Slide 1: Full-year 2025 results
Full-year 2025 results Paris| Thursday 26 February 2026 Equans working on the Marseille-Ventimiglia High Performance Rail Network (HPMV) upgrading project on behalf of SNCF Réseau France
Slide 2: Disclaimer
FULL-YEAR 2025 | RESULTS 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 (Docume
Slide 3: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 CSR 05 Outlook 03 Review of operations 06 Annexes and other 3 Applying road marking paint – British Columbia, Canada (Colas) Bouygues group full-year 2025 results – 26 February 2026
Slide 4: Very robust 2025 results and free cash flow at a record level
01| HIGHLIGHTS AND KEY FIGURES Very robust 2025 results and free cash flow at a record level Sales, as published, Increase in net profit Very significant yoy stable attributable to the improvement in net yoy Group despite the debt at end-Dec 2025 exceptional income tax Sales +1.3% yoy surcharge for
Slide 5: Group key figures in 2025
01| HIGHLIGHTS AND KEY FIGURES Group key figures in 2025 +0.1 +120 Group Group sales 56.8 56.9 2,655 +0.2% COPA 2,535 (€bn) (a) (€m) 2024 2025 2024 2025 Net profit +149 Group attributable 1,058 1,207 1,138 -69 +80 net debt to the Group (€m) (€m) (4,204) +1,862 (6,066) 2024 2025 Except. 2025 End-Dec
Slide 6: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 CSR 05 Outlook 03 Review of operations 06 Annexes and other 6 Applying road marking paint – British Columbia, Canada (Colas) Bouygues group full-year 2025 results – 26 February 2026
Slide 7: GHG emissions between 2024 and 2025
02 | CSR GHG emissions between 2024 and 2025 The decline in the Group's GHG emissions between 2024 and 2025 reflects the continued efforts by its six business segments GHG emissions down 1.5 Mt of CO eq. between 2024 and 2025 2 (a) Carbon intensity is 343 t of CO eq./€ million of sales, a yoy improv
Slide 8: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 CSR 05 Outlook 03 Review of operations 06 Annexes and other 8 Applying road marking paint – British Columbia, Canada (Colas) Bouygues group full-year 2025 results – 26 February 2026
Slide 9: Review of operations
Review of operations Bouygues Construction, via its subsidiary VSL International, was involved in the construction of the world’s first-ever prestressed timber bridge in Switzerland 9 Bouygues group full-year 2025 results – 26 February 2026
Slide 10: Construction Division backlog at a very high level
03 | REVIEW OF OPERATIONS Construction Division backlog at a very high level France Europe excl. France International excl. Europe Backlog +1% like-for-like and at constant exchange rates -1% 32.2 32.0 27.3 28.4 13.3 12.8 -4% (a) 9.6 10.8 8.7 8.9 +2% (a) 8.5 8.2 9.2 9.4 10.2 10.2 = (a) End-Dec 2022
Slide 11: Construction Division backlog providing visibility on future activity
03 | REVIEW OF OPERATIONS Construction Division backlog providing visibility on future activity Construction Division backlog (€bn) The share of backlog at end-2025 to be executed within 12 months was broadly stable yoy Bouygues Construction Colas Bouygues Immobilier Backlog +1% Roads Rail 32.2 31.7
Slide 12: Robust commercial momentum in the Construction Division
03 | REVIEW OF OPERATIONS Robust commercial momentum in the Construction Division Order intake down slightly in Roads yoy Order intake • As expected, order intake declined in France ahead of the March 2026 municipal elections • Increase in international order intake, notably in Northern Europe and t
Slide 13: Construction Division sales +1% yoy
03 | REVIEW OF OPERATIONS Construction Division sales +1% yoy Roads Rail Sales Stable yoy +13% yoy €16.0bn o/w +3% in France €m 2025 2024 Change (b) Sales(a) 27,845 27,508 +1% -2% internationally (c) o/w Colas 16,020 15,907 +1% (d) o/w Bouygues Construction 10,618 10,340 +3% +2% yoy Exchange rate ef
Slide 14: Construction Division COPA up €155m yoy
03 | REVIEW OF OPERATIONS Construction Division COPA €m 2025 2024 Change up €155m yoy Sales(a) 27,845 27,508 +1% o/w Colas 16,020 15,907 +1% o/w Bouygues Construction 10,618 10,340 +3% COPA up €34m yoy o/w Bouygues Immobilier 1,388 1,451 -4% COPA €586m Margin from activities at 3.7%, +0.2 pts yoy o/
Slide 15: Review of operations
Review of operations Axima Marine (Equans) is equipping Multi-Mission frigates with an HVAC and NRBC (Nuclear, Radiological, Biological and Chemical) protection system 15 Bouygues group full-year 2025 results – 26 February 2026
Slide 16: Full-year key figures at Equans
03 | REVIEW OF OPERATIONS Full-year key figures at Equans Order intake of €18.3bn, stable yoy, reflecting the selective Backlog approach to contracts strategy, especially regarding major €m 2025 2024 Change €25.4bn projects (a) ▪ Yoy increase in order intake on contracts of < €5m, Sales 18,699 19,17
Slide 17: Very satisfactory roll-out of the Perform plan
03 | REVIEW OF OPERATIONS Very satisfactory roll-out of the Perform plan Sales growth of 6% over 2023-2025 Average annual sales growth Group sales (€bn) +2% between 2023 and 2025 +6% 18.8 19.2 18.7 17.7 • Equans' activities are at the heart of the environmental, digital and industrial transitions •
Slide 18: Very satisfactory roll-out of the Perform plan
03 | REVIEW OF OPERATIONS Very satisfactory roll-out of the Perform plan Margin from activities ahead of the targets set at the 2023 CMD Margin from activities (%) Margin from activities almost doubled +2.1 pts between end-2022 and end-2025 4.4% 3.5% • 2023 margin from activities of 2.9%, at the top
Slide 19: Very satisfactory roll-out of the Perform plan
03 | REVIEW OF OPERATIONS Very satisfactory roll-out of the Perform plan Very strong cash generation over 2023-2025 Cash conversion rate (COPA-to-cash flow) before WCR Net surplus cash (€m) 100% +2,297 90% 98.4% 96.3% 2,097 80% 85.5% 70% 1,517 60% 50% 981 40% 30% 20% 181 10% 0% -200 2023 2024 2025 E
Slide 20: Outlook for Equans
03 | REVIEW OF OPERATIONS Outlook for Equans Equans continues to roll out its strategic Plan and, for 2026, is aiming for: Sales Stable sales vs 2025, at constant exchange rates Margin from activities (a) Margin from activities of 5%, a year ahead of the targets set at the 2023 CMD A cash conversion
Slide 21: Review of operations
Review of operations Launch of the new b.tv decoder, the first AI-powered TV decoder in France 21 Bouygues group full-year 2025 results – 26 February 2026
Slide 22: Bouygues Telecom achieves its 2025 guidance
03 | REVIEW OF OPERATIONS Bouygues Telecom achieves its 2025 guidance Recap of 2025 targets and results Sales billed to EBITDA after Leases Gross capital customers (a) Close to the level of 2024 expenditure Up vs 2024, Around €1.5bn excluding frequencies including La Poste Telecom Close to 2024, lik
Slide 23: Bouygues Telecom ramps up its strategy through innovation
03 | REVIEW OF OPERATIONS Bouygues Telecom ramps up its strategy through innovation Improved customer satisfaction, continued excellence in products and services Bouygues Telecom, a leader in quality Technological edge maintained by new-generation devices Fixed and Mobile connectivity N°1 in Fixed f
Slide 24: Robust Fixed commercial performance, in volume and value
03 | REVIEW OF OPERATIONS Robust Fixed commercial performance, in volume and value Continuation of strategy that focuses on convergence and quality 5.4 5.2 Fixed customer base 5.4 million 4.9 86% (millions of customers) 4.7 81% and share of FTTH 73% 4.4 Fixed customers +267,000 Fixed customers in 20
Slide 25: Good commercial momentum in Mobile in a competitive environment
03 | REVIEW OF OPERATIONS Good commercial momentum in Mobile in a competitive environment Continued positive impact of B.iG on convergence, customer satisfaction and churn 18.3 18.6 14.8 15.2 15.5 +316,000 Mobile plan customers in 2025, 18.6 million o/w +86,000 in Q4 2025 Mobile plan customer base e
Slide 26: Full-year key figures at Bouygues Telecom
03 | REVIEW OF OPERATIONS Full-year key figures at Bouygues Telecom La Poste Telecom has been consolidated in Bouygues Telecom's financial statements since 1 November 2024 €m 2025 2024 Change Sales billed to Sales billed to customers excluding La Poste Telecom Sales 8,098 7,820 +4% (a) customers bro
Slide 27: 2026 outlook for Bouygues Telecom confirmed
03 | REVIEW OF OPERATIONS 2026 outlook for Bouygues Telecom confirmed Bouygues Telecom is targeting: Sales billed to customers (a) Close to the level of 2025 EBITDA after Leases (b) And showing modest growth versus 2023, excluding La Poste Telecom Gross capital expenditure (c) Close to €1.3bn (exclu
Slide 28: Review of operations
Review of operations 28 Bouygues group full-year 2025 results – 26 February 2026
Slide 29: Full-year key figures at the TF1 group
03 | REVIEW OF OPERATIONS Full-year key figures at the TF1 group TF1 group's audience 34.5% of WPDM<50 (a), +1 pt yoy leadership confirmed €m 2025 2024 Change 30.9% of individuals aged between 25 and 49, +0.4 pts yoy Sales 2,297 2,356 -3% (a) o/w Media 1,921 2,011 -4% TF1+, the leading free 38 milli
Slide 30: 2026 outlook for the TF1 group
03 | REVIEW OF OPERATIONS 2026 outlook for the TF1 group Capitalising on its strategy, on its new digital initiatives and on its solid financial position, the TF1 group’s targets are as follows: Digital (a) Strong double-digit revenue growth in digital in 2026 Dividends Aim for a growing dividend po
Slide 31: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 CSR 05 Outlook 03 Review of operations 06 Annexes and other 31Applying road marking paint – British Columbia, Canada (Colas) Bouygues group full-year 2025 results – 26 February 2026
Slide 32: Condensed consolidated income statement
04 | FINANCIAL STATEMENTS Condensed consolidated income statement €m 2025 2024 Change (a) Sales 56,877 56,752 +0.2% Current operating profit/(loss) from activities 2,655 2,535 +120 (c) Amortisation and impairment of intangible assets recognised in acquisitions (PPA) (100)(b) (97) -3 Current operatin
Slide 33: Change in net debt position in 2025 (1/2)
04 | FINANCIAL STATEMENTS Change in net debt (a) position in 2025 (1/2) €m Net debt at 31/12/2024 Net debt at 31/12/2025 Operations and other Change in (4,204) Acquisitions/ shareholders’ equity disposals (b) and other (c) Dividends (d) +2,552 -76 +251 (6,066) -865 2024 (6,251) -1,148 -61 -816 +2,21
Slide 34: Change in net debt position in 2025 (2/2)
04 | FINANCIAL STATEMENTS Change in net debt (a) position in 2025 (2/2) €m Breakdown of operations +4,180 -455 3,725 Repayment of lease obligations -1,917 -197 2,552 +941 1,808 Forex & other 0 Net capex (c) Change in WCR Frequencies Net cash flow (b) Net cash flow Free cash flow before including lea
Slide 35: Significant debt reduction over 3 years, dividend forming part of long-term strategy
04 | FINANCIAL STATEMENTS Significant debt reduction over 3 years, dividend forming part of a long-term strategy Group net debt Dividend in respect of FY paid in FY+1 (€m) (€ per share) End-Dec 2022 End-Dec 2023 End-Dec 2024 End Dec 2025 2.10 2.00 1.90 1.80 (4,204) (6,251) (6,066) (7,455) 2022 2023
Slide 36: A robust financial structure
04 | FINANCIAL STATEMENTS A robust financial structure VERY SIGNIFICANT YOY IMPROVEMENT IN NET GEARING TO 28% VERY HIGH LEVEL OF LIQUIDITY AT END-DECEMBER 2025 End-Dec End-Dec €m Change 6.4 2025 2024 Shareholders' equity 14,851 14,512 +339 Undrawn MLT facilities €17.6bn Cash Net surplus cash (+)/net
Slide 37: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 CSR 05 Outlook 03 Review of operations 06 Annexes and other 37Applying road marking paint – British Columbia, Canada (Colas) Bouygues group full-year 2025 results – 26 February 2026
Slide 38: 2026 outlook for the Bouygues group
05 | OUTLOOK 2026 outlook for the Bouygues group The Bouygues group’s business segments are driving growth, their diversity enables the Group to grow over the long term and demonstrate sustained resilience. In a highly uncertain macroeconomic and geopolitical environment, the Group will remain agile
Slide 39: Calendar
05 | OUTLOOK Calendar Annual General Meeting Thursday 23 April 2026, 3pm Dividend payment 30 April 2026, subject to approval at the Annual General Meeting Q1 2026 results Thursday 7 May 2026, 7.30am H1 2026 results Thursday 30 July 2026, 7.30am 9M 2026 results Thursday 5 November 2026, 7.30am 39 Bou
Slide 40: Q&A
Q&A Paris | Thursday 26 February 2026 Equans helping to renovate Beveren tunnel in Antwerp, Belgium, as part of a consortium
Slide 41: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 CSR 05 Outlook 03 Review of operations 06 Annexes and other 41Applying road marking paint – British Columbia, Canada (Colas) Bouygues group full-year 2025 results – 26 February 2026
Slide 42: Growing internationalisation of the Group
06| ANNEXES AND OTHER Growing internationalisation of the Group International sales contribution up 9 pts over past 6 years 2019 2022(a) 2025 41% Total sales 45% Total sales Total sales 50% 50% €37.9bn €44.3bn 55% €56.9bn 59% International France Group sales €37.9bn Group sales €44.3bn Group CA €56.
Slide 43: Key figures at Colas
06| ANNEXES AND OTHER Key figures at Colas (a) Backlog +4% (€bn) 13.1 13.7 International and French overseas territories 9.5 10.2 +8% (b) Mainland France 3.7 3.5 -6% Modernisation of the Nice-Breil line (Colas Rail) End-Dec 2024 End-Dec 2025 Colas – key figures Sales by business activity – 2025 €m 2
Slide 44: Key figures at Bouygues Construction
06| ANNEXES AND OTHER Key figures at Bouygues Construction Order intake (a) Backlog by region 9% -24% 9% (€bn) 13.3 (at end-Dec 2025) 4% 10.1 34% International 8.8 France France 5.7 -35% Asia-Pacific 28% Europe (excl. France) 4.5 4.4 -1% Americas Africa and Middle East 2024 2025 25% Bouygues Constru
Slide 45: Key figures at Bouygues Immobilier
06| ANNEXES AND OTHER Key figures at Bouygues Immobilier (b) -1% Reservations (a) (€bn) 1.4 1.4 0.0 0.1 nm Residential property Commercial property Empreinte property development in Angers (Bouygues Immobilier) 1.4 1.3 -4% (b) Bouygues Immobilier – key figures €m 2025 2024 Change (a) 2024 2025 Sales
Slide 46: Key indicators at Bouygues Telecom
06| ANNEXES AND OTHER Key indicators at Bouygues Telecom Sales in €m/base in 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 thousands/ABPU in € Sales billed to customers 6,492 1,641 1,628 1,608 1,615 6,236 1,613 1,560 1,541 1,522 5,912
Slide 47: Group sales by sector of activity
06| ANNEXES AND OTHER Group sales by sector of activity (a) €m 2025 2024 Change Lfl & constant fx Construction Division(b) 27,845 27,508 +1% +3% o/w Colas 16,020 15,907 +1% +2% o/w Bouygues Construction 10,618 10,340 +3% +4% o/w Bouygues Immobilier 1,388 1,451 -4% +1% Equans 18,699 19,170 -2% -2% Bo
Slide 48: Contribution to Group EBITDA after Leases by sector of activity
06| ANNEXES AND OTHER Contribution to Group EBITDA (a) after Leases by sector of activity €m 2025 2024 Change Construction Division 1,431 1,189 +242 o/w Colas 928 836 +92 o/w Bouygues Construction 479 383 +96 o/w Bouygues Immobilier 24 (30) +54 Equans 1,064 891 +173 Bouygues Telecom 2,042 2,037 +5 T
Slide 49: Contribution to Group COPA by sector of activity
06| ANNEXES AND OTHER Contribution to Group current operating profit from activities (a) (COPA) by sector of activity €m 2025 2024 Change Construction Division 982 827 +155 o/w Colas 586 552 +34 o/w Bouygues Construction 376 326 +50 o/w Bouygues Immobilier 20 (51) +71 Equans 820 680 +140 Bouygues Te
Slide 50: Contribution to Group current operating profit by sector of activity
06| ANNEXES AND OTHER Contribution to Group current operating profit (COP) by sector of activity €m 2025 2024 Change Construction Division 973 818 +155 o/w Colas 579 544 +35 o/w Bouygues Construction 374 325 +49 o/w Bouygues Immobilier 20 (51) +71 Equans 820 680 +140 Bouygues Telecom 639 769 -130 TF
Slide 51: Contribution to Group operating profit by sector of activity
06| ANNEXES AND OTHER Contribution to Group operating profit by sector of activity €m 2025 2024 Change Construction Division 857 731 +126 o/w Colas 537 544 -7 o/w Bouygues Construction 300 269 +31 o/w Bouygues Immobilier 20 (82) +102 Equans 760 584 +176 Bouygues Telecom 648 810 -162 TF1 233 271 -38
Slide 52: Contribution to net profit attributable to the Group by sector
06| ANNEXES AND OTHER Contribution to net profit attributable to the Group by sector of activity €m 2025 2024 Change Construction Division 507 455 +52 o/w Colas 295 310 -15 o/w Bouygues Construction 248 235 +13 o/w Bouygues Immobilier (36) (90) +54 Equans 554 421 +133 Bouygues Telecom 295 376 -81 TF
Slide 53: Contribution to Group net cash flow by sector of activity
06| ANNEXES AND OTHER Contribution to Group net cash flow (a) by sector of activity €m 2025 2024 Change Construction Division 1,341 1,144 +197 o/w Colas 902 793 +109 o/w Bouygues Construction 461 392 +69 o/w Bouygues Immobilier (22) (41) +19 Equans 883 831 +52 Bouygues Telecom 1,729 1,936 -207 TF1 4
Slide 54: Contribution to net capital expenditure by sector of activity
06| ANNEXES AND OTHER Contribution to net capital expenditure by sector of activity €m 2025 2024 Change Construction Division 305 352 -47 o/w Colas 229 240 -11 o/w Bouygues Construction 75 111 -36 o/w Bouygues Immobilier 1 1 = Equans 169 186 -17 Bouygues Telecom 1,087 (a) 1,484 -397 TF1 350 280 +70
Slide 55: Contribution to Group free cash flow by sector of activity
06| ANNEXES AND OTHER Contribution to Group free cash flow (a) by sector of activity €m 2025 2024 Change Construction Division 749 537 +212 o/w Colas 437 352 +85 o/w Bouygues Construction 341 235 +106 o/w Bouygues Immobilier (29) (50) +21 Equans 580 507 +73 621 (b) Bouygues Telecom 301 +320 TF1 85 2
Slide 56: Net surplus cash (+)/net debt (-)
06| ANNEXES AND OTHER Net surplus cash (+)/net debt (-) (a) End-Dec End-Dec €m Change 2025 2024 Colas 1,209 965 +244 Bouygues Construction 4,508 4,033 +475 Bouygues Immobilier (371) (384) +13 Equans 2,097 1,517 +580 Bouygues Telecom (3,738) (3,800) +62 TF1 515 506 +9 Bouygues SA and other (8,424) (8
Slide 57: Condensed consolidated balance sheet
06| ANNEXES AND OTHER Condensed consolidated balance sheet End-Dec End-Dec €m Change 2025 2024 Non-current assets 33,189 33,381 -192 Current assets 30,818 29,644 +1,174 Held-for-sale assets and operations 112 59 +53 TOTAL ASSETS 64,119 63,084 +1,035 Shareholders' equity 14,851 14,512 +339 Non-curren
Slide 58: Glossary (1/2)
06| 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: Churn • For B2C customers: sales
Slide 59: Glossary (2/2)
06| ANNEXES AND OTHER Glossary (2/2) Other sales Free cash flow Net surplus cash (+)/net debt (-) (Bouygues Telecom) Net cash flow (determined after (i) cost of net Net debt (or net surplus cash) is obtained Difference between the total sales of debt, (ii) interest expense on lease obligations by ag
Slide 60: Making progress become reality
Making progress become reality