINESSES
At end-June 2025, the backlog in the construction businesses
(Colas, Bouygues Construction and Bouygues Immobilier) was at a very high level of €33 billion, up 6% year-on-year , driven by momentum in international activities at Bouygues Construction and Colas. It provides good visibility on future activity.
The backlog was up in the international excluding Europe (up 14% year-on-year) and the Europe excluding France (up 5% year-on-year) geographies, and was down slightly in France (down 2% year-on-year).
The construction businesses reported sales of €12.7 billion in first-half 2025, up 3% year-on-year .
In first-half 2025, current operating profit from activities (COPA) in the construction businesses was €26 million, an improvement of €47 million year-on-year. This increase was driven by an increase in Bouygues Construction’s COPA, an almost-stable current operating loss from activities at Colas, and a lower current operating loss from activities at Bouygues Immobilier. COPA margin in the construction businesses improved by 0.4 points year-on-year to 0.2%.
EQUANS
The backlog at Equans at end-June 2025 was €25.8 billion, down 2% year-on-year . Order intake in first-half 2025 was €9.4 billion. Equans has a significant pipeline of projects but saw some delays in the launch of data centre projects, and a temporary slowdown in the gigafactories market. The underlying margin of the order intake continues improving steadily.
Equans posted sales of €9.2 billion in first-half 2025, down slightly by 1% year-on-year. This reflected broadly favourable medium and long-term market trends and a persistent short-term wait-and-see stance in certain sectors of industry and in the tertiary sector, as well as its continued selective approach to contracts strategy.
COPA at Equans was €364 million in first-half 2025, up €64 million year-on-year. The margin from activities was 3.9%, an increase of 0.7 points year-on-year, demonstrating notably the continued successful execution of the Perform plan.
BOUYGUES TELECOM
Bouygues Telecom maintained a robust commercial performance in Fixed amid slightly more competitive market conditions. It benefited from the good momentum from the B.iG and B&YOU Pure Fibre offers launched in late 2024, which translated into improved customer satisfaction and churn. At end-June 2025, FTTH customers totalled 4.4 million after 244,000 new customers were added in first-half 2025, of which 95,000 in the second quarter. The total fixed customer base was 5.3 million, equating to an additional 105,000 in first-half 2025, of which an increase of 36,000 in the second quarter. The share of Fixed customers subscribing to a FTTH line continued to increase, reaching 84% versus 77% one year earlier. Bouygues Telecom continued extending its geographical reach across France. To date, 39.6 million FTTH premises have been marketed. In the second quarter, Fixed ABPU was stable year-on-year at €33.0 per customer per month.
Bouygues Telecom reported a good commercial performance in Mobile, in a mature and highly competitive market The initial benefits of its new strategy with B.iG again fed through into customer satisfaction, churn and the number of convergent customers. Mobile plan customers excluding MtoM totalled 18.4 million as 105,000 were added in first-half 2025, of which 43,000 in the second quarter.
In second-quarter 2025, Mobile ABPU including La Poste Telecom was €17.3 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 €3.2 billion, up 5% versus first-half 2024, driven by La Poste Telecom. They were broadly stable excluding La Poste Telecom, with the positive contribution from Fixed being offset by the decline in Mobile. In total, Bouygues Telecom’s sales were up 3% year-on-year, impacted by the decline in Other sales (down 2% year-on-year), which mainly consist of Handset, Accessories and Built-to-suit sales.
EBITDA after Leases came to €956 million in first-half 2025, stable year-on-year, and included, as expected, a limited contribution from La Poste Telecom. This figure reflects the growth in sales billed to customers and ongoing efforts to control costs, as well as higher energy costs (Bouygues Telecom no longer benefits from very favourable energy price hedging since late 2024) and the increase in the IFER tax booked in the first quarter. EBITDA after Leases margin was 29.9%, a decrease of 1.4 points year-on-year.
Bouygues Telecom’s COPA was €306 million, down €50 million year-on-year. This decrease resulted from the increase in depreciation and amortisation in line with the gross capex trajectory. Current operating profit amounted to €288 million and included €18 million of PPA amortisation. Operating profit was €291 million and included non-current income of €3 million.
Gross capital expenditure excluding frequencies was €706 million at end-June 2025 (versus €778 million in
first-half 2024).
TF1
The TF1 group maintained its leadership in its target segments with high audience ratings: audience share of 33.7% in the WPDM<50 category and of 30.7% among individuals aged 25-49 in first-half 2025.
Sales at the TF1 group were €1.1 billion in first-half 2025, stable year-on-year.
TF1’s COPA was €131 million, broadly stable year-on-year. This included a cost of programmes of €451 million, illustrating TF1’s efforts to maintain premium programming. The cost of programmes was down slightly by €8 million versus first-half 2024, notably due to the base effect related to the EURO 2024 soccer tournament. The margin from activities was 11.9%, a slight increase of 0.2 points year-on-year.
FINANCIAL SITUATION
At €13.4 billion, the Group maintained a very high level of liquidity, which comprised €2.2 billion in cash and equivalents, supplemented by €11.2 billion in undrawn medium- and long-term credit facilities.
Net debt at end-June 2025 was €8.5 billion, versus €6.1 billion at end-December 2024 and €8.7 billion at end-June 2024. This represents an improvement of €206 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 €2.5 billion) reflects seasonal effects in the early part of the year.
In first-half 2025, the change in working capital requirements and other was a negative €2.0 billion, which is usual for the first half.
Net gearing was 62%, an improvement versus end-June 2024 (65%).
At end-June 2025, the average maturity of the Group’s bonds was 7.0 years, and the average coupon was 3.01% (average effective rate of 2.25%). The debt maturity schedule is well spread over time, and the next bond redemption will be in October 2026.
The long-term credit ratings assigned to the Group by Moody’s and Standard & Poor’s are: A3, stable outlook, and A-, negative outlook, respectively.
SUSTAINABLE AND RESPONSIBLE INITIATIVES
The Group has actively studied new models for the city of the future for a number of years. Its approach draws on the innovation expertise of its six business segments and is based on four drivers:
At VivaTech 2025 , the Bouygues group presented its vision for the city of the future through an immersive experience built around the “Living Avenues” urban prototype. This initiative, designed in collaboration with its subsidiaries, implements practical solutions that illustrate the Group’s commitment to sustainable and innovative urban development.
“Living Avenues” embodies the Group’s ambition to develop its portfolio of solutions as part of its climate strategy.
In first-half 2025, the Bouygues group and its business segments continued to pursue their initiatives and expand their partnerships , illustrating the carbon footprint reduction aspects of the Group’s climate strategy.
GOVERNANCE
Martin Bouygues has informed the Board of Directors that Pascal Grangé , Deputy Chief Executive Officer, has announced his intention to hand over his executive office to the Board of Directors at the end of 2025, as a result of his upcoming retirement.
The Board of Directors has been informed of the appointment of Stéphane Stoll as Senior Vice-President and Chief Financial Officer of the Group with effect from 1 August 2025. He will join the Group Management Committee on that date and will report directly to Pascal Grangé, Deputy Chief Executive Officer.
FINANCIAL CALENDAR
5 November 2025: Nine-month 2025 results (7.30am CET)
The financial statements have been subject to a limited review by the statutory auditors 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 for analysts will start at 9.00am (CET) on 31 July 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 200,000 employees all working to make life better every day. Its business activities in
construction (Colas, Bouygues Construction and Bouygues Immobilier);
energies & services (Equans); telecoms (Bouygues Telecom) and
media (TF1) are able to drive growth since they all satisfy constantly changing and essential needs.
INVESTORS AND ANALYSTS CONTACT:
investors@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-HALF 2025 BUSINESS ACTIVITY
BACKLOG IN THE CONSTRUCTION BUSINESSES
(a) Up 9% at constant exchange rates and excluding principal disposals and acquisitions.
(b) Up 7% at constant exchange rates and excluding principal disposals and acquisitions.
(c) Down 21% at constant exchange rates and excluding principal disposals and acquisitions.
(d) Up 7% at constant exchange rates and excluding principal disposals and acquisitions.
COLAS BACKLOG
BOUYGUES CONSTRUCTION ORDER INTAKE
BOUYGUES IMMOBILIER RESERVATIONS
EQUANS BACKLOG
(a) Down 3% 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-HALF 2025 FINANCIAL PERFORMANCE
GROUP CONDENSED CONSOLIDATED INCOME STATEMENT
(a) Up 0.7% like-for-like and at constant exchange rates.
(b) Purchase Price Allocation.
(c) Includes net non-current charges of €3m at Bouygues Construction, of €33m at Equans, net non-current income of €3m at Bouygues Telecom, net non-current charges of €5m at TF1 and of €17m at Bouygues SA.
(d) Includes net non-current charges of €3m at Bouygues Construction, of €23m at Bouygues Immobilier, of €46m at Equans, of €13m at Bouygues Telecom, of €13m at TF1 and of €8m at Bouygues SA.
(e) See note 2.2 to the consolidated financial statements.
GROUP SALES BY SECTOR OF ACTIVITY
(a) Total of the sales contributions after elimination of intra-Group transactions.
(b) Including intra-Group eliminations of the construction businesses.
(c) Like-for-like and at constant exchange 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-HALF 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-HALF 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 €3m at Bouygues Construction, of €33m at Equans, net non-current income of €3m at Bouygues Telecom, net non-current charges of €5m at TF1 and of €17m at Bouygues SA
(b) Includes net non-current charges of €3m at Bouygues Construction, of €23m at Bouygues Immobilier, of €46m at Equans, of €13m at Bouygues Telecom, of €13m at TF1 and of €8m at Bouygues SA.
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY
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 30 June 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 net profit attributable to the Group in first-half 2025
was -€47 million, broken down as follows: -€35 million in respect of financial year 2024 and -€12 million in respect of first-half 2025.
2 Includes net non-current charges of €3m at Bouygues Construction, of €33m at Equans, net non-current income of €3m at Bouygues Telecom, net
non-current charges of €5m at TF1 and of €17m at Bouygues SA.
3 The impact of the exceptional income tax surcharge for large companies in France on the Group’s income tax in first-half 2025
was -€58 million, broken down as follows: -€43 million in respect of financial year 2024 and -€15 million in respect of first-half 2025.
4 The effective tax rate for H1 2025 was 54% (vs 39% in H1 2024).
5 Net debt/shareholders’ equity.
6 Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid.
7 La Poste Telecom’s full-year sales billed to customers in 2024: €320 million.
8 Up 7% at constant exchange rates and excluding principal disposals and acquisitions.
9 Includes the United Kingdom.
10 Includes the backlog of €57 million in Poland, which was sold on 10 July 2025.
11 Up 3% like-for-like and at constant exchange rates.
12 Up 1% like-for-like and at constant exchange rates.
13 Up 5% like-for-like and at constant exchange rates.
14 Excluding the share of co-promotions; up 5% like-for-like and at constant exchange rates.
15 Down 3% at constant exchange rates and excluding principal disposals and acquisitions.
16 Mobile ABPU excluding La Poste Telecom was €18.3 per customer per month, down €1.4 year-on-year.
17 IFER - “Imposition Forfaitaire sur les Entreprises de Réseau” (Flat-rate tax on network companies).
18 Women under 50 who are purchasing decision-makers.
19 Net debt/shareholders’ equity.
20 The green, blue and black networks are ecological networks that aim to preserve biodiversity and natural continuity across both rural and urban environments. The green network encompasses green spaces on land (woods, hedges, parks), the blue network includes aquatic environments (rivers, wetlands) and the black network aims to protect the darkness necessary for nocturnal animals, by restricting light pollution.
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