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Bilfinger : Quarterly Statement Q1 2026 (Bilfinger Quarterly Statement Q1 2026)
Bilfinger : Quarterly Statement Q1 2026 (Bilfinger Quarterly Statement Q1
About this update from Bilfinger Se
Q1 2026 Results May 13, 2026 Dr. Thomas Schulz, Group CEO Matti Jäkel, Group CFO Highlights | Q1 2026 Stable development in a volatile market with adverse weather conditions -5% / org. -6% Orders Received € 1,208 million +4% / org. +3% Revenue € 1,312 million 4.6% EBITA margin from 4.5% € 0.99 Earnings per share from € 0.84 € 21 million Free cash flow from € 109 million Outlook 2026 Revenue € 5,400 - 5,900 million EBITA margin 5.8 - 6.2 % M&A Teknokon acquisition closed 1 st of April Safety Performance Our ambition is "zero" incidents TRIF: Total Recordable Incident Frequency [based on 1 million working hours ] 0.80 0.89 1.01 0.85 0.69 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 LTIF: Lost Time Injury Frequency [based on 1 million working hours ] 0.26 0.15 0.17 0.15 0.16 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Industry Development Production Index 1) Base year 2023 I Europe, Middle East and North America 130 Outsourcing Potential Bilfinger Revenue Share 2) Demand 120 Chemicals & Petrochemicals Significant regional differences in expected growth 20% Energy Increasing demand for generation, storage and transmission 26% 110 Oil & Gas Increased demand, especially for LNG 20% 100 Pharma & Biopharma Growth driver: Localization, reduced time to market 11% 90 80 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E Includes content supplied by S&P Global Market Intelligence; Copyright © S&P Global Market Intelligence, 2025. All rights reserved. % of Group revenues Q1/26, 22% in adjacent industries Selected New Orders Pharma & Biopharma Global Biopharma Company Western Europe Asset Performance Oil & Gas Harbour Energy Central Europe Asset Performance Energy Construction Company International Consulting & Engineering Integrated services to enhance asset performance at strategically important biopharma production site Asset performance improvements, engineering, and installation services to optimize natural gas production Basic, detail, and site engineering for modernization of sustainable energy production in Waste-to-Energy plant Innovation: Bilfinger Client Portal 2.0 Real-time transparency and intelligent control in scaffolding Bilfinger Contribution ~30% Cost reduction on average ≥ 60% enhanced data quality ~40% Reduced time effort 24/7 Access to scaffolding data Customer Challenge Bilfinger Solution Numerous scaffolding units across multiple locations Inefficient, manual documentation of scaffolding and changes Lack of transparency on costs and demand coverage Delayed decisions and increased risks Comprehensive online portal for desktop and mobile devices Interactive map for precise real-time visualization of all scaffolding units and their status AI-assisted intelligent risk detection and proactive decision-making Full cost control and complete transparency in financial dashboards Group | Demand +6% -5% Solid demand in electricity generation investments Chemicals under cost pressure due to overcapacities Pharma investment cycle intact Geopolitical uncertainties causing delays in awards Opportunity pipeline [indexed on January 2024] 100 102 105 103 107 116 102 102 106 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Orders received [€ million] ∆ abs. / org. Jul Aug Sep Oct Nov Dec Jan Feb Mar +11% / -4% -5% / -6% 1,144 1,271 1,208 Order backlog [€ million] org. +20% / +5% +1% / 0% ∆ abs. / 3,448 4,138 4,181 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Group | Revenue and Profitability Revenue Revenue growth mainly from Oil & Gas and Energy Adverse weather conditions result in shift of revenue into subsequent quarters Gross profit Gross profit margin impacted by adverse weather conditions SG&A SG&A expenses declined due to further improved cost structure Revenue [€ million] | Book-to-Bill [ratio] Gross profit [€ million, %] 0.92 1.00 1,312 1,267 0% ∆ abs. / org. +4% / +3% 142 142 10.8% 11.2% Q1/25 Q1/26 Q1/25 Q1/26 SG&A expenses [€ million, %] EBITA [€ million, %] -6.4% -6.8% +5% 57 60 4.5% 4.6% -87 -84 Q1/25 Q1/26 Q1/25 Q1/26 Segment Western Europe | Performance Orders received Growth from Energy and Chemicals & Petrochemicals industries Decline mainly in Oil & Gas Revenue Growth from Energy and Adjacent industries EBITA EBITA margin increase due to more efficient contract execution Orders received [€ million] Revenue [€ million] ∆ abs. / org. 424 -9% / -11% 385 ∆ abs. / org. +6% / +4% 416 443 Q1/25 Q1/26 Q1/25 Q1/26 Book-to-Bill [ratio] EBITA [€ million, %] 1.02 0.87 +14% 30 26 6.8% 6.3% Q1/25 Q1/26 Q1/25 Q1/26 Segment Central Europe | Performance Orders received Growth from Energy industry High comparable in Chemicals & Petrochemicals Revenue Growth from Oil & Gas and Energy industries Adverse weather conditions Orders received [€ million] Revenue [€ million] ∆ abs. / org. -5% / -7% / org. +6% / +3% ∆ abs. 624 593 568 600 Q1/25 Q1/26 Q1/25 Q1/26 Book-to-Bill [ratio] EBITA [€ million, %] +5% 25 26 4.3% 4.3% 0.99 1.10 Segment International | Performance Orders received North America with frame contract additions Revenue Growth from Oil & Gas industry Revenue decline due to currency fluctuations EBITA Negative impact from geopolitical uncertainties and adverse weather conditions in Eastern Europe Orders received [€ million] Revenue [€ million] ∆ abs. / org. 227 +2% / +8% 232 / org. -5% / +2% ∆ abs. 258 245 Q1/25 Q1/26 Q1/25 Q1/26 Book-to-Bill [ratio] EBITA [€ million, %] 0.88 0.94 6 2.3% 0 0.2% Group | Net Profit and Earnings per Share Q1/26 [€ million] 57 -5 -14 -2 Tax rate decreased from 31% to 26% due to favorable one-time tax effect in U.S. Earnings per share increase from € 0.84 to € 0.99 (+17%) 0 37 EBIT Q1/25 [€ million] Financial result Taxes EAT discont. Minorities Net profit 55 0 -3 32 -16 -5 EBIT Financial result Taxes EAT discont. Minorities Net profit Group | Cash flow and Working Capital Operating cash flow [€ million] 125 Free cash flow [€ million] | Cash Conversion [%] One-time effect in prior year due to completion of a legal proceeding in the U.S. (mid double-digit million amount) Adverse weather conditions and geopolitical uncertainties causing delays in invoicing 109 193% 21 35% 36 Q1/25 Q1/26 Q1/25 Thereof adjustments Q1/26 Net Trade Assets / Revenue [%] 10% 9% -5 -6 -7 -9 -5 Q1/25 Q1/26 Group | Net Liquidity and Leverage Net liquidity [€ million] Net debt / EBITDA [ratio] 1) Leverage < 2.0 533 430 469 519 502 163 61 103 146 128 -179 -191 -176 -194 -177 -188 -177 -197 -178 -196 0.3 0.6 0.5 0.3 0.4 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Net liquidity Financial debt Cash and cash Leasing liabilities equivalents (IFRS 16) 1) S&P definition Group | Outlook 2026 confirmed [€ million, %] Actual FY 2025 Outlook FY 2026 2) Actual Q1 2026 Mid-term targets 2030 Revenue 5,427 5,400 to 5,900 1,312 8 - 10% CAGR EBITA margin 5.5% 5.8 to 6.2% 4.6% 8 - 9% Free cash flow 330 1) 250 to 300 21 ≥ 90% Cash Conversion 1) Including a mid double-digit million amount cash-inflow due to completion of a legal proceeding Highlights | Q1 2026 Stable development in a volatile market with adverse weather conditions -5% / org. -6% Orders Received € 1,208 million +4% / org. +3% Revenue € 1,312 million 4.6% EBITA margin from 4.5% € 0.99 Earnings per share from € 0.84 € 21 million Free cash flow from € 109 million Outlook 2026 Revenue € 5,400 - 5,900 million EBITA margin 5.8 - 6.2 % M&A Teknokon acquisition closed 1 st of April Quarterly Statement Q1 2026 Financial Backup Segment Development Q1 2026 Reconciliation Group Western Europe Central Europe International HQ / Consolidation / Other 1) Other Operations Group [€ million] Q1/26 Q1/25 Δ in % Q1/26 Q1/25 Δ in % Q1/26 Q1/25 Δ in % Q1/26 Q1/25 Δ in % Q1/26 Q1/25 Δ in % Q1/26 Q1/25 Δ in % Orders received 385 424 -9% 593 624 -5% 232 227 +2% -42 -56 - 41 52 -22% 1,208 1,271 -5% Order backlog 1,385 1,391 0% 2,059 1,981 +4% 758 738 +3% -86 -107 - 66 135 -51% 4,181 4,138 +1% Revenue 443 416 +6% 600 568 +6% 245 258 -5% -42 -40 - 66 64 +3% 1,312 1,267 +4% SG&A -30 -26 - -33 -37 - -19 -17 - -1 -5 - -2 -2 - -84 -87 - EBITDA 41 38 +8% 38 37 +3% 4 9 -57% 0 -8 - 7 11 -40% 90 87 +4% EBITDA margin 9.3% 9.1% 6.4% 6.5% 1.6% 3.6% - - 10.4% 17.7% 6.9% 6.9% EBITA margin EBITA 30 26 +14% 26 25 +5% 0 6 - -3 -11 - 6 11 -42% 60 57 +5% Special items EBITA 6.8% 0 6.3% 0 4.3% - 0 4.3% 0 0.2% - 0 2.3% 0 - - - 0 0 9.5% - 0 16.9% 0 4.6% - -1 4.5% -1 - Amortization -2 -2 - 0 0 - 0 0 - 0 0 - 0 0 - -2 -2 - Depreciation Investments in P, P & E -11 9 -12 7 - -12 +30% 5 -12 4 - -4 +36% 1 -3 - -3 3 -68% 1 -3 - -1 0 2 -47% 0 1 - -31 - 17 -30 - 17 0% Increase in right-of-use assets 5 4 +10% 3 1 +81% 3 0 - 1 0 - 0 0 - 11 7 +63% Employees 8,380 8,040 +4% 11,379 11,659 -2% 9,571 10,326 -7% 558 551 +1% 682 730 -7% 30,570 31,306 -2% 1) Restatement of 2025 Orders received, Order backlog and Revenue figures due to change in segment structure Segments | Outlook 2026 confirmed Western Europe Central Europe International 34% 1) 46% 1) 20% 1) [€ million, %] Actual FY 2025 Outlook FY 2026 2) Actual Q1 2026 Western Europe Revenue 1,825 1,800 to 2,000 443 EBITA margin 6.7% 7.0 to 7.4% 6.8% Central Europe Revenue 2,497 2,500 to 2,700 600 EBITA margin 5.4% 5.8 to 6.4% 4.3% International Revenue 1,062 1,050 to 1,200 245 EBITA margin 4.4% 4.2 to 5.0% 0.2% Reconciliation Group Revenue 43 0 to 50 24 EBITA -5 -20 to 0 4 Share of Group Revenue FY 2025 Includes only M&A transactions closed in 2025 Revenue Split Western Europe Central Europe International Group Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Industry Split Chemicals & Petrochemicals 33% 37% 21% 25% 2% 10% 20% 24% Energy 19% 12% 27% 25% 19% 23% 26% 25% Oil & Gas 31% 34% 14% 12% 19% 16% 20% 18% Pharma & Biopharma 4% 4% 22% 24% 0% 0% 11% 13% Adjacent Industries 13% 13% 16% 15% 60% 51% 22% 21% Remuneration Type Time & Material 43% 53% 45% 47% 46% 42% 42% 45% Unit rates 36% 30% 14% 13% 13% 16% 19% 17% Lump sum 18% 15% 17% 17% 18% 21% 22% 22% Mixed 3% 1% 24% 24% 23% 21% 16% 16% Profit and Loss Statement [€ million] Q1/26 Q1/25 ∆ in % Revenue 1,312.4 1,267.4 +4% Gross profit 142.0 141.6 0% Selling and administrative expenses -84.3 -86.7 - Impairment losses and reversal of impairment losses (as per IFRS 9) -2.2 0.0 - Other operating income and expense 1.2 -1.7 - Income from investments accounted for using the equity method 0.7 1.8 -60% Earnings before interest and taxes (EBIT) 57.5 55.0 +5% Amortization of int. assets from acquisitions and goodwill impairments (IFRS 3) -2.3 -1.7 - Earnings before interest, taxes and amortization of intangible assets (EBITA) 59.8 56.7 +5% Special items in EBITA 1 -0.7 -0.6 -21% Depreciation PP&E -30.6 -30.4 - thereof depreciation of right-of-use assets from leases -16.2 -16.4 - Earnings before interest, taxes, depreciation and amortization (EBITDA) 90.4 87.2 +4% Financial result -5.5 -5.2 - Earnings before taxes (EBT) 52.0 49.7 +5% Income taxes -13.7 -15.6 - Earnings after taxes EAT (continuing operations) 38.3 34.2 +12% Earnings after taxes EAT (discontinued operations) 0.0 0.1 - Minority interests -1.6 -2.7 - Net profit 36.7 31.6 +16% Earnings per share (in €) 0.99 0.84 +17% For information: adjusted Net profit 38.6 35.3 +9% Adjusted Earnings per share (in €) 1.04 0.94 +11% 1 Special items EBITA [€ million] Q1/26 Integration of acquisition -1 Other restructuring 1 M&A -1 Total -1 Consolidated Balance Sheet: Assets 1 Goodwill increased to €795 million (12/25: €790 million) [€ million] 3/31/26 12/31/25 ∆ in % Non-current assets 1,415.0 1,406.1 +1% Intangible assets 832.5 1 827.6 +1% Property, plant and equipment 297.0 294.1 +1% Right of use assets from leases 187.3 187.6 0% Investments accounted for using the equity method 17.5 16.7 +5% Other financial assets 6.8 7.2 -6% Deferred taxes 73.7 72.8 +1% Current assets 2,214.2 2,084.6 +6% Inventories 112.0 103.0 +9% Receivables and other financial assets 1,465.5 1,341.4 +9% Current tax assets 24.5 23.7 +3% Other assets 110.2 97.2 +13% Securities 0.0 0.0 - Marketable securities 0.0 0.0 - Cash and cash equivalents 502.0 519.2 -3% Assets classified as held for sale 0.0 0.0 - Total 3,629.2 3,490.7 +4% Consolidated Balance Sheet: Equity & Liabilities 1 Equity ratio remained constant at 39% [€ million] 3/31/26 12/31/25 ∆ in % Equity 1,403.6 1 1,344.7 +4% Equity attributable to shareholders of Bilfinger SE 1,389.1 1,331.7 +4% Attributable to minority interests 14.4 13.0 +11% Non-current liabilities 480.2 481.0 0% Provisions for pensions and other obligations 240.5 242.5 -1% Other provisions 22.5 22.6 0% Financial debt 190.6 191.8 -1% Other liabilities 0.1 0.1 +120% Deferred taxes 26.5 24.1 +10% Current liabilities 1,745.4 1,664.9 +5% Current tax liabilities 50.8 48.5 +5% Other provisions 125.4 131.9 -5% Financial debt 183.5 181.8 +1% Trade and other payables 1,080.6 1,045.7 +3% Other liabilities 305.1 257.1 +19% Liabilities classified as held for sale 0.0 0.0 - Total 3,629.2 3,490.7 +4% Net Liquidity | Cash Flow Development Excluding IFRS 16 Net liquidity 1) [€ million] Cash flow development year-to-date excl. IFRS 16 [€ million] -2 -16 -2 36 -15 0 -3 Q1 2026 excl. IFRS 16 IFRS 16 impacts Q1 2026 incl. IFRS 16 Q1 2025 excl. IFRS 16 EBITA 60 60 57 Depreciation 15 16 31 14 Change in NWC -49 -49 60 Other non-cash income / expenses 0 0 -2 Interest received 3 3 3 Income tax payments -12 -12 -18 Change in non-current assets / liabilities 5 5 -5 Others 2) -5 3 -2 -2 Operating CF 17 36 107 Net CAPEX -15 -15 -16 Free CF 2 21 91 Proceeds/Investments financial assets 0 0 -8 Share buyback program 0 0 -13 Changes in marketable securities 0 0 0 Dividends 0 0 0 Change in financial debt 0 -17 -17 0 Interest paid -1 -2 -3 -1 FX / other / DiscOp -18 -18 -1 Change in Cash -17 -17 68 -16 146 128 1/1/26 OCF Net Acquisitions/ Cash Buyback of Cash flow Change in Other 3/31/26 Capex disposals flow management discont. valuation financing activities Net Trade Assets / DSO / DPO shares operations of liabilities 458 454 464 426 500 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 66 63 64 61 74 71 67 66 67 82 Net trade assets [€ million] DSO [days] DPO [days] 1) Including IFRS 16 leases | 2) Gains / losses from disposal of non-current assets / Income from investments accounted for using the equity method / Dividends received 1 Increase in trade receivables caused by timing effects related to invoicing 2 Q1/25 figures include a mid double-digit million amount cash-inflow due to completion of a legal proceeding Consolidated Statement of Cash Flows [1/2] [€ million] Q1/26 Q1/25 ∆ in % EBITDA 90.4 87.2 +4% Change in advance payments received -0.6 -4.8 +88% Change in trade receivables -114.8 1 45.1 2 - Change in trade payables and advance payments made 44.5 33.0 +35% Change in net trade assets -70.8 73.3 - Change in current provisions -6.4 -6.3 -1% Change in other current assets (including other inventories) and liabilities 28.5 -6.8 2 - Change in working capital -48.7 60.2 - Change in non-current assets and liabilities 4.5 -4.9 - Gains / losses from disposal of non-current assets -0.9 -0.2 - Income from investments accounted for using the equity method -0.7 -1.8 - Dividends received 0.3 1.5 -80% Interest received 3.0 3.6 -18% Income tax payments -11.8 -18.3 - Other non-cash income / expense 0.0 -1.9 - Operating cash flow (OCF) 36.1 125.4 -71% Investments in property, plant and equipment and intangible assets -16.8 -16.8 - Payments received from the disposal of P, P & E and intangible assets 1.8 0.7 +170% Net cash outflow for P, P & E and intangible assets (net capex) -15.1 -16.1 - Free cash flow (FCF) 21.0 109.3 -81% thereof special items in free cash flow -5.2 3 -5.3 - 3 Special items in FCF [€ million] Q1/26 Restructuring -3 Integration Costs -1 M&A -1 Total -5 Consolidated Statement of Cash Flows [2/2] [€ million] Q1/26 Q1/25 ∆ in % Free Cash Flow (FCF) [carry over] 21.0 109.3 -81% Proceeds from / payments made for the disposal of financial assets 0.0 0.0 - Investments in financial assets 0.0 -7.5 - Changes in marketable securities 0.0 0.0 - - Share buyback 0.0 -12.5 - - Dividends -16.2 0.0 - - Changes in ownership interest without change in control 0.0 0.0 - - Borrowing 0.0 0.0 - - Repayment of financial debt -17.4 -15.9 - - Interest paid -3.0 -3.4 - Cash flow from financing activities of continuing operations -36.7 -31.7 - Change in cash and cash equivalents of continuing operations -15.7 70.1 - Change in cash and cash equivalents of discontinued operations -1.5 -1.5 - Change in value of cash and cash equivalents due to changes in foreign 0.0 -1.0 - exchange rates Change in cash and cash equivalents -17.2 67.7 - Cash and cash equivalents at January 1 519.2 465.0 12% Change in cash and cash equivalents of assets classified as held for sale 0.0 0.0 - Cash and cash equivalents at March 31 502.0 532.7 -6% Your Bilfinger IR Team Martina Kalkhake Sascha Bamberger Christine Terhalle Nicola Bursitzky Maximilian H. W. Zabel Senior Vice President Investor Relations Phone: +49 (0) 621 / 459-3759 [email protected] Director Investor Relations Phone: +49 (0) 621 / 459-2455 [email protected] Senior Manager Investor Relations Phone: +49 (0) 621 / 459-2128 [email protected] Manager Investor Relations Phone: +49 (0) 621 / 459-3880 [email protected] Manager Investor Relations Phone: +49 (0) 621 / 459-2486 [email protected] Financial calendar May 20, 2026 - Annual General Meeting August 12, 2026 - Quarterly Statement Q2 2026 November 11, 2026 - Quarterly Statement Q3 2026 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 and information speak only as of the date they are made, and Bilfinger neither intends nor assumes any obligation to update publicly or revise these forward-looking statements in light of future events or developments which differ from those anticipated. By their nature, forward-looking statements are subject to risks and uncertainties, including a negative change in market conditions, events of force majeure or changes in laws, regulations and government policies. A variety of such factors, many of which are beyond Bilfinger's control, could cause actual results, performance figures or events to differ significantly from those expressed or implied in the forward-looking statements. The information contained in this document may comprise financial and similar information which is neither audited nor reviewed and should be considered preliminary and subject to change. It may also include data provided by third parties. Any such data is taken or derived from information published by sources that Bilfinger believes to be credible. Bilfinger has not independently verified the third-party data and makes no warranties as to its accuracy or completeness. Due to rounding, numbers presented throughout this document may not add up in all cases precisely to the totals provided and percentages may not precisely reflect the absolute figures. This document is being presented solely for informational purposes and does not constitute any form of investment advice or an offer or invitation to subscribe for or purchase any securities.