Bilfinger (GBF) Q4 2024 earnings summary

Executive summary

• Orders received rose 13% year-over-year to €5,334m; revenue up 12% to €5,037m, both with 2% organic growth.

• EBITDA/EBITA margin improved from 4.3% to 5.2%, with EBITDA/EBITA up 39% to €264m.

• Free cash flow increased from €122m to €189m, marking six consecutive quarters of positive cash flow.

• Earnings per share for the year reached €4.79, with a proposed dividend of €2.40 per share, representing a 53% payout of adjusted net profit.

• Stable demand observed across core markets despite volatility, with strong performance in energy, oil & gas, and pharma/biopharma.

Financial highlights

• Revenue for 2024 exceeded €5 billion, up 12% reported and 2% organically versus 2023.

• Gross profit rose 18% to €547m; SG&A ratio reduced from 6.6% to 6.3%.

• Free cash flow of €189m, a 55% improvement (88% adjusted), surpassing guidance.

• Book-to-bill ratio at 1.06, indicating further growth potential.

• Adjusted net profit rose from €117m to €169m; payout ratio at 53%.

Outlook and guidance

• 2025 revenue guidance: €5.1–€5.7 billion; EBITDA/EBITA margin: 5.2%–5.8%; cash flow: €210–€270 million.

• Midterm targets: 6%–7% EBITDA/EBITA margin, >80% cash conversion, 4%–5% CAGR.

• Segment guidance: E&M Europe EBITA margin 5.8–6.4%, E&M International 2.0–4.0%, Technologies 6.3–6.8%.

• Second half of 2025 expected to benefit from increased infrastructure investments, especially in Europe.

• Capital Markets Day scheduled for December 2, 2025, to announce new midterm targets to 2030.