2024 Integrated Report

How would you sum up 2024 for Bouygues?

Unsurprisingly, this year has been particularly turbulent on the economic, political, geopolitical and climatic levels. Despite these unfavourable conditions, we reported very robust full-year results, drawing on our culture and values to meet these challenges. They are our strength and set us apart from our competitors. The Group is also reaping the benefits of its global footprint, with impressive construction projects under way or in the pipeline in Australia, Canada, the Philippines and other buoyant geographies. In fact, operations outside France now prevail, accounting for two-thirds of the backlogs of the construction and energies and services businesses.

In the construction businesses, Colas’ and Bouygues Construction’s results and backlog have grown. Bouygues Immobilier, meanwhile, continues to suffer from poor market conditions, which are having an impact on its results. It has rolled out a major cost-cutting drive, which includes a voluntary redundancy plan, in order to adjust to the new market conditions. Equans is successfully rolling out its Perform strategic plan. Business is robust, boosted by the dynamic energy efficiency market. While continuing to pursue its selective approach to contracts strategy, sales are up and margins are improving, despite the disposal of its district heating and cooling networks in 2023.

Bouygues Telecom is performing well in Fixed, while continuing to operate in a highly competitive market in Mobile. At the end of last year, it launched two major, innovative products: B.iG and B&You “Pure Fibre”. This is an extremely promising development. Finally, the acquisition of La Poste Telecom and its 2.4 million customers provides a new opportunity for us to grow through a network of 7,000 post offices across France.

TF1 is continuing to expand in the digital segment thanks to the successful launch of TF1+, which aims to take on the major international platforms. Its goal is to become the leader in free French-language streaming.

Last but not least, the Group’s financial position is sound, with a reduction in net debt despite the acquisitions completed in 2024, and a consistently high level of available cash. The long-term credit ratings assigned to the Group by Moody’s and Standard & Poor’s are good at A3, stable outlook, and A-, negative outlook, respectively.

In early 2025, the Group published its Human Rights Policy. Can you tell us more?

Respect for human rights is a fundamental principle for Bouygues – one that is enshrined in our corporate social responsibility (CSR) strategy. That’s why we have drawn up a Human Rights Policy, to ensure that everyone with whom we interact – in all 80 countries in which we operate – is treated with dignity. Our commitment to human rights is reflected in tangible actions. For instance, we have incorporated social and ethical criteria into our calls for tender, and our people receive in-service training on responsible project management. All this is testament to the fact that Bouygues’ long-term viability hinges on compliance with the highest standards of ethics and human rights.