French conglomerate Bouygues has set a cautious outlook for 2026, projecting stable sales and core earnings after modest growth in 2025, as advertising revenues for linear TV in France continue to face pressure.
The company said that stronger performance from its energy-services division, Equans, would balance weaker profits from its broadcasting arm TF1. Equans is expected to achieve a 5% margin in 2026, surpassing its initial targets set in 2023 following the acquisition.
For 2025, Bouygues reported sales of 56.9 billion euros ($67.2 billion) and a current operating profit of 2.6 billion euros, in line with analyst expectations. The group emphasized its goal to sustain operating profits “at a record high level” into 2026.
The board proposed a dividend of 2.10 euros per share for 2025, a 5% increase from the previous year. Bouygues shares rose 2% by 0928 GMT, reaching their highest level since 2008.
Bouygues is also involved in a joint bid with Orange and Iliad to acquire Altice France’s telecom operations. CEO Olivier Roussat said that while political factors such as the upcoming 2027 French presidential election may have some influence, the primary consideration will be regulatory scrutiny and anti-competition remedies required by authorities.
The potential acquisition would likely undergo review by the European Commission due to its scale, with possible assessments from the French government and the national competition authority.
Bouygues said it will provide updates on the progress of the Altice France deal once due diligence, which began in January, is further along. The company’s energy arm is expected to play a key role in sustaining overall performance despite a challenging media landscape.
