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Visual21 Nov 2025
Data center suppliers
Bouygues (EN) investor relations material
Bouygues Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Nine-month 2025 sales rose 0.9% year-on-year to €41.9bn, led by construction and Equans, with a significant contribution from La Poste Telecom and despite a -€250m forex impact in Q3.
COPA increased by €95m to €1,814m, mainly from construction and Equans, while Bouygues Telecom's COPA declined.
Net profit attributable to the group was €675m, or €735m excluding a €60m exceptional French tax surcharge, up €48m year-on-year.
Net debt improved by €856m year-on-year to €7.6bn, despite €1.1bn in net acquisitions, reflecting a robust financial structure.
S&P upgraded the credit outlook to stable; Moody’s confirmed its A3, stable rating.
Financial highlights
Group EBITDA after leases increased by €412m to €3,485m year-over-year.
Free cash flow before working capital rose to €1,182m, up €257m year-on-year.
COPA margin improved to 4.3% from 4.1% year-on-year.
Net gearing reduced to 53% from 61% a year earlier.
Group liquidity stood at €14.4bn, with €3.1bn in cash and €11.3bn in undrawn credit facilities.
Outlook and guidance
Group targets a slight increase in COPA and sales at constant exchange rates for 2025 versus 2024, but published sales are expected to be close to 2024 levels due to currency fluctuations.
Estimated €100m impact on net profit from new French tax laws in 2025.
Equans expects a slight sales decrease but improved margin (targeting 4.3%) and strong cash conversion.
Bouygues Telecom expects higher customer-billed sales (including La Poste Telecom), stable EBITDA after leases, and capex around €1.5bn.
TF1 expects double-digit digital revenue growth but has lowered margin guidance to 10.5–11.5% due to a weaker ad market.
What factors drove TF1's revised margin outlook?
Sizewell C: What is Bouygues Construction's share?
Why Bouygues Telecom's COPA declined despite stable EBITDA?
Altice bid: Strategy to re-engage discussions?
Equans: Path to 5% margin by 2027?
TF1 margin: What caused the 2025 guidance cut?
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Frequently asked questions
Bouygues SA is a diversified industrial group operating in construction, media, and telecommunications. Its construction segment includes building, civil engineering, and infrastructure projects, providing services such as design, development, and management through subsidiaries like Bouygues Construction, Bouygues Immobilier, and Colas. The company is also involved in the media sector through its majority ownership of TF1 Group, a leading television broadcaster in France. In telecommunications, Bouygues Telecom provides mobile, internet, and fixed-line services to both individual and business customers, with a focus on high-speed connectivity solutions. Bouygues serves clients across public and private sectors, both in France and internationally. The company is headquartered in Paris, France, and its shares are listed on the Euronext Paris.
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