Bilfinger (GBF) Q3 2026 earnings summary

Executive summary

• Q3 orders received rose 25% reported and 21% organically to €1.70bn; revenue declined 1% reported and 5% organically to €1.364bn.

• EBITA margin fell to 4.6% from 5.8%; net profit was €43m and free cash flow was €75.8m, up from €71m.

• FY 2026 outlook was confirmed; Program Agile remains on track.

Financial highlights

• Q3 gross profit was €135.9m, down 13%; EBITA was €62.6m, down 23%, and EBITDA was €94.5m, down 15%.

• Q3 net profit declined 21% to €43.0m; EPS was €1.16 versus €1.47. Adjusted net profit was €42.6m and adjusted EPS was €1.15.

• 9M revenue rose 3% to €4,127.3m; EBITA declined 6% to €199.5m and net profit was €133.8m, unchanged YoY.

• 9M free cash flow was €144.8m, down 38% from €233m; Q3 operating cash flow rose 6% to €85.7m.

Outlook and guidance

• FY 2026 guidance: revenue €5.3–5.7bn, reported EBITA margin 3.2–3.6% including Agile costs, adjusted EBITA margin 4.6–5.0%, and free cash flow €180–220m.

• Segment FY guidance: Western Europe revenue €1.7–1.9bn and adjusted EBITA margin 6.8–7.0%; Central Europe €2.4–2.7bn and 4.6–5.0%.

• International FY guidance: revenue €1.0–1.15bn and adjusted EBITA margin 2.5–3.5%; reconciliation adjusted EBITA guidance is €-20m to -10m.

• 2030 targets: revenue CAGR of 8–10%, EBITA margin of 8–9%, and free cash flow conversion of at least 90%.