Bilfinger (GBF) Q4 2025 earnings summary

Executive summary

• Achieved all 2025 financial targets, expanding market position in a volatile environment, executing three acquisitions and signing one more, 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% year-over-year, and free cash flow surged 75% to €330 million.

• Earnings per share reached €4.74, with a proposed dividend increase to €2.80 per share, up 17% from last year and a payout ratio of 53%.

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

• Focused on operational excellence, market expansion, and successful integration of new acquisitions.

Financial highlights

• Revenue grew 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 from 5.2% to 5.5%.

• Net profit for 2025 was €176 million; EPS at €4.74 (down 1% year-over-year); 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; cash conversion rate at 110%.

• Order backlog at €4,316 million, up 4–5% year-over-year; book-to-bill ratio at 1.05.

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% 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.