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Bouygues: Nine-month 2025 results
NINE-MONTH 2025 RESULTS
Paris, 05/11/25
STRONG NINE-MONTH 2025 GROUP RESULTS
THE GROUP IS TARGETING, FOR 2025, A SLIGHT INCREASE IN COPA AND A SLIGHT INCREASE IN SALES AT CONSTANT EXCHANGE RATES, VERSUS 2024
The Board of Directors, chaired by Martin Bouygues, met on 4 November 2025 to close off the financial statements for the first nine months of 2025.
KEY FIGURES
(a) Up 0.8% like-for-like and at constant exchange rates.
(b) Includes PPA amortisation of €77m in 9M 2025 and €68m in 9M 2024.
(c) Includes net non-current charges of €151m in 9M 2025 and of €177m in 9M 2024.
(d) Net debt at end-September 2025 included net acquisitions of close to €1.1bn year-on-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.
The Group confirms it is targeting a slight increase in current operating profit from activities (COPA) versus 2024.
The Bouygues group specifies that its 2025 sales are expected to be slightly up versus 2024 at constant exchange rates. Given fluctuations in currencies, notably those related to the US dollar, sales as published, are now expected to be close to the level of 2024.
Previously, the Bouygues group was targeting for 2025 a slight increase in sales and in current operating profit from activities (COPA) versus 2024.
The effects of the French Finance law and the Social security financing law, passed in first-quarter 2025, on net profit attributable to the Group, are estimated to date at around €100 million for 2025.
Outlook for Equans
Equans continues to roll out its strategic Plan. For 2025, Equans is targeting:
(Previously, Equans was targeting sales close to the level of 2024, at constant exchange rates).
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 confirms it is aiming for:
Outlook for the TF1 group
Capitalizing on its successful strategy, the TF1 group confirms the following 2025 targets:
The current phase of political and fiscal instability in France is undermining the confidence of economic actors and resulting in a more challenging advertising market than expected (linear in particular) in October. First indications for November are also below expectations.
Given this context, and with limited visibility until the end of the year, the TF1 group has adjusted its 2025 guidance for margin from activities to a level between 10.5% and 11.5% (versus a broadly stable margin compared with 2024, when it stood at 12.6%).
DETAILED ANALYSIS BY SECTOR OF ACTIVITY
CONSTRUCTION BUSINESSES
At end-September 2025, the backlog in the construction businesses (Colas, Bouygues Construction and Bouygues Immobilier) was at a very high level of €32.1 billion, up 1% year-on-year , providing good visibility on future activity.
The backlog was up in Europe excluding France (up 14% year-on-year), stable year-on-year in France, and down in the international excluding Europe geography (down 6% year-on-year).
The share of backlog at end-September 2025 to be executed within 15 months, increased by around €400 million versus end-September 2024.
Colas recorded an order intake of €10.8 billion in the first nine months of 2025. The order intake increased slightly year-on-year in Roads, driven by international, with in third-quarter 2025, significant order intake in the United States, Canada and Morocco. Nine-month 2025 order intake was down slightly year-on-year in mainland France, as expected. In Rail, the order intake increased strongly year-on-year, notably following the signature of a major contract in the United Kingdom during the third quarter.
The share of backlog at end-September 2025 to be executed within 15 months, decreased by around €200 million versus end-September 2024. The change in Bouygues Construction’s backlog is not representative, given fluctuations in the award of very large contracts. Several major contracts are expected to be awarded by mid-2026, which will help sustain the backlog.
Bouygues Construction’s order intake was €6.8 billion in the first nine months of 2025, with a large part coming from the normal course of business (contracts of less than €100 million), representing 72% of total order intake in the period. In addition, Bouygues Construction signed several contracts worth over €100 million in first nine months of 2025, including three in the third quarter.
The construction businesses reported sales of €20.6 billion in the first nine months of 2025, up 2% year-on-year .
In the first nine months of 2025, current operating profit from activities (COPA) in the construction businesses was €591 million, up €115 million year-on-year, reflecting increased profits across all three business segments. COPA margin in the construction businesses improved by 0.5 points year-on-year to 2.9%.
EQUANS
The backlog at Equans at end-September 2025 was €25.8 billion, stable year-on-year . Its order intake in the first nine months of 2025 was a high €13.9 billion. Order intake relating to contracts worth less than €5 million (which represents over two-thirds of total order intake) increased year-on-year. By contrast, order intake relating to contracts worth over €5 million was down year-on-year, underscoring the wait-and-see attitude perceptible in segments such as data centres in Europe and the gigafactories market. The underlying margin of the order intake continues improving steadily.
Equans posted sales of €13.8 billion in the first nine months of 2025, down 2% year-on-year (down 2% like-for-like and at constant exchange rates). It continues its selective approach to contracts strategy and to divest non-strategic activities, in particular the New Build business (building of new homes, notably social housing) in the United Kingdom. The temporary slowdown in activity was also related to the wait-and-see stance mentioned above .
COPA at Equans was €565 million in first nine months of 2025, rising sharply by €91 million year-on-year. The margin from activities was 4.1%, an increase of 0.7 points year-on-year, demonstrating the continued successful execution of the Perform plan.
In third-quarter 2025, Equans completed four acquisitions, in Germany, Austria, Italy and North America. They represent cumulative sales of around €180 million on a full-year basis.
BOUYGUES TELECOM
Bouygues Telecom maintained a robust commercial performance in Fixed, still benefiting 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. The promising launch of Fixed offers by La Poste Telecom in September also made a positive contribution.
At end-September 2025, FTTH customers totalled 4.6 million after 371,000 new customers were added in the first nine months of 2025, of which 128,000 in the third quarter. The total Fixed customer base was 5.3 million, equating to an additional 184,000 in first nine months of 2025, of which an increase of 79,000 in the third quarter. The share of Fixed customers subscribing to a FTTH line continued to increase, reaching 85% versus 79% one year earlier. Bouygues Telecom continued extending its geographical reach across France, achieving its target of 40 million FTTH premises marketed one year ahead of schedule. In the third quarter, Fixed ABPU increased by €0.2 year-on-year to €33.4 per customer per month.
Bouygues Telecom reported a good commercial performance in Mobile, in a mature market that remains competitive. The initial benefits of its new strategy with B.iG continued to feed through into customer satisfaction, churn and the number of convergent customers. Mobile plan customers excluding MtoM totalled 18.5 million as 231,000 were added in the first nine months of 2025, of which 125,000 in the third quarter.
In third-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, and factored in the dilutive effect of La Poste Telecom as expected.
Sales billed to customers reached €4.9 billion, up 5% versus the first nine months of 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 4% year-on-year, lifted by the increase in Sales from services (up 4% year-on-year) and Other sales (up 3% year-on-year), which mainly consist of Handset, Accessories and Built-to-suit sales.
EBITDA after Leases came to €1.5 billion in the first nine months of 2025, stable year-on-year, and included – as expected – a modest contribution from La Poste Telecom. Stable EBITDA after Leases 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 the very favourable low hedged energy prices since late 2024). EBITDA after Leases margin was 31.3%, a decrease of 1.2 points year-on-year.
Bouygues Telecom’s COPA was €509 million, down €94 million year-on-year, resulting from the increase in depreciation and amortisation in line with the gross capex pathway. Current operating profit amounted to €483 million and included €26 million of PPA amortisation. Operating profit was €472 million and included a net non-current charge of €11 million.
Gross capital expenditure excluding frequencies amounted to €1 billion at end-September 2025.
TF1
TF1 group’s viewing figures gained ground across all targets in the first nine months of 2025, with audience shares of 33.8% in the WPDM 50 category and of 30.7% among individuals aged 25-49.
Sales at the TF1 group were €1.6 billion in first nine months of 2025, stable year-on-year.
TF1’s COPA was €191 million, down slightly by €7 million year-on-year. As previously announced, COPA in the third quarter of 2024 included a €27 million capital gain from the sale of the Ushuaïa brand. During the third quarter of 2025, TF1 finalised the sales of My Little Paris and PlayTwo, thereby generating a capital gain of €17 million. Stripping out these items, COPA at end-September 2025 was up €3 million year-on-year.
COPA incorporates a cost of programmes amounting to €662 million. The slight decrease of €9 million versus the first nine months of 2024, notably reflects the base effect related to the EURO 2024 soccer tournament. The margin from activities was 11.9%, a decrease of 0.5 points year-on-year.
FINANCIAL SITUATION
At €14.4 billion, the Group maintained a very high level of liquidity, which comprised €3.1 billion in cash and equivalents, supplemented by €11.3 billion in undrawn medium- and long-term credit facilities.
Net debt at end-September 2025 was €7.6 billion, versus €6.1 billion at end-December 2024 and €8.5 billion
at end-September 2024. This represents an improvement of €856 million year-on-year and includes net acquisitions of close to €1.1 billion over the year, especially the acquisition of La Poste Telecom.
The change in working capital requirements and other was a negative €1.9 billion in the first nine months of 2025.
Net gearing was 53%, an improvement versus end-September 2024 (61%).
At end-September 2025, the average maturity of the Group’s bonds was 6.6 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.
On 12 September 2025, Standard and Poor’s upgraded the outlook associated with its A- rating on the Group to stable from negative. Following this upgrade, the long-term credit ratings assigned to the Group by Moody’s and Standard & Poor’s are: A3, stable outlook, and A-, stable outlook, respectively.
SIGNIFICANT EVENTS
Colas
On 5 August, Colas Inc., the US subsidiary of Colas, announced the signing of a preliminary agreement to acquire 100% of the shares in Suit-Kote, currently held by the Suits family, who founded the company in 1921, for an amount exceeding USD450 million.
Suit-Kote specialises in the distribution of liquid asphalt, in the manufacture of emulsion mixes, and in road construction and pavement preservation across multiple states in north-eastern United States. With over 750 employees, Suit-Kote generates approximately USD500 million in sales annually.
The planned acquisition is under review by the US antitrust authority.
Bouygues Construction
On 4 November 2025, the UK government announced that it had reached financial close relating to the two EPRs (European Pressurised Reactors) for the Sizewell C nuclear power station, in United Kingdom.
Sizewell C had previously announced on 30 June 2025 the formation of an Alliance, the Civil Works Alliance, with Bouygues Construction, Laing O’Rourke and Balfour Beatty to deliver the main civil works for the new power station.
The Civil Works Alliance (CWA), of which Bouygues Construction is a member through its subsidiary Bouygues Travaux Publics alongside other delivery partners, will be responsible for:
The scope of works will be carried out through the delivery of a series of 40 work orders which will be progressively agreed between the client and the CWA. In this context, Bouygues Construction will book the related orders as they are instructed, from the fourth quarter 2025. It is estimated that the share of Bouygues Construction’s involvement in the construction of Sizewell C will be worth around £3 billion (€3.3 billion).
Bouygues Telecom
On 30 July 2025, Bouygues Telecom and SFR announced that they had entered into exclusive negotiations with Phoenix Tower International with a view to selling it 100% of the capital and voting rights in Infracos, a joint venture created in 2014 by Bouygues Telecom and SFR within the scope of the so-called “Crozon” agreements for the roll-out and operation of shared mobile telecoms sites in the less dense areas of France. Bouygues Telecom and SFR each own 50% of Infracos. This divestment should have a positive impact of between €300 million and €350 million on the Group’s net debt. The transaction requires consultation with employee representative bodies, and is expected to be completed by the end of 2025 subject to the necessary administrative clearances from the competition authorities, Arcep (the French telecoms regulator) and the French minister in charge of foreign investments. These assets have not been classified under “Held-for-sale assets and operations” because they are not available for sale in their current state.
On 14 October 2025, Bouygues Telecom, Free-iliad Group and Orange announced that they had submitted a joint non-binding offer to acquire a large part of the telecommunications activities of the Altice group in France) . It covered most of SFR’s assets, but excluded, in particular, stakes in Intelcia, UltraEdge, XP Fibre and Altice Technical Services, as well as the Altice group’s activities in French overseas departments and regions. This offer corresponded to a total enterprise value of €17 billion for the Altice group assets concerned in France, giving an indicative implied enterprise value for the whole of Altice France of more than €21 billion. On 15 October 2025, Bouygues Telecom, Free-iliad Group and Orange took note of the Altice group’s decision to reject their joint non-binding offer, submitted on 14 October. Bouygues Telecom, Free-iliad Group and Orange have maintained their offer and wish to engage in constructive dialogue with the Altice group and its shareholders in order to assess how this project could progress going forward .
FINANCIAL CALENDAR
26 February 2026: Full-year 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 5 November 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
NINE-MONTH 2025 BUSINESS ACTIVITY
BACKLOG IN THE CONSTRUCTION BUSINESSES
(a) Up 12% at constant exchange rates and excluding principal disposals and acquisitions.
(b) Down 3% at constant exchange rates and excluding principal disposals and acquisitions.
(c) Down 24% at constant exchange rates and excluding principal disposals and acquisitions.
(d) Up 2% 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.
NINE-MONTH 2025 FINANCIAL PERFORMANCE
GROUP CONDENSED CONSOLIDATED INCOME STATEMENT
(a) Up 0.8% like-for-like and at constant exchange rates.
(b) Purchase Price Allocation.
(c) Includes net non-current charges of €30m at Colas, of €28m at Bouygues Construction, of €45m at Equans, of €11m at Bouygues Telecom, of €7m at TF1 and of €30m at Bouygues SA.
(d) Includes net non-current charges of €33m at Bouygues Construction, of €27m at Bouygues Immobilier, of €67m at Equans, of €14m at Bouygues Telecom, of €19m at TF1 and of €17m 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 THE FIRST NINE MONTHS OF 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 THE FIRST NINE MONTHS OF 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 €30m at Colas, of €28m at Bouygues Construction, of €45m at Equans, of €11m at Bouygues Telecom, of €7m at TF1 and of €30m at Bouygues SA.
(b) Includes net non-current charges of €33m at Bouygues Construction, of €27m at Bouygues Immobilier, of €67m at Equans, of €14m at Bouygues Telecom, of €19m at TF1 and of €17m 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:
Churn: refers to the loss of subscribers or customers over a given period. It is closely linked to the concept of customer loyalty, and is used in particular by telecoms operators to refer to the rate of customers who have switched operator.
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 September 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.
Revised on 12 September 2025. As a reminder, Moody’s confirmed its A3, stable outlook credit rating on 5 June 2025.
2 The impact of the exceptional income tax surcharge for large companies in France on net profit attributable to the Group in the first nine months of 2025 was -€60 million, broken down as follows: -€35 million in respect of financial year 2024 and -€25 million in respect of the first nine months of 2025.
3 Includes net non-current charges of €30 million at Colas, of €28 million at Bouygues Construction, of €45 million at Equans, of €11 million at Bouygues Telecom, of €7 million at TF1 and of €30 million at Bouygues SA.
4 The impact of the exceptional income tax surcharge for large companies in France on the Group’s income tax in the first nine months of 2025 was
-€71 million, broken down as follows: -€43 million in respect of financial year 2024 and -€28 million in respect of the first nine months of 2025.
5 The effective tax rate in nine-month 2025 was 40% (versus 33% in nine-month 2024).
6 Net debt/shareholders’ equity.
7 Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid.
8 La Poste Telecom’s full-year sales billed to customers in 2024: €320 million.
9 Up 2% at constant exchange rates and excluding principal disposals and acquisitions.
10 Includes the United Kingdom.
11 Excludes reservations in Poland.
12 Up 3% like-for-like and at constant exchange rates.
13 Up 2% like-for-like and at constant exchange rates.
14 Up 5% like-for-like and at constant exchange rates.
15 Excluding the share of co-promotions; down 1% like-for-like and at constant exchange rates.
16 Stable at constant exchange rates and excluding principal disposals and acquisitions.
17 Mobile ABPU excluding La Poste Telecom was €18.4 per customer per month, down €1.2 year-on-year.
18 Women under 50 who are purchasing decision-makers.
19 As a reminder, JPG has been consolidated in Studio TF1's financial statements since the third quarter of 2024.
20 Net debt/shareholders’ equity.
21 See press release dated 14 October 2025.
22 See press release dated 15 October 2025.
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