PRESS RELEASE

PARIS
05/11/2025
CERN
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as part of the westward extension of the RER Line E (Eole project).
operated and maintained by Equans.
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construction).
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NINE-MONTH 2025 RESULTS
STRONG NINE-MONTH 2025 GROUP RESULTS

THE GROUP IS TARGETING, FOR 2025, A SLIGHT INCREASE IN COPA AND A SLIGHT INCREASE
IN SALES AT CONSTANT EXCHANGE RATES, VERSUS 2024

• Group sales: €41.9bn, up 0.9% year-on-year, notably driven by the construction businesses.
The Group’s third-quarter 2025 sales were stable year-on-year at €15bn and included
exchange rate effects of around -€250m over the third quarter.
• Group current operating profit from activities (COPA): €1,814m, up €95m year-on-year, an
increase driven by the construction businesses and Equans.
• Net profit attributable to the Group (excluding the exceptional income tax surcharge for
large companies in France) amounted to €735m, improving €48m year-on-year.
• The estimated effects of the French Finance law and the Social security financing law for
2025, passed in first-quarter 2025 (mainly the exceptional income tax surcharge for large
companies in France), on net profit attributable to the Group is confirmed at around €100m
for the full year, of which around €80m was booked in the first nine months of 2025.
• Net profit attributable to the Group amounted to €675m, and therefore cannot be
compared to that of the first nine months of 2024.
• Particularly robust financial structure: net debt (€7.6bn) improving by around €900m
versus end-September 2024, including net acquisitions of close to €1.1bn over the year. S&P
outlook associated with its A- credit rating on the Group1 was upgraded negative to stable.




1 Revised on 12 September 2025. As a reminder, Moody’s confirmed its A3, stable outlook credit rating on 5 June 2025.
The Board of Directors, chaired by Martin Bouygues, met on 4 November 2025 to close off the financial
statements for the first nine months of 2025.

KEY FIGURES

(€ million) 9M 2025 9M 2024 Change
a
Sales 41,857 41,492 +0.9%
Current operating profit/(loss) from activities 1,814 1,719 +95
Margin from activities 4.3% 4.1% +0.2 pts
Current operating profit/(loss) ᵇ 1,737 1,651 +86
Operating profit/(loss) ᶜ 1,586 1,474 +112
Financial result (305) (287) -18
Net profit/(loss) attributable to the Group excluding
exceptional income tax surcharge for large companies in France 735 687 +48
Exceptional income tax surcharge for large companies in France (60) 0 -60
Net profit/(loss) attributable to the Group including exceptional
income tax surcharge for large companies in France 675 687 -12

(€ million) End-Sept 2025 End-Sept 2024 Change
Net surplus cash (+)/net debt (-) d
(7,618) (8,474) +856
(a) Up 0.8% like-for-like and at constant exchange rates.
(b) Includes PPA amortisation of €77m in 9M 2025 and €68m in 9M 2024.
(c) Includes net non-current charges of €151m in 9M 2025 and of €177m in 9M 2024.
(d) Net debt at end-September 2025 included net acquisitions of close to €1.1bn year-on-year.


• Nine-month 2025 sales were €41.9 billion, up 0.9% versus nine-month 2024, mainly driven by the
construction businesses and the nine-month contribution from La Poste Telecom. Like-for-like and at
constant exchange rates, sales increased 0.8% year-on-year.
▪ Exchange rate effects in the first nine months were around -€270 million, and were almost entirely
concentrated in the third quarter (impact of around -€250 million).
▪ As such, the Group’s third-quarter sales remained stable year-on-year, at €15 billion.

• Current operating profit from activities (COPA) was €1,814 million, up €95 million year-on-year, driven
mainly by the construction businesses, where COPA increased €115 million year-on-year to €591 million,
and by Equans, where COPA increased by €91 million year-on-year to €565 million. As expected, the
contribution from Bouygues Telecom was down €94 million to €509 million.

• Net profit attributable to the Group was €675 million1. Excluding the exceptional income tax surcharge
for large companies in France, net profit attributable to the Group was €735 million, improving
€48 million year-on-year. In particular, net profit attributable to the Group included:
▪ amortisation and impairment of intangible assets recognised in acquisitions (PPA) of €77 million
(up €9 million year-on-year);




1The impact of the exceptional income tax surcharge for large companies in France on net profit attributable to the Group in the first nine months of 2025
was -€60 million, broken down as follows: -€35 million in respect of financial year 2024 and -€25 million in respect of the first nine months of 2025.




2/21
▪ net non-current charges1 of €151 million, which do not reflect the operational performance of the
business segments. This notably includes non-current charges related to the Management Incentive
Plan at Equans, as well as provisions booked by Bouygues Construction and by Colas, related
respectively to a regulatory change in the United Kingdom and to an international case at Colas Rail
dating back to 2011;
▪ financial result of -€305 million. As a reminder, the financial result was -€287 million in the first nine
months of 2024;
▪ income tax expense of €514 million, which includes the exceptional income tax surcharge for large
companies in France for an amount of €71 million2. Income tax expense in the first nine months of
2024 was €392 million3.

• Net debt was €7.6 billion at end-September 2025, an improvement of €856 million versus end-
September 2024, including net acquisitions of close to €1.1 billion over the year, especially the
acquisition of La Poste Telecom. Net gearing4 was 53% at end-September 2025 (versus 61% at
end-September 2024).

OUTLOOK FOR 2025

Outlook for the Group
In a very uncertain global environment, the Group’s six business segments will continue to prove their ability to
keep pace with developments in their respective markets. They will pursue their efforts to improve profitability.

The Group confirms it is targeting a slight increase in current operating profit from activities (COPA) versus 2024.

The Bouygues group specifies that its 2025 sales are expected to be slightly up versus 2024 at constant exchange
rates. Given fluctuations in currencies, notably those related to the US dollar, sales as published, are now
expected to be close to the level of 2024.

Previously, the Bouygues group was targeting for 2025 a slight increase in sales and in current operating profit
from activities (COPA) versus 2024.

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 estimated to date at around €100 million for 2025.

Outlook for Equans
Equans continues to roll out its strategic Plan. For 2025, Equans is targeting:
• A slight decrease in sales versus 2024, at constant exchange rates, given the proactive exit from
remaining non-strategic and non-performing activities, and the temporary slowdown in some areas of
activity.
(Previously, Equans was targeting sales close to the level of 2024, at constant exchange rates).


1 Includes net non-current charges of €30 million at Colas, of €28 million at Bouygues Construction, of €45 million at Equans, of €11 million at Bouygues
Telecom, of €7 million at TF1 and of €30 million at Bouygues SA.
2 The impact of the exceptional income tax surcharge for large companies in France on the Group’s income tax in the first nine months of 2025 was

-€71 million, broken down as follows: -€43 million in respect of financial year 2024 and -€28 million in respect of the first nine months of 2025.
3 The effective tax rate in nine-month 2025 was 40% (versus 33% in nine-month 2024).
4
Net debt/shareholders’ equity.




3/21
• A margin from activities close to 4.3% (previously, Equans was targeting a margin from activities close
to 4.2%).
• A cash conversion rate (COPA-to-cash flow1) before working capital requirement (WCR) of between
80% and 100%.

As a reminder, Equans aims to gradually catch up with the organic growth of sector peers and to achieve a
margin from activities (COPA margin) of 5% in 2027.

Outlook for Bouygues Telecom
For 2025, Bouygues Telecom confirms it is aiming for:
• Sales billed to customers, including La Poste Telecom2 higher than in 2024.
• Sales billed to customers (like-for-like, excluding La Poste Telecom) close to the level of 2024. The figure
will be either slightly higher or slightly lower, depending on the duration and intensity of the competitive
pressure currently being experienced.
• Broadly stable EBITDA after Leases compared to 2024. In 2025, Bouygues Telecom will no longer benefit
from the very favourable low hedged energy prices arranged in 2020 and 2021. La Poste Telecom’s
contribution to EBITDA after Leases will be limited in 2025, with the full effect expected from 2028.
• Gross capital expenditure of around €1.5 billion (excluding frequencies), including expenditure related
to the preparation for the migration of La Poste Telecom Mobile customers.

Outlook for the TF1 group
Capitalizing on its successful strategy, the TF1 group confirms the following 2025 targets:
• Strong double-digit revenue growth in digital.
• Aiming for a growing dividend policy in the coming years.

The current phase of political and fiscal instability in France is undermining the confidence of economic actors
and resulting in a more challenging advertising market than expected (linear in particular) in October. First
indications for November are also below expectations.

Given this context, and with limited visibility until the end of the year, the TF1 group has adjusted its 2025
guidance for margin from activities to a level between 10.5% and 11.5% (versus a broadly stable margin
compared with 2024, when it stood at 12.6%).




1 Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid.
2
La Poste Telecom’s full-year sales billed to customers in 2024: €320 million.




4/21
DETAILED ANALYSIS BY SECTOR OF ACTIVITY
CONSTRUCTION BUSINESSES
At end-September 2025, the backlog in the construction businesses (Colas, Bouygues Construction and
Bouygues Immobilier) was at a very high level of €32.1 billion, up 1% year-on-year1, providing good visibility on
future activity.

The backlog was up in Europe2 excluding France (up 14% year-on-year), stable year-on-year in France, and down
in the international excluding Europe geography (down 6% year-on-year).

• The backlog at Colas totalled €14.2 billion, rising by around €1.4 billion or 11% year-on-year (up 12% at
constant exchange rates and excluding principal disposals and acquisitions). The Roads backlog rose 2%
year-on-year (down 3% in France and up 4% internationally). The Rail backlog was up 31% year-on-year.
The share of backlog at end-September 2025 to be executed within 15 months, increased by around
€400 million versus end-September 2024.

Colas recorded an order intake of €10.8 billion in the first nine months of 2025. The order intake
increased slightly year-on-year in Roads, driven by international, with in third-quarter 2025, significant
order intake in the United States, Canada and Morocco. Nine-month 2025 order intake was down slightly
year-on-year in mainland France, as expected. In Rail, the order intake increased strongly year-on-year,
notably following the signature of a major contract in the United Kingdom during the third quarter.

• Bouygues Construction’s backlog stood at €17.2 billion at end-September 2025, down by around
€700 million, or down 4% year-on-year (down 3% at constant exchange rates and excluding principal
disposals and acquisitions). It was driven mainly by France Building and International Building, where
backlogs increased by 12% and 1% respectively year-on-year. The backlog at Civil Works decreased by
14% year-on-year.
The share of backlog at end-September 2025 to be executed within 15 months, decreased by around
€200 million versus end-September 2024. The change in Bouygues Construction’s backlog is not
representative, given fluctuations in the award of very large contracts. Several major contracts are
expected to be awarded by mid-2026, which will help sustain the backlog.

Bouygues Construction’s order intake was €6.8 billion in the first nine months of 2025, with a large part
coming from the normal course of business (contracts of less than €100 million), representing 72% of
total order intake in the period. In addition, Bouygues Construction signed several contracts worth over
€100 million in first nine months of 2025, including three in the third quarter.

• Bouygues Immobilier continues to face a still challenging market environment. Residential property
reservations were slightly over €900 million. Unit reservations rose in value terms and were stable in
volume3. Block reservations declined in value and volume. The mix for 2025 is different from that for
2024. The sell-off and cancellation rates both improved significantly year-on-year. Commercial property
activity remains at a very low level. The backlog was €723 million, down by around €280 million or down
28% year-on-year. The decrease of around €70 million in the backlog since end-June 2025 is mainly
related to the deconsolidation of activities in Poland in July 2025 for around €40 million.


1 Up 2% at constant exchange rates and excluding principal disposals and acquisitions.
2 Includes the United Kingdom.
3
Excludes reservations in Poland.




5/21
The construction businesses reported sales of €20.6 billion in the first nine months of 2025, up 2% year-on-
year1.

• Sales at Colas were up slightly by 1% year-on-year2. Rail (up 12% year-on-year) benefited from business
momentum in Egypt, France and Germany, while Roads was stable year-on-year, with France up 2%, the
EMEA (Europe, Middle East, Africa) region up 2%, North America down 5% and APAC (Asia-Pacific) up
19%.

• Bouygues Construction’s sales rose 4% year-on-year3, driven by its three core businesses – Civil Works
(up 5% year-on-year), France Building (up 4% year-on-year) and International Building (up 6% year-on-
year).

• Sales at Bouygues Immobilier decreased 6%4 versus the first nine months of 2024, with sales from
Residential property restated for the disposal of activities in Poland down by 4% year-on-year.

In the first nine months of 2025, current operating profit from activities (COPA) in the construction businesses
was €591 million, up €115 million year-on-year, reflecting increased profits across all three business segments.
COPA margin in the construction businesses improved by 0.5 points year-on-year to 2.9%.

• At Colas, COPA was €317 million, up €11 million year-on-year. Its margin from activities was 2.7%, up
slightly by 0.1 points year-on-year.

• Bouygues Construction’s COPA increased €45 million to €264 million in first nine months of 2025. Its
margin from activities was 3.3%, improving by 0.4 points year-on-year.

• Bouygues Immobilier’s COPA was €10 million, versus a current operating loss from activities of
€49 million in first nine months of 2024. COPA included some one-off items, representing a positive
global amount of €27 million, in particular the disposal of activities in Poland.

EQUANS
The backlog at Equans at end-September 2025 was €25.8 billion, stable year-on-year5. Its order intake in the first
nine months of 2025 was a high €13.9 billion. Order intake relating to contracts worth less than €5 million (which
represents over two-thirds of total order intake) increased year-on-year. By contrast, order intake relating to
contracts worth over €5 million was down year-on-year, underscoring the wait-and-see attitude perceptible in
segments such as data centres in Europe and the gigafactories market. The underlying margin of the order intake
continues improving steadily.

Equans posted sales of €13.8 billion in the first nine months of 2025, down 2% year-on-year (down 2% like-for-
like and at constant exchange rates). It continues its selective approach to contracts strategy and to divest non-
strategic activities, in particular the New Build business (building of new homes, notably social housing) in the
United Kingdom. The temporary slowdown in activity was also related to the wait-and-see stance mentioned
above.


1 Up 3% like-for-like and at constant exchange rates.
2 Up 2% like-for-like and at constant exchange rates.
3 Up 5% like-for-like and at constant exchange rates.

4 Excluding the share of co-promotions; down 1% like-for-like and at constant exchange rates.

5
Stable at constant exchange rates and excluding principal disposals and acquisitions.




6/21
COPA at Equans was €565 million in first nine months of 2025, rising sharply by €91 million year-on-year. The
margin from activities was 4.1%, an increase of 0.7 points year-on-year, demonstrating the continued successful
execution of the Perform plan.

In third-quarter 2025, Equans completed four acquisitions, in Germany, Austria, Italy and North America. They
represent cumulative sales of around €180 million on a full-year basis.

BOUYGUES TELECOM
Bouygues Telecom maintained a robust commercial performance in Fixed, still benefiting from the good
momentum from the B.iG and B&YOU Pure Fibre offers, launched in late 2024, which translated into improved
customer satisfaction and churn. The promising launch of Fixed offers by La Poste Telecom in September also
made a positive contribution.

At end-September 2025, FTTH customers totalled 4.6 million after 371,000 new customers were added in the
first nine months of 2025, of which 128,000 in the third quarter. The total Fixed customer base was 5.3 million,
equating to an additional 184,000 in first nine months of 2025, of which an increase of 79,000 in the third
quarter. The share of Fixed customers subscribing to a FTTH line continued to increase, reaching 85% versus 79%
one year earlier. Bouygues Telecom continued extending its geographical reach across France, achieving its
target of 40 million FTTH premises marketed one year ahead of schedule. In the third quarter, Fixed ABPU
increased by €0.2 year-on-year to €33.4 per customer per month.

Bouygues Telecom reported a good commercial performance in Mobile, in a mature market that remains
competitive. The initial benefits of its new strategy with B.iG continued to feed through into customer
satisfaction, churn and the number of convergent customers. Mobile plan customers excluding MtoM totalled
18.5 million as 231,000 were added in the first nine months of 2025, of which 125,000 in the third quarter.
In third-quarter 2025, Mobile ABPU including La Poste Telecom was €17.3 per customer per month1, in a still
competitive market in the low-end segment, with low prices for new customers, and factored in the dilutive
effect of La Poste Telecom as expected.

Sales billed to customers reached €4.9 billion, up 5% versus the first nine months of 2024, driven by La Poste
Telecom. They were broadly stable excluding La Poste Telecom, with the positive contribution from Fixed being
offset by 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 4% year-on-year) and Other sales (up 3% year-on-year), which mainly consist
of Handset, Accessories and Built-to-suit sales.

EBITDA after Leases came to €1.5 billion in the first nine months of 2025, stable year-on-year, and included – as
expected – a modest 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 31.3%, a decrease of 1.2 points year-on-year.

Bouygues Telecom’s COPA was €509 million, down €94 million year-on-year, resulting from the increase in
depreciation and amortisation in line with the gross capex pathway. Current operating profit amounted to
€483 million and included €26 million of PPA amortisation. Operating profit was €472 million and included a net
non-current charge of €11 million.



1
Mobile ABPU excluding La Poste Telecom was €18.4 per customer per month, down €1.2 year-on-year.




7/21
Gross capital expenditure excluding frequencies amounted to €1 billion at end-September 2025.

TF1
TF1 group’s viewing figures gained ground across all targets in the first nine months of 2025, with audience
shares of 33.8% in the WPDM 501 category and of 30.7% among individuals aged 25-49.
Sales at the TF1 group were €1.6 billion in first nine months of 2025, stable year-on-year.
• Media sales declined by 1% year-on-year, with advertising revenues down 2% year-on-year. TF1+
maintained its strong growth momentum (up 41% year-on-year), confirming the platform’s appeal for
advertisers.
• Sales at Studio TF1 (formerly Newen Studios) were €213 million in first nine months of 2025, up 11%
year-on-year, including a €25 million contribution form Johnson Production Group (JPG), versus
€8 million in the same period last year2.

TF1’s COPA was €191 million, down slightly by €7 million year-on-year. As previously announced, COPA in the
third quarter of 2024 included a €27 million capital gain from the sale of the Ushuaïa brand. During the third
quarter of 2025, TF1 finalised the sales of My Little Paris and PlayTwo, thereby generating a capital gain of
€17 million. Stripping out these items, COPA at end-September 2025 was up €3 million year-on-year.

COPA incorporates a cost of programmes amounting to €662 million. The slight decrease of €9 million versus
the first nine months of 2024, notably reflects the base effect related to the EURO 2024 soccer tournament. The
margin from activities was 11.9%, a decrease of 0.5 points year-on-year.

FINANCIAL SITUATION
At €14.4 billion, the Group maintained a very high level of liquidity, which comprised €3.1 billion in cash and
equivalents, supplemented by €11.3 billion in undrawn medium- and long-term credit facilities.

Net debt at end-September 2025 was €7.6 billion, versus €6.1 billion at end-December 2024 and €8.5 billion
at end-September 2024. This represents an improvement of €856 million year-on-year and includes net
acquisitions of close to €1.1 billion over the year, especially the acquisition of La Poste Telecom.

The change in working capital requirements and other was a negative €1.9 billion in the first nine months of
2025.

Net gearing3 was 53%, an improvement versus end-September 2024 (61%).

At end-September 2025, the average maturity of the Group’s bonds was 6.6 years, and the average coupon was
3.01% (average effective rate of 2.25%). The debt maturity schedule is well spread over time, and the next bond
redemption will be in October 2026.

On 12 September 2025, Standard and Poor’s upgraded the outlook associated with 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.



1 Women under 50 who are purchasing decision-makers.
2 As a reminder, JPG has been consolidated in Studio TF1's financial statements since the third quarter of 2024.
3
Net debt/shareholders’ equity.




8/21
SIGNIFICANT EVENTS
Colas

On 5 August, Colas Inc., the US subsidiary of Colas, announced the signing of a preliminary agreement to acquire
100% of the shares in Suit-Kote, currently held by the Suits family, who founded the company in 1921, for an
amount exceeding USD450 million.
Suit-Kote specialises in the distribution of liquid asphalt, in the manufacture of emulsion mixes, and in road
construction and pavement preservation across multiple states in north-eastern United States. With over
750 employees, Suit-Kote generates approximately USD500 million in sales annually.
The planned acquisition is under review by the US antitrust authority.

Bouygues Construction

On 4th November 2025, the UK government announced that it had reached financial close relating to the two
EPRs (European Pressurised Reactors) for the Sizewell C nuclear power station, in United Kingdom.
Sizewell C had previously announced on 30th June 2025 the formation of an Alliance, the Civil Works Alliance,
with Bouygues Construction, Laing O’Rourke and Balfour Beatty to deliver the main civil works for the new power
station.
The Civil Works Alliance (CWA), of which Bouygues Construction is a member through its subsidiary Bouygues
Travaux Publics alongside other delivery partners, will be responsible for:
• Enabling works and earthworks.
• Marine and tunnelling works, including three 3km tunnels.
• Main civil engineering works, including the nuclear island, conventional island and pumping stations for
each of the two units.
• Ancillary buildings, roads and permanent networks.
The scope of works will be carried out through the delivery of a series of 40 work orders which will be
progressively agreed between the client and the CWA. In this context, Bouygues Construction will book the
related orders as they are instructed, from the fourth quarter 2025. It is estimated that the share of Bouygues
Construction’s involvement in the construction of Sizewell C will be worth around £3 billion (€3.3 billion).

Bouygues Telecom

On 30 July 2025, Bouygues Telecom and SFR announced that they had entered into exclusive negotiations with
Phoenix Tower International with a view to selling it 100% of the capital and voting rights in Infracos, a joint
venture created in 2014 by Bouygues Telecom and SFR within the scope of the so-called “Crozon” agreements
for the roll-out and operation of shared mobile telecoms sites in the less dense areas of France. Bouygues
Telecom and SFR each own 50% of Infracos. This divestment should have a positive impact of between
€300 million and €350 million on the Group’s net debt. The transaction requires consultation with employee
representative bodies, and is expected to be completed by the end of 2025 subject to the necessary
administrative clearances from the competition authorities, Arcep (the French telecoms regulator) and the
French minister in charge of foreign investments. These assets have not been classified under “Held-for-sale
assets and operations” because they are not available for sale in their current state.

On 14 October 2025, Bouygues Telecom, Free-iliad Group and Orange announced that they had submitted a
joint non-binding offer to acquire a large part of the telecommunications activities of the Altice group in France)1.
It covered most of SFR’s assets, but excluded, in particular, stakes in Intelcia, UltraEdge, XP Fibre and Altice

1
See press release dated 14 October 2025.




9/21
Technical Services, as well as the Altice group’s activities in French overseas departments and regions. This offer
corresponded to a total enterprise value of €17 billion for the Altice group assets concerned in France, giving an
indicative implied enterprise value for the whole of Altice France of more than €21 billion. On 15 October 2025,
Bouygues Telecom, Free-iliad Group and Orange took note of the Altice group’s decision to reject their joint
non-binding offer, submitted on 14 October. Bouygues Telecom, Free-iliad Group and Orange have maintained
their offer and wish to engage in constructive dialogue with the Altice group and its shareholders in order to
assess how this project could progress going forward1.




FINANCIAL CALENDAR
26 February 2026: Full-year 2025 results (7.30am CET)




1
See press release dated 15 October 2025.




10/21
The financial statements have been subject to a limited review by the statutory auditors and
the corresponding report has been issued.
You can find the full financial statements and notes to the financial statements on
www.bouygues.com/results.

The results presentation conference call for analysts will start at 9.00am (CET) on 5 November 2025.
Details on how to connect are available on www.bouygues.com.
The results presentation will be available before the conference call starts
on www.bouygues.com/results.



ABOUT BOUYGUES
Bouygues is a diversified services group operating in over 80 countries with 200,000 employees all working to
make life better every day. Its business activities in construction (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:
investors@bouygues.com • Tel.: +33 (0)1 44 20 11 01

PRESS CONTACT:
presse@bouygues.com • Tel.: +33 (0)1 44 20 12 01


BOUYGUES SA • 32 avenue Hoche • 75378 Paris Cedex 08 • bouygues.com




11/21
NINE-MONTH 2025 BUSINESS ACTIVITY

BACKLOG IN THE CONSTRUCTION BUSINESSES

(€ million) End-Sept 2025 End-Sept 2024 Change
Colas a
14,198 12,827 +11%
Bouygues Construction b
17,198 17,924 -4%
Bouygues Immobilier c
723 1,005 -28%
d
Total 32,119 31,756 +1%
(a) Up 12% at constant exchange rates and excluding principal disposals and acquisitions.
(b) Down 3% at constant exchange rates and excluding principal disposals and acquisitions.
(c) Down 24% at constant exchange rates and excluding principal disposals and acquisitions.
(d) Up 2% at constant exchange rates and excluding principal disposals and acquisitions.


COLAS BACKLOG
(€ million) End-Sept 2025 End-Sept 2024 Change
Mainland France 3,457 3,631 -5%
International and French overseas territories 10,741 9,196 +17%
Total 14,198 12,827 +11%

BOUYGUES CONSTRUCTION ORDER INTAKE

(€ million) 9M 2025 9M 2024 Change
France 2,924 3,011 -3%
International 3,850 7,054 -45%
Total 6,774 10,065 -33%

BOUYGUES IMMOBILIER RESERVATIONS
(€ million) 9M 2025 9M 2024 Change
Residential property 912 1,024 -11%
Commercial property 38 7 nm
Total 950 1,031 -8%




12/21
EQUANS BACKLOG

(€ million) End-Sept 2025 End-Sept 2024 Change
France 8,490 8,504 0%
International 17,265 17,274 0%
a
Total 25,755 25,778 0%
(a) Stable at constant exchange rates and excluding principal disposals and acquisitions.


BOUYGUES TELECOM CUSTOMER BASE
(‘000) End-Sept 2025 End-Dec 2024 Change
Mobile customer base excl. MtoM 18,566 18,433 +133
Mobile plan base excl. MtoM 18,506 18,276 +231
Total mobile customers 27,031 26,810 +221
FTTH customers 4,554 4,182 +371
Total fixed customers 5,348 5,165 +184

TF1 AUDIENCE SHARE a
(%) End-Sept 2025 End-Sept 2024 Change
Total 33.8% 33.0% +0.8 pts
(a) Source Médiamétrie – Women under 50 who are purchasing decision-makers.




13/21
NINE-MONTH 2025 FINANCIAL PERFORMANCE
GROUP CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) 9M 2025 9M 2024 Change
Sales a
41,857 41,492 +0.9%
Current operating profit/(loss) from activities 1,814 1,719 +95
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) ᵇ (77) (68) -9
Current operating profit/(loss) 1,737 1,651 +86
c d
Other operating income and expenses (151) (177) +26
Operating profit/(loss) 1,586 1,474 +112
e
Cost of net debt (175) (150) -25
Interest expense on lease obligations (90) (77) -13
Other financial income and expenses e
(40) (60) +20
Income tax (514) (392) -122
Share of net profits/(losses) of joint ventures and associates (2) 5 -7
Net profit/(loss) from continuing operations 765 800 -35
Net profit/(loss) attributable to non-controlling interests (90) (113) +23
Net profit/(loss) attributable to the Group including exceptional
income tax surcharge for large companies in France 675 687 -12
Exceptional income tax surcharge for large companies in France (60) 0 -60
Net profit/(loss) attributable to the Group excluding
exceptional income tax surcharge for large companies in France 735 687 +48
(a) Up 0.8% like-for-like and at constant exchange rates.
(b) Purchase Price Allocation.
(c) Includes net non-current charges of €30m at Colas, of €28m at Bouygues Construction, of €45m at Equans, of €11m at Bouygues Telecom, of €7m at
TF1 and of €30m at Bouygues SA.
(d) Includes net non-current charges of €33m at Bouygues Construction, of €27m at Bouygues Immobilier, of €67m at Equans, of €14m at Bouygues
Telecom, of €19m at TF1 and of €17m at Bouygues SA.
(e) See note 2.2 to the consolidated financial statements.


GROUP SALES BY SECTOR OF ACTIVITY
Lfl &
(€ million) 9M 2025 9M 2024 Change Forex effect Scope effect constant fx ᶜ
Construction businesses ᵃ 20,599 20,187 +2% +1% 0% +3%
o/w Colas 11,929 11,794 +1% +1% -1% +2%
o/w Bouygues Construction 7,897 7,569 +4% +1% 0% +5%
o/w Bouygues Immobilier 904 963 -6% 0% +5% -1%
Equans 13,766 14,084 -2% 0% 0% -2%
Bouygues Telecom 5,937 5,714 +4% 0% -5% -1%
TF1 1,598 1,591 0% 0% 0% +1%
Bouygues SA and other 179 163 nm - - nm
Intra-Group eliminations ᵇ (353) (386) nm - - nm
Group sales 41,857 41,492 +1% +1% -1% +1%
o/w France 20,614 20,099 +3% 0% -1% +1%
o/w international 21,243 21,393 -1% +1% 0% 0%
(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.




14/21
CALCULATION OF GROUP EBITDA AFTER LEASES a
(€ million) 9M 2025 9M 2024 Change
Group current operating profit/(loss) from activities 1,814 1,719 +95
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) (77) (68) -9
Interest expense on lease obligations (90) (77) -13
Net charges for depreciation, amortisation and impairment
losses on property, plant and equipment and intangible assets 1,809 1,667 +142
Charges to provisions and other impairment losses,
net of reversals due to utilisation 214 52 +162
Reversals of unutilised provisions and impairment losses and
other (185) (220) +35
Group EBITDA after Leases 3,485 3,073 +412
(a) See glossary for definitions.




CONTRIBUTION TO GROUP EBITDA AFTER LEASES a BY SECTOR OF ACTIVITY
(€ million) 9M 2025 9M 2024 Change
Construction businesses 829 638 +191
o/w Colas 520 495 +25
o/w Bouygues Construction 289 181 +108
o/w Bouygues Immobilier 20 (38) +58
Equans 739 555 +184
Bouygues Telecom 1,505 1,506 -1
TF1 425 402 +23
Bouygues SA and other (13) (28) +15
Group EBITDA after Leases 3,485 3,073 +412
(a) See glossary for definitions.




CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) a BY SECTOR OF
ACTIVITY
(€ million) 9M 2025 9M 2024 Change
Construction businesses 591 476 +115
o/w Colas 317 306 +11
o/w Bouygues Construction 264 219 +45
o/w Bouygues Immobilier 10 (49) +59
Equans 565 474 +91
Bouygues Telecom 509 603 -94
TF1 191 198 -7
Bouygues SA and other (42) (32) -10
Group current operating profit/(loss) from activities 1,814 1,719 +95
(a) See glossary for definitions.




15/21
RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT
OPERATING PROFIT (COP) FOR THE FIRST NINE MONTHS OF 2025
(€ million) COPA PPA amortisation ᵃ COP
Construction businesses 591 -7 584
o/w Colas 317 -5 312
o/w Bouygues Construction 264 -2 262
o/w Bouygues Immobilier 10 0 10
Equans 565 0 565
Bouygues Telecom 509 -26 483
TF1 191 -9 182
Bouygues SA and other (42) -35 (77)
Total 1,814 -77 1,737
(a) Amortisation and impairment of intangible assets recognised in acquisitions.




RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT
OPERATING PROFIT (COP) FOR THE FIRST NINE MONTHS OF 2024
(€ million) COPA PPA amortisation ᵃ COP
Construction businesses 476 -8 468
o/w Colas 306 -6 300
o/w Bouygues Construction 219 -2 217
o/w Bouygues Immobilier (49) 0 (49)
Equans 474 0 474
Bouygues Telecom 603 -18 585
TF1 198 -2 196
Bouygues SA and other (32) -40 (72)
Total 1,719 -68 1,651
(a) Amortisation and impairment of intangible assets recognised in acquisitions.




CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT (COP) BY SECTOR OF ACTIVITY
(€ million) 9M 2025 9M 2024 Change
Construction businesses 584 468 +116
o/w Colas 312 300 +12
o/w Bouygues Construction 262 217 +45
o/w Bouygues Immobilier 10 (49) +59
Equans 565 474 +91
Bouygues Telecom 483 585 -102
TF1 182 196 -14
Bouygues SA and other (77) (72) -5
Group current operating profit/(loss) 1,737 1,651 +86




16/21
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY
(€ million) 9M 2025 9M 2024 Change
Construction businesses 526 408 +118
o/w Colas 282 300 -18
o/w Bouygues Construction 234 184 +50
o/w Bouygues Immobilier 10 (76) +86
Equans 520 407 +113
Bouygues Telecom 472 571 -99
TF1 175 178 -2
Bouygues SA and other (107) (90) -18
Group operating profit/(loss) a b
1,586 1,474 +112
(a) Includes net non-current charges of €30m at Colas, of €28m at Bouygues Construction, of €45m at Equans, of €11m at Bouygues Telecom, of €7m at
TF1 and of €30m at Bouygues SA.
(b) Includes net non-current charges of €33m at Bouygues Construction, of €27m at Bouygues Immobilier, of €67m at Equans, of €14m at Bouygues
Telecom, of €19m at TF1 and of €17m at Bouygues SA.




CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY
(€ million) 9M 2025 9M 2024 Change
Construction businesses 294 235 +59
o/w Colas 119 154 -35
o/w Bouygues Construction 190 157 +33
o/w Bouygues Immobilier (15) (76) +61
Equans 375 303 +72
Bouygues Telecom 137 263 -126
TF1 57 67 -10
Bouygues SA and other (188) (181) -7
Net profit/(loss) attributable to the Group 675 687 -12


NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT
(€ million) End-Sept 2025 End-Dec 2024 Change
Colas 22 965 -943
Bouygues Construction 3,671 4,033 -362
Bouygues Immobilier (464) (384) -80
Equans 1,668 1,517 +151
Bouygues Telecom (4,462) (3,800) -662
TF1 465 506 -41
Bouygues SA and other (8,518) (8,903) +385
Net surplus cash (+)/net debt (-) (7,618) (6,066) -1,552
Current and non-current lease obligations (3,106) (3,110) +4




17/21
CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY
(€ million) 9M 2025 9M 2024 Change
Construction businesses 152 215 -63
o/w Colas 115 130 -15
o/w Bouygues Construction 37 84 -47
o/w Bouygues Immobilier 0 1 -1
Equans 105 115 -10
Bouygues Telecom 998 1,079 -81
TF1 237 183 +54
Bouygues SA and other 8 3 +5
Group net capital expenditure – excluding frequencies 1,500 1,595 -95
Frequencies 0 6 -6
Group net capital expenditure – including frequencies 1,500 1,601 -101


CONTRIBUTION TO GROUP FREE CASH FLOW a BY SECTOR OF ACTIVITY
(€ million) 9M 2025 9M 2024 Change
Construction businesses 497 290 +207
o/w Colas 256 184 +72
o/w Bouygues Construction 287 181 +106
o/w Bouygues Immobilier (46) (75) +29
Equans 437 363 +74
Bouygues Telecom 309 245 +64
TF1 85 109 -24
Bouygues SA and other (146) (82) -64
Group free cash flow ᵃ – excluding frequencies 1,182 925 +257
Frequencies 0 (6) +6
Group free cash flow ᵃ – including frequencies 1,182 919 +263
(a) See glossary for definitions.




18/21
GLOSSARY

ABPU (Average Billing Per User):
• In the mobile segment, it is equal to the total of mobile sales billed to customers (BtoC and BtoB) divided by
the average number of customers over the period. It excludes MtoM SIM cards and free SIM cards.
• In the fixed segment, it is equal to the total of fixed sales billed to customers (excluding BtoB) divided by the
average number of customers over the period.

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:
• Colas, Bouygues Construction, Equans: the amount of work still to be done on projects for which a firm order
has been taken, i.e. the contract has been signed and has taken effect (after notice to proceed has been
issued and suspensory clauses have been lifted).
• Bouygues Immobilier: sales outstanding from notarised sales.
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:
• At constant exchange rates: change after translating foreign-currency sales for the current period at the
exchange rates for the comparative period.
• On a like-for-like basis: change in sales for the periods compared, adjusted as follows:
▪ For acquisitions, by deducting from the current period those sales of the acquired entity that have no
equivalent during the comparative period.
▪ For divestments, by deducting from the comparative period those sales of the divested entity that have
no equivalent during the current period.

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 businesses: 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.

EBITDA margin after Leases (Bouygues Telecom): EBITDA after Leases as a proportion of sales from services.
Energies & services: Equans.




19/21
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 7
to the consolidated financial statements at 30 September 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.
• Residential properties: the sum of the value of unit and block reservation contracts signed by customers and
approved by Bouygues Immobilier, minus registered cancellations.
• Commercial properties: these are registered as reservations on notarised sale.
For co-promotion companies:
• If Bouygues Immobilier has exclusive control over the co-promotion company (full consolidation), 100% of
amounts are included in reservations.
• If joint control is exercised (the company is accounted for by the equity method), commercial activity is
recorded according to the amount of the equity interest in the co-promotion company.




20/21
Sales from services (Bouygues Telecom) comprise:
• Sales billed to customers, which include:
▪ In Mobile:
- For BtoC customers: sales from outgoing call charges (voice, texts and data), connection fees, and
value-added services.
- For BtoB customers: sales from outgoing call charges (voice, texts and data), connection fees, and
value-added services, plus sales from business services.
- Machine-To-Machine (MtoM) sales.
- Visitor roaming sales.
- Sales generated with Mobile Virtual Network Operators (MVNOs).
▪ In Fixed:
- For BtoC customers: sales from outgoing call charges, fixed broadband services, TV services (including
Video on Demand and catch-up TV), and connection fees and equipment hire.
- For BtoB customers: sales from outgoing call charges, fixed broadband services, TV services (including
Video on Demand and catch-up TV), and connection fees and equipment hire, plus sales from business
services.
- Sales from bulk sales to other fixed line operators.
• Sales from incoming Voice and Texts.
• Spreading of handset subsidies over the projected life of the customer account, required to comply with
IFRS 15.
• Capitalisation of connection fee sales, which is then spread over the projected life of the customer account.

Other sales (Bouygues Telecom): difference between Bouygues Telecom’s total sales and sales from services.
It comprises:
• Sales from handsets, accessories and other.
• Roaming sales.
• Non-telecom services (construction of sites or installation of FTTH lines).
• Co-financing of advertising.

Wholesale: wholesale market for telecoms operators.




21/21