Bilfinger (GBF) Investor update summary

Market environment and operational challenges

• Increased market uncertainty and geopolitical volatility, including Middle East conflict, have led to customer hesitation, delayed investments, and underutilization, impacting order intake and utilization.

• High energy costs and delays in technically necessary projects, especially in high-cost countries, have negatively affected contribution and EBITA margins.

• Orders received post-Q2 fell below expectations, particularly for complex and higher-priced projects.

Financial outlook and guidance revision

• Revenue guidance for 2026 lowered to €5.3–5.7 billion from €5.4–5.9 billion, with EBITA margin outlook reduced to 3.2–3.6% (previously 5.8–6.2%) and adjusted EBITA margin at 4.6–5.0% after restructuring costs.

• Free cash flow guidance reduced to €180–220 million from €250–300 million.

Segment performance and regional impacts

• Western Europe revenue guidance lowered to €1,700–1,900 million, with EBITA margin now 6.8–7.0%.

• Central Europe revenue outlook reduced to €2,400–2,700 million, with EBITA margin revised to 4.6–5.0%.

• International segment revenue now expected at €1,000–1,150 million, with EBITA margin at 2.5–3.5%.