Bilfinger (GBF) Q3 2025 earnings summary

Executive summary

• Revenue grew 8% year-over-year to €1,384 million in Q3 2025, with all segments contributing except Chemicals & Petrochemicals, which saw a decline.

• Orders received rose 1% to €1,360 million, and order backlog grew 7% year-over-year, reflecting resilient demand in a volatile market.

• Free cash flow improved to €71 million from €55 million, marking the ninth consecutive quarter of positive cash flow and supported by efficient working capital management.

• EBITA/EBITDA margin was 5.8%, slightly down from 6.0% in Q3 2024, while earnings per share increased to €1.47 from €1.45.

• Guidance for full-year revenue set at €5.3–5.5 billion and EBITA/EBITDA margin at 5.4–5.6%.

Financial highlights

• Net profit for Q3 2025 was €54.6 million, flat year-over-year; adjusted net profit rose 5% to €54.8 million.

• EBITDA increased 5% to €111.5 million; EBITA rose 6% to €80.8 million.

• Gross profit margin was 11.3%, with gross profit stable at €156 million; SG&A ratio improved from 6.1% to 5.8%.

• Net liquidity improved to €469 million, and leverage remained low at 0.4x.

• Free cash flow for the quarter was €71 million, up from €55 million year-over-year.

Outlook and guidance

• Full-year 2025 revenue guidance narrowed to €5.3–5.5 billion, targeting the midpoint.

• EBITA/EBITDA margin guidance set at 5.4–5.6%, also targeting the midpoint.

• Free cash flow guidance raised to €300–360 million, including special items.

• Mid-term targets (2025–2027): 4–5% CAGR revenue growth, EBITA margin 6–7%, >80% cash conversion.

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