Bilfinger: The re-rating is management‘s to earn - Initiate at Outperform

Research evidence excerpt

Bilfinger: The re-rating is management‘s to earn - Initiate at Outperform

22 July 2026

Initiation

Pal Skirta

+49 69 717 4861

European Industrials and Infrastructure pal.skirta@bernsteinsg.com

Bilfinger SE

Rating

Outperform

Price Target

GBF.GR 105.00 EUR

Bilfinger: The re-rating is management's to earn - Initiate at

OutperformMIDCAPS

We initiate coverage of Bilfinger at Outperform with a PT of €105 Close Date 20 Jul 2026

What is Bilfinger? Bilfinger SE is a Germany-based industrial services provider offering GBF.GR Close Price (EUR) 83.60

maintenance and turnaround services across sectors including chemicals, energy, oil & gas, Price Target (EUR) 105.00

and pharmaceuticals. Formerly a construction company (Bilfinger Berger), it has transformed Upside/(Downside) 26%

into a services-focused group through acquisitions and divestments. 52-Week Range 129.30/76.60

EDME 1,596.25

An execution story, not a mix story. Bilfinger is restructured into three geography-led FYE Dec

segments, and the contested question is whether International can deliver the guided growth- Div Yield 3.3%

and-margin convergence - and how much is organic versus acquired. Our bottom-up build Market Cap (EUR) (M) 3,183

shows ~1.9pp of the ~2.0pp margin uplift to 2030 is operational self-help, not portfolio mix, so EV (EUR) (M) 3,070

the re-rating is management’s to earn through delivery rather than handed over by a favorable Performance YTD 1M 6M 12M

tailwind. Absolute (%) (21.2) (2.3) (27.3) (11.0)

EDME (%) 8.6 0.5 5.7 18.6

Key risks to our thesis are value-destructive M&A, failure to deliver self-help measures, Relative (%) (29.7) (2.9) (33.0) (29.6)

and insufficient exposure to bio-pharma, chemicals and petrochemical efficiency spending to Source: Bloomberg, Bernstein estimates and analysis.