Bilfinger (GBF) Q4 2025 earnings summary

Executive summary

• Achieved all 2025 financial targets, expanding market position in volatile markets, executing three acquisitions and signing one more in Turkey, and integrating new businesses to support growth and diversification.

• Revenue grew 8% year-over-year to €5,427 million, orders received increased 6% to €5,679 million, and EBITA margin improved to 5.5% from 5.2%.

• Free cash flow surged 75% to €330 million, with a cash conversion rate of 110%.

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

• Sustainability and operational efficiency remain core pillars, with significant improvements in safety and greenhouse gas intensity.

Financial highlights

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

• Gross profit margin improved from 10.9% to 11.3%; EBITA margin rose to 5.5%.

• Net profit for 2025 was €176 million, slightly down due to share buyback and tax effects; adjusted net profit rose to €194 million.

• Free cash flow reached €330 million, aided by a large US dispute settlement and improved working capital efficiency.

• Order backlog rose to €4,316 million, up 4–5% year-over-year.

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 revenue €1.8–2.0 billion (margin 7–7.4%), Central Europe €2.5–2.7 billion (margin 5.8–6.4%), International €1.05–1.2 billion (margin 4.2–5.0%).

• Tax rate expected at 24–25%.

• Midterm targets to 2030 reaffirmed: 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.