Bouygues: 2024 Full-Year Results

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FULL-YEAR 2024 RESULTS

Paris, 06/03/25

• Very robust Group results for 2024 and guidance achieved: Group sales of €56.8bn, up 1% year-on-year and Group current operating profit from activities of €2,535m, up €124m year-on-year
• Very successful execution of Equans' strategic plan: margin from activities of 3.5%, +0.6 points year-on-year, cash conversion rate (COPA-to-cash flow) before WCR¹ of 98% and net cash position exceeding €1.5bn
• Backlog in the construction businesses at a record €32.2bn, providing visibility on future activity
• Group free cash flow before WCR² of €1,268m, up 8% year-on-year
• Year-on-year improvement in Group net debt at end-December 2024, including net acquisitions of over €1.1bn during the year
• All six business segments SBTi-certified
• Dividend of €2.00 per share in respect of 2024³, up 5.3% versus 2023

The Board of Directors, chaired by Martin Bouygues, met on 5 March 2025 to close off the full-year 2024 financial statements.

KEY FIGURES

(a) Up 1% like-for-like and at constant exchange rates.

(b) Includes PPA amortisation of €97m in 2024 and €103m in 2023.

(c) Includes net non-current charges of €196m in 2024 and of €195m in 2023.

• Full-year sales were €56.8 billion, up 1% versus 2023, driven mainly by Bouygues Construction and Equans. Like-for-like and at constant exchange rates, sales also increased 1% year-on-year.

• Current operating profit from activities (COPA) was €2,535 million, up €124 million year-on-year, driven mainly by Equans, where COPA increased €135 million year-on-year, and to a lesser extent by Bouygues Construction, where COPA increased €45 million in the period. In a still challenging market environment, COPA declined €79 million year-on-year at Bouygues Immobilier, resulting in a current operating loss from activities of €51 million in the period, impacted in particular by a sharp decline in its business activity and provisions booked on operations.

• Net profit attributable to the Group was €1,058 million, up €18 million year-on-year. In particular, this comprises:
  • amortisation and impairment of intangible assets recognised in acquisitions (PPA) of €97 million (of which €54 million at Bouygues SA related to the acquisition of Equans);
  • net non-current charges⁴ of €196 million, which do not reflect the operational performance of the business segments. This mainly includes the Management Incentive Plan at Equans, which was applied to the whole of 2024 whereas it was only applied to a part of 2023, the impact on Bouygues Construction's activities of a regulatory change in the UK, and the cost of adaptation measures at Bouygues Immobilier. At the end of the year, Bouygues Telecom booked non-current income notably related to the sale of data centres and mobile sites.
  • financial result of -€392 million, compared with -€424 million in 2023. This improvement was notably due to the combined effect of a higher level of net cash and the return on net cash, given that debt is at fixed rates;
  • income tax expense of €617 million, versus €547 million in 2023;
  • share of net profits of joint ventures amounting to an €11 million loss versus a €59 million profit in 2023. This change notably results from losses at certain Bouygues Telecom joint ventures that are still in investment phase, and a lower contribution from Tipco Asphalt, a Colas joint venture in Thailand.

• Net debt was €6.1 billion at end-December 2024, an improvement of €185 million versus 31 December 2023, including net acquisitions of more than €1.1 billion over the full year, especially the acquisition of La Poste Telecom finalised in November. Net gearing⁵ was 42% at end-December 2024 (versus 44% at end-December 2023).

DIVIDEND

The Board of Directors will ask the Annual General Meeting on 29 April 2025 to approve a 2024 dividend of €2.00 per share, up 5.3% relative to the 2023 financial year. The ex-date and payment date have been set at 5 and 7 May 2025 respectively.

OUTLOOK FOR 2025

Outlook for the Group

In an uncertain global environment, the Group's six business segments will continue to prove their ability to keep pace with developments in their respective markets. They will pursue their efforts to improve profitability. As a result, the Bouygues group is targeting for 2025 a slight increase in sales and current operating profit from activities (COPA) versus 2024.

The effects of the Finance law and the Social security financing law for 2025 on net profit attributable to the Group are estimated to date at around €100 million.

Outlook for Equans

In 2025, Equans will continue to roll out its strategic Plan. It is targeting:

• Continued organic sales growth;
• A margin from activities close to 4%;
• A cash conversion rate (COPA-to-cash flow⁶) before working capital requirement (WCR) of between 80% and 100%.

As a reminder, Equans aims to gradually catch up with the organic growth of sector peers and to achieve a margin from activities (COPA margin) of 5% in 2027.

Outlook for Bouygues Telecom

For 2025, Bouygues Telecom is targeting:

• A slight increase in sales billed to customers versus 2024 (like-for-like, excluding La Poste Telecom), to which is added the contribution from La Poste Telecom⁷;
• Broadly stable EBITDA after Leases compared to 2024. In 2025, Bouygues Telecom will no longer benefit from the very favourable low hedged energy prices arranged in 2020 and 2021. La Poste Telecom's contribution to EBITDA after Leases will be limited in 2025, with the full effect expected from 2028 ;
• Gross capital expenditure of around €1.5 billion (excluding frequencies), including expenditure related to the preparation for the migration of La Poste Telecom Mobile customers ;
• Bouygues Telecom will not exercise its call option in 2025 which would give it a 51% stake in the SDAIF joint venture⁸.

As a reminder, Bouygues Telecom is targeting for 2026⁹, excluding La Poste Telecom and excluding any possible continuation in 2026 of the changes made to taxation first applied in the 2025 Finance Law:

• Modest growth in sales from services and EBITDA after Leases versus 2023;
• Gross capital expenditure of around €1.25bn (excluding frequencies);
• FCF before WCR of around €600 million¹⁰.

The effects of the consolidation and growth of La Poste Telecom are estimated at this stage to be approximately:

• La Poste Telecom's contribution to EBITDA after Leases at Bouygues Telecom will be limited in 2025 before reaching a low point close to zero in 2026 and recovering gradually in 2027, with the full effect of around €140m expected from 2028.
• In 2026, Bouygues Telecom's FCF before WCR¹¹ will be reduced by:
  • operating capex assigned to ensure the successful migration of La Poste Telecom's customers to its network (estimated at around €35 million);
  • interest expense net of tax associated with the acquisition of La Poste Telecom (estimated at around €35 million).
• La Poste Telecom's contribution to Bouygues Telecom's free cash flow before WCR¹ will be gradual: neutral in 2027, it will produce its full effects from 2028 once around 90% of its mobile customers have migrated to Bouygues Telecom's network.

Outlook for the TF1 group

In an advertising market with limited visibility, the TF1 group's outlook for 2025 is the following:

• Strong double-digit revenue growth in digital,
• Broadly stable margin from activities compared with 2024,
• Aiming for a growing dividend policy in the coming years

In line with TF1's distribution policy disclosed to the market in February 2024, the Board of Directors will propose to TF1's Annual General Meeting on 17 April 2025, a dividend of €0.60 per share, up 9% relative to 2023.

DETAILED ANALYSIS BY SECTOR OF ACTIVITY

CONSTRUCTION BUSINESSES

At end-December 2024, the backlog in the construction businesses (Colas, Bouygues Construction and Bouygues Immobilier) was a record €32.2 billion, up 13% year-on-year (up 15% at constant exchange rates and excluding principal disposals and acquisitions), and provides visibility on future activity. The backlog for France and the international backlog both increased year-on-year, by 9% and 16% respectively, mainly thanks to Bouygues Construction. The share of the international backlog rose to represent around 68% of the construction businesses backlog, up from around 63% in 2021.

The backlog at Colas totalled €13.1 billion, rising by €0.7 billion or 6% year-on-year (up 9% at constant exchanges rates and excluding principal disposals and acquisitions, notably reflecting the disposal of Colas Rail Italy in the third quarter whose backlog was around €0.3 billion). The Roads backlog rose 2% year-on-year, improving by 8% in France and decreasing by 1% internationally. The Rail backlog was up 14% year-on-year. Colas recorded an order intake of €13.4 billion over full-year 2024. The order intake for Roads increased in France and internationally year-on-year, with notably an acceleration during the fourth quarter in the US and, to a lesser extent, in Canada. The Rail order intake was down year-on-year but this is not representative of business owing to the unfavourable comparison basis. In the fourth quarter 2024, the Rail intake benefited from the booking of two major contracts, one to renovate Line 1 of the Cairo metro in Egypt (worth around €310 million) and the other to design and install overhead catenary systems for the HS2 high-speed rail line in the UK (worth around €240 million).

Bouygues Construction's backlog stood at €18.2 billion at end-December 2024, up €3.2 billion or 21% year-on-year (up 20% at constant exchange rates and excluding principal disposals and acquisitions). This was driven by its three segments. The backlog rose 42% year-on-year at Civil Works, 6% year-on-year at International Building and 3% year-on-year at France Building. Over full-year 2024, Bouygues Construction's order intake was €13.3 billion, backed by good momentum from the normal course of business (contracts of less than €100 million), representing 49% of total order intake over the period, with major project awards representing the other 51%. In the fourth quarter, Bouygues Construction won contracts to build the northern tunnels on the SRL metro in Melbourne, Australia (worth around €340 million) and the Bern campus in Switzerland (worth around €310 million). The order book to be executed in 2025 stood at end-December 2024 at around €9 billion, a level higher than the previous year.

Bouygues Immobilier continues to face a challenging market environment. In France, Residential unit property reservations improved year-on-year. Commercial property activity remains at a standstill. The backlog was around €0.9 billion, down €0.1bn or -6% versus end-December 2023.

The construction businesses reported sales of €27.5 billion in full-year 2024, up 1% year-on-year, driven by Bouygues Construction. Sales at Colas were slightly lower year-on-year on a reported basis but stable like-for-like and at constant exchange rates. Business was driven by Rail (up 6% year-on-year), helped by the rapid growth of low-carbon alternative transport infrastructure. Year-on-year, Roads sales were down 1%, rising 2% in France but declining 3% internationally. Bouygues Construction's sales rose 6% year-on-year and 5% like-for-like and at constant exchange rates. Sales rose slightly for Civil Works (up 2% year-on-year). Sales for International Building increased very strongly (up 16% year-on-year) while rising slightly for France Building (up 2% year-on-year). Bouygues Immobilier's sales declined 17%¹² versus 2023, reflecting the challenging market environment. Sales from Residential property were down 14% year-on-year and sales from Commercial property were close to zero.

COPA in the construction businesses was €827 million in 2024, a decline of €24 million year-on-year, which was fully attributable to Bouygues Immobilier. COPA margin in the construction businesses decreased slightly (by 0.1 point) over the period to 3.0%.

At Colas, COPA was €552 million, rising €10 million year-on-year. Its margin from activities was 3.5%, up 0.1 point year-on-year, this despite a material capital gain booked in the third quarter of 2023 in connection with a land sale in the US. Bouygues Construction's COPA increased €45 million to €326 million at end-December 2024 and its margin from activities was 3.2%, improving by 0.3 points year-on-year; an increase notably due to the good progress achieved with the strategic plan launched 2 years ago.

Bouygues Immobilier reported a current operating loss from activities of €51 million versus a €28 million profit in 2023. This was due to a sharp fall in business, the adaptation of its cost structure, customer discounts and provisions booked on operations.

EQUANS

Equans' backlog was €25.4 billion, which was 3% higher than at end-December 2023. Equans continues pursuing its selective approach to contracts strategy and is gradually exiting the new-build business in the UK (building of new homes, notably social housing) due to unfavourable market conditions. Equans posted an order intake of €18.4 billion in 2024, up both in France and outside France. Throughout the year, momentum remained strong in installation of solar farms, data centres, hospitals, high-tech plants. Recurring maintenance contracts and contracts in the normal course of business performed well. The underlying margin of the order intake continued improving steadily.

Equans posted a 2% year-on-year increase in sales to €19.2 billion in 2024, lifted by overall solid momentum in France and abroad. This was despite the divestment of activities in late 2023 and the gradual exit from the new-build business in the UK. Sales increased 3% like-for-like and at constant exchange rates.

Current operating profit from activities at Equans was €680 million, up €135 million year-on-year. The margin from activities was therefore 3.5%, up 0.6 points versus 2023, reflecting the rigorous execution of the Perform plan in all of Equans' operating units. The net cash surplus improved sharply over the period to €1,517 million versus €981 million at end-2023, notably driven by strong cash flow from operations.

BOUYGUES TELECOM

Bouygues Telecom saw a solid business performance in Fixed, in terms of both volumes and value. At end-December 2024, FTTH customers totalled 4.2 million after 615,000 new customers were added in 2024, of which 207,000 in the fourth quarter. The Fixed customer base was 5.2 million, equating to an additional 263,000 versus end-December 2023, of which 111,000 new adds in the fourth quarter. The share of Fixed customers subscribing to a FTTH line continued to increase, reaching 81% versus 73% one year earlier. Bouygues Telecom continued extending its geographical reach across France. To date, 38 million FTTH premises have been marketed. Bouygues Telecom is targeting around 40 million by the end of 2026. In the fourth quarter of 2024, Fixed ABPU increased by €2.0 year-on-year to €33.4 per customer per month.

Bouygues Telecom reported a robust commercial performance for Mobile in a mature market. Mobile plan customers excluding MtoM totalled 18.3 million, marking the addition of 2.8 million customers compared with end-December 2023. This is thanks to the gain of 339,000 new customers over the year excluding La Poste Telecom (of which 93,000 in the fourth quarter) and the 2.4 million La Poste Telecom customers.

In the fourth quarter of 2024, Mobile ABPU excluding La Poste Telecom decreased €0.6 year-on-year to

€19.1 per customer per month, in a still competitive market, with low prices for new customers. Mobile ABPU at La Poste Telecom is €11 per customer per month.

Sales billed to customers reached €6.2 billion, up 5% versus 2023. Sales from services rose 4% year-on-year. In total, Bouygues Telecom's sales were up 1% year-on-year, impacted by the decline in Other sales (down 9% year-on-year), which mainly consist of Handset, Accessories and Built-to-suit sales.

EBITDA after Leases came to €2,037 million in 2024, rising by €68 million year-on-year. This was driven by growth in sales billed to customers combined with continued efforts to control costs. EBITDA after Leases margin was 32.7%, slightly lower year-on-year, owing to slight dilution from the acquisition of La Poste Telecom and higher operating expenses related to the customer acquisition drive in Fixed.

Current operating profit from activities at Bouygues Telecom was €795 million, stable year-on-year. The increase in EBITDA after Leases was offset by the increase in depreciation and amortisation in line with the gross capex trajectory. Operating profit was €810 million, and includes net-non-current income of €41 million notably related to the sale of data centres and mobile sites.

Gross capital expenditure excluding frequencies amounted to €1,541 million at end-December 2024, in line with full-year outlook. Including frequencies, gross capital expenditure amounted to €1,723 million.

The consolidation of La Poste Telecom into Bouygues Telecom will be carried out gradually between 2025 and 2027. This will involve, in particular, the launch of a Fixed offer in the fourth quarter of 2025, and the migration of La Poste Telecom customers to Bouygues Telecom's network. Synergies will also be generated over the period on purchasing, IT licences, insurance and communication.

TF1

TF1 group's audience ratings remained at a high level in 2024, with an audience share of 33.5% in the WPDM 50¹³ category and of 30.5% among individuals aged 25-49.

TF1 group reported sales of €2.4 billion in 2024, representing a 3% increase year-on-year (up 1% like-for-like and at constant exchange rates):

• Media sales rose by 2% year-on-year, with advertising revenues up 2% year-on-year, driven notably by digital, namely the performance of TF1+, where advertising revenues increased 39% year-on-year, confirming the platform's appeal to advertisers. In linear TV, advertising revenue was stable year-on-year despite unprecedented competition, given that France Télévisions broadcast the Olympic Games.
• Sales at Newen Studio were €345 million, up 5% relative to 2023. Johnson Production Group (JPG), a TV film production and distribution company acquired in late July, added €24 million to sales over five months. Newen's business was marked in the fourth quarter by the delivery of flagship shows such as the second seasons of Marie-Antoinette and Memento Mori.

Current operating profit from activities at TF1 was €297 million, up marginally year-on-year, which includes a €26 million year-on-year increase in cost of programmes and specific expenditure related to the launch of TF1+ earlier in the year and a ramp-up of investments on the platform towards the end of the year, despite a less supportive linear advertising market, thanks to the divestment of the Ushuaïa brand in the third quarter of 2024. The margin from activities was 12.6%, an increase of 0.1 points year-on-year, in a year of major transformation at the TF1 group.

FINANCIAL SITUATION

At €15.8 billion, the Group maintained a very high level of liquidity, which comprised €4.8 billion in cash and equivalents, supplemented by €11.0 billion in undrawn medium- and long-term credit facilities.

Net debt at end-December 2024 was €6.1 billion, versus €6.3 billion at end-December 2023. The change between end-December 2023 and end-December 2024 reflected mainly:

• acquisitions and disposals for -€1,148 million;
• payment of dividends for -€816 million; and
• net cash from operating activities and other, which generated €2.2 billion.

During 2024, the change in working capital requirements (WCR) related to operating activities and other was €942 million, of which €3 billion in the fourth quarter.

Net gearing¹⁴ was 42%, an improvement versus end-December 2023 (44%).

At end-December 2024, the average maturity of the Group's bonds was 7.5 years, and the average coupon was 3.01% (average effective interest rate of 2.25%). The debt maturity schedule is well spread over time, and the next bond redemption will be in October 2026.

The long-term credit ratings assigned to the Group by Moody's and Standard & Poor's are: A3, stable outlook, and A-, negative outlook, respectively.

NON-FINANCIAL PERFORMANCE

After Bouygues Telecom in 2022, and Bouygues Construction, Bouygues Immobilier and TF1 in 2023, Equans' decarbonisation targets for reducing GHG emissions were endorsed by the SBTi in 2024.

By 2030, Equans is aiming to:

• Reduce GHG emissions in scopes 1 and 2 by 42% (in absolute terms, excluding energy production activities)
• Reduce GHG emissions from heating and electricity production activities for customers in scopes 1 and 2 by 68% (in relative terms)
• Reduce GHG emissions by 52% in scope 3 (in relative terms)

These targets are consistent with the Paris Agreement goal of limiting global warming to 1.5°C.

Colas' previous targets were endorsed by SBTi in 2021 based on keeping global warming "well below 2°C”. In 2024, Colas secured approval of its decarbonisation targets aligned with the Paris Agreement goal of limiting global warming to 1.5°C.

By 2030, Colas is aiming to:

• Reduce GHG emissions in scopes 1 and 2 by 46.5% (in absolute terms)
• Reduce GHG emissions in upstream scope 3 by 30% (in absolute terms)

Measured on a constant consolidation scope basis, the 1.6 million tonnes of CO₂ equivalent decrease in the Group's GHG emissions in 2024 relative to 2023 reflects continued efforts by the six business segments to reduce their carbon footprint. The trend in the Group's GHG emissions may vary over time, depending on the scopes analysed, the methodologies used to calculate GHG emissions, the type and geographical mix of the Group's activities as well as their rate of growth.

GOVERNANCE

At its meeting of 5 March 2025, the Board of Directors approved the draft resolutions that will be submitted for approval to the Annual General Meeting on 29 April 2025 with the purpose of:

• renewing the terms of office of Olivier Bouygues and SCDM as directors;
• renewing the terms of office for Félicie Burelle and Clara Gaymard as independent directors;
• appointing Charlotte Bouygues as a director, replacing SDCM Participations, whose term of office has not been recommended for renewal;
• appointing Nathalie Bellon-Szabo as an independent director, replacing Rose-Marie Van Lerberghe, whose term of office will expire at the end of the AGM.

Nathalie Bellon-Szabo's main occupation is CEO of Sodexo Live! and is also a member of the Sodexo group's executive committee. She was chosen by the Governance, Selection and Remuneration Committee following a selection process. As well as meeting all the requirements of an independent director, Nathalie Bellon-Szabo has acquired valuable experience as a senior executive in a multinational. She is recognised as an expert in finance, innovation and digital, as well as in sustainability and CSR, and this will be invaluable to the Board in view of the Group's priorities and the challenges that lie ahead.

The Board of Directors will furthermore recommend:

• renewing the term of office for Raphaëlle Deflesselle as a director representing employee shareholders, and
• appointing Sylvie Bruneau as a director representing employee shareholders, replacing Michèle Vilain.

These two candidates were put forward by the Group's employee share ownership funds (FCPE) following elections to their respective supervisory boards in January 2025.

Each appointment will be for three years, expiring at the end of the AGM called to approve the financial statements for 2027.

Assuming these resolutions are approved at the AGM on 29 April 2025, the Board would remain at 14 directors, of which three new female directors, one of whom is independent and one of whom represents employee shareholders. The proportion of independent directors would be unchanged at 50%, and female representation would be 50% (excluding directors representing employees).

FINANCIAL CALENDAR

29 April 2025: Annual General Meeting (3.30pm CET)

7 May 2025: Dividend payment, subject to approval by the Annual General Meeting

14 May 2025: First-quarter results (7.30am CET)

31 July 2025: First-half results (7.30am CET)

5 November 2025: Nine-month results (7.30am CET)

 The financial statements have been audited and the statutory auditors have

issued a report certifying them without reserve.

You can find the full financial statements and notes to the financial statements on www.bouygues.com/results.

The results presentation for analysts will start at 11.00am (CET) on 6 March 2025.

Details on how to connect are available on www.bouygues.com.

The results presentation will be available before the webcast starts on www.bouygues.com/results.

ABOUT BOUYGUES

Bouygues is a diversified services group operating in over 80 countries with 200,200 employees all working to make life better every day. Its business activities in construction (Colas, Bouygues Construction, Bouygues Immobilier); energies & services (Equans); telecoms (Bouygues Telecom) and media (TF1) are able to drive growth since they all satisfy constantly changing and essential needs.

INVESTORS AND ANALYSTS CONTACT:

[email protected] • Tel.: +33 (0)1 44 20 11 01

PRESS CONTACT:

[email protected] • Tel.: +33 (0)1 44 20 12 01

BOUYGUES SA • 32 avenue Hoche • 75378 Paris Cedex 08 • bouygues.com         

FULL-YEAR 2024 BUSINESS ACTIVITY

BACKLOG IN THE CONSTRUCTION BUSINESSES

(a) Up 9% at constant exchange rates and excluding principal disposals and acquisitions.

(b) Up 20% at constant exchange rates and excluding principal disposals and acquisitions.

(c) Down 6% at constant exchange rates and excluding principal disposals and acquisitions.

(d) Up 15% at constant exchange rates and excluding principal disposals and acquisitions.

COLAS BACKLOG

BOUYGUES CONSTRUCTION ORDER INTAKE

BOUYGUES IMMOBILIER RESERVATIONS

EQUANS BACKLOG

BOUYGUES TELECOM CUSTOMER BASE