Bouygues Sa · EURONEXT:EN
Bouygues Sa — Q1 2026 Earnings Presentation
51 slides from Bouygues Sa's earnings presentation, May 7, 2026
Slide 1: Q1 2026 results
Q1 2026 results Paris | Thursday 7 May 2026 Waterproofing works on Alexandre III Bridge in Paris. Colas Ile-de-France.
Slide 2: Disclaimer
Q1 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 Outlook 02 Review of operations 05 Annexes and other 03 Financial statements Bouygues group Q1 2026 results – 7 May 2026
Slide 4: Strong Q1 2026 Group results, in a highly volatile macroeconomic and geopolitical environment
01| HIGHLIGHTS AND KEY FIGURES Strong Q1 2026 Group results, in a highly volatile macroeconomic and geopolitical environment Sales Strong increase in net EQUANS CONSTRUCTION -3.2% yoy as published result attributable to DIVISION the Group yoy, Soft start to the year in -1.7% yoy at constant impacted
Slide 5: Q1 2026 Group key figures not indicative of H1 and FY results
01| HIGHLIGHTS AND KEY FIGURES Like every year, Q1 2026 Group key figures are not indicative of H1 and FY results, due to seasonality at Colas essentially -0.4 +8 Group Group sales 12.6 77 12.2 COPA (€bn) (a) -3.2% 69 (€m) Q1 2025 Q1 2026 Q1 2025 Q1 2026 Net profit/(loss) Group attributable -69 net
Slide 6: Contents
Contents 01 Highlights and key figures 04 Outlook 02 Review of operations 05 Annexes and other 03 Financial statements Bouygues group Q1 2026 results – 7 May 2026
Slide 7: Review of operations
Review of operations Aximum (Colas) working on the A61 road resurfacing project in Toulouse. 7 Bouygues group Q1 2026 results – 7 May 2026
Slide 8: Construction Division backlog improving strongly over time
02 | REVIEW OF OPERATIONS Construction Division backlog improving strongly over time France Europe excl. France International excl. Europe (+1% yoy) (-7% yoy) (-10% yoy) +16% 34.2 32.2 -6% 29.4 30.4 27.7 14.1 -3% yoy lfl and 12.7 at constant fx 10.6 11.8 9.6 8.7 9.6 8.9 8.2 8.9 9.9 10.1 9.7 10.5 10.
Slide 9: Construction Division backlog providing visibility on future activity
02 | REVIEW OF OPERATIONS Construction Division backlog providing visibility on future activity Construction Division backlog (€bn) The share of backlog at end-March 2026 to be executed by the end of the year at a high level Bouygues Construction Colas Bouygues Immobilier Backlog 34.2 33.1 -3% 32.2
Slide 10: Sustained order intake, given fluctuations in the award schedule of large projects
02 | REVIEW OF OPERATIONS Sustained order intake, given fluctuations in the award schedule of large projects at Colas Rail and Bouygues Construction Roads down yoy • In France, as expected, in the context of the March 2026 municipal elections Order intake • International: • Strong basis of compariso
Slide 11: Stable sales like-for-like and at constant exchange rates
02 | REVIEW OF OPERATIONS Stable sales like-for-like and at constant exchange rates, with Bouygues Construction offsetting anticipated slow start at Colas and Bouygues Immobilier Roads Rail Like every year, due to seasonality, Q1 results are not indicative Sales -6% yoy +3% yoy of H1 and FY results
Slide 12: COPA not indicative of full-year results, due to usual seasonality
02 | REVIEW OF OPERATIONS COPA not indicative of full-year results, due to usual seasonality COPA -€281m Q1 loss at Colas is not indicative of H1 and FY €m Q1 2026 Q1 2025 Change results, due to usual high seasonality of activity Current operating profit/(loss) (212) (240) +28 from activities o/w Co
Slide 13: Review of operations
Review of operations Since 2019, Equans Services, as part of the Innovate Energy consortium, has been modernising Ottawa’s (Canada) energy networks. 13 Bouygues group Q1 2026 results – 7 May 2026
Slide 14: Equans: soft start to the year in sales, margin improving strongly
02 | REVIEW OF OPERATIONS Soft start to the year in sales, profitability and margin improving strongly Backlog Order intake Backlog €26.1bn €5bn €m Q1 2026 Q1 2025 Change -1% yoy (a) Continued gradual improvement in the order intake margin Sales 4,309 4,606 -6% +1% yoy thanks to selectivity o/w Fran
Slide 15: 2026 outlook for Equans confirmed
02 | REVIEW OF OPERATIONS 2026 outlook for Equans confirmed 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
Slide 16: Review of operations
Review of operations Bbox Pro Évolutive: the latest SME router with integrated 4G backup, an AI-powered voice assistant, and advanced cybersecurity features 16 Bouygues group Q1 2026 results – 7 May 2026
Slide 17: Continued growth in Fixed, in volume and value
02 | REVIEW OF OPERATIONS Continued growth in Fixed, in volume and value Strategy focused on customer loyalty and quality, delivering lower churn 5.5 5.2 Fixed customer base 4.9 87% 5.5 million (millions of customers) 83% +47,000 Fixed customers in Q1 2026 and share of FTTH 4.5 4.7 75% 67% customers
Slide 18: Robust commercial performance in Mobile in a mature market
02 | REVIEW OF OPERATIONS Robust commercial performance in Mobile in a mature market Sustained positive impact of BiG on convergence and churn reduction 18.3 18.7 14.9 15.2 15.5 18.7 million Mobile plan customer base excl. MtoM Mobile plan customers +91,000 Mobile plan customers in Q1 2026 (millions
Slide 19: Q1 2026 key figures in line with expected full-year trajectory
02 | REVIEW OF OPERATIONS Q1 2026 key figures in line with expected full-year trajectory €m Q1 2026 Q1 2025 Change Sales billed to Sales 2,020 1,990 +2%(a) customers Sales billed to customers stable yoy, with growth in Fixed Sales from services 1,602 1,605 0% €1,619m offsetting the decline in Mobile
Slide 20: 2026 outlook for Bouygues Telecom confirmed
02 | 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 And showing modest growth versus 2023, excluding La Poste Telecom Gross capital expenditure Close to €1.3bn (excluding frequen
Slide 21: Review of operations
Review of operations “Danse avec les Stars” programme 21 Bouygues group Q1 2026 results – 7 May 2026
Slide 22: TF1 group key figures impacted by linear decline, as anticipated
02 | REVIEW OF OPERATIONS TF1 group key figures impacted by linear decline, as anticipated TF1 group's audience 33.2% of WPDM<50 (a), +0.2 pts yoy leadership confirmed €m Q1 2026 Q1 2025 Change 29.8% of individuals aged between 25 and 49, -0.3 pts yoy Sales 472 520 -9% (a) o/w Media 414 461 -10% Suc
Slide 23: TF1 group 2026 outlook confirmed, in a context of limited visibility
02 | REVIEW OF OPERATIONS TF1 group 2026 outlook confirmed, in a context of 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 digital in 2026 D
Slide 24: Contents
Contents 01 Highlights and key figures 04 Outlook 02 Review of operations 05 Annexes and other 03 Financial statements Bouygues group Q1 2026 results – 7 May 2026
Slide 25: Condensed consolidated income statement
03 | FINANCIAL STATEMENTS Condensed consolidated income statement €m Q1 2026 Q1 2025 Change (a) Sales 12,183 12,585 -3.2% Current operating profit/(loss) from activities 77 69 +8 (c) Amortisation and impairment of intangible assets recognised in acquisitions (PPA) (24) (b) (29) +5 Current operating
Slide 26: Change in net debt position in Q1 2026 (1/2)
03 | FINANCIAL STATEMENTS Change in net debt (a) position in Q1 2026 (1/2) €m Net debt at 31/12/2025 Net debt at 31/03/2026 Change in Acquisitions/ shareholders’ equity disposals (b) and other (c) Operations and other -26 +25 (4,204) -854 (5,059) Q1 2025 (6,066) -84 +9 -939 (7,080) (a) See glossary
Slide 27: Change in net debt position in Q1 2026 (2/2)
03 | FINANCIAL STATEMENTS Change in net debt (a) position in Q1 2026 (2/2) €m Breakdown of operations +533 -153 380 Repayment of lease liabilities Free cash flow before Change in Operations -473 WCR WCR (d) and other Net cash flow 0 Net cash flow (b) including lease Net capex (c) -93 expenses Freque
Slide 28: A robust financial structure
03 | FINANCIAL STATEMENTS A robust financial structure VERY SIGNIFICANT YOY IMPROVEMENT IN NET GEARING TO 34% VERY HIGH LEVEL OF LIQUIDITY AT END-MARCH 2026 €m End-March End-Dec Change End-March Change 5.9 2026 2025 2025 Shareholders' equity 14,837 14,851 -14 14,274 +563 Undrawn MLT facilities Net s
Slide 29: Contents
Contents 01 Highlights and key figures 04 Outlook 02 Review of operations 05 Annexes and other 03 Financial statements Bouygues group Q1 2026 results – 7 May 2026
Slide 30: 2026 outlook for the Bouygues group
04 | 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 31: Calendar
04 | OUTLOOK Calendar H1 2026 results Thursday 30 July 2026, 7.30am 9M 2026 results Thursday 5 November 2026, 7.30am 31 Bouygues group Q1 2026 results – 7 May 2026 The Pierre Guérin (Equans) factory in Dushan, China.
Slide 32: Q&A
Q&A Paris | Thursday 7 May 2026 Laying of tracks for Line B of the Brest tram system by Colas group
Slide 33: Contents
Contents 01 Highlights and key figures 04 Outlook 02 Review of operations 05 Annexes and other 03 Financial statements Bouygues group Q1 2026 results – 7 May 2026
Slide 34: Key figures at Colas
05| ANNEXES AND OTHER Key figures at Colas (a) Backlog -5% (€bn) 15.1 14.3 International and French overseas territories 11.1 -5% (b) Mainland France 10.5 4.0 3.8 -4% A Valormat materials recycling and re-use facility in Layrac, south-west France (Colas). End-March 2025 End-March 2026 Colas – key fi
Slide 35: Key figures at Bouygues Construction
05| ANNEXES AND OTHER Key figures at Bouygues Construction Order intake (a) -4% Backlog by region 8% (€bn) 2.3 (at end-March 2026) 3% 8% 2.2 36% International 1.1 1.3 France France -21% Asia-Pacific 28% Europe (excl. France) 1.0 1.2 +19% Americas Africa and Middle East Q1 2025 Q1 2026 25% Bouygues C
Slide 36: Key figures at Bouygues Immobilier
05| ANNEXES AND OTHER Key figures at Bouygues Immobilier (b) Reservations (a) -1% (€bn) 0.3 0.3 0.0 0.0 nm Residential property The Canebiers-Villette eco-neighbourhood project by Bouygues Immobilier in Commercial property Cagnes-sur-Mer. 0.3 0.3 -12% (b) Bouygues Immobilier – key figures €m Q1 2026
Slide 37: Key indicators at Bouygues Telecom
05| ANNEXES AND OTHER Key indicators at Bouygues Telecom Sales in €m/base in Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 2025 2024 2023 thousands/ABPU in € 2026 2025 2025 2025 2025 2024 2024 2024 2024 2023 2023 2023 2023 Sales billed to customers 1,619 6,492 1,641 1,628 1,608 1,615 6,236 1,613 1,560 1,54
Slide 38: Group sales by sector of activity
05| ANNEXES AND OTHER Group sales by sector of activity (a) €m Q1 2026 Q1 2025 Change Lfl & constant fx Construction Division(b) 5,366 5,487 -2% 0% o/w Colas 2,594 2,728 -5% -3% o/w Bouygues Construction 2,584 2,521 +2% +5% o/w Bouygues Immobilier 227 289 -21% -16% Equans 4,309 4,606 -6% -6% Bouygue
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 Q1 2026 Q1 2025 Change Construction Division (258) (266) +8 o/w Colas (280) (290) +10 o/w Bouygues Construction 32 32 = o/w Bouygues Immobilier (10) (8) -2 Equans 207 247 -40 Bouygues Telecom 415 415 = TF1 9
Slide 40: Contribution to Group COPA by sector of activity
05| ANNEXES AND OTHER Contribution to Group current operating profit from activities (a) (COPA) by sector of activity €m Q1 2026 Q1 2025 Change Construction Division (212) (240) +28 o/w Colas (281) (305) +24 o/w Bouygues Construction 80 72 +8 o/w Bouygues Immobilier (11) (7) -4 Equans 205 177 +28 Bo
Slide 41: Contribution to Group COP by sector of activity
05| ANNEXES AND OTHER Contribution to Group current operating profit (COP) by sector of activity €m Q1 2026 Q1 2025 Change Construction Division (214) (243) +29 o/w Colas (283) (307) +24 o/w Bouygues Construction 80 71 +9 o/w Bouygues Immobilier (11) (7) -4 Equans 205 177 +28 Bouygues Telecom 73 92
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 Q1 2026 Q1 2025 Change Construction Division (214) (243) +29 o/w Colas (283) (307) +24 o/w Bouygues Construction 80 71 +9 o/w Bouygues Immobilier (11) (7) -4 Equans 199 158 +41 Bouygues Telecom 74 101 -27 TF1 9 36
Slide 43: Contribution to net profit attributable to the Group by sector
05| ANNEXES AND OTHER Contribution to net profit attributable to the Group by sector of activity €m Q1 2026 Q1 2025 Change Construction Division (181) (216) +35 o/w Colas (236) (264) +28 o/w Bouygues Construction 68 63 +5 o/w Bouygues Immobilier (13) (15) +2 Equans 150 118 +32 Bouygues Telecom (13)
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 Q1 2026 Q1 2025 Change Construction Division (136) (145) +9 o/w Colas (236) (250) +14 o/w Bouygues Construction 112 113 -1 o/w Bouygues Immobilier (12) (8) -4 Equans 216 213 +3 Bouygues Telecom 419 409 +10 TF1 71
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 Q1 2026 Q1 2025 Change Construction Division 42 46 -4 o/w Colas 34 38 -4 o/w Bouygues Construction 8 8 = o/w Bouygues Immobilier 0 0 = Equans 30 29 +1 Bouygues Telecom 342 356 -14 TF1 59 68 -9 Bouygues SA and othe
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 Q1 2026 Q1 2025 Change Construction Division (250) (258) +8 o/w Colas (331) (343) +12 o/w Bouygues Construction 94 94 = o/w Bouygues Immobilier (13) (9) -4 Equans 152 149 +3 Bouygues Telecom 35 54 -19 TF1 9 27 -1
Slide 47: Net surplus cash/net debt
05| ANNEXES AND OTHER Net surplus cash (+)/net debt (-) (a) End-March End-Dec €m Change 2026 2025 Colas 581 1,209 -628 Bouygues Construction 4,257 4,508 -251 Bouygues Immobilier (447) (371) -76 Equans 2,464 2,097 +367 Bouygues Telecom (4,009) (3,738) -271 TF1 565 515 +50 Bouygues SA and other (8,470
Slide 48: Condensed consolidated balance sheet
05| ANNEXES AND OTHER Condensed consolidated balance sheet End-March End-Dec €m Change 2026 2025 Non-current assets 33,209 33,189 +20 Current assets 30,768 30,818 -50 Held-for-sale assets and operations 114 112 +2 TOTAL ASSETS 64,091 64,119 -28 Shareholders' equity 14,837 14,851 -14 Non-current liab
Slide 49: 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 50: 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 liabilities and b
Slide 51: Making progress become reality
Making progress become reality