Bouygues

online presentation of the WIG Group's interim first half results for 2025. Now this call will be recorded and I can assure you, I'd like to ask you to ensure that your mics are turned off. At the end of the presentation you will have the opportunity to ask questions. To do so you press star 5 on your phone or If you prefer, you can press star zero to be directly in contact with a telephone operator. I'm going to comment this morning's results with Pascal Granger, 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, 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 COPPA is up quite sharply over the year. This was driven mostly by equines and the construction businesses. That's not including the one-off contribution to tax on profits in France. The net income group share was up 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, €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 €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 of 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 equines also have an impact of course. The group sales figure for the first half reached 26.9 billion up 1.3% over the same date last year and on a like-for-like basis that was at 0.7% increase. Copa for the first half rose €49 million over one year and amounted to €796 million. Net income group share amounted to €173 million. 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 47 million euro. This additional tax, or surtax, if we were on a comparable basis, would see our net income group share improve by 34 million euro to 220 million. The effective tax rate for the group was 54% in the first half of 2025. The surtax, the additional tax, significantly deforms the effective rate of tax in 2025, even 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 €8.5 billion at the end of June 2025. compared with net debt of 8.7 billion at June 30, 2024. This is 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 grab for a few seconds of what we are doing in this area, in particular on a mock-up that we presented at VivaTech showing 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.

Built on an intermediate approach, Living Avenues addresses the challenges of mutation in urban space in terms of attenuation and adaptation to climate change. All the solutions presented in this model reflect the city around four main axes. energy, water, biodiversity and living together. This transformation implies refocusing on natural resources and reviewing the relationship to the soil between citizens to rebuild the city on the city. On energy, the neighborhood has been thought of as an autonomous system, guaranteeing its production, its storage and its sharing. For example, Equance offers a geothermal solution capable of storing energy underground and which, thanks to heat pumps, allows to produce, according to the needs, the summer air conditioning and the winter heat. Bouygues Construction can also propose the installation of photovoltaic facades on buildings to meet the needs of the inhabitants, while restoring the existing one. To re-naturalize the city and promote biodiversity, good water management is essential. Colas has designed a permeable coating on the ground that recovers rainwater and stocks thanks to underground reservoirs. This is a way to reconsider the link to the ground and to feed it with water for better preservation of plant spaces. The goal is to integrate urban space into a living and sustainable ecosystem. Bouygues Immobilier adopts in some of its projects a better water management thanks to an aquapod module capable of treating gray waters and guaranteeing reuse within the same building. Restoring the water cycle at the heart of buildings and restoring biodiversity are major issues of the Living Have News approach. More than 120 internal and external solutions have been gathered at the scale of a neighborhood in this approach.

There you are.