Bouygues eyes stable 2026 as energy arm offsets French media slowdown

PARIS, Feb 26 (Reuters) - Bouygues set a cautious tone for 2026 on Thursday, guiding for stable sales and core earnings, a step down from the slight growth seen in 2025, as the linear TV ad market in France is expected to remain under pressure.

The French conglomerate said improvement at its energy‑services arm Equans should offset weaker profits at broadcaster TF1. Equans is expected to clinch a margin of 5% from activities in 2026, a year ahead of the initial targets set in 2023 after its acquisition.

For 2025, the family-owned company reported sales of 56.9 billion euros ($67.2 billion) and current operating profit from activities of 2.6 billion euros, both matching analysts' average estimates. 

Bouygues' goal is to maintain its operating profit "at a record high level" into 2026 after several years of gains, it said.

The group proposed a dividend payout of 2.10 euros for the year, up 5% from 2024.

Bouygues said in its earnings report it would update the market regarding the joint bid to acquire Altice France's telecoms activities with Orange and Iliad "when appropriate", as due diligence, started in January, is still ongoing.

($1 = 0.8462 euros)

(Reporting by Gianluca Lo Nostro in Paris; Editing by Milla Nissi-Prussak)