Bouygues: Revenue Down 1.7% in Q1 2026, Net Debt Reduced by 2 Billion Euros
Bouygues has released its first quarter 2026 results, showing a revenue of 12.2 billion euros, down 1.7% at constant exchange rates in a volatile macroeconomic and geopolitical environment. However, the group maintained the resilience of its current operating income at 77 million euros and reduced its net financial debt by 2 billion euros over the year, thus confirming its annual outlook.
Revenue Declines, Equans Boosts Operating Margin
The group's revenue stood at 12.2 billion euros in the first quarter of 2026, down 3.2% year-on-year in reported data. At constant exchange rates, this decline is reduced to 1.7%, revealing the significant impact of currency movements amounting to -200 million euros over the period. The current operating income from activities (COIA) came out at 77 million euros, an improvement of 8 million euros compared to a year earlier, with an activity margin at 0.6% (+0.1 point). This stability masks diverging performances within the group: Equans reported an increased margin of 4.8% (+0.9 point), while TF1 and Bouygues Telecom recorded the expected declines, respectively due to pressures in the linear advertising market and increased amortization following earlier investments. The Construction Division benefits from a very high order book level of 32.2 billion euros, providing significant visibility on future activity, despite a 6% year-on-year decline, reduced to 3% at constant exchange rates and excluding major disposals and acquisitions.
Debt Reduction, Enhanced Liquidity Despite Net Losses
Net financial debt improved significantly, dropping from 7.1 billion euros at the end of March 2025 to 5.1 billion euros at the end of March 2026, a reduction of over 2 billion euros. The net debt ratio thus decreased from 50% to 34%. This improvement occurred despite a net group share result of -94 million euros for the quarter, impacted by an exceptional contribution on the profits of large companies in France of -25 million euros. Excluding this tax impact, the net result stands at -69 million euros (+54 million year-on-year). The group's liquidity remains very high at 17.1 billion euros, consisting of 5.9 billion euros in cash and 11.2 billion euros in unused credit lines. The group has a solid financial structure with an average bond maturity of 6.4 years and an average coupon of 3.01%, confirming its investment capacity and maneuverability in an uncertain environment.
Robust Order Book and Confirmed 2026 Outlook
The Construction Division benefits from a very high order book level of 32.2 billion euros, providing significant visibility on future activity, despite a 6% year-on-year decline (stable at constant exchange rates). Equans reported an order book of 26.1 billion euros, nearly stable year-on-year, with order intake of 5.0 billion euros for the quarter. The group confirms its 2026 guidance: stability in revenue at constant exchange rates and maintenance of COIA at a historically high level. Equans targets an activity margin of 5% in 2026, one year ahead of its goals. Bouygues Telecom aims for a revenue and EBITDA after lease close to 2025 levels, with gross investments around 1.3 billion euros. TF1 expects double-digit growth in digital revenue, amidst continued pressure on linear advertising. In April, the group announced it entered exclusive negotiations for the acquisition of SFR alongside Free and Orange for a total value of 20.35 billion euros, with an exclusivity period until May 15, 2026. Concurrently, Colas signed a memorandum of understanding for the acquisition of Frauenrath group's road activities in Germany, its first major acquisition in the country.
