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Analysis of the construction business of Bouygues group*
*Bouygues Construction, Bouygues Immobilier et Colas

As a reminder, Bouygues Energies & Services has been consolidated within Equans since the start of 2023. For easier comparison, the first-quarter 2022 data for the construction businesses presented below have been restated for Bouygues Energies & Services, as it contributed to Bouygues Construction’s figures.


At end-March 2023, the backlog in the construction businesses (Bouygues Construction excluding Bouygues Energies & Services, Bouygues Immobilier and Colas) rose 6% to €29.4 billion (up 7% at constant exchange rates and excluding principal disposals and acquisitions).

At €15.0 billion (up 8%), the backlog at Bouygues Construction offers good visibility on future activity. In first-quarter 2023, Bouygues Construction saw a 93% increase in order intake relative to first-quarter 2022, lifted by the gain of several significant contracts, particularly outside France.


The construction businesses reported sales of €5.2 billion in first-quarter 2023, up 5% year-on-year, driven by Colas and Bouygues Construction. Like-for-like and at constant exchange rates, sales increased also by 5%. Bouygues Construction’s sales rose by 6%, lifted by a strong performance from International Building and Civil Works.

Operating profit

Bouygues Construction’s COPA (current operating profit from activities) was stable over the period at €58 million.

Bouygues Construction key figures 
Backlog of orders: €15 billion

Orders taken: €3.1 billion (including €1.2 billion in France and €1.9 billion for International) 

Sales: €2.3 billion

The Group’s financial situation remains strong
At €12 billion, the Group maintained a high level of available cash (€14.7 billion at end 2022).

The current operating profit for businesses was €9 million, compared with a current operating loss from activities of €66 million in first-quarter 2022, giving a positive margin from activities of 0.1% (versus -0.8% in first-quarter 2022).

Net debt at end-March 2023 was €8.8 billion versus €7.4 billion at end-December 2022 and €2.1 billion at end-March 2022. The change between end-March 2022 and end-March 2023 reflects mainly the acquisition of Equans. The change versus 31 December 2022 is mainly impacted by usual seasonal effects.

Net gearing was at 64% (versus 53% at end 2022).

Confirmation of the Group’s 2022 outlook

In an unstable environment, marked by inflation, rising interest rates and currency volatility, Bouygues confirms that it is aiming for 2023 sales close to those of 2022, as well as an increase in its current operating profit from activities.

Bouygues remains very vigilant as to any changes in the macroeconomic situation and their direct or indirect consequences on the Group’s activities and results.

Equans and its outlook

Equans’ figures include Bouygues Energies & Services with effect from January 2023. First-quarter 2023 is therefore the first quarter that Bouygues Energies & Services is consolidated by Equans. The integration is going according to expectations, with an organisational structure now in place in the main countries and the Perform plan launched in most business units.

The backlog at Equans at end-March 2023 was €26.7 billion, offering good visibility on future activity. It should also be noted that the underlying margin of the order intake improved, highlighting the first positive impacts of the Perform plan. In first-quarter 2023, Equans recorded sales of €4.4 billion and current operating profit from activities of €98 million, representing a margin from activities of 2.2%, in line notably with seasonality of business.

In 2023, Equans is aiming for a slight increase in sales, a current operating margin from activities between 2.5% and 3%, a cash conversion rate COPA-to- free cash flow before WCR of between 80% and 100%.

Read the full press release here.


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