Bouygues (EN) Q2 2025 earnings summary

Executive summary

• Group sales for H1 2025 reached €26.9bn, up 1.3% year-over-year, mainly driven by construction and Equans.

• COPA rose €49m to €796m, with strong contributions from Equans and construction.

• Net profit attributable to the Group, excluding the exceptional French tax surcharge, was €220m, up €34m year-over-year; including the surcharge, net profit was €173m.

• Net debt improved to €8.5bn at end-June 2025, down from €8.7bn a year ago, despite €1.2bn in acquisitions including La Poste Telecom.

• Robust liquidity at €13.4bn and gearing reduced to 62% from 65% a year earlier.

Financial highlights

• Sales: €26.9bn (+1.3% year-over-year); like-for-like growth was 0.7%.

• COPA: €796m (+€49m year-over-year); margin from activities: 3.0% (+0.2 pts).

• Net profit attributable to the Group: €173m (including €47m exceptional tax surcharge); €220m excluding surcharge.

• EBITDA after leases: €1.79bn, up €264m year-over-year.

• Free cash flow (excluding frequencies): €439m, up €228m year-over-year.

Outlook and guidance

• Group targets slight increases in sales and COPA for 2025 versus 2024, despite macroeconomic and geopolitical uncertainty.

• Estimated €100m impact from new French tax laws on 2025 net profit.

• Equans expects sales close to 2024 levels, margin from activities near 4.2%, and cash conversion rate of 80–100%.

• Bouygues Telecom expects sales billed to customers (including La Poste Telecom) to be higher than 2024, with stable EBITDA after leases and gross capex around €1.5bn (excluding frequencies).

• TF1 confirms strong digital revenue growth and stable margin from activities for 2025.