Bilfinger SE

Investor Presentation • May 16, 2024

Bilfinger SE

• No. 1 in Efficiency and Sustainability -

QUARTERLY STATEMENT Q1 2024

May 15, 2024

Dr. Thomas Schulz, Group CEO

Matti Jäkel, Group CFO

Highlights | Q1 2024

ORDERS RECEIVED	REVENUE	EBITA MARGIN	FREE CASH FLOW
€1,144 million org. -17% Book-to-bill 1.05	€1,088 million org. +3%	4.0 % from 2.1%	€24 million from -€26 million
OUTLOOK 2024	MARKET SITUATION
		EARNINGS PER SHARE	CMD
Revenue
€4.5-4.8 bn EBITA	Stable to positive across all regions and	€0.66 from €0.18	JUNE 12, 2024 Capital Markets Day

ESG key figures | Q1 2024 Occupational safety has high priority

TRIF: Total Recordable Incident Frequency [based on 1 million working hours]

LTIF: Lost Time Injury Frequency [based on 1 million working hours]

• Global electricity generation from nuclear power plants to grow at a 10-year CAGR of ∽3% by 2030
• RWE plans to invest ∽€55 billion in green technologies, 2024 to 2030
• US Department of Energy has allocated US\$750 million to promote the hydrogen industry

Energy | ∽20% Chemical & Petrochem.| ∽30%

• Global industrial output growth across all industries of ∽2% versus ∽3% in chemical industry in 2024 expected
• Import tax for products with high CO2 emissions in Europe from 2026 onwards
• US market growing twice as fast as Europe, Middle East market five times faster, 2023 to 2028

Pharma & Biopharma | ∽10% Oil & Gas | ∽15%

• Global biopharma market estimated to grow by > US\$200 billion, a CAGR of ∽8%, 2023 to 2028
• Shortages of medications a growing challenge in many European countries

• Middle East is developing into a biopharmaceutical center

• Global spending on exploration and production will increase by ∽5% in 2024

• Outlook for western oil companies: US\$15 million per hour spent on oil & gas production by 2030
• USA increase oil production, OPEC+ reduces it

Development of demand

Opportunity pipeline [indexed on Jan 2022]

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]

3.130 3.491 3.448 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 +12%/+14% -1%/-2% Order backlog [€ million] ∆ abs. / org.

Pipeline

• Stable development
• Stable to positive demand across all regions and sectors

Orders

▪ Orders received normalized as expected

Order backlog

▪ Order backlog stable as expected

Selected Orders

Energy Gasunie The Netherlands E&M Europe

10-year engineering framework agreement for services in context of the energy transition, including hydrogen transport as well as CO2 transport and storage

Energy Saudi Electricity Company Shuqaiq Power Plant, Saudi Arabia E&M International

Test and inspection with comprehensive maintenance services on the steam turbine generators and critical boilers following a 25 year partnership with the customer

Adjacent Industries Global Semiconductor Manufacturer Germany Technologies

Design, fabrication and installation of an ultrapure water and wastewater treatment plant for efficient water recycling and sustainable raw material recovery

Innovation: Bilfinger Product Carbon Footprint Calculation (PCFC) For more efficiency and sustainability in the biopharma industry

Customer Order	Bilfinger Solution	Bilfinger Contribution	Efficiency Effects
▪ Calculation and reduction of the CO2 footprint in an existing plant concept	▪ Database-driven calculation of all plant emissions	33 % CO Reduction	▪ Efficient simulation of carbon footprint in existing or planned systems
▪ Transparent display of all GHG emissions in the	▪ Data-based optimization of plant design	2	▪ Carbon footprint optimized decision-making
respective scopes		246 tCO2e savings over
▪ Adherence to strict Good	Prototype created for customer use	original plant	▪ Optimization of materials: more than 30% savings on
Manufacturing Practices			raw materials

7 Bilfinger SE | Quarterly Statement Q1 2024 | May 15, 2024

Revenue and EBITA

Revenue / Book-to-Bill [€ million / ratio]

∆ abs. / org.

Q1 Highlights

• Revenue growth primarily in E&M Europe, reduction in revenue in the US-installation business as planned
• EBITA margin almost doubled, biggest improvement from North America
• Increase in gross profit and margin to €112 million (10.3%) due to improved capacity utilization, de-risking and increase in efficiency
• SG&A expenses improved to € 73 million (6.7%) despite inflation
• €11 million savings from efficiency program, effective in gross profit and in SG&A expenses approximately in equal measure

Net profit and Earnings per share

Q1/23

Q1 Highlights

▪ Earnings per share up significantly as a result of higher EBIT with stable financial result and lower tax rate

Additional information:

Today's Annual General Meeting resolves on dividend proposal for FY 2023 of €1.80 per share:

→Payout ratio 58%

→Dividend yield on year-end share price 5.2%

Cash flow

Q1 Highlights

• Positive cash flow as a result of improved earnings
• Special items mainly from the efficiency program (-€ 6 million)
• Net CAPEX of -€ 14 million

Net liquidity

11 Bilfinger SE | Quarterly Statement Q1 2024 | May 15, 2024

Gearing ratios Tightened, yet sufficient headroom for growth and distribution

Financing targets

1) S&P definition

Segment E&M Europe

∆ abs. / org. 1 Restatement due to new allocation of entities | Orders received: +11; revenue: +12; EBITA: -2

Q1 Highlights

• Orders received normalized after an exceptional prior year, with new contracts particularly in Energy and Nutrition
• Revenue growth consistent across all regions
• EBITA margin improvement due to effects from efficiency program and de-risking

Segment E&M International

Q1 Highlights

• Orders received and revenue below prior year as planned due to repositioning of the US business
• Numerous smaller new contracts in both regions, particularly from the Energy sector
• EBITA:
  • North America significantly improved
  • Middle East on very good level

∆ abs. / org.

Segment Technologies

Orders received / Book-to-bill [€ million / ratio]

Revenue [€ million]

EBITA [€ million, %]

2) Includes different industries outside the defined core industries. ∆ abs. / org. 1 Restatement due to new allocation of entities | Orders received: -11; revenue: -11; EBITA: +2

Q1 Highlights

• Order received lower than prior year due to shifts to the second quarter
• EBITA margin again at a good level

[€ million, %]	FY 2023	1 Outlook FY 2024	YTD 2023	YTD 2024
Revenue	4,486	4,500 to 4,800	1,053	1,088
EBITA margin	4.3%	4.9% to 5.2%	2.1%	4.0%
Free cash flow	122	140 2 100 to	-26	24

1) Without M&A Stork

2) Including ~ €40 million special items cash-out efficiency program, corresponds to Cash Conversion adjusted of ~70%

Stork Acquisition: The Perfect Fit Closing April 1, 2024, full integration within one year

Highlights | Q1 2024

ORDERS RECEIVED	REVENUE	EBITA MARGIN	FREE CASH FLOW
€1,144 million org. -17% Book-to-bill 1.05	€1,088 million org. +3%	4.0 % from 2.1%	€24 million from -€26 million
OUTLOOK 2024	MARKET SITUATION	EARNINGS PER SHARE	CMD
Revenue €4.5-4.8 bn EBITA 4.9-5.2%	Stable to positive across all regions and sectors	€0.66 from €0.18	JUNE 12, 2024 Capital Markets Day

Quarterly Statement Q1 2024

FINANCIAL BACKUP

Segment development Q1 2024

												Reconciliation	Group
		E&M Europe			E&M International			Technologies			HQ / Consolidation / Other			Other Operations			Group
[€ million]	Q1/24	Q1/23	Δ in %	Q1/24	Q1/23	Δ in %	Q1/24	Q1/23	Δ in %	Q1/24	Q1/23	Δ in %	Q1/24	Q1/23	Δ in %	Q1/24	Q1/23	Δ in %
Orders received	801	933	-14%	156	241	-35%	160	182	-12%	-25	-4	-	53	34	+54%	1,144	1,385	-17%
Order backlog	2,097	2,145	-2%	556	607	-9%	703	663	+6%	-18	-37	-	111	113	-2%	3,448	3,491	-1%
Revenue	729	695	+5%	162	171	-5%	170	167	+2%	-21	-14	-	47	35	+37%	1,088	1,053	+3%
SG&A	-42	-42	-1%	-12	-13	-10%	-12	-14	-11%	-4	-6	-28%	-2	-2	-9%	-73	-78	-7%
EBITDA	50	40	+25%	6	-4	-	9	9	+3%	-1	-3	-	5	4	+42%	68	46	+50%
EBITDA margin	6.8%	5.7%		3.5%	-2.1%		5.4%	5.4%		6.4%	23.6%		10.6%	10.2%		6.3%	4.3%
EBITA	33	23	+40%	3	-6	-	7	7	0%	-4	-6	-	5	3	+49%	43	22	+100%
EBITA margin	4.5%	3.3%		2.1%	-3.3%		4.2%	4.3%		21.0%	44.2%		9.6%	8.8%		4.0%	2.1%
Special items EBITA	0	0	-	0	0	-	0	0	-	-1	0	-	0	0	-	-1	0	-
Amortization	0	0	-	0	0	-	0	0	-	0	0	-	0	0	-	0	0	-
Depreciation	-17	-17	-	-2	-2	-	-2	-2	-	-3	-3	-	0	0	-	-25	-24	-
Investments in PPE	13	9	+38%	1	1	-28%	1	1	0%	0	0	-	0	0	-	15	12	+27%
Increase in right-of use assets	4	14	-67%	3	0	-	1	0	-	1	1	-13%	0	0	-	9	15	-41%
Employees	20,529	21,238	-3%	5,161	5,182	0%	1,681	1,757	-4%	540	582	-7%	701	755	-7%	28,612	29,514	-3%

1) Restatement of 2023 figures due to new allocation of entities: Q1 2023: Order received +11; order backlog +47; revenue +12; EBITA -2

2) Restatement of 2023 figures due to new allocation of entities: Q1 2023: Order received -11; order backlog -42; revenue -11; EBITA +2

3) Restatement of 2023 figures due to new allocation of entities: Q1 2023: Order received 0; order backlog -5; revenue 0; EBITA 0

20 Bilfinger SE | Quarterly Statement Q1 2024 | May 15, 2024

[€ million]	Q1/24	Q1/23	∆ in %
Revenue	1,087.6	1,053.2	+3%
Gross profit	112.2	100.3	+12%
Selling and administrative expenses	-72.5	-77.7	-7%
Impairment losses and reversal of impairment losses (as per IFRS 9)	1.0	0.0	-
Other operating income and expense	1.3	-2.1	-
Income from investments accounted for using the equity method	1.2	1.2	0%
Earnings before interest and taxes (EBIT)	43.1	21.7	+99%
Amortization of int. assets from acquisitions and goodwill impairments (IFRS 3)	-0.3	0.0	-
Earnings before interest, taxes and amortization of intangible assets (EBITA)	43.4	21.7	+100%
Special items in EBITA	-1.2	-0.3	-
Depreciation PP&E	24.9	23.9	+4%
thereof depreciation of right-of-use assets from leases	12.8	12.5	+3%
Earnings before interest, taxes, depreciation and amortization (EBITDA)	68.3	45.5	+50%
Financial result	-6.5	-6.2	-
Earnings before taxes (EBT)	36.7	15.5	+137%
Income taxes	-11.0	-8.0	-
Earnings after taxes EAT (continuing operations)	25.7	7.5	+243%
Earnings after taxes EAT (discontinued operations)	0.3	0.0	-
Minority interests	-1.2	-0.8	-
Net profit	24.9	6.7	+273%
Earnings per share (in €)	0.66	0.18	+272%
For information: adjusted Net profit	26.7	10.7	+149%
Adjusted Earnings per share (in €)	0.71	0.29	+148%

21 Bilfinger SE | Quarterly Statement Q1 2024 | May 15, 2024

Gross profit and SG&A expenses

Gross profit [€ million, %]

SG&A expenses [€ million, %]

	[€ million]	3/31/24	12/31/23	∆ in %
Non-current assets		1,307.2	1,306.2	0%
Intangible assets		788.8	788.0	0%
Property, plant and equipment		249.2	246.7	+1%
Right of use assets from leases		160.9	163.5	-2%
Investments accounted for using the equity method		14.4	13.3	+8%
Other financial assets		6.8	6.7	+2%
Deferred taxes		87.1	87.9	-1%

Current assets	1,819.1	2,051.3	-11%
Inventories	95.4	87.3	+9%
Receivables and other financial assets	1,183.1	1,180.1	0%
Current tax assets	13.6	8.9	+53%
Other assets	80.5	46.1	+74%
Securities	0.0	0.0	-
Marketable securities	0.0	190.5	-
Cash and cash equivalents	446.5	538.4	-17%
Assets classified as held for sale	0.0	0.0	-

Total	3,126.3	3,357.4	-7%

[€ million]	31.3.24	31.12.23	∆ in %
Equity	1,210.5	1,181.5	+2%
Equity attributable to shareholders of Bilfinger SE	1,201.0	1,173.1 1	+2%
Attributable to minority interests	9.5	8.4	+13%
Non-current liabilities	591.3	590.4	0%
Provisions for pensions and other obligations	263.8	260.7	+1%
Other Provisions	18.5	18.7	-1%
Financial debt	292.8	294.9	-1%
Other liabilities	0.6	0.1	+285%
Deferred taxes	15.7	16.0	-1%
Current liabilities	1,324.5	1,585.5	-16%
Current tax liabilities	25.1	25.5	-2%
Other provisions	194.8	201.8	-3%
Financial debt	60.0	2 313.9	-81%
Trade and other payables	827.1	835.3	-1%
Other liabilities	217.5	209.1	+4%
Liabilities classified as held for sale	0.0	0.0	-
Total	3,126.3	3,357.4	-7%

With a decrease in balance sheet total at the same time Equity ratio increased to 39% (12/31: 35%) 1

2 Repayment of bond (250) and interests (4)

Net liquidity Cash flow development excluding IFRS 16 effects

Net liquidity ¹ 1 Including IFRS 16 leases

Net Trade Assets / DSO / DPO

[€ million] Cash flow development year-to-date excl. IFRS 16 [€ million]

	3m 2024 excl. IFRS 16	IFRS 16 impacts	3m 2024 incl. IFRS 16	3m 2023 excl. IFRS 16
EBITA	43		43	22
Depreciation	12	13	25	12
Change in NWC	-27		-27	-56
Others	3	2	5	-4
Special Items	-8		-8	-4
Operating CF	23		38	-30
Net CAPEX	-14		-14	-11
Free CF	9		24	-41
Proceeds/Investments financial assets	-30		-30	-13
Share buyback program	0		0	0
Changes in marketable securities	190		190	0
Dividends	0		0	0
Change in financial debt	-250	-13	-263	0
Interest paid	-10	-2	-12	-2
FX / other / DiscOp	-1		-1	-2
Change in Cash	-92		-92	-58

Consolidated Statement of Cash Flows [1/2]

[€ million]	Q1/24	Q1/23	∆ in %
EBITDA	68.3	45.5	+50%
Change in advance payments received	1.0	-0.8	-
Change in trade receivables	-8.1	-16.7	-
Change in trade payables and advance payments made	-7.9	3.7	-
Change in net trade assets	-14.9	-13.8	-
Change in current provisions	-6.0	-7.9	-
Change in other current assets (including other inventories) and liabilities	-5.9	-33.9	-
Change in working capital	-26.8	-55.6	-
Change in non-current assets and liabilities	4.8	2.9	+67%
Gains / losses from disposal of non-current assets	-0.1	-0.5	-
Income from investments accounted for using the equity method	-1.2	-1.2	-
Dividends received	0.0	0.0	-
Interest received	9.6	2.7	+250%
Income tax payments	-16.2	-9.1	-
Operating cash flow (OCF)	38.3	-15.3	-
Investments in property, plant and equipment and intangible assets	-14.7	-11.6	-
Payments received from the disposal of P, P & E and intangible assets	0.2	0.5	-45%
Net cash outflow for P, P & E and intangible assets (net capex)	-14.4	-11.1	-
Free cash flow (FCF)	23.8	-26.4	-
thereof special items in free cash flow	-8.2	-3.8	-

1

2

Consolidated Statement of Cash Flows [2/2]

[€ million]	Q1/24	Q1/23	∆ in %
Free Cash Flow (FCF) [carry over]	23.8	-26.4	-
Proceeds from / payments made for the disposal of financial assets	-0.8	0.2	-
Investments in financial assets	-28.9	-13.0 1	-
Changes in marketable securities	190.5	0.0	-
- Share buyback	0.0	0.0	-
- Dividends	0.0	0.0	-
- Share buyback (including Changes in ownership interest without change in control)	0.0	0.0	-
- Borrowing	0.0	0.0	-
- Repayment of financial debt	-263.1	-12.7 2	-
- Interest paid	-12.3	-3.7	-
Cash flow from financing activities of continuing operations	-275.4	-16.4	-
Change in cash and cash equivalents of continuing operations	-90.7	-55.6	-
Change in cash and cash equivalents of discontinued operations	-1.3	-0.2	-
Change in value of cash and cash equivalents due to changes in foreign exchange rates	0.1	-1.8	-
Change in cash and cash equivalents	-91.9	-57.5	-
Cash and cash equivalents at January 1	538.4	573.4	-6%
Change in cash and cash equivalents of assets classified as held for sale	0.0	0.0	-
Cash and cash equivalents at March 31	446.5	515.9	-13%

In Q1/24 purchase price payment Stork (-29), prior year: acquisition of De Bruin (-13) ¹

2 Repayment of bond (-250)

2

1

Disclaimer

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

August 13, 2024 Quarterly statement Q2 2024

November 14, 2024 Quarterly statement Q3 2024

December 12, 2024 Virtual Year-End Lunch Meeting 2024

Bilfinger SE

Investor Relations Oskar-Meixner-Straße 1 D- 68163 Mannheim Germany

ir@bilfinger.com www.bilfinger.com