Bouygues (EN) Q3 2024 earnings summary

Executive summary

• Group sales rose 1% year-over-year to €41.5bn in the first nine months of 2024, led by Equans and Bouygues Construction, with COPA up €96m to €1,719m and net profit attributable to the Group up €22m to €687m.

• Net debt improved to €8.5bn at end-September 2024 from €10.2bn a year earlier, with net gearing at 61% versus 74% a year ago.

• 2024 outlook confirmed: sales and COPA expected to be slightly up on 2023, amid a robust financial structure and strong liquidity position.

• Equans delivered improved sales, margin, and net cash, reflecting successful execution of its strategic plan.

• Bouygues Telecom saw strong fixed-line growth and launched new B.iG and B&You Pure Fiber offers to address evolving customer needs.

Financial highlights

• Group sales rose 1% year-over-year to €41.5bn; like-for-like growth was 2%.

• COPA increased by €96m to €1,719m, led by Equans.

• Net profit attributable to the Group was €687m, up €22m year-over-year.

• EBITDA after leases increased by €94m to €3,073m.

• Free cash flow (excluding frequencies) improved by €260m to €925m.

Outlook and guidance

• 2024 guidance confirmed for all major segments, with Equans targeting sales slightly above 2023 and margin improvement.

• Bouygues Telecom expects increased sales billed to customers, EBITDA after leases above €2bn, and gross CAPEX around €1.5bn.

• TF1 aims to grow digital, maintain stable margins, and pursue a growing dividend policy.