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Bouygues
Bouygues (EN) investor relations material
Bouygues Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Nine-month 2025 sales rose 0.9% year-on-year to €41.9bn, led by construction and Equans, with a significant contribution from La Poste Telecom and despite a €250m negative forex impact in Q3.
COPA increased by €95m to €1,814m, driven by construction and Equans, while Bouygues Telecom's COPA declined.
Net profit attributable to the group was €675m, impacted by a €60m exceptional income tax surcharge; excluding this, net profit was €735m, up €48m year-on-year.
Net debt improved by €856m year-on-year to €7.6bn, despite significant acquisitions, notably La Poste Telecom.
S&P upgraded the Group’s credit outlook to stable; Moody’s confirmed its A3, stable rating.
Financial highlights
Group sales: €41.9bn (+0.9% year-on-year); Q3 sales stable due to €250m negative forex impact.
COPA: €1,814m (+€95m year-on-year); net profit: €675m (or €735m excluding tax surcharge).
Net debt: €7.6bn, improved by €856m year-on-year; gearing at 53% vs. 61% last year.
Free cash flow before working capital: €1,182m, higher than last year.
Group EBITDA after leases increased by €412m to €3,485m year-over-year.
Outlook and guidance
Targeting slight increase in COPA and sales for 2025 at constant exchange rates; published sales expected close to 2024 due to forex.
Equans aims for 4.3% margin in 2025, with a 5% target for 2027; cash conversion rate between 80%-100%.
Bouygues Telecom expects sales billed to customers (including La Poste Telecom) to be higher than 2024, with stable EBITDA after leases.
TF1 adjusted 2025 margin guidance to 10.5%-11.5% (from 12.6% in 2024), with strong digital revenue growth.
Estimated €100m impact on net profit from new French tax laws in 2025.
What factors drove TF1's revised margin outlook?
Sizewell C: What is Bouygues Construction's share?
Why Bouygues Telecom's COPA declined despite stable EBITDA?
Altice bid: Strategy to re-engage discussions?
Equans: Path to 5% margin by 2027?
TF1 margin: What caused the 2025 guidance cut?
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Next Bouygues earnings date
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Frequently asked questions
Bouygues SA is a diversified industrial group operating in construction, media, and telecommunications. Its construction segment includes building, civil engineering, and infrastructure projects, providing services such as design, development, and management through subsidiaries like Bouygues Construction, Bouygues Immobilier, and Colas. The company is also involved in the media sector through its majority ownership of TF1 Group, a leading television broadcaster in France. In telecommunications, Bouygues Telecom provides mobile, internet, and fixed-line services to both individual and business customers, with a focus on high-speed connectivity solutions. Bouygues serves clients across public and private sectors, both in France and internationally. The company is headquartered in Paris, France, and its shares are listed on the Euronext Paris.
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