Bilfinger: Q1 Review: Don't panic – temporary softness, intact investment case

Research evidence excerpt

Bilfinger: Q1 Review: Don't panic – temporary softness, intact investment case

Deutsche Bank

Research

Rating Company Date

Buy Bilfinger 15 May 2026

Results

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 14 May 2026 (EUR) 89.00

GBFG.DE GBF GR GER GBFG

Price Target (EUR) 130.00

Business Services

ADR ISIN 52-week range (EUR) 127.90 - 72.60

Outsourcers

BFLBY US09003Q1004

Q1 Review: Don't panic – temporary

Valuation & Risks softness, intact investment case

Michael Kuhn

Don't panic – temporary softness, intact investment case Research Analyst

Bilfinger started 2026 on a softer note, with weaker order intake, lower cash +49-69-910-46002

conversion and a margin setback in International. While this comes after a

Lars Vom-Cleff

prolonged period of highly reliable margin improvement and may raise concerns, Research Analyst

we see no structural deterioration in the investment case. The key effects behind the +49-69-910-13526

quarter—weather-related disruption, delayed customer decisions and geopolitical

uncertainty—were clearly explained by management and are largely external in Price/price relative

nature in our view. 150

Margin story intact; timing effects behind orders and cash

The structural margin trajectory remains intact, supported by continued strong

delivery in Western Europe and stable performance in Central Europe. The 0 2024 2025 2026

weakness in International reflects temporary disruption rather than execution

Bilfinger – (Rebased)

issues, while softer order intake and cash flow are primarily the result of timing

effects, not demand erosion. We expect a partial reversal from Q2 onwards, Performance (%) 1m 3m 12m

although some caution in customer decision-making—linked to geopolitical Absolute -20.3-25.8 20.8

uncertainty—is likely to persist.