Bilfinger (GBF) Q1 2025 earnings summary

Executive summary

• Revenue rose 17% year-over-year to €1,267 million, with organic growth of 2%.

• Orders received increased 11% organically to €1,271 million, driven by Pharma, Biopharma, and Energy sectors.

• EBITA margin improved to 4.5% from 4.0% in Q1 2024, reflecting operational excellence and accretive M&A.

• Net profit grew 27% year-over-year to €31.6 million, with EPS up to €0.84 from €0.66.

• Free cash flow surged to €109 million from €24 million, aided by a one-time legal settlement in the US.

Financial highlights

• EBITDA rose 28% to €87.2 million; EBITA up 31% to €57 million, margin at 4.5%.

• Gross profit increased 26% to €141.6 million, with margin improvement.

• Net liquidity at quarter-end was €533 million, up from €465 million at year-end 2024.

• Equity ratio stable at 38% as of March 31, 2025.

• Adjusted net profit reached €35.3 million, with adjusted EPS at €0.94.

Outlook and guidance

• FY 2025 revenue guidance: €5.1–5.7 billion; EBITA margin: 5.2–5.8%.

• Free cash flow expected at €210–270 million for FY 2025, targeting >80% cash conversion.

• Segment guidance: E&M Europe revenue €3.5–4.0 billion, EBITA margin 5.8–6.4%; E&M International revenue €700–800 million, EBITA margin 2.0–4.0%; Technologies revenue €750–850 million, EBITA margin 6.3–6.8%.

• Mid-term targets (2025–2027): 4–5% CAGR revenue growth, 6–7% EBITA margin.

• Management expects normalization of order intake in the second half of the year as political uncertainties ease.