Bouygues is still feeling the impact of the major projects it won in Morocco last year. The French construction group said those large contracts signed in 2025 are making its 2026 results look weaker by comparison, even though business remains strong. Morocco remains one of Bouygues’ key international markets, mainly through its subsidiaries Colas and Bouygues Construction.
Colas, which builds roads and railways, recorded €6.5 billion in road orders during the first six months of 2026. Orders outside France were lower than a year earlier because the first half of 2025 included several large contracts in Morocco and Northern Europe.
The rail business saw the same trend. Orders fell sharply compared with last year after major contracts were signed in Morocco and the UK in early 2025.
Bouygues Construction also completed several large projects in Morocco. As those projects came to an end, revenue from its International Building division fell 13% in the first half of 2026. The completion of projects in Australia also contributed to the decline.
The lower figures do not point to weaker demand. They mainly reflect the completion of large projects that boosted the group’s revenue and order book last year.
The Construction division ended June with an order book worth €33.4 billion, up 1% from a year earlier. The backlog outside Europe grew by 3%, showing that demand in international markets remains strong.
Colas had an order backlog of €14.8 billion, while Bouygues Construction’s backlog stood at €17.9 billion, giving the group a strong pipeline of future work.
Group revenue reached €26.3 billion in the first half of 2026, down 2.2% from the same period last year.
Current operating profit from activities increased to €829 million. Net profit attributable to the group rose by €114 million to €287 million.
Net financial debt fell by €2 billion over the past year to €6.5 billion.
Bouygues kept its outlook for 2026 unchanged. The group expects revenue to remain stable at constant exchange rates and current operating profit from activities to stay at a historically high level.
