Bilfinger Se · XETR:GBF
Bilfinger — Q2 2026 Earnings Presentation
30 slides from Bilfinger's earnings presentation, Aug 12, 2026
Slide 1: Q2 2026 Results
Q2 2026 Results August 12, 2026 Dr. Thomas Schulz, Group CEO Matti Jäkel, Group CFO
Slide 2: Highlights | Q2 2026
Highlights | Q2 2026 Market -16% / org. -21% +7% / org. +4% 5.3% Volatile market Orders Received Revenue EBITA margin environment € 1,498 million € 1,450 million from 5.5% € 1.47 € 48 million Outlook 2026 Outlook 2026 Earnings per share Free cash flow Revenue Includes Teknokon € 5,400 – 5,900 millio
Slide 3: Safety Performance
Safety Performance TRIF: Total Recordable Incident Frequency [based on 1 million working hours ] 1.01 0.89 0.85 0.78 0.69 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 LTIF: Lost Time Injury Frequency [based on 1 million working hours ] 0.26 0.17 0.15 0.16 Our ambition is zero incidents 0.05 Q2/25 Q3/25 Q4/25 Q1/26
Slide 4: Industry Development
Industry Development Production Index1) Outsourcing Bilfinger Base year 2023 I Europe, Middle East and North America Potential Revenue Share2) Demand 125 Chemicals & Petrochemicals Significant regional differences 120 21% in expected growth 115 110 Energy Increasing demand for generation, 28% 105 st
Slide 5: Selected Orders Received
Selected Orders Received Chemicals Global oil & gas company Energy EWE Hydrogen Adjacent Gübretaş Western Europe Central Europe International & Petrochemicals Industries Installation of air-preheater systems at a Engineering, installation and Expansion of gold production capacity major integrated re
Slide 6: Innovation: Bilfinger Automated Gas Analysis System 1.0
Innovation: Bilfinger Automated Gas Analysis System 1.0 Improved Efficiency, Scalability and Quality of Gas Production Customer Challenge Bilfinger Solution Bilfinger Contribution Leading producer of industrial gases Fully automated gas analysis and in Saudi Arabia: certification workflow: Higher qu
Slide 7: Group | Demand
Group | Demand Opportunity pipeline [indexed on April 2024] -1% 0% 100 104 102 106 97 100 95 99 107 • Positive momentum in opportunity pipeline towards the end of Q2 driven by Energy industry Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Slide 8: Group | Revenue and Profitability
Group | Revenue and Profitability Revenue [€ million] | Book-to-Bill [ratio] Gross profit [€ million, %] ∆ abs. / org. Revenue +7% / +4% 0% 1,450 155 155 • Growth in Energy and Adjacent Industries 1,353 • Decline in Pharma & Biopharma 1.31 11.5% 10.7% 1.03 Gross profit / EBITA Q2/25 Q2/26 Q2/25 Q2/2
Slide 9: Segment Western Europe | Performance
Segment Western Europe | Performance Orders received [€ million] Revenue [€ million] Orders received ∆ abs. / org. -23% / -22% ∆ abs. / org. +1% / +1% • Prior year benefited from significant 623 contract awards 471 477 482 • Orders primarily from existing framework agreements • Increase in Oil & Gas
Slide 10: Segment Central Europe | Performance
Segment Central Europe | Performance Orders received [€ million] Revenue [€ million] Orders received ∆ abs. / org. ∆ abs. / org. • Prior year benefited from significant -10% / -14% +9% / +5% 721 contract awards 646 664 611 • Increase in Energy industry • Decline in Oil & Gas and Pharma & Biopharma i
Slide 11: Segment International | Performance
Segment International | Performance Orders received [€ million] Revenue [€ million] Orders received ∆ abs. / org. -12% / -32% ∆ abs. / org. +10% / +6% • Prior year benefited from significant 396 framework renewals and contract awards 347 302 275 • Growth in Oil & Gas and Energy industry Revenue • Gr
Slide 12: Group | Net Profit and Earnings per Share
Group | Net Profit and Earnings per Share Q2/26 [€ million] 75 • Tax rate 23% (Q2 2025: 28%) 71 -5 -16 55 54 • Earnings per share increase by 15% to 0 0 € 1.47 (Q2 2025: € 1.28) EBIT Financial EBT Taxes EAT cont. EAT Minorities Net profit result discont. Q2/25 [€ million] 72 68 -4 -19 49 48 0 -1 EBI
Slide 13: Group | Cash flow and Working Capital
Group | Cash flow and Working Capital Free cash flow [€ million] | Operating cash flow [€ million] Cash Conversion [%] • Geopolitical uncertainty: lower advance -5% -9% payments and timing effects in billing processes 64 53 48 61 71% 62% Q2/25 Q2/26 Q2/25 Q2/26 Thereof adjustments Net Trade Assets /
Slide 14: Group | Net Liquidity and Leverage
Group | Net Liquidity and Leverage Net liquidity [€ million] Net debt / EBITDA [ratio]1) Leverage < 2.0 469 519 502 430 146 103 128 61 233 10 -25 -176 -177 -177 -178 0.7 -197 0.6 0.5 0.3 0.4 -194 -188 -197 -196 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Net liq
Slide 15: Group | Outlook 2026
Group | Outlook 2026 Outlook 2026 confirmed EBITA margin expected at lower end of range; Teknokon acquisition included Actual Actual Outlook Mid-term [€ million, %] YTD 2025 YTD 2026 FY 2026 targets 2030 Revenue 2,620 2,763 5,400 to 5,900 8 - 10% CAGR EBITA margin 5.0% 5.0% 5.8 to 6.2% 8 - 9% ≥ 90%
Slide 16: Highlights | Q2 2026
Highlights | Q2 2026 Market -16% / org. -21% +7% / org. +4% 5.3% Volatile market Orders Received Revenue EBITA margin environment € 1,498 million € 1,450 million from 5.5% € 1.47 € 48 million Outlook 2026 Outlook 2026 Earnings per share Free cash flow Revenue Includes Teknokon € 5,400 – 5,900 millio
Slide 17: Quarterly Statement Q2 2026 Financial Backup
Quarterly Statement Q2 2026 Financial Backup
Slide 18: Segment Development Q2 2026
Segment Development Q2 2026 Reconciliation Group Western Europe Central Europe International HQ / Consolidation / Group Other Operations Other1) [€ million] Q2/26 Q2/25 Δ in % Q2/26 Q2/25 Δ in % Q2/26 Q2/25 Δ in % Q2/26 Q2/25 Δ in % Q2/26 Q2/25 Δ in % Q2/26 Q2/25 Δ in % Orders received 482 623 -23%
Slide 19: Segment Development YTD 2026
Segment Development YTD 2026 Reconciliation Group Western Europe Central Europe International HQ / Consolidation / Group Other Operations Other1) [€ million] YTD/26 YTD/25 Δ in % YTD/26 YTD/25 Δ in % YTD/26 YTD/25 Δ in % YTD/26 YTD/25 Δ in % YTD/26 YTD/25 Δ in % YTD/26 YTD/25 Δ in % Orders received
Slide 20: Segments | Outlook 2026
Segments | Outlook 2026 Outlook 2026 confirmed EBITA margins expected at lower end of ranges; Teknokon acquisition included Actual Actual Outlook [€ million, %] YTD 2025 YTD 2026 FY 2026 Western Europe Central Europe International Revenue 887 920 1,800 to 2,000 34%1) 46%1) 20%1) Western Europe EBITA
Slide 21: Revenue Split
Revenue Split Western Europe Central Europe International Group YTD/26 YTD/25 YTD/26 YTD/25 YTD/26 YTD/25 YTD/26 YTD/25 Chemicals & Petrochemicals 35% 37% 22% 24% 3% 7% 21% 24% Energy 20% 15% 30% 26% 19% 19% 28% 24% Industry Split Oil & Gas 29% 32% 15% 13% 17% 18% 19% 19% Pharma & Biopharma 3% 4% 20
Slide 22: Profit and Loss Statement
Profit and Loss Statement [€ million] Q2/26 Q2/25 ∆ in % YTD/26 YTD/25 ∆ in % Revenue 1,450.4 1,352.9 +7% 2,762.8 2,620.3 +5% 1 Special items EBITA [€ million] Gross profit 155.3 155.1 0% 297.4 296.7 0% Q2/26 Selling and administrative expenses -88.3 -85.9 - -172.6 -172.5 - Integration of acquisitio
Slide 23: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets [€ million] 6/30/26 3/31/26 ∆ in % 6/30/26 12/31/25 ∆ in % Non-current assets 1,472.9 1,415.0 +4% 1,472.9 1,406.1 +5% 1 Goodwill increased to €847 million Intangible assets 884.5 1 832.5 +6% 884.5 827.6 +7% (03/26: €795 million) Property, plant and equipment 298.5
Slide 24: Consolidated Balance Sheet: Equity & Liabilities
Consolidated Balance Sheet: Equity & Liabilities [€ million] 6/30/26 3/31/26 ∆ in % 6/30/26 12/31/25 ∆ in % Equity 1,358.0 1 1,403.6 1 -3% 1,358.0 1,344.7 +1% 1 Equity ratio remained constant at 39% Equity attributable to shareholders of Bilfinger SE 1,342.3 1,389.1 -3% 1,342.3 1,331.7 +1% Attributa
Slide 25: 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] -13 Q2 2026 IFRS 16 Q2 2026 Q2 2025 61 -41 excl. IFRS impacts incl. IFRS excl. IFRS 128 16 16 16 EBITA 137 137 131 -111 Depreciation 29 34 63 28 128 Change
Slide 26: Consolidated Statement of Cash Flows [1/2]
Consolidated Statement of Cash Flows [1/2] [€ million] Q2/26 Q2/25 ∆ in % YTD/26 YTD/25 ∆ in % EBITDA 109.7 105.4 +4% 200.1 192.5 +4% 1 Special items in FCF [€ million] Change in advance payments received -8.8 9.3 - -9.3 4.5 - Q2/26 Change in trade receivables -66.7 -47.4 - -181.5 -2.2 - 66.6 25.1 +
Slide 27: Consolidated Statement of Cash Flows [2/2]
Consolidated Statement of Cash Flows [2/2] [€ million] Q2/26 Q2/25 ∆ in % YTD/26 YTD/25 ∆ in % Free Cash Flow (FCF) [carry over] 48.0 53.1 -9% 69.1 162.4 -57% 1 Purchase price for acquisitions Proceeds from / payments made for the disposal of financial assets 0.0 0.6 - 0.0 0.6 - Investments in finan
Slide 28: 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 29: 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 30: Your Performance Is Our Business
- Your Performance Is Our Business