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 compared to a strong prior-year quarter.

• EBITDA/EBITA margin was 5.3%, slightly below the prior year's 5.5%, mainly due to underutilization from project delays linked to geopolitical uncertainty.

• Earnings per share rose 15% to €1.47, and net profit increased 14% to €54 million.

• Free cash flow was €48 million, down from €53 million in Q2 2025, impacted by timing effects and fewer large contracts.

• The Teknokon acquisition was completed and integrated, contributing to backlog and revenue.

Financial highlights

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

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

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

• Net profit for the quarter was €54 million, up from €48 million in Q2 2025.

• 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 for the full year is €250–300 million.

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

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

• Outlook includes consolidation of the acquired Teknokon Group.