Company Reports

Bouygues operates four construction businesses, a TV network, and a telecom network.

Bouygues reported first-half results ahead of company-compiled consensus and raised its margin outlook for Equans again. This good set of figures supports our bullish stance on Equans and the group. Equans will host another capital markets day in February 2027.

Bouygues operates four construction businesses, a TV network, and a telecom network.

Orange, Bouygues, and Iliad signed the memorandum of understanding to collectively acquire SFR for EUR 20.35 billion. The asset split would be 27% for Orange, 42% for Bouygues, and 31% for Iliad.

Bouygues reported first-quarter results that failed to meet company-compiled consensus expectations. This was primarily driven by worse-than-expected trading at Bouygues' struggling residential construction segment, Immobilier. However, all guidance for 2026 was maintained.

Orange, Iliad, and Bouygues Telecom have sent a new offer valuing most of Altice France’s assets at EUR 20.35 billion. This is 20% higher than the EUR 17 billion offer made in October 2025. The asset split would be the same as in the original offer, with Orange receiving 27% and Bouygues 42%.

Bouygues operates four construction businesses, a TV network, and a telecom network.

Bouygues reported mixed 2025 results as well as a 2026 outlook. Profitability for the group stood out positively, especially for Equans, but top-line growth came in a touch shy of consensus and our estimates.

Bouygues operates four construction businesses, a TV network, and a telecom network.

The Morningstar Developed Markets Europe Communication Services Index has returned 23.7% year to date, thanks to renewed hopes for consolidation and modestly improving conditions in markets like Italy.

We’re transferring coverage of Bouygues, the family-controlled French conglomerate.

Bouygues operates four construction businesses, a TV network, and a telecom network.

Bouygues reported nine-month 2025 results, broadly in line with our expectations. It tweaked some guidance at the margins, but in overall terms, this is a good set of results for the group.

Orange, Iliad, and Bouygues submitted a EUR 17 billion offer for most of Altice France’s assets in an attempt to consolidate the French telecom market. The offer was swiftly rejected by Patrick Drahi, Altice's main shareholder.

Bouygues is a conglomerate with disparate businesses. It develops big infrastructure projects such as motorways, rails, power plants, and tunnels through its construction business. 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, the group can adjust its cost base rapidly, although this also prevents it from benefiting from operating leverage in times of high demand. Bouygues Construction and Immobilier (residential construction) have high revenue exposure to France. Through Equans, acquired in 2022, Bouygues gained exposure to end markets like solar energy, nuclear energy, and data centers.

Bouygues reported first-half adjusted operating profit of EUR 796 million, up EUR 49 million year over year and slightly ahead of company-compiled consensus. Management reaffirmed its group outlook for 2025, while adjusting sales guidance for Equans and Bouygues Telecom.

Bouygues' first-quarter 2025 results were mixed, but in line with our expectations overall. Adjusted operating profit stood out positively, up 165% year on year to EUR 69 million, while revenue grew 2.2% to EUR 12.6 billion.

No-moat Bouygues reported group-level fourth-quarter 2024 sales of EUR 15.3 billion, up 0.9% year on year, but a touch behind company-compiled consensus. The construction and telecoms segments stood out positively, while Equans, which includes Bouygues energies and services, and TF1, Bouygues’ media business, came in weaker relative to our estimates. Construction order backlog, which includes Colas, Bouygues construction, and Bouygues Immobilier, grew sequentially to EUR 32.2 billion, up 13% from the year prior. Telecom key performance indicators were strong, with 2.5 million mobile net additions in the fourth quarter following the acquisition of La Poste Telecom, and 111,000 fixed net additions to peer Orange’s 10,000. Management's initial guidance for 2025 provided no great surprises with revenue and adjusted operating profit expected to be slightly up versus 2024. We maintain our EUR 35 fair value estimate.

No-moat Bouygues reported group-level third-quarter sales of EUR 15.0 billion, up 1% year on year and ahead of company-compiled consensus. The solid backlog in the construction business provides management with enhanced visibility on future activity; they confirmed full-year guidance for improved sales and current operating profit from activities. With no changes to our estimates, we confirm our fair value estimate of EUR 35.

Bouygues is a conglomerate with disparate businesses. In its construction segment, it develops big infrastructure projects such as motorways, rails, power plants, and tunnels. 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, the group 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 Immobilier (residential construction) have high exposure to France, as a significant portion of business comes from there. Through Equans, acquired in 2022, Bouygues gained exposure to attractive end markets like solar energy, nuclear energy, and data centers.