Bilfinger Se · XETR:GBF
Bilfinger — Investor Day (December 2025)
66 slides from Bilfinger's investor day presentation, Dec 2, 2025
Slide 1: Bilfinger 2030 – Your Performance Is Our Business
Bilfinger 2030 Your Performance Is Our Business Capital Markets Day 2025 Thomas Schulz | Group CEO December 2, 2025
Slide 2: The Leading Industrial Service Provider – Our Group at a Glance
The Leading Industrial Service Provider – Our Group at a Glance Consultancy Engineering New Builds & Modifications Maintenance & Turnarounds Digitalization ~ € 5.4 bn > 32,000 revenue employees > 90% ~ 80% customer similar business retention rate across all industries E&M Europe E&M International Te
Slide 3: No.1 for Our Customers in Enhancing Efficiency & Sustainability
No.1 for Our Customers in Enhancing Efficiency & Sustainability Bilfinger Market Expansion … Years Our business model is based on enhancing our customers’ 2030 profitability by improving efficiency and sustainability Future 2029 2028 Current mid-term targets 2025/27 2027 2025E 4-5% CAGR 2026 ~ € 5.4
Slide 4: Mid-term Financial Targets 2030
Mid-term Financial Targets 2030 Actuals Target 2022-25E 2030 Growth ~ 8% CAGR 8-10% CAGR From 3.2%1) EBITA Margin 8-9% to ~ 5.5% Cash Conversion From 97%2) (FCF/EBITA) ≥ 90% to ~ 110% 1) Reported figure 1.8% in 2022; 2) 2022 ratio is FCF reported to EBITA adjusted 4 Bilfinger | Capital Markets Day |
Slide 5: Proof Points 2022-2025
Proof Points 2022-2025 Total Shareholder Return (base 100) Achievements 383 Bilfinger Efficiency Program Strategic Strategic Operational Excellence Market Expansion Revenue +25% Financial Financials 168 Peer Median1) s EBITA +293% 2022-25E 2022-25E 142 SDAX Free Cash Flow +143% 121 MDAX Return to MD
Slide 6: Trends and Drivers
Trends and Drivers Outsourcing Volatility Efficiency Overregulation Sustainability Decomplexing Bilfinger's Political unrest business model Competence transfer benefits from both Labor shortage Climate change Energy costs growing as well as declining markets Artificial Intelligence Digitalization Eu
Slide 7: Our Industries
Our Industries Chemicals & Pharma & Oil & Adjacent Energy Petrochemicals Biopharma Gas Industries Addressable Total Markets1) [€ bn] 64 44 > 50 21 32 Bilfinger © Audrey – stock.adobe.com Market CAGR 1-2% 1-2% ~ 4% 1-2% 1-2% 1-2% 2025-30 Outsourcing CAGR ~ 0.5% ~ 1% ~ 1% ~ 0.5% ~ 1% ~ 1% 2025-30 Mark
Slide 8: Bilfinger Opportunities
Bilfinger Opportunities Data Centers Growth in Europe Nuclear Investments by 2050 Global Investment in Clean Energy 205 [GW] +20% [€ bn] [€ bn] +22% CAGR CAGR 4,800 34 14 36 1,750 2025 2030 Life extension New reactors 2025 2030 Digital Share in Industrial Global Low-Carbon Hydrogen Supply Aging Infr
Slide 9: Towards 2030
Towards 2030 Volatile Markets Target Operational Market 8-10% CAGR Excellence Expansion ▪ < 8-9% ≥ 90% Target 4-5% CAGR 6-7% > 80% 2030 2025-2027 2022 Addressable Markets Growth EBITA Margin Cash Conversion 9 Bilfinger | Capital Markets Day | December 2, 2025
Slide 10: Lever Operational Excellence
Lever Operational Excellence Growth People Profitability Cash Growth Standardization Profitability Cash Operational Excellence Internal focus: Profitability Procurement Cash Continuous improvement of performance Profitability De-Risking Cash Progress 2022 2025 10 Bilfinger | Capital Markets Day | De
Slide 11: Deep Dive Standardization
Deep Dive Standardization 5 Global Product Centers Way forward Standardization + 25% Engineering Static more Technical Support Equipment innovations p.a. since 2022 ~ 30% Quality & Certification of existing products upgraded Rotating Insulation, since 2022 Learning & Development Equipment Scaffoldin
Slide 12: Lever Market Expansion
Lever Market Expansion Growth Sales Profitability Cash Mergers & Growth Profitability Acquisitions Cash Market Expansion Growth External focus: Performance Profitability Partner of choice Partner Cash for our customers Innovation & Profitability Digitalization Cash Progress 2022 2025 12 Bilfinger |
Slide 13: Deep Dive Mergers & Acquisitions
Deep Dive Mergers & Acquisitions M&A Selection Criteria Opportunties Total Shareholder Return and Earnings per Share United Share of Offering accretion Wallet Focus on larger acquisition States Market Strengthen the core and adjacent Middle Share of Offering Attractive top-line and bottom-line contr
Slide 14: Deep Dive Digitalization
Deep Dive Digitalization AI-enabled Operations Data-driven Decisions > 80% Digital Workflows 15% Drones & Robotics Today Asset Intelligence by 2030 Automation … 14 % reflects share of revenue supported by digitalization 14 Bilfinger | Capital Markets Day | December 2, 2025
Slide 15: Examples Digitalization
Examples Digitalization AI-enabled Operations Drones & Robotics Asset Intelligence • Voice-enabled or chat-based • Safe access to enclosed spaces and • Digital Twin technology with real-time assistants for Human-AI collaboration hazardous environments asset analytics and reporting • Collaborative AI
Slide 16: Ambition 2030
Ambition 2030 Revenue Growth [% CAGR] EBITA Margin [%] 8% + 230 CAGR ~ 4% 8-10% bps 1-2% 8-9% 2022-25E 2022-25E 1-2% ~ 5.5% 3-4% 1-2% 2025E Market Self- M&A 2030 2025E Operational Market 2030 propelled Excellence Expansion Cash Conversion Rate ≥ 90% 16 Bilfinger | Capital Markets Day | December 2, 2
Slide 17: Organizational Maturity
Organizational Maturity Business Region Segment Segment Business Unit Unit 5 BUs E&M BENE E&M Europe 4 BUs Western Europe … … 2 BUs E&M E&M International Custo- Middle East Custo- 4 BUs Central Europe mers mers 3 BUs Energy Transition … Life Science Technologies 4 BUs 3 BUs International Nuclear Geo
Slide 18: Updated Segment Structure 2026
Updated Segment Structure 2026 Consultancy Engineering New Builds & Modifications Maintenance & Turnarounds Digitalization Current structure [% of Group E&M Europe E&M International Technologies revenue 2025E] ~ 69% ~ 15% ~ 16% Updated structure (2026+) Western Europe Central Europe International [%
Slide 19: Bilfinger 2030 – Your Performance Is Our Business (CFO)
Bilfinger 2030 Your Performance Is Our Business Capital Markets Day 2025 Matti Jäkel | Group CFO December 2, 2025
Slide 20: Navigating Growth, Margins and Cash Flow
Navigating Growth, Margins and Cash Flow Revenue EBITA Margin Free Cash Flow | Cash Conversion [€ bn, % CAGR] [%, bps] [€ m, %] + 230 bps ~ 8% ~ 5.4 ~ 330 5.0 6 ~ 5.5% 4.5 5.2% 4.3 5 4.3% 4 3.2% 189 3 ~ 110% 2 136 122 71% 1 97%2) 64% 0 2022 2023 2024 2025E 2022 adj.1) 2023 2024 2025E 2022 2023 2024
Slide 21: Accelerating Financial Performance
Accelerating Financial Performance Revenue EBITA Margin Free Cash Flow | Cash Conversion [€ bn, % CAGR] [%, bps] [€ m, %] 8-9% + 250-350 bps 8-10% ~ 5.5% ~ 330 ~ 5.4 ≥ 90% ~ 110% 2025E 2030 2025E 2030 2025E 2030 • Expansion in core and adjacent markets, • Value-based selling, service bundling and •
Slide 22: Updated Segment Structure Provides better Transparency
Updated Segment Structure Provides better Transparency Western Europe Central Europe International Revenue [€ bn, % CAGR] Revenue [€ bn, % CAGR] Revenue [€ bn, % CAGR] 6-8% 6-8% 12-15% ~ 2.5 ~ 2.0 ~ 1.1 2025E 2030 2025E 2030 2025E 2030 EBITA Margin [%] EBITA Margin [%] EBITA Margin [%] 8-9% 8-9% 8-9
Slide 23: Updated Strategy Accelerates Growth
Updated Strategy Accelerates Growth Revenue Growth [% CAGR] • Geography-led Segments drive sales 2022-2025E ≤ 0.5% ~ 4% 3-4% ~ 8% performance • Outsourcing potential across all industries • Digitally enhanced service offerings 2025E-2030 1-2% ~ 4% 3-4% 3-4% 8-10% • Efficiency- and Sustainability-bas
Slide 24: Performance Partner for Progressing Sustainability
Performance Partner for Progressing Sustainability Revenue [€ bn] 2023 2025E 5.4 Degree of 0.7 A Renewable energy generation, circular economy, CO reduction 2 ~ 16% 4.5 CAGR environ- 0.3 0.5 B Enhancing energy efficiency 2023-2025E Degree of environmental impact mental 0.3 • High-impact A+B portfoli
Slide 25: Strategic Levers Enable Continued Profitability Progression
Strategic Levers Enable Continued Profitability Progression EBITA Margin [%] • De-risking contract portfolio 2022-2025E 3.2% 1.5-2% ~ 0.5% ~ 5.5% • Improving procurement efficiency • Investing in our people • Value-based selling 2025E-2030 ~ 5.5% 1-2% 1-2% 8-9% • Higher margin M&A … Base Operational
Slide 26: Deep Dive De-Risking
Deep Dive De-Risking Revenue by Contract Type [2025E] Revenue by Remuneration Model [2025E] Mixed Time & Material 21% Projects 41% 44% 59% 20% Lump sum 15% Frame and service contracts Unit rates • Increased transparency on risk profile • Lump sum contracts only within our risk tolerance and preferab
Slide 27: Deep Dive Procurement
Deep Dive Procurement • Implement AI, some AI agents already at work Procurement Processes • Potential to reduce administrative work by 25-30% • Applies to materials, subcontractors and workforce Global Sourcing • Provides access to digital technologies EBITA Margin Improvement • Lowering the number
Slide 28: Updated Target Ratio for NTA to ≤ 6% of Revenue
Updated Target Ratio for NTA to ≤ 6% of Revenue NTA / Revenue1) Free Cash Flow | Cash Conversion [%] [€ m, %] 12.0% 11.8% 9.7% 8.3% ~ 330 ≤ 6% ≥ 90% … ~ 110% 2022 2023 2024 2025E 2030 2025E 2030 • Focus on accelerating billing and collection process • De-risking supports trade working capital effici
Slide 29: Disciplined Capital Allocation Driving Shareholder Value
Disciplined Capital Allocation Driving Shareholder Value Comfortable head-room within Dividends leverage threshold Policy: 40 – 60% of adjusted net income Net Debt / EBITDA1) 2.0 Organic Growth Sales, People, Innovation & Digitalization Free cashflow M&A 0.9 0.8 Core and adjacent geographies/industr
Slide 30: Investment Highlights: Delivering Attractive Shareholder Returns
Investment Highlights: Delivering Attractive Shareholder Returns 1 Asset-light industrial services provider with > 90% customer retention rate 2 Revenue growth through market expansion (8-10% until 2030) 3 Sustainable EBITA margin progression (8-9% until 2030) 4 Strong cash flow generation (≥ 90% Ca
Slide 31: Your Performance Is Our Business
Your Performance Is Our Business
Slide 32: Deep Dive Segments
Deep Dive Segments Capital Markets Day 2025 Operational Market Jürgen Liedl | Segment President Central Europe Excellence Expansion December 2, 2025
Slide 33: Bilfinger Updated Segment Structure
Bilfinger Updated Segment Structure Consulting & Engineering Prefabrication & Installation Access & Insulation Asset Performance Digitalization Western Europe Central Europe International ~ 35%1) ~ 45%1) ~ 20%1) Industries Chemicals & Pharma & Energy Oil & Gas Adjacent Industries Petrochemicals Biop
Slide 34: Three Updated Segments
Three Updated Segments Western Europe Central Europe International Total Employees [k, 2024] ~8 ~ 12 ~ 10 ~ 30 Revenue [€ bn, 2025E] ~ 2.0 ~ 2.5 ~ 1.1 ~ 5.41) EBITA Margin [%, 2025E] ~ 6.6% ~ 5.6% ~ 4.1% ~ 5.5% Note: Countries with permanent presence and/ or legal entity highlighted; 1) Total is not
Slide 35: Three Updated Segments by Industry
Three Updated Segments by Industry Western Europe Central Europe International Revenue by Industry Revenue by Industry Revenue by Industry [%, 2025E] [%, 2025E] [%, 2025E] 20% 15% 30% 30% 25% 15% 55% 20% 5% 10% 25% 5% 10% 25% 10% Chemicals & Petrochemicals Energy Oil & Gas Pharma & Biopharma Adjacen
Slide 36: Market Dynamics and Opportunities
Market Dynamics and Opportunities Western Europe Central Europe International Share of Offering Share of Offering Share of Offering Wallet Wallet Wallet Market Market Market Addressable Markets1) [2025E] ~ € 30 bn ~ € 35 bn ~ € 97 bn High Medium Low 1) Addressable markets in expanded geographies ver
Slide 37: Market Expansion in the Updated Segments
Market Expansion in the Updated Segments Today 2030 Western Central Inter- Western Central Inter- Europe Europe national Europe Europe national Consulting & Engineering Sales Prefabrication & Installation M&A Access & Insulation Performance Partner Asset Performance Innovation & Digitalization Share
Slide 38: Updated Segment Structure Provides Better Transparency
Updated Segment Structure Provides Better Transparency Western Europe Central Europe International Revenue [€ bn, % CAGR] Revenue [€ bn, % CAGR] Revenue [€ bn, % CAGR] 6-8% 6-8% 12-15% ~ 2.5 ~ 2.0 ~ 1.1 2025E 2030 2025E 2030 2025E 2030 EBITA Margin [%] EBITA Margin [%] EBITA Margin [%] 8-9% 8-9% 8-9
Slide 39: Customer Cases I
Customer Cases I Dutch Ministry of Infrastructure and Water Management E.ON Shell • EI&C upgrade of waterway infrastructure • Prefabrication and assembly of a new • Mechanical and EI&C maintenance, (bridges and locks) across the heat accumulator to ensure reliable and turnaround and installation ser
Slide 40: Customer Cases II
Customer Cases II Zeeland Refinery UK Atomic Energy Authority Thor Medical • End-to-end maintenance for improved • Development of virtual control room for • Engineering, procurement and project energy efficiency and reduced emissions tritium fuel cycle facility to train future management for a new p
Slide 41: Deep Dive People
People Deep Dive People Capital Markets Day 2025 Operational Mirja Becker | Chief HR & HSEQ Officer Excellence December 2, 2025
Slide 42: Our People are our Asset
Our People are our Asset • 120+ nationalities Diverse • ~ 25% women in leading positions > 32,000 people deliver • ~ 2/3 industrial workers Experienced • Average length of value for our customers service ~ 10 years Opportunities Growth for to grow for our Bilfinger employees Future-ready 42 Bilfinge
Slide 43: Learning & Development Investment
Learning & Development Investment Spend [€ m, in % of revenue] + 65% ~ 33 ~ 30 ~ 25 Invest > 0.5% ~ 20 of revenue p.a. > 0.6% > 0.6% > 0.6% > 0.5% 2022 2023 2024 2025E 43 Bilfinger | Capital Markets Day | December 2, 2025
Slide 44: Learning & Development Offering
Learning & Development Offering Employees 2022 2025 2030 Examples Entry-level Education GmbH Upskilling Program for Welding, Industrial Workers Pipefitting & Plating Technicians REPEAT International Exchange Engineers Program for Engineers Global Executive Flagship Leaders Program Bilfinger Values A
Slide 45: Attraction & Retention
Attraction & Retention Voluntary Turnover Outlook 2030 Ambition 13% Voluntary turnover below 11% industry 10% benchmark 8% Industry 6-8% benchmark Impact Recruiting 100 bps improvement champion deliver € 5-10 m savings p.a. 2022 2023 2024 YTD 09/2025 45 Bilfinger | Capital Markets Day | December 2,
Slide 46: HSEQ Performance
HSEQ Performance Safety Performance Outlook 2030 TRIF: Total Recordable Incident Frequency1) 1.29 1.19 1.12 Ambition 0.92 "Zero incidents" 2022 2023 2024 YTD 09/2025 No.1 LTIF: Lost Time Injury Frequency1) in HSEQ Impact performance for Up to € 10 m our customers savings p.a. for 0.32 0.26 0.26 impr
Slide 47: People Impact 2030
People Impact 2030 Invest > 0.5% of revenue p.a. Customers Future-ready workforce Higher attraction & retention Employees Shareholders Improved HSEQ performance Value-add for all stakeholders 47 Bilfinger | Capital Markets Day | December 2, 2025
Slide 48: Deep Dive Sales
Sales Deep Dive << Sales << Capital Markets Day 2025 Market Gerald Pilotto | Chief Sales Officer Performance Expansion December 2, 2025 Partner
Slide 49: Our Industries
Our Industries Chemicals & Pharma & Oil & Adjacent Energy Petrochemicals Biopharma Gas Industries Addressable Total Markets1) [€ bn] 64 44 > 50 21 32 Bilfinger © Audrey – stock.adobe.com Market CAGR 1-2% 1-2% ~ 4% 1-2% 1-2% 1-2% 2025-30 Outsourcing CAGR ~ 0.5% ~ 1% ~ 1% ~ 0.5% ~ 1% ~ 1% 2025-30 Mark
Slide 50: Revenue Ambition 2030
Revenue Ambition 2030 Way forward +8% CAGR ~ 4% 8-10% Share of Wallet 2022-25E Adjacent Markets & Products 3-4% Outsourcing Pricing 1-2% Learning & Development 2025E Market Self- M&A 2030 propelled … 50 Bilfinger | Capital Markets Day | December 2, 2025
Slide 51: Focus on Sales
Focus on Sales Customer Global Presence Number of > 6,000 Consulting & Engineering Prefab. & Installation Customers Domain Knowledge Share of Products & Solutions ~ 40% Sales Multi-trade Powerhouse Digitalized Services Not Customer core addressable Share of 22% 33% Value-based Selling Outsourcing 44
Slide 52: Customer Cases
Customer Cases Data Center Customer UPM Biochemicals Fortum Customer Challenge Customer Challenge Customer Challenge • 24/7 availability and efficiency of operations due • First biorefinery based on hardwood • Transparency of processes and costs missing to environmental/legal requirements necessitat
Slide 53: Wrap Up | Q&A
Wrap Up | Q&A Capital Markets Day 2025 Thomas Schulz | Group CEO Matti Jäkel | Group CFO December 2, 2025
Slide 54: No.1 for Our Customers in Enhancing Efficiency & Sustainability
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 2025E 4-5% CAGR 2026 ~ € 5.4bn 6-7% 2025 … ~ 5.5% > 80% ~ 110% Bilfinger CMD 2023 … 2025
Slide 55: Proof Points 2022-2025
Proof Points 2022-2025 Total Shareholder Return (base 100) Achievements 383 Bilfinger Efficiency Program Strategic Strategic Operational Excellence Market Expansion Revenue +25% Financial Financials 168 Peer Median1) s EBITA +293% 2022-25E 2022-25E 142 SDAX Free Cash Flow +143% 121 MDAX Return to MD
Slide 56: Our Industries
Our Industries Chemicals & Pharma & Oil & Adjacent Energy Petrochemicals Biopharma Gas Industries Addressable Total Markets1) [€ bn] 64 44 > 50 21 32 Bilfinger © Audrey – stock.adobe.com Market CAGR 1-2% 1-2% ~ 4% 1-2% 1-2% 1-2% 2025-30 Outsourcing CAGR ~ 0.5% ~ 1% ~ 1% ~ 0.5% ~ 1% ~ 1% 2025-30 Mark
Slide 57: Bilfinger Opportunities
Bilfinger Opportunities Data Centers Growth in Europe Nuclear Investments by 2050 Global Investment in Clean Energy 205 [GW] +20% [€ bn] [€ bn] +22% CAGR CAGR 4,800 34 14 36 1,750 2025 2030 Life extension New reactors 2025 2030 Digital Share in Industrial Global Low-Carbon Hydrogen Supply Aging Infr
Slide 58: Towards 2030
Towards 2030 Volatile Markets Target Operational Market 8-10% CAGR Excellence Expansion ▪ < 8-9% ≥ 90% Target 4-5% CAGR 6-7% > 80% 2030 2025-2027 2022 Addressable Markets Growth EBITA Margin Cash Conversion 58 Bilfinger | Capital Markets Day | December 2, 2025
Slide 59: Updated Segment Structure 2026
Updated Segment Structure 2026 Consultancy Engineering New Builds & Modifications Maintenance & Turnarounds Digitalization Current structure [% of Group E&M Europe E&M International Technologies revenue 2025E] ~ 69% ~ 15% ~ 16% Updated structure (2026+) Western Europe Central Europe International [%
Slide 60: Accelerating Financial Performance
Accelerating Financial Performance Revenue EBITA Margin Free Cash Flow | Cash Conversion [€ bn, % CAGR] [%, bps] [€ m, %] 8-9% + 250-350 bps 8-10% ~ 5.5% ~ 330 ~ 5.4 ≥ 90% ~ 110% 2025E 2030 2025E 2030 2025E 2030 • Expansion in core and adjacent markets, • Value-based selling, service bundling and •
Slide 61: Updated Segment Structure Provides better Transparency
Updated Segment Structure Provides better Transparency Western Europe Central Europe International Revenue [€ bn, % CAGR] Revenue [€ bn, % CAGR] Revenue [€ bn, % CAGR] 6-8% 6-8% 12-15% ~ 2.5 ~ 2.0 ~ 1.1 2025E 2030 2025E 2030 2025E 2030 EBITA Margin [%] EBITA Margin [%] EBITA Margin [%] 8-9% 8-9% 8-9
Slide 62: Deep Dive De-Risking
Deep Dive De-Risking Revenue by Contract Type [2025E] Revenue by Remuneration Model [2025E] Mixed Time & Material 21% Projects 41% 44% 59% 20% Lump sum 15% Frame and service contracts Unit rates • Increased transparency on risk profile • Lump sum contracts only within our risk tolerance and preferab
Slide 63: Updated Target Ratio for NTA to ≤ 6% of Revenue
Updated Target Ratio for NTA to ≤ 6% of Revenue NTA / Revenue1) Free Cash Flow | Cash Conversion [%] [€ m, %] 12.0% 11.8% 9.7% 8.3% ~ 330 ≤ 6% ≥ 90% … ~ 110% 2022 2023 2024 2025E 2030 2025E 2030 • Focus on accelerating billing and collection process • De-risking supports trade working capital effici
Slide 64: Disciplined Capital Allocation Driving Shareholder Value
Disciplined Capital Allocation Driving Shareholder Value Comfortable head-room within Dividends leverage threshold Policy: 40 – 60% of adjusted net income Net Debt / EBITDA1) 2.0 Organic Growth Sales, People, Innovation & Digitalization Free cashflow M&A 0.9 0.8 Core and adjacent geographies/industr
Slide 65: Investment Highlights: Delivering Attractive Shareholder Returns
Investment Highlights: Delivering Attractive Shareholder Returns 1 Asset-light industrial services provider with > 90% customer retention rate 2 Revenue growth through market expansion (8-10% until 2030) 3 Sustainable EBITA margin progression (8-9% until 2030) 4 Strong cash flow generation (≥ 90% Ca
Slide 66: Your Performance Is Our Business
Your Performance Is Our Business