Equans Drives Profitability and Record Order Book Growth
Bouygues' Equans division significantly improved its performance in the first half of 2026. It delivered a COPA margin of 5.2%. This is 1.2 percentage points higher than the same period in 2025. The company adjusted its annual margin guidance upwards to 5.2%. This reflects strong results in data centers and solar storage. Although Equans reported sales of EUR8.9 billion. The figure was a 3% decline on a constant ForEx basis when compared to the previous year.
The division's order book reached a record EUR27.6 billion. This is an increase of EUR1.7 billion or 7% compared to the prior year. This impressive growth was driven by new contracts. It was also driven by a robust infrastructure market. Equans' capital expenditures contributed to the overall group spending. The spending was approximately EUR900 million in the first half. This is slightly lower than the EUR1 billion spent during the same period in 2025.
Bouygues Telecom maintained a stable performance in sales year-over-year, with an EBITDA after leases of EUR954 million, in line with the previous year. The division achieved a COPA of EUR274 million, supported by a 173,000 increase in mobile plan customers and the addition of 116,000 new fixed-line clients. Fixed-line customers now total 4.9 million, with the average billing per user increasing by EUR0.20 to EUR33.20.
Bouygues Construction posted a revenue of EUR12.4 billion in the first half of the year, a 2% decrease compared to the previous year. However, this decline is attributed to the exclusion of certain divested businesses and currency fluctuations, as the figure remained stable on a constant scope and ForEx basis. The order book for the division reached EUR33.4 billion, reflecting a 1% year-on-year increase, driven by strong performances in both domestic and international construction markets.
Bouygues' net financial debt was reported at EUR6.5 billion as of 30 June 2026. This shows a reduction of EUR2 billion year-on-year. The company maintains robust liquidity of nearly EUR16 billion. This is supported by an A3 credit rating from Moody's. The debt maturity schedule is well spread out. This ensures financial stability moving forward.
These acquisitions are expected to enhance growth in the second half of the year. Bouygues' media arm, TF1, generated almost EUR1 billion in revenue, although this figure represents a 6% decline on a like-for-like basis compared to the previous year. Despite the revenue drop, the COPA margin remained steady at 7.8% in line with expectations.