Group confirms full-year 2025 outlook amid macroeconomic and geopolitical uncertainties
PARIS: Bouygues reported robust first-half 2025 results with sales rising 1.3% year-on-year to €26.9bn, supported primarily by momentum in the construction sector and Equans. Current operating profit from activities (COPA) climbed €49m to €796m, while net profit attributable to the Group—excluding France’s exceptional income tax surcharge—improved to €220m.
Including the surcharge, net profit dropped to €173m, reflecting an estimated €100m full-year impact from recent fiscal policy changes. Of this, €60m was booked in H1, distorting the Group’s effective tax rate to 54%.
Bouygues continues to display strong financial discipline, with liquidity at €13.4bn and an improved net debt position of €8.5bn. The acquisition of La Poste Telecom contributed to net acquisitions totalling €1.2bn.
The Board, chaired by Martin Bouygues, signed off financial statements on 30 July, maintaining cautious optimism. Although results are seasonally influenced—particularly at Colas and Equans—the Group reiterated guidance for slight growth in sales and COPA for full-year 2025.
Segment Highlights
- Equans upgraded margin target to 4.2% and aims for 5% by 2027.
- Bouygues Telecom forecasts broadly flat EBITDA and plans €1.5bn in capital expenditure to support migration of La Poste Telecom customers.
- TF1 Group confirms stable margins and targets double-digit digital revenue growth.