Slide 1: Q1 2026 Results
Q1 2026 Results May 13, 2026 Dr. Thomas Schulz, Group CEO Matti Jäkel, Group CFO
Slide 2: Highlights | Q1 2026
Highlights | Q1 2026 Stable development -5% / org. -6% +4% / org. +3% 4.6% in a volatile market with Orders Received Revenue EBITA margin adverse weather conditions € 1,208 million € 1,312 million from 4.5% € 0.99 € 21 million Outlook 2026 M&A Earnings per share Free cash flow Revenue € 5,400 – 5,90
Slide 3: Safety Performance
Safety Performance TRIF: Total Recordable Incident Frequency [based on 1 million working hours ] 1.01 0.89 0.85 0.80 0.69 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 LTIF: Lost Time Injury Frequency [based on 1 million working hours ] 0.26 0.15 0.17 0.15 0.16 Our ambition is “zero” incidents Q1/25 Q2/25 Q3/25 Q4/
Slide 4: 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 20% 120 in expected growth Energy 110 Increasing demand for generation, 26% storage an
Slide 5: Selected New Orders
Selected New Orders Pharma & Global Biopharma Company Oil & Gas Harbour Energy Energy Construction Company Western Europe Central Europe International Biopharma Asset Performance Asset Performance Consulting & Engineering Integrated services to enhance asset Asset performance improvements, Basic, de
Slide 6: Innovation: Bilfinger Client Portal 2.0
Innovation: Bilfinger Client Portal 2.0 Real-time transparency and intelligent control in scaffolding Customer Challenge Bilfinger Solution Bilfinger Contribution • Numerous scaffolding units across • Comprehensive online portal for multiple locations desktop and mobile devices ≥ 60% enhanced ~30% d
Slide 7: Group | Demand
Group | Demand Opportunity pipeline [indexed on January 2024] +6% -5% 100 102 105 103 107 116 102 102 106 • Solid demand in electricity generation investments • Chemicals under cost pressure due to Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Fe
Slide 8: Group | Revenue and Profitability
Group | Revenue and Profitability Revenue [€ million] | Book-to-Bill [ratio] Gross profit [€ million, %] ∆ abs. / org. Revenue +4% / +3% 0% 1,312 142 142 • Revenue growth mainly from Oil & Gas 1,267 and Energy 1.00 11.2% 10.8% • Adverse weather conditions result in shift 0.92 of revenue into subsequ
Slide 9: Segment Western Europe | Performance
Segment Western Europe | Performance Orders received [€ million] Revenue [€ million] ∆ abs. / org. ∆ abs. / org. Orders received -9% / -11% +6% / +4% 443 • Growth from Energy and Chemicals & 424 416 385 Petrochemicals industries • Decline mainly in Oil & Gas Revenue Q1/25 Q1/26 Q1/25 Q1/26 • Growth
Slide 10: Segment Central Europe | Performance
Segment Central Europe | Performance Orders received [€ million] Revenue [€ million] ∆ abs. / org. ∆ abs. / org. Orders received -5% / -7% +6% / +3% 624 593 600 • Growth from Energy industry 568 • High comparable in Chemicals & Petrochemicals Q1/25 Q1/26 Q1/25 Q1/26 Revenue • Growth from Oil & Gas a
Slide 11: Segment International | Performance
Segment International | Performance Orders received [€ million] Revenue [€ million] ∆ abs. / org. ∆ abs. / org. Orders received +2% / +8% -5% / +2% 258 245 • North America with frame contract 227 232 additions Revenue • Growth from Oil & Gas industry Q1/25 Q1/26 Q1/25 Q1/26 • Revenue decline due to
Slide 12: Group | Net Profit and Earnings per Share
Group | Net Profit and Earnings per Share Q1/26 [€ million] 57 • Tax rate decreased from 31% to 26% due -5 to favorable one-time tax effect in U.S. -14 37 0 -2 • Earnings per share increase from € 0.84 to € 0.99 (+17%) EBIT Financial Taxes EAT discont. Minorities Net profit result Q1/25 [€ million]
Slide 13: Group | Cash flow and Working Capital
Group | Cash flow and Working Capital Free cash flow [€ million] | Cash Operating cash flow [€ million] Conversion [%] 125 109 • One-time effect in prior year due to completion of a legal proceeding in the U.S. (mid double-digit million amount) • Adverse weather conditions and 36 193% 21 geopolitica
Slide 14: Group | Net Liquidity and Leverage
Group | Net Liquidity and Leverage Net liquidity [€ million] Net debt / EBITDA [ratio]1) Leverage < 2.0 533 519 502 430 469 163 146 103 128 61 -179 -176 -177 -177 -178 0.6 0.5 0.3 0.3 0.4 -191 -194 -188 -197 -196 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Net l
Slide 15: Group | Outlook 2026 confirmed
Group | Outlook 2026 confirmed Actual Outlook Actual Mid-term [€ million, %] FY 2025 FY 20262) Q1 2026 targets 2030 Revenue 5,427 5,400 to 5,900 1,312 8 - 10% CAGR EBITA margin 5.5% 5.8 to 6.2% 4.6% 8 - 9% ≥ 90% Cash Free cash flow 3301) 250 to 300 21 Conversion 1) Including a mid double-digit milli
Slide 16: Highlights | Q1 2026
Highlights | Q1 2026 Stable development -5% / org. -6% +4% / org. +3% 4.6% in a volatile market with Orders Received Revenue EBITA margin adverse weather conditions € 1,208 million € 1,312 million from 4.5% € 0.99 € 21 million Outlook 2026 M&A Earnings per share Free cash flow Revenue € 5,400 – 5,90
Slide 17: Quarterly Statement Q1 2026 Financial Backup
Quarterly Statement Q1 2026 Financial Backup
Slide 18: Segment Development Q1 2026
Segment Development Q1 2026 Reconciliation Group Western Europe Central Europe International HQ / Consolidation / Group Other Operations Other1) [€ million] Q1/26 Q1/25 Δ in % Q1/26 Q1/25 Δ in % Q1/26 Q1/25 Δ in % Q1/26 Q1/25 Δ in % Q1/26 Q1/25 Δ in % Q1/26 Q1/25 Δ in % Orders received 385 424 -9% 5
Slide 19: Segments | Outlook 2026 confirmed
Segments | Outlook 2026 confirmed Actual Outlook Actual [€ million, %] FY 2025 FY 20262) Q1 2026 Revenue 1,825 1,800 to 2,000 443 Western Europe Central Europe International Western Europe 34%1) 46%1) 20%1) EBITA margin 6.7% 7.0 to 7.4% 6.8% Revenue 2,497 2,500 to 2,700 600 Central Europe EBITA marg
Slide 20: Revenue Split
Revenue Split Western Europe Central Europe International Group Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Chemicals & Petrochemicals 33% 37% 21% 25% 2% 10% 20% 24% Energy 19% 12% 27% 25% 19% 23% 26% 25% Industry Split Oil & Gas 31% 34% 14% 12% 19% 16% 20% 18% Pharma & Biopharma 4% 4% 22% 24% 0
Slide 21: Profit and Loss Statement
Profit and Loss Statement [€ million] Q1/26 Q1/25 ∆ in % Revenue 1 Special items EBITA [€ million] 1,312.4 1,267.4 +4% Gross profit 142.0 141.6 0% Q1/26 Selling and administrative expenses -84.3 -86.7 - Integration of acquisition -1 Impairment losses and reversal of impairment losses (as per IFRS 9)
Slide 22: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets [€ million] 3/31/26 12/31/25 ∆ in % Non-current assets 1,415.0 1,406.1 +1% Goodwill increased to €795 million 832.5 1 827.6 +1% 1 Intangible assets (12/25: €790 million) Property, plant and equipment 297.0 294.1 +1% Right of use assets from leases 187.3 187.6 0% In
Slide 23: Consolidated Balance Sheet: Equity & Liabilities
Consolidated Balance Sheet: Equity & Liabilities [€ million] 3/31/26 12/31/25 ∆ in % Equity 1,403.6 1 1,344.7 +4% 1 Equity ratio remained constant at 39% Equity attributable to shareholders of Bilfinger SE 1,389.1 1,331.7 +4% Attributable to minority interests 14.4 13.0 +11% Non-current liabilities
Slide 24: Net Liquidity | Cash Flow Development Excluding IFRS 16
Net Liquidity | Cash Flow Development Excluding IFRS 16 Net liquidity1) [€ million] Cash flow development year-to-date excl. IFRS 16 [€ million] -15 0 Q1 2026 IFRS 16 Q1 2026 Q1 2025 146 36 -3 -16 -2 128 excl. IFRS impacts incl. IFRS excl. IFRS -16 -2 16 16 16 EBITA 60 60 57 146 Depreciation 15 16 3
Slide 25: Consolidated Statement of Cash Flows [1/2]
Consolidated Statement of Cash Flows [1/2] [€ million] Q1/26 Q1/25 ∆ in % EBITDA 90.4 87.2 +4% Change in advance payments received -0.6 -4.8 +88% 1 Increase in trade receivables caused by timing Change in trade receivables -114.8 1 45.1 2 - effects related to invoicing Change in trade payables and a
Slide 26: Consolidated Statement of Cash Flows [2/2]
Consolidated Statement of Cash Flows [2/2] [€ million] Q1/26 Q1/25 ∆ in % Free Cash Flow (FCF) [carry over] 21.0 109.3 -81% Proceeds from / payments made for the disposal of financial assets 0.0 0.0 - Investments in financial assets 0.0 -7.5 - Changes in marketable securities 0.0 0.0 - - Share buyba
Slide 27: Your Bilfinger IR Team
Your Bilfinger IR Team Martina Kalkhake Sascha Bamberger Christine Terhalle Nicola Bursitzky Maximilian H. W. Zabel Senior Vice President Director Senior Manager Manager Manager Investor Relations Investor Relations Investor Relations Investor Relations Investor Relations Phone: +49 (0) 621 / 459-37
Slide 28: 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 29: Your Performance Is Our Business
Your Performance Is Our Business