Bouygues S.A.

Group revenue was EUR 26.3 billion in H1 2026, down 2.2% reported and down 1.3% on a constant FX basis. COPA increased EUR 33 million to EUR 829 million, and net income group share rose to EUR 287 million. Net financial debt was EUR 6.5 billion at 30 June 2026, versus EUR 8.5 billion at 30 June 2025. Equans posted H1 revenue of EUR 8.9 billion, COPA of EUR 460 million, and a 5.2% margin, up 1.2 percentage points year over year. Bouygues Telecom reported EBITDA after leases of EUR 954 million and current operating profit from activities of EUR 274 million; fixed ABPU was EUR 33.20 and mobile ABPU was EUR 16.7. For 2026, Bouygues confirmed stable sales at constant FX and group COPA at a record high; Equans guided to stable revenue and a 5.2% margin, and Bouygues Telecom guided to gross capex of close to EUR 1.3 billion and free cash flow before working capital requirements of around EUR 600 million, or around EUR 500 million including La Poste Telecom and the surtax.

Olivier Roussat emphasized that H1 was “extremely robust” despite a very uncertain geopolitical environment, and pointed to Equans as the key improvement engine for the group. He highlighted strategic expansion through acquisitions, including Frauenrath in Germany and Vannoy in the U.S., and said the group is building stronger footprints in attractive markets like data centers and infrastructure. He stayed cautious on the second half, repeatedly noting that the full year is not over and that the group is keeping guidance unchanged because of macro and geopolitical volatility.

Stéphane Stoll focused on the financial quality of the half: lower tax expense versus last year, including a EUR 39 million surtax in H1, and net income group share of EUR 287 million, up EUR 114 million year over year. He explained that net debt rose seasonally versus year-end to EUR 6.5 billion, but improved by EUR 2 billion versus June 2025, supported by better working capital, EUR 900 million of capex excluding frequencies, and EUR 360 million of free cash flow before working capital requirements. He also noted liquidity of almost EUR 16 billion, including EUR 4.2 billion in cash and EUR 11.5 billion of undrawn facilities, and said Moody’s kept an A3 rating with stable outlook while S&P kept A- under negative credit watch.

Analysts pressed on why group guidance was only confirmed, not raised, despite stronger Equans execution and a stronger order book; management said the year is still incomplete and the environment remains uncertain, so it is being prudent. On Equans, management said higher-order intake is real but will take time to convert into revenue, especially on larger projects such as data centers, so the 2026 revenue target remains stable while longer-term growth should improve. On telecom, management said French mobile is mature and highly price-competitive, so ABPU remains under pressure, but churn has improved thanks to convergence and the BIG offering. On M&A and debt, management said the SFR process does not block external growth at Colas and Equans, and Vannoy’s roughly EUR 100 million purchase price and 3.5% margin were described as in line with Bouygues Construction.