Bouygues Sa · EURONEXT:EN
Bouygues Sa — Merger or Acquisition (June 2026)
14 slides from Bouygues Sa's merger presentation, Jun 8, 2026
Slide 1: Acquisition of SFR with Free-iliad Group & Orange
PROJECT Acquisition of SFR with Free-iliad Group & Orange Paris | June 8 2026
Slide 2: Disclaimer
SFR ACQUISITION Disclaimer This presentation contains rounded figures, forward-looking information and The following factors, among others set out in the Group’s Universal statements about the Bouygues group and its businesses. Forward-looking Registration statements may be identified by the use of
Slide 3: An unprecedented transaction in the French telecom market that would create value for all stakeholders
SFR ACQUISITION An unprecedented transaction in the French telecom market that would create value for all stakeholders A CHALLENGING CONTEXT… … POSITIVELY ADDRESSED BY THE TRANSACTION A saturated, fully penetrated market A market in decline … • A major industrial initiative in the telecom sector, de
Slide 4: The Consortium would acquire most of Altice France's businesses and assets
SFR ACQUISITION The Consortium would acquire most of Altice France’s businesses and assets Transaction perimeter overview Transaction perimeter (simplified view) • B2C: SFR’s Mainland France Fixed and Mobile subscribers, Altice France S.A.S. incl. MVNOs • B2B: enterprise and SME telecom perimeter, i
Slide 5: Allocation of assets among the Consortium
SFR ACQUISITION Allocation of assets among the Consortium Bouygues Telecom Free-iliad Group Orange Share of SFR B2C subs. 100% of B2B Share of SFR B2C subs. Share of SFR B2C subs. Dedicated B2B infra. Prixtel (MVNO) 100% of RED subs. Réglo, Syma, and Coriolis (MVNO) FTTH network on very dense areas
Slide 6: A transaction that would position Bouygues Telecom as the #2 telecom operator in France
SFR ACQUISITION A transaction that would position Bouygues Telecom as the #2* telecom operator in France • + ~6.4m B2C customers, materially strengthening customer base • Mobile: + ~3.8m customers**, strongly reinforcing its position on the B2C mobile market in France SCALE-UP • Fixed: + ~2.6m custo
Slide 7: Bouygues Telecom would acquire ~€4.1bn of total revenues and ~€1.0bn of EBITDAaL
SFR ACQUISITION Bouygues Telecom would acquire ~€4.1bn of total revenues, of which ~€3.2bn of sales from services, and ~€1.0bn of EBITDAaL 2025 figures, transaction perimeter, Altice accounting format B2C and B2B breakdown Sales (before synergies) EBITDAaL (before synergies) B2C volumes1 in m client
Slide 8: A transaction unlocking tangible and measurable value: ~€1bn run-rate net synergies
SFR ACQUISITION A transaction unlocking tangible and measurable value: ~€1bn run-rate net synergies in year 7, of which ~70% by year 5 Breakdown of run-rate net synergies Bouygues Telecom perimeter, in €bn Of which >90% cost synergies ~70% of net synergies by year 5 ~€1bn ~€1bn B2C migration over 2–
Slide 9: Acquisition metrics for Bouygues Telecom
SFR ACQUISITION Acquisition metrics for Bouygues Telecom Purchase price (EV): €8.5bn1 2025 pre synergies Run-rate post synergies (in €bn) (in €bn) EBITDAaL2: 1.2 0.8 0.8 EV/EBITDAaL multiple: ~7x Acquisition financed by Bouygues Telecom through a bridge-to-bond loan already secured from top-tier ban
Slide 10: A catalyzing transformation for Bouygues Telecom, sustaining Bouygues Group investment capacity
SFR ACQUISITION A catalyzing transformation for Bouygues Telecom, sustaining Bouygues Group investment capacity and portfolio breadth The Bouygues group would remain a diversified Group, with strong businesses - Breakdown of sales (based on 2025 results): 2025 sales: €56.9bn1 2025 pro-forma sales: €
Slide 11: Labour relations and employee support
SFR ACQUISITION Labour relations and employee support The success of the project would rely on employee engagement and on the quality of management-labour dialogue, which is a longstanding hallmark of Bouygues Telecom and, more broadly, of the Bouygues group Particular attention would be paid to the
Slide 12: Indicative timetable
SFR ACQUISITION Indicative timetable 2026 2027 2028 2029 2030 Q1 Q2 Q3 Q4 H1 H2 […] […] […] Employee consult. Regulatory review process (incl. antitrust) Minimum 30-month transition period Fulfilment of conditions precedent Signing Signing of final legal Closing of MoU documentation Completion of th
Slide 13: Wrap-up
SFR ACQUISITION Wrap-up A game-changing transaction for Bouygues Telecom throughout B2C, B2B and infrastructure, with ~6.4m additional B2C customers and boosted B2B/ICT platform An unprecedented transaction in the French telecom market, designed to provide long-term benefits to all stakeholders A co
Slide 14: Donnons vie au progres
Donnons vie au progres