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Bouygues (EN) investor relations material
Bouygues Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Group sales for H1 2025 rose 1.3% year-over-year to €26.9bn, led by construction and Equans.
Net income group share was €173m, impacted by a €47m one-off surtax; adjusted net income was €220m, up €34m year-over-year.
COPA increased by €49m to €796m, mainly from Equans and construction.
Net debt improved to €8.5bn at end-June 2025, down from €8.7bn year-over-year, despite €1.2bn in acquisitions.
Group maintains robust liquidity of €13.4bn and gearing reduced to 62%.
Financial highlights
Sales: €26.9bn (+1.3% yoy); COPA: €796m (+€49m yoy); Operating profit: €688m (+€92m yoy).
Net profit attributable to the Group: €173m (including €47m tax surcharge); €220m excluding surcharge.
EBITDA after leases: €1,792m (+€264m yoy); Free cash flow: €439m (+€228m yoy).
Net capital expenditure: €989m, down €142m year-over-year.
Shareholders’ equity: €13.8bn at end-June 2025.
Outlook and guidance
Group targets a slight increase 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.
Bouygues Telecom expects sales billed to customers (including La Poste Telecom) to be up on 2024; EBITDA after leases to be stable.
Equans aims for 2025 operating margin of 4.2%, with 5% targeted by 2027 and cash conversion rate of 80–100%.
TF1 confirms strong digital revenue growth and stable margin from activities for 2025.
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