Bilfinger (GBF) Q2 2026 earnings summary

Executive summary

• Revenue grew 7% year-over-year to €1,450 million in Q2 2026, driven by Energy and Adjacent industries, while orders received declined 16% to €1,498 million amid volatile markets.

• EBITA margin was 5.3%, down from 5.5% last year, mainly due to temporary underutilization from project delays linked to geopolitical uncertainty.

• Earnings per share increased 15% year-over-year to €1.47, supported by a lower tax rate.

• Free cash flow was €48 million, down from €53 million in Q2 2025, reflecting timing effects and lower advance payments.

• The acquisition of the Turkish Teknokon Group was completed, strengthening the International segment and expanding presence in adjacent geographies.

Financial highlights

• EBITA rose 4% to €77 million; EBITDA also up 4% to €110 million.

• Gross profit margin slipped to 10.7% due to underutilization.

• SG&A expenses rose by €2 million, mainly from the Teknokon acquisition, but as a ratio improved to 6.1%.

• Net profit increased 14% to €54 million.

• Net liquidity at quarter-end was €430 million, with net debt/EBITDA at 0.4x.

Outlook and guidance

• 2026 revenue guidance confirmed at €5,400–5,900 million, with EBITA margin expected at the lower end of 5.8–6.2%.

• Free cash flow guidance of €250–300 million for 2026 confirmed.

• Business momentum anticipated to increase in H2 2026, with positive trends across all segments.

• Outlook includes consolidation of the acquired Teknokon Group.

• 90% of forecasted revenue for 2026 already covered by backlog at end of Q2.