Nothing new since our last overview of the group's financial dynamics, published exactly a year ago in these columns. Nothing, except perhaps a welcome stockmarket rebound in 2025, undoubtedly due to the exceptional resilience of the group's results in what is nevertheless a difficult environment for each of its segments.
However, it is important to keep things in perspective: in November 2025, the share price is exactly where it was twenty years earlier, in November 2005; as for the capital, it is divided into a number of shares that has increased by 13% over the period.
Two decades of stagnation on the stockmarket and slight dilution, therefore, but with €32 in dividends per share distributed over the period. This is obviously a far cry from the hypergrowth and adrenaline rush of US stock market champions such as Uber and Palantir.
As we wrote last year, stability remains the watchword at Bouygues, whose results are never easy to understand when its short- and long-term economic performances are so starkly contrasted.
In the first nine months of the year, despite a truly cataclysmic environment for the sector, the group posted solid performance in its construction business, which accounts for half of its revenue, as well as at Equans, which accounts for a third of revenue.
It was also business as usual at Bouygues Telecom. Contrary to our expectations, the capital intensity of the business did not decrease this year; on the other hand, sales growth was a few basis points above inflation.
Finally, there is nothing to report from TF1, which is discussed in more detail in these columns in TF1: Change with continuity. Revenue has not budged an inch—adjusted for inflation, it has declined—and operating profit, while down €7m, remains stable. Bouygues has announced that it is targeting an increase in its subsidiary's dividend in the coming years.
On a consolidated basis, over nine months, revenue rose by 0.9%—on an absolute basis, i.e., not adjusted for inflation—and operating profit reached €1.59bn, compared with €1.47bn at the same time last year. The lower net income is due to a so-called "exceptional" tax on what the tax authorities now refer to as superprofits.
