Bilfinger SE (BFLBY) Q4 2025 Earnings Call Transcript

Martina Kalkhake

Good afternoon, ladies and gentlemen, and welcome to our webcast on Bilfinger’s Full Year and Q4 2025 results. My name is Martina Kalkhake, and I’m joined today by our Group CEO, Thomas Schulz; and our Group CFO, Matti Jakel. We will start with the presentation of the quarterly highlights and also the full year financials and then open up the call to your questions. [Operator Instructions] The event will be recorded also as usual. Now I hand over to Thomas.

Thomas Schulz
Chairman of Executive Board & CEO

Thank you very much, Martina. Hello, everybody out of the sunny Mannheim here in Germany. When we look into the year 2025, we can say that we achieved all financial targets what we set out for the year. It was a year with clear market — our market position expanded, but in a very volatile environment.

Our orders received went up 6%, revenues 8%, EBITDA margin up by 30 basis points and free cash flow significantly up to EUR 330 million. We propose a share increase from EUR 2.40 to EUR 2.80 per share. The outlook for 2026, we fixed with EUR 5.4 billion to EUR 5.9 billion, and the EBITDA of 5.8% to 6.2%. On our list, where in the last year acquisitions, we did 3 acquisitions, and we announced 1 signing in that case for Turkey.

When we then look into the targets a little bit more