Bouygues (EN) Q3 2025 earnings summary

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.