Bouygues (EN) Q2 2026 earnings summary

Executive summary

• H1 2026 delivered strong performance despite volatile macroeconomic and geopolitical conditions, 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, standing at €6.5bn at June 30, 2026.

• Strategic acquisitions included Frauenrath (Germany), Vannoy Construction (US), and several bolt-on acquisitions by Equans, expanding the group's international footprint.

• CSR and ESG initiatives included climate adaptation projects and innovative fire detection systems.

Financial highlights

• COPA increased to €829m, up €33m year-over-year; margin from activities rose to 3.2%.

• Net income group share reached €287m, up €114m from H1 2025.

• Net financial debt at €6.5bn, a €2bn improvement over the prior year.

• CapEx (excluding frequencies) was €889m in H1 2026, nearly €100m lower than last year.

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

Outlook and guidance

• 2026 guidance 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 near €1.3bn.

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

• Group remains cautious due to ongoing geopolitical and economic uncertainties.