In This Article:
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Group Sales: EUR12.6 billion, up 2.2% year-on-year.
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Net Result Attributable to the Group: Minus EUR156 million, including an exceptional income tax surcharge of EUR33 million.
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Net Debt: EUR7.1 billion, an improvement of EUR645 million year-on-year.
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Construction Backlog: EUR34.2 billion, up EUR3.8 billion year-on-year.
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Equans COPA: EUR177 million, with a COPA margin of 3.8%, up 0.9 points year-on-year.
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Colas Sales: EUR2.7 billion, up 3% year-on-year.
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Bouygues Telecom Fixed Customers: 5.2 million, with 148,000 new FTTH customers in Q1.
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Bouygues Telecom Mobile Plan Customers: 18.3 million, with 63,000 new customers in Q1.
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TF1 Group Sales: Up 2% year-on-year, with media sales up 2% and TF1+ up 37%.
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Liquidity: EUR14.8 billion, including EUR3.8 billion in cash and equivalents.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Bouygues (BOUYF) confirmed its group outlook for 2025, with group sales and COPA both up year-on-year.
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The construction backlog reached a record level of EUR34.2 billion, up 12% year-on-year, providing good visibility on future activities.
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Net debt improved by EUR645 million year-on-year, despite significant acquisitions, indicating strong financial management.
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Bouygues Telecom achieved a 6% growth in sales billed to customers year-on-year, driven by strong performance in the Fixed segment.
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Equans showed significant improvement with a COPA margin increase of 0.9 points to 3.8%, reflecting successful execution of strategic plans.
Negative Points
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The net result attributable to the group was negatively impacted by an exceptional income tax surcharge, leading to a net loss of EUR156 million.
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Bouygues Telecom's EBITDA after leases decreased due to higher energy costs and increased IFER tax on mobile sites.
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The macroeconomic environment remains uncertain, affecting the pace of growth in certain segments like giga factories and data centers.
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Bouygues Immobilier's backlog remains low, reflecting a challenging market environment.
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The Fixed ABPU growth rate is expected to slow down in 2025 compared to previous years.
Q & A Highlights
Q: Can you provide insights into the current telecom market, particularly regarding pricing pressures in mobile and fixed segments? A: Christian Lecoq, Bouygues Telecom SA - CFO: The mobile market is less dynamic with slight growth and sustained competition in the low-end segment. We initiated an upward trend in tariffs, but not all competitors followed. In the high-end, our new marketing strategy has reduced churn and improved customer satisfaction. In fixed, we are gaining market share, especially in rural areas, due to our strong network quality.