Bouygues (EN) Q2 2024 earnings summary

Executive summary

• Group sales for H1 2024 rose 1% year-over-year to €26.5bn, mainly driven by Equans and Bouygues Construction.

• Net profit attributable to the Group was €186m, down €39m year-over-year, impacted by non-current charges and lower joint venture contributions.

• Net debt improved significantly to €8.7bn at end-June 2024, a year-over-year improvement of €1.9bn, with net gearing at 65%.

• 2024 outlook confirmed: sales and COPA expected to be slightly up on 2023, despite challenges in some segments.

Financial highlights

• Sales: €26.5bn (+1% year-on-year, +2% like-for-like and at constant exchange rates).

• COPA: €747m (+€20m year-on-year), mainly from Equans (+€57m); Bouygues Immobilier posted a €36m loss.

• Net profit attributable to the Group: €186m (down €39m year-on-year).

• EBITDA after leases: €1,528m (down €44m year-on-year).

• Free cash flow (excluding frequencies): €211m (vs €11m in H1 2023).

Outlook and guidance

• 2024 guidance confirmed: sales and COPA expected to be slightly up on 2023.

• Equans targets a COPA margin close to 4% in 2025 and 5% in 2027, with margin improvement expected.

• Bouygues Telecom aims for sales growth, EBITDA after leases above €2bn, and gross capex around €1.5bn (excluding frequencies).

• TF1 expects stable margins and continued digital growth.

• Bouygues Immobilier to remain challenged, with adaptation measures underway.