Bouygues Records €569 Million Impairment on TF1 Stake

Bouygues, a diversified services group operating in around 80 countries with close to 200,000 employees, has recorded a non-cash impairment on its stake in TF1, a media company, amounting to €569 million. This impairment, which corresponds to the full amount of goodwill relating to the Bouygues stake in TF1, will reduce the carrying amount of TF1 in Bouygues' consolidated balance sheet to €2.0 billion as of 30 September 2026, representing €9.67 per share (compared with €15.36 before the impairment). The charge, which is not tax-deductible, will be recognized in non-current profit or loss and will reduce Bouygues' net profit attributable to the Group. It will have no impact on current operating profit from activities (COPA).

The impairment follows TF1's announcement of a sharp decline in linear advertising revenue for the fourth consecutive quarter, confirming that the linear TV advertising market is shrinking faster than anticipated. This decline is the result of structural trends observed globally, characterized by rapid changes in the way televisual content is consumed and the increasing shift of advertising spend towards online platforms. This situation is exacerbated by the absence of any prospect of improvement in the short term in the macroeconomic and political environment, or in creating a more level regulatory playing field with the platforms.

Despite the impairment, Bouygues reaffirms its confidence in the ability of TF1's senior management to successfully continue the digital transformation of its business model and to adapt its offering to changing viewer and advertiser behavior. Bouygues will continue to support the implementation of TF1's ambitious strategic roadmap, which is beginning to yield results and will enable it to consolidate its competitive position in the long term.

This adjustment to the carrying amount does not call into question the strategic importance of TF1 to the Bouygues group. The impairment follows the Group's closing off of its consolidated financial statements for the first nine months of 2026, which are due to be published on 5 November 2026. The impairment is classified as inside information within the meaning of applicable regulations (Article 7.1 of EU Regulation 596/2014 of 16 April 2014). Person responsible for notification is Didier Casas, General Counsel.