Bilfinger SE
F:GBF
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Bilfinger SE
F:GBF
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Bilfinger SE
Bilfinger SE is an industrial services company that helps large plants run safely and efficiently. It does engineering, maintenance, repair, and technical support for customers that own complex facilities such as chemical plants, refineries, power plants, pharmaceutical sites, and other process industries. Its work often covers the full life of a plant, from design and installation to ongoing upkeep and shutdown work. The company sells services rather than finished products. It earns money through project contracts, long-term maintenance agreements, and specialized service jobs like mechanical work, piping, insulation, scaffolding, and automation support. Its main customers are industrial companies and utilities that need outside experts to keep critical equipment operating and to meet safety and compliance rules. Bilfinger’s role in the market is different from a manufacturer because it sits next to the customer’s plant and keeps the asset working day after day. That makes its business tied to the installed base of heavy industry and to recurring service needs, not just to one-time construction or equipment sales. In simple terms, it is a service partner for complex industrial facilities.
Bilfinger SE is an industrial services company that helps large plants run safely and efficiently. It does engineering, maintenance, repair, and technical support for customers that own complex facilities such as chemical plants, refineries, power plants, pharmaceutical sites, and other process industries. Its work often covers the full life of a plant, from design and installation to ongoing upkeep and shutdown work.
The company sells services rather than finished products. It earns money through project contracts, long-term maintenance agreements, and specialized service jobs like mechanical work, piping, insulation, scaffolding, and automation support. Its main customers are industrial companies and utilities that need outside experts to keep critical equipment operating and to meet safety and compliance rules.
Bilfinger’s role in the market is different from a manufacturer because it sits next to the customer’s plant and keeps the asset working day after day. That makes its business tied to the installed base of heavy industry and to recurring service needs, not just to one-time construction or equipment sales. In simple terms, it is a service partner for complex industrial facilities.
Performance: Orders received up 6% and revenue up 8% (4% organic) in 2025; EBITDA margin increased from 5.2% to 5.5% with Q4 at 6.1%.
Cash & Returns: Free cash flow jumped to EUR 330 million (75% increase); management proposes dividend of EUR 2.80 per share (up 17% from EUR 2.40).
Outlook: 2026 guidance: revenue EUR 5.4bn–5.9bn, EBITDA margin 5.8%–6.2%, and free cash flow EUR 250m–300m (midpoint emphasized).
Segments & Targets: New segment restatement; Western Europe guidance EUR 1.8bn–2.0bn (7.0%–7.4% margin), Central Europe EUR 2.5bn–2.7bn (5.8%–6.4%), International EUR 1.05bn–1.2bn (4.2%–5.0%).
M&A & Pipeline: Three acquisitions closed in 2025, one signing announced (Teknokon); management says funnel is strong and further deals likely.
Sustainability & Safety: Scope 1 & 2 intensity improved by -15% year-on-year; TRIF improved from 1.12 to 0.91 and LTIF from 0.32 to 0.18.
Risk & Geography: Middle East activity continues with decentralized operations; staff reported safe after recent events. U.S. government permit delays weighed on some North America work.
Working capital: Net trade assets over revenue improved to 8.3% from 9.6%, enabling a 110% cash conversion in 2025.
