Bouygues (EN) Q1 2025 earnings summary

Executive summary

• Group sales rose 2.2% year-on-year in Q1 2025 to €12.6bn, with COPA up €43m to €69m, mainly driven by Equans, and margin from activities improving to 0.5%.

• Net result attributable to the Group was -€156m, impacted by a €33m exceptional income tax surcharge; excluding this, net result improved by €23m year-on-year to -€123m.

• Backlog reached a record €34.2bn (+12% year-on-year), providing strong visibility for future activity.

• Robust financial structure with net debt at €7.1bn, improved by €645m year-on-year, and high liquidity of €14.8bn.

Financial highlights

• Group sales: €12.6bn (+2.2% year-on-year); like-for-like growth at constant exchange rates was 0.9%.

• COPA improved to €69m from €26m in Q1 2024; margin from activities rose to 0.5% from 0.2%.

• EBITDA after leases: €513m (+€122m year-on-year); free cash flow: -€79m (improved by €222m year-on-year).

• Net gearing at 50% at end March 2025, down from 55% a year earlier.

• Liquidity remained high at €14.8bn, with €3.8bn in cash and €11bn in undrawn credit facilities.

Outlook and guidance

• 2025 outlook confirmed: slight increase in sales and COPA versus 2024, despite a highly uncertain macroeconomic and geopolitical environment.

• Estimated full-year impact of French Finance and Social Security laws on net profit is around €100m.

• Equans targets margin from activities close to 4% in 2025, aiming for 5% by 2027, and a COPA-to-cash flow conversion rate of 80–100%.

• Bouygues Telecom expects a slight increase in sales billed to customers and stable EBITDA after leases in 2025, with limited EBITDA contribution from La Poste Telecom.

• TF1 targets strong double-digit digital revenue growth, stable margin from activities, and a growing dividend policy.