Bilfinger : Speech by Dr. Thomas Schulz, CEO, and Matti Jäkel, CFO

Virtual Annual General Meeting, May 15, 2024

Dr. Thomas Schulz, Chief Executive Officer

Matti Jäkel, Chief Financial Officer

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Annual General Meeting of Bilfinger SE, Wednesday, May 15, 2024, 10:00 a.m Virtual Annual General Meeting

Remarks from Dr. Thomas Schulz, Group CEO, and Matti Jäkel, Group CFO

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Check against delivery.

Remarks from Dr. Thomas Schulz, Chief Executive Officer:

Dear Shareholders,

Ladies and gentlemen,

On behalf of the Executive Board, I would like to welcome you to today's Annual General Meeting.

Once again this year, we have taken the conscious decision to hold a virtual Annual General Meeting. This is in line with our commitment to ongoing digitalization and sustainability.

Current economic environment

Ladies and Gentlemen,

Bilfinger is on a path for sustained profitable growth. The diverse range of challenges we are facing today require efficient and sustainable solutions. As the leading industrial services provider, Bilfinger is responding to this increased demand

Virtual Annual General Meeting, May 15, 2024

Dr. Thomas Schulz, Chief Executive Officer

Matti Jäkel, Chief Financial Officer

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with a comprehensive range of high-quality services. Our success is primarily due to the outstanding efforts and tireless commitment of each and every employee.

We would like to thank our shareholders for their continued support, our customers for their trust, and particularly all our employees. Thank you very much!

At Bilfinger, we have a clear strategy to become No. 1 in enhancing the efficiency and sustainability of our customers. By consistently implementing our strategy, we will achieve our mid-term targets by 2025-2027 and we are well on our way to doing just that: Our targets include average organic growth of 4 to 5 percent per year, an increase in the EBITA margin to between 6 and 7 percent, and a cash conversion of over 80 percent. We will also continue to drive growth in our regions and industries by means of M&A activities. We are putting a particular focus on improving total shareholder return. The encouraging share price performance to a new 6-year high is proof that our strategy is working.

Ladies and Gentlemen,

Bilfinger is on the right path. But before we take a closer look at that, allow me to address the complex market environment in which our customers and Bilfinger operate.

Global crises such as the war in Ukraine, the conflict in the Middle East, the political and military impact on supply chains as well changing power structures present enormous challenges for our industries. At the same time, sustainable business practices, a shortage of skilled workers, digitalization and artificial intelligence, inflation, uncertain supply chains and increased complexity at production sites, especially in Europe, all mean that we must consistently increase efficiency and sustainability. High energy prices, uncertainties related to the availability of energy, excessive bureaucracy and the way that policy decisions are made present our

Virtual Annual General Meeting, May 15, 2024

Dr. Thomas Schulz, Chief Executive Officer

Matti Jäkel, Chief Financial Officer

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customers in Germany with additional immense challenges. Political and media discussions often seem to take up more space than the actual implementation of decisions and solutions. In this complex environment, our customers are embarking on a fundamental transformation toward sustainable business practices. And this is where Bilfinger is their partner.

Bilfinger's business model

We ensure that industrial plants in our core industries can be operated at an increasingly efficient and sustainable level. The potential is enormous when we look at the addressable markets served by Bilfinger: a total market size of more than €50 billion in the energy sector, €30 billion in chemicals & petrochemicals, €20 billion in pharma & biopharma and €20 billion in oil & gas. As an outsourcing partner, we perform important functions for our customers in these markets, improve their efficiency and sustainability and thus make a crucial contribution to their profitability. We do this with highly qualified employees and state-of-the-art technology. We play a key role in the energy transformation and thus ensure that industry is able to increase its competitiveness despite all the challenges it faces. And we have a local international presence for our customers: In Europe, in the USA and in the Middle East. When it comes to customer relationships, we are proud to look back on relationships that span many years. Over 90 percent of our customers purchase our services more than once.

As a result, demand for our services remains stable to positive across all our regions and industries. There are, however, different requirements. In Germany in particular, the ongoing deindustrialization in key energy-intensive industries such as chemicals is clearly evident. In a global comparison, we are experiencing strong growth in regions such as the Middle East and North America. The chemical industry in North America is growing twice as fast and in the Middle East five to six times as fast as in Europe, where growth of just 0.6 percent is forecast for the next four years. The nuclear industry is experiencing a revival, but with major regional differences. In the

Virtual Annual General Meeting, May 15, 2024

Dr. Thomas Schulz, Chief Executive Officer

Matti Jäkel, Chief Financial Officer

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pharma & biopharma sector, we are looking at global growth of 8 percent. In oil & gas, spending on exploration and production will increase by 2 to 5 percent, with a particular focus on sustainability. In this dynamic market environment, we partner with industry to ensure that industrial sites are developed more efficiently and sustainably and to support the relocation and new construction of industrial assets.

I would now like to take a closer look at our activities over the course of the past year and talk about some of the strategic highlights.

Strategy highlights

We presented our strategy at the Capital Markets Day 2023 and received a very positive response. The consistent implementation of the strategy is defined by two thrusts: increasing our own operational excellence and positioning ourselves as a leading provider of efficient and sustainable solutions in our markets. We are achieving these objectives by implementing three strategic levers that have already facilitated significant progress in the areas of growth, profitability and cash flow.

The first lever of our strategy was the efficiency program that we launched at the end of 2022 and which we completed in 2023. It will take full effect in the course of 2024. The program focused on administrative functions within the Group and envisaged cost savings of around 55 million euros. By streamlining management and administrative structures and bundling administrative tasks, we are improving organizational efficiency in a targeted manner. Part of the savings will be invested directly in the training and development of our employees in close consultation with our Works Council. For this purpose, we founded Bilfinger Education GmbH in October 2023, which acts as a model for the Bilfinger Group.

A new functional organizational structure was also implemented on January 1, 2024 with the aim of promoting cooperation within the company and simplifying structures. It enables future-oriented, efficient and successful collaboration with

Virtual Annual General Meeting, May 15, 2024

Dr. Thomas Schulz, Chief Executive Officer

Matti Jäkel, Chief Financial Officer

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logical, transparent and consistent structures across all regions and business segments.

The second strategic lever is operational excellence which is aimed at improving the efficiency of the organization. Increased standardization and bundling of the Group's single service areas serves as an important starting point. To this end, nine Global Product Center were defined and established in 2023. Their mission is to define our Bilfinger products according to uniform standards and ensure that they are offered professionally and at the same high level of quality in all of the Group's regions and markets. A standardized process in order selection reduces operational risks - this is known as de-risking, which we will continue in the current financial year.

Essentially, the aim is to avoid risky project business and replace it with recurring service business. Projects are always interesting if they are linked to downstream service business. This transformation will take time and will also mean that we will deliberately forego revenue and new business in 2024 if this is too risky or if it generates insufficient margins. The repositioning of our US business is part of the de- risking efforts. You can see that this strategy is already bearing fruit in the development of the EBITA margin.

The third strategic lever is the positioning of Bilfinger as a solution partner for our customers. We help them to increase their efficiency and sustainability with a comprehensive portfolio of industrial services. We can offer our customers the full range of services from consulting, engineering, manufacturing, assembly and maintenance through to the expansion and plant turnarounds along with digital applications. By bundling services from a single source, we significantly increase the efficiency and sustainability effects for our customers and contribute to their increased profitability. The goal in this regard is to offer all of our products in

Virtual Annual General Meeting, May 15, 2024

Dr. Thomas Schulz, Chief Executive Officer

Matti Jäkel, Chief Financial Officer

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existing markets and to serve all potential customers. In addition to organic growth, acquisitions can also help us to meet our strategic goals.

In this context, we acquired parts of the Stork Group, which belonged to the US- based Fluor Corporation, with effect from April 1, 2024. The transaction primarily comprises operating units in the Netherlands and Belgium as well as some units in Germany and adds over 2,700 qualified employees to our team together with annual revenue of around 530 million euros.

Significant new orders

The following three customer examples serve to illustrate our strategy:

Bilfinger was commissioned by energy company Uniper to provide engineering, procurement and construction management services for a pioneering hydrogen project in Krummhörn, a city in the German state of Lower Saxony. The objective of the research project is to develop a commercial storage solution for green hydrogen. Uniper's storage facility will be among the first of its kind and is also the second research project in which the innovative hydrogen processing technology "H2DRY" - which was developed by Bilfinger - will be used.

Bilfinger is making significant contributions to the progress of the new Hinkley Point C nuclear power plant in the UK. The highlight for 2023 was the delivery of the core meltdown stabilization system. This is a key component of the plant's safety concept. Hinkley Point C is just one example of how nuclear energy is a future technology inwhich the market is investing and which is crucial for emission-free energy generation in the future. At Bilfinger, we well-positioned to meet the corresponding demand.

Virtual Annual General Meeting, May 15, 2024

Dr. Thomas Schulz, Chief Executive Officer

Matti Jäkel, Chief Financial Officer

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In Lithuania, Bilfinger is supporting the energy company Ignitis Gamyba with the expansion of a pumped storage power plant. The order is being carried out in cooperation with the technology group Voith and aims to help boost the supply of green and independent energy in Lithuania. The expansion of the hydropower plant is part of the Baltic states' plans to be integrated into the European power grid by the end of 2025 and is a demonstration of how we are expanding our market presence in Europe into neighboring regions with existing services.

As you can see, Bilfinger enjoys great demand as a reliable and innovative partner to industry on the international stage. This trend is continuing in the first quarter of 2024. We published the figures earlier today and they are in line with our expectations as we move towards achieving our mid-term targets. The successful implementation of our strategy has enabled us to significantly increase our profitability. One of the most important performance indicators for us, the EBITA margin, nearly doubled compared to the same period last year.

Before we share further insights into our current business with you, I would now like to ask our CFO Matti Jäkel to outline the figures for the past financial year 2023 and the first quarter of 2024.

Go ahead, Matti.

Virtual Annual General Meeting, May 15, 2024

Dr. Thomas Schulz, Chief Executive Officer

Matti Jäkel, Chief Financial Officer

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Remarks from Matti Jäkel, Chief Financial Officer:

Thank you, Thomas.

Dear Shareholders, Ladies and Gentlemen,

Business performance in the past year 2023 and in the first quarter of 2024 show that our business model of improving efficiency and sustainability is generating strong demand from our customers and that we are using the right strategic levers to achieve our key figures.

Allow me to elaborate a little on this.

Starting with the financial year 2023 - and allow me to make a preliminary remark here: We have repositioned our business in the USA. As part of this repositioning, we are deliberately and specifically focusing only on new orders and revenue that secures an acceptable risk profile and the desired profit margin. Group-wide, we have achieved significant growth in all key figures. With the implementation of the strategy, all 2023 targets were achieved or exceeded. In the E&M International segment, which includes the USA, we recorded declines in orders received and revenue - although we are already seeing an improvement in the EBITA margin here. Given the fact that we have this effect on several key figures, I will explain this in advance so as not to bore you, ladies and gentlemen.

But now to the figures themselves:

Orders received

Virtual Annual General Meeting, May 15, 2024

Dr. Thomas Schulz, Chief Executive Officer

Matti Jäkel, Chief Financial Officer

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Orders received for the Bilfinger Group in the financial year 2023 increased by 3 percent to more than 4.7 billion euros. There was a decline in the E&M International segment, as described above, while the other two segments increased significantly. The order backlog increased by 5 percent to 3.4 billion euros. The book-to-bill ratio was 1.06.

Revenue and gross profit

Group revenue increased by 4 percent to 4.5 billion euros. Gross profit increased by 6 percent to 463 million euros. Gross margin as a percentage of revenue was 10.3 percent. At 298 million euros, selling and administrative expenses were lower than in the previous year despite higher revenue and the ever-present inflation in 2023. The share of selling and administrative expenses as a percentage of revenue fell further to 6.6 percent. Our strict cost discipline is paying off here.

EBITA

Bilfinger generated EBITA of 191 million euros in the reporting year. The figure from the previous year was only 75 million euros. We more than doubled the EBITA margin from 1.8 percent in the previous year to 4.3 percent. It should be noted, however, that in the previous year provisions for the efficiency program burdened earnings by 62 million euros.

Cash flow

Ladies and Gentlemen,

In addition to the EBITA margin, free cash flow is the second key performance indicator that we use to manage the Bilfinger Group. This is because free cash flow shows how well we are actually able to generate cash from our earnings.

Virtual Annual General Meeting, May 15, 2024

Dr. Thomas Schulz, Chief Executive Officer

Matti Jäkel, Chief Financial Officer

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Free cash flow amounted to 122 million euros and was thus in line with our expectations. 59 million euros were used for investments in property, plant and equipment and 51 million euros were used for dividends. Net liquidity including lease liabilities decreased to 120 million euros.

At this point, I would like to give you an overview of developments in our three segments.

E&M Europe segment

At the Engineering & Maintenance Europe segment, orders received increased by 6 percent to 3.1 billion euros. Demand for services to enhance customers' efficiency and sustainability remains strong. On this basis, revenue was up 7 percent to nearly

3.0 billion euros. The book-to-bill ratio was 1.04. EBITA rose to 161 million euros in the reporting year due to higher revenue and a strong operating performance. The EBITA margin was increased to 5.4 percent.

E&M International segment

Orders received at the Engineering & Maintenance International segment fell by 12 percent to 733 million euros due to the repositioning of the US business. Revenue was down 15 percent to 682 million euros, a development that is attributable to the completion of assembly projects in the US in the course of the reporting year. In contrast, revenue in the Middle East continued to grow. The segment's book-to-bill ratio amounted to 1.08. EBITA was back in positive territory at 3 million euros, corresponding to an EBITA margin of 0.4 percent. By continuing to de-risking, we will significantly improve the business figures in this segment in the current year.

Technologies segment