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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Bilfinger (GBF) investor relations material
Bilfinger CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary2 Dec, 2025
Strategic direction and market outlook
Targets 8%-10% annual revenue growth and 8%-9% EBITDA/EBITA margin by 2030, building on 8% CAGR since 2022 and significant margin improvement to 5.5% in 2024.
Market expansion focuses on core and adjacent industries, with a shift to a geography-led segment structure: Western Europe, Central Europe, and International.
Addressable market increased to over €210 billion, driven by outsourcing, digitalization, and growth in sectors like data centers, hydrogen, and nuclear.
M&A remains a key lever, targeting both bolt-on and larger acquisitions in Europe and abroad to unlock cross-selling potential.
High-impact sustainability portfolio expected to grow, with a phase-out of coal- and oil-fired energy activities.
Financial guidance and capital allocation
Revenue grew from €4.3 billion in 2022 to €5.4 billion in 2024, with EBITDA/EBITA margin up to 5.5% and cash conversion reaching 110%.
By 2030, aims for ≥90% cash conversion and CAPEX around 1.5% of revenue, with midterm targets of 6%-7% EBITDA and 80%+ cash conversion.
Capital allocation priorities: 40%-60% dividend payout, funding organic growth, continued M&A, and maintaining investment grade with leverage capped at 2.0x.
NTA/revenue ratio targeted to fall to ≤6% by 2025.
De-risking has reduced lump-sum contract exposure from ~30% to 20%, with 80% of revenue now reimbursable, improving risk profile and transparency.
Operational excellence and organizational changes
Operational excellence and market expansion are the main levers for growth, with ongoing standardization, procurement optimization, and AI-driven process improvements.
Digitalization to support over 80% of revenue by 2030, up from 15%, focusing on predictive maintenance, AI, automation, and value-based solutions.
New segment structure enhances transparency and benchmarking, with each segment targeting 8%-9% EBITDA and growth rates of 6%-8% in Europe, 12%-15% International.
Investment in people remains a priority, with over 0.5% of revenue allocated to learning and development, reducing turnover and supporting a future-ready workforce.
Safety and HSEQ performance have improved to top industry levels, with ongoing focus on zero incidents and health-related cost savings.
Quantify digitalization's EBITA margin impact
What drives International segment's high margin?
How will NTA target reduction impact FCF?
M&A strategy: How do regional targets differ?
What is the target remuneration model mix by 2030?
How will self-propelled growth be accelerated?
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Frequently asked questions
Bilfinger SE is an international industrial services provider. The company offers a comprehensive range of services that span the entire value chain, including consulting, engineering, manufacturing, assembly, maintenance, and plant expansion. It also specializes in turnarounds, environmental technologies, and digital applications. Bilfinger's aim is to enhance the efficiency and sustainability of its customers in the process industry, positioning itself as a leading partner in the market. The company is headquartered in Mannheim, Germany, and its shares are listed on the Deutsche Börse.
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