Bouygues

Good morning everyone and welcome to the presentation of the first half 2026 results. Please note that this presentation will be recorded. You will be able to ask questions on the phone after the presentation. To do so, click the link on the video, follow instructions, and then you can press pound on your keyboard. and you'll be on the waiting list I give the floor to Olivier Roussat who is the CEO of Bouygues Group Thank you. Good morning, everyone. This is a busy day, and so we're doing everything online to give people a chance to attend as many presentations as possible. I'll give you this presentation. Stephane Stoll will come in at some point, and then we'll be able to take questions together with all participants. Managers of this group. We start with page four. Now let me remind you that this is a seasonal business and the Thank you very much. at 829 million as we expected the significant improvement in and Francis Coppa more than offsets the expected declines at TF1 and Bouygues Telecom. The net income group share is significantly up compared to last year in spite of the impact for the second year running of the so-called one-off tax surcharge for large companies in France. is not the case. In any case, at the end of 2026, the net financial debt was reduced by 2 billion euros following the trend that we've had over the past two quarters. And a few words about the equance. Book to Bill found a new momentum in Q2 with an order book historically high, up 1.7 billion euros compared to June 2025. Equance's increased business in Q2 made it possible to catch up with a slow start in Q1. The profitability of Equance was 5.2% in H1, up 1.2% points over one year, and so we confirm the group's outlook for the year 2026. Let's move on to page 5 with key figures. Groups revenue in the group was 26.3 billion euros, down 2.2%. Let me remind you that in Q1, the Thank you very much. Thank you very much. Before we move on to the examination of the various businesses, we would like to give you a A number of challenges, the heat wave, the wildfires. So one example of what we've been doing, CODAS, has developed an initiative to support communities to face... Thank you. adjustments in urban areas, creating cooling areas. And then we've developed Nemesis Fire, a fire detection device that can give early warning on possible fires. It's been used in the Gare department and that made it possible to detect a number of fire starts this year and therefore call the fire brigades early on. And with Immobilier published a white paper on cooling cities and housings, and of course that came out in good time. I mean, it took a few weeks to publish. Thank you very much. Thank you very much. We'll start with the construction business on page 10 of the presentation. There are two major highlights of Q2 illustrating our ambition to extend our geographical footprint. There's one acquisition in Germany. We acquired Fraunrat. That's a company that builds roads in Germany. That's a first for Colas in Germany. Up until now, we'd had an acquisition with Colas Rail, and that was in 2022, the Hasselmann Group in 2022. And so we're continuing that extension. in that territory in Germany because we believe this is very promising for the infrastructure business. We expect revenue in Germany to stand at about a billion euros for all businesses. As things stand now, we stand at about 900 million. Bouygues Construction also made an acquisition in the U.S., the Vannoy Construction Company, that covers three states in the US, Virginia, North Carolina and South Carolina. Van Or in 2025 had a revenue of about 900 million euros and so that makes it possible for Brie Construction to take another gain, an additional foothold on the US market and so we can start building Thank you very much. Thanks to the presence of also equants and collas in the U.S. The order book is pretty high. It stands at 33.4 billion euros, up 1% over the year. The favorable effects on the scope with the integration of an order were slightly offset by the negative forex. Moving on to page 12, the order book of the construction business. We should be pointed out that end 2026 is The share of orders to be performed in the next 18 months was up 1.3 billion euros compared to June 2025. Now, needless to say, the integration of Vannoy does make a difference. Of course, it has contributed to the order book, but we did not take into account Fraunrat's order book because that will be integrated as of Q3 2020. If we look at the detail, Colas' order book is up 2% on a constant forex basis, not including main disposals and acquisitions. The road business is slightly down 1% and the rail is stable. The order book of Bouygues Construction stood at 17.9 billion euros, up 4% over the year. Up 1% on one year on a constant exchange rate basis, not including disposals and acquisitions. It is supported by Batiment International, whose order book is up 32%. with the integration of Venoy, and Batiment France, whose order book is up 12% over the year. Conversely, Travaux Public Public Works is down 18%, and this is very much to do with the unfavorable basis of comparison in H1 2025. And of course, Thank you very much. down 5% on a constant forex basis and not including disposals and acquisitions. We had, of course, disposed of the Polish business in July 2025. If you do include reservations in the order books, well, then you'll find that Bouygues Mobilis order books is actually up 10% over that period. If you look at the sales for Q4, For H1, in H1 2026, Colas had orders worth 6.5 billion. In the road business, there's a significant slowdown in France to be expected because of the election period, especially municipal elections, but there are positive developments in various areas. Thank you very much. In Canada, the subsidiary Miller Group got a contract worth about €350 million for the Bradford Bypass motorway. The rail business, well, there were several significant contracts worth more than €100 million, several hundred million euros in the UK and Morocco. Thank you very much. Bouygues Construction, of course, its business is related to large projects, but that doesn't happen on a regular basis, so there are big variations from one quarter to the next, and so there are significant fluctuations in order-taking. The way in which we have a layering of our order book to gain visibility, we find that there is one significant order, 4.8 billion euros each, Thank you very much. Thank you very much. Lord Thames Crossing, and then another contract, Jersey for hospital. Finally, Brigue Immobilier's sales for service buildings is at a standstill. Residential remains challenging. Indicators, however, for land... purchasing are looking good. Unit reservations in housing are up 18% over the year, but of course that improvement is somewhat... and so on. Thank you very much. Thank you very much. and down 3% on a constant forex basis. That 2% increase in real business did not offset the 4% decline in the road business. Reconstruction's business is up. Sales were up 2% over the year, 3% on a constant rate basis. The activity is driven by travaux public-public works, up 14%. Bâtiment France up 6%, but Bâtiment International is down 2%. because, of course, a number of big projects were delivered in Morocco for a big hospital and another one in Australia. Bouygues Immobilier's revenues were down 19% of the year, down 14% on a constant scope and forex basis. Of course, the disposal of the Polish businesses distorts the basis of comparison, but we believe... Thank you very much. and Copa for the construction business at 43 million euros, up 17 million euros over the year, driven by a significant improvement in Copa and margin at Bouygues Construction. If you can move on to equants at long last, as I said earlier on, by way of introduction, we have a good momentum of book-to-bill construction. As you can see on the right-hand side of this slide, book-to-bill was very effective in Q2. And for H1 as a whole, we have a good performance. The order book stands at 27.6 billion euros, up 1.7 billion euros compared to last year, so a 7% decrease. The order book is made up of orders worth less than 5 million euros and that is slightly up for the year, accounting for about 65% of all orders. Orders for contracts worth more than 5 million euros account for about 35% of orders. So this is significantly up over the air, with significant, again, orders for a number of specialty segments, including, of course, data centers. This is, of course, booming in the U.S., and it's starting in Europe. Solar and storage is also picking up. A number of, well, a significant item in eQuantum's strategy is and in line with the previous quarters we find good margins upon order taking and expecting high large orders in H2 and that of course will make a significant contribution Let's look at the results. Revenue sales stood at 8.9 billion euros in age 1, down 3% on a constant forex basis. The sales in Q2 were were almost the same as in Q2 2025, so partly offsets the slow start of the year. But we're confident, while forex had a negative effect on revenue worth about €90 million, we find that COPPA at €460 million was up almost €100 million over the year. Margin now stands at 5.2%. Thank you very much. Electric car recharging business in the Netherlands in Q2. And that is one of the disposals we announced. And so all the asset-based businesses are being sold off. Regarding M&As and in line with the strategy, Equance has had three acquisitions, three Bolton acquisitions in H1. You have a company called SAV in Italy, ASTI in Singapore, MCI Phaser Power in Austria, and more recently in July, that's Q3 rather than H1, we acquired CV Services in Australia. So you have four acquisitions generating about 210 million euros in sales and other acquisitions are expected in the next weeks and months. Regarding the Equances Outlook, let me remind you that Equances is continuing its strategic project, you may remember, as was presented at Capital Markets Day back in 2023. For 2026, we're looking at a revenue stable in 2026. We're looking at... In conversion terms, 80 to 100% of COPPA in cash flow before WCR. We are improving our guidance for the annual margin, looking at 5.2%. We were initially announcing 5% one year ahead of schedule compared to what we announced Thank you very much. 25 February rather than 27. So this means that you'll have by then the full picture for the year. Now, if we look at Brick Telecom's performance, we'll start with a little video celebrating 30 years of existence. We'll just mark it.

On nous attendait depuis un certain temps, nous voilà et à l'heure.

Nous sommes nés il y a 30 ans, à l'époque, le monde du numérique balbutiait. Qui étions-nous alors ? Le troisième opérateur de téléphonie mobile arrivé sur le marché. Il a donc fallu faire sa place. Comment ? En innovant. L'invention du forfait ? Thanks to the Bouygues Telecom grant, the price is no longer a problem. Then we invented the subscription with mobile, the prepaid, the unlimited. And then we also invented this beautiful digital sound. In short, we invented personal telephony for our clients.

Telephone becomes a sixth sense.

Je crois que Bouygues Télécom a secoué le marché français. Il faut en féliciter et remercier tous les collaborateurs et penser que nous avons encore beaucoup à faire.

Car oui, nous sommes allés plus loin encore. Comme Internet et le haut débit se développaient, nous avons aussi inventé le web sur mobile. Nos clients ne parlaient plus seulement d'appels et de conversations, mais aussi d'informations, de services, de messages. Nous venions d'inventer la connectivité personnelle. Et alors ? Eh bien nous avons fêté nos 10 ans.

C'est vous qui avez réussi à faire que nos clients soient heureux chez Bouygues Télécom. Bravo à vous tous.

Puis nous avons accéléré. Nous sommes devenus aussi fournisseurs d'accès à Internet. Deux.

Un.

Nous avons développé notre réseau.

40 millions de personnes en France peuvent désormais profiter du plus grand réseau 4G.

Smartphone, ordinateur personnel, tablet, téléviseur connecté. La fibre se déployait. Tout convergeait. We have therefore proposed the first 4P offer, the first Android box, the first 4G box for those who do not yet have the fiber. Our customers now live on applications, social networks and digital platforms.

And we, well, we could celebrate our 20 years.

Et aujourd'hui, maintenant que les datas, la 5G et l'intelligence artificielle sont bien là, nous continuons à proposer le meilleur. En étant, encore et toujours, les premiers. Pour nos clients, particuliers, entreprises ou collectivités.

Donc, c'est ça le nouveau monde. Un grand monde qui n'a pas fini de grandir.

Nous fêtons aujourd'hui nos 30 ans. and we have never stopped innovating by creating the standards of telephony and mobile and fixed internet while being invested in the performance of our networks and the quality of our products in the service of humanity. And we want to use this experience to write the future. When we need to talk more and more about connected objects, autonomous vehicles, 6G standards, robots, holograms, but also about sobriety or sustainable solutions, our innovations will always be in the service of humans. To accompany our clients, we will be more than ever the operator of the link. Collaborators, partners, clients, together, let's build a future where connecting means first of all getting closer. We are made to be together.

Bouygues Télécom OK, back to the figures for Bouygues Télécom. Now let's begin with the... Thank you very much. and many more. The first half including 96,000 in Q2. We've been acknowledged for the quality of our network and we are now the first operator to propose XGS POM technology across our entire fiber to the home network. This improves throughput for customers. Fixed ABPU rose 20 euro cents over last year to reach 33 euro 20. As you can see on page 24, Brie Telecom has performed well in mobile, despite the fact that this is a difficult market impacted by ongoing price pressure. At the end of June, Brie Telecom had 18.8 million mobile phone customers, excluding M2M. Thank you very much. totaled €16.7 down €0.60 over the last 12 months. This is because the market is still very competitive. ABPU is penalised by the acquisition of new customers whose ABPU is low, particularly in digital plans. Page 25... What do we get in terms of key figures? Well, sales built to customers in the first half of 26 was stable year on year. The increase in fixed lines offsets the decline in mobile. Sales were up 3% over the period, which is comprised mainly of terminals, accessories, works up 16% over the period. Thank you very much. and FTTH. So BRIC Telecom is continuing to contain its costs. Current operating profit from activities totaled €274 million for the first half year. This was in line with expectations, particularly in view of the increase in amortization, depreciation amortization, in line with the CAPEX trend of previous years, with an average amortization period of nine years. Now, the outlook for BRIC Telecom in 2026... Sales bill to customers after leases will be close to 2025 and showing moderate growth by comparison with 2023 before La Poste des Combes. Gross capital expenditure of close to 1.3 billion euros excluding frequencies confirming a decline in the peak in capex observed over the last five years. Free cash flow before working capital requirements of around 600 million excluding La Poste des Combes and before the impact of income tax surcharge. If we were to include La Poste des Combes and this income tax recharge, it would be around 500 million. I should clarify that this outlook does not factor in the potential impacts of the proposed acquisition of SF4. So, speaking of SFO, what is the lie of the land? This is a progress report. On the 6th of June 26th, we signed, alongside Orange and Free Iliad, we signed a memorandum of understanding with Artis France. with a view to acquiring SFO. Now, a lot of things need to be done from the operational point of view. A lot of things we've already commenced, and that involved quite a lot of people. There's the whole process of consulting the relevant employee representative bodies, which is underway. So we need the opinion of these representative bodies before we can proceed with the signing of any deal. There's also what we call the limit or known as the long stop date, which is the 6th of December, 2026. As for the competition authorities, well, the French competition authority, ADLC, has begun its work. It's the French Competition Authority that will be competent in this instance. So we've already given notice of our initial intentions. We have commenced a whole process of exchange with the Competition Authority and indeed with the telecoms regulator. This transaction could not be closed until the whole transaction is approved by the various authorities, particularly the ADLC, which is the Competition Authority. and after fulfilment of the other conditions precinct as specified in the sale contract. Given the amount of time it takes for these things to be processed by the competition authorities, we now feel that the likelihood is that this deal will not be closed before late 27 or even early 28. I propose that we now move directly onto page 29. This is the results of TF1 as published last Friday. Rodolphe has already commented these with Pierre Hallin. He commented them on Friday evening, so I'll be brief. TF1, in the first half year, maintained its viewership, its leadership in terms of audience, particularly among the women decision-makers under 50 and young people. audience leadership was respectively 33.2 and 29.8% in these two areas TF1 Plus has also confirmed its success with 42 monthly streamers on average in the first half year, that's up 20% year on year and a record of 44 million streamers in June of this year finally TF1 set up a new Thank you very much. People who do not connect via linear channels. This launch, I think, has confirmed our expectations. This has increased the number of streamers to a record of 8.3 million on the 25th of June. This was a record high. A very, very promising launch. TF1's performance, I think, is a reflection of the decline in linear advertising revenue in the Our revenue in the first half was almost 1 billion, down 6% on a like-for-like basis. The media figure was down 11% or 7% on a like-for-like basis, given the disposals of Maitland Paris and Fleet Two in 2025. This includes advertising revenue, which is down 9%. The advertising market in linear is now impacted by the Thank you very much. with advertising revenue up 19% over year-on-year, which goes to show how attractive this platform is for advertisers. Studio TF1 was down 3%. A substantial amount of Studio TF1's income comes from the supply of series for the platforms. This often takes place in the second half of the year. Now, Copa was down year-on-year. as expected, but the marginal activity was 7.8% in line with expectations. What about the outlook for TF1 in 2026? Well, we can confirm them, Rodolphe confirmed them last year, with very limited visibility, and that's the context, but we are aiming at double-digit growth in digital, a dividend policy that will be on the rise in recent years, and a marginal activity's in the mid-to-high single-digit marginal activities before capital gains. That is subject to the evolution of the linear market. Let me now give the floor to Stephane Stoll, who will give you a detailed presentation of our financial statements. You have your notes, so you won't need mine. Thank you, Olivier, and good morning, everybody. Just a few words by way of additional explanation on the accounts as of June 30th, beginning with the income statement on page 33. Now, without dwelling on sales figure and a COPPA, which we've already commented at some length, Thank you very much. But these include this half year, the booking at Bouygues Télécom and to a lesser extent at Bouygues SA, the booking of expenses relating to the proposed acquisition of SFO. As you can imagine, we are spending or have been spending quite a lot of money on fees and consulting fees, etc., This also includes expenses relating to the profit-sharing program at Equans, which is to a lesser extent, of course, over this period. The second comment I wanted to make is that in the first half year we booked a tax bill of 173 million euros, not including the additional surcharge on large companies in France, which actually totaled 39 million euros in the first half of this year. This is lower than in the first half of 2025, and this drop in the income tax burden was due to the fact that pre-tax profit at Wig Telecom was lower, Wig Telecom and at TF1, also that the effective tax rate was not as high at Equans and Wig Construction. As a result, and taking into account the 35 million euro surtax, the group's share of net income was 287 million at the end of June, up 114 million euro by comparison with the same period last year. Moving on to the change in net debt, that's page 34. Thank you very much. We observed over the first half of last year. The important thing to point out here is that our net debt at June 30th this year was a 2 billion euro improvement on the same figure 12 months ago. This is part of the continued improvement that we have been talking about for several quarters. This variation by comparison with year end is mainly due to Acquisitions, net of disposals for 133 million euros, mainly the acquisitions made by Colas, reconstruction that Olivier already mentioned, but also the smaller bolt-on acquisitions made by Equans in the first half year. Furthermore, as is customary, net debt is impacted by the payout of a dividend for a total of 924 million this year, including 809 million to be paid to the shareholders of Bouygues, the remainder corresponding to the remainder paid to shareholders in TF1 and Bouygues Telecom. They also have another item at 1.3 billion euros that's operations and other, which is historically low level for the first half year, which I propose to look at in some detail in the next slide. Let's begin with... net cash flow. This was down 180 million by comparison with last year. This was mainly due to TIFF1 whose results for the period were down. We also have a cash out for non-recurring items that were not provisioned at CULAS and a basis for comparison in 2025 which gave rise to a number of exceptional dividends from companies accounted for by the equity methods. Our capex excluding frequencies totaled approximately 900 million. This was almost 100 million lower than last year. The fact that the capex is lower is because of the fact that we invested less in Greek telecom as announced Free cash flow before working capital requirements at €360 million, again lower than in the first half of 2025 when it was €440 million, and the change in working capital requirements as every year impacted by seasonal effects. That said, this year the variation was a negative 1.8 billion, which is an improvement on the variation we observed last year. Also various Forex and IFRS 9 impacts that complete this change in net debt position. Overall, we can congratulate ourselves on the fact that quarter after quarter we have successfully improved our working capital requirements and cash situation. Let me conclude with the group's financial structure. Because of this improvement in our net debt, we now have a financial structure which is, as you can see, very robust. Net gearing is 46%. That's a 16-point improvement over a 12-month period. Subsequent to the announcement last year of the signing of a memorandum of understanding for the acquisition of SF4, subsequent to that, Moody's announced on the 16th of June that it was maintaining the stable outlook on our A3 rating. This has been confirmed, a stable outlook, and on the 13th of June, S&P put it under a negative credit watch. It's A- with a negative credit watch. This rating is still A-, so still good. The group's liquidity is almost €16 billion at the end of June. That's a very high level of liquidity. This breaks down into 4.2 billion in cash and 11.5 billion in undrawn medium and long-term facilities. Undrawn, as I said, and covenantless. Finally, as you can see on the bottom right, the bar chart, the debt maturity schedule is very well spread over time. That brings me to the end of today's financial presentation. Thank you for your attention and Olivier, I'm giving you back the floor for the outlook. Thank you. Thank you, Stephane. We will now wrap up this presentation by reminding you about the outlook for 2026 for the breed group. This outlook has been confirmed. We are operating in buoyant markets. We have great diversity, geographic diversity and diversity of our business segments that enable us to develop and grow over the long term with the great sustained resilience Thank you very much. The improvement of Equan's COPPA will offset the expected decline in the COPPA of TF1 because of the higher CAPEX and we've decided to add it to the Senate just to say that we will remain very vigilant regarding the consequences of the conflict in the Middle East between the Ukraine and the Middle East. We'll see what the future holds in store but we are going to remain very vigilant and continue to adapt. Thank you very much. Thank you very much. From that date onwards and for all subsequent Q1 and Q3, our first nine months of publications, our financial reporting will focus on the following main indicators. In terms of business activity, we will talk about order intake of reservations and the backlog for the construction division and equans. We will also communicate on the number of new fixed and mobile subscribers, the customer base and fixed and mobile ABPU for Big Telecom. And in the case of TF1, we will communicate the main audience figures as well as metrics to track growth in online content consumption. As for financial indicators, we will be communicating the sales and net debt of the business segments and the group, and the liquidity situation of TF1 and the group. These changes mean that the group's financial communication will be aligned in future with market practice. This term I think I have covered indeed. We've already given you the figure for the presentation of the first nine months. That will be the 5th of November, and I will now... alongside my colleagues, head of the business segments, take your questions.

You have the floor.

Ladies and gentlemen, if you wish to put a question by phone, please click on the link on your screen, follow instructions, and once you're connected, please dial pound, followed by five on the keyboard to be on the waiting list. Next question comes from Molly Whitcomb from Goldman Sachs. Please go ahead. Good morning. Regarding equines, you gave us a guidance for equines, but group-wide, I don't see much of a change. Is there part of the risk which is Lower than expected. Second, your competitors, eQuantus competitors, have enjoyed significant growth with the data centers. What's stopping you from taking advantage of that trend? And, of course, you want to, well, to... Thank you very much. Thank you very much. Thank you very much. I think you said it all No, no, no, you're trying hard to Yes, we have a plan, a development plan for data centers both in the U.S. and in France. The new technologies towards direct cooling has led to lots of design work. But now the orders are picking up, and this will translate into revenue in the months to come. And Benoit? Yes. Regarding telecom business and regarding the mobile business in particular, we're in the same position as we said earlier. The mobile market has become maturing as much as there's no volume growth on the market in France. with innovations we can extend our client base and in terms of ABPU you have to remember this is a competitive environment especially for the entry level contracts which are very with lots of price pressure and so because of this our strategy for the past 18 months has been to work on convergence to satisfy customers and reduce churn, and we have a significantly lower churn, and that explains the high number of Bouygues Telecom customers.

Stephane, sorry, you had to...

There was a question about... On the first question... We noted a higher guidance for equants in light of the performance to date. We did not upgrade the group's guidance, but that doesn't mean to say that other businesses are in trouble. We're just being cautious. The year hasn't changed. Thank you very much. Nonetheless, we have to recognize Jérôme's team at Equance. They were able to bring up the margins when we first presented the acquisition in 2023. Few people believed in it, but they've gone very fast indeed. So congratulations. Our next question comes from Mathieu Robillard from Barclays. Lines open. Please go ahead. Thank you for this presentation. The selective process that you started when you acquired Equance is behind us. There are few unprofitable contracts. Or does that still make a difference that might... But might that drive down profits for the year, at least for the next quarter? Regarding M&As, there have been acquisitions in various businesses, including equants. And on equants, you were more cautious in the past. Are you prepared to make more acquisitions? acquisitions now because you're more confident about the business, the fundamentals, or at least your understanding of Equance's growth drivers. And how does that fit in with the fact that Well, presumably, or hopefully, you will be finalizing the deal with SFR. How does that fit in with your debt objectives, or at least your rating objectives? Because I can imagine that the acquisition of SFR might actually bloat your debt levels. So, In other words, are your moves with equants restricted because of the SFR project, or do you feel you have a full leeway for acquisitions? And about the energy business, we find that the price of oil has been going up. Thank you very much. Thank you very much. Passing the cap around the room to collect money for the next acquisition. Only kidding. In fact, we want to grow Collas and Equance through acquisitions, through external growth. The reason we do this is either when we want to enter a new market, for instance, in the road business in Germany, where we can't just come in from France with our trucks to gain contracts. You have to Thank you very much. which govern acquisitions in Colas and Iquant. In Colas, we want to, well, we acquired Vanoy to be present on the construction business in America, but inasmuch as our companies have a regular flow of profitable deals, a regular level of profit margin, then we create enough value to justify acquisitions but for equants you remember when we acquired equants and we met you in February 2023 we said the profit margin was 2% we said that by 2027 it would be 5% you didn't believe us and then we decided that we would consider acquisitions country by country now of course equants has been making headway I mean Thank you very much. Thank you very much. but now Equance is back on track and it is facing possible acquisitions and others are in the pipeline. But that is part and parcel, of course, of Equance's development model. So the acquisition of SFR will not get in the way of Bouygues' strategy as regards Colas and Equance because these are the two markets and many other companies that need a lot of M&As. I mean, Vanor in itself was not a very costly acquisition. We're talking about 100 million euros, so that was not very significant. Nonetheless, we certainly expect to keep this power of acquisition both for equants and collas. Regarding the first question now, Mr. Robillard's question, yes, on that question as to whether in 2026 we still feel the effects of Thank you very much. Pierre, in terms of edging on the energy bill, because we've been working hard ever since the Ukraine situation in 2022. Yes, on edging, on energy, there are two aspects for industrial sites and sites where you consume electricity, gas or coal, as is the case in Poland. So we've been edging contracts. So about 70% of the contracts are Thank you very much. Thank you. And Benoit about Bouygues Telecom. Well, the power costs, the energy costs, mostly power costs, electricity costs in Bouygues Telecom. So we've been edging our electricity purchases. We have a 70 percent coverage edge cover for electricity. Thank you, Benoit. The next question comes from Nicolas Morat from Morgan Stanley. Lines open. Please go ahead. Good morning, gentlemen. I have three questions, starting with Colas. Can you tell us what's going on? We have a rather more complex environment at the beginning of the year. Thank you very much. What's the strategy there? I mean, how do you propose to grow in the U.S.? We're looking here at residential housing. And on equants, I believe you have significant provisions in a volatile context. You said you have one-off items in Q2. Can you give us color on that? and then a final question about data centers. Can you tell us about the group strategy? I mean, you have the big contract at A.W. Edwards in Australia. Bouygues Construction was also present in Australia. In eQuants, you have a data center in the U.S. and you have some data centers showing up in Europe. How is it working? Does the group have a proper offer? Thank you very much.

Thank you. Let's begin with Colas. I think you need to clarify one or two points because what you have said is not quite what I think you've said. I think the news is a little bit better than you're suggesting. I'm a little surprised by your question, by the way. The first half year at Colas is in line, give or take one million, is in line with last year, same period last year, which was a good year for Colas. We don't see any particular difficulty. Admittedly, the economic environment is a little turbulent, but it's business as usual. It's always perturbed in one way or another. The only impact that we referred to at the time was the volume of business in France because of the fact that it's an election year and Thank you very much. Thank you very much. In practice, for roads in Colas, in France, we are not giving you an outlook because 20% of Colas' business in France is not in roads. It's in what we call urgent works, particularly urban construction, particularly the thermal islands I've been talking to you about. That's about 20%, which that 20% offsets the actual decline in roads. But this is not reflected in the figures we've quoted. As for North America, Canada and the USA are two large countries. The market is faring well. I think we've considerably boosted the order intake and backlog up 18 or 19 percent, particularly thanks to large contracts of over 200 million euros. In Canada, this was the Bradford Bypass. It's a Greenfield project, a Greenfield motorway project. And in the USA, we have on the West Coast, A number of projects underway are in the pipeline. This is for the interstate motorway. So this is a market that's performing well, a market in which we have our market share. So from my mind, North America is a good market. So a good market with a good level of margin. So, in practice, on North America, roads are doing well, as Pierre has said. These are markets where the margins are good. Bringing now to the way we... Vanoy Construction. Pierre-Yves Saint-André, who's the head of Reconstruction, will answer your Vanoy Construction question. Thank you very much. Thank you very much. So we're not in the retail segment in the USA. We're also in a region where we have business with Colas, with Equans, so potential synergy for all our businesses in this area. So this is a good stepping stone for us in a mature market. Your third question concerns Equans, Stephane Etienne. Stephane, first of all, if I could just answer the first part of your question concerning and non-recurring items that we've referred to. These non-recurring items, as we've said, concern the capital gain on the sale of asset-based businesses, the EV charging stations in the Netherlands. As you no doubt will have seen, the margin in Q2 was 5.6% for Equans. So, notwithstanding these non-recurring items, the recurring margin will be closer to 5.2%. Etienne Jacollin will answer the second part of your question, but let me reassure you that the quality of our accounts at Equance is excellent and has been certified by our statutory orders. We have not made any observations, so the whole issue of provisions and writing back of provisions in the construction business, they're standard. That's power for the course. Of course, Thank you very much. Thank you very much. Sometimes in Italy, our solutions will be led by equants. In the USA, these are solutions that will be driven by equants. So we react depending on the strength of our foothold and our various businesses in the region of question. This is how we submit tenders and to generate the best possible synergies. Finally, in Flynn, for instance, Destia is our business. It's a mini Bouygues. Even if it works through Colas, but Destia is our figurehead in Finland. That's how we operate in these different markets. To put it simply, in a word, we are very pragmatic about the way we approach markets. Next question. Next question comes from Eric Avery from CCCB. You have the floor, sir. Thank you for taking my question. I have two. First one concerns Van Nuys Construction. You mentioned an acquisition price of in the region of 100 million for a sales figure of 874. It doesn't strike me as being a very high. Could you tell us about the Van Nuys margin by comparison to the rest of reconstruction? My second question concerns telecom. You've talked about competitive pricing in mobile. Given the market dynamics, can we expect the ABPU margin to continue to decline in the second half year? I said in the region of 100. That was a real rounding off because, more specifically, the purchase price was... I thought we said we weren't going to give that figure. My apologies. Thank you very much. Thank you very much.

The next question comes from Abhilash Mohapatra from BNP Paribas. Please go ahead.

Good morning, everyone, and thanks for taking my question. I just had the one, please, on equants, where obviously this quarter we've seen a sort of strong improvement in top-line trends, despite which obviously 1H is down 3%. You're guiding to sort of stable top-line for the full year. implying you could do at least 3% revenue growth in the second half. Given everything you've told us about the strong order intakes and the fact that you're expecting more projects to come through, is there any reason why top line growth next year won't be better than this 3% implied exit rate in H2? Thank you.

So, Mr. Stéphane, we'll answer you. We are just trying to be sure that we catch up with you.

So, as you rightly mentioned, we are catching up in terms of revenues after a slow start in early 2026, first quarter of 2026. You've also noted that we have a very strong order intake. Having said that, as you may know, and partly because these order intakes are linked to larger projects, there's always a time lapse between the time when we do recognize those order intakes and when those order intakes translate into revenues. So the plan, as we confirmed the guidance earlier, For Equance in 2026, with revenues which should be stable year on year, excluding exchange rate effects, that's the plan, that's the plan. And as Olivier mentioned, these order intakes have led to a very strong order book which will translate in revenues. Having said that, again, we look at a prudent approach to 2037 for now. The year is still not over. and part of these order intakes are also linked to projects where revenues will crystallize in the, I would say, not the short term but longer term. For instance, in data centers, when we secure orders together with reconstruction, First of all, the shell and core aspects of the building need to be completed before revenues for mechanical, electrical and plumbing activities can accelerate. So hence the comments we had on the revenue and the top line of Equance. But we are confident that with this order book plus the contemplated acquisitions, we are looking mid-term to a growth in the top line at Equance.

And we will see you again by February 2027 to explain what's the next pass for the next three years. We will explain you by February to give you some how do we handle this next three years. So let's focus on 2026 for now.

Got it. Thank you.

The next question comes from Rohit Modi from Citi. Please go ahead.

Hi, thank you for the opportunity. Most of my questions have been answered. I have just one follow-up from Molly's question around group guidance and looking at the commentary around individual segments and the order book position right now in construction and equants and then also on the backdrop of easier comms and telecoms. I'm just wondering why you do not expect a better 2H than 1H in terms of trends Stephane Stoll

Yes, for now we've decided to confirm the 2026 guidance at group level. You've noted indeed that the first half of the year has proven robust. Having said that, the year is still not over and we indeed commented on the fact that the Geopolitical and economical contexts are quite volatile and uncertain, hence a form of prudence which leads us, for now, to confirm the guidance.

When you look at the geopolitical situation right now, for example, when we look at the consequence of Hormuz-Detroit, the fact is closed. There is no real impact for us right now, but in case the situation will last longer, It will lead to something negative at the global impact and we will be, as all in the world, with some problems in the very future, but right now we don't really know what will happen for this kind of situation in the next months.

Thank you. Ladies and gentlemen, let me remind you that you can put questions by phone. You click on the link on the video, then dial pound followed by five on your keyboard. There are no further questions by phone. I'll give the floor to the speakers to conclude the presentation. Well, we will conclude the presentation wishing you a happy holiday. We look forward to seeing you on November 5th for the next presentation. Thank you and have a good summer.