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

By Reuters News


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:


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.)

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