Bouygues (EN) Q2 2025 earnings summary

Executive summary

• Sales for H1 2025 reached €26.9 billion, up 1.3% year-over-year, led by construction and Equans.

• COPA rose €49 million to €796 million, with strong contributions from Equans and construction.

• Net income group share was €173 million, impacted by a €47 million one-off surtax; adjusted, net income would be €220 million, up €34 million year-over-year.

• Net debt decreased to €8.5 billion at end-June 2025, despite €1.2 billion in net acquisitions, including La Poste Telecom.

• The group maintains a robust financial structure with high liquidity and gearing reduced to 62%.

Financial highlights

• Group sales up 1.3% year-over-year to €26.9 billion; like-for-like growth of 0.7%.

• COPA at €796 million, up €49 million year-over-year; margin from activities 3.0% (+0.2 pts).

• Net income group share at €173 million, or €220 million excluding the one-off surtax.

• EBITDA after leases: €1,792 million (+€264 million year-over-year).

• Free cash flow before working capital requirements at €439 million, up from €205 million in H1 2024.

• Net capital expenditure: €989 million, down €142 million year-over-year.

• Liquidity at €13.4 billion, including €2.2 billion in cash and €11.2 billion in undrawn facilities.

Outlook and guidance

• 2025 targets: slight increase in sales and current operating profit from activities versus 2024.

• One-off French tax law impact of ~€100 million on 2025 net profit.

• Equans aims for a 2025 COPA margin of 4.2% (up from 4%), with a 5% target by 2027 and cash conversion rate of 80–100%.

• Bouygues Telecom expects sales billed to customers (including La Poste Telecom) to be up on 2024; EBITDA after leases to be close to 2024; gross capex around €1.5 billion (excluding frequencies).

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