Bouygues (EN) Q3 2024 earnings summary

Executive summary

• Group sales rose 1–1.5% year-over-year to €41.5bn in the first nine months of 2024, with growth led by Equans and Bouygues Construction.

• Net profit attributable to the Group increased by €22m to €687m, despite higher income tax expense and non-current charges.

• Net debt improved to €8.5bn at end-September 2024, down from €10.2bn a year earlier; net gearing at 61%.

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

• Equans and Bouygues Telecom delivered improved sales, margin, and net cash, reflecting successful execution of strategic plans.

Financial highlights

• COPA increased by €96–97m to €1,719m, mainly from Equans.

• EBITDA after leases rose by €94m to €3,073m.

• Free cash flow (excluding frequencies) rose by €254–260m to €925m.

• Net profit margin for the nine months was approximately 1.7%.

• Shareholders’ equity stood at €13.95bn at end-September 2024.

Outlook and guidance

• Group targets 2024 sales and COPA slightly up on 2023, maintaining robust financial structure.

• Equans expects sales slightly above 2023, with margin improvement targets for 2025 and 2027.

• Bouygues Telecom aims for growth in sales billed to customers, EBITDA after leases above €2bn, and gross capex around €1.5bn.

• TF1 maintains 2024 outlook, focusing on digital growth and stable margins.