Bilfinger (GBF) Q2 2025 earnings summary

Executive summary

• Orders received rose 18% year-over-year to €1,774 million (16% organic), reaching a record high, with revenue up 4% to €1,353 million (2% organic).

• EBITA margin improved to 5.5% from 5.4%, and EBITDA margin reached 5.5% (up from 5.4% reported, 4.6% like-for-like).

• Free cash flow more than doubled, up 103% year-over-year to €53 million.

• Net Zero Targets approved by the Science Based Targets initiative, aiming for 90% reduction in scope 1, 2, and 3 emissions.

• Acquisitions expanded capabilities in energy storage and EI&C, supporting strategic positioning.

Financial highlights

• Gross profit margin rose to 11.5% from 10.7% year-over-year; gross profit increased 12% to €155.1 million.

• EBITA at €74.2 million (+6%); adjusted net profit up 29% to €49.7 million; EPS at €1.28.

• Operating cash flow improved 56% to €63.6 million; free cash flow up 103% to €53.1 million.

• Net trade assets/revenue ratio declined from 10% to 9%.

• Equity ratio decreased to 36% from 38%.

Outlook and guidance

• Full-year 2025 revenue expected at €5.1–5.7 billion, EBITA margin 5.2–5.8%.

• Free cash flow guidance: €210–270 million, with cash conversion above 80%.

• 85–90% of planned 2025 revenue already under contract; strong backlog coverage for 2026.

• Book-to-bill expected to remain above 1 in the second half; margin improvement to continue.

• New midterm targets to be announced at Capital Markets Day in December.