Bouygues grows record backlog amid Q1 losses

Excluding the surcharge, the net loss would have been €123 million ($133.2 million), representing a €23 million ($26 million) year-on-year improvement.

Bouygues reported a 2.2% year-on-year increase in group sales in the first quarter of 2025, reaching €12.6 billion ($13.6 billion), with improvements across its construction, telecom, and media segments.

Group current operating profit from activities (COPA) climbed to €69 million ($74.6 million), up from €26 million ($28.1 million) in Q1 2024.

Bouygues’ construction backlog hits record 

The construction businesses – Colas, Bouygues Construction and Bouygues Immobilier — reached a record combined backlog of €34.2 billion ($38 billion) at the end of March, up 12% year on year. Bouygues Construction led the growth with a 17% increase in its backlog to €18.3 billion ($19.8 billion), while Colas recorded €15.1 billion ($16.3 billion), up 9%.

Backlog rose in France (9%), the rest of Europe (8%), and other international markets (19%). The company said its international backlog now represents 59% of its total.

Major Q1 project wins included a €250 million ($270.6 million) rail contract and €170 million ($184.8 million) roads contract for the Kenitra–Marrakesh high-speed line in Morocco, and an eight-year, €380 million ($411.3 million) operations and maintenance rail contract in the UK.

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Q1 construction sales totalled €5.5 billion ($5.95 billion) (up 3%), with Colas contributing €2.6 billion ($2.81 billion) and Bouygues Construction €2.6 billion ($2.81 billion). Bouygues Immobilier reported sales of €252 million ($273 million).

The construction segment posted a seasonal current operating profit from activities (COPA) loss of €240 million ($259.8 million), said to be typical for Q1 due to winter activity slowdowns, particularly for Colas.

Bouygues Construction was the only construction entity to post a positive margin from activities (2.9%).

Equans, Bouygues’ energy and services division, posted €177 million ($191.7 million) in COPA (3.8% margin), up €44 million year-on-year. 

Bougues’ 2025 outlook

Despite geopolitical and macroeconomic uncertainty, Bouygues confirmed its 2025 outlook, targeting a slight increase in group sales and COPA.

Net debt stood at €7.1 billion ($7.68 billion) at the end of March 2025, down €645 million ($698.5 million) from a year earlier.

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