Bouygues Sets Cautious 2026 Outlook Amid Linear TV Ad Market Pressures

Bouygues has projected a cautious outlook for the year 2026, aiming for stable sales and core earnings. This forecast comes amid expectations of continued pressure in France's linear TV ad market, marking a deviation from the slight growth experienced in 2025.

The French conglomerate has indicated that improved performance at its energy-services division, Equans, will likely offset weaker profits from its broadcaster, TF1. Equans is anticipated to achieve a 5% margin from its activities in 2026, achieving this goal a year ahead of the targets set during its acquisition in 2023. For 2025, Bouygues reported sales of €56.9 billion ($67.2 billion) and operating profits totaling €2.6 billion, aligning with analysts' predictions.

Maintaining an operating profit "at a record high level" into 2026 remains a primary focus for Bouygues following several years of positive gains. The group proposed a dividend payout increase by 5% to €2.10 for the year. Additionally, Bouygues has stated it will update the market regarding the ongoing joint bid to acquire Altice France's telecoms operations with partners Orange and Iliad, as due diligence processes continue.