Bouygues lifts COPA in H1, maintains targets in ’very uncertain environment’

Published 31/07/2025, 11:36
© Reuters.

Investing.com -- Bouygues (EPA:BOUY) reported first-half sales of €26.9 billion, up 1.3% year-on-year, with growth led by its construction businesses.

The group’s current operating profit from activities (COPA) rose to €796 million, an increase of €49 million from the prior year, supported by improved performance across construction and Equans.

Net profit attributable to the Group—excluding the exceptional income tax surcharge for large companies in France—came in at €220 million, up €34 million year-on-year. Including the €60 million charge booked in the first half under new French tax rules, net profit stood at €173 million.

The company noted this figure is not comparable to H1 2024 due to the exceptional nature of the tax impact, which is expected to total around €100 million for the full year.

Bouygues shares fell more than 5% on the report. 

Bouygues maintained a robust financial position, with liquidity at €13.4 billion and net debt reduced year-on-year to €8.5 billion, despite nearly €1.2 billion in net acquisitions over the period.

Second-quarter results showed broadly in-line performance with consensus. EBITDAaL reached €1.279 billion, while COPA for the quarter was €727 million—up 1% versus company consensus.

The bank noted “only modest deviations,” with Telecom (BCBA:TECO2m) performing better and Equans and Colas slightly below expectations. However, net income came in below Morgan Stanley (NYSE:MS) estimates due to “higher financial expenses, other costs, [and] taxes.”

Cash flow was also impacted by working capital movements. Morgan Stanley said net debt was about €450 million higher than expected, attributing roughly 75% of the gap to a “worse/normalising seasonal NWC outflow.”

Looking ahead, Bouygues reiterated its guidance, stating that “in a very uncertain global environment,” its six business segments would continue adapting to market developments and focusing on profitability.

The group is targeting a slight increase in both sales and COPA in 2025 versus 2024.

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