Overall, Bouygues is showing strong performance in its various business sectors, with positive outlooks for the future. The company’s robust financial position, solid construction backlog, and improvements in net debt are all positive indicators. Bouygues Telecom’s new brand, B.iG, is expected to further enhance the company’s market position. Despite challenges such as market conditions and energy costs, Bouygues remains optimistic about its growth prospects and is set to provide a full update on its 2024 performance in March 2025.
Finally, on Slide 17, let’s review TF1’s guidance for 2024. The group is targeting a current operating margin of around 15% and a strong cash flow generation, with a net debt reduction of around €100 million compared to end 2023. TF1 also aims to maintain its audience leadership and accelerate its digital transformation, with TF1+ being a key driver of growth in the digital segment. In conclusion, all of our business segments are showing resilience and strong performance in a challenging market environment. We remain focused on executing our strategic plans, delivering value to our customers, and driving sustainable growth for our shareholders. Thank you for your attention, and we are now ready to take your questions. “La Poste Telecom’s transaction is progressing as planned, and we expect to finalize the deal by the end of the year. This transaction will allow us to focus on our core business and continue to invest in our network and services to provide our customers with the best possible experience. In conclusion, despite the challenging economic environment, Bouygues Telecom remains focused on delivering strong performance and meeting our targets for the year. Thank you for your attention, and I will now open the floor for questions.”
Overall, the financial performance of Bouygues Group for the nine months of 2024 shows a slight improvement in net profit attributable to the group, despite challenges such as increased tax charges and lower contributions from associates. The acquisition of La Poste Telecom by Bouygues Telecom is expected to be completed before the end of the year and will be factored into the company’s guidance once finalized. The net debt of the group has increased since the end of 2023, mainly due to acquisitions, dividends, and operational expenses. The group maintains a strong liquidity position and a well-spread debt maturity schedule. Proactive management of working capital requirements will be crucial in the last two months of 2024. Second, roaming revenue. And third, equipment sales. So that’s why there can be differences between ABPU and service revenue growth. Regarding your third question on B.iG brand, we are very satisfied with the launch of this new brand. It has been well received by customers, and we are seeing positive momentum in terms of net adds. The majority of net adds are coming from our own base, but we are also attracting new customers from other operators. Overall, we are pleased with the performance of B.iG so far. Thank you for your questions.
Pascal Grange: Thank you for your question. As mentioned earlier, it is still too early to make any definitive conclusions about the success of B.iG. Our main goals with this product are long-term, focusing on reducing churn and capturing households from competitors. We are happy with what we see so far, but we need more time to fully assess the impact on churn and customer base. We believe that B.iG has the potential to be a significant product in our portfolio over the years to come, but we need to continue pushing and monitoring its performance. It may extend competition to the high street brand, but our focus remains on our long-term goals and customer satisfaction.
Mathieu Robilliard: Thank you for the clarification. Just to follow up on the EBITDA growth target for 2026, I appreciate the explanation regarding the energy costs in 2025. And just to clarify, when you say slight growth compared to 2023, are you referring to a low single-digit growth in absolute terms?
Christian Lecoq: Yes, that is correct. We are targeting a slight growth in absolute terms compared to 2023.
Mathieu Robilliard: Thank you for confirming that. And regarding the impact of the Olympics on roaming revenues, it’s interesting to hear that there was a small positive impact in July. And finally, thank you for explaining the volatility in other sales and the factors that influence them. I appreciate your detailed responses to my questions. Thank you.
Operator: Thank you. Our next question comes from the line of John Pitzer of Credit Suisse. Your line is open. Please go ahead.
Thank you everyone for your questions and participation in today’s call. We appreciate your interest in Bouygues and look forward to updating you on our progress in the future. Have a great day.