Thomas Schulz, CEO of industrial services provider Bilfinger, has one request for German policymakers: „That good ideas are not endlessly debated until they eventually run out of steam,“ he told reporters, „but that action is finally taken.“ He recently assured decision makers in Berlin of the business community’s readiness to deliver, saying "once decisions are made – whether positive or negative – industry moves on to implementation and execution.“

His remarks reveal dissatisfaction with the economic policy of the black-red (CDU-CSU-SPD) coalition since it took office. „Following the federal election, sentiment in German industry had improved significantly. Now 100 days have passed. It is high time that more of the many ideas coming out of the Economics Ministry are actually put into practice," said Schulz, citing the investment initiative as well as higher spending on training and continuing education to address the shortage of skilled workers as examples. „Politics is weak if all you do is talk about things without implementing them. In industry, you don’t remain CEO for long if you act that way. We’re not talking about 100 days here – you’d be out much sooner.“

„Politics must now deliver decisions,“ Schulz reiterated. „That is how the economy – especially foreign investors – will regain confidence.“ According to the CEO, this would resolve the investment backlog. But he warned, „The clock is ticking,“ and appealed: „Please, Minister of Economic Affairs Katherina Reiche, and above all Chancellor Friedrich Merz: do something. Don’t just talk about it.“

Schulz advises the federal government, first, to communicate more effectively and second, to clearly state what it intends to do in Germany – „and then stick with it.“ Third, he stressed, „Germany must improve its productivity. It is absolutely right to have a debate about working hours, the burden of social contributions on companies and, above all, private households, as well as about pensions and the retirement age.“

„Germany is the laggard in Europe,“ Schulz observed. „The country’s competitiveness is weakening significantly.“ Yet the Bilfinger CEO is far from writing Germany off, saying that "we see light at the end of the tunnel.“ More specifically, he added: „If the right decisions are implemented, Germany will once again be a growth engine.“

The occasion for the press briefing was Bilfinger’s half-year results which were announced on 14 August. CEO Thomas Schulz and CFO Matti Jäkel described the results as „very good.“ In the second quarter, order intake stood out in particular, rising 18% to 1.77 billion euros – the highest level in more than a decade – while free cash flow doubled to 53 million euros(previous year: 26 million euros). Revenue and operating profit increased by a mid-single-digit percentage. According to the company, the book-to-bill ratio came in at 1.31.

Stronger demand from the energy and pharmaceutical industries provided tailwinds for the industrial services provider. The company also benefited from acquisitions. Revenue rose 4% (organic: 2%) year on year in the second quarter to 1.35 billion euros, in line with analysts’ expectations. Earnings before interest, taxes and amortisation of goodwill (Ebita) increased by 6% to 74 million euros, supported by the cost-saving program. The Ebita margin edged up to 5.5% from 5.4% a year earlier. Net profit held steady at 48 million euros. CFO Jäkel explained that the improved earnings situation led to a higher tax rate of 28% (previous year: 25%), which in turn kept the bottom line flat.

The full-year guidance was confirmed. Management expects revenue to come in between 5.1 billion euros and 5.7 billion euros (previous year: 5.04 billion euros) and the Ebita margin between 5.2% and 5.8% (previous year: 5.2%). Free cash flow is projected at 210 million euros to 270 million euros (previous year: 189 million euros). „If you look at the volatility of the environment, that is reflected in the guidance ranges,“ said CFO Jäkel, but emphasised that "for us, the midpoint of our ranges is what really counts, and that is what we are sticking to. We see the upper and lower ends as less likely.“ On 2 December, the company plans to present new medium-term targets through 2030 to the capital markets.

Bilfinger does not see itself affected by new or increased import tariffs, particularly in the United States. „Our business is a local business,“ CFO Jäkel stressed. Cross-border services that „could potentially be affected by import tariffs“ account for only „an insignificant share of revenue.“ Bilfinger might at most feel indirect effects if, for example, the chemicals or pharmaceutical industries were to relocate production facilities due to tariffs – „but that doesn’t happen overnight.“