Bilfinger (GBF) Q4 2025 earnings summary

Executive summary

• Achieved all 2025 financial targets, expanding market position and operational efficiency in a volatile environment, with revenue up 8% to €5,427 million and orders received up 6% to €5,679 million.

• EBITA margin improved to 5.5% from 5.2%, and free cash flow surged 75% to €330 million, with a 110% cash conversion rate.

• Proposed dividend increase to €2.80 per share, up 17% from last year, maintaining a 53% payout ratio.

• Three acquisitions completed and one signed in 2025, supporting growth and diversification.

• Focused on operational excellence, market expansion, and improved safety metrics.

Financial highlights

• Revenue grew 8% year-over-year (4% organic) to €5,427 million; EBITA up 13% to €299 million.

• Gross profit margin increased from 10.9% to 11.3%; SG&A expenses stable at 6.3% of revenue.

• Net profit for 2025 was €176 million; adjusted net profit rose to €194 million; EPS at €4.74, adjusted EPS at €5.23.

• Free cash flow reached €330 million, a 75% increase, with 110% cash conversion.

• Book-to-bill ratio at 1.05; order backlog grew 4% to €4,316 million.

Outlook and guidance

• 2026 revenue guidance: €5.4–5.9 billion; EBITA margin: 5.8–6.2%; free cash flow €250–300 million.

• Segment guidance: Western Europe EBITA margin 7.0–7.4%, Central Europe 5.8–6.4%, International 4.2–5.0%.

• Tax rate expected at 24–25% for 2026.

• Mid-term 2030 targets: 8–10% revenue CAGR, EBITA margin 8–9%, cash conversion ≥90%.

• Anticipates faster growth and profitability toward 2030, driven by economic reforms and market recovery.