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Nine-month 2025 results Paris | Wednesday 5 November 2025 Road construction in the Haines area, Alaska - Colaska
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Bouygues group nine-month 2025 results - 5 November 20252 RESULTS | 9M 2025 Disclaimer This presentation contains rounded figures, forward-looking information and statements about the Bouygues group and its businesses. Forward-looking statements may be identified by the use of words such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Forward-looking statements are statements that are not historical facts. They include, without limitation: financial projections, forecasts and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance of the Group. Although the Group’s senior management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group. These risks and uncertainties could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and undue reliance should not be placed on such statements. The following factors, among others set out in the Group’s Universal Registration Document (Document d’enregistrement universel) in the chapter headed Risk factors (Facteurs de risques), could cause actual results to differ materially from projections: unfavourable developments affecting the French and international telecommunications, media, construction and property markets; the costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; the impact of tax regulations and other current or future public regulations; exchange rate risks and other risks related to international activities; industrial and environmental risks; aggravated recession risks; compliance failure risks; brand or reputation risks; information systems risks; risks arising from current or future litigation. Except to the extent required by applicable law, the Bouygues group makes no undertaking to update or revise the projections, forecasts and other forward-looking statements contained in this presentation.
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Outlook Annexes and other 3 Contents Highlights and key figures Review of operations Financial statements 01 02 03 04 05 Bymaro, the Moroccan subsidiary of Bouygues Construction, is building the Mohammed VI International University Hospital in Rabat (Morocco) Bouygues group nine-month 2025 results - 5 November 2025
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4 01 | HIGHLIGHTS AND KEY FIGURES 9M 2025 Group highlights (a) Current operating profit from activities (COP before amortisation and impairment of intangible assets recognised in acquisiti ons (PPA)) (b) On 12 September 2025. As a reminder, Moody’s confirmed credit rating at A3 stable outlook on 5 June 2025 Bouygues group nine-month 2025 results - 5 November 2025 Group sales up 0.9% yoy ▪ Notably driven by the construction businesses ▪ Q3 Group sales stable yoy, given exchange rate effects which had an impact of around -€250m over the quarter STRONG 9M 2025 GROUP RESULTS The Group reiterates that the global macro-economic and geopolitical environment remains very uncertain Notable increase in Group COPA(a) yoy, driven by the construction businesses and Equans A particularly robust financial structure: • Net debt improved vs end-September 2024 • S&P confirmed credit rating at A-, with outlook revised from negative to stable (b) Net profit attributable to the Group up yoy (excluding the exceptional income tax surcharge for large companies in France which represents €60m) Oriel, a new eye care, research and education centre – Bouygues UK 2025 Group outlook ▪ Slight increase yoy in sales, excluding exchange rate effects ▪ Slight increase yoy in COPA
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5 01 | HIGHLIGHTS AND KEY FIGURES 9M 2025 Group key figures (a) Up 0.8% like-for-like and at constant exchange rates (b) Exceptional income tax surcharge for large companies in France (c) The Group’s income tax expense was €514m in 9M 2025 (vs €392m in 9M 2024). The effective tax rate for 9M 2025 was 40% (vs 33% in 9M 2024) Group sales (€bn) (a) Net profit attributable to the Group (€m) (c) Group COPA (€m) Group net debt (€m) (d) Bouygues group nine-month 2025 results - 5 November 2025 (d) Net debt at end-Dec 2024 was €6,066m (e) Includes mainly the acquisition of La Poste Telecom by Bouygues Telecom in November 2024 9M 2024 9M 2025 41.5 41.9 +0.9% +0.4 9M 2024 9M 2025 1,719 1,814 +95 687 735 675 9M 2024 9M 2025 (excl. except. contrib.) (b) -60 Except. contrib. (b) 9M 2025 -12 +48 End-Sept 2024 End-Sept 2025 (excl. net acq.) (e) (1,052) Net acquisitions (e) End-Sept 2025 (8,474) (6,566) (7,618) +856 +1,908
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Outlook Annexes and other 6 Contents Highlights and key figures Review of operations Financial statements 01 02 03 04 05 Bymaro, the Moroccan subsidiary of Bouygues Construction, is building the Mohammed VI International University Hospital in Rabat (Morocco) Bouygues group nine-month 2025 results - 5 November 2025
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Review of operations Bouygues group nine-month 2025 results - 5 November 20257 Road marking work on the N63 road in Ireland (Colas Ireland)
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02 | REVIEW OF OPERATIONS Backlog in the construction businesses at a very high level Viaduct for the future line C of the Toulouse metro, built by Bouygues Travaux Publics Bouygues group nine-month 2025 results - 5 November 2025 (a) Including the United Kingdom (b) Yoy Backlog in the construction businesses by geography (€bn) France Europe excl. France International excl. Europe (a) 9.5 8.6 9.5 End-Sept 2022 11.7 8.9 9.2 End-Sept 2023 13.4 8.4 10.0 End-Sept 2024 12.6 9.6 10.0 End-Sept 2025 27.5 29.8 31.8 32.1 +1% +14% (b) = (b) -6% (b)
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Bouygues group nine-month 2025 results - 5 November 20259 02 | REVIEW OF OPERATIONS Backlog in the construction businesses up by more than €0.3bn yoy (a) Up 2% at constant exchange rates and excluding principal disposals and acquisitions (b) Down 24% at constant exchange rates and excluding principal disposals and acquisitions (c) Up 12% at constant exchange rates and excluding principal disposals and acquisitions (d) Down 3% at constant exchange rates and excluding principal disposals and acquisitions 1.0 12.8 17.9 End-Sept 2024 0.7 14.2 17.2 End-Sept 2025 31.8 32.1 +1% Bouygues Construction Colas Bouygues Immobilier Backlog in the construction businesses (€bn) -28% +11% -4% (a) Backlog €14.2bn, +€1.4bn yoy Up 12% yoy at constant exchange rates Roads +2 yoy Rail +31% yoy Backlog €17.2bn, -€0.7bn yoy Down 3% yoy at constant exchange rates Backlog, €0.7bn, -€0.3bn yoy Down 28% yoy at constant exchange rates Decrease in backlog since June 2025 of ~€70m mainly due to the deconsolidation of activities in Poland in July 2025 for ~€40m Civil Works -14% yoy France Building +12% yoy International Building +1% yoy Share of backlog at end-September 2025 to be executed within 15 months increased by ~€400m vs end-September 2024 Share of backlog at end-September 2025 to be executed within 15 months, down ~€200m vs end-September 2024. Additional significant contracts expected by mid-2026 o/w -3% in France +4% internationally (b) (c) (d)
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Bouygues group nine-month 2025 results - 5 November 202510 02 | REVIEW OF OPERATIONS Strong commercial activity in the construction businesses Order intake €10.8bn Order intake €6.8bn Residential reservations €0.9bn 9M order intake up slightly in Roads Slight decrease in Mainland France, as expected Up internationally, with significant order intake in the US, Canada and Morocco in Q3 9M order intake up strongly in Rail, especially internationally with significant order intake in the UK in Q3 Largely driven by the “normal course of business” (contracts < €100m) Several large contracts awarded in Q3 2025, notably in the UK and in Switzerland Yoy change in order intake at Bouygues Construction is not representative, given fluctuations in the award of large contracts. Additional significant contracts expected by mid -2026 Yoy improvement in Residential Unit reservations in value (stable in volume) (a), in a still challenging market environment. Block Reservations down yoy in value and volume. Different mix between 2025 and 2024. Strong improvement in sell-off rate and cancellation rate yoy Commercial property market still at a standstill (a) Excluding reservations in Poland
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Bouygues group nine-month 2025 results - 5 November 202511 02 | REVIEW OF OPERATIONS Nine-month sales in the construction businesses up 2% yoy (a) Total of the sales contributions after eliminations of intra -Group transactions (b) Up 3% like-for-like and at constant exchange rates (c) Up 2% like-for-like and at constant exchange rates (d) Up 5% like-for-like and at constant exchange rates (e) Down 1% like-for-like and at constant exchange rates Sales €11.9bn +2% yoy at constant exchange rates Roads Stable yoy o/w +2% in France +2% in EMEA -5% in North America +19% in Asia-Pacific Rail +12% yoy driven by Egypt, France and Germany Sales €7.9bn +5% yoy at constant exchange rates Sales €0.9bn -6% yoy at constant exchange rates 4% decrease in sales from Residential property yoy, restated for the disposal of activities in Poland Civil Works +5% yoy €m 9M 2025 9M 2024 Change Sales 20,599 20,187 +2% o/w Colas 11,929 11,794 +1% o/w Bouygues Construction 7,897 7,569 +4% o/w Bouygues Immobilier 904 963 -6% o/w France 8,677 8,415 +3% o/w international 11,922 11,772 +1% For information, Bouygues Immobilier includes share of co-promotion companies (a) (b) (c) (d) (e) Sales incl. share of co-promotions 966 1,066 -9% France Building +4% yoy International Building +6% yoy
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€m 9M 2025 9M 2024 Change Sales 20,599 20,187 +2% o/w Colas 11,929 11,794 +1% o/w Bouygues Construction 7,897 7,569 +4% o/w Bouygues Immobilier 904 963 -6% o/w France 8,677 8,415 +3% o/w international 11,922 11,772 +1% Current operating profit/(loss) from activities 591 476 +115 o/w Colas 317 306 +11 o/w Bouygues Construction 264 219 +45 o/w Bouygues Immobilier 10 (49) +59 Margin from activities 2.9% 2.4% +0.5 pts Current operating profit/(loss) 584 468 +116 Operating profit/(loss) 526 408 +118 Bouygues group nine-month 2025 results - 5 November 202512 02 | REVIEW OF OPERATIONS Nine-month COPA in the construction businesses up €115m yoy (a) Total of the sales contributions after eliminations of intra -Group transactions (b) Includes PPA amortisation of €5m at Colas, of €2m at Bouygues Construction in 9M 2025, and of €6m at Colas, and of €2m at Bouygues Construction in 9M 2024 (c) Includes net non-current charges of €30m at Colas and of €28m at Bouygues Construction in 9M 2025, and of €33m at Bouygues Construction and of €27m at Bouygues Immobilier in 9M 2024 COPA €317m +€11m yoy COPA up slightly yoy Margin from activities at 2.7% +0.1 pts yoy COPA €264m +€45m yoy COPA up strongly yoy Margin from activities at 3.3% +0.4 pts yoy COPA €10m +€59m yoy Includes some one-off items representing a global amount of +€27m, with the disposal of activities in Poland in particular (a) (b) (c) For information, Bouygues Immobilier includes share of co-promotion companies Sales incl. share of co-promotions 966 1,066 -9% COPA incl. share of co-promotions 13 (33) +46
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Review of operations Bouygues group nine-month 2025 results - 5 November 202513 Energy efficiency and smart buildings at Namur regional hospital (Belgium) by Equans
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14 02 | REVIEW OF OPERATIONS Nine-month key figures at Equans (a) Down 2% like-for-like and at constant exchange rates (b) Includes net non-current charges of €45m in 9M 2025 and of €67m in 9M 2024Recent M&A development Bouygues group nine-month 2025 results - 5 November 2025 (a) 4 bolt-on acquisitions secured in Q3 in Germany, Austria, Italy and North America, representing around €180m of full-year sales €m 9M 2025 9M 2024 Change Sales 13,766 14,084 -2% o/w France 4,716 4,696 0% o/w international 9,050 9,388 -4% Current operating profit/(loss) from activities 565 474 +91 Margin from activities 4.1% 3.4% +0.7 pts Current operating profit/(loss) 565 474 +91 Operating profit/(loss) 520 407 +113 (b) Sales -2% yoy Continued selective approach to contracts strategy Proactive ongoing exit from non-strategic activities, notably the New Build business in the UK Continued successful execution of the Perform plan Strong growth in COPA +€91m yoy Margin from activities at 4.1% +0.7 pts yoy Temporary slowdown in activity in relation to the wait-and-see stance in data centres and gigafactories High level of the order intake at €13.9bn ▪ Order intake in contracts < €5m up yoy, representing more than 2/3 of the total order intake ▪ Order intake in projects > €5m down yoy, reflecting wait-and-see stance in some areas of activity (o/w data centres in Europe and the gigafactories market) Backlog €25.8bn Stable yoy Continued gradual improvement in the order intake margin
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In 2025, Equans will continue to roll out its strategic Plan Bouygues group nine-month 2025 results - 5 November 202515 02 | REVIEW OF OPERATIONS Equans’ outlook (a) Current operating margin from activities (b) Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid Sales Margin from activities (a) A margin from activities close to 4.3% (Previously, Equans was targeting a margin from activities close to 4.2%) Cash A cash conversion rate (COPA-to-cash flow (b)) of between 80% and 100% before Working Capital Requirement (WCR) AS A REMINDER Equans aims to gradually catch up with the organic growth of sector peers and to achieve a margin from activities of 5% in 2027 Slight decrease versus 2024, at constant exchange rates, given: • Proactive exit from remaining non-strategic and non-performing activities • Temporary slowdown in some areas of activity (Previously, Equans was targeting sales close to the level of 2024, at constant exchange rates)
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Review of operations Bouygues group nine-month 2025 results - 5 November 202516 Launch of La Poste Mobile's range of Fixed offers
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Continuation of strategy that focuses on customer loyalty and convergence 17 02 | REVIEW OF OPERATIONS Robust commercial performance in Fixed (a) Fixed ABPU was €0.4 higher than in Q2 2025 +184,000 Fixed customers in 9M 2025, o/w +79,000 in Q3 2025 Continued good momentum driven by: ▪ B.iG and B&YOU Pure Fibre, with customer satisfaction improving and churn lowering ▪ Promising launch of the Fixed commercial offers of La Poste Telecom in September 2025 5.3 million Fixed customers at end-September 2025 Fixed customer base (millions of customers) and share of FTTH customers Fixed ABPU (€) €33.4 up €0.2 yoy (a) Bouygues group nine-month 2025 results - 5 November 2025 4.6 million FTTH customers at end-September 2025 +371,000 FTTH customers in 9M 2025, o/w +128,000 in Q3 2025 Target of 40 million FTTH premises marketed reached, more than one year ahead of schedule 48% Q3 2021 61% Q3 2022 71% Q3 2023 79% Q3 2024 85% Q3 2025 4.4 4.6 4.8 5.1 5.3 % FTTH Total 28.0 Q3 2021 29.0 Q3 2022 30.9 Q3 2023 33.2 Q3 2024 33.4 Q3 2025
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Enhanced customer loyalty and convergence driven by B.iG performance 18 02 | REVIEW OF OPERATIONS Good commercial performance in Mobile in a mature and still competitive market (a) Machine-to-Machine (b) Includes La Poste Telecom +231,000 Mobile plan customers in 9M 2025, o/w +125,000 in Q3 2025 Continued growth of convergent households and mobile lines per household 18.5 million Mobile plan customers excluding MtoM (a) at end-September 2025 Mobile plan customer base excl. MtoM (millions of customers) Mobile ABPU (€) €17.3 Bouygues group nine-month 2025 results - 5 November 2025 Ongoing positive effects of B.iG on customer satisfaction and churn Acquisition of La Poste Telecom in November 2024 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025(b) 14.6 15.1 15.4 15.8 18.5 19.4 Q3 2021 19.7 Q3 2022 19.8 Q3 2023 19.6 Q3 2024 17.3 Q3 2025(b) Dilutive effect of La Poste Telecom, as expected Prices still low for new customers on the low-end segment Mobile ABPU incl. La Poste Telecom at €17.3 and stable vs Q2 2025
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€m 9M 2025 9M 2024 Change Sales 5,937 5,714 +4% Sales from services 4,815 4,628 +4% o/w sales billed to customers 4,851 4,623 +5% Other sales 1,122 1,086 +3% EBITDA after Leases 1,505 1,506 -1 EBITDAaL/Sales from services 31.3% 32.5% -1.2 pts Current operating profit/(loss) from activities 509 603 -94 Current operating profit/(loss) 483 585 -102 Operating profit/(loss) 472 571 -99 Gross capital expenditure (1,036) (1,084) +48 Divestments 38 5 +33 19 02 | REVIEW OF OPERATIONS Nine-month key figures at Bouygues Telecom La Poste Telecom has been consolidated in Bouygues Telecom's financial statements since 1 November 2024 (a) Down 1% like-for-like and at constant exchange rates (b) Includes PPA amortisation of €26m in 9M 2025 and of €18m in 9M 2024 (c) Includes net non-current charges of €11m in 9M 2025 and of €14m in 9M 2024 (d) Excludes frequencies. Gross capex including frequencies: €1,036m in 9M 2025 and €1,090m in 9M 2024 A year-on-year decrease in COPA An increase in depreciation and amortisation, in line with the capital expenditure trajectory Sales billed to customers +5% yoy EBITDA after Leases is stable year-on-year, and includes a limited contribution from La Poste Telecom • Increase in sales billed to customers and ongoing efforts to control costs • Higher energy costs due to the end of very favourable hedging conditions at end-2024 EBITDA after Leases €1,505m COPA €509m Sales billed to customers excluding La Poste Telecom broadly stable year-on-year Bouygues group nine-month 2025 results - 5 November 2025 (a) (b) (c) (d)
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20 02 | REVIEW OF OPERATIONS 2025 outlook for Bouygues Telecom Sales billed to customers Gross capital expenditure EBITDA after Leases (a) La Poste Telecom’s full-year sales billed to customers were €320m in 2024 Broadly stable 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 Around €1.5bn (excluding frequencies), including expenditure related to the preparation for the migration of La Poste Telecom Mobile customers Sales billed to customers, including La Poste Telecom (a), will be higher than in 2024 Sales billed to customers (like-for-like, excluding La Poste Telecom) are expected to be 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 For 2025, Bouygues Telecom is aiming for: Bouygues group nine-month 2025 results - 5 November 2025
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Review of operations Bouygues group nine-month 2025 results - 5 November 202521 Montmartre, a major mini-series broadcast on TF1 in October 2025
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€m 9M 2025 9M 2024 Change Sales 1,598 1,591 0% o/w Media 1,386 1,399 -1% o/w Studio TF1 213 192 +11% Current operating profit/(loss) from activities 191 198 -7 Margin from activities 11.9% 12.4% -0.5 pts Current operating profit/(loss) 182 196 -14 Operating profit/(loss) 175 178 -2 22 02 | REVIEW OF OPERATIONS Nine-month key figures at the TF1 group (a) Up 1% like-for-like and at constant exchange rates (b) Previously Newen Studios (c) Includes PPA amortisation of €9m in 9M 2025 and of €2m in 9M 2024 (d) Includes net non-current charges of €7m in 9M 2025 and of €19m in 9M 2024 COST OF PROGRAMMES at €662m Reinforced audience leadership for the TF1 group Stable sales yoy COPA €191m slightly declining 33.8% for WPDM<50 (a) 30.7% for individuals aged between 25 and 49 Bouygues group nine-month 2025 results - 5 November 2025 (a) Women under 50 who are purchasing decision -makers (b) Start of JPG’s consolidation in Studio TF1’s accounts in Q3 2024 MARGIN FROM ACTIVITIES OF 11.9% (-0.5 points yoy) MEDIA -1% yoy • Ad revenue -2% yoy • Continued strong growth momentum for TF1+ (+41% yoy) STUDIO TF1 +11% yoy Includes a €25m contribution from JPG in 9M 2025(vs €8m in 2024) (b) (a) (b) (c) (d) Capital gain of €17m in relation to the disposal of My Little Paris and PlayTwo in Q3 2025 (vs a capital gain of €27m on the disposal of the Ushuaia brand licence in Q3 2024) Slight decrease yoy, due notably to the base effect related to the EURO 2024 football tournament
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For 2025, TF1 group is aiming for: Bouygues group nine-month 2025 results - 5 November 202523 02 | REVIEW OF OPERATIONS 2025 outlook for the TF1 group Digital Strong double-digit revenue growth in digital Dividend Aiming for a growing dividend policy in the coming years Margin from activities Margin from activities between 10.5% and 11.5% Domestic instability adversely impacted ad market in October First indications for November also below expectations, with limited visibility until year-end (Previously, TF1 was targeting a broadly stable margin from activities compared with 2024 (a)) (a) 2024 margin from activities was 12.6% 2025 targets confirmed: 2025 margin from activities target adjusted:
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Outlook Annexes and other 24 Contents Highlights and key figures Review of operations Financial statements 01 02 03 04 05 Bymaro, the Moroccan subsidiary of Bouygues Construction, is building the Mohammed VI International University Hospital in Rabat (Morocco) Bouygues group nine-month 2025 results - 5 November 2025
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€m 9M 2025 9M 2024 Change Sales 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) (77) (68) -9 Current operating profit/(loss) 1,737 1,651 +86 Other operating income and expenses (151) (177) +26 Operating profit/(loss) 1,586 1,474 +112 Cost of net debt (175) (150) -25 Interest expense on lease obligations (90) (77) -13 Other financial income and expenses (40) (60) +20 Income tax (443) (392) -51 Share of net profits/(losses) of joint ventures and associates (2) 5 -7 Net profit/(loss) from continuing operations 836 800 +36 Net profit/(loss) attributable to non-controlling interests (101) (113) +12 Net profit/(loss) attributable to the Group (excl. exceptional income tax surcharge for large companies in France) 735 687 +48 Exceptional income tax surcharge for large companies in France (60) - -60 Net profit/(loss) attributable to the Group (incl. exceptional income tax surcharge for large companies in France) 675 687 -12 Bouygues group nine-month 2025 results - 5 November 202525 03 | FINANCIAL STATEMENTS Condensed consolidated income statement (a) Up 0.8% like-for-like and at constant exchange rates (b) Includes €5m at Colas, €2m at Bouygues Construction, €26m at Bouygues Telecom, €9m at TF1 and €35m at Bouygues SA (c) Includes €6m at Colas, €2m at Bouygues Construction, €18m at Bouygues Telecom, €2m at TF1 and €40m at Bouygues SA (d) 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 (e) 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 (f) See note 2.2 to the 9M 2025 consolidated financial statements (g) Excludes exceptional income tax surcharge for large companies in France (h) Includes -€11m in respect of exceptional income tax surcharge attributable to non-controlling interests (a) (b) (c) (d) (e) (f) (g) (h) (f)
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-864 -725 -118 +155(6,066) (7,618) Bouygues group nine-month 2025 results - 5 November 2025| 26 03 | FINANCIAL STATEMENTS Change in net debt (a) position in 9M 2025 (1/2) €m (a) See glossary for definition (b) Mainly includes acquisitions/disposals at Colas, Equans, Bouygues Immobilier and TF1, and investments in joint ventures at Bouygues Telecom (c) Mainly includes capital increase following exercise of stock options (d) Includes mainly €755m paid to Bouygues shareholders, €75m paid to TF1 minority shareholders, and €28m paid to Bouygues Te lecom minority shareholders Net debt at 31/12/2024 Net debt at 30/09/2025 (6,251) -214 -66 -813 -1,130 (8,474)9M 2024 Acquisitions/ disposals (b) Change in shareholders’ equity and other (c) Dividends (d) Operations and other
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9M 2024 -725 3,156 -474 2,682 -1,500 0 1,182 -1,907 Bouygues group nine-month 2025 results - 5 November 2025| 27 03 | FINANCIAL STATEMENTS Change in net debt (a) position in 9M 2025 (2/2) €m Breakdown of operations 2,954 -434 2,520 -1,595 -6 919 -2,049 -1,130 Net cash flow (b) (a) See glossary for definition (b) Net cash flow = cash flow determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid (c) Excluding frequencies Repayment of lease obligations Net cash flow including lease expenses Net capex (c) Frequencies Free cash flow before WCR Change in WCRs and other Operations and other
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€m End-Sept 2025 End-Dec 2024 Change End-Sept 2024 Change Shareholders' equity 14,317 14,512 -195 13,954 +363 Net surplus cash (+)/net debt (-) (7,618) (6,066) -1,552 (8,474) +856 As % of shareholders' equity 53% 42% +11 pts 61% -8 pts Bouygues group nine-month 2025 results - 5 November 202528 03 | FINANCIAL STATEMENTS A robust financial structure NET GEARING IMPROVED YOY TO 53% 0 1 2 3 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 20392040 2041 2042 o/w bank share o/w bonds share 11.3 3.1 Undrawn MLT facilities Cash €14.4bn A-, stable outlook Outlook upgraded from negative to stable on 12 September 2025 A3, stable outlook confirmed on 5 June 2025 CREDIT RATINGS WELL-SPREAD DEBT MATURITY SCHEDULE (in €bn) VERY HIGH LEVEL OF LIQUIDITY AT END-SEPTEMBER 2025
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Outlook Annexes and other 29 Contents Highlights and key figures Review of operations Financial statements 01 02 03 04 05 Bymaro, the Moroccan subsidiary of Bouygues Construction, is building the Mohammed VI International University Hospital in Rabat (Morocco) Bouygues group nine-month 2025 results - 5 November 2025
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Bouygues group nine-month 2025 results - 5 November 202530 04 | OUTLOOK 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, on net profit attributable to the Group, of the French Finance law and the Social security financing law, passed in the first quarter of 2025, are estimated to date at around €100 million for 2025. Electro-hydraulic renovation on the Dessel-Turnhout-Schoten canal, Belgium - Equans 2025 outlook for the Bouygues group
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| 31 Bouygues group nine-month 2025 results - 5 November 2025 04 | OUTLOOK Calendar FY 2025 results Thursday 26 February 2026, 7.30am (CET) Upgrade and extension of tram line T1 in the Paris region (Bouygues Construction and Equans)
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Q&A Paris | Wednesday 5 November 2025 The Istria Croatia motorway viaduct built by Bouygues Travaux Publics
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Outlook Annexes and other 33 Contents Highlights and key figures Review of operations Financial statements 01 02 03 04 05 Bymaro, the Moroccan subsidiary of Bouygues Construction, is building the Mohammed VI International University Hospital in Rabat (Morocco) Bouygues group nine-month 2025 results - 5 November 2025
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€m 9M 2025 9M 2024 Change Sales 11,929 11,794 +1% o/w France 4,854 4,764 +2% o/w international 7,075 7,030 +1% Current operating profit/(loss) from activities 317 306 +11 Margin from activities 2.7% 2.6% +0.1 pts Current operating profit/(loss) 312 300 +12 Operating profit/(loss) 282 300 -18 Bouygues group nine-month 2025 results - 5 November 202534 05 | ANNEXES AND OTHER Key figures at Colas Haines Hwy Aerials 23, a renovation operation carried out by Colas, via its subsidiary Colaska, on the Haines Highway in Alaska Colas - key figures (a) Up 12% at constant exchange rates and excluding principal disposals and acquisitions (b) Up 18% at constant exchange rates and excluding principal disposals and acquisitions (a) Up 2% like-for-like and at constant exchange rates (b) Includes PPA amortisation of €5m in 9M 2025 and €6m in 9M 2024 (c) Includes net non-current charges of €30m in 9M 2025 9.2 3.6 End-Sept 2024 End-Sept 2025 12.8 14.2 3.5 10.7 +11% International and French overseas territories Mainland France Backlog (€bn) +17% (b) -5% (a) Sales by business activity – 9M 2025 90%10% 24% 16% 14% 43% 3% Roads mainland France / overseas departments- Indian Ocean Roads EMEA Roads United States Roads Canada Roads Asia-Pacific Road construction Railways/Specialised activities (a) (b) (c)
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€m 9M 2025 9M 2024 Change Sales 7,897 7,569 +4% o/w France 3,064 2,901 +6% o/w international 4,833 4,668 +4% Current operating profit/(loss) from activities 264 219 +45 Margin from activities 3.3% 2.9% +0.4 pts Current operating profit/(loss) 262 217 +45 Operating profit/(loss) 234 184 +50 Bouygues group nine-month 2025 results - 5 November 202535 05 | ANNEXES AND OTHER Key figures at Bouygues Construction Order intake (a) (€bn) Backlog (€bn) Bouygues Construction – Key figures (a) Contracts are booked as order intakes at the date they take effect (b) Down 3% at constant exchange rates and excluding principal disposals and acquisitions (a) Up 5% like-for-like and at constant exchange rates (b) Includes PPA amortisation of €2m in 9M 2025 and in 9M 2024 (c) Includes net non-current charges of €28m in 9M 2025 and €33m in 9M 2024 Backlog by region (at end-Sept 2025) 3.0 7.1 9M 2024 2.9 3.9 9M 2025 10.1 6.8 -33% International France 2.7 7.8 3.9 3.6 End-Sept 2024 2.7 7.6 3.6 3.3 End-Sept 2025 17.9 17.2 -4% For execution in over 3 years For execution in 2 years For execution in 1 year For execution in ongoing year -45% -3% -3% -7% -6% +1% (b) 5% 25% 31% 34% 5% 5% France Asia-Pacific Europe (excl. France) Americas Africa and Middle East (a) (b) (c)
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Bouygues group nine-month 2025 results - 5 November 202536 05 | ANNEXES AND OTHER Key figures at Bouygues Immobilier Kalifornia, an office building developed by Bouygues Immobilier in Malakoff, near Paris Bouygues Immobilier – key figures (a) Net of cancellations (residential property) and firm orders which cannot be cancelled (commercial property); includes res ervations taken via co-promotion companies (b) In France: down 5% yoy in Residential activities and down 2% yoy in total (c) Backlog does not include reservations taken via co -promotion companies (a) Down 1% like-for-like and at constant exchange rates (b) Includes net non-current charges of €27m in 9M 2024 Reservations (a) (€bn) Backlog (c) (€bn) 1.0 0.0 9M 2024 0.9 0.0 9M 2025 1.0 1.0 -8% Residential property Commercial property 1.0 0.0 End-Sept 2024 0.7 0.0 End-Sept 2025 1.0 0.7 -28% Residential property Commercial property nm -11% (b) nm -25% €m 9M 2025 9M 2024 Change Sales 904 963 -6% o/w residential 867 950 -9% o/w commercial 37 13 nm Sales incl. share of co-promotions 966 1,066 -9% Current operating profit/(loss) from activities 10 (49) +59 Margin from activities 1.1% (5.1%) +6.2 pts COPA incl. share of co-promotions 13 (33) +46 Margin from activities incl. share of co- promotions 1.3% (3.1%) +4.4 pts Current operating profit/(loss) 10 (49) +59 Operating profit/(loss) 10 (76) +86 (a) (b) (b)
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Bouygues group nine-month 2025 results - 5 November 202537 05 | ANNEXES AND OTHER Key indicators at Bouygues Telecom Sales in €m/base in thousands/ABPU in € Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Sales billed to customers 1,628 1,608 1,615 6,236 1,613 1,560 1,541 1,522 5,912 1,506 1,492 1,470 1,444 Sales from services 1,613 1,597 1,605 6,236 1,608 1,562 1,543 1,523 5,979 1,524 1,507 1,486 1,462 o/w sales from Mobile services 990 980 993 3,886 1,013 966 958 950 3,878 975 979 964 960 o/w sales from Fixed services 623 617 612 2,350 595 596 586 574 2,101 549 528 523 502 Mobile customer base 27,031 27,097 26,922 26,810 24,196 23,863 23,642 23,451 23,233 22,892 22,643 Mobile customer base excl. MtoM 18,566 18,501 18,453 18,433 15,945 15,803 15,735 15,733 15,721 15,600 15,513 o/w plan customers(a) 18,506 18,381 18,339 18,276 15,756 15,586 15,527 15,510 15,439 15,331 15,249 Mobile ABPU(b) (incl. La Poste Telecom) 17.3 17.3 17.5 Mobile ABPU(b) (excl. La Poste Telecom) 18.4 18.3 18.6 19.1 19.6 19.7 19.7 19.7 19.8 19.7 19.7 Data usage (GB/month/customer)(c) 22.8 22.4 21.6 21.3 21.7 21.4 20.7 20.2 20.2 19.5 18.6 Fixed customer based(d) 5,348 5,269 5,233 5,165 5,054 4,972 4,940 4,902 4,837 4,756 4,716 o/w FTTH(e) 4,554 4,426 4,331 4,182 3,975 3,816 3,701 3,567 3,417 3,263 3,141 Fixed ABPU(f) 33.4 33.0 33.2 33.4 33.2 33.0 32.5 31.4 30.9 30.5 30.3 (a) Plan customers: total customer base excluding prepaid customers according to the Arcep definition (b) Average Billing Per User (see glossary for definition): excluding MtoM SIM cards, free SIM cards (c) Quarterly usage, adjusted on a monthly basis, excluding MtoM SIM cards, B2B, BTBD and LPT (d) Includes broadband and superfast subscriptions according to the Arcep definition (e) Arcep definition: subscriptions with peak downstream speeds higher or equal to 100 Mbit/s (f) Average Billing Per User (see glossary for definition), excluding B2B
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€m 9M 2025 9M 2024 Change Lfl & constant fx Construction businesses 20,599 20,187 +2% +3% o/w Colas 11,929 11,794 +1% +2% o/w Bouygues Construction 7,897 7,569 +4% +5% o/w Bouygues Immobilier 904 963 -6% -1% Equans 13,766 14,084 -2% -2% Bouygues Telecom 5,937 5,714 +4% -1% TF1 1,598 1,591 0% +1% Bouygues SA and other 179 163 nm nm Intra-Group eliminations (353) (386) nm nm Group sales 41,857 41,492 +0.9% +0.8% o/w France 20,614 20,099 +3% +1% o/w international 21,243 21,393 -1% 0% Bouygues group nine-month 2025 results - 5 November 202538 05 | ANNEXES AND OTHER Group sales by sector of activity (a) Like-for-like and at constant exchange rates (b) Total of the sales contributions after intra-Group eliminations (c) Includes intra-Group eliminations of the construction businesses (a) (b) (c)
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Bouygues group nine-month 2025 results - 5 November 202539 05 | ANNEXES AND OTHER Contribution to Group EBITDA (a) after Leases by sector of activity (a) See glossary for definition €m 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
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Bouygues group nine-month 2025 results - 5 November 202540 05 | ANNEXES AND OTHER Contribution to Group current operating profit from activities (a) (COPA) by sector of activity (a) See glossary for definition €m 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
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Bouygues group nine-month 2025 results - 5 November 202541 05 | ANNEXES AND OTHER Contribution to Group current operating profit (COP) by sector of activity €m 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
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Bouygues group nine-month 2025 results - 5 November 202542 05 | ANNEXES AND OTHER Contribution to Group operating profit by sector of activity €m 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) 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 (a) (b)
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Bouygues group nine-month 2025 results - 5 November 202543 05 | ANNEXES AND OTHER Contribution to net profit attributable to the Group by sector of activity €m 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
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Bouygues group nine-month 2025 results - 5 November 202544 05 | ANNEXES AND OTHER Contribution to Group net cash flow (a) by sector of activity (a) Net cash flow = cash flow determined after ( i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid €m 9M 2025 9M 2024 Change Construction businesses 862 693 +169 o/w Colas 546 461 +85 o/w Bouygues Construction 358 301 +57 o/w Bouygues Immobilier (42) (69) +27 Equans 645 579 +66 Bouygues Telecom 1,454 1,462 -8 TF1 331 301 +30 Bouygues SA and other (136) (81) -55 Group net cash flow 3,156 2,954 +202
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Bouygues group nine-month 2025 results - 5 November 202545 05 | ANNEXES AND OTHER Contribution to net capital expenditure by sector of activity €m 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 excl. frequencies 1,500 1,595 -95 Frequencies 0 6 -6 Group net capital expenditure incl. frequencies 1,500 1,601 -101
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Bouygues group nine-month 2025 results - 5 November 202546 05 | ANNEXES AND OTHER Contribution to Group free cash flow (a) by sector of activity (a) See glossary for definition €m 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 - excl. frequencies 1,182 925 +257 Frequencies 0 (6) +6 Group free cash flow - incl. frequencies 1,182 919 +263 (a)
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Bouygues group nine-month 2025 results - 5 November 202547 05 | ANNEXES AND OTHER Net surplus cash (+)/net debt (-) (a) (a) See glossary for definition €m 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
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€m End-Sept 2025 End-Dec 2024 Change Non-current assets 32,966 33,381 -415 Current assets 29,744 29,644 +100 Held-for-sale assets and operations 107 59 +48 TOTAL ASSETS 62,817 63,084 -267 Shareholders' equity 14,317 14,512 -195 Non-current liabilities 16,267 16,419 -152 Current liabilities 32,208 32,153 +55 Liabilities related to held-for-sale operations 25 0 +25 TOTAL LIABILITIES 62,817 63,084 -267 Net surplus cash (+)/net debt (-) (7,618) (6,066) -1,552 As % of shareholders' equity 53% 42% +11 pts Bouygues group nine-month 2025 results - 5 November 202548 05 | ANNEXES AND OTHER Condensed consolidated balance sheet (a) See glossary for definition (a)
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Bouygues group nine-month 2025 results - 5 November 2025| 49 05 | ANNEXES AND OTHER Glossary (1/2) ABPU (Average Billing Per User) Sales billed to customers divided by the average number of customers over the period Sales from services (Bouygues Telecom) comprise: - Sales billed to customers, which include: IN MOBILE: • For B2C customers: sales from outgoing call charges (voice, texts and data), connection fees, and value- added services • For B2B 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) - 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 IN FIXED: • For B2C 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 B2B 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 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) Churn 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.
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Bouygues group nine-month 2025 results - 5 November 2025| 50 05 | ANNEXES AND OTHER Glossary (2/2) Other sales (Bouygues Telecom) Difference between the total sales of Bouygues Telecom and its 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 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 operating activities and working capital requirements related to fixed assets EBITDA after Leases Current operating profit after taking account of the interest expense on lease obligations, before (i) net depreciation and amortisation expense 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 of retained interests Net surplus cash (+) /net debt (-) Net debt (or net surplus cash) is obtained by aggregating cash and cash equivalents, overdrafts and short-term bank borrowings, non-current and current debt, and 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 Current operating profit from activities (COPA) Current operating profit before amortisation and impairment of intangible assets recognised in acquisitions (PPA)