Slide 1: FY 2025 and Q4 2025 Results
FY 2025 and Q4 2025 Results March 4, 2026 Dr. Thomas Schulz, Group CEO Matti Jäkel, Group CFO
Slide 2: Highlights | FY 2025
Highlights | FY 2025 Market position expanded +6% / org. +2% +8% / org. +4% 5.5% in a volatile environment Orders Received Revenue EBITA margin € 5,679 million € 5,427 million from 5.2% € 4.74 / € 2.80 € 330 million Outlook 2026 M&A Earnings per share / Free Cash Flow Revenue Three acquisitions clos
Slide 3: Targets for 2025 achieved
Targets for 2025 achieved Free Cash Flow [€ million] Revenue [€ million] EBITA [€ million, %] Cash Conversion Rate [%] +8% / +4% +13% +75% 5,427 299 330 5,037 264 189 5.5% 110% 5.2% 71% FY/24 FY/25 FY/24 FY/25 FY/24 FY/25 Outlook 2025: 5,300 to 5,500 ✓ Outlook 2025: 5.4 to 5.6% ✓ Outlook 2025: 300 t
Slide 4: Sustainability Performance
Sustainability Performance Environment Social Governance GHG Scope 1, 2 and 3 emissions1,2) Occupational Safety Supplier audits p.a. [ktCO2e] Total Recordable Incident Lost Time Injury FY/24 FY/25 Target: Increase the number by at least 10% Frequency (TRIF) Frequency (LTIF) per year GHG Scope 1 36 3
Slide 5: Sustainable Business
Sustainable Business Revenue Sustainable Services Stadtwerke Düsseldorf Bilfinger Definition [€ million] Implementation of a new energy center that utilizes industrial waste heat from the Henkel power plant to 5,427 supply district heating Renewable energy generation, A 4,486 5,037 11.6% 12.9% 5.3%
Slide 6: Industry Development
Industry Development Production Index1) Outsourcing Bilfinger Base year 2023 I Europe, Middle East and North America Potential Revenue Share2) Demand 130 Chemicals & Petrochemicals Significant regional differences 23% 120 in expected growth Energy 110 Increasing demand for storage 24% and transmissi
Slide 7: Selected Orders Received
Selected Orders Received Chemicals & Borealis Sweden Energy Utilitas Estonia Oil & Gas Gassco Germany E&M Europe E&M Europe E&M Europe Petrochemicals Procurement and prefabrication of steel Engineering, prefabrication and Comprehensive modernization incl. front- structures and piping systems, instal
Slide 8: Innovation: Bilfinger Acoustic Corrosion Detection (BACD 1.0)
Innovation: Bilfinger Acoustic Corrosion Detection (BACD 1.0) Efficient and safe corrosion inspection on vessel surface Customer Order Bilfinger Solution Bilfinger Contribution ▪ Inspection for corrosion of storage ▪ Specialized sensor attached to tanks and piping according to national surface to de
Slide 9: Group | Demand
Group | Demand Opportunity pipeline [indexed on October 2023] -3% +14% Q4 Development 111 112 108 100 101 98 93 98 100 Orders received ▪ Stable demand in a volatile market Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec environment Orders r
Slide 10: Group | Orders Received and Revenue
Group | Orders Received and Revenue Orders received [€ million] Revenue [€ million] Revenue by Remuneration Type [%] Q4 Development Q4 Development ▪ Growth in the Energy industry ▪ Growth in Energy and Pharma & Biopharma ▪ Decline in Chemicals & Petrochemicals industries ▪ Decline in Chemicals & Pet
Slide 11: Group | Gross Profit and EBITA
Group | Gross Profit and EBITA Gross profit [€ million, %] SG&A expenses [€ million, %] EBITA [€ million, %] Q4 Development Q4 Development Q4 Development ▪ Product Mix, De-Risking and Standardization ▪ Bolt-on acquisitions with higher SG&A-ratios ▪ Sequentially the highest margin in 2025 drive margi
Slide 12: Segment E&M Europe | Performance
Segment E&M Europe1) | Performance Orders received [€ million] Revenue [€ million] EBITA [€ million, %] Q4 Development Q4 Development Q4 Development ▪ Growth mainly from Energy industry ▪ Growth mainly from Energy industry ▪ Margin affected by integration costs ▪ Chemicals & Petrochemicals industry
Slide 13: Segment E&M International | Performance
Segment E&M International1) | Performance Orders received [€ million] Revenue [€ million] EBITA [€ million, %] Q4 Development Q4 Development Q4 Development ▪ North America with frame contract additions; ▪ Growth predominantly in Engineering in ▪ Operational Excellence drives margin customers still h
Slide 14: Segment Technologies | Performance
Segment Technologies1) | Performance Orders received [€ million] Revenue [€ million] EBITA [€ million, %] Q4 Development Q4 Development Q4 Development ▪ Contract additions in Nuclear and Pharma & ▪ Growth in Oil & Gas and Pharma & ▪ Stable performance due to Operational Biopharma Biopharma Excellenc
Slide 15: Group | Net Profit
Group | Net Profit Q4/24 to Q4/25 Q4 Development [€ million] Financial result ▪ Impacted by purchase of shares from Earnings minority shareholders per share: €1.14 52 42 Taxes 9 -15 (-18% vs. PY) -3 -0 -1 ▪ Tax rate increased from 22% to 29% Q4/24 ∆ EBIT ∆ Financial ∆ Taxes ∆ EAT ∆ Minorities Q4/25
Slide 16: Group | Cash Flow and Working Capital
Group | Cash Flow and Working Capital Operating Cash Flow [€ million] Free Cash Flow [€ million] Net Trade Assets / Revenue1) [%] Q4 Development Q4 Development Q4 Development ▪ Continued efficient working capital ▪ Positive contributions from all segments ▪ Improved receivables position in relation
Slide 17: Group | Net Liquidity and Leverage
Group | Net Liquidity and Leverage Net liquidity [€ million] Net debt / EBITDA [ratio]1) Leverage < 2.0 533 519 465 430 469 163 146 88 103 61 -177 -179 -176 -177 -177 0.5 0.6 0.5 0.3 0.3 -200 -191 -194 -188 -197 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Net
Slide 18: Capital Allocation
Capital Allocation Dividends Policy: 40 – 60% of adjusted net income and continuous growth Organic Growth Sales, People, Innovation & Digitalization Free cashflow M&A Core and adjacent geographies/industries Reserve Investment grade rating, optional shareholder returns Net cash 18 Bilfinger | FY 202
Slide 19: Segments | Outlook
Segments | Outlook Updated Segment Structure 2026 Actual Outlook [€ million, %] FY 2025 FY 20262) Revenue 1,825 1,800 to 2,000 Western Europe Central Europe International Western Europe 34%1) 46%1) 20%1) EBITA margin 6.7% 7.0 to 7.4% Revenue 2,498 2,500 to 2,700 Central Europe EBITA margin 5.4% 5.8
Slide 20: Group | Outlook
Group | Outlook Actual Actual Mid-term Outlook [€ million, %] FY FY targets FY 20262) 2024 2025 2030 8 - 10% Revenue 5,037 5,427 5,400 to 5,900 CAGR EBITA 5.2% 5.5% 5.8 to 6.2% 8 - 9% margin ≥ 90% Free cash 189 3301) 250 to 300 Cash flow Conversion 1) Including a mid double-digit million amount cash
Slide 21: Market Expansion
No.1 for Our Customers in Enhancing Efficiency & Sustainability Updated mid-term Bilfinger Market Expansion … Years targets 2030 2030 8-10% CAGR Future 2029 8-9% 2028 Previous mid-term ≥ 90% targets 2025/27 2027 2025 4-5% CAGR 2026 € 5.4bn 6-7% 2025 5.5% … > 80% 110% Bilfinger CMD 2023 … 2025 2026 2
Slide 22: Highlights | FY 2025
Highlights | FY 2025 Market position expanded +6% / org. +2% +8% / org. +4% 5.5% in a volatile environment Orders Received Revenue EBITA margin € 5,679 million € 5,427 million from 5.2% € 4.74 / € 2.80 € 330 million Outlook 2026 M&A Earnings per share / Free Cash Flow Revenue Three acquisitions clos
Slide 23: Quarterly Statement Q4 2025 Financial Backup
Quarterly Statement Q4 2025 Financial Backup
Slide 24: Segment Development Q4 2025
Segment Development Q4 2025 Reconciliation Group E&M Europe1) E&M International1) Technologies1) HQ / Consolidation / Group Other Operations Other [€ million] Q4/25 Q4/24 Δ in % Q4/25 Q4/24 Δ in % Q4/25 Q4/24 Δ in % Q4/25 Q4/24 Δ in % Q4/25 Q4/24 Δ in % Q4/25 Q4/24 Δ in % Orders received 988 1,021 -
Slide 25: Segment Development FY 2025
Segment Development FY 2025 Reconciliation Group E&M Europe1) E&M International1) Technologies1) HQ / Consolidation / Group Other Operations Other [€ million] FY/25 FY/24 Δ in % FY/25 FY/24 Δ in % FY/25 FY/24 Δ in % FY/25 FY/24 Δ in % FY/25 FY/24 Δ in % FY/25 FY/24 Δ in % Orders received 3,950 3,718
Slide 26: Revenue Split
Revenue Split E&M Europe1) E&M International1) Technologies1) Group FY/25 FY/24 FY/25 FY/24 FY/25 FY/24 FY/25 FY/24 Chemical & Petrochemical 33% 37% 7% 10% 2% 9% 23% 28% Energy 21% 15% 14% 15% 33% 35% 24% 21% Industry Split Oil & Gas 22% 20% 18% 14% 7% 3% 18% 16% Pharma & Biopharma 6% 6% 0% 0% 55% 4
Slide 27: Profit and Loss Statement
Profit and Loss Statement [€ million] Q4/25 Q4/24 ∆ in % FY/25 FY/24 ∆ in % Revenue 1 Special items EBITA [in € million] 1,422.6 1,361.9 +4% 5,427.0 5,037.5 +8% Gross profit 162.7 137.7 +18% 615.5 546.8 +13% Q4/25 FY/25 Selling and administrative expenses -87.0 -77.7 - -339.8 -315.2 - Badwill / Add.
Slide 28: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets [€ million] 12/31/25 9/30/25 ∆ in % 12/31/25 12/31/24 ∆ in % Non-current assets 1,406.1 1,382.7 +2% 1,406.1 1,399.7 0% Goodwill decreased to €790 million 827.6 1 822.2 +1% 827.6 813.8 +2% 1 Intangible assets (9/25: €802 million) Property, plant and equipment 294.1
Slide 29: Consolidated Balance Sheet: Equity & Liabilities
Consolidated Balance Sheet: Equity & Liabilities [€ million] 12/31/25 9/30/25 ∆ in % 12/31/25 12/31/24 ∆ in % Equity 1,344.7 1 1,308.6 +3% 1,344.7 1,311.3 +3% 1 Equity ratio remained constant at 38% Equity attributable to shareholders of Bilfinger SE 1,331.7 1,298.2 +3% 1,331.7 1,300.9 +2% Attributa
Slide 30: Net Liquidity | Cash Flow Development Excluding IFRS
Net Liquidity | Cash Flow Development Excluding IFRS 16 Net liquidity1) [€ million] Cash flow development year-to-date excl. IFRS 16 [€ million] -24 FY 2025 IFRS 16 FY 2025 FY 2024 -10 -6 excl. IFRS impacts incl. IFRS excl. IFRS -12 -3 121 -23 146 16 16 16 0 103 EBITA 299 299 264 Depreciation 57 66
Slide 31: Consolidated Statement of Cash Flows [1/2]
Consolidated Statement of Cash Flows [1/2] [€ million] Q4/25 Q4/24 ∆ in % FY/25 FY/24 ∆ in % EBITDA 118.4 109.2 +8% 422.4 382.4 +10% 1 Special items in FCF [in € million] Change in advance payments received -11.1 8.6 - -46.9 49.5 - Q4/25 FY/25 Change in trade receivables 41.4 -7.9 - 45.3 -26.6 - Eff
Slide 32: Consolidated Statement of Cash Flows [2/2]
Consolidated Statement of Cash Flows [2/2] [€ million] Q4/25 Q4/24 ∆ in % FY/25 FY/24 ∆ in % Free Cash Flow (FCF) [carry over] 96.9 84.1 15% 329.9 188.9 75% 1 Purchase price for acquisitions Proceeds from / payments made for the disposal of financial assets 0.0 -5.9 - 0.6 -6.7 - Share buyback: As pe
Slide 33: Your Bilfinger IR Team
Your Bilfinger IR Team Martina Kalkhake Sascha Bamberger Nicola Bursitzky Maximilian H. W. Zabel Senior Vice President Director Manager Manager Investor Relations Investor Relations Investor Relations Investor Relations Phone: +49 (0) 621 / 459-3759 Phone: +49 (0) 621 / 459-2455 Phone: +49 (0) 621 /
Slide 34: Disclaimer
Disclaimer This document contains forward-looking statements, which are predictions, projections or other statements about future events. Such statements are based on plans, expectations, forecasts and assumptions as they are currently available to Bilfinger’s management. Forward-looking statements
Slide 35: Your Performance Is Our Business
Your Performance Is Our Business