Bouygues (EN) Q3 2024 earnings summary

Executive summary

• Group sales rose 1% year-over-year to €41.5bn in the first nine months of 2024, led by Equans and Bouygues Construction, with net profit attributable to the Group up €22m to €687m.

• Net debt improved to €8.5bn at end-September 2024, down from €10.2bn a year earlier; net gearing at 61%, versus 74% previously.

• 2024 group outlook confirmed: sales and COPA expected to be slightly up on 2023, despite challenging market conditions in some segments.

• Equans delivered improved sales, margin, and net cash year over year, reflecting successful execution of its strategic plan.

• Bouygues Telecom showed strong fixed-line growth and launched new B.iG and B&You Pure Fiber offers to address evolving customer needs.

Financial highlights

• Group sales rose 1% year over year to €41.5bn; like-for-like sales up 2%.

• COPA increased by €96m to €1,719m, led by Equans.

• Net profit attributable to the group was €687m, slightly higher year over year.

• EBITDA after leases increased by €94m to €3,073m.

• Free cash flow (excluding frequencies) rose by €260m to €925m.

Outlook and guidance

• 2024 group outlook confirmed: targeting sales and COPA slightly up on 2023.

• Equans aims for sales slightly above 2023, with margin improvement targets for 2025 and 2027.

• Bouygues Telecom confirms 2024 targets: increase in sales billed to customers, EBITDA after leases above €2bn, and gross CAPEX around €1.5bn.

• TF1 maintains 2024 outlook, focusing on digital growth and stable margins.