Bilfinger (GBF) Q1 2026 earnings summary

Executive summary

• Revenue grew 4% year-over-year to €1,312 million, mainly driven by Oil & Gas and Energy segments, despite severe weather and geopolitical disruptions.

• EBITA margin improved to 4.6% from 4.5% year-over-year, with EBITA up 5%.

• Earnings per share rose 17% to €0.99, supported by a lower tax rate; net profit increased to €37 million.

• Free cash flow dropped to €21 million from €109 million due to prior year one-time legal settlement and invoicing delays.

• Teknokon acquisition in Turkey closed April 1, 2026.

Financial highlights

• Orders received declined 5% year-over-year to €1,208 million; order backlog up 1% to €4,181 million.

• Gross profit margin slightly decreased from 11.2% to 10.8% due to underutilization from weather impacts.

• SG&A expenses reduced by €3 million, with SG&A rate down to 6.4% due to improved cost structure.

• Net profit rose 16% to €36.7 million; adjusted EPS at €1.04 (+11%).

• Net liquidity at €430 million as of March 31, 2026; leverage ratio at 0.4x EBITDA.

Outlook and guidance

• 2026 revenue guidance confirmed at €5,400–5,900 million; EBITA margin expected at 5.8–6.2%; free cash flow €250–300 million.

• Strategy execution remains on track; confidence in achieving guidance midpoint.

• Segment outlooks: Western Europe EBITA margin 7.0–7.4%, Central Europe 5.8–6.4%, International 4.2–5.0%.

• Teknokon acquisition to be included in guidance from Q2 2026.

• Expects business momentum to increase in the second half of 2026.