Bouygues Sa · EURONEXT:EN
Bouygues Sa — H1 2026 Earnings Presentation
60 slides from Bouygues Sa's earnings presentation, Jul 30, 2026
Slide 1: First-half 2026 results
First-half 2026 results Paris | Thursday 30 July 2026 Bouygues Construction working on the River Torrens to Darlington (T2D) road tunnel in Australia
Slide 2: Disclaimer
H1 2026 | 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 (Document d’en
Slide 3: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 ESG 05 Outlook 03 Review of operations 06 Annexes and other 3 Manila metro worksite in the Philippines – Colas Rail Bouygues group first-half 2026 results – 30 July 2026
Slide 4: Very strong H1 2026 Group performance in a particularly volatile macroeconomic and geopolitical context
01| HIGHLIGHTS AND KEY FIGURES Very strong H1 2026 Group performance in a particularly volatile macroeconomic and geopolitical context EQUANS Sales Strong increase in net -1.3% yoy profit attributable to Very good book-to-bill (b) momentum in at constant exchange rates (a) the Group yoy, despite Q2
Slide 5: Like every year, H1 results are not indicative of FY results due to seasonality
01| HIGHLIGHTS AND KEY FIGURES Like every year, H1 results are not indicative of FY results due to seasonality -0.6 +33 Group Group sales 26.9 829 26.3 -2.2% COPA 796 (€bn) (a) (€m) H1 2025 H1 2026 H1 2025 H1 2026 Net profit 287 Group net debt attributable +114 173 (€m) to the Group (€m) 322 220 (6,
Slide 6: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 ESG 05 Outlook 03 Review of operations 06 Annexes and other 6 Manila metro worksite in the Philippines – Colas Rail Bouygues group first-half 2026 results – 30 July 2026
Slide 7: The Group's business segments continue innovating to help adapt to climate change
02 | ESG The Group’s business segments continue innovating to help adapt to climate change and build more resilient communities To help fight climate change To protect communities and To adapt urban their inhabitants environments and housing for the long term StreetADAPT: a bespoke solution, with th
Slide 8: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 ESG 05 Outlook 03 Review of operations 06 Annexes and other 8 Manila metro worksite in the Philippines – Colas Rail Bouygues group first-half 2026 results – 30 July 2026
Slide 9: Review of operations
Review of operations Trunk Road T2 subsea road tunnel in Hong Kong – Bouygues Construction 9 Bouygues group first-half 2026 results – 30 July 2026
Slide 10: Continued targeted growth in international markets at Colas and Bouygues Construction
03 | REVIEW OF OPERATIONS Continued targeted growth in international markets at Colas and Bouygues Construction Acquisition of the Frauenrath group’s road construction Acquisition of Vannoy Construction, operating in and recycling businesses in Germany (a) at end-May North Carolina, South Carolina a
Slide 11: 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 +18% 33.0 33.4 (a) 30.8 31.0 +1% 28.4 13.3 13.7 +3% 11.9 11.7 10.2 8.5 9.1 8.9 9.4 9.3 -1% 9.8 9.8 10.4 10.2 10.4 +2% End-June 2022 End-June 2023 End-June 2024 End-June
Slide 12: Construction Division backlog provides visibility on future activity
03 | REVIEW OF OPERATIONS Construction Division backlog provides visibility on future activity Construction Division backlog (€bn) The share of backlog at end-June 2026 to be executed within Bouygues Construction Colas Bouygues Immobilier 18 months was up €1.3bn yoy (a) +1% Backlog Roads Rail 33.0 3
Slide 13: Strong commercial momentum in the Construction Division
03 | REVIEW OF OPERATIONS Strong commercial momentum in the Construction Division Roads down slightly yoy • Down in France, as expected, due to the electoral period Order intake • Positive trend seen in several geographies, including Canada and the US €6.5bn Decline in Rail not representative given
Slide 14: Signing of a very significant contract for a data centre extension in Australia in July
03 | REVIEW OF OPERATIONS Signing of a very significant contract for a data centre extension in Australia in July CLIENT: AirTrunk PROJECT FEATURES LOCATION: Sydney, Australia This extension is part of the SYD3 campus construction project, which will have a total capacity of >400 MW of IT load DURAT
Slide 15: Sales stable yoy like-for-like and at constant exchange rates
03 | REVIEW OF OPERATIONS Sales stable yoy like-for-like and at constant exchange rates Roads Rail Sales -4% yoy +2% yoy €6.6bn o/w €m H1 2026 H1 2025 Change (b) -4% in France Sales(a) 12,405 12,654 -2% -4% internationally o/w Colas 6,620 6,890 -4%(c) (d) o/w Bouygues Construction 5,329 5,205 +2% (e
Slide 16: Due to seasonality, COPA of the Construction Division is not indicative of full-year results
03 | REVIEW OF OPERATIONS Due to seasonality, COPA of the Construction Division is not indicative of full-year results €m H1 2026 H1 2025 Change Current operating profit/(loss) COPA Current operating loss from activities not indicative 43 26 +17 -€115m of FY results, due to high seasonality of Colas
Slide 17: Review of operations
Review of operations Goorambat solar farm in Australia – Equans 17 Bouygues group first-half 2026 results – 30 July 2026
Slide 18: Very good book-to-bill momentum in Q2
03 | REVIEW OF OPERATIONS Very good book-to-bill momentum in Q2 Backlog at a record level of €27.6bn, up around €1.7bn yoy Book-to-bill (a) on a rolling 12-month basis (€bn) Up 7% yoy, reported and lfl & at constant exchange rates 19.8 Order intake of €10.9bn, a record level for a 19.1 first-half 18
Slide 19: Improvement in activity in Q2 and a very sharp yoy increase in H1 profitability
03 | REVIEW OF OPERATIONS Improvement in activity in Q2 and a very sharp yoy increase in H1 profitability €m H1 2026 H1 2025 Change Sales Q2 2026 sales were almost on a par with Q2 2025 at constant Sales 8,872 9,231 -4% (a) exchange rates (-1% yoy), which helped to partially offset the soft -3% yoy
Slide 20: Outlook for Equans
03 | REVIEW OF OPERATIONS Outlook for Equans Equans continues to roll out its strategic Plan. For 2026, Equans is targeting: Sales Stable sales vs 2025, at constant exchange rates A cash conversion rate (COPA-to-cash flow (a)) Cash before WCR of between 80% and 100% Equans has raised its full-year m
Slide 21: Review of operations
Review of “Kids shouldn’t be spending operations as much time on screens as IT professionals” New advertising campaign: “No more arguing with your kids thanks to Bouygues Telecom” Simple solutions for customers tailored to their on-line behaviour 21 Bouygues group first-half 2026 results – 30 July 2
Slide 22: Bouygues Telecom, 30 years of innovating to bring people closer together
03 | REVIEW OF OPERATIONS Bouygues Telecom, 30 years of innovating to bring people closer together 22 Bouygues group first-half 2026 results – 30 July 2026
Slide 23: Continued strong commercial momentum in Fixed
03 | REVIEW OF OPERATIONS Continued strong commercial momentum in Fixed A quality-based strategy focused on customer satisfaction 5.5 5.3 Fixed customer base 5.0 4.8 88% 5.5m +116,000 Fixed customers in H1 2026, (millions of customers) 84% 77% o/w +69,000 in Q2 2026 and share of FTTH 4.5 69% custome
Slide 24: Sustained commercial performance in a Mobile market impacted by ongoing price pressure
03 | REVIEW OF OPERATIONS Sustained commercial performance in a Mobile market impacted by ongoing price pressure Continued decline in churn and greater convergence thanks to BiG 18.4 18.8 15.0 15.3 15.6 +173,000 Mobile plan customers in H1 2026, 18.8m o/w +82,000 in Q2 2026 Mobile plan customer base
Slide 25: H1 results in line with the full-year outlook
03 | REVIEW OF OPERATIONS H1 results in line with the full-year outlook €m H1 2026 H1 2025 Change Sales billed to Sales 4,031 3,910 +3% (a) customers Sales billed to customers almost stable yoy, Sales from services 3,210 €3,243m 3,202 0% with growth in Fixed offsetting the decline in Mobile o/w sale
Slide 26: 2026 outlook for Bouygues Telecom confirmed
03 | REVIEW OF OPERATIONS 2026 outlook for Bouygues Telecom confirmed Bouygues Telecom is targeting: Sales billed to customers Close to the level of 2025 EBITDA after Leases showing moderate growth vs 2023, excluding La Poste Telecom Gross capital expenditure Close to €1.3bn (excluding frequencies),
Slide 27: Progress report on the proposed acquisition of SFR
03 | REVIEW OF OPERATIONS Progress report on the proposed acquisition of SFR CONSORTIUM 6 June 2026 Signing of a Memorandum of Understanding, alongside Orange and Free-iliad Group, with Altice France with a view to acquiring SFR. The planned transaction is based on a total enterprise value of €20.35
Slide 28: Review of operations
Review of operations "Koh-Lanta” TV show 28 Bouygues group first-half 2026 results – 30 July 2026
Slide 29: TF1 continues to lead audience ratings and expand its digital presence
03 | REVIEW OF OPERATIONS TF1 continues to lead audience ratings and expand its digital presence TF1 group’s 33.2% for WPDM<50 (a), -0.5 pts yoy audience leadership maintained 29.8% for individuals aged between 25 and 49, -0.9 pts yoy Increased drawing power of the TF1+ 42m average monthly streamers
Slide 30: TF1's results reflect the decrease in linear advertising
03 | REVIEW OF OPERATIONS TF1’s results reflect the decrease in linear advertising €m H1 2026 H1 2025 Change Sales down yoy, MEDIA STUDIO TF1 (b) Sales 993 1,103 -10% (a) against a backdrop of a -11% yoy (a) -3% yoy o/w Media 869 975 -11% weak advertising market • Ad revenue -9% yoy o/w Studio TF1 (
Slide 31: TF1 group's 2026 outlook confirmed against a backdrop of continued limited visibility
03 | REVIEW OF OPERATIONS TF1 group’s 2026 outlook confirmed against a backdrop of continued limited visibility 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 d
Slide 32: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 ESG 05 Outlook 03 Review of operations 06 Annexes and other 32Manila metro worksite in the Philippines – Colas Rail Bouygues group first-half 2026 results – 30 July 2026
Slide 33: Condensed consolidated income statement
04 | FINANCIAL STATEMENTS Condensed consolidated income statement €m H1 2026 H1 2025 Change (a) Sales 26,292 26,870 -2.2% Current operating profit/(loss) from activities 829 796 +33 (c) Amortisation and impairment of intangible assets recognised in acquisitions (PPA) (47)(b) (53) +6 Current operatin
Slide 34: Change in net debt position in H1 2026 (1/2)
04 | FINANCIAL STATEMENTS Change in net debt (a) position in H1 2026 (1/2) €m Net debt at 31/12/2025 Net debt at 30/06/2026 Dividends (d) -133 +30 Operations and other (4,204) Acquisitions/ -924 Change in disposals (b) shareholders’ equity and other (c) -1,284 (6,515) H1 2025 (6,066) -128 +132 -861
Slide 35: Change in net debt position in H1 2026 (2/2)
04 | FINANCIAL STATEMENTS Change in net debt (a) position in H1 2026 (2/2) €m Breakdown of operations Repayment of lease liabilities +1,541 Net capex (c) -291 1,250 Change in -889 Frequencies WCR 361 0 Net cash flow (b) Net cash flow including lease Free cash flow before expenses WCR -1,815 Forex &
Slide 36: A robust financial structure
04 | FINANCIAL STATEMENTS A robust financial structure VERY SIGNIFICANT YOY IMPROVEMENT IN NET GEARING TO 46% VERY HIGH LEVEL OF LIQUIDITY AT END-JUNE 2026 (€bn) End-June End-Dec End-June €m Change Change 2026 2025 2025 4.2 Shareholders' equity 14,272 14,851 -579 13,800 +472 Undrawn MLT facilities N
Slide 37: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 ESG 05 Outlook 03 Review of operations 06 Annexes and other 37Manila metro worksite in the Philippines – Colas Rail Bouygues group first-half 2026 results – 30 July 2026
Slide 38: 2026 outlook for the Bouygues group confirmed
05 | OUTLOOK 2026 outlook for the Bouygues group confirmed Bouygues operates in promising markets, the diversity of its business segments enables the Group to grow over the long term and demonstrate sustained resilience. In a highly uncertain macroeconomic and geopolitical environment, the Group wil
Slide 39: Changes to the procedures for reporting the Group's and its business segments' quarterly results
05 | OUTLOOK Changes to the procedures for reporting the Group’s and its business segments’ quarterly results As the Group’s quarterly financial data is only marginally representative of its business performance due to the highly seasonal nature of its activities — particularly those of Colas in Q1—
Slide 40: Calendar
05 | OUTLOOK Calendar 9M 2026 results Thursday 5 November 2026, 7.30am 40 Bouygues group first-half 2026 results – 30 July 2026 The “McAsphalt Advantage” bitumen tanker in Canada – Colas
Slide 41: Q&A
Q&A Paris | Thursday 30 July 2026 Renovation of the Bourgogne Bridge in Chalon-sur-Saône (France) – Bouygues Construction
Slide 42: Contents
Contents 01 Highlights and key figures 04 Financial statements 02 ESG 05 Outlook 03 Review of operations 06 Annexes and other 42Manila metro worksite in the Philippines – Colas Rail Bouygues group first-half 2026 results – 30 July 2026
Slide 43: Key figures at Colas
06| ANNEXES AND OTHER Key figures at Colas (a) Backlog -1% (€bn) 15.0 14.8 11.2 11.1 -1% (b) International and French overseas territories Mainland France 3.8 3.7 -2% Spray seal applied at Great Northern Highway – Colas End-June 2025 End-June 2026 Colas – key figures H1 2026 sales by activity €m H1
Slide 44: Key figures at Bouygues Construction
06| ANNEXES AND OTHER Key figures at Bouygues Construction Order intake (a) +15% Backlog by region 8% (€bn) 4.8 8% (at end-June 2026) 8% 4.1 33% 2.8 2.3 France International +22% Asia-Pacific France Europe (excl. France) 28% 1.9 2.0 +7% Americas Africa and Middle East 23% H1 2025 H1 2026 Bouygues Co
Slide 45: Key figures at Bouygues Immobilier
06| ANNEXES AND OTHER Key figures at Bouygues Immobilier (b) Reservations (a) -12% (€bn) 0.7 0.0 0.6 0.1 nm Residential property Commercial property Théia housing complex in Montpellier – Bouygues Immobilier 0.7 0.6 -16% (b) Bouygues Immobilier – key figures €m H1 2026 H1 2025 Change Sales 528 648 -
Slide 46: Key indicators at Bouygues Telecom
06| ANNEXES AND OTHER Key indicators at Bouygues Telecom Sales in €m/base in Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 2025 2024 2023 thousands/ABPU in € 2026 2026 2025 2025 2025 2025 2024 2024 2024 2024 2023 2023 2023 2023 Sales billed to customers 1,624 1,619 6,492 1,641 1,628 1,608 1,615 6,236 1,
Slide 47: Group sales by sector of activity
06| ANNEXES AND OTHER Group sales by sector of activity (a) €m H1 2026 H1 2025 Change Lfl & constant fx (b) Construction Division 12,405 12,654 -2% 0% o/w Colas 6,620 6,890 -4% -2% o/w Bouygues Construction 5,329 5,205 +2% +4% o/w Bouygues Immobilier 528 648 -19% -14% Equans 8,872 9,231 -4% -4% Bouy
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 H1 2026 H1 2025 Change Construction Division 64 55 +9 o/w Colas (56) (57) +1 o/w Bouygues Construction 131 121 +10 o/w Bouygues Immobilier (11) (9) -2 Equans 475 490 -15 Bouygues Telecom 954 956 -2 TF1 205 3
Slide 49: Contribution to Group current operating profit from activities (COPA) by sector of activity
06| ANNEXES AND OTHER Contribution to Group current operating profit from activities (a) (COPA) by sector of activity €m H1 2026 H1 2025 Change Construction Division 43 26 +17 o/w Colas (115) (116) +1 o/w Bouygues Construction 172 150 +22 o/w Bouygues Immobilier (14) (8) -6 Equans 460 364 +96 Bouygu
Slide 50: Contribution to Group current operating profit (COP) by sector of activity
06| ANNEXES AND OTHER Contribution to Group current operating profit (COP) by sector of activity €m H1 2026 H1 2025 Change Construction Division 38 21 +17 o/w Colas (119) (120) +1 o/w Bouygues Construction 171 149 +22 o/w Bouygues Immobilier (14) (8) -6 Equans 460 364 +96 Bouygues Telecom 257 288 -3
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 H1 2026 H1 2025 Change Construction Division 34 18 +16 o/w Colas (119) (120) +1 o/w Bouygues Construction 167 146 +21 o/w Bouygues Immobilier (14) (8) -6 Equans 446 331 +115 Bouygues Telecom 241 291 -50 TF1 70 119
Slide 52: Contribution to net profit attributable to the Group by sector of activity
06| ANNEXES AND OTHER Contribution to net profit attributable to the Group by sector of activity €m H1 2026 H1 2025 Change Construction Division (4) (44) +40 o/w Colas (131) (144) +13 o/w Bouygues Construction 150 122 +28 o/w Bouygues Immobilier (23) (22) -1 Equans 346 234 +112 Bouygues Telecom 43 6
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 H1 2026 H1 2025 Change Construction Division 126 234 -108 o/w Colas (42) 21 -63 o/w Bouygues Construction 184 220 -36 o/w Bouygues Immobilier (16) (7) -9 Equans 435 415 +20 Bouygues Telecom 933 957 -24 TF1 149 242
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 H1 2026 H1 2025 Change Construction Division 126 108 +18 o/w Colas 95 88 +7 o/w Bouygues Construction 31 20 +11 o/w Bouygues Immobilier 0 0 = Equans 61 59 +2 Bouygues Telecom 613 667 -54 TF1 88 150 -62 Bouygues SA
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 H1 2026 H1 2025 Change Construction Division (147) (14) -133 o/w Colas (260) (182) -78 o/w Bouygues Construction 132 177 -45 o/w Bouygues Immobilier (19) (9) -10 Equans 308 288 +20 Bouygues Telecom 248 209 +39 TF
Slide 56: Net surplus cash (+)/net debt (-)
06| ANNEXES AND OTHER Net surplus cash (+)/net debt (-) (a) End-June End-Dec €m Change 2026 2025 Colas (308) 1,209 -1,517 Bouygues Construction 4,065 4,508 -443 Bouygues Immobilier (460) (371) -89 Equans 2,128 2,097 +31 Bouygues Telecom (4,283) (3,738) -545 TF1 432 515 -83 Bouygues SA and other (8,0
Slide 57: Condensed consolidated balance sheet
06| ANNEXES AND OTHER Condensed consolidated balance sheet End-June End-Dec €m Change 2026 2025 Non-current assets 33,160 33,189 -29 Current assets 30,342 30,818 -476 Held-for-sale assets and operations 0 112 -112 TOTAL ASSETS 63,502 64,119 -617 Shareholders' equity 14,272 14,851 -579 Non-current li
Slide 58: 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: Churn • For B2C customers: sales
Slide 59: Glossary (2/2)
0| 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 liabilities and by
Slide 60: Donnons vie au progres
Donnons vie au progres