Bouygues (EN) Q4 2024 earnings summary

Executive summary

• Achieved robust 2024 results, meeting or exceeding targets and guidance across all business segments.

• Group sales rose 1% year-over-year to €56.8bn, with COPA at €2,535m (+5%) and net profit attributable to the Group at €1,058m.

• Free cash flow before working capital increased 8% year-over-year to €1,268m; net debt improved despite over €1.1bn in acquisitions.

• Backlog in construction businesses hit a record €32.2bn (+13%), providing strong visibility for future activity.

• Dividend proposed at €2.00 per share for 2024, up 5.3% from 2023, reflecting confidence in ongoing performance.

Financial highlights

• Sales: €56.8bn (+1% year-over-year); COPA: €2,535m (+5%); Net profit: €1,058m (+2%).

• Group EBITDA after Leases: €4,737m (+4%); Free cash flow: €1,268m (+8%).

• Net debt at year-end: €6.1bn, improved by €185m year-over-year.

• Net gearing improved to 42% (from 44% in 2023); group liquidity at €15.8bn.

• COPA margin improved to 4.5% (+0.2 pts year-over-year); cash conversion rate before WCR at 98%.

Outlook and guidance

• Targeting slight increases in sales and COPA for 2025, with continued focus on profitability.

• Bouygues Telecom expects a slight increase in sales billed to customers and stable EBITDA after Leases in 2025; gross capex around €1.5bn.

• Equans aims for continued organic sales growth, margin from activities close to 4% in 2025, and 5% by 2027.

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