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Bertrandt (BDT) investor relations material
Bertrandt Q3 24/25 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenues and EBIT declined sharply due to weak economic conditions, trade disputes, and reduced automotive demand, with significant cost-saving and workforce reduction measures implemented.
Cost optimization programs, including the F³ and 'Fit for Future' initiatives, targeted admin and leadership structures, with annual savings of EUR 70-90 million expected by 2025/2026.
Diversification efforts continue, with major defense contracts secured and a strategic goal to reach 20-25% non-automotive sales by 2027.
Underutilization persisted due to delayed project decisions, especially at major OEMs, impacting revenue and margins.
Special items and one-offs, including a EUR 3.6 million antitrust fine and EUR 1.9 million impairment, weighed on results.
Financial highlights
Nine-month sales at EUR 742 million, down 19% year-over-year; Q3 sales at EUR 226 million, down 23% year-over-year.
EBIT at EUR -39 million for nine months, including EUR 12.7 million in one-offs; Q3 EBIT at EUR -25 million.
Free cash flow for nine months at EUR 16.87 million, with Q3 free cash flow at EUR -11 million.
Equity ratio stable at 41.5%; equity at EUR 316-360 million.
Cash and cash equivalents at EUR 93-100 million.
Outlook and guidance
Full-year revenue expected to decline by more than 10% year-over-year, with EBIT improvement targeted but positive earnings uncertain.
FY 2025/2026 EBIT margin targeted at 6-9% based on EUR 70-90 million cost savings.
Business normalization anticipated in H2 2025 as capacity utilization recovers and new projects ramp up.
Cash flow from operating activities expected to remain positive but significantly lower.
Digital and Physical Engineering segments forecast significant sales declines; Electrical Systems/Electronics to see moderate growth.
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