Bouygues (EN) Q1 2025 earnings summary

Executive summary

• Group sales rose 2.2% year-on-year to €12.6bn in Q1 2025, with COPA up €43m to €69m, reflecting improved profitability despite ongoing macroeconomic and geopolitical uncertainty.

• Net result attributable to the Group was -€156m; excluding a €33m exceptional income tax surcharge for large companies in France, it improved by €23m to -€123m year-on-year.

• Backlog reached a record €34.2bn (+12% year-on-year), providing strong visibility for future activity.

• Net debt at end March 2025 was €7.1bn, an improvement of €645m year-on-year, with liquidity at €14.8bn.

Financial highlights

• Group sales: €12.6bn (+2.2% year-on-year); like-for-like sales up 0.9%.

• COPA increased by €43m to €69m, mainly led by Equans; margin from activities rose to 0.5% (+0.3 pts year-on-year).

• Group EBITDA after leases was €513m, up €122m year-on-year; free cash flow was -€79m, a €222m improvement.

• Net gearing improved to 50% from 55% year-on-year.

• Net result attributable to the Group (excluding tax surcharge) was -€123m, a €23m improvement.

Outlook and guidance

• Group confirms 2025 outlook: targets slight increase in sales and COPA versus 2024, despite a very uncertain macroeconomic and geopolitical environment.

• Estimated full-year impact of French Finance and Social Security laws on net profit is around €100m.

• Equans expects margin from activities close to or slightly above 4% in 2025, aiming for 5% by 2027.

• Bouygues Telecom targets slight increase in sales billed to customers and broadly stable EBITDA after leases in 2025.

• TF1 aims for strong double-digit digital revenue growth and stable margins in 2025.