Business
Bilfinger : Financial Results Q2 2026
Bilfinger : Financial Results Q2
About this update from Bilfinger Se
08/12/2026 Bilfinger Grows Revenue in a Volatile Market Environment - Business Development Expected to Pick Up in the Second Half-Year Market: investment restraint due to geopolitical uncertainty - signs of gathering momentum in the second half of 2026 are emerging Orders received €1,498 million: development of -16% (-21% organically, PY: €1,774 million) compared to exceptionally strong prior-year quarter; book-to-bill ratio of 1.03 Revenue €1,450 million: solid growth of +7% (+4% organically, PY: €1,353 million) EBITA margin 5.3%: below prior year (PY: 5.5%) Free cash flow €48 million: below prior year (PY: €53 million) Net profit €54 million / earnings per share €1.47: significant increase (PY: €48 million / €1.28) Outlook 2026 confirmed, EBITA margin expected to be at lower end of range: revenue €5.4 - €5.9 billion, EBITA margin 5.8 - 6.2%, free cash flow €250 - €300 million; acquired Teknokon Group consolidated since April 1 and included in outlook Mannheim, Germany. Industrial services provider Bilfinger continued its growth amid a volatile market environment. Given the geopolitical uncertainties, customers in Bilfinger's core markets remained cautious about new investments and the call-off of services under framework agreements. Orders received totaled €1,498 million, representing a development of -16 percent compared to an exceptionally strong prior-year quarter. Bilfinger thus recorded its third highest level of orders received in the last ten years, bolstered by higher demand from the Energy industry. The book-to-bill ratio of 1.03 already points to the expected pick-up in business in the second half of the year. Revenue showed solid growth of 7 percent over the prior-year quarter to €1,450 million. The continued revenue growth in the second quarter was primarily attributable to business activities in the Energy and Adjacent industries. Geopolitical uncertainty and the associated customer restraint led to a temporary underutilization of capacity. Consequently, the EBITA margin stood at 5.3 percent, below the prior-year level of 5.5 percent. Lower advance payments received and timing effects also impacted free cash flow. At €48 million, free cash flow in the second quarter was lower than in the prior year (€53 million). The outlook for the 2026 financial year, with revenue of €5.4 to €5.9 billion, an EBITA margin of 5.8 to 6.2 percent and free cash flow of €250 to €300 million is confirmed. Based on business performance in the first half of the year, Bilfinger expects the EBITA margin at the lower end of the outlook range. The outlook includes the Teknokon Group, which has been consolidated since April 1. "Our market environment in the second quarter was marked by geopolitical uncertainty," said Bilfinger Group CEO Thomas Schulz. "We are already seeing signs of an upturn in business for the second half of the year. This will be supported by increasing market momentum as well as our consistently pursued growth initiatives. My express thanks go to our approximately 31,000 dedicated employees worldwide, who now include our new colleagues from the acquired business in Türkiye." Volatile market environment - upturn expected in the second half-year Bilfinger's market environment remained volatile in the second quarter, particularly due to the continued conflict in the Middle East. The impact on the company was twofold: In the Middle East region itself, the conflict directly suppressed business activity. In Europe, its effects included energy price volatility, leading customers to delay their investment decisions. Bilfinger expects business to increasingly pick up in the second half of 2026. The company is already engaged in in-depth talks with customers in the Middle East to offer support in rebuilding destroyed infrastructure and contribute to the recommissioning of production facilities. In addition, a positive trend emerged across all Bilfinger Segments at the end of the second quarter, with growing outsourcing potential in Chemicals & Petrochemicals, Energy, Oil & Gas as well as Pharma & Biopharma. As part of its Group Strategy, Bilfinger will continue to take targeted steps of its own to generate growth this year - for instance, through a stronger focus on sales activities and acquisitions. Notable strides in market expansion As of April 1, 2026, Bilfinger successfully completed the acquisition of major businesses of Türkiye's Teknokon Group. This transaction paves the way for leveraging Türkiye as a pivotal hub for new business opportunities in promising adjacent geographies. Through the successful placement of a Schuldscheindarlehen (a promissory note loan governed by German law), Bilfinger has furthermore strengthened its financial flexibility in implementing its Group Strategy, especially with regard to acquisitions. Exceptionally strong demand on the capital market led to a tripling of the original target volume to €450 million. New orders proof of good market position In the second quarter of 2026, Bilfinger again secured new orders aimed at enhancing its customers' efficiency and sustainability: Installation of systems for preheating combustion air at a major integrated refinery to improve plant efficiency for a global oil and gas company in the Netherlands Engineering, installation services and commissioning for the integration of EWE Hydrogen's new 320 MW hydrogen production plant in Germany Expansion of Gübretaş's gold production capacity in Türkiye, including mechanical and electrical installations as well as insulation work Business development in the second quarter of 2026 Orders received fell by 16 percent to €1,498 million (PY: €1,774 million). The book-to-bill ratio was 1.03. Revenue increased by 7 percent (4 percent organically) to €1,450 million (PY: €1,353 million). Gross profit remained constant at €155 million (PY: €155 million). The selling, general and administrative expense ratio improved relative to the prior year to 6.1 percent (PY: 6.3 percent). At 5.3 percent, the EBITA margin in the second quarter of 2026 was below the prior-year figure of 5.5 percent. In absolute terms, EBITA improved by 4 percent to €77 million (PY: €74 million). Free cash flow , at €48 million, was below the prior-year figure of €53 million. Net profit rose by 14 percent to €54 million (PY: €48 million) thanks to an improved tax rate, and earnings per share increased by 15 percent to €1.47 (PY: €1.28). Outlook for 2026 Bilfinger remains on track for growth and confirms its outlook for 2026, with revenue of €5.4 to €5.9 billion (PY: €5,427 million), an EBITA margin of 5.8 to 6.2 percent (PY: 5.5 percent) and free cash flow of €250 to €300 million (PY: €330 million). Based on business performance in the first half of the year, Bilfinger expects the EBITA margin at the lower end of the outlook range. Bilfinger anticipates that business will increasingly pick up in the second half of the year. The outlook for 2026 reflects notable progress toward achieving the mid-term targets for 2030. Key figures for the Group Q2 H1 FY [€ million] 2026 2025 ∆ in % 2026 2025 ∆ in % 2025 Orders received 1,498 1,774 -16% (org. -21%) 2,706 3,045 -11% (org. -15%) 5,679 Order backlog 4,340 4,448 -2% (org. -8%) 4,340 4,448 -2% (org. -8%) 4,316 Revenue 1,450 1,353 7% (org. 4%) 2,763 2,620 5% (org. 4%) 5,427 Gross margin 10.7% 11.5% 10.8% 11.3% 11.3% EBITDA 110 105 4% 200 193 4% 422 EBITA 77 74 4% 137 131 5% 299 thereof special items -1 0 - -1 -1 - -8 EBITA margin 5.3% 5.5% 5.0% 5.0% 5.5% Net profit 54 48 14% 91 79 15% 176 Earnings per share (in €) 1.47 1.28 15% 2.46 2.12 16% 4.74 Operating cash flow 61 64 -5% 97 189 -49% 390 Free cash flow 48 53 -9% 69 162 -57% 330 thereof special items -4 -6 - -9 -11 - -27 Gross capital expenditure on PP&E 17 12 44% 34 29 19% 72 Employees (number at reporting date) 31,323 31,242 0% 31,323 31,242 0% 30,749 Back Download Press Release Quarterly Statement Any questions? 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