Q2 2024 Bilfinger SE Earnings Call Transcript
Key Points
- Bilfinger SE (BFLBF) reported a strong order intake of more than EUR1.5 billion, reflecting 20% organic growth and close to 40% inorganic growth.
- Revenue for Q2 2024 was over EUR1.3 billion, marking a 3% organic growth.
- Free cash flow showed a positive development with EUR26 million, compared to a negative EUR46 million last year.
- Earnings per share increased significantly from EUR0.79 to EUR1.28.
- The company confirmed its outlook for 2024, with expected revenue between EUR4.8 billion to EUR5.2 billion and an EBITDA margin of 4.8% to 5.2%.
- Safety performance showed a quarter-on-quarter decline, despite overall yearly improvements.
- The chemical and petrochemical industry, which makes up 25% of Bilfinger's top line, is still 2% below pre-COVID levels.
- The German market is underperforming, particularly in the chemical industry, due to higher energy costs and bureaucratic challenges.
- The EBITDA margin, excluding special items, was 4.6%, which, while improved, still indicates room for growth.
- The integration and restructuring costs related to the Stork acquisition are expected to continue into early 2025, impacting financials.
Good afternoon, ladies and gentlemen, and welcome to Bilfinger second quarter 2024 earnings call streamed today from Manheim. My name is Bettina Schneider, and I'm joined by Thomas Schulz, our Group CEO, and Matti Jäkel, our Group CFO.
We start now with a presentation on the Q highlights and financials and then open up the call to your questions. You can ask your questions via phone or via chat in the webcast. I'd like to inform you that for the presentations, all participants are in a listen-only mode and that the conference call is being recorded.
With this, I hand over to Thomas Schulz.
Thank you, Bettina. Hello, everybody. I would like to welcome you here on the first highlights slide for quite good quarter two 2024. We received more than EUR1.5 billion order intake, which is an organic growth of 20% and close to 40% unorganic growth in the quarter.
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