Bilfinger (GBF) Q2 2024 earnings summary

Executive summary

• Orders received rose to over €1.5 billion in Q2 2024, up 20% organically, with strong growth across all segments and significant contribution from the Stork acquisition.

• Revenue exceeded €1.3 billion in Q2, up 3% organically, and reached €2,391.7 million year-to-date, with moderate growth across segments.

• EBITA margin improved to 5.4% (4.6% excluding special items), up from 3.9% prior year, driven by operational excellence and Stork integration.

• Free cash flow turned positive at €26 million in Q2 and €50 million year-to-date, compared to negative figures last year.

• Earnings per share rose to €1.28 from €0.79 year-over-year, with net profit doubling to €73 million.

Financial highlights

• Book-to-bill ratio reached 1.16 in Q2, reflecting robust order intake.

• Net profit for Q2 was €48 million, up 62% from €30 million in Q2 2023; net profit year-to-date reached €73 million.

• EBITDA grew 46% to €99 million, and EBITA rose 61% to €70 million year-over-year.

• Gross profit margin improved to 10.7% from 10.4% year-over-year.

• SG&A ratio increased slightly to 6.6% due to Stork, but underlying figure improved to 6.4%.

Outlook and guidance

• Full-year 2024 revenue guidance is €4.8–5.2 billion, with EBITA margin targeted at 4.8–5.2%.

• Free cash flow guidance for 2024 is €100–140 million, including special items for efficiency and Stork integration.

• Management expects 4–5% annual growth in the midterm, with a strong opportunity pipeline.