Bouygues announces a 66% increase in net profit for the first half of the year and confirms its outlook for 2026

Bouygues reported improved results for the first half of 2026, driven in particular by the improved profitability of Equans. The group, which operates in construction, energy and services, media, and telecommunications, also reduced its net financial debt by €2 billion year-on-year.

Net profit up by 114 million euros

Net income attributable to the group amounted to €287 million in the first six months of 2026, compared to €173 million a year earlier. This increase of €114 million represents a rise of 66%.

This result takes into account a charge of 35 million euros related to the exceptional contribution on the profits of large companies in France, compared to 47 million euros in the first half of 2025.

The current operating income from activities (ROCA), the main profitability indicator monitored by Bouygues, reached €829 million. It increased by €33 million year-on-year, while the operating margin rose from 3% to 3,2%.

The group's revenue amounted to €26,3 billion, down 2,2% compared to the first half of 2025. The decline was limited to 1,2% at constant scope and exchange rates.

On the Paris Stock Exchange, Bouygues shares rose 7,19% to 49,48 euros on a CAC 40 index up 0,59% around 7:20 GMT, with the market welcoming these results and the confirmation of the outlook.

Stable activity on a comparable basis in construction

The Construction division, which includes Colas, Bouygues Construction and Bouygues Immobilier, generated revenue of €12,4 billion in the first half of the year. This represents a 2% decrease as reported, but remained stable at constant scope and exchange rates.

Specifically, Bouygues Construction's revenue increased by 2% to €5,3 billion. Colas's revenue fell by 4% to €6,6 billion, while Bouygues Immobilier recorded a 19% decrease to €0,5 billion.

The operating profit of the Construction division reached €43 million, an improvement of €17 million year-on-year. Bouygues Construction contributed to this growth with an operating profit of €172 million, up €22 million, while Colas's remained negative at €115 million due to the seasonality of its activities.

The division's order book stood at €33,4 billion at the end of June 2026, up 1% year-on-year. Bouygues notes that first-half performance is not representative of the full year, primarily due to the seasonal nature of Colas's business.

Equans offsets the expected declines of TF1 and Bouygues Telecom

Equans, the energy and services subsidiary acquired from Engie in 2022, is the main driver of operational improvement. Its operating profit reached €460 million in the first half of the year, €96 million more than a year earlier, while its margin increased to 5,2%.

This development makes it possible to compensate for the expected decline in TF1's ROCA, penalized by tensions in the traditional television advertising market, as well as that of Bouygues Telecom, affected by the increase in depreciation following investments made in recent years.

Annual outlook maintained

For the full year 2026, Bouygues continues to target stable revenue at constant exchange rates. The group also expects to maintain its recurring operating income from activities at a historically high level, following several years of improvement.

The group nevertheless emphasizes the uncertainties surrounding the macroeconomic and geopolitical environment. It indicates that it remains particularly vigilant regarding the consequences of the conflict in the Middle East.

Net financial debt stood at €6,5 billion at the end of June 2026, compared to €8,5 billion a year earlier. This improvement of €2 billion reduced the net debt ratio from 62% to 46%.

The SFR takeover project remains uncertain.

Bouygues Telecom, Free-Groupe iliad and Orange signed a memorandum of understanding in June 2026 for the acquisition of SFR. The transaction remains subject to review by the Competition Authority.

Regarding the outcome of this project, Bouygues specifies that "at this stage, there is no certainty that this operation will be carried out".