Bouygues Aktie

Hello, and welcome to the Group Bouygues Q1 2026 Results Call. [Operator Instructions]

Now I will hand the conference over to Frederique Delavaud, Head of Investor Relations. Please go ahead.

Thank you very much. Good morning, everyone, and thank you for joining us for the presentation of Bouygues' First Quarter 2026 results. This presentation will be led by Stephane Stoll, Senior Vice President and CFO of Bouygues Group. Stephane Stoll is accompanied by Christian Lecoq, CFO of Bouygues Telecom. Following their presentation, they will be answering your questions.

Stephane, I'll now give you the floor.

Thank you, Frederique. Good morning, everyone, and thank you for attending. Before listening our highlights, I would like to point out that, obviously, the global macroeconomic and geopolitical environment has remained during the first quarter, very uncertain and very volatile. And as always, Q1 results, our group are not indicative of first half of the year and fiscal year results due to usual seasonality, especially at Colas. That being said, I'm pleased to say that Q1 group results were quite solid. Therefore, we are in a position to confirm the group outlook for 2026.

Entering details, group sales were down 3.2% year-on-year. Half of the decrease being attributed to negative change effects at constant exchange rates, group sales were only down 1.7% year-on-year. Group COPA was very resilient in Q1 2026, slightly up year-on-year, but I remind you that the [ group Q1 COPA ] is not representative of annual results. Then we also recorded a usual negative net result attributable to the group nevertheless, strongly improving versus Q1 2025. It was impacted for the second year in a row by the exceptional income tax surcharge for large companies in France. At end March 2026, our net debt significantly improved versus end March 2025 in keeping with the trend observed at the end of 2025.

Last, I have two comments on our business segments, [ COPA margin ] from activities continued to improve strongly at Equans reaching, respectively, EUR 205 million, up EUR 28 million year-on-year and achieving 4.8% margin, an improvement of 0.9 points year-on-year. These increases continue to demonstrate successful execution of the strategic perform plan. Sales [indiscernible] had a soft start to the year.

And in our Construction division, the backlog at end of March 2026 was at a high level of EUR 32.2 billion offering visibility on future activities. Let's now have a look at our key figures on Slide 5, and let me remind you once again that every year, mainly due to the seasonal nature of Colas activities, Q1 results are not indicative of half year and full year results. That said, group sales stood at EUR 12.2 billion, down 3.2% year-on-year. This decrease was explained as I already mentioned, for half of it by negative change effects weighing for almost EUR 200 million and for half of it by a decrease in activity at Equans and at a lesser extent at TF1 and Bouygues Immobilier levels. Organically speaking, sales in the Construction division was stable year-on-year and slightly up at Bouygues Telecom, which is good news. Like-for-like and at constant exchange rate group sales decreased by 1.6% only.

In the first quarter of 2026, the group COPA increased by EUR 8 million compared to the first quarter of 2025 and reached EUR 77 million. This increase was mainly led by Equans while TF1 and Bouygues Telecom were down as expected. The net result attributable to the group was minus EUR 94 million. It improved by EUR 62 million year-on-year. I recall that for the second year in a row. It was impacted by the exceptional income tax surcharge for large companies in France [indiscernible] for minus EUR 25 million during this first quarter. Last, net debt was EUR 5.1 billion, an improvement of more than EUR 2 billion year-on-year. This is a very good performance. Net debt at the end of March was higher than at the end of December of the previous year, as always, due to the seasonality of our activities. I will provide you with more details about the figures later during this call.

Let's now turn to the review of our operations of our Construction division on Slide 8 and. Let's begin, if you please, with the backlog in the Construction division. As I mentioned during the introduction of this call, the backlog at the end of March 2026 remain at a very high level of EUR 32.2 billion, providing visibility on future activity. Overall, the backlog was down 6% year-on-year, but only 3% like-for-like and at constant exchange rates. Taking a step back over a 5-year period, the backlog level at end of March 2026 was up 16% compared to end of March 2022 with all geographic areas improving over the period. Compared to last year, you see that the backlog was globally stable in France, which is a very good news and down in Europe and internationally. This is not a surprise. It is important to recall that Bouygues Construction's backlog had reached its record high level at the end of March 2025 driven by civil works. I remind you that we took more than EUR 2 billion order intake in end of 2024 due to the project of Torrens to Darlington in Adelaide in Australia and [indiscernible] international building with some very significant contracts notably awarded in H2 2024, as I mentioned.

Let's look into details on Slide 9 and start with Colas whose backlog reached EUR 14.3 billion, down 5% year-on-year and only 1% like-for-like and at constant exchange rates. In roads, the backlog was down 7% and even a bit more in France as it is typically the case in an election period, local election period, like-for-like and at constant exchange rates. The backlog in roads was down 3% only. In rail, the backlog was almost stable year-on-year and up 2% like-for-like and at constant exchange rate. At Bouygues Construction, the backlog stood at EUR 17.2 billion, down 6% year-on-year and only 3% like-for-like in constant exchange rate. In building, the French backlog was up 9% and the international backlog was up 6%. On civil works, as you know, the award of very large contracts [ mechanically volatility ] in order intake in the backlog that's normal in our business. And as I already mentioned, the basis of comparison with end of March 2025 was very high due in particular to the Torrens to Darlington contract. So we are not worried at all about good construction activity this year as 2026 activities coverage remains in line with 2025. And please refer to also the appendix detailing this backlog and the way it is spread over time in the coming year.

Finally, at Bouygues Immobilier, the backlog was at EUR 0.7 billion at end of March 2026, down 21% year-on-year, 15% like-for-like and at constant exchange rates, considering also the disposal of activities in Poland in July 2025. As you know, with the Mobile backlog is what we are used to call a secured backlog, meaning it includes only reservation [indiscernible] which is a bit different from what the market tends to communicate. So cut-off effects in our own accounting may have some impact. That was certainly the case in the first quarter. The share of backlog at end of March 2026 to be executed by the end of the year remains at a high level, providing visibility on future activity.

Next slide, let's talk about order intake. As you know, order intake is subject to significant variances in rail at Colas and in civil works and Bouygues Construction due to the timing of large project [ awards ]. As such, quarterly comparisons do not really make sense. In Q1 2026, order intake at Colas stood at EUR 2.8 billion. Order intake in road was down year-on-year in France. This decline was expected given the run-up to the March 2026 local elections. Internationally, the decrease reflects a very strong comparison basis, notably in Morocco and Finland were Colas recorded last year, important contracts. Let's notice the positive start of the year in the U.S., where Colas was notably awarded, beginning of March, a major contract with the construction of additional lanes on the Interstate 10 Highway in California, a contract worth approximately EUR 260 million. As planned, there was no significant contract in rail awarded in Q1 2026. I remind you that Q1 2025 was very strong and has benefited from two very large contracts, one in the U.K. and the other in Morocco, representing around EUR 640 million of order intake. At Bouygues Construction, the order intake in Q1 2026 stood at EUR 2.2 billion. This amount was largely driven by the normal course of business, which means for Bouygues Construction contracts worth less than EUR 100 million. This part of the business remained stable year-on-year at a high level and accounted for 74% of total order intake for the quarter. Even though the Q1 2025 basis of comparison was high, new major contracts were awarded in Q1. For example, a contract to design and build a Seine canal aqueduct, an iconic structure on the future of Seine-Nord Europe Canal, which will link Europe's major river basins worth approximately EUR 260 million. We also recorded a new series of work orders inside [indiscernible], Nuclear power plant representing around EUR 150 million and also a contract for new urban data center in Australia, representing around EUR 130 million. And you also probably read this morning that the Feronord Consortium comprising notably Bouygues Travaux Public for 41.5% and Colas [ high ] for 11.5% has been selected by the Swedish Transport Administration to carry out a significant contract for the East Link project. This contract covers the construction of approximately 36 kilometers of railway line, including major earthworks and the construction of 28 bridges and 3 viaducts, one of which is a major structure spanning 1.4 kilometers. At the end of March, the order for the first [ week ] was played for early works for EUR 50 million, but the total execution phase, which could get underway early 2028, is estimated to be worth EUR 1.2 billion. This is good news for future activity.

At Bouygues Immobilier, residential reservations in Q1 stood at EUR 0.3 billion, which is a strong level despite the context of municipal elections, [ landbank ] indicators were also strongly up year-on-year, and residential unit reservation in France improved year-on-year.

Let's now have a look at sales on Slide 11. I will start by saying that like every year, due to seasonality, as I already mentioned, the Construction division recorded results, which are not indicative of the first half and the full year results due to Colas. That being said, sales were stable like-for-like and at constant exchange rate, with Bouygues Construction continued dynamic offsetting anticipated soft start at Colas and Bouygues Immobilier.

Looking into details. First, sales at Colas were down 3% like-for-like and at constant exchange rate at EUR 2.6 billion. Q1 negative impact for exchange rate was EUR 50 million. As published, sales was driven by rail, up 3%, while road were down 6%, with France, down 4% in relation with local election and international down 8% penalized notably by adverse weather conditions in Morocco with very heavy rain in the first quarter; and Central Europe with a very cold winter and some negative exchange rates.

Second, Bouygues Construction sales were up 5% like-for-like and a constant [indiscernible] at EUR 2.6 billion, despite Q1 negative impact from exchange rates at EUR 60 million. As published, the sales were driven by France building activities at 10% and Civil works of 16% while international building was down 19% due to the end of important works, notably in Morocco and Australia. Last in Bouygues Immobilier, sales had a soft start with a -- and were down 6% like-for-like, we do not expect it to be representative of expected annual [indiscernible].

Next slide, current operating results from activity of the construction was minus EUR 212 million, improving EUR 28 million year-on-year, thanks to lower seasonal loss at Colas and better results at Bouygues construction. COPA margin at Bouygues Construction reached 3.1%, a record high since Q1 2018. And last COPA in Bouygues Immobilier was penalized mainly by lower activity in this first quarter.

Let's now please turn to the review of operations for Equans on Slide 14. At end of March 2026, Equans backlog stood at EUR 26.1 billion, a solid level even if down 1% year-on-year as published, but up 1% year-on-year like-for-like and at constant exchange rate. The order intake of the first 3 months of 2026 was robust and stood at EUR 5 billion, slightly down year-on-year with still a gradual and continuous improvement in the order intake margin. To be noted, new contracts were awarded in data centers and Giga factories in the U.S. and in Europe in Q1. Some additional contracts are expected in the coming weeks and months. Coming back to the Q1 full year, they expect Equans sales were down 6% year-on-year in Q1 due to 3 factors, essentially, the continued selective approach to contracts and business strategy; second, the soft start to the year in some niche markets and geographies; and last, around EUR 80 million of negative impact from exchange rate in North America, any growth in sales was totally offset by negative exchange rate effects. These Q1 figures do not affect our outlook for the year.

Regarding profitability, Equans' contribution to the group's COPA represented EUR 205 million with a 4.8% margin from activities, up 0.9 points year-on-year highlighting the continued successful execution of the strategic plan. Last, Equans secured during this first quarter, two bolt-on acquisitions in Italy and in Singapore, both specializing in clean room activities, they represent an annual revenue of around EUR 40 million.

To end with Equans on Slide 15, let me just add that Equans continues to roll out its strategic plan and confirm it is targeting for 2026 stable sales versus 2025 at constant exchange rates; a margin from activities of 5%; a year ahead of the target set at the 2023 Capital Markets day; and third, a cash conversion rate before working capital requirement of between 80% and 100%.

I now give the floor to Christian Lecoq for a detailed presentation of Bouygues Telecom's Q1 key figures.

Thank you, Stephane, and good morning, everyone. Turning to Slide 17. Let's start with a few comments on Bouygues Telecom's solid commercial performance in fixed in both volume and value. This performance was driven by our strategy focused on customer loyalty and quality, which delivers lower churn. As you can see from the slide, we had a total of 5.5 million fixed customers at end March 2026. This represents an increase of 47,000 customers in Q1. FTTH continued to experience strong growth with 89,000 new customers during the first quarter with a total of 4.8 million customers they represented 87% of our fixed customer base, up from 83% one year ago. This is the result of a wider FTTH footprint combined with the excellent quality of our network and services. Fixed ABPU continued to grow up to EUR 0.3 year-on-year at EUR 33.5 per [ client per month ].

Commercial performance in mobile was also robust. As you can see on Slide 18. Even in a mature market, we continue to observe a sustained positive impact of Bouygues [indiscernible] at end March 2026, Bouygues Telecom had 80.7 million mobile client customers, excluding end to end, thanks to 91,000 new customers in Q1. Mobile ABPU stood at EUR 16.9 per [indiscernible] impairment during the first quarter in a market where acquisition prices for new customers remained low, especially in the low-end thing.

Let's have a look at the key figures on Slide 19, which are in line with our expected annual trajectory. First, sales [ billed ] to customers was stable year-on-year and growth in fixed offset the decline in mobile. Total sales were up 2% year-on-year, driven by 9% growth in [ other states ]. EBITDA after leases was stable year-on-year at EUR 415 million, thanks to tight cost control. The current operating profit from activities stood at EUR 82 million, down EUR 19 million year-on-year as expected. This reflects the continued increase in D&A related to the high level of CapEx over the last year. Last, gross CapEx was EUR 342 million in Q1 2026, EUR 52 million lower than in Q1 '25 and in line with our annual expectations.

Moving to Slide 20. Bouygues Telecom 2026 targets are concerned. First, sales billed to customers and EBITDA after leases close to 2025 levels. These figures will show more debt growth versus 2023, excluding [indiscernible]. Second, work capital expenditures close to EUR 1.3 billion, excluding frequency, confirming a decline after the CapEx peak observed over the last 5 years. And finally, free cash flow before working capital requirement of around EUR 600 million, excluding the impact of La Poste Telecom and before the impact of the income tax surcharge for large companies in France. Including these elements, it could be around EUR 500 million.

And now Stephane I'm giving you back the floor.

Thank you, Christian. Turning to Slide 22. Let's briefly talk about TF1's results, which were already released and commented on the 30th of April last week. First, the TF1 Group maintained its audience leadership in the first quarter 2026, both among women under 50 for purchasing decision-makers among individuals aged 25 to 49, which are the strategic targets. The average monthly streamers on the digital platform TF1+ continued also to increase at 41 million streamers in Q1 2026 versus EUR 35 million in Q1 '25. Total sales stood at EUR 472 million, down 9% year-on-year and down 5% year-on-year like-for-like and at constant exchange rates, the decline of 10% in the media sales was partly attributable to scope effects in relation with divestment of My Little Paris and Play Two completed in 2025. Like-for-like and at constant exchange rate, media sales were down 6% year-on-year. The remainder was linked to a declining advertising environment, although slightly improved compared to the fourth quarter of 2025. Studio TF1 revenues was fully stable year-on-year and COPA amounted to EUR 13 million, down EUR 30 million year-on-year, with a COPA margin at 2.8% in Q1 2026. The programming costs remained in the first quarter of 2026, similar to the level of the first quarter of 2025 at EUR 222 million with premium programming maintained, notably to support the launch of the new offering [ TF1 Prime ] and including notably the broadcast of 9 games of the Six Nations rugby tournament.

Turning to Slide 23. I will end on TF1 Group, I think that in the context of limited visibility, TF1 group's objective for '26 remain unchanged, a strong double-digit revenue growth in digital aiming for a growing dividend policy in the coming years and last, a mid- to high single-digit margin from activities before capital gains, subject to the evolution of the linear market.

I will now turn our attention to the financial statements on Slide 25. Starting with the P&L. We have already discussed the first quarter sales and current operating profit from activities at -- in the first part of this call. There are no significant changes to report this quarter. Let's notice two things. First, other operating income and expenses. We do not reflect operational activity was slightly lower than last year in relation notably with the lower charges linked to the Equans management incentive plan. Second, a tax charge was recorded for EUR 10 million, a lower amount in the first quarter of 2025 and despite slightly higher operational results. This amount excludes the EUR 28 million of exceptional income tax surcharge for large companies in France, the lower tax charges compared to Q1 2025 is notably due to the lower profit before tax at Bouygues Telecom and at TF1 in Q1 2026 compared to last year.

Let's now turn to Slide 26 to describe the net debt evolution between end of December '25 and end of March '26. As you see, net debt increased by around EUR 850 million since the end of 2025. Such changes is usual and related to the seasonality of our activities. This increase includes acquisition, net of disposal, totaling minus EUR 26 million including the two small acquisitions at Equans I mentioned and one small acquisition at Colas in Burgundy, France, a capital transaction and other for EUR 25 million include exercise of stock options and the change in liquidity contract. And last, minus EUR 854 million from operations that I will comment in the next slide.

Regarding acquisition, you probably read Cola's press release dated mid-March, saying it signed a memorandum of understanding to acquire the road construction and recycling activities of the Frauenrath Group, a family-owned company established in Germany since late 19th century. This transaction, which is Colas' first acquisition in the road sector in Germany is part of the company's wider growth strategy in Europe's largest market. We expect the transaction to be financed by end of the first half of 2026. Regarding our acquisition in the U.S. Suit-Kote. This transaction remains currently reviewed by U.S. competition authorities.

Turning to the breakdown of operations for the first quarter of 2026 on Slide 27. You can observe that net cash flow, including lease liabilities stood at EUR 380 million. Net CapEx was EUR 473 million, a lower amount compared to first quarter of 2025 and [ the decree ] notably explained by lower net CapEx at Bouygues Telecom level as anticipated. And you can see on the chart that the change in working capital requirements stood at minus EUR 809 million, a usual negative change from Q1 due to seasonality. This level is quite comparable to that of last year. That was already considered to be a very good level.

I will now turn our attention to the group financial structure on Slide 28. The group maintained a high level of liquidity at EUR 17.1 billion, much higher than the EUR 14.8 billion at the end of March 2025. It comprised EUR 5.9 billion in cash and equivalents and EUR 11.2 billion in undrawn medium- and long-term credit facilities. The position in cash and cash equivalent is more than EUR 2 billion higher than at the end of March 2025, which is a very good news. Net debt was EUR 5.1 billion at the end of March 2026, a strong improvement compared to end of March last year. And as a consequence, net gearing was 34% at end of March '26, a significant improvement compared to the 50% of last year. And you can see from the chart on the right, that the debt maturity schedule is very well spread over time. I'll remind you that our next bond redemption is later this year on October 6. Last I would say that the growth benefits from a particularly strong financial position and that our financial credit ratings remain strong, which will help us support our strategic developments in the coming months and years.

I will now conclude on Slide 30. Let me repeat that the Bouygues Group's business segments are driving growth. Their diversity enables the group to grow over the long term and demonstrate sustained resilience. In a highly uncertain macroeconomic and geopolitical environment, the group will remain agile to adapting to adapt into development in its respective market. For 2026, the group confirms it is aiming for stable sales at constant exchange rates, current operating profit from activities maintained at a record high level after several years of significant improvement. The improvement in Equans' COPA will allow to offset the expected decline in TF1's COPA due to the anticipated tensions in the linear TV advertisement market and in Bouygues Telecom's COPA due to the expected increase in depreciation and amortization. Of course, the group remains very vigilant regarding the indirect consequences related to the duration of the Middle East conflict.

Thank you for your attention. Operator, please open the floor for questions.

The next question comes from Mathieu Robilliard from Barclays.

I had two questions. The first one, I wanted to know if you could comment -- want to comment press reports that the deal closing with SFR could be delayed. Anything interesting would be helpful.

And second, as you flagged, it's a very volatile and uncertain geo macro environment. And I wanted to add some color in terms of if energy prices stay where they are, what could be the impact, notably on telecoms. Also, when inflation picks up, it can affect Colas' margin. It certainly did in the previous part of inflation. Have you changed a bit the contracts linked to inflation to protect yourself against that? And lastly, are you seeing an impact on demand for some of the long-term Equans projects, notably data centers because of all of these uncertainties?

Thank you. So well, we will comment in due course on the progress of the negotiations on the telecom transaction. I can only tell you that for now negotiations are in a quite active mode. So teams meet on a daily basis. So we are working hard on this transaction. Let me remind you that we entered into this phase of exclusive negotiation on the 17th of April only. So it's been 3 weeks. And as you can understand, negotiating contractual documentation on a deal of that magnitude is a long and steep road, so nothing to report.

On the volatile environment. For now, we do not see any significant impact on our Q1 result. Of course, we remain very vigilant. On the energy prices for telecom, specifically, we benefit from hedging policies so we do not expect in the short, medium term to be impacted by volatility on energy prices. And for the rest, as you may understand, we have learned quite a lot from the 2022, 2023 inflation crisis due to post-COVID and Ukrainian conflict. So we have been used to working in very stable and low inflation environments for more than a decade, but we've learned from that. So in the meantime, we have adjusted our contractual policies to be able to reflect any price increase in our prices to our clients. And in businesses like Colas, we also have put in place in some of our businesses and geographies, hedging policies or our long-term supply agreement, which help us for now cover any significant risk in the short term. We remain very vigilant, of course, and as you rightly mentioned, beyond these direct impacts on our supply costs, we are also very vigilant on what it could spend in terms of demand from our clients.

Having said that, especially when it comes to some specific niche markets like data centers, as you rightly mentioned or solar farms, for instance. We do not see any impact from now on the CapEx decision of our clients, quite the contrary. As you know, we had in the data center, some soft year last year in terms of order intake due to some delays in CapEx decision from our clients. Q1, we registered in Q1 interesting order intakes in data centers in the U.S. and in Europe again, and we expect in the coming weeks more of such order intake to be registered. So nothing to report for now on this specific business.

Okay. So on the deal, basically, the fact that it may be delayed is, I guess, the way you frame it, it's complex. These things can happen, and you remain confident, right?

It's the normal course of business of negotiations in any such deal.

The next question comes from Akhil Dattani from JPMorgan.

I've got a couple of questions as well, please. [ Minor instead ] on Equans. The Q1 margin at 4.8% is 100 basis points up year-over-year. I just wondered if you could give us some color on -- in the mix, what you're seeing here given the strong start to the year and sort of how we should think about the full year in that context. Clearly, that's a bigger year-over-year step-up than your full year guidance implies.

The second thing was just to get a general update on M&A. You closed a number of bolt-on deals at the end of last year. Could you help us understand the pipeline of transactions you're looking at? Any sort of update you can provide us on where your focus areas are and what the progress is? That would be great as well.

All right. Yes, we were quite satisfied with the level of Q1 margin for Equans at 4.8%. And as you rightly mentioned, it's a significant increase comparing to last year. It's very early in the year. So we'll see in due course as time goes by and the year develops how this will evolve, but this help us being very confident in achieving our 5% margin, which was already a year ahead of our guidance back in 2023. So very satisfied with that -- giving color to the mix. I mean this is -- I can only tell you that this increase is spread across the business. So -- and there is no significant one-off. So it's really the regular course of business, which leads to this margin increase. So that's good news and is a reflection that the strategic plan is being implemented successfully as we expected and even a bit ahead of schedule.

On the M&A pipeline of transaction, indeed, we secured some 7 or 8 acquisition last year spelling some EUR 200 million of revenues on a full year basis. Bolt-on acquisition scaling from a few million to some EUR 50 million in -- so our policy remains unchanged, nit's being -- so giving the green light to any business unit within Equans achieving more than 4% profitability to look for acquisition, bolt-on acquisition. We believe that this will help us have a positive impact on our margin and resilience. Our focus remains unchanged, especially focusing on Europe with a strong focus. We will have a stronger focus in on Germany, especially, but we will also look at bolt-on acquisition in all our geographies where we believe that there is still room for growth. This is why we announced also in this Q1, a new acquisition in Italy in the clean room business. And the other area of focus is North America. So that's the two major area of focus.

Growing M&A activities is not a very short-term move. It's a medium to long-term move. Acquiring companies is easy, and you just need to write a big check. What is difficult is to ensure that you are able to do it profitably and make money out of it and that needs seems to be prepared to do that, to be trained to do that. And so that will take time, but we are very confident to be able to grow this M&A strategy step-by-step in the coming months and year.

The next question comes from Eric Ravary from CIC CIB.

First question on Bouygues Telecom on the ABPU trend on mobile. So we saw that it was still declining in Q1 year-over-year and also sequentially. Could we have a comment on the current competition situation in France on prices? And shall we expect an improvement of the ABPU trend over the rest of the year? That's for Bouygues Telecom.

For Equans, two questions. First one is the soft revenues in Q1. Could you be more specific on the geographies and niche markets that were affected? And are you expecting an improvement over the rest of the year as you are confirming your guidance of stable revenues for Equans over 2026? And second question on Equans is about the EBITDA trend in Q1. So I saw that the EBITDA was down EUR 14 million, while the COPA was up EUR 28 million. So is there anything specific there that you could explain?

I will let Christian answer the first question.

Thank you, Stephane. Regarding Bouygues Telecom's mobile ABPU, you're right, in Q1 2026, our mobile ABPUs stands at EUR 16.9, down by EUR 0.6 year-on-year and down EUR 0.4 versus Q4 2025. It is explained mainly by two things. First, we still have low acquisition prices, especially on the low-end market. As I said during the presentation, the competition is still quite intense even if it's less intense than -- compared to middle of last year. But however, acquisition prices remain very low compared to historical levels.

Second point, regarding the comparison with Q4 2025, we have some seasonal effects, especially coming from roaming. So the EUR 0.4, the minus EUR 0.4 versus Q4 2025 you can split the EUR 0.4 by two, minus EUR 0.2 due to lower [indiscernible] prices and minus EUR 0.2 due to roaming impact. I remind you also that last year, we were able to have a stable ABPU in Q3 and Q4 compared to Q2 2025 and we benefited from roaming in Q3 2025 and from some more-for-more operations we did on our [indiscernible] in Q4 so we have been able to increase our EBITDA in Q4 due to this more formal operations in Q4 2025. We don't do that in Q1 of this year. Thank you very much.

Thank you, Christian. So reverting to your questions on Equans, I want to give you a bit more color, there is no one single geography or a market where we have seen a significant decrease. It's more -- I would say, broad-based and in multiple that we've seen some smaller -- some impacts. And just to give you a few examples, maybe which will help you understand, we've seen, for instance, in the U.K. a very soft start in revenues on solar farms. We our revenues in the U.K. in 2024, 2025 included a significant portion of solar farm project which were delivered successfully for the best part of them. But our clients have difficulties to connect those solar farms to the grid due to grid congestion. And so our clients delayed the start of new projects. So we are waiting for new projects to come. We have a strong pipeline. But of course, our clients won't invest until they get their -- deliver projects onto the grid.

Second example is in Belgium. Belgium, we have a historical very strong business in industrial maintenance, especially in the oil and gas business around the [indiscernible] port. In the current context, refineries in [indiscernible] run day and night to benefit from the higher fuel prices. And so our clients have decided to report any maintenance work to maximize production. So we are waiting for maintenance work to come because they can't be eternally postponed but that's another example.

A third example, maybe we had a very strong business of solar farms in Australia over the past year. We successfully delivered two very large projects end of last year, early this year, and we had a small delay in securing new orders which will come now in the Q2. So that's three good examples why we say [indiscernible] it's for now it's a soft start. It's still early in the year, and this is why we believe that there is still a way to get to what we had planned, and this is why we didn't change our guidance.

On the EBITDA question, I would just like to stress that we never report on EBITDA in Construction, Energies & Services, Infrastructure business simply because we do not believe it's a very appropriate KPI due to one specific element is that in this construction contract kind of business, you have a lot of move below the line of EBITDA affecting COPA margin when it comes to provision and provision reversals on construction contracts. And that's typically the case in Q1 for Equans this month. So as you may see in the appendices and in the -- we have registered provision reversals in this Q1 provision reversal, which were utilized. So of course, EBITDA is lower because the expenses and the losses on the contract, which had been provisioned are now crystallizing and -- but this is crystallizing below the line of EBITDA. Hence why the [ COPA ] is improving. So nothing specific. It's normal course of business.

The next question comes from Rohit Modi from Citi.

I have a couple of questions, all on Telecoms. Firstly, looking at the net addition trend, the [indiscernible] TF1 side, first quarter has been slightly lower than what the trends you have seen the past couple of quarters. Just trying to understand, did you see higher churn because I believe you did some price increases on some of the packages. So is that because of the higher churn? Or is it particularly market activity where you see in the market as kind of saturation that you're seeing on the fixed side.

Second, if you can comment around competitive intensity in the market that you're seeing now. I believe there's been comments from other operators that there has been lesser intensity, but how do you see it in the second quarter, particularly so far?

And third question is basically on the deal and apologies if you can't comment on it. I understand that. But SFR released last week mentioned about earnout which was not mentioned in the consortium's release. Just trying to get your view on this, is that a kind of deal breaker? Or what do you think about on our position there?

So your first question was about the fixed market. We are very happy with our performance in the fixed business either in new client acquisition and also in churn, we have a very low level of churn, thanks to the offer we launched in October 2024 a convergent offer. And so we are able to take new clients. We are increasing our market share in each area in France, every area in France, especially in [indiscernible] areas where we are not present in the past with DSM because we were not covering this [indiscernible]. And now our market share, our market share there is more than 10%, which is a very good performance.

Regarding the competitive intensity, as I said before, it is still a very intense in mobile market and especially on digital offers like being new for us. This is why we have quite low prices, less than EUR 10 for new clients. We estimate that the normal level should be around EUR 15 which was the case a few years before. And this is where we have some more, I would say, difficulties due to competition in the market with [ assets ] like for our big offers the situation is quite better.

Regarding the fixed business, the intensity, the competitive intensity is normal. The churn is very good. We stopped to -- we decided to stop to market our DSL offers one year ago, I think. And we are very happy to have done that because now we have less and less DSL clients. We are able to migrate them to FTTH, and we will be able to [indiscernible] our DSL equipment in probably a few years such [indiscernible] when it will happen.

On the deal, as you know, we've entered into exclusive negotiation on the 17th of April, so we are 3 weeks into these negotiations. The aim of this negotiation is to negotiate and finalize contractual documentation of -- for this transaction. These negotiations include a number of parameters including earn-out parameters, but significant other parameters, which we'll report on to in due course when this is finalized.

The next question comes from Mollie Witcombe from Goldman Sachs.

Two questions from me, please. Firstly, just to come back a little bit on French competition. I'm wondering if you were seeing any impact from the change in Iliad portfolio that took place during the quarter? And second question, just on weak construction Obviously, there's the civil works drag, which I believe was a project in Australia. When does that roll off? And then just a bit more color in terms of what you're seeing in trends in building, particularly in France, but also which markets you're seeing growth in, in international and what you're seeing in terms of competitive environment, et cetera?

Okay. So regarding [indiscernible], we didn't see any impact due to this offer. We know that they launched [indiscernible] with quite booming data elements targeting mainly frequent international travelers and very heavy data users. And so we -- our current plans already meet the data needs of customers and the need of travelers in Europe and worldwide. So we are not observing any impact on our sales [indiscernible].

On the construction side, we see very positive outlook for our Construction business. As you may have seen, we are on a growing trend and continued growth for Bouygues Construction, in particular, over the past semester and years now. You may have seen that order backlog increase significantly over time. And this has to do with the fact that good construction is really positioned on -- I would say, markets or niche markets, which offer a very interesting perspective. So we are less present in part of the business where we see difficult environments, such as residential buildings in France or in other parts of the world. So we are really focusing on more niche market where the demand is strong. So it's true for civil works with a number of transportation, infrastructure but also one market where we are very present and very active is a nuclear power plant construction. As you know, we are finishing the construction of the civil works part of Hinkley Point, we have started Sizewell, we have been selected as a potential partner for EDF for their EPR2 projects, and we hope to have good news in the coming year. Overall, the infrastructure business is strong for everything, also supporting climate transition. And in the building sector, we are also focusing on a number of niche markets where the demand is strong. So data centers, whether some -- in many instances, in joint venture with Equans is a typical example. We also see, for instance, another part of this is health infrastructure, so building hospitals. Education is another part where we see in many parts of the world, significant investments. So despite a very selective approach to projects, we see a very strong pipeline, and we are very confident in the way Bouygues Construction will continue to develop, and we are hopeful to secure significant new orders in the coming months to come.

Can I just come back slightly on that. In terms of public sector projects and contracts, a lot of the things you mentioned are public sector. I'm just wondering, are you seeing any difference in trend given the macro situation and any kind of rotation towards defense that's meaning that you're missing out on this side?

For now, this has no significant impact on Bouygues Construction. We -- it may be worth mentioning that we don't talk so much about that because in many instances, we have no right to talk about defense contracts, but we are also present in this business. We have been present for decades in this business. We are present in many of our businesses. We are present for Bouygues Construction. We are present with Colas. We recently secured significant orders to, for instance, renew tracks and taxiways for military airports. We have secured work in Finland with Destia on reinforcing the border with Russia and Equans is also active in this business on communication solutions, but also on M&A businesses in the ship construction business. So -- and for instance, in the U.K., this does not really translate into our numbers but Equans is a member of a 50-50 joint venture called VIVO, which represents more than EUR 1 billion worth of revenues every year in the facility management and maintenance of a great number of military facilities throughout England. So really, it's not a concern to us to see investment moving into the defense business. I think we have -- we see there also great opportunities.

The next question comes from Sven Edelfelt from ODDO.

You mentioned on one of your slides on Equans an additional significant data center contract expected shortly. I think this might refer to the cloud on the AI Development Act to be released in May to triple the EU data center capacity in the next 5 to 7 years. How much do you think you can improve the revenue on this data center? And I might try, do you believe you can get to something like EUR 800 million new order on the data center, which is a significant uptick compared to where you were, if I recall correctly.

And then the second question would be on cash, on order book. The order book is a bit light. You mentioned you are likely to sign significant contracts shortly or in the course of the year. So can you confirm it won't affect the cash contribution from advanced payment for the full year at the group level? And in other words, it shouldn't affect working capital on the negative in 2026? Thank you.

Okay. On the data center, we -- indeed, we foresee interesting opportunities with everything that is announced. Having said that, we are looking at shorter opportunities because what is announced today on the AI Act will only translate in concrete projects, not before long. If I may, and certainly not this year, simply because of administrative delays and the time to get this up and running. So what we see today is, however, our historical clients in Europe coming back and launching and kicking of projects. So we will report on Q2. It's too early to report. But we have won some new contracts in April. We are hopeful to secure new contracts in May and June, and we will report in Q2 on a number of new data center contracts beyond the one we've secured in Q1. Hard to say what this will spend in terms of revenues, and we do not report into such a level of detail for Equans.

On the construction order book, we do not have the same view on the order intake, and we not consider that we have some form of soft order book in construction. Quite the contrary. If you refer to the appendix on the backlog for Bouygues Construction, for instance. I think it's on Slide 35, you will see, for instance, that the 6% decrease year-on-year focuses on contracts to be executed starting 2028 and beyond. But at the contrary, you see that for execution in this year and in the year to come, backlog is stable or even slightly growing including negative exchange rates. So we are quite confident that our revenues will be strong. And so we consider that our backlog on the Bouygues Construction business is quite robust. We see indeed a slight drop in the backlog at Colas, but that was anticipated due to the local election, as I mentioned. And so -- as you know, we never report on -- or give any guidance on working capital in construction because it's just simply impossible to really anticipate. But we are hopeful that we will secure -- as I mentioned earlier in the answer to the Goldman Sachs question that we will enter in the coming -- we will report and register in the coming in the coming months, significant new orders for construction. So for now, we are really not concerned about that.

The next question comes from [ Abilash Mohapatra ] from BNP Paribas.

I just wanted to come back to Equans, please. Thank you for sharing all the color around I highly expect the new contract wins to help this business going forward. I just wanted to ask in terms of the cadence of the quarters, obviously, revenue is down 5% like-for-like in Q1 and you're guiding flat for the full year. How should we think about the shape of the recovery from here on? Is it being sort of more back-end weighted? Or should we already anticipate sort of revenue recovery in the second quarter? And just sort of related to that, you've previously said that over time, you expect Equans' top line trends to improve and catch up with some of your best-in-class peers. Is that something that you still feel comfortable with when you think about Equans' top line trends going forward?

And then second question, just around Telecoms and consolidation. I appreciate, obviously, you're in negotiations right now. So you may not want to comment, but to the extent you can, any thoughts around how you see synergies from this deal, which are the major areas where you could see cost savings, that would be helpful.

Okay. So on the Q1 revenues, as I mentioned, we are still hopeful to recover what we -- this soft start. Hence, why we confirm our guidance for this year with what we hope to be a stable revenues, excluding exchange rate. This will be a step-by-step recovery. So we see what happened in Q2, but I think this recovery will spread over the year. That's our expectation. Let me simply point out the fact that exchange rate impacts have significantly crystallized in Q1 because contrary to others, we are very strong in the U.S. at Equans. And the -- we -- you may remember that last year, the exchange rate effect mostly crystallized in the second half of the year and for the best part of it in Q4. This is true possibly also what we expected -- we expect this to be true for this year because we have a strong basis of comparison for the exchange rate of the U.S. versus euro comparing Q1 '25 to '26. And so that's where we are. So for now, we confirm our outlook for this year, and we hope that -- and we believe -- expect this recovery to take gradually place throughout the year.

On the top line, on the longer-term trend, we do not see any reason why in the midterm, we should not be able to catch up with the growth which peers do. This maybe in relation with the question or my answer to JPMorgan earlier in the call, this will also go with a step-by-step acceleration of our M&A activities. We want this to be done step by step because we need the people to be trained, to be capable of integrating these companies. So we started the journey last year, we'll continue this year, and this will also help us step-by-step get close to the growth level that our peers secure.

On the Telecom consolidation, in terms of synergies, what I can tell you is that what -- where we foresee cost synergies is essentially in networks because, of course, today in France, you have 4 telecom networks implemented throughout the territory. And looking forward, we will not need the best part of the network of SFR. And so this also explains why we believe that the horizon of such synergies will be a midterm because it will first start by some dismantling cost, but networks -- and then turning to Christian, is the essential part where we foresee the major synergies.

Yes. As Stephane said, the main synergies are on network and IT. Of course, we will keep the around 50% of SFR mobile network because we are sharing, you know, the mobile network with them in the London area but we'll be able to [indiscernible] mobile network in [indiscernible] to this month. FTTH equipment and also to not use in medium term, the transport network. And it is also the case for IT. We'll be able to migrate SFR clients to our IT system. As Stephane said, we will need to -- I would -- three periods. First one, we need some time to migrate mobile and fixed clients of SFR to our IT system and to our networks. It would last between 2 to 3 years. And after that, we'll be able to dismount the equipment, we will not use anymore. It will be probably 1 to 2 years period before to be in, I would say, a new situation with clearly on these 3 networks.

And sorry, if I may just clarify your comment, I didn't quite catch it for me. You mentioned something about the -- keeping the large parts of the shared network in the rural areas. Could you just please elaborate on that piece? Is it -- do we keep the entire network in the rural areas? Or you made a reference to the 50%? Just wanted to clarify that one, please.

No. Sorry. Yes. No. In France, we will keep the -- 100% of the network we are sharing with SFR. And We'll dismount the network in [indiscernible].

There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

Okay. So thank you for joining us today. Thank you for your question and your interest into our business. We will be announcing half year 2026 results on 30th of July 2026. And should you have any more questions, please contact our Investor Relations team. Their contact information is on the press release and on our website, and have a nice day, and speak to you soon. Bye-bye.

Ladies and gentlemen, thank you for being with us. Good afternoon to one and all. I propose to open up today's Annual General Meeting of Shareholders. We are -- myself and our senior managers are very happy to welcome you to this emblematic building, which must be close to 40 years old, if I remember correctly. It's a building that we maintain as best we can. It's part of the group's heritage, I should say.

Well, first of all, as Chairman of the Board of Directors, I will be chairing this combined AGM. I'd like to thank the members of the Board present here today. And if I may, I'd like to ask the 2 shareholders with the largest number of voting rights to act as tellers for today's AGM. This is Mr. Cyril Bouygues present. And the FCPE, this is a fund holding the shares purchased for the company savings scheme, represented today by Sylvie Bruneau, also present. Thank you.

I will now set up the bureau. I propose that Didier Casas act as Secretary for today's AGM. I see that the shareholders present, represented or having voted by correspondence between them have over 1/4 of shares with voting rights. The quorum required for the ordinary and extraordinary parts of the meeting has been reached.

I also see that we have [ Luis Mura and Sabine Liber ] appointed by the Works Council to represent the employees at today's AGM. As we have also Nicolas Pfeuty from Ernst & Young and Jean-Marc Deslandes from Forvis Mazars, they are statutory auditors.

There are also a number of people who are nonshareholders, particular journalists, analysts and justice are also present in the room. Now before beginning our presentation, I propose to show you our new institutional video. Every year, we are proud to share with you our main achievements and in doing so to pay tribute to the people in the group who really represent us throughout the world and who embody our values.

[Presentation]

Thank you. I now declare that the meeting is open, and I'm putting on the bureau the documents made available to shareholders. The main documents are listed on the slide that you can see on the screen. On the screen, you can see the agenda for today's AGM, which is also included in the notice of meeting that you have received.

First of all, the agenda for the ordinary part of the meeting, which includes 15 resolutions, followed by the agenda for the extraordinary part of the AGM, which comprises 6 resolutions. All the documents specified by the commercial code have been made available as required by law. I propose that you dispense us from reading the Board of Directors' report, which is included in the universal registration document that has been made available to you. Now with the help of Olivier Roussat, to my right, he is our CEO; Stephane Stoll, to his right, who is Deputy CEO and Chief Financial Officer of the group. Edward Bouygues is to my left, he is Deputy CEO in charge of development in the field of telecommunications, CSR and innovation. And Didier Casas Secretary, General Secretary or Company Secretary, if you prefer, they're now going to present the situation of the Bouygues Group. This presentation will be followed by the presentation of the reports by the statutory auditors. Olivier?

Thank you, Martin. I will begin with the presentation of the group. I'm going to begin with an overview of the group. We have EUR 56.9 billion in sales, 200,000 employees and a presence in 80 countries. Construction represents approximately 49% of our sales. Energies and Services represent, along with EQUANS, 33% approximately of our total sales. So our group is comprised of 4 business segments: the Construction division, which -- and Energies and Services, Telecom and Media. And within these 4 segments, we have 6 different business lines.

If we now take a closer look at our global footprint, thanks to the acquisition of EQUANS back in 2022, we have reinforced the international aspect of our group. Now 54% of the group's headcount work outside of France. Europe is still the fulcrum and 50% of our sales are generated outside of France now. As for the shareholder list, we have reference shareholders in SCDM controlled by Martin, Olivier Bouygues and their families, accounted for 28.3% of the total share capital and the funds for the employees and former employees accounting for a total of 19.2%.

Bouygues is one of the companies in the CAC 40 with the largest number of employee shareholders, which from our point of view, is very important in terms of our group culture. Just a few words concerning this culture. We have a very strong culture. This is because of common values, values that are shared, clearly defined and that are abided by. Our group has always been consistent with itself. And in fact, among the former values of the group, we used to mention respect, trust, creativity and transmission. We already had values that were shared by the various business lines.

Nonetheless, we needed to redefine them, I think, in order to establish a better foundation of values, particularly when we integrated EQUANS and its 70,000 employees. So in this new pedestal of foundational values, we've maintained 2 values and added 2 more. We've added commitment and the pioneering spirit. This is something we did a head office before rolling it out to the executive committees of all our business lines. which were very involved around this project.

We then conducted an in-house study with our survey of our employees in France and outside of France, but also an independent survey to ensure that these values were consistent with the group's image and identity. This is particularly in the choice of terms. The fact that we translate certain values for our employees outside of France. We have to be sure that these words actually had the same significance in English, for instance.

Let me continue with our CSR ambition, which is a global ambition revolving around 3 main thrusts. First of all, the people at the heart of our group. We are a group -- services group. Our only great wealth is our people. They are our main asset. With this CSO organization, we are keen to contribute to the environmental and energy transitions, which involves fighting for climate change. It involves preserving resources and protecting biodiversity.

And finally, we want to be a trusted partner for our stakeholders. For us, this means that we must abide by strict ethical rules. We must establish relationships based on trust with our suppliers and subcontractors, ensure human rights are respected and be committed in company and to dialogue with our stakeholders.

I propose now to move on to the figures for 2025. The group's performance was published a few weeks back. If you saw our performance was very good with the backlog, giving us good visibility for the future. The group's sales figure was stable over the year. It was nonetheless impacted by negative currency translation effects, particularly in the second half of the year, and this came at a cost of EUR 580 million.

At constant exchange rates, the group's sales figure would have progressed by 1.3% over the year. The group's COPA is the current operating profit from activities. This is up substantially over the year, driven mostly by the Construction businesses and EQUANS. It actually exceeded our initial expectations. The group's share of net profit was up over the year despite the additional surcharge or of additional taxation. Free cash flow before working capital requirements is at an all-time high and up for the third consecutive year. The variation in working capital requirements amounted to EUR 941 million over the year. That is a positive aggregate of close to EUR 3 billion over a 3-year period. And at the end of 2025, the group's net debt was well below the level at the end of 2024. I should point out that the net cash situation of Colas and Bouygues Construction were at all-time highs.

Finally, I will come back to this a little bit later on. EQUAN's strategic plan called Perform is continuing to be well rolled out continues to be profitable and continues to generate cash. In this context, the Board of Directors is proposing the payment of a dividend at EUR 2.10, which is up 5% from 2024 and up for the third consecutive year.

Okay. The key figures. I've already mentioned the EUR 59.6 billion in sales, which is stable over the year and up fractionally on a like-for-like basis. The COPA figure for 2025 was up EUR 120 million over the year to reach EUR 2.655 billion. The group share of net profit was EUR 1.138 billion, up EUR 80 million despite the one-off contribution on the profits of large companies in France. The impact of this is a total of EUR 69 million. Were it not for this contribution and on a comparable basis with the previous year, the group share of net profit would have improved by EUR 149 million.

The impact on the net profit, the impact of the budget law and the law financing social welfare in France amounted to approximately EUR 93 million, in line with our expectations. Finally, our net debt amounted to EUR 4.2 billion at the end of December '25, which is a substantial improvement of almost EUR 1.9 billion over a 12-month period. That's a very good performance and a good reflection of the efforts made by all our business lines throughout the year.

And now some information about the women and men in our company, it's starting with, of course, health and safety, which is our #1 priority. Regarding the occurrence of accidents, there's a slight degradation. And this is something that is counterintuitive. If you look at the company, that degradation is to do with the fact that Bouygues Telecom shops have been experiencing holdups and heights. And of course, that usually entails some injuries. We had also 4 deadly accidents amongst our employees and 7 amongst our subcontractors.

Of course, these are tragedies to the victims themselves and all our people, and I would like to express our full sympathy. We certainly expect our people to be able to go home safely every day. It is essential to reinforce this safety culture in each of our trades around the world. In 2026, part of the bonuses for corporate offices includes a health and safety element precisely with a view to reduce the occurrence of accidents and such like. Diversity and inclusion is still a clear part of our performance strategy for commitment and cohesion, and this is part of our people-first HR strategy.

We have a clear ambition. We want to give equal opportunities to all talents. So gender balance is, of course, a special concern, but this is part of a more general picture where we want to take on board various aspects of our societal diversity with -- in line with the realities on the ground for all our businesses -- and so that's listed in nonfinancial criteria. We have several additional actions.

We monitor the career path, especially amongst women in operational lines. We have mixed international talent. We want to have better representation, access to responsibilities. We have consolidated indicators for that. We want to develop talent. We have dedicated programs to improve the chances of young leaders, especially women. And of course, we involve our own leaders. We have a governance policy, and that again is reflected in the financial -- in the compensation package.

So we look at such criteria, gender balance to reach our balances. And so by end 2026, we give ourselves a target of 30.5% of women in leading positions and 21.5% among managers. And that is part of a gradual in line with the group's own transform. And we have a clear desires to have a demanding line of diversity, a structured and inclusive policy based on sustainable development with the objectives of lasting social justice. And so let's look at the various business lines, starting with Colas.

[Presentation]

All right. And so let's look at the backlog of the Construction division. It stands at EUR 32 billion, which gives us plenty of visibility on future revenue on an equal scope basis. We have that the order book is up 1% over 1 year. The currency effects weighed more than EUR 600 million. That backlog is stable in France, slightly up in Europe outside France, but -- outside Europe, we have a slight decline. But of course, the basis of comparison was significant because we had many high contract -- big contracts in 2024.

Let's look at the order book in greater detail at end 2025. The share of orders to be performed in the next 12 months was stable over the year. This is rather reassuring. At Colas, the backlog stands at EUR 13.7 billion, up 4% over the year, up 6% on a constant scope and currency basis. And that increase is driven by the rail business whose backlog is up 17%, on the road business that is down 3%, especially in France as is usually the case in pre-election periods, especially for local and municipal elections. At Bouygues Construction, that order book stood at EUR 17.5 billion, down 4% over the year, down 2% on a constant scope and currency basis. It was up at Batiment France and Batiment International down in public works. And that is, again -- well, we had a high basis of comparison in 2024.

We had large contracts that we got in 2024. At Bouygues Construction portion of the business involves large projects, but this is not at all a regular feature over time. So between January and December, many things can happen. It's very difficult to make steady comparisons. 2024 was a prolific year because we had, of course, the T2D contract in Australia upwards of EUR 2 billion worth that was signed in Q3. So these -- well, when the contract is signed is when large amounts come in.

And of course, it sets up -- sets the comparison basis and it structures the order book. At end December, you had Bouygues Immobilier's book standing at EUR 0.8 billion, down 16% over the year and 9% on a constant scope basis, but we disposed of our business in Poland, and this is precisely because we disposed of that property business in Poland that the order book came down.

Let's look at the financial results of the construction business. We start with revenue, which stood at EUR 27.8 billion, up 1% over the year, 3% on a like-for-like basis. Colas' revenue figure was slightly up over the year, sustained by the rail business. That was up 13% over the year. The road business was stable over the year with a slight growth in France, a slight decline outside France, especially in Europe, Middle East and Africa and North America. Colas' revenue was impacted by a negative currency effect with EUR 270 million over the year, and this is in line with the exchange rate of the U.S. dollar, not just the U.S. but also the Canadian dollar. On the constant -- on a like-for-like basis, sales would have been up 2% over the year.

Bouygues Construction's sales were up 3%, driven by the 3 divisions, Batiment International, Batiment France and Public Works. This was also impacted with a negative currency effect to the tune of about EUR 150 million over the year, and this is mostly to do with the Australian dollar and to a lesser extent, the -- another dollar, that's the Hong Kong dollar. And of course, there was still a portion generated by the U.S. and Canadian dollars. Again, on a like-for-like basis, Bouygues Construction's sales figure would have stood -- would have been up 4%.

Finally, Bouygues Immobilier's revenue was [indiscernible] down 4% over the year, but it's slightly up on a like-for-like basis in view precisely of the disposals in July 2025. So what kind of COPA do you get out of that in the division? It stood at EUR 982 million in 2025. So that's EUR 155 million up over the year, again, driven by the 3 divisions. At Colas, COPA stood at EUR 586 million. Margin from activities stood at -- was up 0.2 percentage points at 3.7%. Bouygues Construction's COPA was EUR 376 million, margin up 0.3 percentage points at 3.5%.

And at Bouygues Immobilier, COPA was EUR 20 million, and there were some one-off items for a total amount of EUR 24 million, in particular, of course, the disposal of businesses in Poland, but there was also the positive effects of cost-cutting plans, structural cost cutting that started in 2024.

Let's take a look at the beautiful video for Bouygues Construction that is Batiment International division, in particular BYMARO which is, of course, a subsidiary in Morocco.

[Presentation]

I think you should know that the hospital was built in 24 months. And there's another hospital that began a month -- sorry, a year beforehand. We completed ours last September, the one beside it still hasn't been completed. So to build a building like that in 2 years was impossible. But we talked about transmission as a form of our corporate culture, but there were a lot of young people who asked the companions to come and help to develop their expertise and complete it quicker. This is very important to get things right for [indiscernible].

Let's move on to EQUANS. At the end of the year, EQUANS had an order backlog of EUR 25.4 billion. That's stable on the year. At constant exchange rates, it was up 1% by comparison with year-end '24. Over the year, it took in orders for EUR 18.3 billion. That's stable over the year. That stability is a good reflection of how selective we were about contracts, particularly for large contracts. This is a part of risk management. The order intake on orders of less than EUR 2 million -- less than EUR 5 million, I should say, was up over the year and represented 2/3 of the total order intake for the year.

We talked about data centers, and we've talked about them several times in 2025. We saw a quarter-on-quarter increase in the order intake for data centers in North America. At the end -- just at the very end of 2025, we saw a pickup in the data center activity in Europe. This is as a result of what the U.S. government decided. Hyperscalers have been building in the U.S. rather than in Europe. The margin on orders has continued to improve gradually. EQUANS sales figure totaled EUR 18.7 billion for the year, down slightly by 2% over the year. This is because of the wait-and-see policy in certain sectors of activity in data centers in particular, and our proactive exiting from certain areas that were nonstrategic and did not have sufficient strategic interest for EQUANS.

And of course, ForEx, which had a negative impact of EUR 160 million over the period, particularly because of the U.S. and Canadian dollars. As for COPA, COPA rose substantially by EUR 820 million, and the margin was up 0.8 percentage point to reach 4.4%. This is much better than the target we set ourselves at our Capital Market Days in 2023 when we announced the road map for EQUANS, we've had to revise that upwards 3 times since the Capital Markets Day.

On this slide, we are going to talk to you about the pro forma plan. This is the strategic plan we talked to you about in January and February 2023. It concerns a certain number of things, including sales, the margin and cash. They were the 3 big ones.

On this slide, you see the sales chart since 2022, slightly different to what we expected at the start of the plan. This is a 6% growth or an average annual sales growth of 2% for the period between '23 and '25. That may seem modest, but because we've been much more selective. We've been cherry-picking contracts to guarantee the lowest possible level of risk, the best possible COPA and the fact that we've exited nonstrategic activities, particularly in the U.K. and a number of activities also that we have disposed of over the last 2 years. Together, they represented approximately EUR 600 million.

Overall, the sales for 2025 was in line with our initial expectations. 2025 was the year in which we materialized our first acquisitions, representing sales of approximately EUR 200 million over a full year.

Moving on to the margin. This is the profitability slide. Here we have the different areas where we set our targets. In the yellow, we told the market that we could expect a margin of between 2.5% and 3%. As you can see, we're at the top of that bracket at 2.9%. That was in 2023. In 2025, we said we'll be close to 4%. When we said close to 4%, this usually means that we will be bordering on the underside of 4%.

Well, we actually achieved 4.4%. So we exceeded our guidance. That is because of what we presented at the Capital Markets Day, pricing effects, purchasing effects, what we call book killers, correcting a certain number of projects that were not going well. Before you could start earning money, you have to stop losing money. And of course, profit centers that we worked on with a view to boosting the margins and a special emphasis on productivity.

The third part of this Perform plan was cash -- generation of cash. The cash conversion rate that's COPA to cash flow.

We achieved the high end of the bucket, we told the markets about. And treasury also improved substantially since 2022, even more so if we allow for the debt that we had at the time of closing the operation back in October 2022. So overall, since October '22, we have generated some EUR 3 billion in cash, which includes the payout by EQUANS of some EUR 730 million to its shareholder, in other words between 2023 and 2025.

So what's the outlook for EQUANS. Outlook for EQUANS will continue to roll out its strategic plan. And for 2026, its objective is a stable sales figure by 2025 at constant exchange rates, a margin of 5%, which is a year ahead of the objective we gave at the Capital Markets Day back in 2023 and a conversion rate of COPA to cash flow before working capital requirements of 80% to 100%. We'll be organizing a new Capital Markets Day to tell you what our new ambitions will be. This will be somewhere towards the end of the year or possibly very start of next year. Let's now take a look at the institutional film for EQUANS.

[Presentation]

I propose to move on to Bouygues Telecom, which achieved its targets for 2025 with good sales performance in fixed lines in volume and value and of course, good growth dynamics in fiber because Bouygues Telecom has gained over 0.5 million new clients, including 139 million (sic) [ 139,000 ] in the last quarter. These are clients with fiber-to-the home now totaled 4.7 million and represent 86% of the total fixed ABPU. And overall, the fixed lines clients 5.4 million in total, up 267 million for the year, including 83 million in the last quarter. ABPU -- fixed line ABPU was up to EUR 33.8, up EUR 0.40 year over year.

In the mobile, we performed well in a highly competitive environment. At the end of December, Bouygues Telecom had 18.6 million mobile subscribers, not including mobile to mobile, MtoM. That's an increase of 316,000 clients over the year, including 86,000 in the last quarter. This is a good reflection of the continued benefits of Bouygues in convergence. This combined with convergence to satisfied clients and has a very positive impact on churn. ABPU, including -- for mobile, including France Telecom clients was EUR 17.3 per client per month, stable by comparison with the third and second quarter of 2025 and down over the first. This is because of the dilutive effect of La Poste Telecom, but also the pressure on prices with the acquisition of new clients in digital subscriptions, a very active market.

On the next slide, you'll see that sales billed to customers in 2025 was up 4% over the year. For La Poste Telecom, that figure was almost stable over the year, with the total sales up 4% per annum. This is comprised mainly of terminals, accessories that were up 5% over the year. EBITDA after leases totaled EUR 2.042 billion, was stable over the year and includes the limited contribution from La Poste Telecom. This stability of EBITDA after leases is because of the increase to sales billed, but also the continued efforts to contain costs, the increased energy costs. Bouygues Telecom no longer has the very positive hedging operations set up in '20 and 2021. They ended their effects in '24. COPA was down -- was expected, was down to EUR 674 million due to the increase in depreciation and amortization.

This is in line with the capital expenditure trajectory in the past and of course, the increase in energy costs. Gross investments over the year reached EUR 1.480 billion in 2025. This is our operating CapEx. Disposals over the year totaled EUR 393 million. That's a sharp increase over '24, mainly due to disposal of assets held by Infracos for a total of EUR 322 million. Infracos is a company that was owned 50% by SFR, 50% by Bouygues Telecom. This was for radio sites that we had in common with SFR. SFR and Bouygues Telecom discussed this together in -- this was concluded in the end of December 2025.

So what about the outlook for Bouygues Telecom in 2026? Well, 2026, we are targeting a sales billed to clients and EBITDA after leases close to 2025. As announced at the end of '24, they will be up slightly by comparison with 2023, not including La Poste Telecom. Operating, gross operating income should reach EUR 1.3 billion, excluding frequencies, confirming the decline after the peak CapEx observed in the last 5 years.

Finally, cash flow after -- free cash flow after working capital requirements will total approximately EUR 600 million. Cash flow, free cash flow before capital requirements, including La Poste Telecom, including the additional taxation charge will be in the region of EUR 500 million. I'd like you to make a note of the fact that Bouygues Telecom in 2026 will not exercise its call for the 51% of the joint venture called SDAIF. This is jointly owned 54% -- sorry, 49% by Bouygues Telecom, 51% by Vauban Infrastructure Partners. This is an investment in the rollout of fiber in medium-density zones.

First of all, I should say that this year is an important stage for Bouygues Telecom because we are celebrating our 30th anniversary. It's also a special year with all the major strategic challenges we have with the SFR case. Last week, on the 17th of April, the group announced a press release that Bouygues Telecom, Iliad and Orange were conducting exclusive negotiations with Altice France with a view to the acquisition of SFR.

The offer being tabled will be for the vast majority of the: SFR's assets, but will exclude investments in Intelcia, UltraEdge, XP Fibre, which is optical fibers and Altice Technical Services. These are subcontracted services developed by SFR. Also excluded the mobile operations overseas. This bid will concern a total of assets for EUR 20.35 billion in enterprise value. These are the assets under consideration.

Altice France has given us an exclusivity up until the 15th of May 2026. 15th of May '26 in order to finalize the terms of reference and the documents for this transaction. In a mature market, this operation will enable us to sustainably reinforce our ability to invest in high-throughput networks in cybersecurity and AI would enable us to consolidate our control of strategic infrastructure and digital sovereignty and would preserve a competitive system that it would benefit consumers. A lot of stages to go through beginning with this agreement to be signed with the seller and then a period of analysis by the antitrust authorities, which we expect will take several months.

Let's now move on to the results of TF1 published on the 12th of February. You may have attended the AGM last week. But in 2025, group TF1 confirmed its leadership. The share of leadership -- the share of audience among women under 50 in charge of purchasing decisions was 34.5%. For the age group 25 and 49 was 30.9%. And in digital, which is really the product of the future, TF1+ is a free -- the main free streaming platform with 38 million monthly streamers on average 2025, up from 33 million in 2024.

Sales figure took EUR 2.3 billion, down 1% over a year on a like-for-like basis. In the advertising market that has been deteriorated, particularly towards the end of the year. The media figure -- media revenue figure of EUR 1.9 billion, down 4% over the year. It includes advertising revenue, which is down 4%. The advertising market in linear, which is the former type of television has been impacted by all the various macroeconomic uncertainties between instability in France, war elsewhere in the world.

But in digital, TF1+ has continued to post very good performance with the advertising revenue up 36% over the year, which confirms just how attractive this platform is for advertisers. The sales of Studio TF1 reached EUR 376 million, up 9% a year and includes a contribution of EUR 44 million from JPG, which is a business that was acquired in the U.S.A.

JPG, which is a business that was acquired in the U.S.A. Its business is mainly -- was mainly towards the end of the year. Excluding JPG, TF1 -- studio TF1 figure was up 6% over the year. TF1's COPA was down to EUR 252 million. It includes the cost of programs for EUR 967 million. Remember that COPA in 2025 included capital gains from sales totaling EUR 38 million. In 2024, this included a capital gain of EUR 27 million. The operating margin was 11%, in line with the objective revised, which we said would be in the region of 10.5% to 11.5%. I'm going to round this off with the outlook for 2026 for TF1.

Because of its strategy and its innovative digital proposals, also with strong financial situation, the objectives are as follows: sustained double-digit growth in digital 2026; a dividend policy that will be on the up in the next few years; and of course, practices are changing very rapidly. Political and macroeconomic environments are unstable. Given this fact, I think that the advertising market and linear will remain under pressure in 2026. We are gradually transitioning towards digital. And in 2026, we expect the margin on -- the operating margin in the mid- to high-single digits depending on how the linear market develops [indiscernible] between 5% and 10%. I propose to show you a short video on TF1+.

[Presentation]

Thank you, Olivier. Thank you. To tell us about our environmental strategy, I'm now giving the floor to Edward Bouygues.

Thank you. Good afternoon, ladies and gentlemen, dear shareholders. 2025 was a year in which the group formalized its strategy in order to give our stakeholders greater visibility. First of all, we articulated this strategy around 2 big commitments. First of all, we have undertaken to reduce our impact on the environment. This reduction means that we will have to reduce our impact in 3 areas. First of all, greenhouse gases. We are reducing the amount of greenhouse gases we emit. Secondly, resources. We are increasingly focusing on the circular economy, recycling, reusing and so on. And finally, we are reducing pressure on ecosystems.

Second commitment is that we want to accompany or support the transition of our territories by developing activities in favor of sustainability, by setting up offers and solutions that enable our clients to be more adaptable and more resilient. And finally, by bringing our shareholders and bring everybody abroad by greater involvement in the environmental and energy transitions.

Now this strategy has been set up with all our business lines. We are emphasizing the particularities of each of our business lines, but the first indicators have already been drawn up. You see what we've called them. Some of these indicators are measured in a very accurate way. For instance, we have given you the percentage of carbon intensity that's been reduced in concrete. This is something we have to clarify. We haven't yet been able to calculate that figure accurately, but we hope to be able to give you that by the end of 2026. We will gradually be defining targets for a number of indicators in order to measure and manage our commitments.

Good news, very similar to what I said to you last year. Good news is that greenhouse gas emissions have been reduced in 2024 and again in 2025 and are now slightly below 20 million tonnes of CO2 equivalent in 2025. This has been largely thanks to 3 of our businesses, maybe the biggest emitters, not surprisingly, Colas, Bouygues Construction and EQUANS. Colas have been buying fewer and fewer carbon -- less and less carbon content in our products. And of course, Bouygues Construction have been using products that emit less and less gas. This has enabled us to reduce our carbon emissions overall. EQUANS has been heading in the wrong direction. This is because of a change in the scope of what we measure. It's not a counter performance on the part of EQUANS. I think it's just that we are measuring it a little bit better. Thank you.

Thank you, Edward. We will now hear from the Ethics, CSR and Patronage Committee presented by its President, Clara Gaymard. I give the floor to Clara Gaymard.

[Foreign Language]

Now, I'll give the floor to Stephane Stoll who will present the financial statements for 2025? Stephane?

Good afternoon, everyone. So Olivier mentioned the revenue figures business line by business line and you have a few more details on the income statement. And for the year [ 2025 ], we had about EUR 100 million in PPA depreciation. That's similar to what we had in 2024. The EUR 100 million include EUR 46 million related to EQUANS and EUR 35 million from Bouygues Telecom. The noncurrent items nonrepresentative stood at EUR 224 million for the year. This is very much in line with that of 2024. Of course, that noncurrent result for 2025, of course, is different from that of 2024. This year, in one-off items, you have the following items, the incentive plans for EQUANS stock management.

In 2025, it was EUR 100 million. You had provisions at Bouygues Construction, and that was in line with the new fire regulation in the U.K. and that's for our construction business in the U.K. that was worth EUR 74 million this year. Expenses related to disputes and litigation at Colas with EUR 42 million. And the net balance of income and -- noncurrent income and expenditure at Bouygues Telecom, so EUR 9 million. You have capital gains for the disposals rather of site data centers and assets held in France by Infracos.

And then you had expenses related to some legal disputes. And in the financial result, and that includes the net cost of financial debt, the interest on leasing obligations and other income and expenditure, minus EUR 410 million, and that amount is close to that of 2024, which stood at minus EUR 392 million. And then we have taxes worth EUR 574 million that did not include the one-off additional tax for large companies. That was EUR 81 million. So altogether, it should be EUR 655 million. That was our tax bill for the year. And so therefore, the net profit group share stood at [ EUR 1.138 billion ], up EUR 80 million in spite of that surcharge, the tax surcharge. Altogether, the -- of course, the -- plus the extra budget for the welfare system in France, that stood at -- the effect of that was about EUR 93 million, and that was again in line with our initial estimates.

Now as you can see on this slide, the net financial debt at end 2025 stood at EUR 4.2 billion compared with EUR 6.1 billion at end 2024. So that's a very significant improvement to the tune of about EUR 1.9 billion from 1 year to the next. In 2025, there were rather few acquisitions. The total amount was about EUR 76 million -- well, the net balance of acquisitions and disposals was minus EUR 76 million. And of course, let me remind you that the acquisition of Colas by Suit-Kote is still being investigated by the American competition authorities.

If you look at the debt level, you had variations in capital, EUR 251 million that was stock options, the exercise of stock options, dividends, EUR 865 million, including EUR 755 million to Bouygues shareholders and then the balance was minority shareholders of TF1 and Bouygues Telecom and then the other item that was EUR 2.6 billion, we'll get details on that now. So you start with the net cash flow position after leasing obligations stood at EUR 3.7 billion. So that's very much in line with 2024. Capital expenditure, not including frequency stood at EUR 1.9 billion. It is somewhat -- it's EUR 400 million less than 2024 that there were some asset disposals at Bouygues Telecom worth EUR 393 million.

Free cash flow before WCR stood at EUR 1.8 billion, and that's a record level, and that's thanks to all the efforts of all the business lines throughout the year. So you had operations conducted by Bouygues Telecom in 2025 worth EUR 222 million, and that included the disposal of assets held by Infracos. If you look at capital -- working capital requirements, the change was EUR 941 million compared to last year. That's a significant amount for the third year running. We're looking at about EUR 3 billion accumulated over 3 years. That very positive development has been somewhat dampened this year by currency effect worth about EUR 200 million.

Now on the next slide, we look at the net financial debt since 2022. If you look at -- you have to remember that the net financial position stood at EUR 7.5 billion at the end of 2022 after the acquisitions of EQUANS, of course. Now we have a stringent financial discipline, and that led to a significant deleveraging over the past 3 years in spite of additional acquisitions that took place in 2023 and 2024, in particular, of course, the Colas operation in 2023, but also the acquisition of La Poste Telecom worth about EUR 1 billion, and that was in 2024. So the net financial debt came down by about EUR 3.3 billion. And so our financial position is very sound indeed. The outlook is promising. And so we were able to bring our dividend up. And as you know, we have -- our dividend policy is a long-term policy, and that is why we're suggesting a new increase in the dividend for the third year running. We take it up from EUR 2 to EUR 2.10 per share. If the resolution is adopted, then it means the payout will be up 17% -- will have been up 17% over 3 years.

A few words about our financial structure. The net financial debt is significantly down. And so therefore, the debt ratio stood at 28%, and that was up 14 percentage points over 1 year. We also had a confirmation from the rating agencies. We have sound ratings at Standard & Poor's our rating stands at A- stable outlook and Moody's A3 stable outlook. And the group's cash position stands at EUR 17.6 billion at end December. This is extremely high but of course, you have EUR 6.4 billion in actual cash and EUR 11 in medium- and long-term unused credit lines and then facilities.

And then as you can see on the chart at the bottom right corner, the distribution of debt schedule is extremely even. If you look at Bouygues SA, the holding company, the equities were up EUR 434 million. Now why is that? Well, you had, of course, the profit for the year, EUR 971 million and the exercise of stock options to the tune of EUR 258 million. So that's what you have on one hand. And then conversely, you had dividends paid out in 2024 with EUR 754 million and the cancellation of treasury shares with EUR 48 million. And so the net debt position down EUR 385 million was, of course, boosted by the exercise of stock options and other buying back of treasury shares.

At the end of 2025, the net profit for Bouygues SA stood at EUR 971 million, up EUR 63 million compared to last year. This is because there was a higher financial result, EUR 109 million because of the increased dividends from various business lines, in particular, Bouygues Construction and EQUANS. Then there were higher operating losses, EUR 22 million, and that was because of the -- well, the higher share price and the taxes on free shares given to employees. And then there were other -- there was smaller profits and taxes worth EUR 24 million. That's because there were fewer losses in integrated companies.

Thank you for your attention. Sorry about the delay.

Let's listen to the report of the Audit Committee. We have the Chair Benoît Maes, who will give you his report.

[Foreign Language]

I think we can applaud because these committees have a considerable workload. And I think cast light for the shareholders on how the company is run, which I think is a very good thing. So dear Mr. Benoît Maes, thank you for your report. I'm now going to give the floor to our statutory auditors for their various reports. Gentlemen, you have the floor.

Thank you, Chairman. Ladies and gentlemen, dear shareholders, the college of statutory auditors has issued several reports as part of its mission. First of all, certification of sustainability and the control of the publication of information under the taxonomy rule. Then under its ordinary general meeting, we have a report on the parent company and consolidated accounts, the Resolutions 1 and 2. Then we have a special report on what we call related party agreements. This will be covered by Resolution 4. Then under the Extraordinary General Meeting, we have drawn up reports on different transactions that you are asked to express an opinion on Resolutions 16 to 20, which we will go into in greater detail. And these are all available in the annual report. So I propose not to read them in extensive, but to report on them in the form of summaries.

First of all, the sustainability report, which is on Page 09 of the universal reference document the French version, that's Page 09. First concerns compliance with ESRS is what Bouygues has done in publishing its information. It's called the double materiality analysis. We have not identified any errors, emissions or substantial inconsistencies based on the checks that we carried out.

Secondly, is compliance of information on sustainability with ESRS standards. Here again, we haven't identified any substantial errors, emissions or consistencies based on our verifications. Our report comprises 3 comments. The first of these concerns the continued ongoing analysis conducted by the group aimed at identifying and quantifying certain levers in the decarbonizing of your transition in order to achieve the -- or reach the objectives approved by STBI. The second concerns the analysis carried out by the group, taking into account category 311, that's the use of products sold concerning the carbon footprint of certain equipment installed and not manufactured.

And thirdly, the work being conducted to extend the scope of certain social indicators and environmental data regarding waste. As for compliance with the demands to publish under the so-called green taxonomy, we haven't identified any errors, emissions or consistencies based on our verifications.

Now under the authority of the ordinary part of your AGM, we've issued a report on the statutory accounts and the consolidated accounts. The first of these is available on Page 529 of the French version of the universal reference document. We can confirm that we have carried out our audit of the Bouygues company's statutory and consolidated accounts in compliance with the practice in force in France. These are regular. We found that these are regular since I give a true opinion of the financial situation and results for the period.

This report comprises one observation I'd like to draw your attention to concerning the notes to the accounts explaining the first application of NC20226. That's the first application of -- we mentioned this in our work conducted on the audit in reference to the financial assets, which are a key part of this audit concerning the report on the consolidated accounts, which is covered by Resolution #2, Page 501 of the universal reference document, again, French version. We can confirm that we have conducted our audit based on the accounts as approved by the Board of Directors and in accordance with the practices -- accounting practices of France. We can confirm that these consolidated accounts, again, drawn up in compliance with IFRS are true and sincere and give a good reflection of the financial situation and the results of the transactions carried out in 2025.

We've identified 3 key points. First of all, the [indiscernible] goodwill, the accounting of sales, particularly on construction accounts, construction contracts rather, and the provision for litigation and disputes. For each of these risks, we have provided answers to these risks. These key points do not require any particular comment on our part, neither in terms of the methods used or the reasonable nature of the appraisals used or the relevance of the information used in the notes.

I'm going to give the floor to my colleague to tell you about the other reports drawn up for your attention.

In our special report on related party agreements, we are drawing your attention to 3 agreements entered into in 2025 with prior approval from your Board of Directors. Firstly, there's a rider to a brand license contract with Bouygues Telecom. This rider extends part of the rights conceded in 2029 and renewed in 2024. This makes the formalism less rigid or more so, I should say, in the event of a use of the name of Bouygues Telecom, just adding a fee and a 3-year revision mechanism.

Secondly, there's an agreement concerning renewal in 2026 of common service agreements with TF1, Bouygues Telecom and EQUANS as well as the renewal of the services agreement with SCDM, all of these under the same terms and conditions as beforehand. The parties concerned and the reasons justifying the importance of each of these agreements for your company have been set forth in detail in our report.

Concerning agreements approved during previous financial periods and that continue to be in effect in 2025, we'd like to draw your attention to the brand license agreement with Bouygues Telecom and the EIG 32 Hoche on the other hand, the common services or shared services agreements with the main subsidiaries of your company, the service agreements agreed with and entered into with SCDM and the availability of a plane agreement entered into with AirBy. You will find that the amounts concerned in each of these agreements are included in our report. We've also been informed of the continued -- continuation effect of the agreement for expenses incurred in defending senior managers in the investment dispute. No amounts were concerned by this agreement in 2025. Under the authority of the extraordinary part of today's AGM, we have issued 5 reports concerning authorizations or delegations of authority to be granted to your Board of Directors.

The 16th resolution aims at giving your Board of Directors the powers enabling it to cancel treasury shares up to the limit of 10% of the share capital. This delegation to be granted for a period of 18 months. We have no observations to make regarding this transaction, which is set forth as provided by the French commercial law. The 17th resolution proposes to delegate to your Board of Directors for a period of 26 months, the competence to issue new shares reserved for employees and corporate officers who are members of the company savings scheme up to a maximum of 5% of the share capital. We have no observations to make concerning the details on the issuance of the shares -- these new shares. And so far as the conditions for these capital increase have not yet been determined, we have no opinion concerning preferential subscription rights. If required, we will issue an additional report when and if this delegation authority is applied.

The 18th resolution, the Board of Directors asks you to attribute free shares to certain employees and/or corporate officers up to a limit of 1% of the share capital including a maximum of 0.15% to corporate officers. The 19th resolution also concerns an authorization to attribute free shares to certain employees and/or corporate officers but for the purposes of retirement. This is fixed at a limit, a maximum of 0.15%, including maximum 0.03% for corporate officers. We have no observations regarding either of these transactions.

Finally, the 20th resolution concerns the delegation of authority to be granted to your Board of Directors to issue equity warrants in the event of a public offer on your company. The shares that could be thus issued are limited to 25% of the shares constituting the share capital and a maximum nominal amount of EUR 96 million share capital. We have no observation to make concerning this transaction and we'll draw up when and if required, an additional report, as I said, when and if this delegation is used by your Board of Directors.

Thank you for your attention. Thank you for your trust.

Thank you, gentlemen. Thank you for your reports. We are now going to hear from the Governance Committee, the Committee for Governance selection and compensation to be presented by Pascaline de Dreuzy. The first part, which is in the form of video, concerns governance. The second part will concern compensation.

[Foreign Language]

Thank you, Pascaline de Dreuzy, for this very comprehensive presentation. And now I'll give the floor back to Olivier Roussat, who will tell you about the outlook for this year.

Well, the outlook, again, the businesses of Bouygues are very indeed robust, and they can certainly show resilience, have done so over the past few challenging years. Our macroeconomic and geopolitical environment remains uncertain. And of course, Bouygues will need to remain agile to adapt to future developments.

The year 2026, we're looking at stable revenue on a constant exchange rate. We expect COPA to remain historically high after several years of improvement. And of course, the expected improvement of Equans' COPA should enable to make up further loss of TF1's COPA in line with the decline of the advertising market.

Thank you. Now we have received a number of questions by e-mail. And so we provided answers in writing and so you could look it up on our website, bouygues.com. And so there's a window just for that. And now we can take your questions in the audience.

Mr. Chairman, I have been an individual shareholder for many years. In the past, you told us about your involvement in the Hinkley Point EPR site in Britain. Where do we stand? Has this site been completed? Has the -- have operations started?

And then Mr. Roussat referred to a data center. I believe that a number of data centers have already been built in France. And apparently, there are significant operating issues, especially as concerns, heat release for the buildings themselves, but also the piping holding high-voltage cables. Now is this a sort of thing that your group should develop specific know-how for?

Now on Hinkley Point, just two words. I mean, as far as Bouygues' contribution is concerned, but that business is completed. We are providing the finishing touches, but the site was completed in satisfactory conditions so much so that our customer trusted us with the building of 2 new EPRs in Britain. And so of course, this is a sign of trust. As you know, EPRs are now developing not just in France but elsewhere.

After having indicted nuclear energy for so many years, now it is getting as it were, wind in its sails again. And so this -- and this is a sort of thing we'll be working on, on the building of nuclear power plant.

Data centers, yes, we've been building quite a few. We're building them in Australia, Germany, Italy, France indeed. And indeed, we've built them in France and the U.S. We actually were not involved in the U.S. until the Trump administration decided to step this up. We've been getting good feedback from our customers.

Now Stephane was in charge of data centers until he became the group CFO and asked him if he had any knowledge of this. Data centers seem to be huge power consumers. They use a lot of energy, and there will be even more so in the future. There's one being built in France, and we're talking about 1 gigawatt. So there would be an entire power plant -- nuclear power plant unit being all eaten up by data center. But I speaking under the supervision of Jérôme, this business about cables.

Now what we're trying to do is to use that heat from these data centers to avoid having too much heat released in the air and hurt birds. So see if we could use it for district heating or something. And that heat can also be directed to the heat pumps for them to generate useful heat rather than useless heat as it were.

I had a complaint back in previous years. I have a Bbox subscription and I had a prepaid card without -- with unlimited duration. The number ended with 035. I complained with the local shop and they asked me to send a letter to top management. And here I am, the prepaid card had unlimited duration, and I spent about EUR 100 to use it. And back at the time, I used to travel abroad. And so that's why I put in all that money.

And then you deleted that offer. But people who payed into this, you couldn't get the money back on the money that had been credited to the card. That's not, right?

Again, the last 4 digits are 7035. And I would like to reiterate my request. I should get credit for this, and I should get -- I mean, that should be a credit to a new offer if that one has expired. That's very unfortunate, especially I used to work for Bouygues.

Well, sir, look, thank you for this -- for being so patient. I mean, clearly, apparently -- well, thank you for showing trust in the company. I mean, in spite of this, you have remained loyal to us. And you have here the very head of Bouygues Telecom. So yes, I'll take your details, sir, and I'll make sure that your issue is dealt with, and we do apologize for the inconvenience. Now then apart from that, on the -- yes, sir.

Yes. I'm an individual shareholder, and I have a question about artificial intelligence. Do you see any opportunities for the group in artificial intelligence?

As the CEO of Iliad says, we have 5 layers, you have power chips, data centers, models and then the actual apps. And on each level, I get the feeling that the Bouygues Group could play a role. But my question is what are the opportunities for the group at large?

Well, I'm sure Olivier Roussat.

Well, look, the data center business, of course, is a significant market, and that is why we have taken up positions in the U.S. that have been redeployed on hyperscalers that have redeployed to the U.S. And of course, in this contract, you have to be fast. We -- these contracts are worthwhile if you can be fast about it, and that's what Francois did with one of our companies in the U.S.

And on data centers, we have, of course, a significant project in Australia. It hasn't become public yet, but this has confirmed our relationship with our customers that they keep -- they have kept their trust in us. These are plants that will sort of host services, but the other contracts are -- were the clear criterion is how close we can stick to the budget and the timetable. But the next issue is what we do with AI.

Now AI is particularly useful when you can digitalize things. You have 2 companies that have lots of digital content, TF1 and Bouygues Telecom. So when you want to create, I don't know, special effects for movies or animations that can be done very efficiently. So this is transformative. But of course, for TF1, it means that everything they've been doing on fact checking, especially for news programs, especially as regards to Ukraine or Iran, it's hard to tell sometimes whether a video is authentic or fake news. And of course, we use AI to help us ascertain the truth of the news.

But other than that, of course, there are many other possibilities we could have. We can have settings for networks in a way that enables us to use AI technology. But in any case, that technology can be used in other areas, the amazing improvements. You may remember ChatGPT with the generative AI. Now we have agent or agentic AI, which is a significant development compared to what we had before.

And this is certainly going to change the way in which lots of businesses have been working. They used to work on a sort of a functional basis, and these are going to -- this is going to change significantly, and it will be for us to support not just the companies, but their employees as well. Now to make sure that the human dimension is there, but it will be there in a new capacity. And that will -- of course, this will have to be very industry-specific because AI in this respect is something of a revolution.

And so this is part of the job, but we don't want technology to be imposed upon us. We have to surf on it on the contrary so that we can take our people on board and make the most of that technology.

Well, thank you very much, Olivier, for that statement on AI. Yes.

Jacques from the magazine called [indiscernible]. On telecoms, you talked about SFR leaving the market as a -- how will I put it, a clearing up of the market for the greater benefit of consumers, but it's clearly for the greater benefit of the 3 remaining operators, that is the immediate impact. I have another question on that.

Okay. Let me answer that question, if I may. First of all, look at the situation of telecoms in Europe. What you see is that all the listed telcos have disastrous market caps. And put simply, the competitive landscape in Europe is such that the return on capital employed is very weak, if not nonexistent and even negative in some cases.

So that is not a sustainable solution. That is not how we can ensure the durability and development of networks in Europe. And France is no exception to the rule. Remember that the prices in France are probably the lowest in the whole world in both mobile and fixed lines.

Now when you reduce the number of operators from 4 to 3, you don't increase the market, you don't produce it. The market remains the same size. However, you substantially reduced the amount of CapEx and the amount of operating expenses involved by the -- or incurred by the market operators. The fact that you reduce the number of operators from 4 to 3 probably reduces CapEx and OpEx by approximately EUR 2 billion a year. This is what we call synergy.

So who will be the beneficiary? Well, the beneficiaries will be consumers. Also the operators who will finally, hopefully, see some return on the capital employed. May I remind you that Bouygues Telecom -- remember, we'd be celebrating our 30th anniversary, but the profitability in Bouygues Telecom has been very weak, and I'm not proud of that.

My other question concerns the international context. In 2025 -- for 2025, you say it was reasonably peaceful by comparison with previous shocks like COVID and war in Ukraine. I'm not sure we can say the same thing about April '26. That said, where would you position this shock, the war in the Middle East? How would you position it by comparison with previous events? What impact have you identified on Bouygues? And how do you propose to offset those impacts?

I'm going to answer this in 2 times. Olivier will give you more detail, but I'm tempted to tell you that in a few days' time, I'll be 74 years of age. So I've been working for quite some time, and I've never known a time of true peace. There's always somewhere something happening such that the world is changing. What has changed a lot is the -- all the noise that the media are making there. I think it gives a different scale on things. It puts a different scale and a different perception on how we see the events occurring in the world.

Remember, in 2025, there was something terrible happening. It was the war in Ukraine, and it's still ongoing. It's a terrible war. There have probably been millions of fatalities, and that war is still ongoing. In 2026, we have the events in the Middle East. Part of that is comprehensible. The problem with the proliferation of nuclear weapons is understandable and other aspects are more complex. We'll see how things pan out. We are informed by very good sources, thanks to DFR constantly. But as for the markets and the markets, Olivier will tell you more.

The current situation, I think the important part is the duration of the conflict. It could well be that this conflict will create the situation we had in early 2022 with the war in Ukraine with considerable -- considerably higher level of inflation in all our businesses as Martin says, in all our business construction, there's energy and cement and steel. And as energy becomes costly mechanically, there will be an impact.

Now our order books are well filled, particularly in construction. We have less backlog in roads, but it's a good backlog, all the same. But we can expect inflation, I think. As the war in Iran lasts longer, we can expect a recession to set in, in the world. Even with a good backlog sooner or later, we will be -- it will catch up on us. So I think the key issue here is the duration of the conflict. It's the duration that will tell us how diffusive an impact it will have.

Remember in 2022, when inflation really rose after the summer of 2022, though the initial invasion was in February. We've modified our clauses -- our contracts in 2022. We have revision clauses. We can come back to the table and discuss terms with inflation is one of these. There's another aspect that we had in 2022 for our employees. It's important to help our employees get through the storm. And if need be, we will do that again.

Another question, gentleman here.

I am an individual shareholder. Yesterday evening, the Bouygues share closed at EUR 51.46. Over 3 years, the extremes are EUR 53.48. At EUR 27.47, extremes. A few years back, you proposed to buy back Bouygues shares at EUR 30. I'm very glad that I kept mine.

To conclude, I'd like to come back to something that was said at last year's AGM. A shareholder pointed out that the AGMs of TF1 and LVMH were almost always at the same time. This year, TF1's AGM was last week and LVMH's took place this morning. Is that a coincidence? Or did you do something about that comment last year?

I'll be honest with you. It's coincidental, shall we say. To be honest, it's very difficult to organize ourselves. AGMs meet a certain number of criteria and legal obligations on the one hand.

That's be so many days after the Board meeting of the Board meeting that decides to approve the accounts and to convene an AGM, then you have to find a location or a venue. There are lots of obligations, lots of restrictions and the difficulties involved.

Now I wouldn't like to claim praise for something that we don't deserve. I think it was coincidental. No, Rodolphe has confirmed that, that was a coincidence. In all of this, thank you for being a loyal shareholder. I wasn't trying to shaft you by buying back your shares at EUR 30. On the contrary, I'm delighted to meet shareholders year after year at our Annual General Meetings because there's -- I don't think there's nothing more encouraging than the loyalty of our shareholders.

I'm a shareholder myself, as you know. Shareholders are a community of sorts. And companies need to feel the support of their shareholders. That's something that happens very often at Bouygues, and it's a great source of motivation, a great source of comfort for us all. So thank you for your loyalty.

And of course, the share price, well, to be honest, I'm like you. I have no idea what's going to happen. I have no crystal ball. So I can't say what's going to happen with the share price because every time I say to my children no, what I say, it turns out not to be. It may not reassure you, but that's the way it is. Any other questions?

Yes, we do. Gentlemen here.

I'm a registered shareholder. I became a registered shareholder when you were appointed CEO, and I wanted to support a young man full of -- with a great future in a difficult task, taking over from his father. It's easier said than done because I was registered. I noticed that you were sending me documents.

And at the time, the margin was below 2%. So you can look back to see if I'm wrong, but I'm convinced I'm not mistaken because it was below 2% every year, I've been tracking that margin in 2024 was 4.5% in 2025, up to 4.7%. This is your operating margin, of course. And this year, I'm sure you reach 5%. So I think you will with the documents we've received and particularly the -- what we know about EQUANS.

I think you should emphasize this. produce a slide showing that year after year, the real creation of wealth, it's thanks to the margin that you have generated. Maybe you take that into account. Obviously, my question is about SFR. Patrick Drahi is very smart because selling his somewhat mature company as the CEO said, to sell it for EUR 20 billion, which is the market cap of Bouygues or even Stellantis. These are huge amounts of money. That means that all the great companies, Colas, Bouygues Construction and EQUANS, they would amount to nothing. So Drahi is very, very smart. So I suppose my question is, do you plan to call a capital increase to pay for this nuggets?

First of all, thanks for your loyalty. Thanks to you, too, because you are talking about something that goes back to 1989 when I became Chairman of this group 20 -- '89, that's a long time ago.

So like you, we are very happy to see that the margin has increased. It's also important to bear in mind that the profile of the group has changed. In 1989, we were very much a construction group. Construction and public works are not very capital-intensive businesses with low margins. There's a considerable amount of risk. But at the moment, our businesses are much more capital intensive. And I've mentioned the problem of Bouygues Telecom.

But if you look at the other businesses like Colas, Colas is a very capital-intensive business, much more so than Bouygues Construction. And the proof of this is that Bouygues has EUR 15 billion in equity. Back in '89, we were far from that, well below that figure. So the group's profile has also changed. I believe that we've progressed. I also believe that we have people of great quality in every part of the group.

EQUANS, for instance, the integration of EQUANS has progressed marvelously, a few things left to do, but we've improved remarkably. We now have a whole reservoir of highly talented people in the group, which I believe enables us to regenerate the group generation after generation, but it also gives us a certain amount of stability and quality in the way we manage the group.

Unfortunately, we are never safe from unforeseeable accidents. But as for the rest of your question, Olivier, did you want to add anything? Capital increase. Oh, yes, you asked about a capital increase. Well, for the moment, we haven't any plans to increase the capital.

Concerning the valuation of SFR, I wouldn't like you to think that is going to get a check for EUR 20 billion and head off on holidays. The group has debt group has debt. So after paying the debt, there won't be a lot left out of the EUR 20 billion. It will be a substantially smaller figure after debt.

Now your assessment of Bouygues' valuation, if SFR is worth EUR 20 billion, Bouygues is worth EUR 20 billion, then we have 98% of Bouygues Telecom, half of TF1, which is a very, very good company, EQUANS, which is a magnificent company, Colas, another magnificent company, Bouygues Immobilier, which is important know-how, Bouygues construction all going very, very well. The level of debt at Bouygues has become very reasonable once again.

In the space of 5 years, we have invested considerable amounts of Bouygues Telecom, EQUANS, more investment in Colas, totaling a little over EUR 8 billion, I think. And despite that, we have reduced our net debt considerably. So the group has real qualities. I think what we have to do is continue to improve our COPA to improve our COPA margin, which means improving our net profit and our ability to distribute dividends.

Let me conclude by saying one thing. The net income of Bouygues Telecom is far from ridiculous. It's basically the only problem is that it can't be distributed. Why? Because we have to fund considerable amounts of CapEx. Bouygues Telecom, we've invested EUR 1.5 billion, EUR 1.5 billion a year in CapEx, which is a substantial amount.

But if you're not profitable enough, you can't fund this amount of CapEx. But Bouygues Telecom is a fully fledged part of the Bouygues Group. And that's the important thing for shareholders to understand. Bouygues is now comprised of a set of businesses that have very different features and characteristics.

You have businesses like Bouygues Construction or EQUANS or Bouygues Immobilier that all have the ability to distribute a substantial share of their net income because they're not very capital intensive. Unlike Bouygues Telecom. So Bouygues Telecom contributes to the profits of Bouygues, but if there were only Bouygues Telecom, the truth is that we would be hard put to pay a dividend.

I'm not even sure we'd be able to. So that's the problem, the ability to distribute income. This is why I'm saying that the reorganization of the telco market in France and even in the rest of Europe, it's a real problem because it's an issue. In telecommunications in Europe, and you could check it. It's very easy to check what I'm saying.

The market caps of the telecommunications operator in Europe are very poor because of that. There's too much competition, which has destroyed value and destroyed margins. It will only work for so long because after a while, there'll be no players left in the market if the market is too capital intensive.

So I think what's apparently happening in France, what is -- will hopefully happen in France, I think -- we've already seen something similar in Spain. Italy is in a similar situation. I think throughout Europe, the situation is very similar. I think this may be a trend on the number of players in the market. Sir.

I'm a loyal shareholder for the last 25 years. If you just give me a clarification concerning EQUANS, by comparison with what you expected in terms of profitability 5 years ago, it took you 2 years to achieve the profitability you wanted. But over the long term, what about sales?

SFR, you're talking about buying 40% of the business. Are you buying part of the retail clients? Some of my friends were unable to attend you this afternoon. They are at Dior. Would it not be possible to have your AGM on a Wednesday. There'll be no competition for...

If he prefers Dior to Bouygues, then well, to each his own. To answer your question on EQUANS, the indicators we gave at the Capital Market Day, I forget it was in January or February. It was February 28, 2023. We will finally reach the 5% target -- COPA target a year ahead of schedule because that has become our guidance this year.

Cash generation, as I've said, we're at the top end of the bracket, which would suggest that we're doing better than we expected. And finally, concerning sales, we said from the very start of 2023 that there were activities that we felt were less profitable and we plan to discontinue.

We did that with Places & Communities in the U.K. There were construction we felt that wasn't profitable enough. And then there are a number of business that we disposed of because they weren't aligned with EQUANS' core business because of the -- we had heat networks that were capital intensive that we didn't want to retain.

Then we had automotive charging facilities that we didn't want to keep because they involve a lot of CapEx and the profile that we want for EQUANS is that we want the COPA to become cash. We want to convert to cash very rapidly. We want EQUANS to have low CapEx, generate dividends that will be channeled back to the parent company, as Martin said.

And then the acquisition we're making, we are making what we call bolt-on acquisitions, small acquisitions because these are areas in which the densification in the areas we work on accelerate growth. We become power prices, which give us a better margin.

To answer your question on SFR, we're buying, if I remember correctly, 42% of SFR's sales. Within that 42%, you will find the B2B, but also the B2C, the -- what we call the retail business. Without that, you would not arrive at this level of sales. This is the breakdown that we have arrived at with the other telecom operators.

Now there are a lot of things to be -- still remain to be defined in terms of the feasibility. There's an 18-month period during which the various antitrust authorities will examine the situation. And of course, the telecommunications regulator, they will all have a say. So it's a long way to go just yet. Gentleman here.

Thank you, sir. I myself, I'm also an individual shareholder. And I have a question for Bouygues Telecom, not just for Bouygues Telecom. In fact, what I really would like to know is what do you propose to do to -- in terms of cybersecurity on mobile phones because what it is, is that you have -- you get unwanted calls on our phones, we'd like to be protected. Is there anything being planned about this?

Well, look, I'll give my -- I can ask my son, but there's an app called Ca Raccroche. It hangs up. What it is, is that they deal with a constant flow of unwanted phone calls and they stop calling you.

Yes. Well, there are apps, and that particular one is a community app. In other words, it's a nonprofit thing. And what it does is that it aggregates millions of numbers being used for solicitations and sort of aggressive selling is sometimes illegal. And that's really useful app because on iPhones, in particular, you get these calls, whereas on Android phones, there's an internal mechanism to prevent this.

But it's not just that. You have actual numbers, you have identity -- phone identity theft. You think it's somebody calling you. You recognize the name or the phone number. And then when you pick up, it's not that person talking to you. That is a phenomenon that started emerging 2 or 3 years ago.

The way it works is that these criminal operators, they use false foreign telco operators telling you, well, this number will -- is calling your customer and so let the call through. Now if it's one of our numbers, we know that the phone is located in France or not. But if it's a number belonging to one of our competitors, Orange, there's nothing we can do.

So we were about to create a database to make sure to ascertain whether the number is indeed present on the territory or not to prevent that kind of fraud, but it is a constant cat and mouse game. And you're right. This is something we are up against, and we were working hard to address this.

All right. Well, if there are no further questions, we move on to -- yes, please go ahead. Sorry, sorry, I didn't see you.

Yes, I was seated in the back. I'm also an individual shareholder. And I would like to say, I really like your videos are beautiful. And you have fine values on display. And there are not enough women in the AGM, and I'd like to see more women among the shareholders in any case. I have a question, and I have the same question for TF1. I asked a question, I got a negative answer.

But are you developing your own AI within the group? The reason I ask is that you have lots of AIs around and there's no reason why the Bouygues Group should not have its own AI. Talking about recent developments in the Middle East, there are issues of energy supply and other -- I mean, for instance, for those contracts in various parts of the region, have you suffered any attacks, any bombing?

And then finally, you're talking about a new media landscape, things that are moving fast now. But of course, your perception can vary from 1 year to the next because artificial intelligence is making significant inroads and might change in which -- the way in which content is generated.

Well, look, on the first question again about AI, there are many solutions being developed in-house. When we find something off the shelf, we might as well use that. But if we cannot find what we need, we develop our own AI tools to address our own specific -- industry-specific issues. But again, we lean on major existing models. We don't have to develop own in-house large language models because here you're talking about huge expenditure. We wouldn't do that.

On the Middle East, well, yes, there were about 1,000 people out in areas between the United Arab Emirates and Saudi Arabia. We don't have many people in Qatar, but we have a small number in the rest of the region. In any case, we repatriated those families that wished to return. But it turns out many people prefer to stay there. They didn't wish to be taken back from. A few people did want to return.

On the sites where we're involved, we haven't had any issues. But in Dubai, there is a missile hit to tower just across the street from where we are located. And that's precisely why we felt it might be unsafe to stay there. But as to the consequences, there will be consequences because, well, fortunately, there are various purchasing portals in various parts of China, Panama, Turkey, et cetera. So sourcing is diversified nonetheless, The unit components we're using will be affected by the developments in the region.

All right. Well, thank you. And I think by now, the time -- we've run out of questions. So we'll check on the attendance sheet based on the central processing office and to address those verifications that were warranted by the bureau, and I think we've done just that.

And so if there are no objections, let's use our electronic voting system. You use a manual device. You were given a chance to vote ahead of the AGM. And Didier Casas, who's here, will give you some explanations about the vote, and then we'll be able to vote on the resolutions themselves. Didier, take it away.

Yes. Thank you, ladies and gentlemen. A few details on the way in which the voting box operates. It's very simple. You press 1, this means you're voting in favor. If you press 2, you vote against. If you press 3, it's an abstention. You have 10 seconds to vote, and you can change your vote. You have 10 seconds to do that. And then, of course, the final vote, if you change your mind is -- will prevail.

So the quorum altogether has been reached, and you have the actual numbers on the screen. So the number of voting shares, the quorum. And please stay in the auditorium until the completion of the vote.

All right. We start with the vote on resolution #1. You are to approve the annual -- the parent company financial statements for the year ended 2025. Please vote now.

[Voting]

Voting is closed and the resolution was adopted. Resolution #2, this is about the consolidated financial statements, where you can see the profit attributable to the group listed somewhere. Please vote.

[Voting]

Voting is closed and the resolution was adopted. Then now we move on to resolution #3 to have a dividend set at EUR 2.1 per share and the balance of the net profit will be carried over. Please vote now.

[Voting]

Voting is completed, and the resolution was adopted. Number four, related party agreements. You asked to vote on conventions of services between Bouygues and its subsidiaries between Bouygues and SCDM and the rider to the brand license signed with Bouygues Telecom.

[Voting]

No more voting, and you can see that the resolution was carried. Number five, this is the approval of the remuneration policy for directors. And so you can find the details of that in Items 2.41 compensation in the universal registration document.

[Voting]

Approved. Sixth resolution, approval of the compensation policy for the Chairman of the Board of Directors. Voting is underway.

[Voting]

Voting is over and the resolution is approved. Seventh resolution concerns approval of the compensation policy for the Chief Executive Officer and Deputy Chief Executive Officers. Voting is underway.

[Voting]

Voting is over and the approval of the resolution is approved. Eighth resolution asks you to -- this concerns the post. This is approval of the information about the compensation of corporate officers mentioned in Paragraph 1 of the Commercial Code of Article L. 22-10-9 Voting is now underway.

[Voting]

Voting is over. And the resolution is approved. Ninth resolution, approval of the components of the total compensation and benefits of all kinds paid during or awarded in respect of 2025 to Martin Bouygues, Chairman of the Board of Directors. Please vote now.

[Voting]

And the resolution has been approved. Tenth resolution, approval of the compensation for 2025 paid to Olivier Roussat, Chief Executive Officer. Voting is underway.

[Voting]

Voting is over. And the resolution has been approved.

The 11th resolution concerns approval of the compensation of Pascal Grange, Deputy Chief Executive Officer for 2025. Voting is underway.

[Voting]

Voting is now over and the resolution is approved. 12th resolution concerns approval of the compensation for 2025 of Ed Bouygues, Deputy Chief Executive Officer. Please vote now.

[Voting]

Voting is over. The resolution has been approved. The 13th resolution concerns the proposed renewal of the term of office of 2 directors for a period of 3 years until the AGM, approving the accounts in 3 years' time. This is -- this resolution renewal of the term of office of Benoit Maes. Please vote now.

[Voting]

Voting is over. And the resolution has been approved. The 14th resolution concerns the renewal of the term of office of Alexandre de Rothschild as a director. Please vote now.

[Voting]

Voting is over. And the resolution has been approved.

The 15th resolution, as is the case every year, we ask you to renew your authorization to the Board of Directors to trade in the company's shares for a period of 18 months. This is as part of a share buyback plan. Voting underway.

[Voting]

Voting is over and the resolution has been approved.

We're now moving on to the Extraordinary General Meeting beginning with the 16th resolution concerning authorization to the Board of Directors for a period of 18 months, authorization to reduce the share capital by cancellation of shares held by the company. Please vote now.

[Voting]

Voting is over and the resolution has been approved.

The 17th resolution concerns delegation of competence to the Board of Directors for a period of 26 months with a view to increasing the share capital without preemptive rights for existing shareholders and for the benefit of employees or corporate officers of the company or the companies who are members of a company savings scheme. Voting is underway.

[Voting]

Voting is over. The resolution has been carried. 18th resolution, authorization to the Board of Directors for a period of 26 months to allot existing or new shares free of charge entailing the waiver by shareholders of the preemptive rights in favor of employees or corporate officers of the company or related companies. Please vote now.

[Voting]

Voting is over and the resolution has been approved.

The 19th resolution concerns authorization to the Board of Directors for a period of 26 months to allow existing or new shares free of charge as a retirement benefit, entailing the waiver by shareholders of their preemptive rights in favor of eligible employees or corporate officers of the company or related companies. Please vote now.

[Voting]

Voting is over and the resolution has been approved.

The 20th resolution, delegation of competence to the Board of Directors for a period of 18 months to issue equity warrants during the period of a public offer for the company's shares up to a limit of 25% of the share capital. Please vote now.

[Voting]

Voting is over and the resolution has been approved.

21st and final resolution asks you to grant powers to accomplish formalities concerning the AGM voting underway.

[Voting]

Voting is over and the resolution has been approved.

Thank you, dear shareholders. Thank you, Didier. I'd like to thank the members of the Board. And in fact, I'd like to thank you all for your loyalty, as we said earlier on. We have a lot of very loyal shareholders, and I'd like to thank them. I think the AGM is now over. So I wish you all a very pleasant evening. Thank you. Bye.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[Interpreted] Hello, good morning. We may as well start now a few seconds ahead of schedule. We have a little video by way of introduction. But before this, I would like to say a few words about the setting up of our Construction division. Well, more to the point we are bringing within our group there are 3 businesses involved in Construction, Colas [indiscernible] mobile. So we decided to have this division because it enables us to generate revenue synergies, and you can also boost both the sales and the profitability of our businesses. We do have some differentiation at -- in governance, Bouygues Construction, the Pascal Mino, who was Chair of the Board Mino is our Chair and Pascale becomes CEO, Managing Director as it were. He was in charge of Batimo and tenant Colas, we appointed Vasai is Chairman of the Board; and Pierre Vanco Fregat is now CEO. And at Bouygues Mobile, as you know, we had already distinguished between the Chair and the Pascal being the Chair of the Board; and Emmanuel Demesier becoming the CEO of Bouygues Mobile. So at the Construction division, the head is Pascal, Pascal in who chairs each of the boards of each of the 3 be used. And so let's move on to the little new institutional video.

[Presentation]

[Interpreted] Right. So this new video, this is our opportunity to display and show up all our skills and some of the businesses we engage in and all the work of our -- the good work of our employees.

Let's move on to Page 4. Revenue was stable year-on-year, it was -- it suffered from currency effects to the tune of EUR 560 million in H2. The overall effect for the year was EUR 580 million. On a constant exchange rate basis, revenue was up 1.3% over the year. So the results for 2025 is sound. COPA is significantly up over the year. driven mostly by the construction businesses, but also by Equans, and that has enabled us to get beyond expectations. The net income attributable to the group was up over the year in spite of a heavier tax burden in France free cash flow before and after WCR stood at a historically high level up for the third year running. Change in WCR stood at plus EUR 941 million over the year, an accumulated amount of EUR 3 billion over 3 years. And then the net debt is much less than it was at the end of 2024. The cash position of [indiscernible] both at historically high levels. And then -- and we'll get to that in detail.

The perform plan of Equans has been running smoothly both in terms of profitability and cash generation. In this context, the Board of Directors will suggest to the AGM in April, a payout of EUR 2.10 per share up 5% compared to 24%. Again, an increase for the third year running. If you look at -- on Page 5, the key figures, revenue stood at EUR 56.9 billion, stable over the year, slightly up on a constant scope and FX basis. COPA stood at EUR [ 2.65 ] billion, up EUR 120 million. Net income for the group stood at EUR 1.138 billion, up EUR 8 million. But if you restate this for exceptional tax contribution, the actual improvement was EUR 149 million. The effects of the new budget, the tax law and the special tax on social security which was voted in Q1 2025. That weighed about EUR 93 million altogether in line with our expectations. And then good news regarding the net debt position, standing at EUR 4.2 billion at end December 2025, a significant improvement, about EUR 1.9 billion over the year.

Nexen performance, reflecting the efforts deployed on cash management and the good cooperation between our operations people and our financial people. Now let's look at on greenhouse gas emissions where we stand at 2025 compared to 2024. Our global footprint stood at about 19.5 million tons tin-equivalent COT in 2025. So that's a 1.5 million tonne improvement over the year. The carbon intensity was also down. And that, of course, is a reflection of our commitments with SBTi. We've been producing solutions with lower or lower carbon footprint. So this is reflected in practice. But of course, in some parts of the world, the carbon footprint on de facto higher because of the source of energy used in various parts of the world. Let's move on to the order book. Our backlog for the Construction business, it stands at EUR 32 billion giving us good visibility for the future on the constant change and scope basis, order book was up 1% over the year -- the currency effects weighed down to the tune of EUR 600 million, but that order book was stable in France, slightly up in Europe outside France and the international region outside Europe was down -- but we did have significant contracts at the end of 2024. I'll get back to that later.

Let's look at a breakdown of the order book in the various businesses. The portion of orders to be performed in the next 12 months was stable over 1 year, and this is, of course, reassuring in terms of revenue generated to be generated rather in 2026. Colas order book stood at EUR 13.7 billion, up 4% over the year, 6% on a constant scope and exchange basis. That is -- was driven by rail. The order book was up 17%. Road work was down 3%, in particular in France because of the context of municipal elections ahead of local elections, there's very little done in terms of public works. At Bouygues order book stood at EUR 17.5 billion, down 4% over the year and down 2% and on a constant scope and FX basis. It was up inside Batimo France also up at Batimo International, but down for public works -- of course, there was an unfavorable basis of comparison in 2024. We had the T2D contract in Australia with upwards of EUR 2 billion -- having said that, I would qualify this by saying that when we -- with the order of size, well, we'll have about 1/3 of the whole project, about EUR 3 billion.

We haven't recognized EUR 3 billion. We only recognized to or EUR 300 million because the project will go batch by batch. But we know that the future years altogether, it will sum up to EUR 3 billion. So it depends on how we recognized projects. I mean, we could have more change in the order book depending on how we recorded. At Bouygues Mobile, the order book was EUR 800 million. down 16% over the year, 9% on a constant scope and exchange rate basis. We decided to dispose of guide in Poland in 2025 and of course, that is reflected on the order book. Colas orders -- order taking stood at EUR 13.7 billion over the year in France, new orders were slightly down again, there are the local elections that doesn't help. But abroad, the orders were up in Northern Europe and also in Asia Pacific and Canada. And for instance, in Q4, Miller, that is our roadworks company in Toronto in Canada. Took in an order worth EUR 100 million for the maintenance of road infrastructure in the rail, the order taking was up significantly up.

There was a train contract in Britain a high-speed train line in Morocco. There's a contract in France. In Northern Europe, there's a contractual tramway. You may remember our Finnish branch Destia got a EUR 100 million -- EUR 200 million contract for Trami in [indiscernible] order taking stood at EUR 10.1 billion. You have run-of-the-mill activities. -- at high level in 2025, a record level, what we call run of the mill at Bouygues Construction is all businesses worth less than EUR 100 million. So that's a pretty significant amount anyway. But when that business increases, we're looking at businesses where we have more competition because these are smaller projects. And so it goes to show that Bouygues is gaining market shares in a very competitive business. So this is very good news in the -- and you do have a few projects worth more than EUR 100 million. You have 2 data centers, 1 in Australia, 1 in France, worth EUR 400 million. At Bouygues, the market is still challenged and has been throughout 2025. We do have a few indicators indicating some resumption of business. We have building permits. We have reservations Also, the cancellation rates was down, and that's rather good news. By contrast, the office business is slowed down. It's actually ground to a hold. Right now, there's not much going on at all when but things may change when people are working from home will go back to the office in particularly the banking industry, the insurance industry are having their employees going back to work at the office. And so that might mean more office space. We'll see how it pans out in the future.

Looking at the Construction division, again, the revenue stood at EUR 27.8 billion, up 1% over the year, up 3% on a constant scope and exchange basis. Colas' revenue was slightly increased over the year, thanks to the rail business, up 13%, and the roadworks revenue was stable over the year, slightly up in France, slightly down overseas, but more in EMEA and North America. Colas' revenue was upwards of EUR 270 million, mostly to do with the Canadian and the U.S. dollars. But on a constant scope and exchange basis, Colas' revenue would have been up 2% over the year. Bouygues [indiscernible] revenue was up 3% driven by its 3 divisions: Batimo International, Batimo, France and Public Works. That also suffered EUR 150 million effect on currencies and as the -- to do with the Australian dollar, but also the Hong Kong dollar and to a lesser extent, because of the American dollar. Bouygues Construction's revenue on a constant basis would have been up 4% over the year.

Finally, [indiscernible] revenue on the face value is down 4% over the year. But in fact, on a constant scope, again, an exchange basis, it would have been up and that was because, of course, we disposed of our business in Poland in July 2025. Let's look at the operating performance of these various businesses. The construction divisions COPA stood at EUR 982 million [indiscernible] EUR 155 million over the year. Again, on all 3 fronts at Colas stood at EUR 586 million, Margin from activities improved 0.2 percentage points to 3.7%. At Bouygues Construction COPA stood at EUR 376 million, margin from activities improved to 0.3 percentage points. [indiscernible] But that was because we disposed of our business in Poland. But there is one structural positive item the restructuring gains, restructuring conducted in 2022, '24 and now bearing fruition so we can feel the benefit of that.

Now let's move on to Equans. At end December 2025. Equan's order book stood at EUR 25.4 billion, and that's stable over the -on-year. On a constant rate and scope basis, it would have been up 1% compared to December 2024. In 2025, it had orders worth EUR 18.3 billion, stable over the year. And that stability reflects our selectiveness in contracts at Equans, we consider contract to be big if it's more worth more than EUR 5 million because [indiscernible] is more worth more than EUR 100 million. At anyway, orders worth more than EUR 5 million were up -- sorry, contracts worth less than EUR 5 million accounted for 2/3 of all orders for the year. We worked a lot on data centers. You may remember that business slowed down in Europe. And now it started again in the U.S., and we have the big -- apparently a sign of that business resuming in Europe. There were 2 data center contracts taken by Bouygues Construction. Of course, before Equans provide services, we have to build the centers themselves. So when we see the concrete coming in, well, then later on at the next stage, we'll have machines bring in HVAC and such like, and that's Equans' business.

Anyway, Equans' revenue stood at EUR 18.7 billion year-over-the year, slightly down, down 2% year-on-year. Now that reflects the fact that, well, there was some wait and see with data centers, also the giga fabs in nonprofitable businesses, nonperforming or at least not in line with the ratios we expect [indiscernible] and -- the very good news though is COPA. COPA was significantly up to EUR 820 million. Margin from activity is up 8.8 percentage points to 4.4% and that is -- that performance is better than what we expected when we had our Capital Markets Day in 2023. The target we set was close to 4%, but 4.4% is significantly more than that. If you look at the Perform plan that Jerome and his team rolled out, you may remember that it's supposed to go from '23, '24, '25 and '26. This is now -- we are now at the beginning of 2026. If we look back on this plan, we have this on the next 3 lines, the trend in revenue well found the actual trend was better than what we expected. All in all, we have a 6% growth for the period, but that growth was driven by contradictory factors. On the one hand, they were proactive pulling out of nonstrategic businesses and that weighed about EUR 600 million over the past 2 years. There was, as I said, this wait-and-see business with the giga-fabs and data centers. But the revenue in 2025 turned out to be in line with expectations when we introduced the Perform plan.

Having said that, 2025 was the first year where we actually materialized on M&A operations. You may remember that Equans through small acquisitions. I think they were 5, 6 or maybe 7 of them. Equans made acquisitions worth I mean, in terms of revenue, about EUR 200 million worth over a full year. If we -- amongst sources of satisfaction we have with the Equans and Jerome's teams, we have excellent news on profit margin. You may remember that when we acquired Equans, the margin stood at about 2.2%, 2.3%. It's now in 2025, it stood at 4.4%. So ahead of schedule as it were. And you can see on the slide, the yellow areas there are where we expected fall back on our feet in 2023, we're upwards of our bracket in 2025, we were above the range announced. And again, we have to pay tribute to Jerome's teams. We did find job there when we showed the outlook in 2023, a few people believed that. Anyway, we had 5 ways of getting there. And all 5 ways were pursued, and there's still more to do. So that's very promising.

The other positive item, of course, is cash generation, cash to [indiscernible] to cash generation. You may remember that we were banking on 80% to 100%. But we are right there now. We are upwards of that range. I mean, we stood at 98%, now 96.3% way up there. And on the right-hand side of the slide, you find the net cash position, a significant improvement compared to 2022 and if we take on board the position of Equans, when we acquired it, it stood at EUR 200 million in net debt at closing. The position at end December 2025 was EUR 2.097 billion plus. So the improvement is EUR 2.3 billion. It should be pointed out that over that period, Equans paid out to its favorite shareholders EUR 730 million in dividends. So we're looking at EUR 3 billion generated. So again, congratulations to [indiscernible] and his teams that we're able to generate so much cash. I mean, it's a financial and an operating performance.

Now by way of conclusion, Equans has been pursuing its strategic plan. Well, you may remember that Equans plan was a turnaround plan that was to be completed by 2026. Now where do we stand? What's the guidance for Equans? We're looking at stable revenue compared to 2025 on a constant exchange rate basis. Margin for activities should be 5%, 1 year ahead. of the timetable we set during the Capital Markets Day in 2023. Cash conversion, well of 80% to 100% from COPA free cash flow before WCR. And then there'll be another Capital Markets Day at the end of the year so that Jerome and his team can give us the outlook for the following years, 2027, 2028 and '29. We'll get back to that. And now Bouygues Telecom. Bouygues Telecom has reached the target, it announced, billings to clients up on 2024, including Frontera after lease obligations close to 2024 and the gross operating CapEx, which we said would be around EUR 1.5 billion and ended about EUR 1.48 billion.

On the next page, we have a number of indicators on the left-hand side, a number of awards and classifications awarded by various institutions, in particular by institutions that take its data from crowd sourcing, let's say, a real perception of how we fare by comparison our competitors. You'll see that we are #1 everywhere. We picked the ones we like best. I'm not sure that we're #1 absolutely across the board, but everything on that screen is true. I suppose the very pleasant side of that is that when we began in fixed lines, we weren't very good. I was in charge of the company at the time. So I have to say, well done Benoit, your people have done a great job. On this slide, we've shown [indiscernible] quite a number of decoders. One that's known as the -- an AI boosted call it it's a better way of capturing a screen. I think this is only the early days of artificial intelligence. Our commercial performance in terms of volume and value. The growth momentum has continued in fiber because Bouygues Telecom has gained another 510,000 clients over the year, including out of 39,000 in Q9. The total number of clients is now 4.7 million clients with fiber-to-the-home, which is 86% of the whole national population with fiber to the home. A total of 5.4 million clients, which is an increase of 267,000 in 2025, an increase of 83,000 in Q4. Since the start of 2025, we Bouygues Telecom is not marketing the ADSL plan anymore. So this is all non-ADSL unlike our competitors. We feel that does not have a sufficiently good level of performance to sell Wi-Fi sets that have extraordinary performance with the -- little why that's too small and doesn't really enable us to reap the benefits of what we have at our disposal.

ABPU is up EUR 0.40 over the last year. So in mobile phones, we performed well, good strong momentum in the market. We could qualify as competitive at the end of December, we had 18.6 million plan subscribers, not including machine-to-machine, which is an increase of 316,000 clients over the year, including 86,000 in the last quarter. This effects, first of all, our improvement in terms of churn since we launched the big offering in October and November '24. Customer satisfaction, which has also improved. And of course, we've been successful with convergence offering. Growth also comes from La Poste, our ABPU in mobile, including Laposte Telecom, stands at EUR 17.30. That's stable by comparison with the second and third quarter. But down over the last year because of the dilutive effect of Laposte Telecom where the ABPU was lower than ours. And of course, there's considerable pressure on the acquisition costs when acquiring new clients in the market in 2025, particularly with a lot of aggression on the part of [indiscernible] or we telecoms figures. This is 2025, which rose by 4% over the year. And Laposte Telecom, that figure is almost stable over the year. Total sales up 4% which includes other sales, terminals, accessories and so on, which were up 5% over the year.

EBITDA after lease obligations stood at over EUR 2 billion, that's stable over the last 12 months. There's a limited contribution on the part of La Poste Telecom so far. The stability of EBITDA is a reflection of the increase in sales build and of course, good cost control, thanks to Benoit and his people. But conversely an increase in the cost of energy because big telecom does no longer have the energy coverage that negotiated in 2020 and '21 before the war in Ukraine, which, of course, had consequences on the cost of energy in Europe. COPA was down the year to EUR 674. This is largely because of amortization. CapEx peaked a number of years ago, we now must depreciate that. And this, of course, reduces the value of our current operating profit from activities, gross CapEx activities. I've already commented in 2025, Bouygues Telecom made acquisitions for a total of EUR 374 million, which is a big increase over 2024, mainly the disposal of infracos assets. InfraCo is a joint company that generates part of our shared network with Bouygues Telecom and SFO. That transaction was finalized in December of 2024. What is the outlook for Bouygues Telecom in 2026 for 2026, we are targeting a billing to clients and EBITDA after lease obligations, close to the level we achieved in 2025. As we announced at the end 2024, the market growth would be modest by comparison in 2023, not including La Poste Telecom. Gross operating CapEx is expected at EUR 1.3 billion, not including frequencies, which confirms that we have decreased our total CapEx over the last 5 years.

Free cash flow before [indiscernible] this -- when we include La Poste SFO, we expect that these free capital -- free cash flow from -- will be in the region of EUR 500 million. One final point here is that La Poste Telecom will not be exercising its purchase option on the 51% of the joint venture called SDAIF, which rolls out fiber in medium density zones. TF1 in 2025, the TF1 group confirmed its leadership in terms of viewership, the share of viewership among 50 old women is 34.5%. These are decision-makers in the home, share of audience share of viewership at 30.9% between 20 and 49%. And digital, TF1s has become the reference in a streaming platform with 38 million streamers per month on average, up from a mere 33 million in 2024. Sales in [ 2021 ] totaled EUR 2.3 billion, down fractionally over the year on a like-for-like basis. This is despite the fact that the advertising market deteriorated, especially in Q4 -- the media figure was EUR 1.9 billion, down 4% over the year. This includes advertising revenue down 4%. Advertising in linear television, that's traditional television, if you like, has been seriously adversely affected by the market conditions we had at the end of last year, given the political instability in France, in particular, which led to a lot of advertisers waiting to see.

In digit last TF1, we have continued to perform very well with advertising revenue up 36% over the year, those confirming just how attractive this platform is to advertisers. The sales figure of Studio TF1 reached EUR 276 million, up 9% over the year. And that includes a contribution of EUR 44 million from GPG, which is mostly focused on the latter part of the year. These are studio activities that are very close to the various orders placed. TF1 Studios figure -- sales figure increased by [indiscernible] per the year. TF1's COPA was down to EUR 252 million because of a relatively stable cost of programs at EUR 967 million. I should remind you that this COPA figure includes capital gains for EUR 38 million in 2025. In 2024, these included capital gains were EUR 27 million. So the margin was actually 11%, in line with the objective announced by Rudolf. When we published the results after 9 months, we were targeting a COPA margin of between 10.5% and 11.5%. What's the outlook for [indiscernible] Thanks to its strategy in the various new initiatives in digital. It's strong financial position as well. Well, the group has the following targets -- sustained double-digit growth in 2026, that sales growth. a dividend policy on the up in the years to come. And of course, customers are changing the macroeconomic and political environments are unstable.

We figure that the advertising market is, and will be under severe pressure in 2026. And during this phase towards advertising, which will be mainly digital intends to maintain its margin on activities, not including capital gains, of course, in the mid- to high single-digit range in line with the linear market. Now I'm going to give the floor to Pascal Grange, who will give you a detailed presentation of the accounts. Pascal will be giving this presentation for the last time because Pascal is about to retire. He'll be leaving the company tomorrow. So Pascal, you have the floor. And may I thank you for everything we have done over the last years. Pascal says, you talk too fast, you don't smile, you'll finish your sentences. I don't know how I did today, but I did my best. You can tell me what you think afterwards. Pascal my notes open up Page 38, please.

[Interpreted] Good morning, everybody. Thank you so much, Olivier, for these kind words. He has already spoken about the sales and COPA of the various businesses. I'm going to add a few items concerning the profit and loss account on Page 32. That's Slide 32. In 2025, we recorded EUR 100 million in amortization of PPAs, which is comparable to 2024. This EUR 100 million comprised mainly EUR 46 million linked to Equans carried by Bouygues SA and EUR 35 million linked to Retailco. Secondly, nonrecurring items, which are not representative of the business. They totaled a nonrecurring expense of EUR 224 million, broadly [indiscernible] is different from the previous year. This year, the components include something we already had last year that is the Equans management incentive plan given the good performance. This is partly a by Equans and partly by Bouygues SA. I know over the year, that represented in the region of EUR 100 million.

Secondly, provisions at Bouygues Construction due to the change of fireproofing regulations in the U.K. This amounted to EUR 74 million over the period. Thirdly, expenses concerning litigation expenses at Colas for EUR 42 million; and finally, a net balance of nonrecurring income and expenses at Bouygues Telecom for EUR 9 million. This included capital gains on the disposal of sites, data centers, various expenses concerning litigation. Totally, the financial results, which includes the net cost of finance, net interest expense on lease obligations and other financial income and expenses, totaled an expense of EUR 410 million up from EUR 392 million in 2024. Finally, the share of net profit of joint ventures associates totaled EUR 6 million after an expense of EUR 11 million last year. As a result, of our share of the exceptional surtax mentioned earlier on, that's EUR 69 million. Our group net share of net income was 1.1 sorry, [ EUR 1,138 million, EUR 235 million, ] up EUR 80 million. Barring that sure tax, we would have had an additional increase of EUR 149 million over the year. Overall, if we look at the impact of the Budget Act and the Social Security Budget Act voted in '25 for 2025. This impact total combined EUR 93 million which was consistent with our initial estimation.

As you can see on Page 33 now, our net debt at the end totaled EUR 4.2 billion, down from EUR 6.1 billion at the end of 2024. That's a very substantial increase EUR 1.9 billion less over the year, as Olivier said earlier on. The variation becomes at the end of 2024 is mainly due to the following acquisitions net of disposals for a total of minus EUR 76 million, which includes a number of acquisitions and disposals that Equans and investments in joint ventures by Bouygues Telecom. I should take this opportunity to remind you that the proposed acquisition of [indiscernible] by Colas is still being developed by the U.S. antitrust authorities. Change in debt also factors in the variations in share capital for plus EUR 100 million, EUR 251 million, mainly including the exercising of stock options by employees in 2025. Secondly, the dividend payout of EUR 865 million, including EUR 755 million paid to shareholders of Bouygues, the remainder being entirely paid to minority shareholders in TF1 and Bouygues telecom.

Finally, operations and other contributed a total of EUR 2.6 billion. And we're going to look at this. This is free cash flow from operations and other beginning with net -- this is a figure that is very comparable to 2024. Excluding frequencies, this was EUR 1 billion, which is considerably less than last year. It also includes disposal by Bouygues Telecom for mainly due to the disposal of assets held by infra costs. Free cash flow before income requirements was EUR 1.08 billion, and this record level is a reflection of the efforts made by all our business lines throughout the year. The figure also includes transactions carried out by Bouygues Telecom in 2025 for a total of EUR 220 million, including the disposal of assets held by Infracos and the resolution of litigation. Variations in working capital requirements, as we said earlier, totaled EUR 941 million. This is a positive amount for the third year in succession and represents close to EUR 3 billion in aggregate over 3 years. This very positive variation is lessened by the impact of foreign exchange, which burdened us by EUR 197 million this year.

Page 35. Net debt at the end of 2022 was EUR 7.6 billion following the acquisition of Equans. Our strong financial discipline has led us to significantly reduce that debt over the last 3 years, notwithstanding the financial transactions during the period. And I'm thinking in particular to the withdrawal offer on Colas in 2023 and the acquisition of La Poste Telecom in 2024. Our net debt has been reduced since we acquired Equans by close to EUR 3.3 billion. Our financial situation is very strong. The outlook is good. So we have raised the dividend proposal, which as you know, is part and parcel of a long-term strategy. This year, the Board of Directors will be asking the shareholders to approve at the AGM April 23, a new increase in the dividend for the third consecutive year by increasing that dividend from EUR 2 to EUR 2.10. If the resolution is approved, the dividend that we will pay to our shareholders will have increased by close to 17% in the space of 3 years.

Let's finish with a few words about our financial structure. Our net debt has diminished leaving us with a gearing of 28%, which is a 14-point improvement over a year. May I also a reminder that the rating agencies have given the group very strong ratings. S&P have given us an A- rating with a positive -- sorry, stable outlook. Moody's have given us an A3 rating again with a stable outlook. The group's cash situation stands at EUR 17.6 billion at the end of [indiscernible] at a very high level. It is comprised of EUR 6.4 billion in cash and cash equivalents at EUR 11.2 billion in medium- and long-term credit facilities that have not been drawn down. And finally, as you can see in the graph on the bottom right, the debt schedule is well spread over time. That brings me to the end of this presentation of our accounts.

If I could say a word on a more personal note before giving the floor back to Olivier. Over the last 6 years, I've had the pleasure and honor of meeting you and presenting the group's accounts every half year in a very interesting circumstances, sometimes very unusual circumstances. And I'm thinking, of course, the covered period, the acquisition of Equans, the acquisition of EIT and La Poste Telecom, which certain of a motion, I'm passing the baton to Stephan Stoll, who was appointed Group CFO on July 25. He knows the group particularly well. He joined 30 years ago and has performed brilliantly ever since [indiscernible] As for myself, after 40 years in the [indiscernible] Group, including 6 years, the last 6 years, at the senior management level. I've decided to retire. As you know, we live in a very turbulent world. The group is in a very, very good position. This is thanks to the great work of the men and women in the group year after year, and I'd like to thank them for their contribution.

Under the chairmanship of Martin Brigg, under the leadership of Olivier in now Stephane, the heads of the business lines are the members of the management committee. I have great confidence in the group's future and in its development. Thank you for your attention. And now, Olivier, you have the floor.

Thank you, Pascal. I'm sure we will get them to answer a few questions with Stephane. Okay. I think we can -- before moving on to Q&A, let's say a few words about the outlook for the group. Just a paragraph that doesn't change much when we describe our environment year in, year out. We keep saying that this is a rather chaotic disrupted environment, the macroeconomic and geopolitical situations are very shaky at the moment, and the group will continue to be agile and adapt to changes in these different markets.

What we're aiming for in 2026 is stability of our sales figure at constant exchange rates. We want to maintain our COPA at an all-time high level after several years of significant improvement. The improved COPA of Equans will enable us to offset the expected or anticipated falloff in COPA at TF1 because of tensions in the linear advertising market and that Obitelecom which is again the result of its previous investments. Next slide, just as a quick reminder of the upcoming [indiscernible] the AGM on the 23rd of April dividend results in May -- for the first quarter in May, the first half year in July, the end of July 30th of July, but it's still July. There was pressure on us to finish everything before 31. Thank you, Pascal. Thank you, Stephane, because he will be at the home with them. That may at the end of the presentation. We now to take your questions with the heads of the various business segments. You have the floor.

[Operator Instructions]

Good morning. Thank you for this presentation, and many thanks to Pascal for the present exchanges over the years, and welcome to the new CFO. I had a couple of questions, one on Equans. In 2025, you mentioned a wait-and-see attitude from your customers on data centers. You see there's some sort of glimmer of hope there. Is there a resumption of growth in 2026? Are you confident? Are you optimistic? That's question number one. Question number 2 is on working capital. You never gave guidance.

And we'll give you the usual answer. All right. We will come up with a different answer. I doubt it, but we'll see it all right then. I've been managing figures. Over the past 10 years, we find that working capital contribution levels out -- if I look at the past 2 years, we were above 0.

So do you believe that Equans, which is a new item in the group, does Equans bring a structurally positive dimension to cash -- generation of cash from working capital. And then third, maybe a provocative question, but on telecoms, can you say anything at all about talks regarding the acquisition of Altice. Can you share anything with us?

And stepping back from this, of course, money counts. But in light of Altice's operating performances, which really aren't that good. And I don't see how they will improve after a while, it's just not worth waiting because the assets will be back on the market probably at a low price in view of the trends. Right. Well, [indiscernible] then. The data center market has 3 items: the cloud AI and then the in terms of cloud has a stable influence, and we've had a few businesses in France. There's lots of capital expenditure on the much more in the U.S. than in France. For the dual reason, fast access to capacity at least access to data centers was much faster in the U.S., and we benefited from that because we started a few data centers in the U.S.

And then the second item is technological development, significant developments and players who are hesitating between 2 cooling technologies for data centers, and that slowed things down in terms of orders that were lots of studies conducted in Europe, and we believe that they will be ordered soon because these studies have borne fruit. But right now until such time as we get orders from AI data centers, we will be waiting. Now Stephane, on the working capital.

This company likes continuity. So we do not give guidance on working capital, but for a simple reason because as you know, a significant portion of our business is related to projects and projects follow a different timetable than the fiscal year. And so they are -- of course, accounts don't or cash flows don't stop at 31 December. So we don't want to give guidance on things that might change over a short period of time.

But you're right to point out that things have changed. Five years ago, we acquired Equans, an outside company, we knew that it showed great potential in improving its cash position. We humbly believe that with our background and our culture in the construction business, we have a pretty healthy financial culture -- corporate culture at Bouygues. And so when we acquired Equans, we had reason to believe that if we apply the self-same discipline at Equans, we could gain from that, and that's exactly what you saw on Olivier's slide on cash generation upwards of EUR 3 billion over the past few years. And so that reflects the tight management of WCR by the management teams. And third question on telecoms. The whole rate started off in April of last year. That's when we received the first visit from Alta saying that they were contemplating disposal of the assets. And at the time, we wonder whether what we could do about it, could we come up with our own offer our own bid? Or should we do -- should we work with others. But in terms of competition, of course, all 3 companies outside SFR had be aligned.

And for that to happen, it had to be a joint offer. But you're right. As time goes by, the value of the asset may well come down. If there are 3 partners on the boat as it were, there are inevitably exchanges between the 3. We published something mid-October. Talks, it started back in April. So it took that much. It took that time to arrive at something of a position, which is an achievement in itself because in the syndicate, you have 2 companies that are not exactly best chums. So to arrive at a joint position was not an easy matter. Now regarding the talks, there are confidentiality nondisclosure agreements we've signed with Altice. The latest press leak that you found on 22 January was fully orchestrated by Altice having listed a careful protocol of what would happen if there was a leak, but the leak happened that self same day. So I imagine they are happy with the protocol.

Anyway, we are in -- still in the process of due diligence. This process takes several weeks. We have to see how things happen inside the company to try and get what -- to find what synergies might come out of a deal. And so that's very careful work we are conducting after this diligence work with our partners to see rather opposite numbers to see what the company is worth, really, and then we'll come up with an offer and then things become fairly simple, the sellers' expectations should be in line what we find. I'm not in a position to tell you whether that is the case because we haven't had a chance to exchange on that, but it's a dual issue here.

On the one hand, we want to keep the agreement amongst the 3 of us, which ain't easy and then the big question is, are we in a position to come up with something that meets the sellers' expectations. But I do agree with you the present trend. For Altus is downwards and I find it difficult -- it probably will be difficult to slow this down or indeed to turn it around. I'm not the one driving Altice. And well, you go to the French Pentagon and you'll see the people there who can give you an answer. But we're not in a position at this point to say whether we will come up with anything. It depends on the sellers' own idea of the value of the asset. The asset has come down already and maybe we'll get to a point where we see eye to eye.

Good morning. Salim and I would like to thank Pascal Grange for his fine work over the years. I had a couple of questions again about Bouygues Telecom. Can you give us details on the on the competition. We see that the ABPU stabilized over Q4? And what's the outlook? What can we expect of mobile ABPU in 2026? About this SFR business, we've -- you've worked out value rather division of the cake as it were in October. Is this set in stone? Or might this change with your -- the 2 other operators?

And then to other questions on Bouygues Construction, excellent profit margin in 2025 upwards of 5%, so at the top of the range, I mean, 3.5%, you announced a guidance anywhere between 3.5% and 3.7%. Are we expecting the margin to be above that? Or have you leveled off? And on Equans, we find that some segments are slowing down. Can you give any color on what drives growth at Equans and what doesn't?

All right, on the -- what we call the Moban projects, and that is the acquisition of SFR, there will be marginal adjustments, but if we agree on a given base, there might be adjustments, but there will be marginal adjustments as to the market itself. Both for the mobile and the fixed business, 1 item you should keep in mind on the French mobile market since the end of 2023 -- the market as a whole hasn't grown. It's stable, it's mature. So the equipment rate will not grow any further. You can look at the asset publications. The contract market had maybe 4 million lines compared to several hundred years before.

So what we have is multi convergent offers and our competitors are doing the same. So what we're doing is working on customer loyalty. We started this in 2024. This is bearing fruit. We have a lower churn, but the convergence promotions also bringing down or at lease weighing down the ABPU curve. And then there's strong competition on digital plants, digital contracts, very much driven by SFR itself. And so in that category of contracts, the competition is tough and pressure on ABPU. As a result of that, we're looking at BP remaining flat on the mobile business. Of course, we can compensate with more volume and lower churn and generate good revenue and ABPU fixed ABB is funding an upward trend.

One thing in what Benoit said in the -- on the scene on the face with the competition, we work. We don't want to bring prices down to keep our market shares. We're working on churn and loyalty, but of course, the idea is not to bring prices down.

Now on Bouygues Construction, we have -- we stand at 3.5%. Is that a new trend?

Yes. Well, Well, our numbers, we ended up at 3.5%. So that's the upper limit of the range we announced. We are not changing that range. but there's no reason not to believe -- I mean, we might be able to be, again, next year within that range or at the top part of that range. And then Jerome?

Well, there are a number of markets growing, the solar plants, data centers, they slowed down, but they are promising. And hospitals, we don't mention that much, but the big growth there. And of course, the grid, the high-voltage networks, high-voltage grids in Europe. Biopharma airports, the defense industry, we have little exposure there, but the demand is strong. And then there's another market, not much mentioned, but that is security, electronic security and in the longer run, the nuclear industry. So that's our bread and butter as it were.

All right. The next question, Nicolas Mora from Morgan Stanley.

About free cash flow in WCR, that is a question maybe for Pascal. But over the past 3 years, we generated EUR 3 billion an inflow from WCR, can you account for this? So is that a conservative accounting that generated the surplus that is now in WCR? Or more structurally, is it at Equans better payment terms or service offer lower than demand so that you can have advanced payments and such like, that CR? About Equans, the guidance, a bit conservative, isn't it on revenue on a like-for-like basis. You can see that order taking has been moving since Q3 and Q4 of last year. Based on that surely, you could be a bit more aggressive on revenue, I mean, if not volumes, but as there's an improvement in order taking since the low point of 2025, isn't that the beginning of a turnaround.

And on the Equans brand, the year 2025 was exceptional wasn't it? There was an acceleration in gains in profit margins. Well, things are never linear, but how can you account for this remarkable turnaround in 2025, especially at the end of the year. Now 2026, the guidance gives us 60 basis points. That seems to be the average over 3 years. Can you project yourselves all the way to 20 and 28. Well, there will be a Capital Markets Day at the end of 2026. Well, there again, the profit margin seems to be bouncing back heading towards 4%. So we'd like to know whether this aspirational profit margin is that going to happen? Is that becoming real? And what's the expectation in the shorter term?

Just a word about different COPA figures that we gave you and particularly Equans COPA. The figure we gave you 3 years ago now on Equans COPA was the margin a margin. We said we'll be at 5%. We're telling you that we will be at 5% at the end of '26. That's not saying we won't do better, but it still leaves us a year ahead of schedule. As for the projection, remember that there's no reason why our performance on paper should be below those of our peers. And we do the same work is the same business as the -- when you look at the way we book this or that because staff advance, we treated differently, but there is no reason in theory anyway, why Equans should not achieve what its peers are achieving, give or take, not saying it to be exactly the same figures, but put it differently, Jerome has a bit of leeway is not flat out and really tell you how we exteriorize all this.

But it's too early at this point in time. But that said, Jerome, we will come back to that. Let's come back to the strict financial questions to begin with. Do you feel that there is a -- the beginning of a pickup? Now I'm going to stick to the guidance. It was only 5 minutes ago. I haven't changed in the last 5 minutes. So I haven't got much to add. I gave you the guidance 5 minutes ago. And yes, okay, the order intake picked up slightly in the third and fourth quarters. As a result, we are beginning the year on a better [indiscernible] , but not much more I can say the ForEx impact this year is not something we anticipated. It's not something have any control over.

And secondly, it's a significant impact, bordering on EUR 600 million negative impact in 2025 over a very short period because all happened in the second half year. And I'm talking about at group level. This is quite an impact. Now we'll continue with Stephane, who is now passing his test on.

Okay, this is my test. Just to say a little bit more about the mechanics of this issue, which is really the work of an [indiscernible] on a day-to-day basis. It's -- first of all, it's self-evident, but I'd say it all the same. We refused to act on the terms of payment to our suppliers. We abide by our commitments to our subcontractors and suppliers, which means that we really focus on the client side of working capital requirements. This is an ongoing process because, first of all, it's important to negotiate the best possible terms and conditions, advances on payments, the payment schedule, which leaves us secured very important to ensure that we have guarantees of payment for our projects.

But there's also a lot of work that goes into the field of energy and services and I feel I'm very familiar with. There's a lot of work that goes into invoicing and receiving a payment, improving working capital requirements is that the sum of a small little day-to-day series of tasks that consist in getting paid sooner. This is I said there's a lot of nitty-gritty in this because from a profit center, we're talking about a very, very substantial amount of money and a very, very large number of projects. So as I said earlier on to Matthew's in answer to Matthew's question, this is something that we've undertaken with great discipline. It requires great discipline, and it's something that we knew maybe hadn't been done as rigorously at Equans as we are used to doing it in our Construction division. So this, of course, has produced results. We're doing this very carefully. We're not up to speed right across the board, particularly in terms of days of sales outstanding, what we call DSO.

Now I would being cautious because, yes, okay, there are income booked in advance. Are we being cautious maybe. And if anything, it's a good thing to be cautious. I think this is a characteristic of our financial prudence.

The next question is Sven DeVelde from ODDO.

Good morning. I have 2 questions, in fact. I will come back to working capital requirements, but would you give us some guidance on free cash flow as one of your competitors has done. My second question is on Colas. When I look at the order intake, I'm a little surprised not to see the U.S. as a potential source of growth. I think I think there are still over 50% of the infrastructure jog packed funds that haven't been deployed. So how do you gauge demand in the U.S. infrastructure market unless I'm mistaken, Colas' margin in the U.S. is higher than in Europe.

Just to comment before we answer about free cash flow, it will be a very simple answer for Stephane. But to come back to Colas. I realized that I didn't answer the previous question about what we could eke out because we're looking for a COPA margin of 4%, and we feel that 4% is a realistic target. So the question is when or by when? Well, we've never been closer, but and it is very realistic.

Okay. In the U.S., margins are indeed higher than in Europe, but the particularity of the sectors we operate in, is that -- when I started this job in 2016, all the plans of Obama and others, every time a major infrastructure plan was announced we never thought actually materialize in our figures. We're very neutral with regard to that. But the reality of the situation is that our presence in the U.S. is quite rural depending on the states, things we can do, requires a lot of subsidies here, a little bit of help from a stimulus plan there. But I don't know Pierre if you'd like to add anything, but with the mic, please?

In the private market, we work a lot in the public works market. And even though the stimulus plan is beginning to come through, it's not exactly booming, but the private investment market in renewables or large harbor logistics platforms. They haven't really commenced. So there are a lot of things on standby because of the majority of large private investors and entirely reassured by the constant changes in policy in the U.S.A. So a lot of things on standby as a result of which there is more competition because broadly speaking, the companies that were working in this market are now turning to the public market to get through the winter.

Free cash flow?

I didn't know I was asking so many examples today.

There's one thing sitting the exam. It's another thing passing it. We use 2 different worlds. You sit a you may or may not pass it. You're disrupting me there. Okay. No, no guidance on free cash flow at group level. We do give some guidance where it makes sense in the business lines or segments -- so we do give guidance on telecoms. We give guidance, which I think makes sense in the field of energy and services. Our intention is to ensure that we can transform between 80% and 100% of our COPA as well, we're very dependent on contracting for this notion that doesn't have the same sense at all for all sorts of reasons that we could develop at length, the work starts, the delays, the temporality of our projects, which isn't aligned with the calendar year, which means that we could start on a project in late December and have to order CapEx in January.

But in the world of contracting more generally speaking, the cash curve and the income curve do not run in parallel. It's really at the end of the project, that the income looks like it should. That's why we don't give guidance in these areas. And that is why we do not give any guidance at group level.

Thank you, Stefan. Next question.

Next question from Mani am from Goldman Sachs.

I have just 2, I think talking about has been a lot of talk about the AI economy. We haven't really mentioned it today. Could you give us some information on your strategy in AI, particularly in the field of telecommunications and pretty interested in your CapEx projections. My next question, and I apologize in advance. Could we talk a bit more about the SFO project? Maybe we've been some people's interest to reach an agreement quicker than in yours. Is there any timing conflict between you and other parties? And could it be that the increase in your dividend means that you do not see an agreement being arrived at in the near future?

Well, the increase in the dividend is a very, very small amount by comparison with the investment that SFO would require. But to submit an offer to a potential buyer. We would have to agree among ourselves about the price to put on the table based on the synergies we anticipate. But for a project to be approved by the [indiscernible] authorities. It's important that we table a project that has synergies. If there are no synergies, while the antitrust authority will tell us that they say this doesn't fit.

We have to be able to show that we're capable of delivering this -- we have to convince the antitrust authority. So that's the first difficulty. The first discussion we have to have among ourselves to put a figure on this. Then we have to reach an agreement with the seller. The seller has expectations as regards the whole structure of the deal, the price. There's a lot of aspects, a lot of components. And you have to agree under these various components. So the process is underway. It takes time. We're talking about a project somewhere in the region of EUR 15 billion to EUR 20 billion. But it's so big that we have to take time to reach an agreement given the size of the project. There are 2 businesses where we do a lot of AI -- to be efficient in artificial intelligence, you need digitalized processors, and we have 2 completely digitalized processes, TF1 on the 1 hand and Bouygues Telecom on the other one. We have processes that are digitalized in other segments, but there's less digitalization.

People work in very concrete areas. But the 2 areas where we use a lot of as I said, Bouygues Telecom and TF1. Benoit concerning Bouygues Telecom, would you like to answer the --

On AI, there are 2 areas in which we work in AI for our own internal processes to help employees with the activities, but secondly, to provide new services to our clients. We began with Gigafactory sometime back to upscale and to progress. There are areas where we've made good strides forward in customer relations to help our customer relations managers with generative AI. In IT development. We also use AI tools. But broadly speaking, we're now at a stage where we will move on from experimentation to upscaling. We are now citing a tool for our employees in-house. We've over 1,000 agents involved with over 100 are multi-business cost-cutting. We're now at a phase where we are going to scale up.

And of course, for our clients, as Olivier said earlier on, we've begun, including an AI processor in Italy. That enables us to improve the quality of picture. We have HD high-definition resolution which will enable us to provide other functions in the months to come, fractions I won't tell you about today. But that will be enabled on our TV box in the future. In the liquid CapEx. Of course, we need to optimize networks. And of course, maybe some savings possible here, but it's way too early between what we're talking about and what's going to happen. We need to check things.

Thank you, and thank you to Pascal to whom I wish a very happy retirement.

Next question comes from Nicolas Mora from Morgan Stanley.

Good afternoon. One final question. We saw that your balance sheet is exceptionally good, exceptionally strong. You began with bolt-ons with Equans in a very measured manner. Have you got a pipeline that includes a bigger target in what region or what -- and what business segments would you like to expand within Equans? And of course, the U.S. deals for Colas, the deal that wasn't closed at the end of last year. what's the life of the land? Is it an antitrust issue or a price issue.

Now [indiscernible] which is the topic we discussed together last August, the deal hasn't been closed because it's in Phase II before the antitrust authorities. This usually lasts an average of about 9 months. We began Phase 2 last October. So I don't think the deal will move in the very short term. When it moves on, we will be very happy to close it out and tell you about it. We have 2 areas where we need M&A to improve our profitability. There are 2 big businesses, Colas and Equans. And in these 2 areas, it's only natural that we should seek to densify our presence because that will mechanically help us improve the profitability of our operations. That's the case with Kolar with Sukuk, and it's also the case with Equans.

Once we've said that, let me give you an example of an area where we'd like to expand. That is Germany. In Germany, Hasselman, is a railway company we felt at the time that this will be the first of a series of targets in Germany. To date, that list totals 1 company. It's not that we don't want to go any further. We're not buying the lake of buying, the targets must be of interest. Equans is an eagerness to expand. But where do you want to expand is the former Western civilization of Northern Europe, North America, Australia and potentially Southern Europe. But broadly speaking, M&A deals to come through where we need a pipeline the sales in Germany are just below the billion mark, mostly by Equans. We'd be very, very happy to do more, but we need reasonably priced targets. A number of small acquisitions, Jerome, you're quite right. There are areas where deals and until they're signed, well, they're not done.

Last year, we thought we would closed out 1 and just a day before, we lost our [indiscernible] it. The process isn't very industrialized, but a very professionalized industry. When Colas and at Equans, the companies are structured in such ways to analyze the deal flow and these bolt-ons are part and parcel of the business model of these companies. So we will do deals when good deals arise. With Bouygues Construction, the idea of improving our footprint or even of establishing a footprint in the country as we do the [indiscernible] in Australia, which was a new venture for us, can be a interest to be construction. But the real rationale behind M&A that will improve profitability.

The real rationale is in countries where we already exist. And that's what we're looking at with Colas and [indiscernible] when the opportunities arise. And of course, we are pretty much dependent on vendors. It's not a case of buying for the sake of buying, but you're quite right and will be deals when and if they become available. We have buyers were seeking sellers.

The next question comes from Akhil Diana from JP Morgan.

Kalana line is now unmuted. Please go ahead. The next question comes from Abilashmoapatra from BNP Paribas.

I've got 2, please. Firstly, on [indiscernible] this has already been answered. Just in terms of your top line trajectory, you're obviously guiding to stable in 2025, which is an improvement -- sorry, in 2026, which is already an improvement versus last year as you sort of execute on your plan? Do you see this business returning to top line growth in [indiscernible] I know you've talked about there's no reason why you can't catch up with your peers given these are very similar businesses. But just wondering if you have -- if you can give us some color on when we can see the business returning to top line growth? And then just on the telecom side, we saw an announced -- a recent announcement of 1 of your competitors continue to expand their network to sign a build-to-suit agreement for 2,500 towers. Just wondering, is that something on the cards for you? Or do you think that your network and towers are currently in the sort of right area?

Just to start, we start with telecommunications, the time that Jerome prepares the answer to the first one. So Benoit, about the ability to trend?

This was an announcement by our competitors. They have a partnership with Harco to expand the network the mobile network. Well, we do have similar partnerships at Bouygues Telecom. We've been doing this, and it is the sort of thing that does happen in the telecom industry in Europe or in France, we've been rolling out our own network as we speak. We're increasing the number of sites on the territory. We do not announce it ahead of time because as you can imagine, this is highly competitive and highly confidential.

But when we display all the awards, the fact they've been recognized as service providers not just for mobile, not just for things, but also for mobile telephony. So our intention is to provide best possible service to our customers, both in the mobile and in the fixed business. And so we are also expanding. On our mobile network.

Jerome, on top line at Equans, I believe we've already given the answer, we're pretty confident in the guidance we gave for 2026. All right. Well, thank you, Jerome. I'm afraid that was that.

The next question comes from Rohit Modi from Citi.

I have 2, please, as well. Firstly, again, on icons. But on the COPA margins, you are exiting [indiscernible] in 4Q at 5.2%. But you're guiding 5% for 2026. Just trying to understand if there's a step down in the margins that you're seeing sequentially from here, at the end of last half or over the year. Any color there would be very help -- and second question, again, sorry, on the SFR deal. We have seen some headlines today about the remedies that you spoke about. There could be some remedies. Now we have seen different level of remedies the sector ranging from introducing a new operator, literally fourth operator to very benign remedies recently - directionally, where you see France. Now it's a different market, but directionally, where you see frontend or what do you sense from the discussions with the regulator given that this might be one of the basis for still going ahead. So any color on that would be very helpful.

I'll start with the telecommunication answer, and then I will let Jerome give this guidance that when we give guidance testing that we will -- we won't do it better than what we say, but we will cover this later. And the first 1 is that I understand this is where the antitrust remedies that we could have this is a discussion when -- if we do the deal, there is one thing which is who will be the [indiscernible] authority able analyze it. And according to the -- there is 2 possibility, either it could be done through the antitrust, the French antitrust authority, either it could be done through Brazil.

And the question is, we have to talk with the one who will be designated as the antitrust authority. We think that there will be, at the end of the day, only one antitrust. There won't be -- we don't think there will be a situation, there would be part of the deal done through user of the direct the French one. We consider that there is logically, it could be done only in one place at all the procedure will be done at the same place because I remind you that there is not one procedure for the antitrust. There is 3 of them, one with Iliad and SFR, one with [indiscernible] with SFR and one with us, with SFR. So as there will be this 31 and when we know which antitrust authority will be in charge of it, we will discuss with them about what we could do. There is theorical approach where we consider that refusing as we know, the antitrust practice that could be asked from us to -- for the bid.

There is also maybe some change with the new [indiscernible] report to give us some opportunity to enhance the remedy process. But at this stage, I cannot answer. First, I don't know which entity will be in charge of it. And second, we need to talk to them to be able see what they will request. But for sure, there could be a situation if the remedy is to be able to consolidate the market from 4 to 3. We need to have a fourth one, I consider this is not exactly the definition of consolidation. Jerome, do you want to?

Yes, in Q4, 5.2% on Q4 alone. So you have a roller coaster effect. And it is often the case that the performance is better in Q4. Back in February 2023, I did answer one of your questions back then. You asked whether the first steps of improvement on these steps easier than the following ones. And I said something that remains to the first steps are those where you address issues of organizational improvement, things that you well known issues and then the next steps are changes in corporate culture and that is where you can generate a better performance down to a very fine level.

Now as Olivier pointed out, the big advantage is our competitors are ahead of us in terms of profitability. Some are doing even better. So we have reason to believe that -- well, this can drive us upwards. Having said that, the guidance was given for '26 at 2 at 5%. It hasn't changed. And we shall remain humble and focused to achieve just that.

No further questions by phone. I'll give the floor to the speakers. And no further questions from the audience. So enjoy the rest of the day. And we shall see you again. We shall see you again in July in this very room.

Hello, and welcome to the Group Bouygues 9 Months 2025 Results Call. [Operator Instructions]

Now I will hand the conference over to Frederique Delavaud, Head of Investor Relations. Please go ahead.

Good morning, everyone, and thank you for joining us for the presentation of Bouygues 9 months 2025 results. This presentation will be led by Pascal Grange, Deputy CEO of the Bouygues Group; Stéphane Stoll, who, as you know, was appointed CFO of the Bouygues Group beginning of August; and Christian Lecoq, CFO of Bouygues Telecom. Following their presentation, they will be answering your questions.

Pascal, I'll let you start this call.

Thank you, Frederique, and good morning, everyone. Before listing our highlights, I would like to recall that, as we have already mentioned since the beginning of the year, the global macroeconomic and geopolitical environment remains very uncertain, notably in France. That being said, I want to highlight that group expects for 2025, a slight increase in sales year-on-year, excluding exchange rate effects and a slight increase in COPA year-on-year. These expectations are reflected in the group's 9 months results that are strong.

Looking at the main indicators for the 9 months, we can see that. First, group sales were up 0.9% year-on-year, notably driven by the construction businesses. Q3 group sales were stable year-on-year given ForEx, which had an impact of around minus EUR 50 million over the quarter. Second, COPA increase year-on-year was notable in the first 9 months 2025. The increase was driven by the construction businesses and Equans. Third, excluding the exceptional income tax surcharge for large companies in France of EUR 60 million, the net result attributable to the group was up year-on-year.

I'll remind you that the effects on the net profit attributable to the group of the French Finance law and the Social Security Financing law, which was passed during the first quarter of 2025, including mainly the exceptional income tax surcharge for large companies in France had been estimated at around EUR 100 million for the full year 2025. This is still our evaluation to date, and EUR 80 million already been recorded in the first 9 months 2025.

Fourth, the group benefits from a particularly robust financial structure. At end September 2025, our net debt improved versus end September 2024. And in September [Technical Difficulty] Standard & Poor's revised our negative to stable the outlook associated with its A- credit rating.

Let's now have a look at our key figures on Slide 5. Group sales in the first 9 months [Technical Difficulty] '25 stood at EUR 41.9 billion, up 0.9% year-on-year. This increase was notably driven by Bouygues Construction, Colas and Bouygues Telecom with the contribution of La Poste Telecom. In the first 9 months '25, the group COPA increased by EUR 95 million year-on-year and reached EUR 1,814 million. This increase was led by the construction businesses on Equans, TFA and Bouygues Telecom [Technical Difficulty] COPA being down year-on-year.

The net profit attributable to the group was EUR 675 million. This amount is not comparable to that of the 9 months 2024 as it includes the exceptional income tax surcharge for large companies in France, minus EUR 60 million. Excluding this surcharge on a comparable basis, the net profit attributable to the group would have been up EUR 48 million year-on-year at EUR 735 million. Last, Net debt was EUR 7.6 billion, an improvement of EUR 856 million year-on-year. This is a very good performance, in particular, if we consider the amount of net acquisitions made over the year, mainly including Bouygues Telecom's acquisition of La Poste Telecom for almost EUR 1 billion. This is a theoretical vision, of course. But without these acquisitions, our net debt would have been improved by EUR 1.9 billion year-on-year.

Let's now turn to the review of operations [Technical Difficulty] on Slide 8. Let's begin [Technical Difficulty] in the construction businesses. You can see that at end September 2025, the backlog was at a very high level of EUR 32.1 billion, providing good [Technical Difficulty]. Looking into details on Slide 9, let's start with Colas backlog, which was up EUR 1.4 billion year-on-year at EUR 14.2 billion, with Rail backlog up 31% year-on-year. In roads, the backlog was up 2% year-on-year, of which French and international backlogs were respectively down 3% and up 4% year-on-year. At constant exchange rates, the backlog was up 12% year-on-year. To be noted that the backlog [Technical Difficulty] to be executed in the current year and next year was up around EUR 400 million year-on-year.

At Bouygues Telecom -- Bouygues Construction, the backlog stood at EUR 17.2 billion, down EUR 0.7 billion year-on-year, but stable compared to end June 2025. Civil works was down 14% year-on-year. And in building, the French backlog was up 12%, and the international backlog was up 1%. At constant exchange rates, the backlog was down 3% year-on-year. It is important to notice that EUR 17.2 billion is a very high level of backlog. At end September 2025, the backlog to be executed in the current year and next year was down around EUR 200 million year-on-year. However, additional significant contracts are expected by mid-2026, notably internationally, which will support the level of the backlog.

In that respect, you probably read this morning that Bouygues Construction will carry out the civil engineering works for two new EPRs at Sizewell C nuclear power station in the U.K. as part of a civil work alliance. The share of Bouygues Construction in this construction is estimated at around EUR 3.3 billion. This is [Technical Difficulty] very good news. To be noticed that the scope of works will be carried out through the delivery of a series of work orders, and so Bouygues Construction will book the related orders as they are instructed starting from [Technical Difficulty] fourth quarter.

[Technical Difficulty] at Bouygues Immobilier, the backlog was at EUR 0.7 billion at end September 2025, down EUR 0.3 billion year-on-year. The decrease of around EUR 70 million in backlog since June 2025 is mainly due to the deconsolidation of activities in Poland in July 2025.

Moving to Slide 10. I will make a few comments on the strong commercial activity in the construction businesses. First, at [Technical Difficulty] level, the order intake [Technical Difficulty] was at EUR 10.8 billion. In Road activities, this order intake was slightly up with a slight decrease in Mainland France as expected in the pre local elections here, and it was up [indiscernible] internationally with significant [Technical Difficulty] awarded in Q3 in Morocco, in the U.S. and in Canada. In Rail, the order intake was up strongly in the first 9 months with also notably a significant contract awarded in the U.K. in Q3.

Then [Technical Difficulty] construction level, the order intake in the first 9 months reached EUR 6.8 billion, driven largely by the contracts of less than EUR 100 million. Several large contracts were awarded in 9 months 2025, including [Technical Difficulty] three contracts for more than EUR 100 million in Q3. Do not forget that year-on-year change in order intake at Bouygues Construction is not representative, given fluctuations in the award of large contracts. As a reminder, 9 months 2024 order intake included several major contracts, notably the Torrens to Darlington Highway contract worth more than EUR 2 billion, creating a particularly strong basis of comparison. And as I already mentioned in previous calls, please also note that additional significant contracts are expected by mid-2026.

At Bouygues Immobilier, residential reservations stood at EUR 0.9 billion at end September 2025. To be noted, an improvement year-on-year [Technical Difficulty] residential unit reservations [Technical Difficulty] and stable in volume in a still changing market environment and a decrease in block reservations. Two small positive signs are to be noted. Sell-off and cancellation rates improved year-on-year. Last, as we have already said many times, the commercial property market remains at a standstill.

Now let's have a look at sales on Slide 11. Sales were up 2% year-on-year and 3% like-for-like at constant exchange rates. First, sales were up 1% year-on-year at EUR 11.9 billion, driven by Rail up 12%. This growth being supported notably by Egypt, France and Germany. Roads were stable with France up 2%, EMEA up 2%, Asia Pacific strongly up 19%, and North America down 5%. Colas sales were up 2% year-on-year at constant exchange rates.

Second, Bouygues Construction sales were up 4% year-on-year [indiscernible] driven by its three segments of activity, all up year-on-year. Bouygues Construction sales were up 5% year-on-year at constant exchange rates. Last, at Bouygues Immobilier, sales were down 6% [Technical Difficulty] EUR 0.9 billion with residential property down 4% year-on-year, restated for the disposal of activities in Poland.

Next slide. Current operating profit from activities of the construction businesses was EUR 591 million, improving EUR 115 million compared to 9 months 2024, driven by the three business segments. COPA at Colas was slightly up year-on-year, improving by EUR 11 million with the [indiscernible] margin from activities improving 0.1 points at 2.7%. COPA at Bouygues Construction was strongly up year-on-year, increasing by EUR 45 million and with 0.4 points COPA margin improvement at 3.3%. At Bouygues Immobilier level, COPA was up EUR 59 million year-on-year. It includes some one-off items, representing a global amount of EUR 27 million with the disposal of Poland activities in particular.

Now I'll hand over to [Technical Difficulty] who will comment Equans results.

Thank you, Pascal. Good morning, everyone. Let's move to Slide 14. Equans backlog at end of September 2025 was stable year-on-year at EUR 25.8 billion. Order [Technical Difficulty] 9 months of 2025 stood at EUR 13.9 billion, a high level close to the one of September 2024. It is worth noticing that order intake in contracts of less than EUR 5 million was up year-on-year [Technical Difficulty] representing more than 2/3 [Technical Difficulty] intake. On the other hand, order intake in projects of more than EUR 5 million was down year-on-year, reflecting a high basis of comparison in 2024 and a wait-and-see stance in some areas of activity, notably in [Technical Difficulty] data centers in Europe and on the EV market.

In parallel, we continue to observe a gradual improvement in the order intake margin. As for sales, they were down 2% year-on-year in the 9 months 2025. This essentially reflects three main items. First, [indiscernible] the continued careful selection of [Technical Difficulty]. Second, a proactive exit from nonstrategic activities, notably the new business in the U.K. that we mentioned in the previous publications. And third, a temporary slowdown in relation to the wait-and-see stance in data centers and gigafactories I mentioned earlier.

First 9 months sales were also impacted by a negative exchange effect of minus EUR 55 million. This effect concentrated in Q3, sales being impacted by a negative minus EUR 66 million over the quarter. As such, Q3 sales down 4.2% year-on-year were down 2.8% year-on-year at constant exchange rates. Equans contribution to the group's COPA represented EUR 565 million, a significant increase of EUR 91 million year-on-year with a 4.1% COPA margin up 0.7 points year-on-year, confirming the continued successful execution of the Perform plan. Let me finally give you some updates on our recent M&A developments. Equans secured four bolt-on acquisitions in this quarter in Germany, Austria, Italy and North America, around EUR 180 million of full year sales. These acquisitions are in line with the strategy shared during the Capital Market Day back in 2023.

To end with Equans on Slide 15, let me just add that in [Technical Difficulty] 2025, Equans will continue its strategic plan and is aiming at achieving a slight decrease in sales versus 2024 at constant exchange rate given: one, the proactive exit from remaining nonstrategic and nonperforming activities; and second, the temporary slowdown in some areas of activity. And Equans is also aiming at achieving a margin from activities close to 4.3%, up from the 4.2% mentioned end of July. Finally, Equans confirmed it is targeting a cash conversion rate, which is COPA to cash flow before working capital requirement of between 80% and 100%. And as a reminder, Equans aims to gradually catch up with the organic growth of sector peers and to achieve a margin from activities of 5% in 2025.

Now Christian is going to detail Bouygues Telecom's main figures.

Thank you, Stéphane, and good morning, everyone. Before turning to Slide 17 and entering into the 9 months and the third quarter performance of Bouygues Telecom, I would like to say a few words about the integration of La Poste Telecom within Bouygues Telecom. It has now been 1 year since we [Technical Difficulty] completed the acquisition of La Poste Telecom [Technical Difficulty] have already achieved several successful milestones, notably: first, the strengthening of our mobile business, thanks to La Poste Telecom's customer base and the vast distribution network of over 6,000 post office of La Poste Group; and second, the promising [Technical Difficulty] fixed commercial offers [Technical Difficulty] in September 2025.

Since October 2025, new La Poste Mobile's customers have access to Bouygues Telecom's mobile network and can benefit from [Technical Difficulty] services such as 5G or [Technical Difficulty]. That being said, performance has remained this quarter, solid and fixed, as you can see on Slide 17. FTTH continued to experience strong growth with 371,000 new customers during the first 9 months [Technical Difficulty] third quarter. With a total of 4.6 million customers, FTTH customers represented 85% of our fixed customer base, up from 79% 1 year ago. This is the result of a wider FTTH [Technical Difficulty] combined with the excellent quality of our network and services. As we have already achieved a very high level of migrations from DSL to FTTH, we will certainly observe a logical slowdown in these migrations in the coming quarters. Please also note that the target of 40 million FTTH premises marketed have been reached more than 1 year ahead of schedule, which is also a very good achievement.

You can also see that we had a total of 5.3 million fixed customers at end September 2025. This represents an increase of 184,000 customers in the 9 months, of which 79,000 in the third quarter. This good momentum is driven by both: first, B.iG and B&YOU Pure Fibre offers with customer satisfaction improving and churn lowering. And second, as I have already mentioned, the promising launch of the fixed commercial offers of La Poste Telecom in September 2025. The momentum remained also good on value with fixed ABPU up EUR 0.2 year-on-year at EUR 33.4 per client and per month.

As you can see on Slide 18, the commercial performance was good in mobile in a mature and still competitive market. We observed ongoing positive effects of B.iG on customer satisfaction and churn, and continued growth of converged households and [Technical Difficulty] per household. At September 2025, Bouygues Telecom had 18.5 million mobile plan customers, excluding MtoM; thanks to 231,000 new customers in the first 9 months, of which 125,000 in third quarter. Mobile ABPU, including La Poste Telecom, was stable versus Q2 2025 at EUR 17.3 per client and per month. It reflects continued low pricing for new customers in the low-end segment and the dilutive effect of La Poste Telecom as expected.

Let's have a look at the key figures on Slide 19. As a reminder, La Poste Telecom has been consolidated in Bouygues Telecom's financial statements since 1st November 2024. That being said, we achieved a 5% growth in sales billed to customer year-on-year, broadly stable, excluding La Poste Telecom. Total sales were up 4% year-on-year with 3% growth in other sales. EBITDA, after leases, was stable year-on-year at EUR 1,505 million. This stability is explained by an increase in sales billed to customers and ongoing efforts to control costs, compensated by second, higher energy costs due to the end of very favorable hedging conditions between 2020 and 2024.

The current operating profit from activities was down EUR 94 million at EUR 509 million, reflecting the increase in G&A in line with our CapEx trajectory and of course, the higher energy costs I already mentioned. Last, you can notice that gross CapEx was EUR 1,036 million in 9 months 2025. I'll remind you that the CapEx are nonlinear over the year.

Moving to Slide 20. Let me remind you Bouygues Telecom's 2025 targets. First, sales billed to customers, including La Poste Telecom, would be higher than in 2024. Second, sales billed to customers like-to-like, excluding La Poste Telecom, are expected to be close to the level of 2024. The figure will be either slightly higher or slightly slower, depending on the duration and intensity of the competitive pressure currently [Technical Difficulty]. Third, EBITDA after leases will be broadly stable compared to 2024. In 2025, Bouygues Telecom will no longer benefit from the very favorable low hedged energy prices arranged in 2020 and 2021. La Poste Telecom’'s contribution to EBITDA after leases will be limited in 2025, with the full effect expected from 2028. And last, gross capital expenditures, excluding frequencies, is expected at around EUR 1.5 billion, including [Technical Difficulty] expenditure related to -- for the migration of La Poste Telecom Mobile customers.

Pascal, I now let you share a few words on TF1.

Thank you, Christian. Turning to Slide 22. Let's talk briefly about TF1's results, which were released on the 30th [Technical Difficulty]. First, the TF1 Group reinforced its audience leadership. Among them, the total audience share among women under 50 who are purchasing decision-makers was at 33.8%, up [Technical Difficulty] the total audience share among individuals aged 25 to 49 was at 30.7%, up 0.7 points. Second, in the 9 months 2025, [Technical Difficulty] were stable year-on-year. Media sales decreased by 1% year-on-year with advertising revenues down 2%, and the continued strong growth momentum for TF1+, up 41% year-on-year.

Studio TF1 posted revenues up 11% year-on-year, including a EUR 25 million contribution from JPG. Third, COPA amounted to EUR 191 million, slightly down EUR 7 million, and COPA margin was at 11.9% in 9 months '25, down 0.5 points year-on-year. It includes a cost of program of EUR 662 million. The slight decrease versus the 9 months 2024 was due notably to the base effect related to the EURO 2024 football tournament. Please also note that there was a capital gain of EUR 17 million in relation with the disposal of My Little Paris and PlayTwo recorded in Q3 2025. As a reminder, in Q3 2024 [Technical Difficulty] had a capital gain of EUR 27 million in relation to the disposal of the Ushuaia brand license.

Turning to Slide 23. I will end by saying that the TF1 Group confirmed the following targets. A strong double-digit revenue growth in digital. On the dividend side, aiming for a growing dividend policy in the coming years. After observing that domestic instability adversely impacted ad market in October, first indications are also below expectations in November visibility until year-end. As such, TF1 has adjusted its 2025 guidance for margin from activities to a level between 10.5% and 11.5%. Previously, TF1 Group was targeting a broadly stable margin from activities compared to 2024, which was 12.6%.

Stéphane, I'm now going to -- Stéphane is now going to comment on the group's key financial figures.

[Technical Difficulty] start with the P&L on Slide 25. We have already discussed 9 months sales and current operating profit from activities at the beginning of this call. I will thus focus on the bottom part of the P&L this morning. First, PPA was minus EUR 77 million, [Technical Difficulty] includes mainly EUR 35 million recorded at Bouygues SA level in relation to Equans, and EUR 26 million recorded at Bouygues Telecom level. Second, other operating income and expenses, which do not reflect operational activity were negative at minus EUR 151 million end of September 2025.

This amount is largely due to, on the one hand, noncurrent charges in relation to the Equans management incentive plan, which represented EUR 66 million, an amount split between Equans and Bouygues SA. On the other hand, some provision recorded at Bouygues Construction and Colas, respectively, in relation to a change in regulation in U.K. and to recent developments relating to an international project at Colas Rail dating back to 2011.

Third, financial result, which comprise [Technical Difficulty] cost of net debt, interest expense on lease obligation and other financial income and expenses stood at minus EUR 305 million, an amount close but a bit higher than to that of the 9 months of 2024. Fourth, a tax charge was recorded for EUR 443 million, higher than last year in relation to higher operational results. This amount excludes the EUR 71 million of exceptional income tax surcharge for large companies in France. Fifth, [Technical Difficulty] the tax surcharge on the net result attributable to the group was minus EUR 60 million, leading this result to reach EUR 675 million, down EUR 12 million versus last year. Excluding this tax surcharge, the net result attributable to the group [Technical Difficulty] have been up EUR 48 million this year, as already mentioned by Pascal.

Let's now turn to Slide 26 to describe the net debt evolution between end of December 2024 and end of September 2025. As you can see, net debt increased by around EUR 1.6 billion since the end of 2024. This negative change is quite usual and related to the seasonality of our activities. The good news is that the magnitude of the increase in the net debt is significantly lower than that of last year, which was around EUR 2.2 billion. This increase includes, first, acquisitions net of disposals totaling minus EUR 118 million achieved at Colas, Equans, Bouygues Immobilier and TF1, as well as investment in joint ventures at Bouygues Telecom and purchase of TF1 shares.

Second, capital transactions and other for EUR 155 million including largely exercise of stock option. Third, dividends for a total of EUR 864 million, including EUR 755 million from Bouygues' shareholder, the remaining part being almost entirely paid to Bouygues Telecom and TF1 minority shareholders. And last, minus EUR 725 million from operations that I will comment on the next slide.

So turning to the change in net debt [Technical Difficulty] for the first 9 months of 2025 on this Slide 27, you can observe that it breaks down as follows. On the one hand, net cash flow, including lease expense stood at EUR 2.7 billion, an improvement of EUR 162 million compared to the first 9 months [Technical Difficulty]. And on the other hand, net CapEx was EUR 1.5 billion, a slightly lower amount compared to the first 9 months of 2024. As such, our free cash flow before working capital requirements was EUR 1.2 billion, [Technical Difficulty] higher versus last year. on the chart that the change in working capital requirements and other stood at minus EUR 1.9 billion, a usual negative change at this period of the year.

I will now turn our attention to the group financial structure on Slide 28. You can see the group maintained a very high level of liquidity at EUR 14.4 billion, which comprised EUR 3.1 billion in cash and equivalents, and EUR 11.3 billion in undrawn medium- and long-term credit facilities. Both shareholders' equity and net debt improved significantly versus end of September 2024. As a result, net gearing reached 53% at end of September 2025, an improvement compared to 61% at end of September 2024. And you can see from the chart on the right-hand side that the debt maturity schedule is well spread over time. I remind you that our next bond redemption is in October 2026.

Last, I want to highlight that the group benefits from the strong credit ratings. At Standard & Poor's, our rating is A-, and the outlook associated to this rating has been revised in September from negative to stable. At Moody's, our rating is A3 with a stable outlook.

Pascal, I'm giving you back the floor for the conclusion.

Indeed, I will end this presentation on Slide 30 by saying that in a very uncertain global environment, the group's six business segments continued to prove their ability to keep pace with developments in their respective markets. They also pursues their efforts to improve profitability. [Technical Difficulty] we are targeting a slight increase in current operating profit from activities versus 2024. Second, [Technical Difficulty] we specified that group's 2025 sales are expected to be slightly up versus 2024 at constant exchange rates. And that given fluctuations in currencies, notably those related to the U.S. dollar, group sales as published are now expected to be close to the level of 2024.

I'll remind you that previously, the group -- the Bouygues Group was targeting for 2025 a slight increase in sales and in current operating profit from activities versus 2024. Last, the effects on profit -- on the net profit attributable to the group of the French Finance law and the Social Security financing law [Technical Difficulty] first quarter of 2025, remain estimated to date at around EUR 100 million for 2025.

We have finished our presentation, and we thank you for your attention. We are now with Stéphane and Christian ready to answer your questions. Operator, please open the floor for questions.

[Operator Instructions] The next question comes from Carlos Caburrasi from Kepler Cheuvreux.

Just a quick one from my side. You're again upgrading Equans 2025 margin target, but your 2027 view remains unchanged. So I was wondering if there's anything here that we're missing or if it's likely that by 2027, the margin will be above 5%. And if you allow me, hypothetically, where do you see Equans' margin by 2030? Does 6%, 7% seem a reasonable assumption?

Well, we -- nothing changed since our last publication. We are indeed very pleased that Equans is moving down to 4.3% this year. We confirm that our target for now for 2027 margin [Technical Difficulty] at 5% as per our guidance from -- dating back from Capital Market Day in 2023. We are confident that we will be able to achieve this 5% margin. For now, we don't want to communicate anything else.

And as to your question to the 2030 margin at Equans, let me simply state as we already stated in our last publication, that we see no reason why Equans would not be capable of achieving margins which [Technical Difficulty] are close or similar to the one that's our aim, mid long term. So that's what I can answer to your two questions.

The next question comes from Mathieu Robilliard from Barclays.

I had a few questions. First, if I may ask, I mean you made an offer, along with other players for Altice assets. Yes, the offer was refused. You didn't change your beat. I just wanted to check if you could confirm you're still in discussion with Altice at the moment?

The second one was on taxes. You flagged the impact of the change in the corporate tax in 2025, there's no discussions in the French Parliament, but 2026 would be about the same. So obviously, this has not been finalized and a lot of things can still change. But in principle, if the current proposal was to be passed, does it mean that the corporate tax that you pay in 2026 would be similar to the impact you saw in 2025 about EUR 100 million?

And lastly, on telecoms, I had a question about the ARPU. So Christian, you mentioned that the ARPU including La Poste, it's flat quarter-on-quarter. I was wondering if we look at ARPU, excluding La Poste, what was the trend in Q3 compared to Q2? Is it getting a bit worse? Is it stabilizing? Obviously, it's a very competitive environment, but any color in terms of the more recent trends would be great.

First, I will answer to the question related to taxes. In fact, if the current law was to be passed this year, we will have an additional impact this year related to the -- that this additional tax is based on level of tax [Technical Difficulty] this year. So we will have to renew a new charge of around approximately EUR 40 million to EUR 50 million this year. I mean [Technical Difficulty] we have the remaining part. Overall, it will be a bit lower because -- overall the second part of this additional tax will be paid in 2026.

Okay. On the Altice situation, as you rightly mentioned, we -- and as you know, we submitted a joint offer on October 14. And then as you know, this offer was promptly rejected by Altice on the next day. So for now, to be honest, we are not in discussion. We are hopeful that we are capable of entering into [Technical Difficulty] in the coming weeks. Since we believe that this EUR 17 billion offer that we submitted to be quite attractive for at least two major reasons: it offers a valuation of significantly more than EUR 21 billion for Altice, taking into account the valuation of the assets, which are not part of our proposal, such as XP Fibre. It thus represents a significant premium compared to the value estimated by brokers. As you know, some EUR 17 billion increase [Technical Difficulty] synergies leads to an attractive equity value for Altice shareholders.

And on the -- we also believe it's an attractive offer because it provides a global solution for most of Altice France assets. So I believe -- we believe it represents a credible [Technical Difficulty] very lengthy and highly uncertain. So we are not in discussion for now, but we are still hopeful that we will be capable of entering such discussion into the near future.

Regarding mobile ABPU, mobile ABPU for Bouygues Telecom excluding La Poste Telecom, was at EUR 18.4, so plus EUR 0.1 compared to Q2, 2025. You can find all the figures at the end of the presentation in the annex on the website. I'll just remind you that usually in Q3, ABPU is better or higher because of roaming impact. We have positive roaming impact in Q4.

The next question comes from Rohit Modi from Citi.

I've got two basically. Firstly, on your guidance -- full year guidance. I understand the revenue guidance, flat revenue guidance would imply a decline -- kind of decline in revenue in 4Q, but your COPA guidance, slight increase still leaves some room for a decline or upside. I mean, if you can directionally guide us how we should see COPA, whether it's declining, flat or continue to increase in 4Q. That would be great.

Second question is, again, sorry, on consolidation. Just trying to understand what happens in a no-deal scenario. How do you see -- are there any assets that can still go ahead and buy from SFR without having the consortium going for a joint bid? And how do you see the market if there is a no deal? Is that getting worse from here? Or you see the same kind of conditions?

Okay. On your first question regarding the full year guidance, what we can simply say for the Q4 2025 COPA, of course, this quarter is not [Technical Difficulty] So it's difficult to answer. But I'll remind you that Q4 2024 COPA was EUR 816 million and Q4 2025 COPA would probably in the same order of magnitude than this Q4 2024.

Please, I'll remind you that, in fact, there is no -- we have some exchange rate effects, but this exchange rate effects does not affect our profitability, in fact, because, in fact, we are very local. So [Technical Difficulty] our expenses are in the same current -- the currency of our revenues. So there is no ForEx significant impact, I mean.

On the consolidation and the no-deal scenario, [Technical Difficulty] this is still possibility. So what will change the market will remain as it is today with four competitors, and we believe that Bouygues Telecom will be capable of delivering its continued [Technical Difficulty] it's current state and delivering results in line with the strategy. So nothing more specific to comment, I believe, on this specific topic.

And will there be any other effect that in case there is no group deal you can still buy from SFR that SFR will be willing to sell?

For now, our consortium stands, our offer was confirmed. We are hopeful that we are -- we'll be still capable of entering into construction discussion with Altice in the coming weeks. It's -- we believe this deal to be of interest for all stakeholders. And so we are hopeful that we will be able at some point in time to convince Altice to change its mind.

[Operator Instructions] The next question comes from Mollie Witcombe from Goldman Sachs.

Just a couple of questions from me, please. Firstly, I'm just wondering how you're thinking about group capital allocation and shareholder remuneration in the context of the French offer. How long do you wait before looking to pursue potential other options in other businesses? Are you still looking at potential M&A options in other businesses even as this is kind of ticking along in the background?

And then my second question is just on Equans top line trends. You have talked about the connection to the slowdown in data centers, et cetera. I'm just wondering, do you feel that this is more industry-wide? Is there a kind of reason why Equans in particular, is seeing this trend? And how you're thinking about it going into next year? Should we expect this to continue into kind of H1 and beyond? Or how should we think about this in the midterm?

I will answer your first question. In fact, you have seen that our financial structure is very strong and the idea of maintaining a very strong financial structure is to be able to deliver [Technical Difficulty] all our business lines. And so we have obviously this important project of consolidation of the telecom market in France. But in the meantime, we are studying and we are working on some M&A for the other business lines. There is no relationship of these different of -- the development of all business lines is independent of what we do on SFR. So [Technical Difficulty] and we have some [Technical Difficulty] either in construction, in Equans, in Colas, no issue in that respect.

As you know, we communicated on a significant acquisition that we are pursuing in the U.S. for Colas. And as I mentioned, we [Technical Difficulty] secured Q3 quarter at Equans for bolt-on acquisitions in Germany, Austria, Italy and the U.S. So confirming the strategy of bolt-on acquisition that we presented back in 2023.

On trends, we certainly believe that the temporary slowdown that I mentioned on the data centers in Europe and the EV battery gigafactory [Technical Difficulty] is definitely industry-wide specific to Equans. Having said that, we still believe that fundamentally, the markets on which Equans operates are strong and will provide interesting development opportunities. So we do not expect any further significant slowdown for now. And so that -- we believe that Equans is on a continued path. We mentioned and we confirm that we expect to -- we expect Equans to get close to its peers in terms also of organic growth. [Technical Difficulty] the plan, and we are not worried at all for next year. Equans markets are resilient. We are at the heart of three long-lasting transition, energy transition, industry transition, digital transition, and that will not change.

The next question comes from Eric Ravary from CIC.

Two from my side. First one is on Bouygues Construction, it's very strong COPA figure in Q3. Could you give us any comment on this performance? Is it linked to one specific project? And second question is on Equans. Could you give us the share of data centers and gigafactories in the order intake in the 2024 to assess what is a decrease of all of the order intake in '25?

First, I will answer on Bouygues Construction. In fact, our aim for -- there is a Bouygues Construction cycle in projects, which are huge projects and the profitability could vary from 1 year to the other. But there is no very specific items this year, explaining the improvement of the profitability. We have a strategic plan in order to have Bouygues Construction raising profitability to 3% to 3.5%. So we are in that range, and this is due to that strategic plan. But no very specific reason. It's a good performance for Bouygues Construction for Equans.

On the gigafactories, as you know, just to answer your -- I don't have precise numbers available, but just gigafactories in Europe with the failure of Northvolt last year, the market is at a halt. So we don't have any significant order intake this year on this specific market, which explains the slowdown that we mentioned. And on the data center business, what we can say in general numbers is that we -- the order of magnitude of our revenues in this business is -- will be this year around EUR 800 million, and it's down more or less EUR 150 million year-to-year.

Having said that, we believe we see a very positive trend this time in terms of order intake in data centers in the U.S. While the market is slow in Europe, this might change in the coming months, but it is quite strong in the U.S. and we were able to secure first project in U.S. and in Canada. And this will spell strong revenues next year in this business in the U.S. and Canada. Overall, we are not concerned by the trends, mid-term trends, especially in data center, whether in Europe or in the U.S. Of course, gigafactories, this remains probably -- will remain a slow market next year.

The next question comes from Stéphane Beyazian from ODDO BHF.

Yes. I was wondering if you set -- if you have set yourself a deadline for getting to an agreement on the Altice bid or basically talks could resume whenever could be 1 month, in 3 months or in 6 months. Second question, I was also wondering how important infrastructure assets of SFR are in your offer. According to the press, Altice is considering to sell some of its infrastructure assets. And I was wondering if such a sale would make a deal easier or more difficulty in the future.

So regarding your second question, we share with two kinds of networks. The first one is the mobile network in medium dense area. I understood what I read in the press that the mobile network is not concerned by the willingness of SFR to sell some part of its network. The [Technical Difficulty] kind of network is the fiber network [Technical Difficulty] the horizontal part of the network. It's quite a small network and is not a problem for us if this network belongs to someone else. So no problem for...

And on the time line for now, we don't have any specific time line in mind, and it's whenever it will happen indeed, so.

There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

Thank you for joining us today. We'll be announcing full year 2025 results on 26th of February 2026. Should you have any question, please contact our Investor Relations team [Technical Difficulty] contacting for the press release and on our website. Thank you.

Presentation of the Bouygues Interim results for 2025. This call will be recorded, and I can assure you I ask you to ensure that I'm going to comment this morning's results with Pascal Grander, and we will then take your questions at the end of the presentation, ourselves, of course, and the heads of the various business segments here with us this morning.

Let's begin by the landmark events of the first half 2025. Before going to the details here, I should remind you that when we presented our first quarter results, quarter results, we reminded you that the macroeconomic and geopolitical environments remain very unstable.

That said, the results for the first half year are good, strong, so we can confirm the outlook for the group for 2025. Now if we look at the main indicators for the first half year, what we find is, first of all, the group sales figure is up slightly over 12 months, thanks largely to the construction businesses. Secondly, the group's CPA is up quite sharply over the year. This was driven mostly by Equans and the construction businesses.

Thirdly, that's not including the one-off contribution to tax on profits in France. The net income group share was up on last year. May I remind you that the impact of the Budget Act and the social welfare funding law for 2025 have had an impact on our accounts, a burden, I should say, of EUR 100 million, approximately, mainly driven by the additional tax on companies.

Finally, at the end of June 2025, our net debt was below the level at the same time last year and included approximately EUR 1.2 billion in acquisitions, net acquisitions that is made over the last 12 months. Okay. The key figures for the group in the first half 2025.

May I remind you that, as usual, the first half results are not representative of the full year results, mainly because of the seasonality of Colas' businesses. Colas does not have any business in a lot of our regions during the winter periods and Equans also has an impact, of course. The group sales figure for the first half reached EUR 26.9 billion, up 1.3% over the same date last year. And on a like-for-like basis, that was a 0.7% increase. COPA for the first half rose EUR 49 million over 1 year. And amounted to EUR 796 million. Net income group share amounted to EUR 173 million. And this amount is not comparable with the figure for the first half of 2024 because this half year, it includes the exceptional contribution for large companies in France for a total of EUR 47 million.

This additional tax or so tax is on a comparable basis, would see our net income group share improved by EUR 34 million to EUR 220 million. The effective tax rate for the group was 54% in the first half of 2025. The tax, the additional tax deforms the -- significantly deforms the effective rate of tax in 2025, more so in the first half year because of the seasonality of our business. And of course, the way this surtax is calculated.

Finally, our net debt totaled EUR 8.5 billion at the end of June 2025 compared with net debt of EUR 8.7 billion at June 30, 2024. This is a good performance given the acquisitions we've been making over the last year and in particular, the acquisition of La Poste Telecom.

Let me continue with issues concerning the environment -- let me drive for a few seconds on what we are doing in this area, in particular, on a markup that we presented at VivTec in all the solutions we do. In a short video, showing you the main solutions we have devised in order to have ideal solutions or the best possible solutions to climate change short video.

[Presentation]

There you are. Now just to give you some more specific information concerning our approach to environmental issues on Page 8. As illustration, construction signed a partnership for a large-scale rollout. This is a low-carbon cement technology provided by [ EcoSem ]. It's aimed at significantly reducing the carbon footprint the construction sector. We hope to use this on a very broad scale. It's an important stage in the commitment we have aimed at significantly reduce the carbon footprint of our construction projects.

Bouygues Telecom has entered into a new power purchase agreement, or PPA, as we call it, for the supply of electricity. This is a 15-year agreement that was signed on June 17 last with Suez. -- under which Suez will supply us from January 1, 2027, supplies with 53 gigawatts a year of electricity. That is 800 gigawatt hour over a 15-year period. This is based on the transformation of household waste. B is still working on biodiversity, particularly its so-called fresh gardens. Colas has continued to work on its restoration of waterways and wetlands. Equans is working on the circular economy. And early this year, it entered into the so-called circular industry coalition. Finally, TF1 plays an important role in raising awareness about biodiversity, climate change, sustainable consumption and waste and has devoted quite a number of items on.

Let's begin with construction. I'm on Page 11 now. As you can see, the backlog is at the very high level of EUR 33 billion. This gives us a very good visibility for future business. The increase has been driven by international reconstruction and Colas. Looking at this backlog in greater detail, is Page 12, beginning with Colas, backlog is up EUR 900 million a year to EUR 15 billion for road. At the end of June 2025, the share of the backlog should be carried out over the next 18 months, had increased by EUR 500 million by comparison at the end of June 2024.

In the first half of 2025, up slightly on roads and up sharply outside of France, partly in EMEA, that's Europe, Middle East and Africa and in Asia Pacific. In rail, the first half was marked by the signing of several contracts for EUR 700 million in the U.K. and Morocco, in particular. In the second quarter, Colas was also awarded new road contracts particularly in Canada, Finland, the U.S. or in the U.K.

We continue with Page 13, Bouygues Construction where the order book stands at EUR 17.2 billion, and that's an increase of about EUR 1.3 billion year-on-year, and this is underpinned by public works, the backlog is up 15% year-on-year. And by Baltimore France, where backlog is up 5%. And the order book for international Baltimore is down very slightly on down 1%. June 2025, the share of the order book to be performed over the next 18 months is around EUR 200 million higher than at the end of 2024 at the Bouygues Construction part of the business is related to major projects, which are not awarded on a regular basis, and so order intake is not identical 1 year to the next.

For example, 2024 was a great year of a major products in the first half of 2024, Bouygues Construction got contracts for the construction of the Grand Paris in Line 15 S2, about EUR 570 million or the Rabat hospital worth about EUR 490 million. And in the third quarter of 2024, Bouygues Construction also got the 2D contract in Australia with over and these major deals create distortions in order intake and backlog, and this is inherent in major products, and this doesn't call for major or any special comments.

But in any case, these major products generate business for several years and the way in which these big projects are -- in fact -- for the size well nuclear plant because the consortium that [ Ingle ] Point was renewed for 1 year but the orders will be only recognized as the batches as the loss are awarded. So you don't see suddenly a big order for the whole plant because it is gradually locked by a lot that the orders are recognized. And so Bouygues Construction got orders worth EUR 4.1 billion over the period, a significant proportion came from what we call traditional businesses, products that are worth less than EUR 100 million, and that accounted for about 77% of the total order intake over the hard year.

And that's good news because it shows that our teams today are dynamic, but also construction also got a number in France. And then in line with previous quarters, Immobilier is still facing challenging conditions. At the end of June, its order book stood at EUR 800 million and in France, the commercial sector is weak, but housing orders are up slightly, plus 2%. An increase in block orders and stable unit orders in spite of the disappearance of the Pinel scheme, the tax saving tax incentive scheme. This growth in bookings and reservation should enable Bouygues Immobilier to gradually rebuild its book its order book of time.

Let's took to the construction activities, the financial results on Page 14. Construction activities reached 12-point sales reached EUR 12.7 billion, up 3% year-on-year up also up 3% on a like-for-like basis. Colas sales were stable year-on-year. It's mostly to do with the rail business, up 12% year-on-year with the continued growth in soft mobility structure. The road sales were down slightly. Slight growth in France, slight growth in EMEA, strong growth in Asia Pacific, but a decline in North America.

Bouygues Construction sales were up driven by the 3 divisions: Baltimore International, Baltimore [ France ] and Travel Public Works. And finally, Bouygues Mobilier sales were up 6%, housing sales up slightly 1% in New York, of which plus 5% in France and commercial property sales at EUR 37 million for the half year. This is a spot situation due to the delivery of a EUR 36 million project in Q2.

Let's go to Page 15, current COPA. As you know, every year, because of Colas' seasonal business, there are a number of countries where between November in March, there's very little going on. The performance for the half year is not representative of the full year results. Having said that, COPA for the construction business stood at EUR 26 million at the end of June, up EUR 47 million year-on-year driven by improvement at Bouygues Construction, near stability at Colas in spite of unfavorable conditions, weather conditions in North America and lower losses this year than last year for Bouygues Immobilier.

And talking about Bouygues Immobilier, [indiscernible] COPA is impacted by a seasonality effect. Its business in the first half is usually less than the second half of the year. And then the smaller loss recorded compared to the first half of is related to cost savings, and that is what [indiscernible] implemented in 2024, a slight improvement in operations in 2025.

So look at Equans now, sorry, on Page 17. The key figure for -- for H1 of Equans. At end June 2025, Equans had an order book of EUR 25.8 billion, which is slightly down 2% compared to end June 2024. It benefited from an order intake of EUR 9.4 billion over the half year and has a substantial pipeline projects. However, Equans has noted some delays in launching the data center projects, and there's been a temporary slowdown in the Gigafactory market, a critical item of its strategy the margin on orders is improving gradually.

Sales for Equans reached EUR 9.2 billion in the first half of 2025. slightly down, down 1% year-on-year sort of wait-and-see attitude that we saw in the first quarter in some industrial and service sectors continued in the second quarter, but that doesn't challenge the [ provable ] medium and long-term trends. And on a like-for-like basis, sales was also down 1% year-on-year. COPA reached EUR 364 million. So that's margin operations standing at 3.9%, up 0.7 percentage points compared to the first half of 2024. So that's a nice illustration of the Perform plan.

On the following Page 18, Equans is rolling out its strategic plan. It aims for '25 [ sales ] close to 24% at constant exchange rates. Previously, Equans were looking at a growth slower than in 2024. And now it's targeting an operating margin close to 4.2%. And initially previously, Equans was targeting a margin of 4%. So there's a slight increase in the COPA target for the year 2025.

And then finally, has confirmed that it's now aiming for a conversion rate of 80% to 100% of EBIT to cash flow before WCR. I'll remind you that Equans' target is to catch up with the organic growth of the sector's comparables and to achieve operating margin of 5% by 2027.

Let's look at Bouygues Telecom, its operational review. This is Page 20. You can see that the sales performance is strong in the fixed line business. Growth continued in fiber, you have 244,000 new customers in the first half including 95,000 in Q2. FTTH customers now reached 404 million customers, 84% of the total fixed line base compared with 77% a year ago. The fixed line customer base now stands at EUR 5.3 million, up 105,000 customers over the half year, including 36,000 over to two, the good momentum achieved at the end of 2024 on BIG and B&YOU Pure Fiber.

This offer continues with the improvement in customer satisfaction and good satisfactory level of churn fixed ABP was stable year-on-year at EUR 33, and this is because the market has become more competitive and the numbers remain stable.

Page 21, Bouygues Telecom's performance was good in the mobile segment in a competitive market. At end of June, it had 18.4 million mobile package customers, including machine to machine. So that's an increase of -- again, an increase of 105,000 customers over the half year, including 43,000 in Q2. This is more than the first half of 2024, where we got 76,000 new -- 76,000 new mobile customers. This is because of the positive effects of the BIG offer. Its favorable impact of convergence, fixed mobile in a satisfactory level of churn. ABPU, mobile ABPU, including lab [ poster ] become stood at EUR 17.3 per customer per month. Again, in the market where competition has been tough, especially driven by SFR since the end of February.

If you look at Page 22, sales billed to customers in first half '25 are up 5% year-on-year. Including La Poste Telecom sales would be stable year-on-year. Total sales were up 3% over the period, including other sales, and that's handsets, accessory and works, and that's slightly down slightly to down 2% year-on-year. EBITDA after leases reached EUR 956 million, it's stable year-on-year, if you leave up post Telecom, the stable EBITDA after leases reflect several factors.

Growth in sales built to customers, continued efforts to to control costs, high energy cost. You may remember that Bouygues Telecom no longer have these energy price hedges, and that the increase in energy cost will be about EUR 80 million by 2025. And then the IFER tax on mobile networks has increased operating income then from ordinary activities was down to EUR 306 million, and that's because of higher depreciation and amortization charge in line with the CapEx -- with telecom's CapEx trajectory and growth operating investments, including frequencies excluding frequencies were in line with the target, EUR 706 million. The outlook now we have adjusted our outlook for build customers in 2025.

First, sales built -- not including Bouygues Telecom, bills to customers which should be close to 2024. It will be slightly higher, slightly lower, depending on the duration and the intensity of the competitive pressure that we are witnessing now, Bouygues Telecom previously targeted a slight increase in sales build to customer compared to 2024. On a like-for-like basis, excluding coding like La Poste, and now we add La Poste Telecom's contribution telecom confirms its target for 2024. EBITDA after the leases should be close to '24 La Poste contribution to EBITDA after leases will be limited in 2025, the full effect should be expected from 2028 onwards. And so for 2025, we're looking at EUR 1.5 billion in gross operating excluding frequencies and that's mostly to prepare for the migration of La Poste Telecom's mobile...

The results were published on Tuesday morning were very solid audience figures, the share of women under 50 years of age where decision makers at 33.7%. The 3.7% in the case of [indiscernible] in the First half year sales were stable at EUR 1.1 billion. Media figure was down 1%, which includes advertising figures and down 2%. The nonlinear market was impacted by the macroeconomic uncertainties in digital, [ TFR ] has continued to post good performance with advertising sales up 41% over the year.

This confirmed just how attractive this is for advertisers. [ Studio ] with Neon, it was up 6% for the year. That includes EUR 11 million for GPG whose business is obviously focused on the end of the year. TF1's COPA was stable, broadly speaking, on the EUR 31. Cost of program was EUR 451 million, down slightly over the previous 12 months, which is a reflection of the premium programming maintained in the first half year and the -- of course, the Euro football competition in 2024. Marginal activities was 11.9%, up slightly year-on-year.

Moving on to Page 26. The outlook for TF1 in 2025. After the first part of the year marked by a more challenging advertising market, but more challenging than expected. There's still limited visibility. TF1 maintains or confirms its 2025 guidance of strong double-digit revenue growth in digital margins broadly stable compared to 2024. And a growing dividend policy in the coming years.

I'm now going to give the floor to Pascal Grange, who will give you a more detailed presentation of the financial statements.

Thank you, Olivier, and good morning, everybody. Just a few additional explanations on the financial statements as of June 30. Concerning the income statement, this is Page 30. I'm not going to dwell on sales and COPA, which have already been explained at some depth by Olivier. First of all, in the first half year 2025, we posted EUR 53 million in PPA amortization, mainly EUR 25 million due to Equans or later Equans, book at Bouygues SA and EUR 18 million at Bouygues Telecom.

Secondly, nonrecurring items. These are not representative of the business that they amounted to minus EUR 55 million in the first half. This amount is largely due to Equans and is booked partly at Equans and party at Bouygues SA. Overall, this represents the first half year a total of EUR 47 million. Third thing I'd like to mention is that interest expense includes lease obligations, other income and expenses, a total of minus EUR 109 million, which is very close to the figure in the first half of 2024, which was minus EUR 185 million.

Fourthly, concerning the bottom half of the statement, income tax was EUR 210 million higher than last year. This was because we had better operating performance in the various businesses. This amount does not include the surtax on profits for large companies in France, which amounted to EUR 58 million over the first half year.

Finally, the share of profits of joint ventures and associates was minus EUR 4 million. That's an expense. It was plus EUR 6 million last year. This was because of the end of the positive contribution of co-promotion in a tertiary at Big Immobilier. As a result and taking into account the impact of the EUR 47 million surtax on profits the net income group share was plus EUR 173 million, down EUR 13 million over the previous period last year, but this contribution was nonetheless up EUR 34 million if we factor out the surtax, the one-off surtax.

Page 29. Net debt at June 29 was of EUR 8.5 million by comparison with EUR 8.7 million at the same time last year. It's a variation of roughly EUR 2.5 billion, mainly due to the usual seasonality of the group's activity. This variation is comparable to the one we observed between the end of 2024 by comparison with the year-end '24 was mainly due to the following items.

Net acquisitions, net of disposals, EUR 120 million, mainly acquisitions by Colas and investments by Bouygues Telecom and joint ventures. This was also due to the change in shareholders' equity for EUR 132 million, which mainly includes the first half year, the raising of the exercising of stock options. Dividend payout was EUR 861 million. That's less EUR 75 million paid to [ weages ], the remainder being paid almost entirely to minority shareholders in [ ETF ] and Bouygues Telecom.

Operations and Other, which amounted to an expense of EUR 1.6 billion is something I propose to look at in detail now just a couple of seconds on the next page, Page 30.

Begin with net cash flow. This includes the lease obligations. Net cash flow was EUR 1.725 million, up EUR 90 million in the first half of 2024. [ Noticing ] frequencies, operations at another EUR 1.6 billion. This is higher than last year at the same period. Free cash flow before working capital requirements was EUR 439 million, up sharply on the first half of 2024, when it was EUR 205 million, change in working capital requirements and others was a customer now impacted by seasonal effects, impacted by seasonal effects.

Variation at the end of the first half, which was an expense of a little over EUR 2 billion, slightly higher than during the corresponding period, 2024, when it was an expense of EUR 1.7 billion. [indiscernible] 1/3 of that variance comparison to 2024 was due to currency translation and the cash financial debt and financial instruments category.

Let's now look at the group's financial structure, Page 31. And we'll have seen that net debt has improved somewhat by comparison with the same period in 2024. The improvement is much sharper if we make analysis for the net acquisitions made during the period. By comparison with year-end 2024, the variation reflects the seasonality of our activities, gearing amounted to 62% at the end of June, which was up 3 percentage points over a 12-month period.

Finally, the rating agencies have given the group good ratings, Southern [ Pause ] you say, an A- negative outlook at Moody's, our ratings A3 with a stable outlook. The group's liquidity is amounts to a total of EUR 13.4 billion. a very high level indeed. This amount is comprised of EUR 2.2 billion in cash and EUR 11.2 billion in undrawn medium- to long-term facilities that have not been drawn down, of course. If you look at the bottom right, the bar chart shows the maturity schedule, which is debt maturity schedule that is, which is well spread over time. That is at the end of my presentation with the statements. Thank you for your attention. And Olivier, I can give you back the floor now.

Thank you, Pascal. I propose to turn the page, so to speak, and say a few words about the outlook for 2025. Moving on to Page 36 directly. Am I on Page 36? In a very uncertain global environment. The group 6 business segments will continue to prove their ability to keep pace with -- to adapt to developments in their respective markets. They will pursue their efforts to improve profitability.

As a result, the [ week ] Group is targeting for 2025, a slight increase in sales of current operating profit from activities by comparison with [ 2020 ] security funding law for 2025, this is the has an impact on net profit attributable to the group. And the effects are estimated to date at around EUR 100 million. So this additional corporate income tax is a one-off and should only have a bearing on 2025.

Sorry, I will went too fast. I overlooked something very important. Speaking of turning the page, Usually, after Pascal, I move on directly to the outlook. Not so this morning, I will look something very important. I apologize to Pascal. Let me come back to Page 33 to tell you that this change in the group's governance. Before talking about the outlook, the 2 two I want to say.

First of all, the Board of Directors has been informed by [ Martin ] Bouygues that Pascal Grange, who has just spoken to you, Pascal Grange, who is our Deputy CEO, and announced his intention to handle over his executive office to the Board of Directors at the end of 2025 with the view to his upcoming retirement. The upshot of that is that the Board of Directors has also been informed of the appointment of [ Stefan Storl ] as Senior Vice President and Chief Financial Officer of the group with effect from August 1.

I should add that [ Stephane ] has been with the group and have been a very extensive career with the group in there with us, 30 years in operations and functions. He will join the Group Management Committee. And initially will report to Pascal Grange. So he will be appointed to his new job as of tomorrow morning. Pascal, I think you will hear again.

Yes, that is confirmed. He will still be in position in February next apologies. I went directly without thinking to the outlook very [ Pablo Venafi ], I apologies. Speaking of [ Pablo Vin ] reflexes, I will talk about the calendar. So we will have the results for the first 9 months of the year, which we'll be giving you on the fifth of November. It's a Wednesday. After that, we will be at our disposal with all the heads of business segments here to take any questions you would care to put to us this morning, concerning our businesses. Maybe I should add that Etienne Jacolin will be speaking on behalf of Equans because [ Jerome ] is not here this morning with the with the C suite. So let's begin, Q&A, please.

[Operator Instructions] Next question is from Mathieu Robilliard from Barclays.

The line is now open. Please go ahead, sir. Good morning, Rob. Thank you for your presentation. First of all, I have a question on Equans. You said you were expecting a slowdown in data centers and giga factories certainly the start-up of these for a quarter or 2 now, we've noticed that there are geopolitical changes and the desire on the part of Europe to regain a certain solvency in this area. Is there a reason to believe that there will be new dynamics in the data center market. I was wondering if the fragility or weaknesses that you've identified at Equans were specific to France because of macroeconomic uncertainties? Or is this something more general or more widespread in Europe? Second question is -- are you exposed to this sector outside of France? My second question was on telecoms.

Obviously, I'd like to ask you if you wish to comment the rumors in the press. According to which there are talks between the French telecom players with a view to concentrating the market. I'm just curious to know if you would confirm this or not? But in telecom trends, Terry, there is not much growth in the fixed lines. In mobile, if we include La Poste, on a pro forma basis, the market is probably slightly down. Is this because of lower offers? Have you stopped raising prices? Could you give us some insight into what's happening the broad trends?

Okay. Let me answer about data centers but also giga factories because in both cases, there's been a change of technology. In Giga factory design, or initial design for batteries type batteries have changed and the design that we have been using up to now has been stopped. What's happening is that we are redesigning these Giga factories differently. The second phenomenon is that there's been the growth in EV sales is not as high as anticipated. So let's say the transition to electric vehicles is slower than expected. That said, yes, there has been a slowdown because, a, the change of technology; and b, because of the market which is growing more slowly than expected.

We've also closed down [ Novo ] in recent months. As regards data centers, the 2 phenomena. The first of these is a broadly speaking, data center technology is evolving. Before I hand the technology was called air cooling, the microprocessors were cooled by air, if you prefer. Then we have much more powerful microprocessors for IA, which required liquid cooling. So with the change in design from air cooling to liquid cooling, which is the first thing.

And this was accentuated by the fact that we have AI models that work with -- so it is some doubt about the fact that we should be doing air cooling or liquid cooling or a combination of the 2. In all events, data centers, I think, there's kind of wait and see for them. The second thing I'd say is the data centers are mostly designed for American upper scalers. There's been a relocation of data centers in the U.S. Up to now, we did not have data centers in the U.S. This is a market we have ventured into recently. We've taken an order for a data center.

So data centers are an area where we have full control of the technology, be it in air cooling or water cooling. We fully understand the industrial aspects. This is a market we expect to develop substantially because the rise the power of Artificial Intelligence is very -- will be very significant. We have know-how in this area, including in the construction of large data centers, which tends to be the way we are heading. So it's not something we're worried about.

There's a bit of a kind of a wait-and-see phenomenon. Let's be cautious. That's for telecoms or 2 parts to your question.

The first question, well, [ Benoit ] is getting ready to answer the second part of the question. First of all, it would appear that there's a possibility of the French market consolidating because after restructuring of debt, it could well be that SFO could come out to the market. So there could well be an operator for sale. If so, will we be capable of consolidating the market? We feel that the European rule -- hard and fast rule for operators is changing, particularly since the Drake report of last year. So concentration may be possible. Consolidation may be possible, provided SFO is a [ bid ] up in such a way that the French market remains competitive. Now we need some in-depth talks with operators to see how we could divide up to keep the market competitive. We have to put a price on each of the parts and submit a price that will be acceptable to [ dry ], I should say. Up to now, any discussions have been very, very embryonic.

As for the market dynamics, I think, yes, Yes, concerning the ABPU in fixed and mobile. There are 2 phenomenon. The first of these is because of the strategy that we implemented late last year with a big offering. This is a strategy that's really aimed at anchoring customer loyalty and [ met ] conversions. This means that we have what we call cumulative offers if they take out more subscriptions with us, which, of course, this has an impact on ABPU. But it reduces churn, both in fixed and in mobile, the second part of this strategy aimed at convergence and [ agri ] loyalties.

And since early this year, we've had fewer adjustments than in the past. So -- the dynamics in ABPU are not as strong, but we have improved the churn that we observed throughout the first half year. They are the two consequences of the big strategy we implemented late last year. Secondly, in the mobile market, in particular, as Olivier mentioned, the market has become more fastly competitive since February or March of this year because of price drops to entry level or new prices and particularly with the SFO, which has an impact on the entry level of the market, the web and has an impact on the overall ABPU in mobile phones. Already big offering are of a different nature altogether. Thank you, Benoit.

Next question is from [ Veny decent ] [ Udo ].

You have the floor. Good morning, everyone, and thank you about Equens. Can you give us an updated list of countries where you have a 4% margin where you could have proximity agreements and when can we expect more acquisitions at Equans? And another question about Equans and then my colleagues can ask about Bouygues Telecom. On the U.K. subsidiaries, I get the feeling that when you look at the data available on the Internet, the U.K. is the one where you have the lowest profit margin. Can you give us more color or granularity on Equans' profit margin in the U.K. and the outlook, when will the U.K. be in a position to engage in acquisitions and reach the 4% profit margin?

As [ Eitan ] thinks about the second half of the question, let me just remind you that we were able to generate 4.2% at the end of the year I mean this averages out. And so it means that some countries have already reached 4%. Now right now, we are entering the stage where we can start the M&A growth [indiscernible]. Do we need to have M&A in a number of countries, acquisitions. It's because in the service industry as we get more a higher presence in the country to get a better market share.

And therefore, we can increase profit margin. That's why we want to have acquisitions. The countries that have -- that are above 4%, number of them. We considered some acquisitions, but we didn't complete anything. I mean we keep looking. But I mean, of course, until such time as the deal is signed, we can't tell you about that, but we are now entering a stage where we could have Equans engage in acquisitions in a number of countries. And we've basically reached a 4% mark in most countries, and that's the main goal. Etienne?

Right. As you know, Equans is a major player in the U.K. You also know that the decision was made to gradually cut down some businesses, but the construction business what we call new build. That process is still underway. And so this will come to an end close shortly. We are not ruling out acquisitions in the U.K. It's not our priority now. And of course, we're developing other markets, I mean, datacenter, even though there's been a temporary slowdown or solar plants where we are gaining ground as well.

Next question comes from Eric Ravary from CIC.

Good morning, everyone, and I have 3 questions. Number one on Bouygues Telecom. Reading in the news, we find that your joint venture with the SFR well, you could have a couple of mobile sites being acquired. Can you give us figures on the number of sites? And will the cash be well, 50% of that cash go back to the parent company.

Second question about Colas. We have a less favorable condition in France, on the Road business as the elections are coming up. Can you comment on lower business in H2? And then Equans and data centers and gigafactories, can you tell us just how much that weighs in Icon's sales in 2024.

We'll start with Pierre then.

About H2 in France, the -- I mean, sales are stable. The order book is looking good. And of course, we are looking ahead to next year after the elections because election years indeed tend to be a bit slow, but this is a very traditional cycle, nothing new.

Thank you, Pierre. What about Benoit on the sites?

Yes, with SFR, we started disposing of some of the passive activities as part of [indiscernible] and that's what we've been doing for a number of years come we have -- we're talking about [ patents ], not active equipment. So we disposed of a number of pilots over the years. But then part of the towers were joint property between us and SFR, about 37 sites in the [ Croson ] area.

And so we're finalizing this. I mean the disposal of these [ piles ] 2,700 pilots. Regarding the financial impact, this is being finalized, but -- of course, this will mean lower debt, about EUR 350 million cut in Bouygues Telecom's debt by year's end if the operation is completed by year's end.

About the data center. Yes, about the data center, they account for about 5% of Equans business. As we said earlier on, we've never conducted so many studies on new projects. Of course, there's a temporary slowdown, but we have a European team to step up growth in that business, and we are now entering the market in North America to start on new territories.

Thank you, Etienne. What about the giga factories they ask? No more questions on the French channel. Would you move to the questions in English?

Hi, everyone. If you just a quick one related again to SFR rumors. I mean, most press reports to just that a breakup is the most probable outcome. And I was wondering, in your view on all of this being hypothetical, how can that be done in a way that all parties are satisfied.

So about the dividing up of SFR. Well, SFR, as we speak, is finalizing its own debt restructuring. And so this is a prerequisite for any disposal. What we think right now is that the European Doctrine has changed. And so a possible consolidation of the market moving from 4 players to 3 players is now seems to be possible, at least that's what it looks like. The work being done in Brussels or Paris.

I mean the examination of this issue in Brussels or Paris won't change much. So we might be able to move from 4 to 3 players. But for that to happen, a number of conditions must be met. Number one, we have to be able to divide out things in such a way as -- well, provided that all players are prepared to engage in this. So you need to divide out customers in line with the competition rules.

You need to find to put an attack price on the various parts. At the end of the day, you need to have a price that is acceptable to the seller. So if you put all these things together, it means that it means you need to have in-depth talks and that hasn't taken place yet. And so it's early days now to talk about consolidation.

But on paper, at least some of the conditions seem to have been met for that to happen. Should the operation take place after a firm offer, you probably need about like 18 months for the Competition Authority to study the case. And then for this to reflect in the accounts of the players that we've take another 24 to 36 months to make any difference. So this is a long-term thing, and we're talking about 4.5 to 5 years.

Next question comes from Akhil Dattani from JPMorgan.

I've got a few questions as well, please. Can I start with Equans. So on quant, you've talked about mix effects and opportunities from gigafactories and data centers. I just wondered what this means for margins. Obviously, this year, you have nudged up your margin target. Speed today has done the same. So all your peers are similarly seeing margins go up. But I just wondered if we think longer term, how should we think about mix effects impacting your margin outlook? That's the first question.

Then I've got a couple of questions on telecoms. The first one is on the tower transaction, which we had headlines on yesterday. I guess I'd love to understand a bit better how we understand that transaction. And I guess the things I'm trying to understand is, firstly, I understand you proportionally consolidate that tower entity today, so I understand what the numbers for the asset are so we can understand as and when you deconsolidate what that means for you financially.

But second to that, if we try and apply typical tower financials to that transaction, the implied multiple of the asset would seem to be about 12 to 13x EBITDA, which seems very low compared to peer group transactions. So I'd love to understand if that's accurate, if I'm calculating it incorrectly or if it is a low multiple, why that might be?

And then the final one was just on competition. You talked about competitive issues across both fixed and mobile. I was just trying to reconcile those comments versus what Orange has said on their ratings call. So Orange suggested that things have got a bit better in July. I just wondered if you'd agree with that opinion or whether you think that it's just as competitive as it was in Q2?

Regarding profit margins at Equans. Our target is to have COPA of 5% by 2027. We've just announced that now COPA for 2025 will be better than expected because when we had our Capital Markets Day in February 2023, we announced for 2025 COPA margin close to 4 and in our minds, we meant at best 4%. Now we're looking at 4.2%. So we are -- we have some improvement there. It turns out that compared to what we had on gigafactories and data centers, data centers now, well, they are now being built in the U.S. We were not interested in that initially because this was a convenience market, and we are -- we couldn't get good margins there.

But when we find that there's a boom of data centers in the U.S., that creates some pressure in the market. That means that we can have better market power for builders. And then we can come up with offers and be in line with our margins policy. And so this is why we took our first order there, and we hope we can go on with this in the U.S. The momentum in Europe has slowed down, but the trend is positive. The overall trend is positive. So what we have ahead of us is a positive outlook for Equans profit margins.

And we can confirm that what we were expecting through the Perform plan even for 2025, we'll be able to do even better than expected. So we're not concerned our profit margin is definitely on the way up, in line with our expectations. Now regarding towers and the multiples, the EBITDA multiples. Yes, on the disposal of our stake in InfraCo, we are consolidating in proportion, but that has little cash and little debt. So the final impact on the Bouygues Telecom's debt will be at best EUR 300 million or EUR 350 million and we are looking at the closing by year's end.

There are some administrative processes that must be completed by the last 2, the multiples you're referring to 12 to 13, we're above that. We're above that. I won't give you exact figures, but we're above that, and we are in line with market multiples for this type of operations.

On the competition on the telecoms, well, on the mobile strong competition, lower prices from SFR on the mobile part, yes. Since the beginning of July, we've seen some improvement there. and we were involved in that to get the markets going -- well, back up. These are very early days. We'll have to see what happens in the weeks and months to come to see if we come back to more reasonable figures.

But right now, I'd say, it's a bit early days. And on the fixed line business, we have a new market segment with the NPS segment that is customers that engage in platforms and do not need fixed line. The only want the internet and good WiFi. Now these offers are cheaper that, of course, bring competition in the fixed line business, but that's we're doing.

Next question comes from [ Molly Whitcomb ] from Goldman Sachs.

I have a couple of questions, please. Firstly, just to come back on the potential sale of InfraCo, the towers. I just wanted to check, do you still own the active infrastructure on those towers Secondly, in terms of construction. We've obviously seen a good increase in revenues by 5%. But in terms of margin, the increase is a little bit more modest. Maybe you could give us a little bit more color on margins at construction and if you think that this top line trend is sustainable? And then thirdly, just at telecoms on the closure of the copper and you've stopped advertising now, I believe, any ADSL products. So presumably, we can expect any uplift from the transition to fiber to over the next couple of years. Are you seeing any impact there on ARPUs. Maybe a little bit of color on that would be great.

Could you just come back on the first question when you were talking about the construction effect. I'm not sure I get what you were talking about. And Benoit will be ready to answer to the second one about the evolution with the FTTH. But for the first one, I didn't get, didn't catch what you mean. It was about construction. And you say you try to find a link between the growth of the revenue and the impact on the margin. This is what I what do you say?

Yes. I was just wondering what the correlation is between the 2. If it's lower margin growth on top line? Or if there's any way to think about how we can think about bottom line trends going forward given the uptick on top line?

What was a candidate? [indiscernible]

On construction sales are rising, and they're rising mainly because of the higher sales at preconstruction. Now the percentage margin of reconstruction is rising at recosnteuction, too. it's gradually coming back at [indiscernible] and elsewhere, it's as a percentage margin, it's fairly stable. So we still no reason why the percentage margin should deteriorate between '24 and '26. It's actually going to improve. Our normative margin rates usually in a bracket depending on the type of projects we imagine.

If we look at this business by business, in real estate and for reasons I already explained, Real estate is going through a very particular period, demand is very weak, because we're missing one of the main players that this is individual investors in France who usually energized this market usually because of tax incentives that are not in existence at the moment.

As a result, the market is proving difficult. Elsewhere, bookings and order intake are doing well. So margins are well below normalized levels, but [indiscernible] Immobilier is adapting its structure to align it with the current level of business. So the margin in real estate should improve. At Bouygues Construction, I'm sure you know that this usually involves a lot of large projects and the normalized margin move between 3% and 3.5% that's annualized.

That's our target for this year. There's no particular difficulty this year on the contrary. The first half year was rather good at Colas. The first half year is never representative of the full year. But over the full year, we expect that in the medium term, our margin will be in the region of 4%. We're not there yet, but a little by little, we're getting there. So in construction, we are quite happy about our results.

Now if I fully understand the question. The question is we are saying just the liabilities -- now we're just disposing of the liabilities. We will keep the electronics. That's our strategy for infrastructure, the liabilities can be disposed of. We're doing that the remaining 3,700 sites. And the -- as for the asset side, we are retaining the assets. Now as for the evolution of ARPU in fixed lines with the transition to fiber. First of all, this transition has been very good, very strong, but we've reached what we call the [ Azento ]. Broadly speaking, in terms of ARPU dynamics, everything that transitioned towards fiber is peaking.

We've reached a peak of sorts, a plateau. The 2 segments in fiber. First of all, the traditional offering -- and then there's the 1P offering, which is just Internet to high-performance Internet or high throughput internet. So a mix combination of these 2, 1P has a lower ABPU and prices are lower costs are lower as well, but a way but -- and then you have the 3P dynamics. So you need to look at the 2 -- the combination of mix of the 2. If you are to understand how our ABPU will evolve as we transition towards fiber.

Next question comes from Rohit Modi from Citi.

I have a couple, mainly on telecoms. Firstly, if you can give a bit more color on the subscriber net adds on the mobile side. And this is on the backdrop of -- there was the article a couple of days back, which says that La Poste under 200,000 subscribers since your acquisition if I see your current net adds around 68,000 in the first half.

So just in the sense of how much net adds you are seeing on your legacy brands and how much net you are seeing on La Poste. If you can give a bit of a break up there.

Second question, sorry, on consolidation and a bit of a change in terms of your comments on consolidation or view around consolidation on the regulatory setup, just trying to understand if you had any kind of indication or discuss early discussions with the regulator already, that gives you confidence that now there is no possibility of this consolidation going through. thirdly, again, a hypothetical question on consolidation. But in the event of consolidation, I wanted to understand, do we have capacity to take on more tower leases as that's one of the main contention I think, with [indiscernible]

Are the net adds in mobile. We have 105,000 net adds. We had 105,000. The two figures are the same. That's easy to know. 105,000 in fix, 105,000 in mobile. We're lucky what we -- of these net adds, first of all, we're very happy with the performance of the big packs. This is a family-type convergence, good growth in big and this comes from sales at a good level higher than the previous years, but also the lesser churn.

So this gives us a good net growth in premium. As for digital banks, very firstly competitive market since March. So there's been tension on ABPU but also on the net growth of this market. Let me come back to big for a second. Do bear in mind that our good overall performance comes from sales on the one hand, of course, but also the reduced churn on the issue of consolidation. The question was quite specifically we already had talks with the regulator.

Well, in what we imagine could be the case, we're more glad to analyze what happened in the U.K. I know this is all happening in the EU, but we're trying to analyze how the number of operators was reduced from 5 to 4 in Spain, so what we're doing is analyzing how things have gone elsewhere, how the radio has been involved rather than talk to the radio because the regulator will only give you an opinion on a specific concrete projects. The regulator will never say consolidation is impossible, not according to [indiscernible] anywhere. But you can only go and talk to a regulator if you have a very concrete project.

And in that case, the regulator can say yes or no. So to go to talk with them in general, wouldn't actually do us any good. We would need something concrete on the table if we were to talk with the regulator. And the simple factors that were not there yet, not there anyway. We need to talk with our competitors before going to see the regulator. If we were consolidating from 4 to 4, then there will be no issue here.

If we went it's only insofar as we want to change the number of telecom operators that we would have a very specific or need a very specific project before talking to the regulator. And the regulator's opinion is only an opinion, by the way. The regulator is not the head of antitrust issues we need to convince the whole college of members of the antitrust authority.

There are no more questions in English at this time, but we have more questions from the French call. [Operator Instructions]

I have 2 or 3 additional questions. Maybe if I could begin with construction. Order intake has slowed a bit recently since the start of the year. We haven't had many large projects. Have you any insight into revenue for the second half of the year after a good first half year, are we heading towards something less sustained?

Secondly, Colas, you've talked about France and the outlook with the forthcoming elections. What about North America which has really suffered in the first half of the year. Is the order intake still on a good trend? Or is the market sluggish. Again, on Colas, Colas Rail is performing well, but is that good enough in terms of margin to reach the growth where we're anticipating?

And just one final question on cash flow. I know you don't give us any outlook on working capital requirements. But we've seen in the first half year that working capital requirements are tending to become more normalized after 2 exceptional years -- would you agree that to payment cycles are coming back to normal?

Okay. On construction, I'm going to ask Pascal to come and answer that. But let me say before he speaks to that quick reminder. I said that overall, building in France, the order intake was up 5% over 12 months. In the particular being that we've had a large number of projects below EUR 100 million. This is exactly how we supply our shorter term as opposed to these large projects. that tend to span periods of 7, 8 years. So things are going well.

Pascal. If I just add to that, in the, let's say, what we call the projects below EUR 100 million. We're at the same level as last year. Just to reassure you regarding the order take as for the activity, the sales is actually up 5%, but over the full year, will be up after the various changes in scope of consolidation, ForEx. But broadly speaking, we expect to be on the same trend later in the year.

On North America, the first half year was -- we were impacted by weather. Cool weather, a lot of rain to be practical to be more specific, which prevented us laying asphalt. And our competitors are in the same boat, by the way. So everybody's had a sluggish first half year, which does not say anything about the second half of the year, the backlog is good.

And in the United States, in particular, our backlog has improved considerably since last year. So the outlook in the U.S. is rather good. And the second question was Colas Rail. Colas Rail has been boosted by rail includes Tramway, Metro of which there are so many all over the world. we've, of course, benefited from our experience in high-speed train, the TGV as we call it in France, we -- recently, we have built one in Morocco. So that's a market that's booming. Colas Rail has plans to significantly improve its margin, which is being approved year-on-year, but that's not the only way Colas' margins have been approved.

Has been efforts made in every sector of the business. Likewise, we like Equans sort performed plan. So the result and margin are increasing by 2% every year. Before Pascal answers on working capital requirements, just before I want to say something very briefly about the U.S., do bear in mind that Colas is mainly in rural areas from this point of view, the Trump administration. This is not an opinion on the top the Trump administration is in favor of roads being built in rural areas rather than large infrastructure projects.

So if anything, that's good news for Colas in the U.S. because Colas is in more rural areas. So on the whole, our outlook is good because we are in areas in which the administration wants to invest. Pascal?

Just to add to what's been said about construction. And to LA, any doubts you seem to have regarding the next few months, you have seen -- well, we've given you visibility about what we have in the backlog over the next 18 months. This is at Colas and Bouygues Construction. And in both cases, Colas and Bouygues constructions. We have more in the backlog than we had a year ago. So clearly, this is a growth trend. As for the order intake at reconstruction, there's a lot of contracts under EUR 100 million are the bigger ones.

No concerns about the larger projects on the country. We have very significant projects that would come and feed into the order book, but maybe in a different way. maybe a little differently to last year, which was marked by a very -- one particularly large project in Australia in terms to Darlington. That's as regards construction.

Moving on to cash flow. As you said, we do not give you any guidance on cash flow at year-end because that depends largely on our working capital requirements. What I can say about [ WCO ] is that we're doing well. Over the last 2 years, we have improved the group's working capital requirement by EUR 1 billion annually. It's not that we're spontaneously generating cash. It's just that we are still making efforts in our various businesses. efforts that have achieved results.

And despite a very high level, that's objectively very high level. At Equans quarter after quarter, we keep improving working capital requirements. So we feel that we have still -- we can still improve, but the situation is not linear from 1 quarter to another. So I can't say where we'll be at the end of the year, but let me reassure you that everybody in our different businesses, in our different business segments and in particularly in construction, call out in [indiscernible] reconstruction Equans, they are all working hard on working capital as was already the case with Bouygues Telecom and Chef.

Could I ask a final question on Equans. I see that sales are slowing for the various reasons you mentioned earlier in the call -- your target for this year or next year was to align with the organic growth of 2%, 3%, that's the industry average. Are we on track for that? Or what about -- what about the margin?

On this particular point, 2 events, I want to mention. First of all, there's the currency translation effect in the areas we have business in. In North America, the ForEx effect is negative. Equans, it's $1 billion of business, but the negative ForEx impact. And we also have a negative ForEx impact in the U.K. and Australia. U.K. is a significant one because it's our biggest country in Europe after France, of course. So there are all issues.

And of course, at the moment, there's a certain wait-and-see policy about large projects. Leaving those 2 factors aside, we have no real concerns about the intake in the future. And about the sales revenue that will be derived from that. As for being selective about what we choose to do, you see that we tend to achieve our corporate targets earlier than expected. So we're confident trends underpinning Equan's business are good there and they will be there sustainably. [indiscernible] Did you want to add a point?

Just one thing. During the Capital Markets Day, we also told you that we'd be closing down certain dilutive businesses in order to improve our margin. When you take that type of decision, it takes a certain amount of time before revenue actually slows to we're still experiencing negative effects as a result of the decision to close certain businesses, which will only be finally closed in 2027.

We talked about the new builds in the U.K. This represented several hundreds of million pounds. We decided to discontinue this because the level of margin levels were not in line with what we expected of Equans.

And no more questions, and so I'll give the floor back to Olivier Roussat, who will conclude this presentation.

Well, thank you so very much for attending this presentation, we'll meet again on November 5. Goodbye.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]