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Bilfinger SE
Investor Presentation • Jun 2, 2025
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Q1 2025 Results
May 14, 2025
Dr. Thomas Schulz, Group CEO
Matti Jäkel, Group CFO
Highlights | Q1 2025
Orders Received
Revenue
€ 1,267 million +17% org. +2%
4.5 % from 4.0 %
Free Cash Flow
€ 109 million from € 24 million
Outlook
Revenue € 5.1 – 5.7 bn EBITA 5.2 – 5.8 %
ESG Figures: Occupational Safety
TRIF: Total Recordable Incident Frequency [based on 1 million working hours ]
LTIF: Lost Time Injury Frequency [based on 1 million working hours ]
"Zero" is possible
Industry Development
1) Includes content supplied by S&P Global Market Intelligence; Copyright © S&P Global Market Intelligence, 2025. All rights reserved 2) % of Group revenues Q1/25, ~20% in adjacent industries
Selected Orders
Pharma & Biopharma
Engineering, procurement and project management for ground-breaking cancer treatment production based on Thorium
Thor Medical Norway E&M Europe
Chemicals & Petrochemicals
Prolongation of framework agreement for maintenance, mechanical and piping services to increase efficiency of chemical production
Oil & Gas
Vynova Germany E&M Europe
Utility company Qatar E&M International
Comprehensive study and assessment of onshore and offshore operations to enhance energy efficiency and reduce carbon emissions
Solution Partnering: Bilfinger RoboBlast 1.0 Precise and Efficient Surface Treatment
- Treatment of mud tanks with a total surface of 460 m² and 4 m height at oil and gas field in North Sea
- Removal of rust, scale, and old coatings to prepare surface for new protective coatings
- State-of-the-art System T robot from Surface Dynamics for sandblasting
- Significantly more efficient surface pre-treatment, improving both time and treatment effect
- Remote operation from safe zone instead of human entry into tank
- Optimized data collection
Customer Order Bilfinger Solution Bilfinger Contribution*
*Compared to manual sandblasting
Bilfinger Demand
Opportunity pipeline [indexed on January 2023]
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Orders received [€ million]
∆ abs. / org.
Order backlog [€ million]
Q1 development
Orders received
- Solid first quarter, against a backdrop of customers' hesitancy in industries sensitive to business sentiment confidence and long-term investment decisions
- Growth mainly from the acquisition and new orders in Pharma & Biopharma and Energy industries
Group | Performance
Revenue [€ million] | Book-to-Bill [ratio]
- Organic growth mainly from Pharma & Biopharma, Energy and Oil & Gas industries
- Chemicals & Petrochemicals industry remains challenging, especially in Germany
EBITA [€ million, %]
- EBITA margin increase in line with anticipated improvement in the year
- Progress due to product mix, Operational Excellence and accretive M&A
- Q1 represents regular seasonality
Gross profit | SG&A [€ million, %]
- Increased gross profit in line with revenue development with significant margin improvement
- Sales and administrative expenses in Q1 2024 benefited from positive one-time effects
Segment E&M Europe | Performance
- In line with expectations, customers more cautious due to political uncertainty
- Organic growth mainly from Pharma & Biopharma and Energy industries
- Chemicals & Petrochemicals industry remains challenging, especially in Germany
Orders received [€ million] Revenue [€ million] | Book-to-Bill [ratio]
- In line with expectations, customers regarding Opex spend more cautious due to political uncertainty
- Organic growth from Energy and Oil & Gas industries
- Chemicals & Petrochemicals industry remains challenging, especially in Germany
EBITA [€ million, %]
▪ EBITA margin increase due to operational excellence, improved product mix and accretive M&A
Segment E&M International | Performance
- First quarter in line with expectations
- Timing effects in contract awards in both, North America and Middle East
Orders received [€ million] Revenue [€ million] | Book-to-Bill [ratio]
▪ Revenue growth predominantly in Middle East region and here especially in Energy and Oil & Gas industries
EBITA [€ million, %]
▪ In line with expectations and outlook
Segment Technologies | Performance
▪ Energy and Pharma & Biopharma industries with double digit growth rates
Orders received [€ million] Revenue [€ million] | Book-to-Bill [ratio]
▪ Solid revenue growth driven by strong demand in Pharma & Biopharma industry and investments into energy transition
EBITA [€ million, %]
▪ Margin improvement due to improved product mix and Operational Excellence
Group | Net Profit and Earnings per Share
Q1 development
Financial result
▪ In line with previous year
Taxes
▪ Higher taxes due to higher earnings and higher tax rate
Net profit / Earnings per share
• +27% increase year-over-year
Group | Performance
Group | Net Liquidity and Leverage
446 394 419 465 533 -185 -184 -184 -177 -179 -168 -203 -199 -200 -191 94 3/31/24 7 6/30/24 37 9/30/24 88 12/31/24 163 3/31/25 Net liquidity Cash and cash equivalents Financial debt Leasing liabilities (IFRS 16)
Net liquidity [€ million] Net debt / EBITDA [ratio]1)
1) S&P definition
Capital Allocation
Group | Outlook
| [€ million, %] | Actual FY 2024 |
Outlook FY 2025 |
Actual Q1 2025 |
Mid-term targets 2025-2027 |
|---|---|---|---|---|
| Revenue | 5,037 | 5,100 to 5,700 | 1,267 | 4 - 5% CAGR |
| EBITA margin |
5.2% | 5.2 to 5.8% | 4.5% | 6 - 7% |
| Free cash flow |
189 | 210 to 2701) | 109 | > 80% Cash Conversion |
16 Bilfinger | Q1 2025 Results | May 14, 2025 1) Including ~ €30 million special items cash-out integration expenses acquired business and Efficiency Program
Highlights | Q1 2025
Orders Received
Revenue
€ 1,267 million +17% org. +2%
EBITA
4.5 % from 4.0 %
Free Cash Flow
€ 109 million from € 24 million Outlook
Revenue € 5.1 – 5.7 bn EBITA 5.2 – 5.8 %
Quarterly Statement Q1 2025
Financial Backup
Segments | Outlook
| [€ million, %] | Actual FY 2024 |
Outlook FY 2025 |
Actual Q1 2025 |
||
|---|---|---|---|---|---|
| Revenue | 3,513 | 3,500 to 4,000 |
862 | ||
| E&M Europe1) | EBITA margin |
5.9% | 5.8 to 6.4% |
5.1% | |
| Revenue | 701 | 700 to 800 | 177 | ||
| E&M International2) |
EBITA margin |
0.1% | 2.0 to 4.0% | 1.8% | |
| Revenue | 732 | 750 to 850 | 186 | ||
| Technologies | EBITA margin |
6.2% | 6.3 to 6.8% | 5.4% | |
| Reconciliation | Revenue | 91 | 80 to 130 | 42 | |
| Group3) | EBITA | 11 | -20 to 5 | 0 |
1) Restatement of 2024 figures due to change in allocation of entities: revenue +6; EBITA +1
2) Restatement of 2024 figures due to change in allocation of entities: revenue -8; EBITA -1
3) Restatement of 2024 figures due to change in allocation of entities: revenue +2; EBITA 0
19 Bilfinger | Q1 2025 Results | May 14, 2025
Segment Development Q1 2025
| Reconciliation | Group | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| E&M Europe | E&M International Technologies |
HQ / Consolidation / Other |
Other Operations | Group | ||||||||||||||
| [€ million] | Q1/25 | Q1/24 | Δ in % | Q1/25 | Q1/24 | Δ in % | Q1/25 | Q1/24 | Δ in % | Q1/25 | Q1/24 | Δ in % | Q1/25 | Q1/24 | Δ in % | Q1/25 | Q1/24 | Δ in % |
| Orders received |
918 | 801 | +15% | 129 | 156 | -17% | 200 | 160 | +25% | -27 | -25 | - | 52 | 53 | -2% | 1,271 | 1,144 | +11% |
| Order backlog | 2,710 | 2,097 | +29% | 498 | 556 | -10% | 818 | 703 | +16% | -23 | -18 | - | 135 | 111 | +22% | 4,138 | 3,448 | +20% |
| Revenue | 862 | 729 | +18% | 177 | 162 | +10% | 186 | 170 | +9% | -22 | -21 | - | 64 | 47 | +35% | 1,267 | 1,088 | +17% |
| SG&A | -53 | -42 | +27% | -12 | -12 | +3% | -14 | -12 | +10% | -5 | -4 | +23% | -2 | -2 | +16% | -87 | -73 | +20% |
| EBITDA | 66 | 50 | +33% | 6 | 6 | -2% | 12 | 9 | +33% | -8 | -1 | - | 11 | 5 | +125% | 87 | 68 | +28% |
| EBITDA margin | 7.7% | 6.8% | 3.1% | 3.5% | 6.6% | 5.4% | - | - | 17.7% | 10.6% | 6.9% | 6.3% | ||||||
| EBITA | 44 | 33 | +34% | 3 | 3 | -7% | 10 | 7 | +41% | -11 | -4 | - | 11 | 5 | +138% | 57 | 43 | +31% |
| EBITA margin | 5.1% | 4.5% | 1.8% | 2.1% | 5.4% | 4.2% | - | - | 16.9% | 9.6% | 4.5% | 4.0% | ||||||
| Special items EBITA |
0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | -1 | - | 0 | 0 | - | -1 | -1 | - |
| Amortization | -2 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | -2 | 0 | - |
| Depreciation | -23 | -17 | - | -2 | -2 | - | -2 | -2 | - | -3 | -3 | - | 0 | 0 | - | -30 | -25 | - |
| Investments in P, P & E |
12 | 13 | -8% | 2 | 1 | +136% | 1 | 1 | -44% | 2 | 0 | - | 1 | 0 | - | 17 | 15 | +14% |
| Increase in right of-use assets |
5 | 4 | +25% | 0 | 3 | - | 0 | 1 | - | 0 | 1 | -62% | 0 | 0 | - | 7 | 9 | -26% |
| Employees | 22,990 | 20,529 | +12% | 5,564 | 5,161 | +8% | 1,726 | 1,681 | +3% | 567 | 540 | +5% | 737 | 701 | +5% | 31,584 | 28,612 | +10% |
Revenue Split
| E&M Europe | E&M International | Technologies | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1/25 | Q1/24 | Q1/25 | Q1/24 | Q1/25 | Q1/24 | Q1/25 | Q1/24 | ||
| Chemical & Petrochemical | 35% | 40% | 10% | 15% | 5% | 15% | 20% | 30% | |
| Energy | 15% | 15% | 20% | 20% | 35% | 30% | 25% | 20% | |
| Industry Split | Oil & Gas | 25% | 20% | 20% | 15% | 5% | 5% | 20% | 15% |
| Pharma & Biopharma | 5% | 5% | 0% | 0% | 55% | 45% | 15% | 10% | |
| Adjacent industries | 20% | 20% | 50% | 50% | 0% | 5% | 20% | 25% | |
| Contract split | Frame and service contracts |
70% | 65% | 85% | 75% | 5% | 5% | 60% | 60% |
| Projects | 30% | 35% | 15% | 25% | 95% | 95% | 40% | 40% |
Profit and loss statement
| [€ million] | Q1/25 | Q1/24 | ∆ in % | ||
|---|---|---|---|---|---|
| Revenue | 1,267.4 | 1,087.6 | +17% | ||
| Gross profit |
141.6 | 112.2 | +26% | ||
| Selling and administrative expenses | -86.7 | -72.5 | +20% | ||
| Impairment losses and reversal of impairment losses (as per IFRS 9) |
0.0 | 1.0 | - | ||
| Other operating income and expense | -1.7 | 1.3 | - | ||
| Income from investments accounted for using the equity method |
1.8 | 1.2 | +49% | ||
| Earnings before interest and taxes (EBIT) |
55.0 | 43.1 | +27% | ||
| Amortization of int. assets from acquisitions and goodwill impairments (IFRS 3) |
-1.7 | -0.3 | - | ||
| Earnings before interest, taxes and amortization of intangible assets (EBITA) | 56.7 | 43.4 | +31% | ||
| Special items in EBITA 1 |
-0.6 | -1.2 | - | ||
| Depreciation PP&E | 30.4 | 24.9 | +22% | ||
| thereof depreciation of right-of-use assets from leases | 16.4 | 12.8 | +28% | ||
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 87.2 | 68.3 | +28% | ||
| Financial result | -5.2 | -6.5 | -19% | ||
| Earnings before taxes (EBT) | 49.7 | 36.7 | +36% | ||
| Income taxes | -15.6 | -11.0 | +42% | ||
| Earnings after taxes EAT (continuing operations) | 34.2 | 25.7 | +33% | ||
| Earnings after taxes EAT (discontinued operations) | 0.1 | 0.3 | -71% | ||
| Minority interests | -2.7 | -1.2 | - | ||
| Net profit | 31.6 | 24.9 | +27% | ||
| Earnings per share (in €) | 0.84 | 0.66 | +27% | ||
| For information: adjusted Net profit | 35.3 | 26.7 | +32% | ||
| Adjusted Earnings per share (in €) | 0.94 | 0.71 | +33% |
Special items EBITA [in € million] Q1/25 Badwill 2 Integration of aquisition -2 M&A, Others 0 Total -1 1
3
Consolidated Balance Sheet: Assets
| [€ million] | 3/31/25 | 12/31/24 | ∆ in % | |
|---|---|---|---|---|
| Non-current assets |
1,393.6 | 1,399.7 | 0% | |
| Intangible assets |
816.0 | 813.8 | 0% | |
| Property, plant and equipment |
290.6 | 287.1 | +1% | |
| Right of use assets from leases | 179.2 | 188.4 | -5% | |
| Investments accounted for using the equity method |
15.9 | 16.7 | -5% | |
| Other financial assets | 6.2 | 6.2 | 0% | |
| Deferred taxes | 85.7 | 87.4 | -2% |
| Current assets | 2,102.5 | 2,063.8 | +2% |
|---|---|---|---|
| Inventories | 112.7 | 115.1 | -2% |
| Receivables and other financial assets | 1,347.5 | 1,397.0 | -4% |
| Current tax assets |
15.9 | 10.6 | +50% |
| Other assets | 93.7 | 76.0 | +23% |
| Securities | 0.0 | 0.0 | - |
| Marketable securities | 0.0 | 0.0 | - |
| Cash and cash equivalents | 532.7 | 465.0 | +15% |
| Assets classified as held for sale | 0.0 | 0.0 | - |
Total 3,463.5 3,496.0 +1%
Goodwill increased to €794 million (12/24: €792 million) 1 1
Consolidated Balance Sheet: Equity & liabilities
| [€ million] | 3/31/25 | 12/31/24 | ∆ in % | |
|---|---|---|---|---|
| Equity | 1,343.6 | 1,311.3 | +2% | |
| Equity attributable to shareholders of Bilfinger SE | 1,330.8 | 1 1,300.9 |
+2% | |
| Attributable to minority interests |
12.8 | 10.4 | +24% | |
| Non-current liabilities | 609.8 | 631.5 | -3% | |
| Provisions for pensions and other obligations | 252.1 | 266.2 | -5% | |
| Other Provisions | 24.0 | 24.8 | -3% | |
| Financial debt |
309.6 | 317.3 | -2% | |
| Other liabilities | 1.3 | 1.4 | -4% | |
| Deferred taxes | 22.9 | 21.9 | +4% | |
| Current liabilities | 1,542.6 | 1,520.7 | +1% | |
| Current tax liabilities | 35.9 | 35.4 | +2% | |
| Other provisions | 161.2 | 167.8 | -4% | |
| Financial debt | 60.3 | 59.3 | +2% | |
| Trade and other payables | 1,019.9 | 1,000.5 | +2% | |
| Other liabilities | 265.3 | 257.8 | +3% | |
| Liabilities classified as held for sale | 0.0 | 0.0 | - | |
| Total | 3,496.0 | 3,463.5 | +1% |
With a slight increase in the balance sheet total, equity ratio unchanged at 38% (12/31/24: 38%) 1
2
Net liquidity | Cash flow development excluding IFRS 16
Net Trade Assets / DSO / DPO
| Q1 2025 excl. IFRS 16 |
IFRS 16 impacts |
Q1 2025 incl. IFRS 16 |
Q1 2024 excl. IFRS 16 |
|
|---|---|---|---|---|
| EBITA | 57 | 57 | 43 | |
| Depreciation | 14 | 16 | 30 | 12 |
| Change in NWC | 60 | 60 | -27 | |
| Other non-cash income / expenses |
-2 | -2 | 0 | |
| Interest received | 3 | 3 | 9 | |
| Income tax payments |
-18 | -18 | -16 | |
| Change in non-current assets / liabilities |
-5 | -5 | 5 | |
| Others 2) |
-2 | 2 | 0 | -3 |
| Operating CF | 107 | 125 | 23 | |
| Net CAPEX | -16 | -16 | -14 | |
| Free CF | 91 | 109 | 9 | |
| Proceeds/Investments financial assets | -8 | -8 | -30 | |
| Share buyback program | -13 | -13 | 0 | |
| Changes in marketable securities |
0 | 0 | 190 | |
| Dividends | 0 | 0 | 0 | |
| Change in financial debt | 0 | -16 | -16 | -250 |
| Interest paid | -1 | -2 | -3 | -10 |
| FX / other / DiscOp | -1 | -1 | -1 | |
| Change in Cash | 68 | 68 | -92 |
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
25 Bilfinger | Q1 2025 Results | May 14, 2025
Consolidated Statement of Cash Flows [1/2]
| [€ million] | Q1/25 | Q1/24 | ∆ in % |
|---|---|---|---|
| EBITDA | 87.2 | 68.3 | +28% |
| Change in advance payments received | -4.8 | 1.0 | - |
| Change in trade receivables |
45.1 | -8.1 | - |
| Change in trade payables and advance payments made |
33.0 | -7.9 | - |
| Change in net trade assets | 73.3 | -14.9 | - |
| Change in current provisions | -6.3 | -6.0 | - |
| Change in other current assets (including other inventories) and liabilities |
-6.8 | -5.9 | - |
| Change in working capital | 60.2 | -26.8 | - |
| Change in non-current assets and liabilities |
-4.9 | 4.8 | - |
| Gains / losses from disposal of non-current assets | -0.2 | -0.1 | - |
| Income from investments accounted for using the equity method | -1.8 | -1.2 | - |
| Dividends received | 1.5 | 0.0 | - |
| Interest received | 3.6 | 9.6 | -62% |
| Income tax payments | -18.3 | -16.2 | - |
| Other non-cash income / expense | -1.9 | 0.0 | - |
| Operating cash flow (OCF) | 125.4 | 38.3 | +228% |
| Investments in property, plant and equipment and intangible assets |
-16.8 | -14.7 | - |
| Payments received from the disposal of P, P & E and intangible assets |
0.7 | 0.2 | +162% |
| Net cash outflow for P, P & E and intangible assets (net capex) | -16.1 | -14.4 | - |
| Free cash flow (FCF) | 109.3 | 23.8 | +359% |
| thereof special items in free cash flow | -5.3 | 1 -8.2 |
- |
Thereof restructuring - €4 million and integration costs - €1 million 1
Consolidated Statement of Cash Flows [2/2]
| [€ million] | Q1/25 | Q1/24 | ∆ in % |
|---|---|---|---|
| Free Cash Flow (FCF) [carry over] | 109.3 | 23.8 | 359% |
| Proceeds from / payments made for the disposal of financial assets | 0.0 | -0.8 | - |
| Investments in financial assets | -7.5 | 1 -28.9 |
1 - |
| Changes in marketable securities | 0.0 | 190.5 | - |
| - Share buyback |
-12.5 | 0.0 | - |
| - Dividends |
0.0 | 0.0 | - |
| - Changes in ownership interest without change in control |
0.0 | 0.0 | - |
| - Borrowing |
0.0 | 0.0 | - |
| - Repayment of financial debt |
-15.9 | -263.1 | 2 - |
| - Interest paid |
-3.4 | -12.3 | - |
| Cash flow from financing activities of continuing operations | -31.7 | -275.4 | - |
| Change in cash and cash equivalents of continuing operations | 70.1 | -90.7 | - |
| Change in cash and cash equivalents of discontinued operations | -1.5 | -1.3 | - |
| Change in value of cash and cash equivalents due to changes in foreign exchange rates |
-1.0 | 0.1 | - |
| Change in cash and cash equivalents | 67.7 | -91.9 | - |
| Cash and cash equivalents at January 1 | 465.0 | 538.4 | -14% |
| Change in cash and cash equivalents of assets classified as held for sale | 0.0 | 0.0 | - |
| Cash and cash equivalents at March 31 | 532.7 | 446.5 | 19% |
1 Purchase price for acquisitions
Q1/24: repayment of bond (- €250 million) 2
Your Bilfinger IR Team
Senior Vice President Investor Relations Phone: +49 (0) 621 / 459-3759 [email protected]
Martina Burger Sascha Bamberger Nicola Bursitzky Christine Terhalle
Director Group Investor Relations External Reporting Phone: +49 (0) 621 / 459-2455 [email protected]
Manager Investor Relations Phone: +49 (0) 621 / 459-3880 [email protected]
Manager Investor Relations Phone: +49 (0) 621 / 459-2128 [email protected]
Financial calendar
August 14, 2025 – Quarterly Statement Q2 2025
November 13, 2025 – Quarterly Statement Q3 2025
December 2, 2025 – Capital Markets Day 2025
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.