Slight Growth in Revenue and EBITDA Expected for 2024 Supported by Backlog

Bouygues is a conglomerate with a disparate number of businesses. In its construction segment it develops big infrastructure projects such as motorways, rails, power plants, and tunnels, among other things. Despite having small margins, the construction business is usually more resilient to the cycle as infrastructure spending tends to be less affected by recessions than residential construction. Bouygues’ cost structure is highly variable so when difficult times come it can adjust its cost base rapidly (although this also prevents it from benefiting from operating leverage in times of high demand). Both Bouygues Construction and Inmobilier (residential construction) have high exposure to France, as a significant portion of their business comes from there. In 2022, Bouygues acquired Equans for EUR 7.1 billion, significantly expanding its construction business.