Bertrandt (BDT) Investor Presentation summary

Business overview and strategy

• Bertrandt AG provides end-to-end engineering and digitalization solutions, primarily for the automotive sector, with growing diversification into aerospace, defense, and medical technology.

• Over 50 years of experience, with more than 13,000 employees and 50+ global locations, serving leading OEMs and system suppliers.

• Strategic focus on digitization, autonomous driving, electric mobility, connectivity, and sustainability, supported by M&A and international expansion.

• Asset-light business model with strong IT, software, and electronics capabilities; headcount flexibility and robust employer branding.

• Holistic ESG strategy targets CO2 neutrality by 2039, with external ratings and ongoing emission reductions.

Financial performance and key metrics

• FY 2023/24 revenues reached €1.19bn (+2.5% yoy), with 24% generated outside Germany (+40% yoy abroad).

• EBIT for FY 2023/24 was -€98m (non-IFRS: €18m), impacted by €116m in special items (restructuring, impairments).

• H1 2024/25 sales declined 18% yoy to €516m, with EBIT at -€14.4m, reflecting weak capacity call-offs and market headwinds.

• Equity ratio remains strong at 42.6%, with gearing at 54% and solid free cash flow generation despite lower earnings.

• Dividend policy targets ~40% payout of consolidated earnings after taxes.

Market trends and outlook

• Automotive R&D outsourcing is projected to grow at 6.5% CAGR (2020–2030), driven by megatrends like e-mobility, digitalization, and regulation.

• German automotive R&D spend expected to rise from €56bn p.a. (2024–2028) to €64bn p.a. (2025–2029).

• Diversification strategy aims for 20–25% of sales outside automotive by 2027, with strong growth in aerospace/defense (+23% yoy in H1 2024/25).

• Ongoing cost optimization (F³ program) targets €70–90m annual savings by 2025/26, with restructuring and infrastructure measures.

• Market normalization and improved project call-offs expected from H2 2025, supported by record open RFQs (~€4bn) and customer dialogues.