Bouygues Reports Solid 2025 Results with Record Free Cash Flow
On Thursday, Bouygues Group announced its 2025 results, marked by very solid performances and a record free cash flow. The board of directors finalized the accounts for the year on February 25, 2026.
Financial Performance
Bouygues Group's revenue reached 56.9 billion euros in 2025, stable compared to 2024. The group recorded a current operating income from activities (ROCA) of 2,655 million euros in 2025. The net result attributable to the group was 2,555 million euros, impacted by non-recurring items amounting to 224 million euros in net charges and by the impact of the new French tax legislation passed in the first quarter of 2025, which represents approximately 93 million euros in additional charges for the year. The free cash flow reached a record level, reflecting the operational performance of the group and its strict management of investments.
Financial Position and Dividend Proposal
The group's net financial debt significantly improved, decreasing from 6.1 billion euros at the end of December 2024 to 4.2 billion euros at the end of December 2025, an improvement of 1,862 million euros. The net debt ratio decreased from 42% to 28%. The total liquidity of the group reached 17.6 billion euros, consisting of 6.4 billion euros in cash and 11.2 billion euros in unused credit facilities. The board of directors will propose to the general meeting on April 23, 2026, a dividend of 2.10 euros per share, up 5% compared to 2024, with detachment planned for April 28 and payment on April 30, 2026.
Outlook for 2026 and Strategic Developments
For 2026, the group aims to improve ROCA of Equans to offset the expected decline in ROCA from TF1 due to anticipated tensions in the linear advertising market, and from Bouygues Telecom due to the expected increase in amortizations. Since January 1, 2026, Bouygues has grouped its subsidiaries Colas, Bouygues Construction, and Bouygues Immobilier into a new Construction Division under the responsibility of Pascal Minault. This restructuring aims to accelerate the development of each business, with a combined revenue of about 28 billion euros and approximately 97,000 employees. Furthermore, on January 22, 2026, the consortium composed of Bouygues Telecom, Free-Groupe iliad, and Orange confirmed discussions with Altice Group regarding a potential acquisition of a significant part of its telecommunications activities in France, with due diligence work initiated since early January 2026.
