Bertrandt (BDT) Q1 24/25 earnings summary

Executive summary

• Q1 2024/2025 revenue declined 13.6% year-over-year to EUR 266.5 million, but remained stable sequentially, reflecting reduced demand and project postponements.

• EBIT improved to minus EUR 2.1 million from minus EUR 7.4 million in Q4, but was down from EUR 13.5 million in Q1 2023/2024.

• Free cash flow was strong at EUR 38.2 million, up 30.8% year-over-year, and cash position increased to EUR 138 million.

• Workforce reduced by 5.5% year-over-year to 13,605 employees, mainly through capacity adjustments and cost-saving measures.

• Initial benefits from cost optimization programs contributed to improved cost structure.

Financial highlights

• EBIT included a EUR 1.9 million one-off write-off from a French customer insolvency.

• Cost optimization led to a 10% reduction in personnel and operating expenses, with material and personnel expenses reduced due to headcount cuts and short-time work.

• Cash and cash equivalents increased to EUR 138.1 million, supported by working capital optimization.

• Equity ratio improved to 42.3% from 41.4% year-over-year.

• Gearing improved to 47% from 55% year-over-year.

Outlook and guidance

• Guidance confirmed: moderate revenue decline expected for the year, but EBIT to improve significantly to positive territory.

• EBIT margin target of 6-9% for 2025-2026, with positive operating cash flow anticipated, driven by EUR 70-90 million in annual savings from cost programs.

• Major impact from cost optimization expected in H2 after program completion by March.

• Capacity utilization expected to normalize from April/May, with project decisions anticipated in February/March.

• Operating cash flow expected to remain positive but significantly lower year-over-year.