France · Delayed Price · Currency is EUR Bouygues Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw resilient performance amid macro volatility, with improved net debt, stable construction backlog, and strong Equans margins. Telecom and media faced competitive and advertising pressures, but 2026 guidance is confirmed across all segments.
Fiscal Year 2025
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Revenue and net income rose year-over-year, with strong free cash flow and reduced net debt. Construction and Equans drove margin improvements, while Bouygues Telecom and TF1 faced competitive and market pressures. Dividend increased for the third consecutive year.
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Nine-month 2025 results showed modest sales growth, improved profitability, and reduced net debt, with strong performance in construction and Equans offsetting telecom and media headwinds. Outlook remains cautious amid macro uncertainty, with stable or slightly higher guidance for 2025.
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A joint non-binding €17 billion offer by three telecom operators targets Altice France assets, aiming for market consolidation, operational synergies, and long-term value. The process involves complex asset allocation, regulatory review, and a multi-year transition, with completion expected post-2027.
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Sales and operating profit rose in H1 2025, driven by construction and Equans, despite a one-off tax impact. Strong backlogs support future growth, while telecom and infrastructure face competitive and technological challenges. Net debt declined and liquidity remains high.
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Sales and COPA rose year-on-year, with strong backlog growth in construction and resilient telecom performance. Net result was impacted by a French tax surcharge, but net debt improved despite acquisitions. 2025 outlook is confirmed, with margin improvements expected at Equans and stable telecom EBITDA after leases.
Fiscal Year 2024
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2024 saw robust results with sales, COPA, and free cash flow all rising, and net debt improving despite major acquisitions. Segment performance was strong in construction, telecom, and media, with positive outlooks for 2025 and beyond.
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Group sales and profit rose modestly year over year, with strong backlog and improved net debt. Equans and Bouygues Telecom delivered robust operational performance, while new telecom offers target digital and household segments. 2024 outlook and guidance are confirmed.
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Sales and operating profit rose slightly year-over-year, with strong construction backlogs and improved net debt. Equans and Bouygues Telecom delivered solid results, while Bouygues Immobilier faces a tough market. 2024 guidance is confirmed for modest growth.