Bechtle (BC8) Q2 2026 earnings summary

Executive summary

• Achieved strong double-digit year-on-year growth in Q2 and H1 2026, with business volume up 18.1% in Q2 to €2.3 billion and 15.6% in H1 to €4,501.3 million, driven by robust demand and broad-based segment and regional performance.

• Order intake increased by 26%, resulting in a record-high order backlog of €3.5 billion, providing high visibility for the remainder of the year.

• Significant M&A activity, including the acquisition of Interforce in the Netherlands and other deals in Portugal and Hungary, expanded managed services and recurring revenue.

• Major public sector contract secured for the Bavarian judiciary, valued up to €250 million, and expanded AI capabilities through partnerships with NVIDIA and Dell.

• Executive Board raised full-year 2026 guidance following strong H1 performance.

Financial highlights

• Q2 2026 business volume rose 18.1% year-over-year to €2,274 million; revenue up 16.5% to €1,732 million; H1 business volume up 15.6% to €4,501.3 million and revenue up 12.1% to €3,303.9 million.

• EBIT increased 23.0% to €84.1 million in Q2; EBT up 20.1% to €80.2 million in Q2 and 16.2% to €141.8 million in H1; EPS up 18.8% to €0.82.

• Gross margin remained stable at 14.2% in Q2; gross profit rose 13.2% to €614.4 million in H1; EBT margin increased to 4.3% in H1.

• Operating cash flow was negative in Q2 and H1 2026, mainly due to inventory build-up for customer orders.

• Liquidity at €537.5 million and equity ratio at 42.3% as of 30 June 2026.

Outlook and guidance

• Full-year 2026 guidance raised: business volume growth expected above 10%, revenue and EBT growth of 5%-10%.

• EBT margin anticipated to decline slightly due to ongoing investments and market conditions.

• High order backlog and continued strong demand from public sector and business customers support a positive outlook, despite challenging macroeconomic and industry conditions.

• Public sector expected to provide positive momentum in H2, especially in Q4.