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Bilfinger SE
Quarterly Report • Nov 18, 2024
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Quarterly Report
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QUARTERLY STATEMENT Q3 2024
November 14, 2024
Dr. Thomas Schulz, Group CEO
Matti Jäkel, Group CFO
GILFINGER
ORDERS RECEIVED
€1,344 million
abs. $+31 \%$
org. $+18 \%$
REVENUE
€1,284 million
abs. $+15 \%$
org. $+2 \%$
MARKETS
Stable to positive
in all target markets
EBITA MARGIN
6.0\%
from 5.1\%
6.0\%
from 5.1\%
6.0\%
from 60.98
FREE CASH FLOW
€55 million
from $€ 61$ million
M\&A
Integration of acquisition
well on track
Industries I
Europe, Middle East and North America
Chemicals \& Petrochemicals
Production index, base year 2019
- Market outlook: Stable to positive
- Increasing energy demand, Nuclear industry revival
- Good / stable outsourcing potential
- Europe still below pre-covid, but increasing
- New US administration favors shifts towards conventional energy
- High level of investments in renewable energy in Middle East
- Market outlook: Stable
- Global petrochemical demand expected to grow in the mid-term, significant regional differences
- Good / increasing outsourcing potential
- Europe not expected to reach pre-covid levels by 2025
- US market predicted to grow by 3-4\% p.a. in 2025-2026
- Strong production growth in Middle East expected
Industries II
Europe, Middle East and North America
- Market outlook: Positive
- Global investment outlook remains strong
- Good / increasing outsourcing potential
- Higher demand for pharma \& biopharma products
- Growth based on localization of production, reduced time to market for innovation
- Market outlook: Stable
- Further increase in global oil production predicted for 2025
- Good / increasing outsourcing potential
- Imports Europe: Russia reduced, US and Middle East increased
- US produces $>20 \%$ of global oil - New administration expected to lead to expansion
Opportunity pipeline [indexed on July 2022]
Orders received [ $€$ million]
Order backlog [€ million]
1) Solely former Stork entities
Q3 Developments
Pipeline
- Stable to positive demand
Orders
- Strong increase from low prior-year figure, above-average share of larger individual orders
- Book-to-bill at 1.05
Order backlog
- Significant organic growth
Oil \& Gas
Zeeland Refinery
Netherlands
E\&M Europe
6-year contract for all-in-one maintenance of refinery from a single source, thanks to acquisition
Energy
MAN Energy Solutions
Denmark
E\&M Europe
Engineering and mechanical integration of fourth heat pump to supply city of Aalborg with climate-neutral district heating
Energy
RWE
Germany
Technologies
Integration of a 100 MW electrolysis plant to expand sustainable hydrogen production and supply capacities
Innovation: Bilfinger Corrosion Detection (BCD 1.0) for pipe inspection in real time
Cost-effective and safe detection of Corrosion Under Insulation
Customer Order
- Pipe inspection according to risk-based inspection program
- Detection of safety-critical Corrosion Under Insulation by removing insulation
Bilfinger Solution
- Mobile, safe radiography for screening in real time
- No need to remove insulation from component
Significantly faster detection and accurate inspection ${ }^{1)}$
- Maximum precision increases efficiency
- Minimized material loss and manual effort reduce costs
- Improved quality and accuracy of inspection
Revenue / Book-to-bill [€ million / ratio]
EBITA [€ million, \%]
Thereof special items
Q3 Developments
- Revenue with 2\% organic growth
- Improvement in gross profit and margin to $€ 158$ million / 12.3\% (PY $€ 123$ million / 11.0\%) due to product mix, Operational Excellence and Efficiency Program
- Increase in SG\&A costs to -€78 million / 6.1\% (PY -€70 million / $6.3 \%$ ) due to inclusion of acquisition ${ }^{1)}$
- EBITA margin reaches exceptional level of 6.0\% (without acquisition $6.0 \%)$
Q3/24
Q3/23
$[\in$ million]
Earnings per share: €0.98
Operating cash flow [€ million]
Free cash flow [€ million]
Thereof special items
$-3$
$-5$
$-4$
$-3$
$-4$
$-16$
$-8$
$-13$
$-4$
Net Trade Assets / Revenue [\%] ${ }^{1)}$
113-month average
Bifinger SE | Quarterly Statement Q3 2024 | November 14, 2024
Q3 Developments
- Fifth consecutive positive quarter, intra-year seasonality of cash flow further reduced
- Free cash flow of $€ 105$ million (PY: -€12 million) year-to-date
- Net CAPEX of -€11 million (PY: -€9 million)
Net liquidity
Acquired business ${ }^{1}$ :
Liquidity effect $-\epsilon 29$ million
Acquired business ${ }^{1}$ :
Liquidity effect $+\epsilon 21$ million
Leasing liabilities $-\epsilon 43$ million
Acquired business ${ }^{1}$ :
Liquidity effect $-\epsilon 6$ million
Leasing liabilities $-\epsilon 1$ million
1) Solely former Stork entities
Financing targets
1) S\&P definition
Segment E\&M Europe
Orders received / Book-to-bill [€ million / ratio]
Revenue [€ million]
EBITA [€ million, \%]
1) Restatement due to new allocation of entities (orders received: +6; revenue: +18; EBITA: 0) | 2) Without acquisition (former Stork entities)
Q3 Developments
- Acquisition ${ }^{4}$ :
Orders received: €126 million
Revenue: €140 million
EBITA: €8 million (EBITA margin 5.8\%)
- Orders received with significant organic growth due to increased maintenance activities across all industries
- Revenue organically at prior-year level
- EBITA significantly above prior year due to product mix, Operational Excellence and Efficiency Program
Segment E\&M International
Orders received / Book-to-bill [€ million / ratio]
Revenue [€ million]
EBITA [€ million, \%]
Revenue split [YTD 2024, \%]
Q3 Developments
- Orders received normalized vs. prioryear quarter, continuing positive overall development
- Revenue shows strong growth in engineering sector in Middle East
- EBITA affected by completion of a multi-year legal proceeding in the U.S. with negative impact in segment, offset by release of provisions at group level; additionally risk provisioning for discontinuation of project business
Segment Technologies
Orders received / Book-to-bill [€ million / ratio]
Revenue [€ million]
EBITA [€ million, \%]
Revenue split [YTD 2024, \%]
Q3 Developments
- Orders received with significant increase, particularly in Pharma and Biopharma as well as Energy
- Revenue with organic growth following strong development of orders received
- EBITA margin above prior-year level due to product mix, Operational Excellence and Efficiency Program
| [€ million, \%] | Previous Outlook FY 2024 |
YTD 2024 | Updated Outlook FY 2024 |
|
|---|---|---|---|---|
| E\&M Europe | Revenue | 3,200 to 3,600 | 2,554 | 3.200 to 3.600 |
| EBITA margin | $5.7 \%$ to $6.1 \%$ | $5.8 \%$ | $5.7 \%$ to $6.1 \%$ | |
| E\&M International | Revenue | 650 to 750 | 519 | 650 to 750 |
| EBITA margin | $2.5 \%$ to $4.0 \%$ | $-0.4 \%$ | $0.0 \%$ to $1.0 \%$ | |
| Technologies | Revenue | 750 to 850 | 538 | 750 to 850 |
| EBITA margin | $5.0 \%$ to $5.5 \%$ | $5.5 \%$ | $5.7 \%$ to $6.2 \%$ | |
| Reconciliation | Revenue | 50 to 75 | 65 | 90 to 115 |
| Group | EBITA | $-25$ to -15 | 14 | $-5$ to 5 |
| [€ million, \%] | FY 2023 | Outlook FY 2024 |
YTD 2023 | YTD 2024 |
|---|---|---|---|---|
| Revenue | 4,486 | 4,800 to 5,200 | 3,290 | 3,676 |
| EBITA margin | $4.3 \%$ | $4.8 \%$ to $5.2 \%$ | $3.7 \%$ | $5.2 \%$ |
| $5.0 \%{ }^{2)}$ | ||||
| Free cash flow | 122 | 125 to $165{ }^{1)}$ before: 100 to 140 |
$-12$ | 105 |
1) Including approx. $€ 30$ million in cash-out for special items ( $€ 25$ million efficiency program and $€ 5$ million integration expenses acquired business (former Stork entities)), corresponds to Cash Conversion adjusted of $~ 70 \%$ Before: Including approx. $€ 55$ million in cash-out for special items ( $€ 40$ million efficiency program and $€ 15$ million integration acquired business (former Stork entities))
Adjustment due to postponement into the next year
2) Without special items (mainly badwill from the acquisition (former Stork entities))
Bilfinger SE | Quarterly Statement Q3 2024 | November 14, 2024
Quarterly Statement Q3 2024
FINANCIAL BACKUP
| E\&M Europe ${ }^{1)}$ | E\&M International | Technologies $^{2)}$ | Reconciliation Group | Group | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HQ / Consolidation / Other ${ }^{3)}$ | Other Operations | |||||||||||||||
| [€ million] | Q3/24 | Q3/23 | $\Delta$ in \% | Q3/24 | Q3/23 | $\Delta$ in \% | Q3/24 | Q3/23 | $\Delta$ in \% | Q3/24 | Q3/23 | $\Delta$ in \% | Q3/24 | Q3/23 | $\Delta$ in \% | Q3/24 |
| Orders received | 859 | 676 | $+27 \%$ | 177 | 127 | $+40 \%$ | 268 | 177 | $+51 \%$ | $-19$ | $-5$ | - | 59 | 54 | $+9 \%$ | 1,344 |
| Order backlog | 2,563 | 2,016 | $+27 \%$ | 550 | 550 | $0 \%$ | 877 | 719 | $+22 \%$ | $-15$ | $-30$ | - | 133 | 122 | $+9 \%$ | 4,109 |
| Revenue | 891 | 758 | $+17 \%$ | 171 | 166 | $+3 \%$ | 192 | 169 | $+14 \%$ | $-9$ | $-21$ | - | 39 | 45 | $-14 \%$ | 1,284 |
| SG\&A | $-53$ | $-41$ | $+30 \%$ | $-12$ | $-12$ | $-5 \%$ | $-12$ | $-12$ | $-1 \%$ | 0 | $-3$ | $-86 \%$ | $-2$ | $-2$ | $+2 \%$ | $-78$ |
| EBITDA | 77 | 62 | $+25 \%$ | $-7$ | 4 | - | 15 | 12 | $+32 \%$ | 13 | $-4$ | - | 7 | 4 | $+73 \%$ | 106 |
| EBITDA margin | 8.7\% | 8.1\% | $-4.0 \%$ | 2.2\% | 8.1\% | 6.9\% | - | - | 18.1\% | 9.0\% | 8.3\% | |||||
| EBITA | 56 | 44 | $+26 \%$ | $-9$ | 2 | - | 13 | 10 | $+34 \%$ | 10 | $-2$ | - | 7 | 4 | $+83 \%$ | 76 |
| EBITA margin | 6.3\% | 5.8\% | $-5.2 \%$ | 1.0\% | 6.9\% | 5.8\% | - | - | 16.9\% | 7.9\% | 6.0\% | |||||
| Special items EBITA | $-3$ | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | $-3$ |
| Amortization | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 |
| Depreciation | $-22$ | $-18$ | - | $-2$ | $-2$ | - | $-2$ | $-2$ | - | $-3$ | 2 | - | 0 | 0 | - | $-30$ |
| Investments in PPE | 8 | 7 | $+23 \%$ | 1 | 1 | $+14 \%$ | 1 | 1 | $-44 \%$ | 1 | 0 | - | 0 | 0 | - | 11 |
| Increase in right-ofuse assets | 6 | 2 | $+172 \%$ | 1 | 0 | - | 1 | 0 | - | 2 | 1 | $+309 \%$ | 1 | 0 | - | 11 |
| Employees | 22,916 | 20,989 | $+9 \%$ | 5,404 | 5,136 | $+5 \%$ | 1,702 | 1,682 | $+1 \%$ | 539 | 552 | $-2 \%$ | 733 | 718 | $+2 \%$ | 31,294 |
1) Restatement of 2023 figures due to new allocation of entities: Q3 2023 (orders received +6 ; order backlog +27 ; revenue +18 ; EBITA 0)
2) Restatement of 2023 figures due to new allocation of entities: Q3 2023 (orders received -7 ; order backlog -27 ; revenue -17 ; EBITA 0)
3) Restatement of 2023 figures due to new allocation of entities: Q3 2023 (orders received +1 ; order backlog 0 ; revenue -1 ; EBITA 0)
Segment development YTD 2024
BILFINGER
Profit and loss statement
[€ million]
Gross profit [€ million, \%]
SG&A expenses [€ million, \%]
| $[K$ million] | $9 / 30 / 24$ | $6 / 30 / 24$ | $\Delta$ in \% | $9 / 30 / 24$ | $12 / 31 / 23$ | $\Delta$ in \% | |
|---|---|---|---|---|---|---|---|
| Non-current assets | 1,370.3 | 1,381.1 | $-1 \%$ | 1,370.3 | 1,306.2 | $+5 \%$ | |
| Intangible assets | 785.5 | 794.1 | $-1 \%$ | 785.5 | 788.0 | 0\% | |
| Property, plant and equipment | 275.9 | 275.2 | 0\% | 275.9 | (1) 246.7 | $+12 \%$ | |
| Right of use assets from leases | 191.9 | 196.5 | $-2 \%$ | 191.9 | (1) 163.5 | $+17 \%$ | |
| Investments accounted for using the equity method | 16.3 | 14.8 | $+10 \%$ | 16.3 | 13.3 | $+22 \%$ | |
| Other financial assets | 6.4 | 6.4 | $-1 \%$ | 6.4 | 6.7 | $-5 \%$ | |
| Deferred taxes | 94.3 | 94.2 | 0\% | 94.3 | 87.9 | $+7 \%$ | |
| Current assets | 2,024.3 | 1,992.0 | $+2 \%$ | 2,024.3 | 2,051.3 | $-1 \%$ | |
| Inventories | 113.2 | 104.4 | $+8 \%$ | 113.2 | 87.3 | $+30 \%$ | |
| Receivables and other financial assets | 1,389.9 | 1,400.2 | $-1 \%$ | 1,389.9 | 1,180.1 | $+18 \%$ | |
| Current tax assets | 7.7 | 13.2 | $-42 \%$ | 7.7 | 8.9 | $-13 \%$ | |
| Other assets | 94.4 | 80.1 | $+18 \%$ | 94.4 | 46.1 | $+105 \%$ | |
| Securities | 0.0 | 0.0 | - | 0.0 | 0.0 | - | |
| Marketable securities | 0.0 | 0.0 | - | 0.0 | 190.5 | $-100 \%$ | |
| Cash and cash equivalents | 419.1 | 394.1 | $+6 \%$ | 419.1 | 538.4 | $-22 \%$ | |
| Assets classified as held for sale | 0.0 | 0.0 | - | 0.0 | 0.0 | - | |
| Total | 3,394.6 | 3,373.0 | $+1 \%$ | 3,394.6 | 3,357.4 | $+1 \%$ |
(1) Increase mainly due to the first-time inclusion of the acquisition (former Stork entities)
Consolidated Balance Sheet: Equity \& liabilities
| [€ million] | $9 / 30 / 24$ | $6 / 30 / 24$ | $\Delta$ in \% | $9 / 30 / 24$ | $12 / 31 / 23$ | $\Delta$ in \% | |
|---|---|---|---|---|---|---|---|
| Equity | 1,255.4 | 1,207.0 | $+4 \%$ | 1,255.4 | 1,181.5 | $+6 \%$ | |
| Equity attributable to shareholders of Bilfinger SE Attributable to minority interests | 1,245.7 | 1,199.2 | $+4 \%$ | 1,245.7 | 1,173.1 | $+6 \%$ | |
| 9.7 | 7.8 | $+24 \%$ | 9.7 | 8.4 | $+16 \%$ | ||
| Non-current liabilities | 630.5 | 625.8 | $+1 \%$ | 630.5 | 590.4 | $+7 \%$ | |
| Provisions for pensions and other obligations | 268.8 | 263.7 | $+2 \%$ | 268.8 | 260.7 | $+3 \%$ | |
| Other Provisions | 21.4 | 19.8 | $+8 \%$ | 21.4 | 18.7 | $+15 \%$ | |
| Financial debt | 319.2 | 322.1 | $-1 \%$ | 319.2 | 294.9 | $+8 \%$ | |
| Other liabilities | 1.3 | 0.9 | $+35 \%$ | 1.3 | 0.1 | $+747 \%$ | |
| Deferred taxes | 19.9 | 19.3 | $+3 \%$ | 19.9 | 16.0 | $+25 \%$ | |
| Current liabilities | 1,508.7 | 1,540.2 | $-2 \%$ | 1,508.7 | 1,585.5 | $-5 \%$ | |
| Current tax liabilities | 33.9 | 29.0 | $+17 \%$ | 33.9 | 25.5 | $+33 \%$ | |
| Other provisions | 171.6 | 176.2 | $-3 \%$ | 171.6 | 201.8 | $-15 \%$ | |
| Financial debt | 63.4 | 64.9 | $-2 \%$ | 63.4 | 313.9 | $-80 \%$ | |
| Trade and other payables | 996.8 | 998.3 | 0\% | 996.8 | 835.3 | $+19 \%$ | |
| Other liabilities | 243.0 | 271.8 | $-11 \%$ | 243.0 | 209.1 | $+16 \%$ | |
| Liabilities classified as held for sale | 0.0 | 0.0 | - | 0.0 | 0.0 | - | |
| Total | 3,394.6 | 3,373.0 | $+1 \%$ | 3,394.6 | 3,357.4 | $+1 \%$ |
Net liquidity
Cash flow development excluding IFRS 16 effects
Net liquidity ${ }^{1)}$ [€ million]
1) Including IFRS 16 leases
Net Trade Assets / DSO / DPO
DSO [days]
77
DPO [days]
| 68 | 60 | 68 | 71 | 63 |
|---|---|---|---|---|
Cash flow development year-to-date excl. IFRS 16 [€ million]
| 9m 2024 excl. IFRS 16 |
IFRS 16 impacts |
incl. IFRS 16 | 9m 2023 excl. IFRS 16 |
|
|---|---|---|---|---|
| EBITA | 190 | 190 | 122 | |
| Depreciation | 39 | 44 | 83 | 30 |
| Change in NWC | -111 | -111 | -146 | |
| Others | -7 | 9 | 2 | -7 |
| Special Items | -19 | -19 | -11 | |
| Operating CP | 92 | 145 | -12 | |
| Net CAPEX | -40 | -40 | -42 | |
| Free CP | 52 | 105 | -54 | |
| Proceeds/Investments financial assets | -14 | -14 | -13 | |
| Share buyback program | 0 | 0 | 0 | |
| Changes in marketable securities | 190 | 190 | -175 | |
| Dividends | -67 | -67 | -49 | |
| Change in financial debt | -250 | -47 | -297 | 175 |
| Interest paid | -20 | -6 | -28 | -19 |
| FX/other/ DiscOp | -10 | -10 | -10 | |
| Change in Cash | -119 | -119 | -145 |
Consolidated Statement of Cash Flows [1/2]
[€ million]
Q3/24
Q3/23
$\Delta$ in $\%$
YTD/24
YTD/23
$\Delta$ in $\%$
| EBITDA | 106.1 | 77.1 | $+38 \%$ |
|---|---|---|---|
| Change in advance payments received | 27.9 | $-7.8$ | - |
| Change in trade receivables | 40.0 | $-19.2$ | - |
| Change in trade payables and advance payments made | $-66.2$ | $-2.8$ | - |
| Change in net trade assets | 1.7 | $-29.8$ | - |
| Change in current provisions | $-3.0$ | 1.7 | - |
| Change in other current assets (including other inventories) and liabilities | $-34.0$ | 22.4 | - |
| Change in working capital | $-35.3$ | $-5.7$ | - |
| Change in non-current assets and liabilities | $-5.1$ | $-4.9$ | - |
| Gains / losses from disposal of non-current assets | $-0.1$ | $-0.6$ | - |
| Income from investments accounted for using the equity method | $-1.4$ | $-0.8$ | - |
| Dividends received | 0.2 | 2.7 | $-94 \%$ |
| Interest received | 4.8 | 4.6 | $+4 \%$ |
| Income tax payments | $-3.5$ | $-2.6$ | - |
| Operating cash flow (OCF) | 65.7 | 69.6 | $-6 \%$ |
| Investments in property, plant and equipment and intangible assets | $-11.3$ | $-9.5$ | - |
| Payments received from the disposal of P, P \& E and intangible assets | 0.3 | 0.6 | $-44 \%$ |
| Net cash outflow for P, P \& E and intangible assets (net capex) | $-10.9$ | $-8.9$ | - |
| Free cash flow (FCF) | 54.7 | 60.7 | $-10 \%$ |
| thereof special items in free cash flow | $-4.3$ | $-4.4$ | - |
1 Thereof efficiency program: -3
Consolidated Statement of Cash Flows [2/2]
[€ million]
| Q3/24 | Q3/23 | $\Delta$ in \% | YTD/24 | YTD/23 | $\Delta$ in \% | |
|---|---|---|---|---|---|---|
| Free Cash Flow (FCF) (carry over) | 54.7 | 60.7 | $-10 \%$ | 104.8 | $-11.9$ | |
| Proceeds from / payments made for the disposal of financial assets | 0.0 | $-0.7$ | - | $-0.8$ | $-0.6$ | - |
| Investments in financial assets | $-5.5(1)$ | 0.0 | - | $-13.5$ | $-12.6$ | |
| Changes in marketable securities | 0.0 | $-175.0$ | $100 \%$ | 190.5 | $-175.0$ | |
| - Share buyback | 0.0 | 0.0 | - | 0.0 | 0.0 | - |
| - Dividends | 0.0 | $-1.9$ | - | $-73.0$ | $-51.5$ | |
| - Share buyback (including Changes in ownership interest without change in control) | $-0.7$ | $-0.3$ | - | $-0.7$ | $-0.3$ | |
| - Borrowing | 0.0 | 0.0 | - | 0.0 | $175.0(2)$ | $-100 \%$ |
| - Repayment of financial debt | $-16.4$ | $-13.0$ | - | $-297.1$ | $-38.5$ | |
| - Interest paid | $-6.3$ | $-3.4$ | - | $-26.1$ | $-22.7$ | |
| Cash flow from financing activities of continuing operations | $-23.4$ | $-18.7$ | - | $-396.8$ | 62.1 | - |
| Change in cash and cash equivalents of continuing operations | 25.8 | $-133.7$ | - | $-115.9$ | $-137.9$ | |
| Change in cash and cash equivalents of discontinued operations | $-1.0$ | $-3.8$ | - | $-5.3$ | $-4.6$ | |
| Change in value of cash and cash equivalents due to changes in foreign exchange rates | 0.2 | 0.7 | $-70 \%$ | 1.9 | $-2.4$ | |
| Change in cash and cash equivalents | 25.0 | $-136.7$ | - | $-119.3$ | $-144.9$ | |
| Cash and cash equivalents at January 1 / July 1 | 394.1 | 565.3 | $-30 \%$ | 538.4 | 573.4 | $-6 \%$ |
| Change in cash and cash equivalents of assets classified as held for sale | 0.0 | 0.0 | - | 0.0 | 0.0 | |
| Cash and cash equivalents at September 30 | 419.1 | 428.5 | $-2 \%$ | 419.1 | 428.5 | $-2 \%$ |
This presentation has been produced for support of oral information purposes only and contains forwardlooking statements which involve risks and uncertainties. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Such statements made within this document are based on plans, estimates and projections as they are currently available to Bilfinger SE. Forward-looking statements are therefore valid only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Apart from this, a number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in worldwide financial markets as well as the factors that derive from any change in worldwide economic development.
This document does not constitute any form of offer or invitation to subscribe for or purchase any securities. In addition, the shares of Bilfinger SE have not been registered under United States Securities Law and may not be offered, sold or delivered within the United States or to US persons absent registration under or an applicable exemption from the registration requirements of the United States Securities Law.
Financial calendar
December 12, 2024
$\qquad$ Virtual Year-End Lunch Meeting 2024
March 4, 2025 Publication of Annual financial statements 2024
May 14, 2025 Annual General Meeting
Quarterly statement Q1 2025
August 14, 2025 Quarterly statement Q2 2025
November 13, 2025 Quarterly statement Q3 2025
Bilfinger SE
Investor Relations
Oskar-Meixner-Straße 1
D- 68163 Mannheim
Germany
[email protected]
www.bilfinger.com