Bilfinger (AO) | Buy | Reassuring message from SMID CEO/CFO presentation

Research evidence excerpt

Bilfinger (AO) | Buy | Reassuring message from SMID CEO/CFO presentation

Marketing event feedback

Release date: 28 May 2026

Craig Abbott

Head of German Small & Mid Caps

Buy +49 69 7569 6256Bilfinger cabbott@keplercheuvreux.com

Germany | Support services Beta Profile: MCap: EUR3.3bn

Target Price: EUR115.00 Bloomberg: GBF GR Reuters: GBFG.DE

Current Price: EUR89.40 Free float 88%

Up/downside: 28.6% Avg. daily volume (EURm) 24.7

YTD abs performance -16.8% Market data: 27 May 2026

52-week high/low (EUR) 127.90/74.05

Reassuring message from SMID CEO/CFO presentation

Key points:

As part of our virtual SMID CEO/CFO week, we had the pleasure of hosting a digital investor call with Bilfinger's CFO Matti Jäkel.

The feedback is positive.

Visibility is improving after temporary disruptions in Q1 (severe winter weather/start of Middle East conflict). The order pipeline

development underlines a positive outlook, particularly in H2.

A lot of the questioning centred on Bilfinger's M&A strategy, where potential targets are being reviewed, particularly in North

America and the Middle East, where Bilfinger is focused on scaling up, to be augmented by further, smaller bolt-on acquisitions in

Europe. In addition to structurally higher margin contracts being won, Bilfinger also continues to execute its operational

excellence measures in route to steadily increasing profitability in all three divisions toward its 8-9% EBITA margin targets for each

division by 2030.

Reassuring message by CFO Matti Jäkel, who sees the glass as at least "three-quarters full"

A well-attended digital presentation with 34 investors attending. After a brief introduction of the business model, the group

strategy and mid-term targets, the floor was opened for questions.