Bilfinger continues profitable growth – significant increase in revenue and EBITA margin

• Market: stable demand in volatile market environment
• Orders received €1,271 million: significant increase of +11%, -4% organically (PY: €1,144 million), book-to-bill ratio of 1.00
• Revenue €1,267 million: significant increase of +17%, +2% organically (PY: €1,088 million)
• EBITA margin 4.5%: clear increase (PY: 4.0%) due to improvements in internal efficiency and product mix as well as an accretive acquisition
• Free cash flow €109 million (PY: €24 million): significant increase, additional one-time effect in mid-double-digit million amount
• Net profit €32 million / earnings per share €0.84: significant increase (PY: €25 million / €0.66)
• Outlook for 2025 confirmed: revenue €5.1 to €5.7 billion, EBITA margin 5.2 to 5.8%, free cash flow €210 to €270 million

Industrial services provider Bilfinger continued its profitable growth as expected in the first quarter of financial year 2025 and is on track to achieve its full-year targets for 2025. Orders received rose by 11 percent to €1,271 million (PY: €1,144 million). The book-to-bill ratio stood at 1.00. Group revenue grew significantly by 17 percent to €1,267 million (PY: €1,088 million). The EBITA margin showed a clear increase to 4.5 percent (PY: 4.0 percent). This was mainly due to internal efficiency improvements, an optimized product mix and the good margin in the business acquired in the prior year. Free cash flow rose to €109 million (PY: €24 million). Systematic working capital management led to a significant operational increase here. In addition, a sum in the mid-double-digit millions was received from the completion of a legal proceeding in the United States in 2024. The outlook for revenue, the EBITA margin and free cash flow in the full year 2025 is confirmed.

Demand remained stable in a volatile market environment. Customers in the process industry continue to rely on outsourcing to improve their efficiency and sustainability and to reduce costs. Political factors had a noticeable impact on customers’ investment behavior in the first quarter. In Germany, this was due to the ongoing process of forming a new government and to uncertainties regarding government investment programs while, in the USA, economic and tariff policies saw companies adopt a wait-and-see approach to investment spending. The energy, pharma and biopharma industry showed a positive demand trend, as did the oil and gas industry. In chemicals and petrochemicals, the situation remains challenging.

“Sustainably profitable growth continues to be our priority in 2025. Bilfinger is on track to achieve its full-year targets for 2025 and its mid-term targets, with an EBITA margin of between 6 and 7 percent. I would like to thank all of our employees for their continued exceptional commitment,” said Group CEO Thomas Schulz.

New orders proof demand for efficiency and sustainability

In the first quarter, Bilfinger was awarded major orders aimed at improving efficiency and sustainability for its customers.

• Bilfinger has been contracted by Thor Medical in Norway to provide comprehensive engineering, procurement and project management services for the production of a novel thorium-based cancer drug.
• Chemical company Vynova prolonged the framework agreement with Bilfinger comprising services in the area of maintenance, mechanical, equipment manufacturing and piping to further enhance the efficiency and reliability of their production in Germany.
• Bilfinger is providing a utility company in Qatar with an end-to-end analysis of its onshore and offshore operations together with a strategic roadmap to achieving net zero. The aim is to improve energy efficiency in oil and gas production and to reduce carbon emissions.

Business development in the first quarter of 2025

Orders received increased in the first quarter of 2025 by 11 percent to €1,271 million (PY: €1,144 million). The organic figure, excluding exchange rate effects and acquired units, was 4 percent down on the prior-year figure. In a volatile market environment, orders received on an organic basis thus made the anticipated slow start to the new financial year.

Revenue rose by 17 percent to €1,267 million (PY: €1,088 million). Organic growth amounted to 2 percent and was mainly accounted for by the energy, pharma and biopharma as well as the oil and gas industries.

The 26 percent increase in gross profit to €142 million (PY: €112 million) benefited from improved internal efficiency, an optimized product mix and the good margin from the acquired business in the prior year. The gross margin improved to 11.2 percent (PY: 10.3 percent). The ratio of selling, general and administrative expenses was up slightly to 6.8 percent (PY: 6.7 percent).

Bilfinger increased its EBITA margin in the first quarter of 2025 to 4.5 percent (PY: 4.0 percent). Overall, the company generated EBITA of €57 million (PY: €43 million). The EBITA margin in the Engineering & Maintenance Europe segment rose due to further improvements in the internal efficiency and the product mix and due to the good margin in the acquired business. In Engineering & Maintenance International, the margin was in line with expectations. The EBITA margin in the Technologies segment was up due to an optimized product mix and Operational Excellence. The Group’s positive cash flow development continued unabated in the first quarter of 2025, with free cash flow increasing significantly to €109 million (PY: €24 million). The cash inflows also included a positive one-time effect in the mid-double-digit millions from the completion of a legal proceeding in the United States in 2024. Net profit rose to €32 million (PY: €25 million) and earnings per share to €0.84 (PY: €0.66).

Outlook for 2025

Based on the development in the first quarter, Bilfinger confirms the outlook for the current year, with revenue of between €5.1 and €5.7 billion (PY: €5,037 million) and an EBITA margin of 5.2 to 5.8 percent (PY: 5.2 percent). Free cash flow is expected to be between €210 and €270 million (PY: €189 million). To achieve these goals, Bilfinger is further sharpening its positioning as a solution partner of choice for increasing the efficiency and sustainability of its customers.

Key figures for the Group