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Nine-month 2026 results Paris | Thursday 5 November 2026 New free cooling system installed by Equans for Beaulieu International Group in Wielsbeke, Belgium.
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Bouygues group nine-month 2026 results – 5 November 20262 9M 2026 | RESULTS 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 Construction of the access track between the perimeter fences at the Flandres Maritime substation in Dunkirk – Colas Bouygues group nine-month 2026 results – 5 November 2026
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4 Very strong 9M 2026 Group performance in a particularly volatile macroeconomic and geopolitical context Group COPA outlook revised upwards for 2026 with a slight increase now expected Net debt improved by €2bn yoy, in keeping with the trends observed in the 3 previous quarters Net profit attributable to the Group impacted by the impairment on Bouygues SA’s stake in TF1 for €569m, with no effect on the Group’s cash position or investment capacity (c) 9-month sales stable yoy at constant exchange rates (a) incl. Q3 sales up 1.9% yoy at constant exchange rates (b) COPA up€44m yoy to €1,858m Driven by Equans and to a lesser extent Bouygues Construction 01| HIGHLIGHTS AND KEY FIGURES Bouygues group nine-month 2026 results – 5 November 2026 EQUANS Very strong increase in profitability, with a 9M 2026 margin from activities of 5.5% (+1.4 pts yoy) Order intake and backlog at a record level for a 9-month period Very good book-to-bill (d) momentum confirmed in Q3 2026 (a) Sales as published -0.5% yoy (b) Sales as published +2.4% yoy (c) See press release dated 30 October 2026 (d) Comparison of order intake over a rolling 12 -month period and sales over a rolling 12-month period Continued improvement in activity in Q3, as expected
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01| HIGHLIGHTS AND KEY FIGURES 9M 2026 Group key figures (a) Down 0.6% like-for-like and at constant exchange rates (b) Includes -€44m in 9M 2026 and -€60m in 9M 2025 for the Impact of the exceptional income tax surcharge for large companies in France Group sales (€bn) (a) Group COPA (€m) Group net debt (€m) Bouygues group nine-month 2026 results – 5 November 2026 9M 2025 9M 2026 41.9 41.6 -0.5% -0.2 9M 2025 9M 2026 1,814 1,858 +44 End-Sept 2025 End-Sept 2026 (7,618) (5,599) +2,019 5 Net profit attributable to the Group (€m) (b) 675 875 306 9M 2025 9M 2026 (excl. impairment on Bouygues SA’s stake in TF1) -569 Impairment on Bouygues SA’s stake in TF1 9M 2026
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Outlook Annexes and other 6 Contents Highlights and key figures Review of operations Financial statements 01 02 03 04 05 Construction of the access track between the perimeter fences at the Flandres Maritime substation in Dunkirk – Colas Bouygues group nine-month 2026 results – 5 November 2026
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Review of operations Bouygues group nine-month 2026 results – 5 November 20267 The Vitro data centre project in the Philippines – Bouygues Construction
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Very high Construction Division backlog driven by international growth Reconstruction in Mayotte following the cyclone – Colas Backlog by geography (€bn) France Europe excl. France International excl. Europe 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 13.6 9.1 9.7 End-Sept 2026 27.5 29.8 31.8 32.1 32.5 +1% +18% -2% -4% +8% 02 | REVIEW OF OPERATIONS Bouygues group nine-month 2026 results – 5 November 2026 (a) (a) Stable at constant exchange rates and excluding principal disposals and acquisitions
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Bouygues group nine-month 2026 results – 5 November 20269 02 | REVIEW OF OPERATIONS Construction Division backlog provides visibility on future activity Roads +2% yoy Stable yoy lfl & constant fx Decrease in the secured backlog yoy, in relation to the different phasing of Block sales compared to 9M 2025 Civil Works -17% yoy (very high basis of comparison vs 9M 2025) France Building +4% yoy International Building +37% yoy (including Vannoy Construction backlog) Rail -7% yoy Backlog €13.9bn -2% yoy Backlog €18.0bn +4% yoy The share of backlog at end-Sept 2026 to be executed within 15 months was up €1.1bn yoy, driven by Bouygues Construction +1% yoy lfl & constant fx Backlog €0.6bn -13% yoy -13% yoy lfl & constant fx Construction Division backlog (€bn) -13% -2% +4% 0.7 14.2 17.2 End-Sept 2025 13.9 18.0 End-Sept 2026 32.1 32.5 0.6 +1% Bouygues Construction Colas Bouygues Immobilier (a) Stable at constant exchange rates and excluding principal disposals and acquisitions (a)
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10 02 | REVIEW OF OPERATIONS Commercial momentum driven by international markets, resilience of the French business despite a challenging environment Order intake €9.5bn Order intake €7.8bn Residential reservations €0.8bn Bouygues group nine-month 2026 results – 5 November 2026 Order intake €7.9bn Roads down slightly yoy - France: Down as expected due to the electoral period, while business diversification is continuing - International: Positive momentum across Northern Europe, North America and Western Europe Rail: Anticipated yoy decline due to a high comparison base in 9M 25. Underlying commercial momentum remaining strong Very good momentum in order intake - Normal course of business (contracts <€100m) at a good level, representing 56% of order intake - Several contracts >€100m awarded, including a major data centreproject in Australia (~€1.2bn) Yoy change is not representative, given the timing in the award of large contracts Sudden deterioration of Residential market conditions in September with a sharp increase in the cancellation rate, due to weaker consumer confidence and higher interest rates, despite a high-quality commercial performance Commercial property market still at a standstill
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Sales €8.5bn +7% yoy at constant fx Civil Works +13% yoy France Building +6% yoy International Building +3% yoy €m 9M 2026 9M 2025 Change Sales 20,672 20,599 0% o/w Colas 11,541 11,929 -3% o/w Bouygues Construction 8,456 7,897 +7% o/w Bouygues Immobilier 786 904 -13% o/w France 8,347 8,677 -4% o/w international 12,325 11,922 +3% 11 02 | REVIEW OF OPERATIONS Sales stable yoy driven by Bouygues Construction growth dynamic (a) Total of the sales contributions after eliminations of intra -Group transactions (b) Up 1% at constant exchange rates and up 1% like -for-like and at constant exchange rates (c) Down 2% like-for-like and at constant exchange rates (d) Up 5% like-for-like and at constant exchange rates ( notably excluding Vannoy Construction) (e) Down 10% like-for-like and at constant exchange rates Sales €11.5bn -2% yoy at constant fx Roads -4% yoy o/w -6% in France -2% internationally Rail +5% yoy Sales €0.8bn -13% yoy at constant fx NB: Bouygues Immobilier includes share of co-promotion companies (a) (b) Low point in terms of the number of operations contributing to sales Bouygues group nine-month 2026 results – 5 November 2026 (c) (d) (e) Sales incl. share of co-promotions 840 966 -13%
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€m 9M 2026 9M 2025 Change Current operating profit/(loss) from activities 585 591 -6 o/w Colas 329 317 +12 o/w Bouygues Construction 295 264 +31 o/w Bouygues Immobilier (39) 10 -49 Margin from activities 2.8% 2.9%-0.1 pts -0.1 pts Current operating profit/(loss) 579 584 -5 Operating profit/(loss) 540 526 +14 12 02 | REVIEW OF OPERATIONS Overall solid profitability in the Construction Division (a) Includes PPA amortisation of €6m in 9M2026 and of €7m in 9M 2025 (see details on slide 29) (b) Includes net non-current charges of €39m in 9M 2026 and of €58m in 9M 2025 (see details on slide 29) COPA €329m COPA up €12m yoy Margin from activities up 0.2 pts yoy to 2.9% Colas France launching a transformation plan in October 2026 to adapt to market conditions, leading to record non-current charges of ~€70m in Q4 2026 COPA €295m COPA up €31m yoy Margin from activities up 0.2 pts yoy to 3.5% a record high for a 9M period since 2018 COPA -€39m Lower sales than in 9M 2025 As a reminder, 9-month 2025 COPA included some one-off items representing a global amount of +€27m, with the disposal of activities in Poland in particular (a) (b) NB: Bouygues Immobilier includes share of co-promotion companies Bouygues group nine-month 2026 results – 5 November 2026 COPA incl. share of co-promotions (36) 13 -49
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02 | REVIEW OF OPERATIONS Colas completes the acquisition of Suit-Kote Corporation, a leading road solutions specialist in the United States Bouygues group nine-month 2026 results – 5 November 2026 The transaction was completed on 20 October 2026 with the acquisition of 100% of the shares of Suit-Kote from the Suits family Enterprise value of ~$480m Distribution of bitumen and bituminous products, pavement preservation and roadworks Several northeastern US states Activities: Continuation of a targeted external growth strategy at international level Opportunity to strengthen its presence in northeastern US and to enhance its position in the asphalt distribution market in the region Distribution of liquid asphalt Pavement construction and preservation Production of emulsion blends Key figures: Sales of ~$460m(a) in 2025 Headcount of ~750 employees (a) Colas will implement post-closing remedies and related measures required under the antitrust clearance process 13 As Colas’s second largest market, the US is expected to contribute around €2.5bn in annual sales
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Review of operations Bouygues group nine-month 2026 results – 5 November 202614 A smart energy grid and solar carport project at St Ives in the UK - Equans
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15 02 | REVIEW OF OPERATIONS Backlog and order intake at a record level, providing visibility for future activity Bouygues group nine-month 2026 results – 5 November 2026 18.9 18.1 Q3 2025 18.7 18.3 Q4 2025 18.4 18.1 Q1 2026 18.3 19.8 Q2 2026 Q3 2026 18.4 19.7 Sales Order intake Backlog at €27.7bn, up around €1.9bn yoy And up 7% yoy, reported and lfl & at constant exchange rates Order intake of €15.3bn ▪ Slight yoy increasein order intake on contracts of <€5m, which account for around 65% of the total order intake ▪ Very sharp yoy increase in order intake on contracts of>€5m, which account for nearly 35% of the total order intake, on the back of major new orders across several specialist segments, such as data centres, solar & storage and energy systems, as expected Additional significant order intake expected during Q4 2026 Part of the order intake of contracts of >€5m recorded in 2026 will contribute to sales from end-2027 onwards Book-to-bill (a) on a rolling 12-month basis (€bn) (a) Comparison of order intake over a rolling 12 -month period and sales over a rolling 12-month period
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10 acquisitions in 9M 2026, representing full-year sales of ~€315m Recent M&A activity €m 9M 2026 9M 2025 Change Sales 13,508 13,766 -2% o/w France 4,687 4,716 -1% o/w international 8,821 9,050 -3% Current operating profit/(loss) from activities 739 565 +174 Margin from activities 5.5% 4.1% +1.4 pts Current operating profit/(loss) 739 565 +174 Operating profit/(loss) 711 520 +191 Very strong growth in COPA +€174m yoy Continued improvement in sales in Q3 and very strong increase in 9M profitability (a) Down 3% like-for-like and at constant exchange rates (b) Includes net non-current charges of €28m in 9M2026 and of €45m in 9M 2025 Q3 2026 sales up 2% yoy, in line with gradual sequential improvement expected within the year, and progressively offsetting the soft start to the year Net M&A contributed to 9M 2026 sales for ~+€180m Sales -1% yoy at constant exchange rates 02 | REVIEW OF OPERATIONS (a) (b) 1616 Bouygues group nine-month 2026 results – 5 November 2026 9-month margin from activities at 5.5%, +1.4 points yoy, demonstrating the continued successful implementation of the PERFORM plan Strong cash generation, with net cash up €1.3bn yoy, excl. net M&A and dividend payment Net cash €2.4bn Signing on 20 October of a put option for the acquisition of the French company Jiliti(annual sales of ~€150m). Closing expected by end-2026(a) 16 (a) Subject to the necessary approvals
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17 (a) Current operating margin from activities (b) Free cash flow before cost of net debt, interest expense on lease liabilities and income taxes paid. Bouygues group nine-month 2026 results – 5 November 2026 Margin from activities (b) A margin from activities of at least 5.5% (previously Equans was targeting a margin from activities of at least 5.2%, and as a reminder, the initial target set in February 2023 was to reach 5% in 2027) Equans raised its margin from activities target for the second time this year Sales Cash A cash conversion rate (COPA-to-cash flow (a)) before WCR of between 80% and 100% Stable sales vs 2025, at constant exchange rates Equans continues to roll out its strategic Plan. For 2026, Equans is targeting: 02 | REVIEW OF OPERATIONS Equans will hold another CMD on 25 February 2027 Equans has raised its full-year margin target and is now targeting: 17 (a) Free cash flow before cost of net debt, interest expense on lease liabilities and income taxes paid (b) Current operating margin from activities Bouygues group nine-month 2026 results – 5 November 2026
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Bouygues group nine-month 2026 results – 5 November 2026 Review of operations 18 Bouygues Telecom, best retail chain 2027 in the telecom category
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A new step in Bouygues Telecom’s household strategy, responding to strong customer expectations Bouygues Telecom launches two innovative solutions for broader services and stronger customer loyalty 02 | REVIEW OF OPERATIONS A unique and innovative loyalty programme New insurance and assistance offers A new generation of solutions to simplify and protect customers' digital lives, and support them through life's unexpected moments Digital life protection Home emergency assistance Bill protection Bouygues group nine-month 2026 results – 5 November 2026 A new cashback programme that enables customers to save money on their everyday purchases, addressing growing concerns around cost of living ~120 Partner brands 97% of everyday spending(a) Up to €250 Annual savings per household (a) Based on INSEE's 2025 household consumption study, excluding energy 19
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20 02 | REVIEW OF OPERATIONS Bouygues group nine-month 2026 results – 5 November 2026 Mobile ABPU(a)(€): continued to decline in Q2, down 4.9% yoy Mobile market Sales from Mobile Services continued to decline in Q2, down 4.0% yoy Source: Arcep data (Electronic Communications Market Observatory) Q2 2026; Mobile: sales from Mobile Services in France (excl. MtoM); Fixed: sales from Fixed Services (broadband/superfast broadband), including high-quality access and intersite networks sold to businesses, excluding low-speed internet services. ARCEP ABPU excluding value-added services. For Mobile, thisindicator is calculated taking into account revenue billed to customers, subtracting IFRS15 revenue, and dividing this result by the number of SIM cards. Fixed market 14.9 Q2 2024 15.0 Q3 2024 14.8 Q4 2024 14.5 Q1 2025 14.4 Q2 2025 14.2 Q3 2025 14.1 Q4 2025 13.8 Q1 2026 13.7 Q2 2026 (a) excl. VAT/month per SIM, excl. MtoM +0.0% Q4 2024 -2.1% Q1 2025 -3.1% Q2 2025 -4.1% Q3 2025 +0.3% Q2 2024 Q4 2025 -3.9% +0.1% Q1 2026 -4.0% Q3 2024 Q2 2026 3.5 3.7 3.8 3.7 3.7 3.6 3.6 3.6 3.5 -4.1% Growth (%) Sales (€bn) 36.5 Q2 2024 36.8 Q3 2024 37.1 Q4 2024 36.9 Q1 2025 36.7 Q2 2025 37.0 Q3 2025 37.2 Q4 2025 37.2 Q1 2026 37.3 Q2 2026 Fixed ABPU(b)(€): slight increase yoy, and stable since end-2025 while growth in the broadband and superfast broadband market remains below inflation Broadband and superfast broadband sales growth remained below inflation in Q2, up 1.6% yoy Q3 2024 +4.2% Q4 2024 +2.0% Q1 2025 +0.6% Q2 2025 +0.4% Q3 2025 +5.3% Q4 2025 +1.0% Q2 2024 Q1 2026 +1.6% +4.9% Q2 2026 4.24.1 4.1 4.2 4.2 4.1 4.2 4.2 4.2 +0.1% Growth (%) Sales (€bn) (b) excl. VAT/month per broadband and superfast broadband subscription The Mobile market continues to decline, with ABPU under pressure
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26€ 28€ 44€ 46€ 47€ 70€ 112€12€ 17€ 27€ 14€ 30€ €26 €28 €44 €46 €47 €70 €112€12 €17 €27 €14 €30 €8 €7 €35 €35 €56 €63 €74 €84 €142 Fixed subscription prices 1 Mobile subscription prices 2 European Union Comparison of fixed and mobile subscription prices (worldwide, € incl. VAT, PPP³, September 2025) 1) Triple-play fixed subscription including fibre where available, standard TV package and fixed-line telephone, minimum speed >1 Gbps, excluding promotions and connection fees, monthly price calculated over the first 24 months 2) Subscription including 50 GB of 5G data and unlimited mobile services (texts, media messages and calls), excluding promotions, with no minimum term where available, excluding handset and SIM fees 3) Purchasing Power Parity based on EU-27 coefficients Source: 2025 Economic Study, French Telecoms Federation In both Fixed and Mobile, prices in France are among the lowest 02 | REVIEW OF OPERATIONS Bouygues group nine-month 2026 results – 5 November 2026
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Strategy focused on customer loyalty and quality, delivering lower churn 22 Solid commercial performance in Fixed 02 | REVIEW OF OPERATIONS 5.7 million Fixed customers at end-September 2026 5.0 million FTTH customers at end-September 2026 +219,000 Fixed customers in 9M 2026, o/w +103,000 in Q3 2026 +298,000 FTTH customers in 9M 2026, o/w +114,000 in Q3 2026 Best Q3 Fixed performance in 9 years Fixed ABPU at €33.1, down €0.3 yoy Bouygues group nine-month 2026 results – 5 November 2026 Best Wi-Fi Network Operator 2026 • End to massive repricing initiatives and targeted “more for more” campaigns • Recent Fixed offers (a) weighing on ABPU, while supporting customer acquisition Fixed customer base (millions of customers) and share of FTTH customers Fixed ABPU (€) 61% Q3 2022 71% Q3 2023 79% Q3 2024 85% Q3 2025 88% Q3 2026 4.6 4.8 5.1 5.3 5.7 % FTTH Total 29.0 Q3 2022 29.5 30.3 30.5 30.9 Q3 2023 31.4 32.5 33.0 33.2 Q3 2024 33.4 33.2 33.0 33.4 Q3 2025 33.8 33.5 33.2 33.1 Q3 2026 (a) B&YOU Pure Fibre and La Poste Telecom Fixed offers
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Mobile customer growth driven by Bouygues Telecom’s household strategy and lower churn 23 Robust commercial performance in a Mobile market still under price pressure (a) Machine-to-Machine +359,000 Mobile plan customers in 9M 2026, o/w +187,000 in Q3 2026 19.0 million Mobile plan customers excluding MtoM (a) at end-September 2026 Mobile plan customer base excl. MtoM (millions of customers) 02 | REVIEW OF OPERATIONS Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 15.1 15.4 15.8 18.5 19.0 Mobile ABPU at €16.8, down €0.5 yoy • Prices still low for new customers, particularly in the low-end segment • In Q3, Mobile ABPU benefited from a positive seasonal effect from roaming vs Q2 La Poste Telecom acquisitionBouygues group nine-month 2026 results – 5 November 2026 Best quarterly performance since Q3 2019 Migration of LPT mobile customers ongoing, in line with the announced schedule 19.7 Q3 2022 19.7 19.7 19.7 19.8 Q3 2023 19.7 19.7 19.7 19.6 Q3 2024 19.1 17.5 17.3 17.3 Q3 2025 17.3 16.9 16.7 16.8 Q3 2026 Mobile ABPU (€)
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€m 9M 2026 9M 2025 Change Sales 6,028 5,937 +2% Sales from services 4,841 4,815 +1% o/w sales billed to customers 4,895 4,851 +1% Other sales 1,187 1,122 +6% EBITDA after Leases 1,500 1,505 -5 EBITDAaL/Sales from services 31.0% 31.3% -0.3 pts Current operating profit/(loss) from activities 469 509 -40 Current operating profit/(loss) 443 483 -40 Operating profit/(loss) 398 472 -74 Gross capital expenditure (904) (1,036) +132 Divestments 3 38 -35 9M 2026 results in line with the full-year outlook 02 | REVIEW OF OPERATIONS COPA down yoy, in line with full-year expectations Continued increase in depreciation and amortisation, reflecting the high level of capital expenditure over the last years Sales billed to customers €4,895m EBITDA after Leases stable yoy, Continuation of ongoing cost-control efforts EBITDA after Leases €1,500m COPA €469m Sales billed to customers up 1% yoy, with growth in Fixed offsetting the decline in Mobile 24 (a) Up 2% like-for-like and at constant exchange rates (b) Includes PPA amortisation of €26m in 9M 2026 and of €26m in 9M 2025 (c) Includes net non-current charges of €45m in 9M 2026 and of €11m in 9M 2025 (d) Excludes frequencies. No frequencies in 9M 2026 or in 9M 2025 (a) (b) (c) (d) Bouygues group nine-month 2026 results – 5 November 2026
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25 02 | REVIEW OF OPERATIONS 2026 outlook for Bouygues Telecom confirmed Sales billed to customers EBITDA after Leases Gross capital expenditure Close to €1.3bn (excluding frequencies), confirming a decline after the peak in capex over the last 5 years Close to the level of 2025 showing moderate growth vs 2023, excluding La Poste Telecom Bouygues Telecom is targeting: FCF before WCR (a) Around€600m excluding La Poste Telecom, and before impact of the income tax surcharge FCF before WCR, including La Poste Telecom and the income tax surcharge, will be around €500m This outlook does not factor in the potential impacts of the proposed acquisition of SFR (a) Free cash flow after tax and interest expense and before WCR, excluding frequencies Bouygues group nine-month 2026 results – 5 November 2026
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Bouygues group nine-month 2026 results – 5 November 2026 UEFA Nations League 26 Review of operations 26
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02 | REVIEW OF OPERATIONS Audience leadership maintained and strong TF1+ momentum Bouygues group nine-month 2026 results – 5 November 2026 42m average monthly streamers in 9M 2026 vs 36m in 9M 2025 with its second-best month ever in September, reaching 43.5m Increased platform appeal, boosted by the Netflix partnership TF1 group’s audience leadership maintained 33.3% for WPDM<50 (a), -0.5 pts yoy 29.7% for individuals aged between 25 and 49, -1.0 pt yoy 50% Netflix subscribers in France have watched at least one TF1+ programme since launch +25% hours viewed on TF1+ in Q3 2026 yoy Audience leadership strengthened post-World Cup 36.1% for WPDM<50 (a), +1.7 pts yoy over Aug- Sept 2026 32.2% for individuals aged between 25 and 49, +1.4 pts yoy over Aug-Sept 2026 TF1+ and the TF1 group’s TV channels are now available on Netflix in France (a) Women under 50 who are purchasing decision -makers LCI recorded the strongest yoy growth among news channels across its three main target audiences
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€m 9M 2026 9M 2025 Change Sales 1,454 1,598 -9% o/w Media 1,236 1,386 -11% o/w Studio TF1 218 213 +3% Current operating profit/(loss) from activities 110 191 -81 Margin from activities 7.6% 11.9% -4.4 pts Current operating profit/(loss) 106 182 -76 Operating profit/(loss) 102 175 -73 02 | REVIEW OF OPERATIONS TF1’s results reflect the decrease in linear advertising 28 Bouygues group nine-month 2026 results – 5 November 2026 Sales down yoy, against a backdrop of a weak advertising market -9% yoy, at constant exchange rates (a) Down 11% as published MEDIA -8% lfl yoy • Ad revenue -9% yoy • Acceleration of growth momentum for TF1+ in Q3 (+20.5% yoy), benefiting from the promising beginning of the partnership with Netflix COPA down yoy, as expected Margin from activities at 7.6% (-4.4 pts yoy) As a reminder, 9M 2025 COPA benefited from a capital gain of €17m in relation to the disposal of My Little Paris and Play Two in Q3 (a) Down 7% like-for-like and at constant exchange rates (b) Previously Newen Studios (c) Includes PPA amortisation of €4m in 9M 2026 and of €9m in 9M 2025 (d) Includes net non-current charges of €4m in 9M 2026 and of €7m in 9M 2025 STUDIO TF1 +3% yoy (a) (b) (c) (d) (a)
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02 | REVIEW OF OPERATIONS TF1 group’s 2026 outlook confirmed with visibility remaining limited Digital (a) Dividends Capitalising on its strategy, on its new digital initiatives and on its solid financial position, the TF1 group’s targets are as follows: Strong double-digit revenue growth in digital in 2026, Aim for a growing dividend policy in the coming years (a) Digital sales: includes TF1+ advertising revenue, as well as advertising revenue from TF1info.fr and addressable TV, and revenue from subscriptions (TF1+ Premium) and micropayments 29 Against a backdrop of rapidly changing consumption habits and a persistently unstable macroeconomic and political environment, the linear advertising market remains under strong pressure. During this digital transition phase, the TF1 group intends to maintain: a mid-to-high single digit margin from activities before capital gainsin 2026, subject to the evolution of the linear market. Margin from activities Bouygues group nine-month 2026 results – 5 November 2026
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Outlook Annexes and other 30 Contents Highlights and key figures Review of operations Financial statements 01 02 03 04 05 Construction of the access track between the perimeter fences at the Flandres Maritime substation in Dunkirk – Colas Bouygues group nine-month 2026 results – 5 November 2026
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€m 9M 2026 9M 2025 Change Sales 41,635 41,857 -0.5% Current operating profit/(loss) from activities 1,858 1,814 +44 Amortisation and impairment of intangible assets recognised in acquisitions (PPA) (69) (77) +8 Current operating profit/(loss) 1,789 1,737 +52 Other operating income and expenses (682) (151) -531 Operating profit/(loss) 1,107 1,586 -479 Cost of net debt (129) (175) +46 Interest expense on lease liabilities (110) (90) -20 Other financial income and expenses (63) (40) -23 Income tax (405) (443) +38 Share of net profits/(losses) of joint ventures and associates 9 (2) +11 Net profit/(loss) from continuing operations (excl. exceptional income tax surcharge for large companies in France) 409 836 -427 Net profit/(loss) attributable to non-controlling interests (59) (101) +42 Net profit/(loss) attributable to the Group (excl. exceptional income tax surcharge for large companies in France) 350 735 -385 Exceptional income tax surcharge for large companies in France (44) (60) +16 Net profit/(loss) attributable to the Group (incl. exceptional income tax surcharge for large companies in France) 306 675 -369 Bouygues group nine-month 2026 results – 5 November 202631 03 | FINANCIAL STATEMENTS Condensed consolidated income statement 9-month 2026 other operating income and expenses and net profit attributable to the Group impacted by the non-cash impairment on Bouygues SA’s stake in TF1 for €569m (a) Down 0.6% like-for-like and at constant exchange rates (b) Includes -€5m at Colas, -€1m at Bouygues Construction, -€26m at Bouygues Telecom, -€4m at TF1 and -€33m at Bouygues SA (c) Includes -€5m at Colas, -€2m at Bouygues Construction, -€26m at Bouygues Telecom, -€9m at TF1 and -€35m at Bouygues SA (d) Includes net non-current charges of €8m at Colas, of €31m at Bouygues Construction, of €28m at Equans, of €45m at Bouygues Telecom, of €4m at TF1, and of €566m at Bouygues SA, of which the €569m impairment on its stake in TF1 (e) 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 (f) Excludes exceptional income tax surcharge for large companies in France (g) Includes exceptional income tax surcharge attributable to non -controlling interests (a) (b) (c) (d) (e) (f) (g)
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-938 -295 -10 -152 (4,204) (5,599) Bouygues group nine-month 2026 results – 5 November 2026 03 | FINANCIAL STATEMENTS Change in net debt (a) position in 9M 2026 (1/2) €m (a) See glossary for definition (b) Mainly includes acquisitions/disposals at Colas, Bouygues Construction and Equans (c) Includes capital increase following exercise of stock options, treasury share buyback and at a lesser extent the liquidit y contract (d) Includes €809m paid to Bouygues shareholders, and the remainder paid mainly to TF1 and Bouygues Telecom minority shareholders Net debt at 31/12/2025 Net debt at 30/09/2026 (6,066) -118 +155 -864 -725 (7,618)9M 2025 Acquisitions/ disposals (b) Change in shareholders’ equity and other (c) Dividends (d) Operations and other 32
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9M 2025 -152 -446 -1,282 0 -1,726 +241 3,061 2,615 1,333 Bouygues group nine-month 2026 results – 5 November 2026 03 | FINANCIAL STATEMENTS Change in net debt (a) position in 9M 2026 (2/2) €m Breakdown of operations +3,156 -474 2,682 -1,500 0 1,182 -1,754 -153 -725 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 liabilities and (iii) income taxes paid (c) Excludes frequencies (d) The change between 9M 2026 and 9M 2025 includes notably positive forex effects for ~€240m and change in the fair value of financial instruments for ~€120m Repayment of lease liabilities Net cash flow including lease expenses Net capex (c) Frequencies Free cash flow before WCR Change in WCR Operations and other 33 Forex & other (d)
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€m End-Sept 2026 End-Dec 2025 Change End-Sept 2025 Change Shareholders' equity 14,331 14,851 -520 14,317 +14 Net surplus cash (+)/net debt (-) (5,599) (4,204) -1,395 (7,618) +2,019 As % of shareholders' equity 39% 28% +11 pts 53% -14 pts Bouygues group nine-month 2026 results – 5 November 202634 03 | FINANCIAL STATEMENTS A robust financial structure VERY SIGNIFICANT YOY IMPROVEMENT IN NET GEARING TO 39% 0 1 2 3 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 20392040 2041 2042 o/w bank share o/w bonds share 11.5 5.3 Undrawn MLT facilities Cash€16.9bn A-, CreditWatch Negative since 3 July 2026 A3, stable outlook confirmed on 16 June 2026 STRONG CREDIT RATINGS WELL-SPREAD DEBT MATURITY SCHEDULE (€bn) VERY HIGH LEVEL OF LIQUIDITY AT END-SEPT 2026 (€bn)
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Outlook Annexes and other 35 Contents Highlights and key figures Review of operations Financial statements 01 02 03 04 05 Construction of the access track between the perimeter fences at the Flandres Maritime substation in Dunkirk – Colas Bouygues group nine-month 2026 results – 5 November 2026
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Bouygues group nine-month 2026 results – 5 November 2026 04 | OUTLOOK Bouygues operates in promising markets, the diversity of its business segments enables the Group to grow over the long term and demonstrate sustained resilience. In a highly uncertain macroeconomic and geopolitical environment, the Group will remain agile in adapting to developments in its markets. For 2026, the Group is aiming for: • stable sales at constant exchange rates, • a slight increase in current operating profit from activities (COPA) – previously, the Group was aiming for COPA maintained at a record level, after several years of significant improvement The improvement in Equans’ COPA and to a lesser extent in Bouygues Construction’s COPA will more than offset the expected decline in TF1's COPA, due to the anticipated tensions in the linear TV advertising market, in Bouygues Telecom's COPA, due to the expected increase in depreciation and amortisation, and in Bouygues Immobilier’s COPA due to challenging conditions in the real estate market. The Bridgewater bridge in Tasmania (Australia) – Bouygues Construction Group COPA outlook revised upwards for 2026 36 The Group remains very vigilant regarding the changing global economic environment, particularly amid heightened uncertainty in France.
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37 Bouygues group nine-month 2026 results – 5 November 2026 04 | OUTLOOK Calendar FY 2026 results and Equans’ CMD Thursday 25 February 2027 FY 2026 results presentation will start at 8.30am CET Equans’ CMD will start at 10.30am CET A pipe-bending workshop in Grimbergen (Belgium) - Equans
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Q&A Paris | Thursday 5 November 2026 Industrial maintenance at Equans Process Solutions in Villeurbanne – Equans
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Outlook Annexes and other 39 Contents Highlights and key figures Review of operations Financial statements 01 02 03 04 05 Construction of the access track between the perimeter fences at the Flandres Maritime substation in Dunkirk – Colas Bouygues group nine-month 2026 results – 5 November 2026
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€m 9M 2026 9M 2025 Change Sales 11,541 11,929 -3% o/w France 4,569 4,854 -6% o/w international 6,972 7,075 -1% Current operating profit/(loss) from activities 329 317 +12 Margin from activities 2.9% 2.7% +0.2 pts Current operating profit/(loss) 324 312 +12 Operating profit/(loss) 316 282 +34 (a) Down 2% like-for-like and at constant exchange rates (b) Includes PPA amortisation of €5m in 9M 2026 and in 9M 2025 (c) Includes net non-current charges of €8m in 9M 2026 and of €30m in 9M 2025 40 05 | ANNEXES AND OTHER Key figures at Colas Road resurfacing in north-eastern France in preparation for the Tour de France - Colas Colas – key figures (a) Stable at constant exchange rates and excluding principal disposals and acquisitions (b) Stable at constant exchange rates and excluding principal disposals and acquisitions 10.7 3.5 End-Sept 2025 10.5 3.4 End-Sept 2026 14.2 13.9 -2% International and French overseas territories Mainland France Backlog (€bn) -2% (b) -1% (a) 9M 2026 sales by activity 89%11% 24% 16% 14%3% 43% Roads mainland France / overseas departments - Indian Ocean Roads EMEA Roads United States Roads Canada Roads Asia-Pacific Road construction Railways/Specialised activities (a) (b) Bouygues group nine-month 2026 results – 5 November 2026 (c)
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€m 9M 2026 9M 2025 Change Sales 8,456 7,897 +7% o/w France 3,096 3,064 +1% o/w international 5,360 4,833 +11% Current operating profit/(loss) from activities 295 264 +31 Margin from activities 3.5% 3.3% +0.2 pts Current operating profit/(loss) 294 262 +32 Operating profit/(loss) 263 234 +29 Bouygues group nine-month 2026 results – 5 November 202641 05 | ANNEXES AND OTHER Key figures at Bouygues Construction Order intake (a) (€bn) Backlog (€bn) (a) Contracts are booked as order intakes at the date they take effect (b) Up 1% at constant exchange rates and excluding principal disposals and acquisitions (excl. Vannoy Construction) (a) Up 5% like-for-like and at constant exchange rates (b) Includes PPA amortisation of €1m in 9M2026 and of €2m in 9M 2025 (c) Includes net non-current charges of €31m in 9M2026 and of €28m in 9M 2025 Backlog by region (at end-Sept 2026) 2.9 3.9 9M 2025 2.7 5.1 9M 2026 6.8 7.9 +16% International France +34% -7% 8% 27% 8% 32% 27% 6% France Asia-Pacific Europe (excl. France) Americas Africa and Middle East (a) (b) (c) Bouygues Construction – key figures 2.7 7.6 3.6 3.3 End-Sept 2025 3.0 8.7 4.2 2.1 End-Sept 2026 17.2 18.0 +4% For execution in over 3 years For execution in 2 years For execution in 1 year For execution in ongoing year +12% +15% +16% -38% (b)
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€m 9M 2026 9M 2025 Change Sales 786 904 -13% o/w residential 756 867 -13% o/w commercial 30 37 nm Sales incl. share of co-promotions 840 966 -13% Current operating profit/(loss) from activities (39) 10 -49 Margin from activities (5.0%) 1.1% -6.1 pts COPA incl. share of co-promotions (36) 13 -49 Margin from activities incl. share of co- promotions (4.3%) 1.3% -5.6 pts Current operating profit/(loss) (39) 10 -49 Operating profit/(loss) (39) 10 -49 Bouygues group nine-month 2026 results – 5 November 202642 05 | ANNEXES AND OTHER Key figures at Bouygues Immobilier The Caliza apartment complex in Olivet, central France – Bouygues Immobilier (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: -12% yoy in Residential property and -9% yoy in total (Residential + Commercial) (c) Backlog does not include reservations taken via co -promotion companies (a) Down 10% like-for-like and at constant exchange rates Reservations (a) (€bn) Backlog (c) (€bn) 0.9 0.0 9M 2025 9M 2026 1.0 0.9 0.8 0.1 -8% Residential property Commercial property 0.7 0.0 End-Sept 2025 End-Sept 2026 0.7 0.6 0.6 0.0 -13% Residential property Commercial property nm -11% (b) nm -15% (a) (b) Bouygues Immobilier – key figures
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43 05 | ANNEXES AND OTHER Key indicators at Bouygues Telecom (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 Sales in €m/base in thousands/ABPU in € Q3 2026 Q2 2026 Q1 2026 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Sales billed to customers 1,652 1,624 1,619 6,492 1,641 1,628 1,608 1,615 6,236 1,613 1,560 1,541 1,522 Sales from services 1,631 1,608 1,602 6,442 1,627 1,613 1,597 1,605 6,236 1,608 1,562 1,543 1,523 o/w sales from Mobile services 978 960 957 3,944 980 990 980 993 3,886 1,013 966 958 950 o/w sales from Fixed services 653 648 644 2,498 646 623 617 612 2,350 595 596 586 574 Mobile customer base 27,656 27,401 27,304 27,148 27,031 27,097 26,922 26,810 24,196 23,863 23,642 Mobile customer base excl. MtoM 19,015 18,822 18,734 18,645 18,566 18,501 18,453 18,433 15,945 15,803 15,735 o/w plan customers (a) 18,951 18,765 18,683 18,592 18,506 18,381 18,339 18,276 15,756 15,586 15,527 Mobile ABPU (b) 16.8 16.7 16.9 17.3 17.3 17.3 17.5 19.1 19.6 19.7 19.7 Data usage (GB/month/customer) (c) 24.4 23.8 23.1 23.0 22.8 22.4 21.6 21.3 21.7 21.4 20.7 Fixed customer base (d) 5,650 5,548 5,479 5,432 5,348 5,269 5,233 5,165 5,054 4,972 4,940 o/w FTTH (e) 4,991 4,877 4,782 4,693 4,554 4,426 4,331 4,182 3,975 3,816 3,701 Fixed ABPU (f) 33.1 33.2 33.5 33.8 33.4 33.0 33.2 33.4 33.2 33.0 32.5 Bouygues group nine-month 2026 results – 5 November 2026
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€m 9M 2026 9M 2025 Change Lfl & constant fx Construction Division 20,672 20,599 0% +1% o/w Colas 11,541 11,929 -3% -2% o/w Bouygues Construction 8,456 7,897 +7% +5% o/w Bouygues Immobilier 786 904 -13% -10% Equans 13,508 13,766 -2% -3% Bouygues Telecom 6,028 5,937 +2% +2% TF1 1,454 1,598 -9% -7% Bouygues SA and other 190 179 nm nm Intra-Group eliminations (328) (353) nm nm Group sales 41,635 41,857 -0.5% -0.6% o/w France 20,210 20,614 -2% -2% o/w international 21,425 21,243 +1% +1% Bouygues group nine-month 2026 results – 5 November 202644 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 Division (a) (b) (c)
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€m 9M 2026 9M 2025 Change Construction Division 708 829 -121 o/w Colas 444 520 -76 o/w Bouygues Construction 288 289 -1 o/w Bouygues Immobilier (24) 20 -44 Equans 804 739 +65 Bouygues Telecom 1,500 1,505 -5 TF1 303 425 -122 Bouygues SA and other (57) (13) -44 Group EBITDA after Leases 3,258 3,485 -227 Bouygues group nine-month 2026 results – 5 November 202645 05 | ANNEXES AND OTHER Contribution to Group EBITDA (a) after Leases by sector of activity (a) See glossary for definition
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€m 9M 2026 9M 2025 Change Construction Division 585 591 -6 o/w Colas 329 317 +12 o/w Bouygues Construction 295 264 +31 o/w Bouygues Immobilier (39) 10 -49 Equans 739 565 +174 Bouygues Telecom 469 509 -40 TF1 110 191 -81 Bouygues SA and other (45) (42) -3 Group current operating profit/(loss) from activities 1,858 1,814 +44 Bouygues group nine-month 2026 results – 5 November 202646 05 | ANNEXES AND OTHER Contribution to Group current operating profit from activities (a) (COPA) by sector of activity (a) See glossary for definition
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€m 9M 2026 9M 2025 Change Construction Division 579 584 -5 o/w Colas 324 312 +12 o/w Bouygues Construction 294 262 +32 o/w Bouygues Immobilier (39) 10 -49 Equans 739 565 +174 Bouygues Telecom 443 483 -40 TF1 106 182 -76 Bouygues SA and other (78) (77) -1 Group current operating profit/(loss) 1,789 1,737 +52 Bouygues group nine-month 2026 results – 5 November 202647 05 | ANNEXES AND OTHER Contribution to Group current operating profit (COP) by sector of activity
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€m 9M 2026 9M 2025 Change Construction Division 540 526 +14 o/w Colas 316 282 +34 o/w Bouygues Construction 263 234 +29 o/w Bouygues Immobilier (39) 10 -49 Equans 711 520 +191 Bouygues Telecom 398 472 -74 TF1 102 175 -73 Bouygues SA and other (644) (107) -537 Group operating profit/(loss) 1,107 1,586 -479 Bouygues group nine-month 2026 results – 5 November 202648 05 | ANNEXES AND OTHER Contribution to Group operating profit by sector of activity 9-month 2026 Group operating profit impacted by the non-cash impairment on Bouygues SA’s stake in TF1 for €569m (a) Includes net non-current charges of €8m at Colas, of €31m at Bouygues Construction, of €28m at Equans, of €45m at Bouygues Telecom, of €4m at TF1, and of €566m at Bouygues SA, of whicha €569m impairment on its stake in TF1 (b) 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 (a) (b)
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€m 9M 2026 9M 2025 Change Construction Division 370 294 +76 o/w Colas 190 119 +71 o/w Bouygues Construction 229 190 +39 o/w Bouygues Immobilier (49) (15) -34 Equans 545 375 +170 Bouygues Telecom 92 137 -45 TF1 34 57 -23 Bouygues SA and other (735) (188) -547 Net profit/(loss) attributable to the Group 306 675 -369 Bouygues group nine-month 2026 results – 5 November 202649 05 | ANNEXES AND OTHER Contribution to net profit attributable to the Group by sector of activity 9-month 2026 Group net profit attributable to the Group impacted by the impairment on Bouygues SA’s stake in TF1 for €569m
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€m 9M 2026 9M 2025 Change Construction Division 783 862 -79 o/w Colas 507 546 -39 o/w Bouygues Construction 320 358 -38 o/w Bouygues Immobilier (44) (42) -2 Equans 723 645 +78 Bouygues Telecom 1,452 1,454 -2 TF1 229 331 -102 Bouygues SA and other (126) (136) +10 Group net cash flow 3,061 3,156 -95 Bouygues group nine-month 2026 results – 5 November 202650 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 liabilities and (iii) inc ome taxes paid
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€m 9M 2026 9M 2025 Change Construction Division 170 152 +18 o/w Colas 129 115 +14 o/w Bouygues Construction 40 37 +3 o/w Bouygues Immobilier 1 0 +1 Equans 95 105 -10 Bouygues Telecom 901 998 -97 TF1 113 237 -124 Bouygues SA and other 3 8 -5 Group net capital expenditure excl. frequencies 1,282 1,500 -218 Frequencies 0 0 = Group net capital expenditure incl. frequencies 1,282 1,500 -218 Bouygues group nine-month 2026 results – 5 November 202651 05 | ANNEXES AND OTHER Contribution to net capital expenditure by sector of activity
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€m 9M 2026 9M 2025 Change Construction Division 390 497 -107 o/w Colas 193 256 -63 o/w Bouygues Construction 246 287 -41 o/w Bouygues Immobilier (49) (46) -3 Equans 529 437 +92 Bouygues Telecom 435 309 +126 TF1 108 85 +23 Bouygues SA and other (129) (146) +17 Group free cash flow - excl. frequencies 1,333 1,182 +151 Frequencies 0 0 = Group free cash flow - incl. frequencies 1,333 1,182 +151 Bouygues group nine-month 2026 results – 5 November 202652 05 | ANNEXES AND OTHER Contribution to Group free cash flow (a) by sector of activity (a) See glossary for definition
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€m End-Sept 2026 End-Dec 2025 Change Colas 145 1,209 -1,064 Bouygues Construction 4,192 4,508 -316 Bouygues Immobilier (519) (371) -148 Equans 2,405 2,097 +308 Bouygues Telecom (4,101) (3,738) -363 TF1 382 515 -133 Bouygues SA and other (8,103) (8,424) +321 Net surplus cash (+)/net debt (-) (5,599) (4,204) -1,395 Current and non-current lease liabilities (3,262) (3,419) +157 Bouygues group nine-month 2026 results – 5 November 202653 05 | ANNEXES AND OTHER Net surplus cash (+)/net debt (-) (a) (a) See glossary for definition
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€m End-Sept 2026 End-Dec 2025 Change Non-current assets 32,511 33,189 -678 Current assets 32,488 30,818 +1,670 Held-for-sale assets and operations 0 112 -112 TOTAL ASSETS 64,999 64,119 +880 Shareholders' equity 14,331 14,851 -520 Non-current liabilities 15,256 16,160 -904 Current liabilities 35,412 33,076 +2,336 Liabilities related to held-for-sale operations 0 32 -32 TOTAL LIABILITIES 64,999 64,119 +880 Net surplus cash (+)/net debt (-) (5,599) (4,204) -1,395 As % of shareholders' equity 39% 28% +11 pts Bouygues group nine-month 2026 results – 5 November 202654 05 | ANNEXES AND OTHER Condensed consolidated balance sheet (a) See glossary for definition (a)
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Bouygues group nine-month 2026 results – 5 November 2026 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 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 55
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Bouygues group nine-month 2026 results – 5 November 2026 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 liabilities and (iii) income taxes paid), minus net capital expenditure and repayments of lease liabilities. 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 liabilities, 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 liabilities. 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) 56