France's Bouygues 9M sales stable, net profit drops on TF1 impairment

Bouygues SA

05/11/2026 06:40

Overview
France diversified services group's 9M 2026 sales stable at €41.6 bln
Current operating profit from activities rose year-on-year, led by Equans
Net profit fell, hit by €569 mln impairment on TF1 stake

Outlook
Bouygues expects 2026 sales to be stable at constant exchange rates
Company now expects 2026 COPA to increase slightly, revising previous guidance of record-high level
Equans raises 2026 margin from activities target to at least 5.5%

Result Drivers
EQUANS PERFORMANCE - Group said higher current operating profit was mainly driven by strong performance at Equans, with additional support from Bouygues Construction
TELECOM DEPRECIATION - Bouygues Telecom's profit declined due to higher depreciation and amortisation following recent investments
REAL ESTATE WEAKNESS - Bouygues Immobilier results were hurt by a deteriorating residential property market in France, with higher cancellations due to weaker consumer confidence and rising rates

Company press release: ID:nGNE1GvjjM

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
9M Sales
 
EUR 41.64 bln
 
9M Net Income
 
EUR 306 mln
 
9M Current operating profit from activities
 
EUR 1.86 bln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the construction & engineering peer group is "buy."
Wall Street's median 12-month price target for Bouygues SA is €56.00, about 33.4% above its November 4 closing price of €41.98
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 14 three months ago

Reuters Recommended Reads
Nov 5 - Bouygues lifts yearly profit forecast after strong nine-month performance
Nov 4 - Construction firm Tutor Perini's Q3 revenue beats estimates
Nov 4 - Canada's WSP Global Q3 revenue rises 16.6%, beats estimates

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)