Group Performance - The Group reported sales of €26.87 billion in H1 2025, an increase of 1.3% compared to H1 2024, driven mainly by construction businesses [5][7][12] - Current operating profit from activities (COPA) reached €796 million, up €49 million year-on-year, largely due to contributions from Equans and construction businesses [5][7][12] - Net profit attributable to the Group, excluding exceptional income tax surcharge for large companies in France, was €220 million, an improvement of €34 million year-on-year [7][12][28] - The Group's net debt improved to €8.5 billion at end-June 2025, a reduction of €206 million compared to end-June 2024, despite net acquisitions of approximately €1.2 billion [7][35][36] Business Segments Construction Businesses - The construction businesses reported sales of €12.7 billion in H1 2025, up 3% year-on-year [18] - The backlog in construction businesses reached €33 billion, a 6% increase year-on-year, providing good visibility on future activity [14] - Bouygues Construction's backlog increased by 8% year-on-year to €17.2 billion, driven by Civil Works and France Building [16] Equans - Equans posted sales of €9.2 billion in H1 2025, a slight decrease of 1% year-on-year, reflecting a selective approach to contracts [21] - COPA for Equans was €364 million, up €64 million year-on-year, with a margin from activities of 3.9%, an increase of 0.7 points [22] Bouygues Telecom - Bouygues Telecom's sales reached €3.9 billion in H1 2025, a 3% increase year-on-year, driven by La Poste Telecom [28] - The total fixed customer base was 5.3 million, with FTTH customers totaling 4.4 million, reflecting strong growth in fixed services [25][54] - Bouygues Telecom's COPA was €306 million, down €50 million year-on-year, primarily due to increased depreciation and amortization [30] TF1 - TF1 group maintained a stable sales figure of €1.1 billion in H1 2025, with a COPA of €131 million, broadly stable year-on-year [31][32] - The audience share for TF1 was 33.7% in the WPDM<50 category, indicating strong performance in target segments [55] Financial Outlook - The Group targets a slight increase in sales and current operating profit from activities for 2025, despite a very uncertain macroeconomic and geopolitical environment [8][9] - The estimated total impact of the French Finance law and the Social security financing law for 2025 on net profit is around €100 million [9][10]