Bertrandt (BDT) H1 24/25 earnings summary

Executive summary

• H1 2024/2025 saw revenues fall 17.6%-18% year-over-year to EUR 516.4-560 million, mainly due to weak demand, project postponements, and automotive sector pressure.

• EBIT dropped to EUR -14.4 million from EUR 22.0 million, with Q2 EBIT at EUR -12.2 million.

• Workforce reduced by 1,345 to 13,181 employees, mainly in Germany, as part of cost-saving and redundancy programs.

• Cost optimization programs (F³/Fit for Future) achieved savings at the upper end of the EUR 70-90 million target range, supporting positive cash flow.

• Balance sheet remains solid with equity ratio at 42.6%.

Financial highlights

• H1 sales/revenues reached EUR 516.4-560 million, down 17.6%-18% year-over-year.

• Q2 sales were EUR 250 million, a 22% year-over-year and 6% sequential decline.

• EBIT for H1 was minus EUR 14.4 million, with Q2 EBIT at minus EUR 12.2 million.

• EPS for Q2 was minus EUR 1.10; H1 EPS was minus EUR 1.47.

• Free cash flow for H1 was positive at EUR 27.6 million, but Q2 saw a negative EUR 10.6 million.

• CapEx reduced to EUR 2.2-4.2 million.

Outlook and guidance

• Management expects a significant decline (>10%) in FY 2024/2025 performance, with positive EBIT for the year uncertain and dependent on top-line recovery.

• Cost optimization expected to deliver EUR 70-90 million in annual savings, fully effective from FY 2025/2026.

• EBIT margin of 6%-9% targeted for FY 2025/2026.

• Optimism for H2 and Q4 due to more working days, potential demand normalization, and record open RFQs.