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Bouygues (EN) investor relations material
Bouygues Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Sales were stable at €56.9 billion in 2025, up 0.2% year-over-year (1.3% at constant exchange rates), with record free cash flow and a significant reduction in net debt.
Net income attributable to the group rose to €1.138 billion, up €80 million, despite a €69 million exceptional income tax surcharge.
Dividend proposal increased to €2.10 per share, up 5% from 2024, marking the third consecutive annual increase and a 4.7% yield.
Construction division consolidated Colas, Bouygues Construction, and Bouygues Immobilier to drive synergies and profitability, with new governance structures in place.
Net debt reduced to €4.2 billion at year-end 2025, down €1.86 billion from 2024.
Financial highlights
COPA reached €2.655 billion, up €120 million year-over-year, with margin improving to 4.7%.
Free cash flow before working capital requirements hit €1.808 billion, with record levels for the third consecutive year.
Group EBITDA after leases was €5.124 billion, up €387 million year-over-year.
Gearing improved to 28%, a 14-point improvement year-over-year.
Group cash position at €17.6 billion, including €6.4 billion in cash and €11.2 billion in undrawn credit facilities.
Outlook and guidance
2026 guidance targets stable sales at constant exchange rates and maintaining COPA at record levels.
Equans aims for a 5% margin in 2026, one year ahead of schedule, with cash conversion of 80–100%.
Bouygues Telecom expects billings and EBITDA after lease obligations to remain close to 2025 levels, with gross CapEx at €1.3 billion and FCF before WCR around €600 million (ex-La Poste Telecom).
TF1 targets sustained double-digit digital sales growth in 2026, with margins in the mid to high single digits amid advertising market pressure.
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