Bouygues: Very robust 2025 results and free cash flow at a record level

About this update from Bouygues Sa

Paris, 26 February 2026 PRESS RELEASE Very robust 2025 results and free cash flow at a record level The Board of Directors, chaired by Martin Bouygues, met on 25 February 2026 to close off the full-year 2025 financial statements. Key figures (a) Up 0.7% like-for-like and at constant exchange rates. (b) Includes PPA amortisation of €100m in 2025 and €97m in 2024. (c) Includes net non-current charges of €224m in 2025 and of €196m in 2024. (d) Group share. The exceptional income tax surcharge for large companies in France was €81m in total. The effects of the French Finance law and the Social security financing law, passed in first-quarter 2025, on net profit attributable to the Group, are at around €93 million, in line with the Group’s expectations. DIVIDEND The Board of Directors will ask the Annual General Meeting on 23 April 2026 to approve a dividend of €2.10 per share in respect of the 2025 financial year, up 5% relative to the 2024 financial year. The ex-date and payment date have been set at 28 and 30 April 2026 respectively. OUTLOOK FOR 2026 Outlook for the 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 in adapting to developments in its markets. For 2026, the Group is aiming for: The improvement in Equans' COPA will allow to offset the expected decline in TF1's COPA, due to the anticipated tensions in the linear TV advertising market, and in Bouygues Telecom's COPA, due to the expected increase in depreciation and amortisation. Outlook for Equans Equans continues to roll out its strategic Plan. For 2026, Equans is targeting: Equans will hold another CMD at end-2026. Outlook for Bouygues Telecom Bouygues Telecom confirms its guidance for 2026. It is targeting: Bouygues Telecom will not exercise its call option in 2026 which would give it a 51% stake in the SDAIF joint venture 13 . 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: DETAILED ANALYSIS BY SECTOR OF ACTIVITY Construction Division At end-December 2025, the backlog in the Construction Division (Colas, Bouygues Construction and Bouygues Immobilier) was at a very high level of €32 billion, providing visibility on future activity. This represented a slight year-on-year decrease of 1% (and a slight year-on-year increase of 1% like-for-like and at constant exchange rates). The backlog was up in Europe excluding France (up 2% year-on-year), stable year-on-year in France, and down in the international excluding Europe geography (down 4% year-on-year). The share of backlog at end-2025 to be executed within 12 months was broadly stable year-on-year. Colas recorded an order intake of €13.7 billion in 2025. The order intake in Rail showed strong year-on-year growth, with significant contracts notably in the United Kingdom, Morocco, France and Northern Europe. Order intake in Roads declined slightly year-on-year: as expected, order intake declined in France ahead of the March 2026 municipal elections, and was up internationally, driven notably by Northern Europe and, to a lesser extent, by Asia-Pacific and Canada. In the fourth quarter of 2025, Colas won, via Miller, a contract in Canada worth around €90 million to maintain and improve road network infrastructure in Ontario and, via Destia, a contract worth around €200 million for the Vantaa tramline in Finland. In 2025, Bouygues Construction’s order intake was €10.1 billion, supported by very good momentum in the normal course of business (contracts of less than €100 million), reaching a record level and representing 68% of total order intake over the full year. Bouygues Construction was awarded several contracts worth more than €100 million during the year, notably two datacentre contracts in the fourth quarter of 2025 (one in Australia, the other in France) together worth more than €400 million. The Construction Division reported sales of €27.8 billion 15 in 2025, up 1% year-on-year (up 3% like-for-like and at constant exchange rates). Construction Division current operating profit from activities (COPA) was €982 million in 2025, up €155 million year-on-year, with all three business segments contributing to the increase. The Construction Division COPA margin improved by 0.5 points year-on-year to 3.5%. Equans Equans’ backlog was €25.4 billion at end-December 2025, stable year-on-year, and up 1% at constant exchange rates and excluding principal disposals and acquisitions. In 2025, Equans recorded an order intake of €18.3 billion, stable year-on-year, reflecting the selective approach to contracts strategy, especially on large-scale projects. Order intake on contracts worth less than €5 million was up year-on-year, representing over two-thirds of the total order intake for the year. Equans saw an improvement from quarter to quarter in its order intake for data centres in North America during the year. The underlying margin of the order intake, a key factor in Equans’ strategy, continues to improve gradually. Equans posted sales of €18.7 billion in 2025, down 2% year-on-year (down 2% like-for-like and at constant exchange rates). Against a wait-and-see attitude in certain sectors of activity during 2025, Equans continued to proactively exit its residual non-strategic and non-performing activities during the year. COPA at Equans was €820 million in 2025, showing strong year-on-year growth of €140 million. The margin from activities was 4.4%, an increase of 0.8 points year-on-year, demonstrating the continued successful execution of the Perform plan. Equans' activities are at the heart of the environmental, digital and industrial transitions. Regarding the targets of the Perform plan set at the 2023 Capital Markets Day, the results at end-2025 were very satisfactory: Bouygues Telecom Bouygues Telecom achieved its 2025 guidance: Bouygues Telecom maintained a robust commercial performance in Fixed in terms of volume and value, still benefiting from the good momentum from the BiG and B&YOU Pure Fibre offers launched in late 2024, which translated notably into improved customer satisfaction and churn. Bouygues Telecom also benefited from the promising launch of Fixed plans by La Poste Telecom in September 2025. At end-December 2025, FTTH customers totalled 4.7 million following 511,000 new adds in 2025, of which 139,000 in the fourth quarter. The total Fixed customer base was 5.4 million, equating to an additional 267,000 customers in 2025, of which 83,000 in the fourth quarter. The share of Fixed customers subscribing to a FTTH line continued to increase, reaching 86% versus 81% one year earlier. Bouygues Telecom continued extending its geographical reach across France, with 40.7 million FTTH premises already marketed. In the fourth quarter, Fixed ABPU increased by €0.4 year-on-year to €33.8 per customer per month. Bouygues Telecom reported a good commercial performance in Mobile, in a competitive environment. The initial benefits of its new strategy with BiG continued to feed through into customer satisfaction, churn and the number of convergent customers. Mobile plan customers excluding MtoM totalled 18.6 million as 316,000 were added in 2025, of which 86,000 in the fourth quarter. In fourth-quarter 2025, Mobile ABPU including La Poste Telecom was €17.3 per customer per month 22 , stable versus third-quarter 2025, in a still competitive market environment, with low prices for new customers on digital offers, and factored in the dilutive effect of La Poste Telecom, as seen in previous quarters. Sales billed to customers reached €6.5 billion, up 4% versus 2024, driven by La Poste Telecom. They were almost stable year-on-year excluding La Poste Telecom, with growth in Fixed offsetting the decline in Mobile. In total, Bouygues Telecom’s sales were up 4% year-on-year, lifted by the increase in Sales from services (up 3% year-on-year) and Other sales (up 5% year-on-year), which mainly consist of Handset, Accessories and Built-to-suit sales. EBITDA after Leases came to €2,042 million in 2025, stable year-on-year, and included, as expected, a limited contribution from La Poste Telecom. Stable EBITDA after Leases reflects the growth in sales billed to customers and ongoing efforts to control costs, as well as higher energy costs (Bouygues Telecom no longer benefits from the very favourable low hedged energy prices since late 2024). EBITDA after Leases margin was 31.7%, a decrease of 1.0 point year-on-year, mainly as a result of the customer acquisition drive in Fixed. Bouygues Telecom’s COPA was €674 million, down €121 million year-on-year, resulting from the increase in depreciation and amortisation in line with the gross capex trajectory. Current operating profit amounted to €639 million and included €35 million of PPA amortisation. Operating profit was €648 million and included a net non-current income of €9 million. Gross capital expenditure (excluding frequencies) was €1.48 billion in 2025. Divestments amounted to €393 million in 2025, which was up sharply versus the figure in 2024 mainly related to the disposal of assets held by Infracos 23 for €322 million. TF1 In 2025, TF1 group’s audience ratings gained ground across all commercial targets, with an audience share of 34.5% in the WPDM 50 24 category (up 1 point year-on-year) and of 30.9% among individuals aged 25-49 (up 0.4 points year-on-year). TF1+ is now the leading free streaming platform, with 38 million average monthly streamers in 2025 (up five million year-on-year). TF1 group reported sales of €2.3 billion in 2025, down 3% year-on-year (-1% like-for-like and at constant exchange rates) amid a deteriorating advertising market: COPA at TF1 was €252 million, down €45 million year-on-year. As previously announced, COPA in 2024 included a €27 million capital gain from the sale of the Ushuaïa brand. In 2025, TF1 actively continued to manage its portfolio, generating a capital gain of €38 million on the disposal of My Little Paris and Play Two during the summer and agreeing a partnership with Sony Music Publishing for its music-related assets in the fourth quarter. COPA includes a cost of programmes amounting to €967 million. The decrease of €19 million versus 2024 notably reflects the base effect related to the men’s EURO soccer tournament of 2024. The margin from activities was 11.0%, a decrease of 1.6 points year-on-year, and in line with revised target announced when third-quarter results were published. FINANCIAL SITUATION At €17.6 billion, the Group maintained a very high level of liquidity, which comprised €6.4 billion in cash and equivalents, supplemented by €11.2 billion in undrawn medium- and long-term credit facilities. Net debt at end-December 2025 was €4.2 billion, versus €6.1 billion at end-December 2024, representing an improvement of €1,862 million year-on-year. The change in working capital requirements and other was +€744 million in 2025. Net gearing 26 was 28%, a very strong improvement versus end-December 2024 (42%). At end-December 2025, the average maturity of the Group’s bonds was 6.5 years, and the average coupon was 3.01% (average effective interest rate of 2.25%). The debt maturity schedule is well spread over time, and the next bond redemption will be in October 2026. As previously announced, on 12 September 2025, Standard and Poor’s upgraded the outlook on its A- rating on the Group to stable from negative. Following this upgrade, the long-term credit ratings assigned to the Group by Moody’s and Standard & Poor’s are: A3, stable outlook, and A-, stable outlook, respectively. SIGNIFICANT EVENTS AFTER 31 DECEMBER 2025 Bouygues Telecom On 22 January 2026, the consortium composed of the three telecom operators Bouygues Telecom, Free-iliad Group and Orange confirmed ongoing discussions with the Altice group in connection with a potential transaction to acquire a large part of the telecommunications activities of the Altice group in France. Due diligence works were initiated in early January 2026. The legal and financial terms of the transaction have not yet been agreed upon. There is no certainty that this process will result in any agreement which would anyway remain subject to the approval of the governance of the parties involved and to customary conditions. A communication to the market will be made as and when appropriate depending upon the status of the project and in accordance with applicable regulatory requirements. NON-FINANCIAL PERFORMANCE In 2025, the Bouygues group continued to pursue its CSR initiatives. The human resources part of the Group’s strategy focused its attention on its drawing power via an Employer promise campaign that was rolled out simultaneously in France and the United Kingdom during the autumn and will be extended to the rest of Europe and Australia in 2026. The goal is to highlight the extraordinary diversity of professions within the Group and its ability to offer career paths matching everybody’s aspirations. Special attention was also paid to internal job mobility, with the launch of its “Boost” programme , which aims to encourage mobility between the Group’s business segments. In terms of the environmental part of the strategy, the drive to reduce the impact of the Group’s business segments continues to make progress , with a decrease of around 7% in its overall carbon footprint in 2025 (scopes 1, 2 and 3) in absolute terms and of 8% in intensity terms (tonnes of CO 2 /€ million of sales) year-on-year. Greenhouse gas emissions from the Group’s business segments totalled 19.5 million tonnes of CO 2 equivalent at end-2025, which was the second year in a row of decline. Note that the trend in the Group’s GHG emissions may vary over time, depending on the scopes analysed, the methodologies used to calculate GHG emissions, the type and geographical mix of the Group’s activities as well as their rate of growth. GOVERNANCE Bouygues SA Pascal Grangé handed over his office as Deputy Chief Executive Officer to the Board of Directors as a result of his upcoming retirement in 2026, effective as of 31 December 2025. Creation of the Construction Division On 12 January 2026, the Bouygues group announced that it had brought together its subsidiaries Colas, Bouygues Construction and Bouygues Immobilier on 1 January 2026 to form a new Construction Division, under the responsibility of Pascal Minault. The Bouygues group’s construction businesses are at the heart of its history and strategy. They generate sales of around €28 billion and employ around 97,000 people. The objective of creating the Construction Division is to boost the growth of each of the Construction business segments and to strengthen their attractiveness and profitability through a combination that aims to develop commercial synergies, seek operational efficiencies, strengthen the sharing of knowledge and expertise and increase opportunities for internal job mobility for employees. The changes to the governance of the Bouygues group’s construction businesses are as follows. The offices of Chairman and Chief Executive Officer have been separated at Bouygues Construction: At Colas: At Bouygues Immobilier: CHANGES TO THE COMPOSITION OF THE BOARD OF DIRECTORS At its meeting of 25 February 2026, the Board of Directors approved the draft resolutions that will be submitted for approval to the Annual General Meeting on 23 April 2026 with the purpose of renewing the terms of office of two directors, Alexandre de Rothschild and Benoît Maes, for three years. If these resolutions are adopted at the Annual General Meeting, the Board of Directors will continue to have 14 members, of which: FINANCIAL CALENDAR 23 April 2026: Annual General Meeting (3.00pm CET) 7 May 2026: First-quarter 2026 results (7.30am CET) 31 July 2026: First-half 2026 results (7.30am CET) 5 November 2026: Nine-month 2026 results (7.30am CET) The financial statements have been audited and the statutory auditors have issued a report certifying them without reserve. You can find the full financial statements and notes to the financial statements on www.bouygues.com/results. The results presentation for analysts will start at 11.00am (CET) on 26 February 2026. Details on how to connect are available on www.bouygues.com . The results presentation will be available before the webcast starts on www.bouygues.com/results. ABOUT BOUYGUES Bouygues is a diversified services group operating in around 80 countries with around 200,000 employees all working to make life better every day. Its business activities in the Construction Division (Colas, Bouygues Construction and Bouygues Immobilier); energies & services (Equans); telecoms (Bouygues Telecom) and media (TF1) are able to drive growth since they all satisfy constantly changing and essential needs. INVESTORS AND ANALYSTS CONTACT: [email protected] • Tel.: +33 (0)1 44 20 10 00 PRESS CONTACT: [email protected] • Tel.: +33 (0)1 44 20 12 01 BOUYGUES SA • 32 avenue Hoche • 75378 Paris Cedex 08 • bouygues.com FULL-YEAR 2025 BUSINESS ACTIVITY CONSTRUCTION DIVISION BACKLOG (a) Up 6% at constant exchange rates and excluding principal disposals and acquisitions. (b) Down 2% at constant exchange rates and excluding principal disposals and acquisitions. (c) Down 9% at constant exchange rates and excluding principal disposals and acquisitions. (d) Up 1% at constant exchange rates and excluding principal disposals and acquisitions. COLAS BACKLOG BOUYGUES CONSTRUCTION ORDER INTAKE BOUYGUES IMMOBILIER RESERVATIONS EQUANS BACKLOG (a) Up 1% at constant exchange rates and excluding principal disposals and acquisitions. BOUYGUES TELECOM CUSTOMER BASE TF1 AUDIENCE SHARE  a (a) Source Médiamétrie – Women under 50 who are purchasing decision-makers. FULL-YEAR 2025 FINANCIAL PERFORMANCE GROUP CONDENSED CONSOLIDATED INCOME STATEMENT (a) Up 0.7% like-for-like and at constant exchange rates. (b) Purchase Price Allocation. (c) Includes net non-current charges of €42m at Colas, of €74m at Bouygues Construction, of €60m at Equans, net non-current income of €9m at Bouygues Telecom, net non-current charges of €9m at TF1 and of €48m at Bouygues SA. (d) Includes net non-current charges of €56m at Bouygues Construction, of €31m at Bouygues Immobilier, of €96m at Equans, net non-current income of €41m at Bouygues Telecom, net non-current charges of €18m at TF1 and of €36m at Bouygues SA. GROUP SALES BY SECTOR OF ACTIVITY (a) Total of the sales contributions after elimination of intra-Group transactions. (b) Including intra-Group eliminations of the construction businesses. (c) Like-for-like and at constant exchange rates. CALCULATION OF GROUP EBITDA AFTER LEASES  a (a) See glossary for definitions. CONTRIBUTION TO GROUP EBITDA AFTER LEASES  a BY SECTOR OF ACTIVITY (a) See glossary for definitions. CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA)  a BY SECTOR OF ACTIVITY (a) See glossary for definitions. RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR FULL-YEAR 2025 (a) Amortisation and impairment of intangible assets recognised in acquisitions. RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR FULL-YEAR 2024 (a) Amortisation and impairment of intangible assets recognised in acquisitions. CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT (COP) BY SECTOR OF ACTIVITY CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY (a) Includes net non-current charges of €42m at Colas, of €74m at Bouygues Construction, of €60m at Equans, net non-current income of €9m at Bouygues Telecom, net non-current charges of €9m at TF1 and of €48m at Bouygues SA. (b) Includes net non-current charges of €56m at Bouygues Construction, of €31m at Bouygues Immobilier, of €96m at Equans, net non-current income of €41m at Bouygues Telecom, net non-current charges of €18m at TF1 and of €36m at Bouygues SA. CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY (a) Net capital expenditure at Bouygues Telecom includes disposals for €393m mainly related to the disposal of assets held by Infracos for a total of €322m. CONTRIBUTION TO GROUP FREE CASH FLOW  a BY SECTOR OF ACTIVITY (a) See glossary for definitions. (b) Includes all the non-current items for an overall amount of around €220m, including the disposal of assets held by Infracos, the settlement of disputes and the income tax surcharge for large companies in France GLOSSARY ABPU (Average Billing Per User): Available cash: the aggregate of cash and cash equivalents and the positive fair value of hedging instruments. BtoB (business to business): when one business makes a commercial transaction with another. Backlog: Under IFRS 11, Bouygues Immobilier’s backlog does not include sales from notarised sales taken via companies accounted for by the equity method (co-promotion companies where there is joint control). Business segment: designates each one of the Bouygues group’s six main subsidiaries, namely Colas, Bouygues Construction, Bouygues Immobilier, Equans, Bouygues Telecom and TF1. Change in sales like-for-like and at constant exchange rates: Churn: refers to the loss of subscribers or customers over a given period. It is closely linked to the concept of customer loyalty, and is used in particular by telecoms operators to refer to the rate of customers who have switched operator. Construction Division: Colas, Bouygues Construction and Bouygues Immobilier. Current operating profit/(loss) from activities (COPA): current operating profit from activities equates to current operating profit before amortisation and impairment of intangible assets recognised in acquisitions (PPA). EBITDA after Leases: current operating profit after taking account of the interest expense on lease obligations, before (i) net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets, (ii) net charges to provisions and other impairment losses and (iii) effects of losses of control. Those effects relate to the impact of remeasuring retained interests. E BITDA margin after Leases (Bouygues Telecom): EBITDA after Leases as a proportion of sales from services. Energies & services: Equans. Free cash flow: net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated before changes in working capital requirements (WCR) related to (i) operating activities and (ii) non-current assets used in operations. FTTH (Fibre to the Home): optical fibre from the central office (where the operator’s transmission equipment is installed) all the way to homes or business premises (Arcep definition). FTTH premises secured: premises for which the horizontal is deployed, being deployed or ordered up to the concentration point. FTTH premises marketed: the connectable sockets, i.e. the horizontal and vertical deployed and connected via the concentration point. Group (or the Bouygues group): designates Bouygues SA and all the entities that are controlled directly or indirectly by Bouygues SA as defined in Article L. 233-3 of the French Commercial Code. Liquidity: the aggregate of available cash, the fair value of hedging instruments and undrawn, confirmed medium- and long-term credit facilities. MtoM: machine to machine communication. This refers to direct communication between machines or smart devices or between smart devices and people via an information system using mobile communications networks, generally without human intervention. Net surplus cash/(net debt): the aggregate of cash and cash equivalents, overdrafts and short-term bank borrowings, non-current and current debt, and the fair value of financial instruments. Net surplus cash/(net debt) does not include non-current and current lease obligations. A positive figure represents net surplus cash and a negative figure represents net debt. The main components of change in net debt are presented in Note 9 to the consolidated financial statements at 31 December 2025, available at bouygues.com . Order intake (Colas, Bouygues Construction, Equans): a project is included under order intake when the contract has been signed and has taken effect (the notice to proceed has been issued and all suspensory clauses have been lifted) and the financing has been arranged. The amount recorded corresponds to the sales the project will generate. Reservations by value (Bouygues Immobilier): the € amount of the value of properties reserved over a given period. For co-promotion companies: Sales from services (Bouygues Telecom) comprise: Other sales (Bouygues Telecom): difference between Bouygues Telecom’s total sales and sales from services. It comprises: Wholesale: wholesale market for telecoms operators. 1 Submitted by the Board of Directors for approval at the Annual General Meeting of 23 April 2026. 2 Up 0.7% like-for-like and at constant exchange rates. 3 The impact of the exceptional income tax surcharge for large companies in France on net profit attributable to the Group in 2025 was -€69 million, broken down as follows: -€35 million in respect of financial year 2024 and -€34 million in respect of financial year 2025. 4 Includes net non-current charges of €42m at Colas, of €74m at Bouygues Construction, of €60m at Equans, net non-current income of €9m at Bouygues Telecom, net non-current charges of €9m at TF1 and of €48m at Bouygues SA. The net non-current charge related to the Equans Management Incentive Plan represents a total of €101m, of which €55m at Equans and €46m at Bouygues SA. 5 The impact of the exceptional income tax surcharge for large companies in France on the Group’s income tax in 2025 was -€81 million, broken down as follows: -€43 million in respect of financial year 2024 and -€38 million in respect of financial year 2025. 6 Infracos was a joint venture owned with SFR responsible for the roll-out and operation of shared mobile telecoms sites in the less dense areas of France. 7 Net debt/shareholders’ equity. 8 Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid. 9 Sales billed to customers is the benchmark indicator used by Bouygues Telecom. Sales from services is therefore no longer referred to. 10 As already mentioned, La Poste Telecom’s contribution to EBITDA after Leases at Bouygues Telecom will reach a low point close to zero in 2026 before recovering gradually in 2027, with the full effect of around €140m expected from 2028. 11 Includes expenditure related to the preparation for the migration of La Poste Telecom’s Mobile customers. 12 Free cash-flow after tax and interest expense and before WCR, excluding frequencies. 13 SDAIF is a joint venture 49%-owned by Bouygues Telecom and 51%-owned by Vauban Infrastructure Partners. SDAIF invests in the roll-out of fibre in Orange’s part of the Medium Dense Area. 14 Digital sales: includes TF1+ advertising revenue, as well as advertising revenue from TF1info.fr and addressable TV, and revenue from subscriptions (TF1+ Premium) and micropayments. 15 Total of the sales contributions after eliminations of intra-Group transactions. 16 Excluding the share of co-promotions. 17 Target revised at the Q1, H1 and 9M 2025 results’ publications. 18 Reduction in losses on major projects. 19 Turnaround at under-performing profit centres. 20 Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid. 21 Target revised when the H1 2025 results were published. 22 Mobile ABPU excluding La Poste Telecom was €18.4 per customer per month, down €0.7 year-on-year. 23 See Bouygues Telecom’s press release of 30 July 2025. 24 Women under 50 who are purchasing decision-makers. 25 JPG has been consolidated in Studio TF1’s financial statements since the third quarter of 2024. 26 Net debt/shareholders’ equity. 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