Bilfinger Roadshow feedback with CFO and IR

Research evidence excerpt

Bilfinger Roadshow feedback with CFO and IR

Global Research

1 July 2026ab

Bilfinger Equities

GermanyRoadshow feedback with CFO and IR

Industrial Services

12-month rating Neutral

Key takeaways

We hosted Bilfinger’s CFO, Matti Jäkel, and Head of Investor Relations Martina Kalkhake 12m price target €107.00

in London. Our key takeaways are: 1) order intake improving sequentially in 2Q, and 2H

recovery expectations supported by easing geopolitical pressures and normalising end

Price (30 Jun 2026) €80.35

markets, 2) normalised Middle East activity post disruptions and a limited lasting

demand impact in core markets as well as normalising invoicing by year end, 3) Ukraine RIC: GBFG.DE BBG: GBF GR

a meaningful medium term opportunity. The company continues to target the mid point

Trading data and key metrics

of the guidance and a 2H weighted margin progression contingent on recovery of

52-wk range €127.90-77.70

utilisation. Working capital, a large drag on 1Q FCF, should normalise over the full year

(but not fully recover in 2Q). Capital allocation priority remains dividends, followed by Market cap. €3.00b/US$3.43b

organic growth and M&A under strict criteria (as outlined at the Capital Markets Day), Shares o/s 37.4m (ORD)

followed by share buybacks. Free float 57%

Avg. daily volume ('000) 115

Focus #1: order intake sequentially improving Avg. daily value (m) €10.5

Order intake has been soft, with book to bill below 1x over 2H25 and 1Q26, but it Common s/h equity (12/26E) €1.46b

should improve in 2Q and further in 2H26 on the back of easing geopolitical pressures P/BV (12/26E) 2.0x

and normalising end markets. The CFO reminded investors that the 2Q25 order intake Net debt to EBITDA (12/26E) NM

comparable was elevated (large order in International - see our comment here).