Bilfinger Se · XETR:GBF
Bilfinger — Q3 2025 Earnings Presentation
32 slides from Bilfinger's earnings presentation, Nov 14, 2025
Slide 1: Q3 2025 Results
Q3 2025 Results November 13, 2025 Dr. Thomas Schulz, Group CEO Matti Jäkel, Group CFO
Slide 2: Highlights | Q3 2025
Highlights | Q3 2025 Stable development +1% / org. 0% +8% / org. +7% 5.8% in a volatile market Orders Received Revenue EBITA margin € 1,360 million € 1,384 million from 6.0% New mid-term € 1.47 € 71 million Updated Outlook targets Earnings per share Free Cash Flow Revenue € 5.3 – 5.5 bn Capital Mark
Slide 3: ESG Topics
ESG Topics Safety TRIF: Total Recordable Incident Frequency [based on 1 million working hours ] 1.72 0.89 1.01 0.88 0.80 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 LTIF: Lost Time Injury Frequency [based on 1 million working hours ] Our ambition is 0.61 “zero” incidents 0.29 0.26 0.17 0.15 Q3/24 Q4/24 Q1/25 Q2/2
Slide 4: Industry Development
Industry Development Production Index1) Outsourcing Bilfinger Base year 2019 I Europe, Middle East and North America Potential Revenue share2) Demand 160 Chemicals & Petrochemicals 150 Significant regional differences 23% in expected growth 140 Energy 130 Increasing demand for storage 23% and transm
Slide 5: Selected Orders Received
Selected Orders Received Adjacent Semiconductor Manufacturer Germany Energy E.ON Sweden Oil & Gas KNPC Kuwait Technologies E&M Europe E&M International Industries Prefabrication and installation of the Prefabrication and assembly of heat Comprehensive front-end engineering wastewater treatment syste
Slide 6: Innovation: Bilfinger DRIS 2.0
Innovation: Bilfinger DRIS 2.0 Efficient inspection under insulation during routine operations Customer Challenge Bilfinger Solution Bilfinger Contribution • Moisture causes ice on pipes and ▪ Portable system to reduce dew point equipment where insulation is defect around pipes, preventing formation
Slide 7: Bilfinger Demand
Bilfinger Demand Opportunity pipeline [indexed on July 2023] +5% +15% Q3 development 117 108 109 125 127 131 100 105 111 Orders received ▪ Stable demand in a volatile market Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep environment Orders
Slide 8: Group | Revenue Development
Group | Revenue Development Revenue [€ million] | Book-to-Bill +8% / +7% Q3 development 1,384 Change abs. org. 1,284 ▪ Growth in all segments E&M Europe +5% +2% ▪ Growth in the Oil & Gas, Energy, and 1.05 0.98 E&M International +8% +14% Pharma & Biopharma industries Technologies +24% +25% ▪ Decline
Slide 9: Group | Performance
Group | Performance Revenue [€ million] | Book-to-Bill [ratio] Gross profit | SG&A [€ million, %] EBITA [€ million, %] ▪ Growth in all segments ▪ Gross profit at prior year level ▪ Margin slightly below prior-year quarter, as expected ▪ Growth in the Oil & Gas, Energy, and Pharma ▪ Improvement in SG
Slide 10: Segment E&M Europe | Performance
Segment E&M Europe | Performance Orders received [€ million] Revenue [€ million] | Book-to-Bill [ratio] EBITA [€ million, %] ▪ Organic growth mainly from Oil & Gas ▪ Growth from Energy and Oil & Gas industries ▪ Profitability continues to improve over the industry course of the year due to efficienc
Slide 11: Segment E&M International | Performance
Segment E&M International | Performance Orders received [€ million] Revenue [€ million] | Book-to-Bill [ratio] EBITA [€ million, %] ▪ Growth compared to previous year due to a ▪ Revenue growth predominantly in Middle East ▪ In line with expectations and outlook mix of framework additions as well as
Slide 12: Segment Technologies | Performance
Segment Technologies | Performance Orders received [€ million] Revenue [€ million] | Book-to-Bill [ratio] EBITA [€ million, %] ▪ Continue to benefit from investment cycle in ▪ Growth driven by strong order intake in ▪ Margin improvement due to improved Pharma & Biopharma previous quarters Operationa
Slide 13: Group | Net Profit and Earnings per Share
Group | Net Profit and Earnings per Share Q3/25 [€ million] Q3 development 79 Financial result 74 -5 -18 56 55 ▪ In line with previous year 0 -1 Earnings per share: Taxes €1.47 ▪ Tax rate increased from 21% to 25% EBIT Financial EBT Taxes EAT cont. EAT Minorities Net profit result discont. Q3/24 Net
Slide 14: Group | Cash flow and Working Capital
Group | Cash flow and Working Capital Operating cash flow [€ million] Free cash flow [€ million] Net Trade Assets / Revenue [%] ▪ Continued efficient working capital ▪ Positive contributions from all segments ▪ Improved receivables position in relation to management revenue +22% +29% 10% 8% 80 71 66
Slide 15: Group | Net Liquidity and Leverage
Group | Net Liquidity and Leverage Net liquidity [€ million] Net debt / EBITDA [ratio]1) Leverage < 2.0 533 419 465 430 469 163 88 103 37 61 0.7 -184 -177 -179 -176 -177 0.5 0.6 0.4 0.3 -199 -200 -191 -194 -188 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Net liq
Slide 16: Segments | Outlook
Segments | Outlook Previous Updated Actual Actual [€ million, %] Outlook Outlook YTD 2024 YTD 2025 FY 2025 FY 2025 Revenue 2,556 2,740 3,500 to 4,000 3,600 to 3,900 E&M Europe1) EBITA 5.8% 5.7% 5.8 to 6.4% 5.8 to 6.2% margin Revenue 516 551 700 to 800 700 to 800 E&M International2) EBITA -0.4% 3.1%
Slide 17: Group | Outlook
Group | Outlook Previous Updated Actual Actual Mid-term targets [€ million, %] Outlook Outlook YTD 2024 YTD 2025 2025-2027 FY 2025 FY 2025 Revenue 3,676 4,004 5,100 to 5,700 5,300 to 5,500 4 - 5% CAGR EBITA margin 5.2% 5.3% 5.2 to 5.8% 5.4 to 5.6% 6 - 7% Free cash > 80% Cash 1051) 233 210 to 2701) 2
Slide 18: Highlights | Q3 2025
Highlights | Q3 2025 Stable development +1% / org. 0% +8% / org. +7% 5.8% in a volatile market Orders Received Revenue EBITA margin € 1,360 million € 1,384 million from 6.0% New mid-term € 1.47 € 71 million Updated Outlook targets Earnings per share Free Cash Flow Revenue € 5.3 – 5.5 bn Capital Mark
Slide 19: Quarterly Statement Q3 2025 Financial Backup
Quarterly Statement Q3 2025 Financial Backup
Slide 20: Segment Development Q3 2025
Segment Development Q3 2025 Reconciliation Group E&M Europe E&M International Technologies HQ / Consolidation / Group Other Operations Other [€ million] Q3/25 Q3/24 Δ in % Q3/25 Q3/24 Δ in % Q3/25 Q3/24 Δ in % Q3/25 Q3/24 Δ in % Q3/25 Q3/24 Δ in % Q3/25 Q3/24 Δ in % Orders received 894 860 +4% 192 1
Slide 21: Segment development YTD 2025
Segment development YTD 2025 Reconciliation Group E&M Europe E&M International Technologies HQ / Consolidation / Group Other Operations Other [€ million] YTD/25 YTD/24 Δ in % YTD/25 YTD/24 Δ in % YTD/25 YTD/24 Δ in % YTD/25 YTD/24 Δ in % YTD/25 YTD/24 Δ in % YTD/25 YTD/24 Δ in % Orders received 2,96
Slide 22: Revenue Split
Revenue Split E&M Europe E&M International Technologies Group YTD/25 YTD/24 YTD/25 YTD/24 YTD/25 YTD/24 YTD/25 YTD/24 Chemical & Petrochemical 33% 34% 8% 11% 2% 10% 23% 25% Energy 18% 16% 14% 15% 34% 34% 23% 22% Industry Split Oil & Gas 24% 22% 19% 14% 6% 3% 20% 17% Pharma & Biopharma 6% 7% 0% 0% 55
Slide 23: Profit and loss statement
Profit and loss statement [€ million] Q3/25 Q3/24 ∆ in % YTD/25 YTD/24 ∆ in % Revenue 1 Special items EBITA [in € million] 1,384.1 1,283.8 +8% 4,004.4 3,675.6 +9% Gross profit 156.2 157.8 -1% 452.9 409.1 +11% Q3/25 Selling and administrative expenses -80.2 -78.5 +2% -252.8 -237.4 +6% Badwill / Add.
Slide 24: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets [€ million] 9/30/25 6/30/25 ∆ in % 9/30/25 12/31/24 ∆ in % Non-current assets 1,382.7 1,396.7 -1% 1,382.7 1,399.7 -1% Goodwill decreased to €802 million 822.2 1 823.7 0% 822.2 813.8 +1% 1 Intangible assets (6/25: €803 million) Property, plant and equipment 280.9 28
Slide 25: Consolidated Balance Sheet: Equity & liabilities
Consolidated Balance Sheet: Equity & liabilities [€ million] 9/30/25 6/30/25 ∆ in % 9/30/25 12/31/24 ∆ in % Equity 1,308.6 1 1,258.5 +4% 1,308.6 1,311.3 0% 1 Equity ratio increased to 38% (6/30/25: 36%) Equity attributable to shareholders of Bilfinger SE 1,298.2 1,249.6 +4% 1,298.2 1,300.9 0% Attrib
Slide 26: 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] -9 0 -4 Q3 2025 IFRS 16 Q3 2025 Q3 2024 -14 1 103 incl. IFRS impacts excl. IFRS excl. IFRS -12 0 80 16 16 16 EBITA 212 212 190 61 Depreciation 92 -49 43 39
Slide 27: Consolidated Statement of Cash Flows [1/2]
Consolidated Statement of Cash Flows [1/2] [€ million] Q3/25 Q3/24 ∆ in % YTD/25 YTD/24 ∆ in % EBITDA 111.5 106.1 +5% 304.0 273.2 +11% 1 Thereof restructuring - €1 million, integration costs - €4 million and M&A - €2 million Change in advance payments received -40.2 27.9 - -35.7 40.9 - Change in tra
Slide 28: Consolidated Statement of Cash Flows [2/2]
Consolidated Statement of Cash Flows [2/2] [€ million] Q3/25 Q3/24 ∆ in % YTD/25 YTD/24 ∆ in % Free Cash Flow (FCF) [carry over] 70.7 54.7 29% 233.0 104.8 122% 1 Purchase price for acquisitions Proceeds from / payments made for the disposal of financial assets 0.0 0.0 - 0.6 -0.8 - Investments in fin
Slide 29: Capital Allocation
Capital Allocation Revenue Growth EBITA Improvements Cash Conversion Dividend Organic Share M&A growth1) growth buyback Sound financial policy to improve investment grade rating 1) Dividend Policy: payout ratio between 40 and 60% of adjusted net profit and continuous growth 29 Bilfinger | Q3 2025 Re
Slide 30: Your Bilfinger IR Team
Your Bilfinger IR Team Jasmin Dentz Sascha Bamberger Nicola Bursitzky Maximilian H. W. Zabel Director Director Group Investor Relations Manager Manager Investor Relations External Reporting Investor Relations Investor Relations Phone: +49 (0) 69 / 580020-015 Phone: +49 (0) 621 / 459-2455 Phone: +49
Slide 31: 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 32: Your Performance Is Our Business
Your Performance Is Our Business