Interim report
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Move image to the Back: Right-click on the image and select “Arrange” → “Send to Back” Q3 2025 Results November 13, 2025 Dr. Thomas Schulz, Group CEO Matti Jäkel, Group CFO
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2 Highlights | Q3 2025 Updated Outlook Revenue € 5.3 – 5.5 bn EBITA margin 5.4 – 5.6 % Stable development in a volatile market New mid-term targets Capital Markets Day Dec 2, 2025 +1% / org. 0% Orders Received € 1,360 million 5.8% EBITA margin from 6.0% € 71 million Free Cash Flow from € 55 million € 1.47 Earnings per share from € 1.45 Bilfinger | Q3 2025 Results | November 13, 2025 +8% / org. +7% Revenue € 1,384 million
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3 ESG Topics TRIF: Total Recordable Incident Frequency [based on 1 million working hours ] LTIF: Lost Time Injury Frequency [based on 1 million working hours ] Safety Our ambition is “zero” incidents Bilfinger | Q3 2025 Results | November 13, 2025 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 0.88 1.72 0.80 0.89 1.01 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 0.29 0.61 0.15 0.26 0.17
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4 Industry Development Production Index1) Base year 2019 I Europe, Middle East and North America Revenue share2) Demand Outsourcing Potential Bilfinger Chemicals & Petrochemicals Significant regional differences in expected growth 23% Oil & Gas Strong LNG demand offsetting lower refinery demand 20% Energy Increasing demand for storage and transmission 23% Pharma & Biopharma Growth driver: Localization, reduced time to market 13% 80 90 100 110 120 130 140 150 160 2019 2020 2021 2022 2023 2024 2025E 2026E 1) Includes content supplied by S&P Global Market Intelligence; Copyright © S&P Global Market Intelligence, 2025. All rights reserved. 2) % of Group revenues YTD/25, 21% in adjacent industries Bilfinger | Q3 2025 Results | November 13, 2025
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5 Prefabrication and assembly of heat accumulator to increase reliability and sustainability of district heating supply Comprehensive front-end engineering design services for new North Oil Pier, enhancing operational efficiency Energy Oil & Gas Selected Orders Received E.ON Sweden E&M Europe KNPC Kuwait E&M International Prefabrication and installation of the wastewater treatment system for resource-efficient chip production Adjacent Industries Semiconductor Manufacturer Germany Technologies Bilfinger | Q3 2025 Results | November 13, 2025
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6 • Moisture causes ice on pipes and equipment where insulation is defect or missing • Inspection and renewal of insulation is only possible during plant shutdown to avoid corrosion • Tight turnaround schedules ▪ Portable system to reduce dew point around pipes, preventing formation of moisture and ice ▪ Safe removal of insulation at very low temperatures without risk of corrosion ▪ De-insulation and inspection can be carried out while equipment is live Customer Challenge Bilfinger Solution Bilfinger Contribution Innovation: Bilfinger DRIS 2.0 Efficient inspection under insulation during routine operations > 5% cost savings per turnaround Case-based execution during routine operations CC - WIP Bilfinger | Q3 2025 Results | November 13, 2025 > 10% shortened turnaround time
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7 Bilfinger Demand Orders received [€ million] Order backlog [€ million] ∆ abs. / org. 32% 68% 44% 56% ∆ abs. / org. 1,030 1,344 1,360 +31% / +18% +1% / 0% Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 3,378 4,109 4,412 +22% / +9% +7% / +7% Orders received ▪ Stable demand in a volatile market environment ▪ Larger order intake in the Chemical, Semiconductor production, and Hydrogen production sectors Q3 development Opportunity pipeline [indexed on July 2023] 100 105 111 117 108 109 125 127 131 Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecJul Feb Mar Apr May Jun Jul Aug SepAug Sep Oct Nov Dec Jan Jan +5% +15% Bilfinger | Q3 2025 Results | November 13, 2025
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20% 23% 23% 13% 21% Bilfinger | Pressekonferenz Q2 2025 | 14. August 20258 Group | Revenue Development ∆ abs. / org. Revenue [€ million] | Book-to-Bill 17% 25% 22% 12% 24% Q3/24 Q3/25 1.05 1,284 0.98 1,384 +8% / +7% YTD/2025YTD/2024 Revenue split [%] Chemicals & Petrochemicals Energy Oil & Gas Pharma & Biopharma Adjacent Industries Change abs. org. E&M Europe +5% +2% E&M International +8% +14% Technologies +24% +25% ▪ Growth in all segments ▪ Growth in the Oil & Gas, Energy, and Pharma & Biopharma industries ▪ Decline in Chemicals & Petrochemicals Q3 development
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Revenue [€ million] | Book-to-Bill [ratio] 9 EBITA [€ million, %] Group | Performance ∆ abs. / org. Gross profit | SG&A [€ million, %] Thereof adjustments Q3/24 0.98 Q3/25 1.05 1,284 1,384 +8% / +7% 76 81 6.0% Q3/24 5.8% Q3/25 +6% -3 1 -1 0 -1 158 156 12.3% 11.3% -78 -80 -6.1% Q3/24 -5.8% Q3/25 ▪ Growth in all segments ▪ Growth in the Oil & Gas, Energy, and Pharma & Biopharma industries ▪ Decline in Chemicals & Petrochemicals ▪ Gross profit at prior year level ▪ Improvement in SG&A ratio ▪ Margin slightly below prior-year quarter, as expected Bilfinger | Q3 2025 Results | November 13, 2025
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Revenue [€ million] | Book-to-Bill [ratio]Orders received [€ million] 10 ▪ Organic growth mainly from Oil & Gas industry ▪ Chemicals & Petrochemicals industry remains challenging, especially in Germany ▪ Growth from Energy and Oil & Gas industries ▪ Chemicals & Petrochemicals industry remains challenging ▪ Profitability continues to improve over the course of the year due to efficiency gains ▪ Margin below prior-year quarter EBITA [€ million, %] Segment E&M Europe | Performance ∆ abs. / org. ∆ abs. / org. 57 6.3% Q3/24 6.1% Q3/25 561) +2% 894 Q3/24 Q3/25 8601) +4% / 0% 936 Q3/24 0.95 Q3/25 8931) 0.96 +5% / +2% Bilfinger | Q3 2025 Results | November 13, 2025 1) Restatement of 2024 figures due to change in allocation of entities: Orders received +2; revenue +2; EBITA 0
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Revenue [€ million] | Book-to-Bill [ratio]Orders received [€ million] 11 ▪ Growth compared to previous year due to a mix of framework additions as well as contract awards ▪ US market remains cautious due to political uncertainties ▪ Middle East with growth in Oil & Gas industry ▪ Revenue growth predominantly in Middle East region as well as in North America in the Maintenance business ▪ Oil & Gas industry with growth rates ▪ In line with expectations and outlook ▪ Both regions are contributing EBITA [€ million, %] Segment E&M International | Performance ∆ abs. / org. ∆ abs. / org. 7 -5.4% Q3/24 4.0% Q3/25 -91) 192 Q3/24 Q3/25 1751) +10% / +17% 182 1.03 Q3/24 1.05 Q3/25 1691) +8% / +14% Bilfinger | Q3 2025 Results | November 13, 2025 1) Restatement of 2024 figures due to change in allocation of entities: Orders received -2; revenue -2; EBITA 0
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Revenue [€ million] | Book-to-Bill [ratio]Orders received [€ million] 12 ▪ Continue to benefit from investment cycle in Pharma & Biopharma ▪ Slight growth in the nuclear and energy transition business lines ▪ Growth driven by strong order intake in previous quarters ▪ Delays in energy transition business line ▪ Margin improvement due to improved Operational Excellence ▪ Improvement of +90 bps in comparison to Q3/24 EBITA [€ million, %] Segment Technologies | Performance ∆ abs. / org. ∆ abs. / org. 13 19 6.9% Q3/24 7.8% Q3/25 +42% 268 270 Q3/24 Q3/25 0% / +1% 192 239 Q3/24 Q3/25 1.40 1.13 +24% / +25% Bilfinger | Q3 2025 Results | November 13, 2025
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13 Financial result ▪ In line with previous year Taxes ▪ Tax rate increased from 21% to 25% Net profit / Earnings per share ▪ 1% increase year-over-year Group | Net Profit and Earnings per Share Q3/25 Q3/24 [€ million] [€ million] 79 74 56 55 EBIT -5 Financial result EBT -18 Taxes EAT cont. 0 EAT discont. -1 Minorities Net profit 76 71 56 55 EBIT -5 Financial result EBT -15 Taxes EAT cont. 0 EAT discont. -2 Minorities Net profit Earnings per share: €1.47 Earnings per share: €1.45 Q3 development Bilfinger | Q3 2025 Results | November 13, 2025
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14 ▪ Positive contributions from all segments ▪ Improved receivables position in relation to revenue Group | Cash flow and Working Capital Operating cash flow [€ million] Free cash flow [€ million] Net Trade Assets / Revenue [%] Thereof adjustments 55 71 Q3/24 Q3/25 +29% 66 80 Q3/24 Q3/25 +22% Q3/24 Q3/25 10% 8% -4 -12 -5 -6 -7 ▪ Continued efficient working capital management Bilfinger | Q3 2025 Results | November 13, 2025
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15 Group | Net Liquidity and Leverage Net liquidity [€ million] Net debt / EBITDA [ratio]1) Leverage < 2.0 419 465 533 430 469 -184 -177 -179 -176 -177 -199 -200 -191 -194 -188 37 9/30/24 88 12/31/24 163 3/31/25 61 6/30/25 103 9/30/25 Net liquidity Cash and cash equivalents Financial debt Leasing liabilities (IFRS 16) 1) S&P definition Bilfinger | Q3 2025 Results | November 13, 2025 0.7 9/30/24 0.5 12/31/24 0.3 3/31/25 0.6 6/30/25 0.4 9/30/25
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16 Segments | Outlook [€ million, %] Actual YTD 2024 Actual YTD 2025 Previous Outlook FY 2025 Updated Outlook FY 2025 E&M Europe1) Revenue 2,556 2,740 3,500 to 4,000 3,600 to 3,900 EBITA margin 5.8% 5.7% 5.8 to 6.4% 5.8 to 6.2% E&M International2) Revenue 516 551 700 to 800 700 to 800 EBITA margin -0.4% 3.1% 2.0 to 4.0% 2.0 to 4.0% Technologies Revenue 538 629 750 to 850 800 to 850 EBITA margin 5.5% 6.6% 6.3 to 6.8% 6.8 to 7.2% Reconciliation Group Revenue 65 85 80 to 130 90 to 120 EBITA 14 -4 -20 to 5 -10 to 5 1) Restatement of 2024 figures due to change in allocation of entities: revenue +2; EBITA +0 2) Restatement of 2024 figures due to change in allocation of entities: revenue -2; EBITA -0 Bilfinger | Q3 2025 Results | November 13, 2025
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17 Group | Outlook [€ million, %] Actual YTD 2024 Actual YTD 2025 Previous Outlook FY 2025 Updated Outlook FY 2025 Mid-term targets 2025-2027 Revenue 3,676 4,004 5,100 to 5,700 5,300 to 5,500 4 - 5% CAGR EBITA margin 5.2% 5.3% 5.2 to 5.8% 5.4 to 5.6% 6 - 7% Free cash flow 1051) 233 210 to 2701) 2) 300 to 3601) 2) > 80% Cash Conversion 1) Including a mid double-digit million amount cash-inflow due to completion of a legal proceeding 2) Including ~ €30 million special items cash-out integration expenses acquired business and Efficiency Program Bilfinger | Q3 2025 Results | November 13, 2025
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18 Highlights | Q3 2025 Updated Outlook Revenue € 5.3 – 5.5 bn EBITA margin 5.4 – 5.6 % Stable development in a volatile market New mid-term targets Capital Markets Day Dec 2, 2025 +1% / org. 0% Orders Received € 1,360 million 5.8% EBITA margin from 6.0% € 71 million Free Cash Flow from € 55 million € 1.47 Earnings per share from € 1.45 Bilfinger | Q3 2025 Results | November 13, 2025 +8% / org. +7% Revenue € 1,384 million
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Move image to the Back: Right-click on the image and select “Arrange” → “Send to Back” Quarterly Statement Q3 2025 Financial Backup
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E&M Europe E&M International Technologies Reconciliation Group GroupHQ / Consolidation / Other Other Operations [€ million] Orders received Order backlog Revenue SG&A EBITDA EBITDA margin EBITA EBITA margin Special items EBITA Amortization Depreciation Investments in P, P & E Increase in right- of-use assets Employees 20 Segment Development Q3 2025 Q3/25 Q3/24 Δ in % Q3/25 Q3/24 Δ in % Q3/25 Q3/24 Δ in % Q3/25 Q3/24 Δ in % Q3/25 Q3/24 Δ in % Q3/25 Q3/24 Δ in % 860 175 268 -23 -19 59 1,344 2,563 550 877 -10 -15 133 4,109 893 169 192 -22 -9 39 1,284 -53 -12 -12 -1 0 -2 -78 78 -7 15 -3 13 7 106 8.7% -4.2% 8.1% - 18.1% 8.3% 56 -9 13 -6 10 7 76 6.3% -5.4% 6.9% - 16.9% 6.0% -3 0 0 0 0 0 -3 0 0 0 0 0 0 0 -22 -22 - -2 -2 - -2 -2 - -3 -3 - -1 0 - -31 -30 - 9 8 +3% 1 1 +5% 1 1 +47% 1 1 +57% 0 0 - 12 11 +9% 6 1 +179% 1 1 2 1 11 22,949 22,916 0% 5,711 5,404 +6% 1,703 1,702 0% 579 539 +7% 740 733 +1% 31,682 31,294 +1% - -39% - - - - -50% - Bilfinger | Q3 2025 Results | November 13, 2025 894 +4% 192 +10% 270 0% - 28 -53% 1,360 +1% 2,887 +13% 576 +5% 897 +2% - 62 -54% 4,412 +7% 936 +5% 182 +8% 239 +24% - 49 +27% 1,384 +8% -50 -6% -14 +23% -13 +10% - -2 +11% -80 +2% 79 +2% 10 - 21 +36% - 5 -29% 111 +5% 8.5% 5.3% 8.8% 10.1% 8.1% 57 +2% 7 - 19 +42% - 4 -32% 81 +6% 6.1% 4.0% 7.8% 9.1% 5.8% 0 - 0 0 0 - -1 - -2 - 0 - 0 - - 0 - -2 - 7 +10% 2 1 0 10 -5%
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E&M Europe E&M International Technologies Reconciliation Group GroupHQ / Consolidation / Other Other Operations [€ million] Orders received Order backlog Revenue SG&A EBITDA EBITDA margin EBITA EBITA margin Special items EBITA Amortization Depreciation Investments in P, P & E Increase in right- of-use assets Employees 21 Segment development YTD 2025 YTD/25 YTD/24 Δ in % YTD/25 YTD/24 Δ in % YTD/25 YTD/24 Δ in % YTD/25 YTD/24 Δ in % 2,962 2,698 632 527 +20% 730 688 +6% 4,405 3,997 +10% 2,887 2,563 +13% 576 550 +5% 897 877 +2% 4,412 4,109 +7% 2,740 2,556 +7% 551 516 +7% 629 538 +17% 4,004 3,676 +9% -157 -146 +8% -41 -35 +14% -40 -37 +8% -253 -237 +6% 225 209 +8% 24 4 +447% 48 36 +35% 304 273 +11% 8.2% 8.2% 4.4% 0.9% 7.7% 6.7% 7.6% 7.4% 157 148 +6% 17 -2 - 42 29 +41% 212 190 +12% 5.7% 5.8% 3.1% -0.4% 6.6% 5.5% 5.3% 5.2% -2 6 - 0 0 - 0 0 - -1 7 - -5 -1 - 0 0 - 0 0 - -5 -1 - -67 -60 - -7 -6 - -7 -7 - -92 -83 - 28 35 -19% 5 3 +57% 2 2 -2% 41 43 -5% 22 18 +20% 3 4 -20% 1 3 -57% 34 28 +20% 22,949 22,916 0% 5,711 5,404 +6% 1,703 1,702 0% 31,682 31,294 +1% +10% YTD/25 YTD/24 Δ in % YTD/25 YTD/24 Δ in % -59 -55 - 139 139 0% -10 -15 - 62 133 -54% -73 -54 - 158 119 +32% -9 -13 - -6 -6 +10% -16 5 - 23 19 +20% - - 14.3% 15.7% -25 -3 - 21 17 +22% - - 13.3% 14.5% 1 0 - 0 0 - 0 0 - 0 0 - -9 -9 - -1 -1 - 3 2 +100% 2 1 +90% 8 3 +157% 0 1 -54% 579 539 +7% 740 733 +1% Bilfinger | Q3 2025 Results | November 13, 2025
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22 Revenue Split E&M Europe E&M International Technologies Group YTD/25 YTD/24 YTD/25 YTD/24 YTD/25 YTD/24 YTD/25 YTD/24 Industry Split Chemical & Petrochemical 33% 34% 8% 11% 2% 10% 23% 25% Energy 18% 16% 14% 15% 34% 34% 23% 22% Oil & Gas 24% 22% 19% 14% 6% 3% 20% 17% Pharma & Biopharma 6% 7% 0% 0% 55% 48% 13% 12% Adjacent industries 19% 21% 59% 60% 3% 5% 21% 24% Contract split Frame and service contracts 66% 73% 78% 72% 1% 1% 57% 62% Projects 34% 27% 22% 28% 99% 99% 43% 38% Bilfinger | Q3 2025 Results | November 13, 2025
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[€ million] Revenue Gross profit Selling and administrative expenses Impairment losses and reversal of impairment losses (as per IFRS 9) Other operating income and expense Income from investments accounted for using the equity method Earnings before interest and taxes (EBIT) Amortization of int. assets from acquisitions and goodwill impairments (IFRS 3) Earnings before interest, taxes and amortization of intangible assets (EBITA) Special items in EBITA Depreciation PP&E thereof depreciation of right-of-use assets from leases Earnings before interest, taxes, depreciation and amortization (EBITDA) Financial result Earnings before taxes (EBT) Income taxes Earnings after taxes EAT (continuing operations) Earnings after taxes EAT (discontinued operations) Minority interests Net profit Earnings per share (in €) For information: adjusted Net profit Adjusted Earnings per share (in €) Q3/25 Q3/24 ∆ in % 1,283.8 157.8 -78.5 0.1 -4.6 1.4 76.2 -0.3 76.4 -2.7 29.6 15.7 106.1 -5.4 70.8 -14.8 56.0 0.3 -1.8 54.6 1.45 52.1 1.39 23 Profit and loss statement 1 Special items EBITA [in € million] Q3/25 Badwill / Add. gain from PPA 2 Integration of acquisition 0 M&A, Others -3 Total -1 1 YTD/25 YTD/24 ∆ in % 4,004.4 3,675.6 +9% 452.9 409.1 +11% -252.8 -237.4 +6% -2.0 0.3 - 3.0 13.1 -77% 5.4 3.8 +42% 206.6 188.9 +9% -5.2 -0.8 - 211.8 189.7 +12% -1.4 6.6 - 92.3 83.5 +11% 49.3 44.0 +12% 304.0 273.2 +11% -14.2 -16.0 -11% 192.4 172.9 +11% -53.1 -42.4 +25% 139.3 130.5 +7% -0.2 1.6 - -5.3 -4.5 - 133.8 127.6 +5% 3.59 3.40 +6% 139.9 117.4 +19% 3.76 3.13 +20% Bilfinger | Q3 2025 Results | November 13, 2025 1,384.1 +8% 156.2 -1% -80.2 +2% -0.5 - 1.7 - 2.0 +47% 79.1 +4% -1.7 - 80.8 +6% -0.7 - 30.7 +3% 16.0 +2% 111.5 +5% -4.9 -10% 74.3 +5% -18.5 +25% 55.8 0% 0.0 - -1.2 - 54.6 0% 1.47 +1% 54.8 +5% 1.48 +6%
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[€ million] Non-current assets Intangible assets Property, plant and equipment Right of use assets from leases Investments accounted for using the equity method Other financial assets Deferred taxes Current assets Inventories Receivables and other financial assets Current tax assets Other assets Securities Marketable securities Cash and cash equivalents Assets classified as held for sale Total 24 Consolidated Balance Sheet: Assets 9/30/25 6/30/25 ∆ in % 1,396.7 823.7 284.8 182.5 14.9 6.5 84.2 2,064.2 116.0 1,392.6 12.3 113.1 0.0 0.0 430.2 0.0 3,460.8 Goodwill decreased to €802 million (6/25: €803 million)11 9/30/25 12/31/24 ∆ in % 1,399.7 813.8 287.1 188.4 16.7 6.2 87.4 2,063.8 115.1 1,397.0 10.6 76.0 0.0 0.0 465.0 0.0 3,463.5 Bilfinger | Q3 2025 Results | November 13, 2025 1,382.7 -1% 1,382.7 -1% 822.2 0% 822.2 +1% 280.9 -1% 280.9 -2% 178.2 -2% 178.2 -5% 14.6 -2% 14.6 -12% 6.4 -1% 6.4 +2% 80.4 -5% 80.4 -8% 2,076.5 +1% 2,076.5 +1% 117.6 +1% 117.6 +2% 1,362.9 -2% 1,362.9 -2% 22.4 +83% 22.4 +111% 105.1 -7% 105.1 +38% 0.0 - 0.0 - 0.0 - 0.0 - 468.6 +9% 468.6 +1% 0.0 - 0.0 - 3,459.2 0% 3,459.2 0%
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25 Consolidated Balance Sheet: Equity & liabilities Equity ratio increased to 38% (6/30/25: 36%)1 [€ million] Equity Equity attributable to shareholders of Bilfinger SE Attributable to minority interests Non-current liabilities Provisions for pensions and other obligations Other Provisions Financial debt Other liabilities Deferred taxes Current liabilities Current tax liabilities Other provisions Financial debt Trade and other payables Other liabilities Liabilities classified as held for sale Total 9/30/25 6/30/25 ∆ in % 1,258.5 1,249.6 8.8 489.7 251.1 23.6 191.3 1.0 22.6 1,712.7 36.9 152.3 177.7 1,056.9 288.9 0.0 3,460.8 1 9/30/25 12/31/24 ∆ in % 1,311.3 1,300.9 10.4 631.5 266.2 24.8 317.3 1.4 21.9 1,520.7 35.4 167.8 59.3 1,000.5 257.8 0.0 3,463.5 Bilfinger | Q3 2025 Results | November 13, 2025 1,308.6 +4% 1,308.6 0% 1,298.2 +4% 1,298.2 0% 10.3 +17% 10.3 0% 481.8 -2% 481.8 -24% 249.3 -1% 249.3 -6% 23.0 -3% 23.0 -7% 186.8 -2% 186.8 -41% 0.5 -53% 0.5 -65% 22.3 -1% 22.3 +2% 1,668.8 -3% 1,668.8 +10% 48.7 +32% 48.7 +38% 153.2 +1% 153.2 -9% 179.1 +1% 179.1 +202% 1,022.7 -3% 1,022.7 +2% 265.2 -8% 265.2 +3% 0.0 - 0.0 - 3,459.2 0% 3,459.2 0%
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66 64 26 Net liquidity | Cash flow development excluding IFRS 16 Net Trade Assets / DSO / DPO [€ million] 518 535 458 454 464 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Net trade assets DPO [days] DSO [days] 67 65 66 63 63 59 71 67 Net liquidity1) [€ million] Cash flow development year-to-date excl. IFRS 16 [€ million] 1) Including IFRS 16 leases | 2) Gains / losses from disposal of non-current assets / Income from investments accounted for using the equity method / Dividends received Q3 2025 incl. IFRS 16 IFRS 16 impacts Q3 2025 excl. IFRS 16 Q3 2024 excl. IFRS 16 EBITA 212 212 190 Depreciation 92 -49 43 39 Change in NWC 14 14 -111 Other non-cash income / expenses -4 -4 0 Interest received 13 13 21 Income tax payments -44 -44 -26 Change in non-current assets / liabilities -10 -10 -5 Others 2) -4 -7 -11 -16 Operating CF 269 213 92 Net CAPEX -36 -36 -40 Free CF 233 177 52 Proceeds/Investments financial assets -24 -24 -14 Share buyback program -38 -38 0 Changes in marketable securities 0 0 190 Dividends -89 -89 -67 Change in financial debt -50 50 0 -250 Interest paid -16 6 -10 -20 FX / other / DiscOp -12 -12 -10 Change in Cash 4 4 -119 Bilfinger | Q3 2025 Results | November 13, 2025 61 103 80 7/1/2025 OCF -9 Net Capex 0 Acquisitions/ disposals -4 Cash flow financing activities -14 Share buyback 1 Cash flow discont. operations -12 Change in valuation of liabilities 0 Other 9/30/25 61 103
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[€ million] EBITDA Change in advance payments received Change in trade receivables Change in trade payables and advance payments made Change in net trade assets Change in current provisions Change in other current assets (including other inventories) and liabilities Change in working capital Change in non-current assets and liabilities Gains / losses from disposal of non-current assets Income from investments accounted for using the equity method Dividends received Interest received Income tax payments Other non-cash income / expense Operating cash flow (OCF) Investments in property, plant and equipment and intangible assets Payments received from the disposal of P, P & E and intangible assets Net cash outflow for P, P & E and intangible assets (net capex) Free cash flow (FCF) thereof special items in free cash flow Q3/25 Q3/24 106.1 -40.2 27.9 6.2 40.0 22.8 -66.2 -11.3 1.7 0.8 -3.0 -9.4 -34.0 -35.3 2.1 -5.1 -2.3 -0.1 -2.0 -1.4 2.6 0.2 4.7 4.8 -13.9 -3.5 0.0 80.4 65.7 -12.3 -11.3 0.3 -10.9 54.7 111.5 -19.8 -2.4 2.6 -9.8 70.7 ∆ in % +5% - -85% - - - - - - - - >+999% -1% - - +22% - +668% - +29% 27 Consolidated Statement of Cash Flows [1/2] 1 Thereof restructuring - €1 million, integration costs - €4 million and M&A - €2 million1 -4.3 YTD/25 YTD/24 ∆ in % 304.0 273.2 +11% -35.7 40.9 - 3.9 -18.7 - 80.9 -13.4 - 49.1 8.8 +456% -11.0 -27.2 - -24.0 -92.5 - 14.1 -110.9 - -9.4 -4.9 - -5.1 -4.6 - -5.4 -3.8 - 6.4 1.7 +272% 13.2 20.6 -36% -43.9 -26.5 - -4.3 0.0 - 269.4 144.7 +86% -40.9 -43.2 - 4.5 3.2 +39% -36.4 -40.0 - 233.0 104.8 +122% -17.8 -25.3 - Bilfinger | Q3 2025 Results | November 13, 2025 -7.0 - - - Restruk. / Integr. - - Restruk - - - -
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[€ million] Free Cash Flow (FCF) [carry over] Proceeds from / payments made for the disposal of financial assets Investments in financial assets Changes in marketable securities - Share buyback - Dividends - Changes in ownership interest without change in control - Borrowing - Repayment of financial debt - Interest paid Cash flow from financing activities of continuing operations Change in cash and cash equivalents of continuing operations Change in cash and cash equivalents of discontinued operations Change in value of cash and cash equivalents due to changes in foreign exchange rates Change in cash and cash equivalents Cash and cash equivalents at January 1 / April 1 Change in cash and cash equivalents of assets classified as held for sale Cash and cash equivalents at June 30 Q3/25 Q3/24 ∆ in % 54.7 0.0 -5.5 - 0.0 0.0 0.0 -0.7 0.0 -16.4 -6.3 -23.4 25.8 -1.0 0.2 25.0 430.2 394.1 9% 0.0 419.1 - 70.7 29% 0.0 - 0.0 0.0 - -13.9 0.0 - 0.0 - 0.0 - -16.8 - -3.4 - -34.1 - 36.5 42% 0.9 - 1.0 336% 38.4 53% 0.0 - 468.6 12% 28 Consolidated Statement of Cash Flows [2/2] 1 Purchase price for acquisitions1 1 YTD/25 YTD/24 ∆ in % 233.0 104.8 122% 0.6 -0.8 - -24.5 -13.5 - 0.0 190.5 - -38.2 0.0 - -96.7 -73.0 - 0.0 -0.7 - 0.0 0.0 - -50.0 -297.1 - -15.8 -26.1 - -200.8 -396.8 - 8.3 -115.9 - -1.5 -5.3 - -3.2 1.9 - 3.6 -119.3 - 465.0 538.4 -14% 0.0 0.0 - 468.6 419.1 12% 2 2 Share buyback: As per September 30, 2025 a total of 532,307 have been purchased2 Bilfinger | Q3 2025 Results | November 13, 2025
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Sound financial policy to improve investment grade rating 29 Capital Allocation Revenue Growth Cash ConversionEBITA Improvements Dividend growth1) Organic growth M & A Share buyback 1) Dividend Policy: payout ratio between 40 and 60% of adjusted net profit and continuous growth Bilfinger | Q3 2025 Results | November 13, 2025
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30 Director Investor Relations Phone: +49 (0) 69 / 580020-015 jasmin.dentz@bilfinger.com Director Group Investor Relations External Reporting Phone: +49 (0) 621 / 459-2455 sascha.bamberger@bilfinger.com Manager Investor Relations Phone: +49 (0) 621 / 459-3880 nicola.bursitzky@bilfinger.com Jasmin Dentz Sascha Bamberger Nicola Bursitzky Maximilian H. W. Zabel Manager Investor Relations Phone: +49 (0) 621 / 459-2486 maximilian.zabel@bilfinger.com Your Bilfinger IR Team Financial calendar August 12, 2026 – Quarterly Statement Q2 2026 December 2, 2025 – Capital Markets Day 2025 May 13, 2026 – Quarterly Statement Q1 2026 March 4, 2026 – Publication of Annual financial statements 2025 November 11, 2026 – Quarterly Statement Q3 2026 May 20, 2026 – Annual General Meeting Bilfinger | Q3 2025 Results | November 13, 2025
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31 This document contains forward-looking statements, which are predictions, projections or other statements about future events. Such statements are based on plans, expectations, forecasts and assumptions as they are currently available to Bilfinger’s management. Forward-looking statements and information speak only as of the date they are made, and Bilfinger neither intends nor assumes any obligation to update publicly or revise these forward-looking statements in light of future events or developments which differ from those anticipated. By their nature, forward-looking statements are subject to risks and uncertainties, including a negative change in market conditions, events of force majeure or changes in laws, regulations and government policies. A variety of such factors, many of which are beyond Bilfinger’s control, could cause actual results, performance figures or events to differ significantly from those expressed or implied in the forward-looking statements. The information contained in this document may comprise financial and similar information which is neither audited nor reviewed and should be considered preliminary and subject to change. It may also include data provided by third parties. Any such data is taken or derived from information published by sources that Bilfinger believes to be credible. Bilfinger has not independently verified the third-party data and makes no warranties as to its accuracy or completeness. Due to rounding, numbers presented throughout this document may not add up in all cases precisely to the totals provided and percentages may not precisely reflect the absolute figures. This document is being presented solely for informational purposes and does not constitute any form of investment advice or an offer or invitation to subscribe for or purchase any securities. Disclaimer Bilfinger | Q3 2025 Results | November 13, 2025