Bechtle (BC8) Q4 2025 earnings summary

Executive summary

• Business volume increased by 8.1% year-over-year to €8,596 million in 2025, with nearly all national markets contributing and a record December business volume exceeding EUR 1 billion.

• Revenue rose 1.6% to €6,406 million, reflecting a higher software share that dampened revenue growth.

• Growth momentum accelerated over the year, with Q4 showing the strongest performance, especially in Germany and Other Europe.

• Leadership transitions are underway, with a new CFO in place and a planned CEO succession for 2027.

• Headcount grew by 3.5% to 16,360, entirely due to acquisitions, while organic headcount declined by 2%.

Financial highlights

• EBIT for the year was €335.3 million, down 4.6% year-over-year; EBT was €324.2 million, down 6%.

• EBIT margin on business volume was 4.0%, and EBT margin was 3.9% in 2025, below the long-term 5% target.

• Net earnings attributable to shareholders fell 6.6% to €229.2 million; basic earnings per share declined 6.6% to €1.82.

• Operating cash flow was €289.8 million, down 48.1% from the previous year, with improvements in DSO and working capital.

• Dividend proposed at €0.70 per share, with a payout ratio near 40%, maintaining a consistent upward trend.

Outlook and guidance

• Business volume for 2026 is expected to grow 5%-10%, with revenue up 0%-5% and EBT up 0%-5%.

• Guidance will be reviewed more frequently due to volatile market conditions, with a focus on open communication.

• Long-term vision targets at least €10 billion business volume and a 5% EBT margin by 2030, requiring a CAGR of at least 10%.

• Management remains optimistic for 2026 despite macroeconomic and supply chain uncertainties.