Bilfinger SE

Q2 revenue was EUR 1.45 billion, up 7% year over year. Gross profit margin fell 80 basis points to 10.7%, while the EBITA margin declined to 5.3% from 5.5%. EPS rose 15% to EUR 1.47, and cash flow was EUR 48 million versus EUR 53 million last quarter. Order intake was around EUR 1.5 billion, and book-to-bill improved to 1.03. For 2026, management confirmed guidance, saying revenue is expected to be about 5% above first-half 2025, EBITA margin should land at the lower end of the 5.4% to 5.9% range, and free cash flow remains targeted at EUR 250 million to EUR 300 million.

Thomas Schulz framed Q2 as a solid quarter in a volatile environment, with the main issue being temporary customer hesitation tied to the Iran war, energy uncertainty, and delayed maintenance and project spending. He said activity picked up toward the end of the quarter and expects the second half to show more dynamic demand. He also emphasized safety improvements, noting better TRIFR year over year and an LTIFR close to nil.

Matti Jakel highlighted that revenue grew 7% to EUR 1.45 billion, book-to-bill improved to 1.03, gross profit margin slipped to 10.7%, and SG&A improved as a ratio to 6.1% despite EUR 2 million of Tekonkon-related expense. He said the EBITA margin was 5.3% because uncertainty caused underutilization and delayed CapEx/OpEx, but expects these effects to fade in H2. He also explained that cash flow of EUR 48 million was held back by lower advance payments and billing timing, while net leverage moved only modestly to 0.7 from 0.6 after the dividend and Teknokon purchase; he said EUR 300 million of debt was refinanced in early July.

Analysts focused on why orders improved late in the quarter, how much of the H2 revenue/margin target depends on deferred work coming back, and whether the implied H2 EBITA margin can reach 6.7%. Management said customers delayed both discretionary and some necessary maintenance work for months, not years, and that much of that work is now returning, supporting a better second half. On margin, they said H2 benefits from higher utilization/over-absorption, better SG&A, and a mix effect, while revenue visibility is strong with 90% coverage at quarter end. Questions on Teknokon and M&A were answered with comments that the acquisition is broadening the footprint into Turkey and nearby markets, while the M&A pipeline looks good but some opportunities are expensive.