Bouygues improves its net profit despite the exceptional contribution from large companies

The parent company of Equans, Colas, Bouygues Telecom and TF1 achieved a net profit of 1,1 billion euros in 2025, up 7,6%.

Bouygues estimates the impact on its profit of the exceptional contribution to the restoration of public finances at €69 million. At the same time, the group improved its current operating income from activities, a profitability indicator, by 4,7% to €2,7 billion.

The group's CEO, Olivier Roussat, hailed the results on Thursday during a press conference as "extremely solid with record free cash flow".

Revenue, however, which remained stable at 56,9 billion euros (+0,2%), was affected "this year by a currency effect which occurred mainly in the second half of the year", he noted.

Bouygues plans to pay its shareholders a dividend of 2,10 euros (+5%) per share, subject to a favorable vote at the general meeting on April 23.

Its construction division (Colas, Bouygues Construction, Bouygues Immobilier) had a "very high level of 32 billion euros in orders at the end of December, offering visibility on future activity", although down slightly by 1% year-on-year.

It is "up in Europe excluding France (+2% year-on-year), stable in France year-on-year, and down internationally excluding Europe (-4% year-on-year)".

Colas notably recorded a "sharp year-on-year increase" in rail orders, including significant contracts in the United Kingdom, Morocco, France and Northern Europe.

But for the road, the prospect of the municipal elections in March 2026 in France has slowed down decision-making, and the taking of orders there is declining.

"It is not because rail is developing that road transport is declining," commented Olivier Roussat, referring to "promising topics in the long term."

SFR acquisition

Bouygues says it is aiming for stable revenue at constant exchange rates in 2026, compared to an increase of 1,3% in 2025. Exchange rate impacts were significant over the past year, at -580 million euros, "almost entirely concentrated in the second half".

The group also said, as it had a month earlier at the end of January, that "no agreement to date" has been reached in the discussions for the potential purchase of SFR from Altice by the consortium made up of the three other French telecom operators, Bouygues Telecom, Free-Groupe Iliad and Orange.

A due diligence process was initiated at SFR in January. It is intended to "provide a basis for discussion with the potential seller in order to agree on the terms of acquisition and a transaction amount," explained Olivier Roussat.

"For the first time, we really have someone who wants to leave the sector and therefore there is an operator for sale," he added.

Bouygues Telecom, however, remained cautious. "There is no certainty that this process will lead to an agreement," the operator stressed.

The Bouygues group also intends to maintain its current operating income from activities (Roca) at a "historically high level in 2026, after several years of significant improvement".

The improvement in Equans' Roca will compensate for the expected decline in TF1's Roca related to anticipated tensions in the linear advertising market, and in Bouygues Telecom's Roca related to the expected increase in depreciation," explains the group, which employs approximately 200.000 people in 80 countries.