Bilfinger (GBF) Q3 2024 earnings summary

Executive summary

• Orders received increased 31% year-over-year to €1,344 million, with 18% organic growth and significant contributions from the Stork acquisition; revenue rose 15% to €1,284 million, with organic growth of 2%.

• EBITA/EBITDA margin improved to 6.0% from 5.1% a year ago, reflecting operational excellence, efficiency gains, and successful integration of the acquired business.

• Earnings per share increased to €1.45, up 48%-49% year-over-year.

• Free cash flow was €55 million for the quarter, marking the fifth consecutive positive quarter and a significant year-to-date improvement.

• Major new contracts in maintenance, climate-neutral heating, and hydrogen production reinforced market positioning.

Financial highlights

• EBITA/EBITDA reached €76 million (+35% year-over-year), including €8 million from the acquired business.

• Net profit for the quarter was €55 million, with EPS at €1.45.

• Gross profit margin improved to 12.3% from 11.0%.

• Order backlog grew to €4,109 million, up 22% year-over-year.

• Net liquidity at September 30, 2024, stood at €190 million, with an equity ratio of 37%.

Outlook and guidance

• Full-year 2024 revenue expected between €4.8–5.2 billion, with EBITA/EBITDA margin guidance of 4.8%–5.2%.

• Free cash flow guidance raised to €125–165 million, up from €100–140 million.

• Midterm targets reaffirmed: 4%–5% annual growth and 6%–7% EBITDA margin by 2026.

• All target markets and industries described as stable to positive.