Bouygues (EN) Q2 2025 earnings summary

Executive summary

• Group sales for H1 2025 reached €26.9 billion, up 1.3% year-over-year, led by construction and Equans.

• COPA rose €49 million to €796 million, with strong contributions from Equans and construction.

• Net income group share was €173 million, impacted by a €47 million one-off surtax; adjusted net income would be €220 million, up €34 million year-over-year.

• Net debt improved to €8.5 billion at end-June 2025, down from €8.7 billion a year ago, despite €1.2 billion in acquisitions including La Poste Telecom.

• The group maintains a robust financial structure with high liquidity and gearing reduced to 62%.

Financial highlights

• Sales: €26.9bn (+1.3% yoy); COPA: €796m (+€49m yoy); margin from activities: 3.0% (+0.2 pts); operating profit: €688m (+€92m yoy).

• Net profit attributable to the Group: €173m (including €47m exceptional tax surcharge); €220m excluding surcharge.

• EBITDA after leases: €1,792m (+€264m yoy); free cash flow before working capital: €439m, up from €205m in H1 2024.

• Net capital expenditure: €989m, down €142m year-over-year.

• Shareholders’ equity: €13.8bn at end-June 2025.

Outlook and guidance

• Group targets slight increases in sales and COPA for 2025 versus 2024, despite macroeconomic and geopolitical uncertainty.

• The one-off French surtax will impact 2025 net profit by about €100 million.

• Equans aims for a COPA margin of 4.2% in 2025 and 5% by 2027, with cash conversion rate of 80–100%.

• Bouygues Telecom expects sales billed to customers (including La Poste Telecom) to be up on 2024; EBITDA after leases to be close to 2024; gross CapEx targeted at €1.5bn (excluding frequencies).

• TF1 confirms double-digit digital revenue growth and stable margins for 2025.