Bilfinger reports Q3 2026 results and confirms full-year outlook
- Orders received increased 25% to €1.7bn, with a book-to-bill ratio of 1.25.
- Revenue fell 1% to €1.364bn and the EBITA margin was 4.6%.
- Program Agile targets an annual earnings contribution of about €75m from 2028, with initial effects in 2027.
- Bilfinger confirmed 2026 revenue guidance of €5.3bn–€5.7bn and free cash flow guidance of €180m–€220m.
Quarterly performance
Bilfinger received orders worth €1.7bn in Q3 2026, up 25% year on year, including an extension worth more than €300m from an existing customer. The book-to-bill ratio was 1.25. Revenue declined 1% to €1.364bn as customers postponed investment decisions and framework-agreement call-offs. EBITA was €63m, with a 4.6% margin; net profit was €43m. Free cash flow increased to €76m and cash conversion was 121%.
Market and operational response
Demand for efficiency and sustainability services remained strong, particularly in Energy, where revenue rose against the prior-year quarter. High European energy prices contributed to delayed customer decisions. Bilfinger cited opportunities in the Middle East to support infrastructure reconstruction and the recommissioning of production facilities.
Launched in mid-September, Program Agile prioritizes capacity adjustments, resource pooling and development of a global Shared Services Organization. Implementation has begun. It is expected to contribute about €75m to annual earnings from financial year 2028, with initial effects in 2027.
Outlook
Bilfinger confirmed its 2026 outlook: revenue of €5.3bn–€5.7bn, an EBITA margin of 3.2%–3.6% including Program Agile one-time costs (4.6%–5.0% adjusted), and free cash flow of €180m–€220m. Its 2030 targets remain average annual revenue growth of 8%–10%, an EBITA margin of 8%–9% and cash conversion of at least 90%.
Source: Bilfinger