Bouygues (EN) Q3 2026 earnings summary

Executive summary

• 9M sales were €41,635m, down 0.5% reported but stable at constant exchange rates; Q3 sales rose 1.9% at constant exchange rates.

• COPA rose €44m YoY to €1,858m, led by Equans; FY 2026 COPA guidance shifted to a slight increase.

• Net debt improved €2,019m YoY to €5,599m; the €569m non-cash TF1 stake impairment weighed on reported net profit.

Financial highlights

• Current operating profit increased to €1,789m from €1,737m; operating profit fell to €1,107m from €1,586m, including €682m of net non-current charges.

• Net profit attributable was €306m versus €675m; excluding the TF1 impairment, it was €875m, up €200m YoY.

• 9M free cash flow before WCR was €1,333m versus €1,182m; net cash flow was €3,061m versus €3,156m.

• Q3 sales rose to €15,343m from €14,987m, while Q3 operating profit fell to €385m from €898m and attributable net profit to €19m from €502m.

Outlook and guidance

• FY 2026 sales guidance remains stable at constant exchange rates; COPA is now expected to increase slightly.

• Equans targets stable sales at constant exchange rates, margin from activities of at least 5.5% and 80%–100% cash conversion before WCR.

• Telecom targets customer-billed sales and EBITDA after leases close to 2025 levels, gross CapEx near €1.3bn excluding frequencies, and FCF near €600m before specified impacts; another target is ~€500m including La Poste Telecom and the tax surcharge.

• TF1 targets strong double-digit digital revenue growth and a mid-to-high single-digit margin before capital gains, subject to linear-advertising trends.