Bilfinger (GBF) Investor update summary

Business model and markets

• Asset-light services span consulting and engineering through asset performance; ~70% of work is OpEx, ~30% CapEx, and ~80% is non-discretionary maintenance.

• More than 90% of revenue came from sustainable services; customer retention exceeded 90%, across 30 countries and ~31,000 employees.

• ~80% of work is similar across customers, industries and geographies; outsourcing potential is ~50% of customers’ activity.

• Chemicals and petrochemicals fell from 30% of revenue in 2022 to 20% in H1 2026, while energy rose from 20% to close to 30%.

• Germany’s revenue share declined from close to 25% to 18%; strategy prioritizes international expansion. 2025 regional mix: Central Europe 46%, Western Europe 34%, International 20%.

2026 trading and outlook

• FY 2026 revenue guidance fell to €5.3bn–€5.7bn from €5.4bn–€5.9bn; adjusted EBITA margin guidance is 4.6%–5.0%, and reported margin guidance is 3.2%–3.6% including Agile.

• Free cash flow guidance fell to €180m–€220m from €250m–€300m; cash conversion is ~80%. H1 2026 revenue was €2,763m versus €2,620m in H1 2025, with 5.0% EBITA margin in both periods.

• Revised segment ranges: Western Europe revenue €1.7bn–€1.9bn, adjusted EBITA margin 6.8%–7.0%; Central Europe €2.4bn–€2.7bn, 4.6%–5.0%; International €1.0bn–€1.15bn, 2.5%–3.5%.

• Lower revenue, underutilization, less complex work and operational underabsorption weighed on outlook; severe weather, geopolitical uncertainty and customer decisions postponed work, turning the H2 outlook negative in September.

• Deferrals were described as timing shifts, not cancellations; the May–August 2026 opportunity pipeline was materially above the comparable 2025 period, with broader demand and more larger projects.

Program Agile

• Agile accelerates planned efficiencies in Global Shared Services and Global Consulting & Engineering, location consolidation and selected customer-site exits; more than 20 locations are established within Global Shared Services.

• Targets include net capacity reductions of up to 1,500 FTEs, €75m one-off implementation costs in 2026 and €75m annual gross EBITA improvement at full run rate by 2028.

• Execution is expected predominantly in H1 2027; full-year effects are targeted for 2028, with quarterly updates on capacity reductions, costs, EBITA improvement and organizational changes.

• The program aims to improve agility in volatile markets, especially Central Europe, and restore the margin trajectory.