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%
€ 0.99Earnings per share
from € 0.84
€ 21 millionFree cash flow
from € 109 million
Outlook 2026Revenue
€ 5,400 - 5,900 million
EBITA margin
5.8 - 6.2 %
M&ATeknokon acquisition closed 1st 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 Index1)
Base year 2023 I Europe, Middle East and North America
130
Outsourcing Potential
Bilfinger Revenue Share2) 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 20262) | 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 | 3301) | 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%
€ 0.99Earnings per share
from € 0.84
€ 21 millionFree cash flow
from € 109 million
Outlook 2026Revenue
€ 5,400 - 5,900 million
EBITA margin
5.8 - 6.2 %
M&ATeknokon acquisition closed 1st of April
Quarterly Statement Q1 2026Financial Backup
Segment Development Q1 2026
Reconciliation Group
Western Europe Central Europe International
HQ / Consolidation / Other1)
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 20262) | 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 liquidity1) [€ million] Cash flow development year-to-date excl. IFRS 16 [€ million]
-2
-16
-2
36
-15
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
martina.kalkhake@bilfinger.com
Director
Investor Relations
Phone: +49 (0) 621 / 459-2455
sascha.bamberger@bilfinger.com
Senior Manager Investor Relations
Phone: +49 (0) 621 / 459-2128
christine.terhalle@bilfinger.com
Manager
Investor Relations
Phone: +49 (0) 621 / 459-3880
nicola.bursitzky@bilfinger.com
Manager
Investor Relations
Phone: +49 (0) 621 / 459-2486
maximilian.zabel@bilfinger.com
Financial calendar May 20, 2026 - Annual General MeetingAugust 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.