Bouygues Sa Stock Earnings Reports

Q1 2026 highlights: Group sales were EUR 12.2bn (down 3.2% YoY; like‑for‑like and constant FX down ~1.6%). Group COPA was resilient at EUR 77m (+EUR 8m YoY). Net result attributable to the group was a loss of EUR 94m but improved EUR 62m YoY; results were impacted by an exceptional corporate tax surcharge. Net debt materially improved to EUR 5.1bn (down >EUR 2bn YoY) and liquidity remains strong (EUR 17.1bn headroom). Backlogs are high across Construction (EUR 32.2bn) and Equans (EUR 26.1bn), providing visibility on future work. Segment highlights: Equans delivered a strong COPA contribution (EUR 205m; 4.8% margin) and confirmed 2026 targets (stable sales at constant FX, 5% margin from activities, 80–100% cash conversion before WCR). Construction backlog remains elevated (Bouygues Construction EUR 17.2bn; Colas EUR 14.3bn) despite some expected election- and project-timing effects; order intake included several noteworthy wins (e.g., Somme Canal Aqueduct, early phase of East Link Sweden). Bouygues Telecom showed solid commercial momentum (fixed customers 5.5m; FTTH growth to 4.8m), billed sales stable, EBITDA after leases EUR 415m; targets confirmed for 2026 (sales and EBITDA close to 2025, gross CapEx ~EUR 1.3bn, FCF before WCR ~EUR 600m excl. one-offs). TF1 revenue declined but digital audience and streaming usage grew; TF1 objectives for digital growth and a mid–high single‑digit COPA margin were reiterated. Management confirmed the Group outlook for 2026 (stable sales at constant FX; COPA maintained at a high level) and said negotiations on the potential telecom transaction (consortium/SFR) are active but complex. Management remains vigilant on macro/geopolitical risks (energy, inflation, Middle East) but sees no material Q1 impact on the outlook.