Bouygues (EN) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered resilient results amid volatile macroeconomic and geopolitical conditions, with group outlook and guidance confirmed for the year.

• Group sales declined 3.2% year-over-year to €12.2bn, with half the decrease due to negative currency effects; at constant exchange rates, sales were down 1.7%.

• Net result attributable to the group was -€94 million, a €62 million improvement year-over-year, despite a €25 million exceptional income tax surcharge.

• Net debt improved significantly to €5.1bn at end-March 2026, down over €2bn year-over-year.

• The Construction Division backlog remained high at €32.2bn, providing strong visibility for future activity.

Financial highlights

• Group sales: €12.2bn, down 3.2% year-over-year; COPA: €77m, up €8m year-over-year, mainly led by Equans.

• Net loss attributable to the group: €94m, improved from €156m loss in Q1 2025, including a €25m exceptional tax surcharge.

• EBITDA after leases: €432m, down from €513m in Q1 2025.

• Net gearing improved to 34% from 50% a year ago, with shareholders’ equity at €14.8bn.

• Operating profit increased to €38m from €21m year-over-year.

Outlook and guidance

• 2026 outlook confirmed: stable sales at constant exchange rates, record-high COPA, and continued margin improvement at Equans.

• Equans targets: stable sales vs. 2025, 5% margin from activities, and 80–100% COPA-to-cash conversion before working capital.

• Bouygues Telecom targets: sales billed to customers and EBITDA after leases close to 2025 levels, gross CapEx near €1.3bn, and free cash flow before working capital around €600m.

• TF1 aims for strong double-digit digital revenue growth and a mid-to-high single-digit margin from activities.

• Vigilance maintained regarding indirect impacts from the Middle East conflict.