Bouygues (EN) Q2 2026 earnings summary

Executive summary

• H1 2026 delivered strong performance despite a volatile macroeconomic and geopolitical environment, with net profit attributable to the group rising €114m year-over-year to €287m, even after a recurring exceptional income tax surcharge in France.

• Group revenue for H1 2026 was €26.3bn, down 2.2% year-over-year at published rates and 1.3% at constant exchange rates.

• Net financial debt improved by €2bn year-over-year to €6.5bn at end-June 2026, continuing a positive trend.

• Major acquisitions included Frauenrath (Germany), Vannoy Construction (US), and several bolt-on deals, plus a Memorandum of Understanding for the SFR acquisition.

• Backlogs reached record highs: €27.6bn at Equans and €33.4bn for the Construction Division.

Financial highlights

• Group sales for H1 2026 were €26.3bn, down 2.2% year-over-year; COPA increased by €33m to €829m, driven by Equans' improvement.

• Net profit attributable to the group was €287m, up €114m from H1 2025.

• Net financial debt at June 30, 2026, was €6.5bn, down from €8.5bn a year earlier.

• EBITDA after leases for H1 2026 was €1,663m, down from €1,792m in H1 2025.

• Operating profit for H1 2026 was €722m, up from €688m in H1 2025.

Outlook and guidance

• 2026 outlook confirmed: stable sales at constant exchange rates and record-high COPA expected.

• Equans raised its full-year margin target to at least 5.2% and expects stable sales.

• Bouygues Telecom expects sales billed to customers and EBITDA after leases close to 2025 levels, with gross capex declining to €1.3bn.

• TF1 targets strong double-digit digital revenue growth and aims to maintain a mid- to high single-digit margin from activities.

• The group continues to focus on operational efficiency and capital discipline, with ongoing investments in infrastructure and technology.