Bouygues (EN) Q4 2025 earnings summary

Executive summary

• Sales were stable at €56.9bn in 2025, up 0.2% year-over-year and 1.3% at constant exchange rates, with net profit attributable to the Group rising €80m to €1,138m despite a €69m exceptional income tax surcharge.

• Free cash flow before and after working capital requirements reached record highs for the third consecutive year.

• Net debt improved by €1.86bn to €4.2bn at year-end 2025, with net cash at an all-time high in Construction.

• Dividend proposed at €2.10 per share, up 5% from 2024, yielding 4.7%.

• Construction division consolidated Colas, Bouygues Construction, and Bouygues Immobilier to drive synergies and profitability, with new governance structures in place.

Financial highlights

• Group EBITDA after leases was €5,124m, up €387m year-over-year.

• COPA increased to €2,655m, up €120m year-over-year, with margin improving to 4.7%.

• Operating profit rose by €89m to €2,331m.

• Net gearing improved to 28% from 42% year-over-year.

• S&P and Moody’s ratings remain strong (A- and A3, both stable outlooks); S&P upgraded outlook to stable in September 2025.

Outlook and guidance

• 2026 guidance targets stable sales at constant exchange rates and maintaining COPA at record highs.

• Equans expects stable revenue and a margin from activities of 5% in 2026, with 80–100% COPA-to-cash conversion.

• Bouygues Telecom targets sales and EBITDA after leases close to 2025 levels, with gross CapEx expected at €1.3bn and FCF before WCR around €600m (ex-La Poste Telecom).

• TF1 aims for strong double-digit digital revenue growth and mid-to-high single-digit margin from activities, but faces continued pressure on linear TV advertising.