Bouygues Sa · EURONEXT:EN
Bouygues Sa — Q3 2025 Earnings Presentation
51 slides from Bouygues Sa's earnings presentation, Nov 5, 2025
Slide 1: Nine-month 2025 results
Nine-month 2025 results Paris | Wednesday 5 November 2025 Road construction in the Haines area, Alaska - Colaska
Slide 2: Disclaimer
RESULTS | 9M 2025 Disclaimer This presentation contains rounded figures, forward-looking information and statements The following factors, among others set out in the Group’s Universal Registration about the Bouygues group and its businesses. Forward-looking statements may be Document (Document d’en
Slide 3: Contents
Contents 01 Highlights and key figures 04 Outlook 02 Review of operations 05 Annexes and other 03 Financial statements Bymaro, the Moroccan subsidiary of Bouygues Construction, is building 3 the Mohammed VI International University Hospital in Rabat (Morocco) Bouygues group nine-month 2025 results -
Slide 4: 9M 2025 Group highlights
01 | HIGHLIGHTS AND KEY FIGURES 9M 2025 Group highlights STRONG 9M 2025 GROUP RESULTS The Group reiterates that the global macro-economic and geopolitical environment remains very uncertain 2025 Group outlook Group sales up 0.9% yoy Notable increase in Net profit attributable A particularly robust G
Slide 5: 9M 2025 Group key figures
01 | HIGHLIGHTS AND KEY FIGURES 9M 2025 Group key figures +0.4 +95 Group Group sales 41.5 41.9 1,814 +0.9% COPA 1,719 (€bn) (a) (€m) 9M 2024 9M 2025 9M 2024 9M 2025 Net profit +48 +1,908 Group attributable 687 735 675 -60 -12 net debt to the Group (€m) (d) (€m) (c) (6,566) +856 (1,052) (7,618) (8,47
Slide 6: Contents
Contents 01 Highlights and key figures 04 Outlook 02 Review of operations 05 Annexes and other 03 Financial statements Bymaro, the Moroccan subsidiary of Bouygues Construction, is building 6 the Mohammed VI International University Hospital in Rabat (Morocco) Bouygues group nine-month 2025 results -
Slide 7: Review of operations
Review of operations Road marking work on the N63 road in Ireland (Colas Ireland) 7 Bouygues group nine-month 2025 results - 5 November 2025
Slide 8: Backlog in the construction businesses at a very high level
Viaduct for the future line C of the Toulouse metro, built by Bouygues Travaux Publics 02 | REVIEW OF OPERATIONS Backlog in the construction businesses at a very high level (a) France Europe excl. France International excl. Europe Backlog in the construction businesses by geography (€bn) +1% 31.8 32
Slide 9: Backlog in the construction businesses up by more than €0.3bn yoy
02 | REVIEW OF OPERATIONS Backlog in the construction businesses up by more than €0.3bn yoy Backlog €14.2bn, +€1.4bn yoy Roads o/w -3% in France Backlog in the construction businesses (€bn) Up 12% yoy at constant exchange rates +2 yoy +4% internationally Share of backlog at end-September 2025 to Bou
Slide 10: Strong commercial activity in the construction businesses
02 | REVIEW OF OPERATIONS Strong commercial activity in the construction businesses 9M order intake up slightly in Roads Order intake Slight decrease in Mainland France, as expected €10.8bn Up internationally, with significant order intake in the US, Canada and Morocco in Q3 9M order intake up stron
Slide 11: Nine-month sales in the construction businesses up 2% yoy
02 | REVIEW OF OPERATIONS Nine-month sales in the construction businesses up 2% yoy €m 9M 2025 9M 2024 Change Sales (a) 20,599 20,187 +2% (b) (c) o/w Colas 11,929 11,794 +1% (d) Roads Rail o/w Bouygues Construction 7,897 7,569 +4% Sales Stable yoy +12% yoy €11.9bn (e) o/w Bouygues Immobilier 904 963
Slide 12: Nine-month COPA in the construction businesses up €115m yoy
02 | REVIEW OF OPERATIONS Nine-month COPA in the construction businesses up €115m yoy €m 9M 2025 9M 2024 Change Sales (a) 20,599 20,187 +2% o/w Colas 11,929 11,794 +1% o/w Bouygues Construction 7,897 7,569 +4% COPA COPA up slightly yoy o/w Bouygues Immobilier 904 963 -6% €317m Margin from activities
Slide 13: Review of operations
Review of operations Energy efficiency and smart buildings at Namur regional hospital (Belgium) by Equans 13 Bouygues group nine-month 2025 results - 5 November 2025
Slide 14: Nine-month key figures at Equans
02 | REVIEW OF OPERATIONS Nine-month key figures at Equans High level of the order intake at €13.9bn €m 9M 2025 9M 2024 Change Backlog ▪ Order intake in contracts < €5m up yoy, representing more than (a) Sales 13,766 €25.8bn 2/3 of the total order intake 14,084 -2% ▪ Order intake in projects > €5m d
Slide 15: Equans' outlook
02 | REVIEW OF OPERATIONS Equans’ outlook In 2025, Equans will continue to roll out its strategic Plan Slight decrease versus 2024, at constant exchange rates, given: • Proactive exit from remaining non-strategic and non-performing activities Sales • Temporary slowdown in some areas of activity (Pre
Slide 16: Review of operations
Review of operations Launch of La Poste Mobile's range of Fixed offers 16 Bouygues group nine-month 2025 results - 5 November 2025
Slide 17: Robust commercial performance in Fixed
02 | REVIEW OF OPERATIONS Robust commercial performance in Fixed Continuation of strategy that focuses on customer loyalty and convergence +184,000 Fixed customers in 9M 2025, o/w +79,000 in Q3 2025 5.3 5.3 million Continued good momentum driven by: Fixed customer base (millions of customers) 4.6 4.
Slide 18: Good commercial performance in Mobile in a mature and still competitive market
02 | REVIEW OF OPERATIONS Good commercial performance in Mobile in a mature and still competitive market Enhanced customer loyalty and convergence driven by B.iG performance 18.5 +231,000 Mobile plan customers in 15.1 15.4 15.8 14.6 18.5 million 9M 2025, o/w +125,000 in Q3 2025 Mobile plan customer
Slide 19: Nine-month key figures at Bouygues Telecom
02 | REVIEW OF OPERATIONS Nine-month key figures at Bouygues Telecom La Poste Telecom has been consolidated in Bouygues Telecom's financial statements since 1 November 2024 €m 9M 2025 9M 2024 Change Sales billed to Sales 5,937 5,714 +4% (a) customers Sales billed to customers excluding La Poste Tele
Slide 20: 2025 outlook for Bouygues Telecom
02 | REVIEW OF OPERATIONS 2025 outlook for Bouygues Telecom For 2025, Bouygues Telecom is aiming for: Sales billed to customers, including La Poste Telecom (a), will be higher than in 2024 Sales billed to customers Sales billed to customers (like-for-like, excluding La Poste Telecom) are expected to
Slide 21: Review of operations
Review of operations Montmartre, a major mini-series broadcast on TF1 in October 2025 21 Bouygues group nine-month 2025 results - 5 November 2025
Slide 22: Nine-month key figures at the TF1 group
02 | REVIEW OF OPERATIONS Nine-month key figures at the TF1 group €m 9M 2025 9M 2024 Change Reinforced audience 33.8% 30.7% Sales 1,598 1,591 0% (a) leadership for individuals aged for the TF1 group for WPDM<50 (a) o/w Media 1,386 1,399 -1% between 25 and 49 o/w Studio TF1 (b) 213 192 +11% MEDIA STU
Slide 23: 2025 outlook for the TF1 group
02 | REVIEW OF OPERATIONS 2025 outlook for the TF1 group For 2025, TF1 group is aiming for: 2025 targets confirmed: Digital Strong double-digit revenue growth in digital Dividend Aiming for a growing dividend policy in the coming years 2025 margin from activities target adjusted: Margin from activit
Slide 24: Contents
Contents 01 Highlights and key figures 04 Outlook 02 Review of operations 05 Annexes and other 03 Financial statements Bymaro, the Moroccan subsidiary of Bouygues Construction, is building 24 the Mohammed VI International University Hospital in Rabat (Morocco) Bouygues group nine-month 2025 results
Slide 25: Condensed consolidated income statement
03 | FINANCIAL STATEMENTS Condensed consolidated income statement €m 9M 2025 9M 2024 Change Sales 41,857 41,492 +0.9% (a) Current operating profit/(loss) from activities 1,814 1,719 +95 Amortisation and impairment of intangible assets recognised in acquisitions (PPA) (77) (b) (68) (c) -9 Current ope
Slide 26: Change in net debt position in 9M 2025 (1/2)
03 | FINANCIAL STATEMENTS Change in net debt (a) position in 9M 2025 (1/2) €m Net debt at 31/12/2024 Net debt at 30/09/2025 Change in Acquisitions/ shareholders’ equity disposals (b) and other (c) Dividends (d) (6,066) -118 +155 Operations -864 and other -725 (7,618) 9M 2024 (6,251) -214 -66 -813 -1
Slide 27: Change in net debt position in 9M 2025 (2/2)
03 | FINANCIAL STATEMENTS Change in net debt (a) position in 9M 2025 (2/2) €m Breakdown of operations 3,156 -474 2,682 Repayment of lease obligations -1,500 Change in WCRs 1,182 and other 0 Net capex (c) Frequencies Operations -1,907 and other Net cash flow (b) Net cash flow Free cash flow including
Slide 28: A robust financial structure
03 | FINANCIAL STATEMENTS A robust financial structure NET GEARING IMPROVED YOY TO 53% CREDIT RATINGS End-Sept End-Dec End-Sept €m Change Change 2025 2024 2024 A-, stable outlook Shareholders' equity 14,317 14,512 -195 13,954 +363 Outlook upgraded from negative to stable on 12 September 2025 Net sur
Slide 29: Contents
Contents 01 Highlights and key figures 04 Outlook 02 Review of operations 05 Annexes and other 03 Financial statements Bymaro, the Moroccan subsidiary of Bouygues Construction, is building 29 the Mohammed VI International University Hospital in Rabat (Morocco) Bouygues group nine-month 2025 results
Slide 30: 2025 outlook for the Bouygues group
04 | OUTLOOK 2025 outlook for the Bouygues group In a very uncertain global environment, the Group’s six business segments will continue to prove their ability to keep pace with developments in their respective markets. They will pursue their efforts to improve profitability. The Group confirms it i
Slide 31: Calendar
04 | OUTLOOK Calendar FY 2025 results Thursday 26 February 2026, 7.30am (CET) Upgrade and extension of tram line T1 in the Paris region | 31 Bouygues group nine-month 2025 results - 5 November 2025 (Bouygues Construction and Equans)
Slide 32: Q&A
Q&A Paris | Wednesday 5 November 2025 The Istria Croatia motorway viaduct built by Bouygues Travaux Publics
Slide 33: Contents
Contents 01 Highlights and key figures 04 Outlook 02 Review of operations 05 Annexes and other 03 Financial statements Bymaro, the Moroccan subsidiary of Bouygues Construction, is building 33the Mohammed VI International University Hospital in Rabat (Morocco) Bouygues group nine-month 2025 results -
Slide 34: Key figures at Colas
05 | ANNEXES AND OTHER Key figures at Colas (a) Backlog (€bn) +11% 14.2 12.8 10.7 +17% (b) International and French 9.2 overseas territories Mainland France -5% Haines Hwy Aerials 23, a renovation operation 3.6 3.5 carried out by Colas, via its subsidiary Colaska, on the Haines Highway in Alaska End
Slide 35: Key figures at Bouygues Construction
05 | ANNEXES AND OTHER Key figures at Bouygues Construction Order intake (a) -33% Backlog by region 5% 5% (€bn) 10.1 (at end-Sept 2025) 5% 34% 6.8 7.1 International France 31% France 3.9 -45% Asia-Pacific Europe (excl. France) 3.0 2.9 -3% Americas 9M 2024 9M 2025 Africa and Middle East 25% Bouygues
Slide 36: Key figures at Bouygues Immobilier
05 | ANNEXES AND OTHER Key figures at Bouygues Immobilier (b) Reservations (a) -8% (€bn) 1.0 0.0 1.0 0.0 nm Residential property Kalifornia, an office building developed by Bouygues Immobilier in Malakoff, near Paris Commercial property 1.0 0.9 -11% (b) Bouygues Immobilier – key figures €m 9M 2025 9
Slide 37: Key indicators at Bouygues Telecom
05 | ANNEXES AND OTHER Key indicators at Bouygues Telecom Sales in €m/base in thousands/ABPU in € Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Sales billed to customers 1,628 1,608 1,615 6,236 1,613 1,560 1,541 1,522 5,912 1,506 1,492 1,470 1,444
Slide 38: Group sales by sector of activity
05 | ANNEXES AND OTHER Group sales by sector of activity (a) €m 9M 2025 9M 2024 Change Lfl & constant fx (b) Construction businesses 20,599 20,187 +2% +3% o/w Colas 11,929 11,794 +1% +2% o/w Bouygues Construction 7,897 7,569 +4% +5% o/w Bouygues Immobilier 904 963 -6% -1% Equans 13,766 14,084 -2% -2
Slide 39: Contribution to Group EBITDA after Leases by sector of activity
05 | ANNEXES AND OTHER Contribution to Group EBITDA (a) after Leases by sector of activity €m 9M 2025 9M 2024 Change Construction businesses 829 638 +191 o/w Colas 520 495 +25 o/w Bouygues Construction 289 181 +108 o/w Bouygues Immobilier 20 (38) +58 Equans 739 555 +184 Bouygues Telecom 1,505 1,506
Slide 40: Contribution to Group current operating profit from activities by sector of activity
05 | ANNEXES AND OTHER Contribution to Group current operating profit from activities (a) (COPA) by sector of activity €m 9M 2025 9M 2024 Change Construction businesses 591 476 +115 o/w Colas 317 306 +11 o/w Bouygues Construction 264 219 +45 o/w Bouygues Immobilier 10 (49) +59 Equans 565 474 +91 Bou
Slide 41: Contribution to Group current operating profit by sector of activity
05 | ANNEXES AND OTHER Contribution to Group current operating profit (COP) by sector of activity €m 9M 2025 9M 2024 Change Construction businesses 584 468 +116 o/w Colas 312 300 +12 o/w Bouygues Construction 262 217 +45 o/w Bouygues Immobilier 10 (49) +59 Equans 565 474 +91 Bouygues Telecom 483 585
Slide 42: Contribution to Group operating profit by sector of activity
05 | ANNEXES AND OTHER Contribution to Group operating profit by sector of activity €m 9M 2025 9M 2024 Change Construction businesses 526 408 +118 o/w Colas 282 300 -18 o/w Bouygues Construction 234 184 +50 o/w Bouygues Immobilier 10 (76) +86 Equans 520 407 +113 Bouygues Telecom 472 571 -99 TF1 175
Slide 43: Contribution to net profit attributable to the Group by sector of activity
05 | ANNEXES AND OTHER Contribution to net profit attributable to the Group by sector of activity €m 9M 2025 9M 2024 Change Construction businesses 294 235 +59 o/w Colas 119 154 -35 o/w Bouygues Construction 190 157 +33 o/w Bouygues Immobilier (15) (76) +61 Equans 375 303 +72 Bouygues Telecom 137 26
Slide 44: Contribution to Group net cash flow by sector of activity
05 | ANNEXES AND OTHER Contribution to Group net cash flow (a) by sector of activity €m 9M 2025 9M 2024 Change Construction businesses 862 693 +169 o/w Colas 546 461 +85 o/w Bouygues Construction 358 301 +57 o/w Bouygues Immobilier (42) (69) +27 Equans 645 579 +66 Bouygues Telecom 1,454 1,462 -8 TF1
Slide 45: Contribution to net capital expenditure by sector of activity
05 | ANNEXES AND OTHER Contribution to net capital expenditure by sector of activity €m 9M 2025 9M 2024 Change Construction businesses 152 215 -63 o/w Colas 115 130 -15 o/w Bouygues Construction 37 84 -47 o/w Bouygues Immobilier 0 1 -1 Equans 105 115 -10 Bouygues Telecom 998 1,079 -81 TF1 237 183 +5
Slide 46: Contribution to Group free cash flow by sector of activity
05 | ANNEXES AND OTHER Contribution to Group free cash flow (a) by sector of activity €m 9M 2025 9M 2024 Change Construction businesses 497 290 +207 o/w Colas 256 184 +72 o/w Bouygues Construction 287 181 +106 o/w Bouygues Immobilier (46) (75) +29 Equans 437 363 +74 Bouygues Telecom 309 245 +64 TF1
Slide 47: Net surplus cash/net debt
05 | ANNEXES AND OTHER Net surplus cash (+)/net debt (-) (a) End-Sept End-Dec €m Change 2025 2024 Colas 22 965 -943 Bouygues Construction 3,671 4,033 -362 Bouygues Immobilier (464) (384) -80 Equans 1,668 1,517 +151 Bouygues Telecom (4,462) (3,800) -662 TF1 465 506 -41 Bouygues SA and other (8,518) (
Slide 48: Condensed consolidated balance sheet
05 | ANNEXES AND OTHER Condensed consolidated balance sheet End-Sept End-Dec €m Change 2025 2024 Non-current assets 32,966 33,381 -415 Current assets 29,744 29,644 +100 Held-for-sale assets and operations 107 59 +48 TOTAL ASSETS 62,817 63,084 -267 Shareholders' equity 14,317 14,512 -195 Non-current
Slide 49: Glossary (1/2)
05 | ANNEXES AND OTHER Glossary (1/2) ABPU (Average Billing Per User) Sales from services (Bouygues Telecom) comprise: Sales billed to customers divided by - Sales billed to customers, which include: the average number of customers over the period IN MOBILE: IN FIXED: • For B2C customers: sales from
Slide 50: Glossary (2/2)
05 | ANNEXES AND OTHER Glossary (2/2) Other sales Free cash flow Net surplus cash (+) (Bouygues Telecom) /net debt (-) Net cash flow (determined after (i) cost of net Difference between the total sales of debt, (ii) interest expense on lease obligations Net debt (or net surplus cash) is obtained Bou
Slide 51: Making progress become reality
Making progress become reality