Bilfinger Gains Hydrogen Lift and Investor Backing as Shares Remain in the Doldrums

Bilfinger lands major hydrogen facility contract with EWE as stock plunges 27% in 2026. Morgan Stanley quietly builds 6.41% stake amid oversold conditions.

Bilfinger has landed a sizeable contract to build out a 320-megawatt hydrogen facility in Emden, while one of Wall Street’s largest banks continues to quietly accumulate its stock. The dual signals stand in stark contrast to the shares themselves, which have lost roughly 27% since the start of 2026 and now trade at about €80.25 — more than 37% below the 52-week peak of €127.90 struck in February.

The order from utility EWE covers steel construction, piping and component assembly for the hydrogen plant, a project that aligns squarely with Bilfinger’s push into the energy transition and process industries. The group’s Rodoverken subsidiary, acquired in March 2025, is contributing its expertise in building steel structures such as storage tanks and thermal accumulators. Management has identified decarbonisation, digitalisation and infrastructure for artificial intelligence as key growth drivers for 2026.

First-quarter results nonetheless painted a mixed picture. Revenue advanced 4% year-on-year to €1.31 billion, while net profit jumped 16% to €37 million and earnings per share reached €0.99. Order intake, however, slipped 5% to €1.21 billion. Bilfinger blamed the Middle East conflict for holding back investment decisions among European clients, though it is already in talks about post-war reconstruction work in the region — a potential catalyst that depends on a de-escalation of the crisis. The guidance for the full year remains unchanged: revenue of between €5.4 billion and €5.9 billion, and an EBITA margin of 5.8% to 6.2%. Over the medium term, Bilfinger targets annual revenue growth of 8% to 10% and an EBITA margin of 8% to 9%.

The stock’s technical picture reflects the selling pressure. The relative strength index has dropped to 28.4, a level that typically signals an oversold condition. The shares are trading nearly 18% below their 50-day moving average of €97.68 and roughly 22% beneath the 200-day average of €103.29. Of the three analysts who issued ratings on Bilfinger in May, two recommend buying the shares while one advises holding.

Against that backdrop, Morgan Stanley has been steadily increasing its exposure. According to two voting rights notifications, the U.S. investment bank reported a total stake of 6.41% as of 25 May. That breaks down into 4.13% (1,553,001 shares) attributed directly and a further 2.28% held through instruments. Just three days earlier, the bank had disclosed 6.37%. The build-up has been gradual: since crossing the 3% threshold in January, Morgan Stanley had raised its holding to 5.72% before the latest increments. The filing is a voluntary group notification and does not signal any change of control.

Investors now await the release of second-quarter figures on 12 August. That report will show whether the order book has regained momentum and whether the deep share retreat is attracting more institutional buyers — or simply tempting one of them to deepen its bet.