2024 Integrated Report

If 2024 could be summed up in one word, it would be instability. The decades-long world order faced further upheavals with the arrival of new leaders determined to change the rulebook, and amid the proliferation of armed conflicts, economic crises, and natural disasters linked to climate change. In France, meanwhile, fiscal and political instability prevailed as structural debt and deficit problems remained stubbornly hard to resolve. It seems as though 2025 will be no less turbulent and unpredictable.

Despite navigating in this challenging environment, Bouygues reported very robust results for 2024, demonstrating once again – if proof were needed – the strength and viability of its business model.

Bouygues is a diversified services group with a unique corporate culture whose purpose is to make life better for as many people as possible for the common good. The Group’s six business segments operate in four sectors of activity: construction, energies and services, telecoms and media.

They meet essential needs for housing, transport, energy, communication, news and entertainment. This diverse profile is a strength, leaving the Group particularly well-placed to face headwinds with resilience.

Following the acquisition of Equans in 2022, this energies and services subsidiary became the Group’s biggest business segment. This development marked a step-change in scale for Bouygues, leading to further improvements in its decarbonisation solutions for its stakeholders – which will be a new and pressing priority in coming years.

The Group is reaping the benefits of its global footprint like never before. In fact, operations outside France now prevail, accounting for two-thirds of the backlogs of the construction businesses – Colas, Bouygues Construction and Bouygues Immobilier – and of Equans, with impressive tunnel and rail infrastructure construction projects under way or in the pipeline in Australia, the Philippines, North America and other buoyant geographies.

Bouygues Telecom is performing well in Fixed, while continuing to operate in a highly competitive market in Mobile. The December 2024 acquisition of La Poste Telecom and its 2.4 million customers represents a major new growth opportunity for the years ahead.

Last but not least, TF1 is continuing to expand in the digital segment thanks to TF1+, which aims to take on the major international platforms and become the leader in free French-language streaming.

Bouygues also stands out for its ownership structure, which is based on two core shareholders: the family-owned company SCDM, and the funds representing employees, which own 22% of the Group’s share capital. This structure means that Bouygues is the CAC 40 company with the highest level of employee share ownership – and that is a good thing, because it demonstrates the strength of employees’ dedication to the Group’s shared vision, corporate culture and common values. Our people are our most important resource. Their reputation for professionalism and their mindset of excellence make Bouygues truly unique, equipping us to rise to the many challenges that lie ahead.