Business
Bilfinger : Factbook (Reporting Factbook Q1 2026)
Bilfinger : Factbook (Reporting Factbook Q1
About this update from Bilfinger Se
Your Performance Is Our Business Factbook Q1 2026 1. COMPANY PROFILE 5. SUSTAINABILITY Bilfinger SE - leading in Industrial Services ………..... 3 Bilfinger Material Sustainability Topics.........………….. 24 Business offering …………...….……..….…………….. 4 Energy and Emissions ……..…….……...................... 25 Segments and Revenue split …….........………….…... 5 ESG Performance KPIs ………………………………… 26 Outlook 2026…………………………………………….. 6 Mid-term financial targets............................................. 6 Group Executive Management ………………...……… 7 Supervisory Board ..…….……………....……….……... 8 Corporate History..…………………………………..….. 9 2. MARKETS 6. BILFINGER SHARE Trends and Drivers……………………………………… 10 Master Data ……………………….……........................ 27 Addressable Markets……………………………………. 10 Relative Performance of our Shares ……..…….….…. 27 10-Year-Overview Key Figures ………........................ 28 Analysts' Coverage ...…........……...…………………… 29 Analysts' Recommendation Development ……………. 29 Shareholder Structure …………………….…….……… 30 3. KEY FIGURES 7. BILFINGER RATING Overview Group ..…………………..………………..…. 11 Bilfinger Rating….……………………………................ 30 Profit and Loss Statement ……………….…………….. 12 Bilfinger ESG-Ratings………………………………….. 30 Cash Flow Statement ..………………………………… 13 Net liquidity positions ……………………………….….. 14 Gearing ratios……………………..…………………….. 14 10-Year-Overview Business Development ………….. 15 10-Year-Overview Balance Sheet…............................ 16 4. SEGMENTS 8. IR EVENTS AND CONTACT Western Europe ……………………..………………….. 17 IR Events 2026 ………………………………………….. 31 Central Europe …………………………….……............ 19 Contact Details …………………………………………. 31 International ..……………………………………............ 21 Reconciliation Group ……………………………........... 23 BILFINGER SE - NO. 1 FOR OUR CUSTOMERS IN ENHANCING EFFICIENCY & SUSTAINABILITY- Bilfinger is an international industrial services provider with a vision to be the No. 1 for its customers in enhancing efficiency and sustainability within the process industry. Bilfinger's comprehensive portfolio spans the entire value chain, from Consulting & Engineering to Prefabrication & Installation, Access & Insulation, and services that improve the asset performance of industrial plants. The company operates in three geography-based segments: Western Europe, Central Europe, and International, with primary activities in Europe, North America, and the Middle East. Its process industry customers come from markets such as Chemicals & Petrochemicals, Energy, Oil & Gas, and Pharma & Biopharma. With about 31,000 employees, Bilfinger upholds the highest standards of safety and quality, generating revenue of €5.4 billion in the financial year 2025. To achieve its goals, Bilfinger has identified two strategic levers: Operational Excellence to continuously improve its own efficiency and performance, and Market Expansion to strengthen customer orientation and establish Bilfinger as the partner of choice. Bilfinger key data [€ million] FY 2025 FY 2024 Orders received 5,679 5,334 Order backlog 4,316 4,120 Revenue 5,427 5,037 EBITDA 422 382 EBITDA margin 7.8% 7.6% EBITA 299 264 EBITA margin 5.5% 5.2% Special items -8 7 Free cash flow 330 189 Cash conversion rate 110% 71% Net profit 176 180 Earnings per share (in €) 4.74 4.79 Earnings per share adjusted (in €) 5.23 4.51 Employees 30,749 31,478 BUSINESS OFFERING Consulting & Engineering Pre-fabrication & Installation Access & Insulation Asset Performance Digitalization Regional Footprint - FY 2025 4% 10% 4% 18% €5.4 bn 63% Germany Rest of Europe America Asia Africa Key Characteristics ~31,000 employees >90% customer retention rate ~80% similar business across all industries 90% revenue in sustainable services >140 years of expertise Active in ~30 countries Listed in German MDAX and European STOXX 600 Asset-light service provider Revenue by Industry - FY 2025 Revenue by Remuneration Type - FY 2025 Adjacent Industries 21% 23% Chemicals & Petrochemicals Mixed 17% 44% 20% 18% Time & Material Pharma & Biopharma 13% 19% 24% Energy Lump Sum Oil & Gas Unit rates THREE SEGMENTS Revenue by Segment - FY 2025 Western Europe 34% 46% Central Europe 20% International Revenue by Segment - FY 2025 EBITA | EBITA margin by Segment - FY 2025 €2,497m €1,825m €1,062m €43m 5.4% 6.7% 4.4% €122 €135 €47 Western Europe Central Europe International Recon. Group Western Europe Central Europe €-5 International Recon. Group OUTLOOK 2026 in € million, % FY 2025 Outlook FY 2026 Group Revenue 5,427 5,400 to 5,900 EBITA Margin 5.5% 5.8 to 6.2% Free cash flow 330 1) 250 to 300 Western Europe Revenue 1,825 1,800 to 2,000 EBITA Margin 6.7% 7.0 to 7.4% Central Europe Revenue 2,497 2,500 to 2,700 EBITA Margin 5.4% 5.8 to 6.4% International Revenue 1,062 1,050 to 1,200 EBITA Margin 4.4% 4.2 to 5.0% Reconciliation Group Revenue 43 0 to 50 EBITA -5 -20 to 0 MID-TERM FINANCIAL TARGETS 2030 Organic Growth 8 to 10% CAGR EBITA margin 8 to 9% Cash Conversion rate adjusted (Free cash flow/EBITA) ≥ 90% NTA as of Revenue 2) ≤ 6% Including a mid double-digit million amount cash-inflow due to completion of a legal proceeding 12-month rolling average EXECUTIVE BOARD Group CEO Dr. Thomas Schulz Born 1965, in federal state Saarland, Germany 2022 Bilfinger SE, Germany, Chief Executive Officer 2013 - 2022 FLSmidth A/S, Denmark, Group Chief Executive Officer 2001 - 2013 Sandvik AB, Sweden, most recently President Sandvik 1998 - 2001 Construction Svedala Industri AB, Sweden Business Area Manager Engineering studies and doctorate in mining at RWTH Aachen University, Germany Degrees: Dipl.-Ing., Dr.-Ing. Group CFO Matti Jäkel Born 1961, in Düsseldorf, Germany 2022 Bilfinger SE , Germany, Chief Finance Officer 2020- 2022 Division Other Operations , Germany, Executive President 2017 - 2019 Region MMO Continental Europe, Germany, Finance Director 2014 - 2016 Division Industrial Maintenance, Germany, Finance Director 2010 - 2013 Bilfinger Industrial Services GmbH, Germany, CFO 2007 - 2010 Bilfinger Berger Ingenieurbau GmbH, Germany, CFO 2006 - 2007 Bilfinger Berger Hochbau GmbH, Germany, CFO 2000 - 2006 FRU-CON Construction CORP., USA, CFO 1997 - 2000 Baulderstone Hornibrook PTY. LTD. And BHBB M5 East Joint Venture, Australia, Finance Director Civil Engineering and Finance Diretor Since 1989 Bilfinger+Berger Bauaktiengesellschaft, Germany, various technical and commercial positions Studied Civil Engineering at TU München and Business Administration at Henley Management College / Brunel University Products & Innovation Western Europe International Central Europe People Procurement Sales GROUP EXECUTIVE MANAGEMENT Group CEO Group CFO Dr. Matti Sandy Thierry Christian Mirja Christoph Gerald Thomas Jäkel Bonner Burki Rugland Becker Bäumer Pilotto Schulz SUPERVISORY BOARD Dr. Eckhard Cordes (Chairman) Partner with Cevian Capital, Pfäffikon, Switzerland Stephan Brückner, Deputy Chairman* Chairman of the Bilfinger Group Works Council and the SE Works Council of Bilfinger SE, Mannheim Ebrahim Attarzadeh Managing Director of Münchmeyer Petersen Capital Markets GmbH, Hamburg Vanessa Barth* Head of Principles, IG Metall, Frankfurt am Main Dr. Roland Busch Chairman of the Supervisory Board of Delvag Versicherungs AG, Cologne Evert Doornbos* Chairman of the Works Council at Bilfinger Industrial Services ISP Netherlands, Groningen Rainer Knerler* Executive Employee of IG Bauen-Agrar-Umwelt and consultant, Berlin Dr. Silke Maurer Member of the Executive Board at MTU Aero Engines AG, Munich Agnieszka Othman* Member of the SE Works Council of Bilfinger SE, Mannheim Robert Schuchna Partner at Cevian Capital Ltd, Pfäffikon, Switzerland Jörg Sommer* Deputy Chairman of the SE Works Council at Bilfinger SE, Mannheim and of the Bilfinger Segment Works Council Engineering & Maintenance DACH, Neu-Isenburg Dr. Bettina Volkens Member of various supervisory boards and independent consultant Presiding Committee Dr. Eckhard Cordes Stephan Brückner Rainer Knerler Dr. Bettina Volkens Audit Committee Dr. Roland Busch Vanessa Barth Robert Schuchna Jörg Sommer Nomination Committee Dr. Eckhard Cordes Robert Schuchna Dr. Bettina Volkens Strategy Committee Dr. Eckhard Cordes Stephan Brückner Evert Doornbos Rainer Knerler Dr. Silke Maurer Robert Schuchna *Staff representatives Supervisory Board re-election to take place at the annual general meeting on the 20 th May 2026 CORPORATE HISTORY - From construction company to industrial services provider 1880 Beginnings of Grün & Bilfinger AG, the oldest forerunner company 1890 Beginnings of Julius Berger Tiefbau AG and Berlinischen Boden-Gesellschaft (later Bauboag) 1969 Merger of Julius Berger and Bauboag 1975 Merger of Julius Berger - Bauboag and Grün & Bilfinger to form Bilfinger + Berger Bauaktiengesellschaft 2001 Renamed Bilfinger Berger AG from 2002 Development of services divisions Industrial services (from 2002) Real estate services (from 2002) Power plant services (from 2005) 2010 Transformation to Bilfinger Berger SE from 2011 Disposal of construction business Sale of Valemus Australia (2011) Sale of Construction division (Civil) (2014) 2012 Renamed Bilfinger SE 2016 Sale of real-estate services and building construction activities 2017 Focus on industrial services from 2022 Vision: No. 1 for customers in enhancing efficiency and sustainability Trends and Drivers Volatility Overregulation Sustainability Political unrest Labor shortage Climate change Digitalization … Energy Chemicals & Petrochemicals Pharma & Biopharma Oil & Gas Adjacent Industries Total 64 44 21 32 > 50 1-2% 1-2% ~ 4% 1-2% 1-2% 1-2% ~ 0.5% ~ 1% ~ 1% ~ 0.5% ~ 1% ~ 1% 1-2% ~ -1% ~ 7% ~ -4% 1-2% ≤ 0.5% Our Industries Addressable Markets 1) [€ bn] Bilfinger Outsourcing Efficiency Decomplexing Competence transfer Energy costs Artificial Intelligence Europe compared to Rest of World Bilfinger's business model benefits from both growing as well as declining markets CAGR 2025-30 Outsourcing CAGR 2025-30 Market CAGR 2022-24 1) Addressable markets in expanding geographies versus 2024; Source S&P Global, McKinsey, Company data OVERVIEW GROUP in € million Q1/26 Q1/25 ∆ in % Orders received 1,208 1,271 -5% Order backlog 4,181 4,138 1% Revenue 1,312 1,267 4% EBITDA 90 87 4% Depreciation -31 -30 - EBITA 60 57 5% EBITA margin 4.6% 4.5% thereof special items -1 -1 - EBITA without special items 61 57 6% EBITA margin without special items 4.6% 4.5% Amortization -2 -2 - Investments in P, P & E 17 17 0% Increase in right-of-use assets 11 7 63% Operating cash flow 36 125 -71% Free cash flow 21 109 -81% thereof special items -5 -5 - FY/25 5,679 4,316 5,427 422 -124 299 5.5% -8 307 5.7% -14 72 56 390 330 -27 PROFIT AND LOSS STATEMENT in € million Q1/26 Q1/25 ∆ in % Revenue 1,312 1,267 4% Gross profit 142 142 0% Selling and administrative expense -84 -87 - Impairment losses and reversal of impairment losses according to IFRS 9 -2 0 - Other operating income and expense 1 -2 - Income from investments accounted for using the equity method 1 2 -60% EBIT 57 55 5% Financial result -5 -5 - EBT 52 50 5% Income taxes -14 -16 - Earnings after taxes from continuing operations 38 34 12% Earnings after taxes from discontinued operations 0 0 - Minority interest -2 -3 - Net profit 37 32 16% Earnings per share (in €) 0.99 0.84 17% FY/25 5,427 616 -340 -7 6 10 285 -31 254 -71 183 0 -7 176 4.74 CASH FLOW STATEMENT in € million Q1/26 Q1/25 ∆ in % Cash flow from operating activities of continuing operations 36 125 -71% - thereof special items -5 -5 - Net cash outflow for P, P & E and intangible assets -15 -16 - Free cash flow from continuing operations 21 109 -81% - thereof special items -5 -5 - Proceeds from the disposal of financial assets 0 0 - Investments in financial assets 0 -8 - Proceeds / investments in marketable securities 0 0 - Cash flow from financing activities of continuing operations -37 -32 - - Share buyback 0 -12 - - Dividends -16 0 - - Changes in ownership interest without change in control 0 0 - - Borrowing 0 0 - - Repayment of financial debt -17 -16 - - Interest paid -3 -3 - Change in cash and cash equivalents of continuing operations -16 70 - Change in cash and cash equivalents of discontinued operations -1 -1 - Change in value of cash and cash equivalents due to changes in FX rates 0 -1 - Change in cash and cash equivalents -17 68 - Cash and cash equivalents at January 1 519 465 12% Change in cash and cash equivalents of assets classified as held for sale 0 0 - Cash and cash equivalents at March 31 / December 31 502 533 -6% FY/25 390 -27 -60 330 -27 1 -35 0 -236 -50 -97 0 0 -67 -22 59 -3 -1 54 465 0 519 NET LIQUIDITY POSITIONS in € million Mar 31, 2026 Mar 31, 2025 Cash, cash equivalents and marketable securities 502 533 Financial debt -178 -179 Net cash (+) / Net debt (-) 1) 324 354 GEARING RATIOS Leverage targets Limit Mar 31, 2026 Mar 31, 2025 FFO / Net debt 2) >50% 218% 263% Net debt / EBITDA 2) <2.0 0.4 0.3 Net Trade Assets / Revenue Q1 2026 Q1 2025 NTA / Revenue 3) 9% 10% Excluding leasing liabilities (Q1 2026: €196 million; Q1 2025: €191 million) and including marketable securities S&P definition 3-month average 10-YEAR-OVERVIEW BUSINESS DEVELOPMENT [€ million] FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Orders received 4,056 4,055 4,459 4,159 3,724 4,008 4,615 4,735 5,334 5,679 Order backlog 2,618 2,531 2,818 2,567 2,585 2,946 3,226 3,385 4,120 4,316 Revenue/ output volume 1) 4,219 4,044 4,153 4,327 3,461 3,737 4,312 4,486 5,037 5,427 Investments in P, P & E 70 71 66 64 37 61 52 59 63 72 Employees (at year-end) 36,946 35,644 35,905 33,327 28,893 29,756 30,309 28,650 31,478 30,749 Earnings figures Gross profit 395 336 391 412 296 387 437 463 547 616 EBITA -221 -118 -7 32 -57 121 75 191 264 299 thereof special items -236 -121 -73 -72 -77 -16 -65 -1 7 -8 EBITA adjusted 15 3 65 104 20 137 140 191 257 307 EBIT -231 -126 -12 28 -66 121 75 190 258 285 Net Profit 271 -89 -24 24 99 130 28 181 180 176 Net profit adjusted -8 -9 36 49 -8 89 82 117 169 194 Operating cash flow -224 -119 50 110 120 113 166 151 248 390 Free cash flow -264 -181 -4 57 93 115 136 122 189 330 Cash conversion rate in % - - - - - - 181 64 71 110 Cash conversion rate adjusted in % - - - - - - 112 78 88 116 Earnings per share in € 6.13 -2.01 -0.59 0.60 2.47 3.19 0.71 4.84 4.79 4.74 Earnings per share in € adjusted -0.17 -0.19 0.87 1.23 -0.20 2.19 2.06 3.12 4.51 5.23 Gross margin in % 9.4 8.3 9.4 9.5 8.6 10.4 10.1 10.3 10.9 11.3 EBITA margin in % - - - - - 3.2 1.8 4.3 5.2 5.5 EBITA margin adjusted in % 0.4 0.1 1.6 2.4 0.6 3.7 3.2 4.3 5.1 5.7 Dividend distribution 44.2 42.0 40.3 4.8 75.8 193.4 48.6 67.5 89.3 103.4 Dividend per share in € 1.00 1.00 1.00 0.12 1.88 1.00 1.30 1.80 2.40 2.80 Dividend bonus in € - - - - - 3.75 - - - - Share price at year-end in € 36.57 39.57 25.48 34.50 25.86 29.90 27.08 34.82 46.25 107.40 Number of shares at year-end in million 2) 46.0 44.2 44.2 44.2 44.2 41.0 41.0 37.6 37.6 37.6 Change in reporting from output volume to revenue. Output volume 2016 | Revenue 2017 ff. Including shares held as treasury stock 2016: 1,815,085 | 2017: 1,084,302 | 2018: 3,938,393 | 2019: 3,917,752 | 2020: 3,908,453 | 2021: 320,000 | 2022: 3,630,956 | 2023: 122,049 | 2024: 86,849 | 2025: 666,649 10-YEAR-OVERVIEW BALANCE SHEET [€ million] FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Assets Non-current assets 1,690 1,643 1,614 1,676 1,313 1,281 1,262 1,306 1,400 1,406 Intangible assets 849 804 804 803 765 781 787 788 814 828 Property, plant and equipment 383 367 324 312 270 259 246 247 287 294 Right-of-use assets from leases - - - 227 189 177 173 164 188 188 Other non-current assets 337 386 412 274 33 19 20 20 23 24 Deferred taxes 121 86 75 61 56 47 36 88 87 73 Current assets 2,329 1,977 1,862 1,678 1,943 1,867 1,790 2,051 2,064 2,085 Inventories, receivables, other 1,216 1,198 1,238 1,179 1,432 1,035 1,202 1,322 1,599 1,565 Cash and cash equivalents 1) 1,032 767 574 500 511 833 588 729 465 519 Assets classified as held for sale 81 12 50 - - - - - - - Equity and liabilities Equity 1,621 1,383 1,205 1,153 1,199 1,289 1,078 1,182 1,311 1,345 Share capital 133 133 133 133 133 133 133 133 133 133 Capital Reserves 762 765 767 769 771 772 766 763 761 762 Retained and distributable earnings 781 532 465 379 468 403 293 283 401 503 Other reserves 64 17 3 35 -13 6 1 -2 9 -18 Treasury shares -96 -39 -150 -150 -150 -12 -105 -4 -3 -49 Minority interest -28 -25 -13 -12 -11 -12 -10 8 10 13 Non-current liabilities 898 874 363 917 886 729 656 590 632 481 Provisions for pensions and similar obligations 304 293 288 338 340 307 239 261 266 243 Other provisions 29 27 25 24 22 21 17 19 25 23 Financial debt 510 509 11 551 521 395 389 295 317 192 Other liabilities - - - - - 3 - - 1 0 Deferred taxes 55 45 39 4 3 4 11 16 22 24 Current liabilities 1,500 1,363 1,908 1,285 1,171 1,131 1,318 1,586 1,521 1,665 Current tax liabilities 39 34 34 25 24 22 30 26 35 49 Other provisions 490 442 384 302 300 216 239 202 168 132 Financial debt 12 2 502 50 47 54 55 314 59 182 Other liabilities 892 859 963 908 800 839 995 1,044 1,258 1,303 Liabilities classified as held for sale 68 26 26 - - - - - - - Balance-sheet total 4,020 3,620 3,476 3,355 3,256 3,149 3,052 3,357 3,464 3,491 1) Incl. marketable securities WESTERN EUROPE Updated segment structure from 01.01.2026 FY 2025 1,825 Revenue [€ m] 1.05 Book to Bill [ratio] 122 EBITA [€ m] 6.7% EBITA [%] Revenue by Industry - FY 2025 Revenue by Remuneration Type - FY 2025 Adjacent Industries 1) Chemicals & Mixed Pharma & Biopharma Oil & Gas 4% 30% 13% 17% Petrochemicals 36% Lump Sum 3% 17% 31% Unit rates 48% Time & Material Energy 1) Includes different industries outside the defined core industries Key figures Western Europe [€ million] Q1/26 Q1/25 ∆ in % Orders received 385 424 -9% Order backlog 1,385 1,391 0% Revenue 443 416 6% EBITDA 41 38 8% Depreciation -11 -12 - EBITA 30 26 14% EBITA margin 6.8% 6.3% thereof special items 0 0 - Amortization -2 -2 - Investments in P, P & E 9 7 30% Increase in right-of-use assets 5 4 10% Employees (number) 8,380 8,040 4% FY/25 1,921 1,490 1,825 167 -45 122 6.7% -4 -13 25 17 8,344 CENTRAL EUROPE Updated segment structure from 01.01.2026 FY 2025 2,497 Revenue [€ m] 1.05 Book to Bill [ratio] 135 EBITA [€ m] 5.4% EBITA [%] Revenue by Industry - FY 2025 Revenue by Remuneration Type - FY 2025 Adjacent Industries 1) 14% Chemicals & Petrochemicals 23% Mixed 24% Time & Material Pharma & Biopharma 24% 13% 26% Energy Lump Sum 16% 14% 45% Oil & Gas Unit rates 1) Includes different industries outside the defined core industries Key figures Central Europe [€ million] Q1/26 Q1/25 ∆ in % Orders received 593 624 -5% Order backlog 2,059 1,981 4% Revenue 600 568 6% EBITDA 38 37 3% Depreciation -12 -12 - EBITA 26 25 5% EBITA margin 4.3% 4.3% thereof special items 0 0 - Amortization 0 0 - Investments in P, P & E 5 4 36% Increase in right-of-use assets 3 1 81% Employees (number) 11,379 11,659 -2% FY/25 2,624 2,053 2,497 186 -51 135 5.4% -5 -1 28 19 11,639