Bouygues
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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.
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Q4 2025 earnings summary26 Feb, 2026

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.

Equans margin ahead of target. Key drivers?
Altice telecom acquisition discussions update.
Construction Division: expected synergies and efficiencies?
Equans COPA margin beyond 2026 target of 5%?
SFR deal: Seller expectations vs. consortium value?
Is WCR improvement structurally positive for group?
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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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