For the first quarter of 2026, Bouygues reported a net loss attributable to the group of 94 million euros, compared with a loss of 156 million euros a year earlier. This figure includes the exceptional tax contribution on the profits of large companies in France.

Current operating profit from activities (COPA) came in at 77 million euros, up 8 million euros year-on-year, reflecting what the group described as 'very resilient' activity. Consequently, the operating margin improved by 0.1 percentage points to 0.6% of revenue.

Quarterly revenue fell by 3.2% to 12.18 billion euros. At constant exchange rates, the decline was limited to 1.7%.

In the construction division, which includes Colas, Bouygues Construction, and Bouygues Immobilier, revenue decreased by 2% to 5.4 billion euros, but remained stable on a like-for-like basis and at constant exchange rates.

'Bouygues' businesses are in growth markets; their diversity allows the group to develop over the long term and demonstrate its great resilience,' the group emphasized, stating its intention to remain 'agile in a very uncertain macroeconomic and geopolitical environment.'

Bouygues thus confirmed its outlook for the 2026 fiscal year. The group is targeting stable revenue at constant exchange rates and the maintenance of COPA at a historically high level, following several years of continuous improvement. The consensus compiled by the company anticipates a COPA of 2,669 million euros this year, representing a 5% year-on-year increase.

Equans is expected to continue supporting the group's profitability momentum. The subsidiary is targeting stable revenue on a like-for-like basis and at constant exchange rates, as well as a margin of 5%, compared with 4.4% in 2024.

In telecoms, Bouygues also confirmed its 2026 targets, with revenue and EBITDAal expected to be close to 2025 levels and showing slight growth compared to 2023, excluding La Poste. Capital expenditure is expected to decrease to 1.3 billion euros.

The group estimates that the expected growth in COPA from Equans will offset anticipated declines at TF1, which is penalized by tensions in the linear advertising market, and at Bouygues Telecom, affected by higher depreciation and amortization.

Finally, Bouygues stated it remains 'very vigilant' regarding the indirect consequences related to the duration of the conflict in the Middle East.

For its part, Oddo BHF maintains its outperform rating on the stock. The broker considers that 'Equans has begun to transform the perception of the Bouygues group and believes that this trend could continue.' Beyond the current context, the stock's performance will also depend on project 'Python,' relating to the acquisition of SFR by a consortium.