Bouygues

Hello, and welcome to the Group Week 9 Month 2025 Results Call. For the first part of the conference call, you will be in listen-only mode. During the questions and answers session, you are able to ask questions by dialing pound key 5 on your telephone keypad. Now I will hand the conference over to Frederick DeLavo, Head of Investor Relations. Please go ahead.

Good morning, everyone, and thank you for joining us for the presentation of BRICS 9 Months 2025 Results. This presentation will be led by Pascal Granger, Deputy CEO of the BRICS Group, Stéphane Stoll, who, as you know, was appointed CFO of the BRICS Group beginning of August, and Christian Lecoq, CFO of BRIC Telecom. Following their presentation, they will be answering your questions. Pascal, I let you start this call.

Thank you, Frédérique, 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 microeconomic and geopolitical environment remains very uncertain, notably in France. That being said, I want to highlight that the Group expects for 2020 a slight increase in sales year-on-year, excluding exchange rate effects, and a slight increase in COPPA year-on-year. These expectations are reflected in the Group's 9-month 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. Two-three group sales were stable year-on-year, given forex, which had an impact of around minus 50 million euros over the quarter. Second, COPPA increase year-on-year was notable in the first nine months 2025. The increase was driven by the construction businesses and equants. So, excluding the exceptional income tax of charge for large companies in France of 60 million euros, the net result attributable to the group was up year-on-year. I 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 100 million euros for the full year 2025. This is still our evaluation to date. on 80 million euros already been recorded in the first nine months 2025. Fourth, the group benefits from a particularly robust financial structure. At end September 2025, our net debt increased versus end September 2024. And in September, 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 stood at 41.9 billion euros, up 0.9% year on year. This increase was notably driven by BRIC construction, COLAS and BRIC Telecom, with the contribution of La Poste Telecom. In the first 9 years of 2025, the Group Copa increased by 95 million euros year-on-year and reached 1,814 million euros. This increase was led by the construction businesses of Equance, TF1 and Bouygues Telecom and Copa being down year-on-year. The net profit attributable to the group was 675 million euros. This amount is not comparable to that of the nine months 2024, as it includes the exceptional income tax surcharge for large companies in France, minus 60 million euros. Excluding this surcharge, on a comparable basis, the net profit attributable to the group would have been up 48 million euros year on year at 735 million euros. Last, net debt was 7.6 billion euros, an improvement of 856 million euros 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 WIFI Telecom's acquisition of La Poste Telecom for almost 1 billion euros. This is a theoretical vision, of course, but without these acquisitions, our net debt would have been improved by 1.9 billion euros year on year. Let's now turn to the review of operations on slide 8. Let's begin the backlog in the construction businesses. You can see that at the end of September 2025, the backlog was at a very high level of 32.1 billion euros, providing good visibility on infrastructure activity. Looking into details on slide 9, let's start with COLA's backlog, which was up 1.4 billion euros year-on-year at 14.2 billion euros, 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 to be executed in the current year and next year was up around 400 million euros year-on-year. At Brick Construction, the backlog stood at 17.2 billion euros, down 0.7 billion euros 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 17.2 billion euros 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 200 million euros 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 UK as part of a civil work alliance. The share of Bouygues Construction in this construction is estimated at around 3.3 billion euros. This is very good news. to be noticed that the scope of work 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 the fourth quarter. Actually, at Bouygues d'Immobilier, the backlog was at €0.7 billion at end September 2025, down €0.3 billion year-on-year. The decrease of around €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, the order intake was at 10.8 billion euros. In road activities, this order intake was slightly up. with a slight decrease in Maine and France, as expected in the pre-local elections year, and it was up internationally, with significant growth in Q3 in Morocco, in the US and in Canada. In rail, the order intake was up strongly in the first nine months, with also notably a significant contract awarded in the UK in Q3. Then, on the construction level, the order intake in the first nine months reached 6.8 billion euros, driven largely by the contracts of less than 100 million euros. Several large contracts were awarded in nine months 2025, including three contracts for more than 100 million euros in Q3. Do not forget that your on-year change in order intake at Bouy Conception 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 Torrance to Darlington Highway contract worth more than 2 billion euros creating a particularly strong basis of comparison. And, as I've already mentioned in previous calls, please also note that additional significant contracts are expected by mid-2026. At Brugge Immobilier, residential reservations stood at €0.9 billion at end September 2025. To be noted, an improvement year-on-year Residential unit reservations value unstable in volume in a still changing market environment and a decrease in blocked 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 extreme rates. First, sales were up 1% year-on-year at 11.9 billion euros 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%. Collage sales were up 2% year-on-year at constant exchange rates. Second, wood construction sales were up 4% year-on-year, 7.9 billion 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% year-on-year at 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 591 million euros, improving 150 million euros compared to nine months 2024, driven by the three business segments. COPPA at Colas was slightly up with a margin from activities including 0.1 points at 2.7%. Copa at good construction was strongly upped year-on-year, increasing by 45 million euros and with 0.4 points copa margin improvement at 3.3%. At Bouygues Immobilier level, COPPA was up 59 million euros year-on-year. It includes some one-off items representing a global amount of 27 million euros with the disposal of Poland activities in particular. Now, I'll hand over to who will comment Equan's results.