Bertrandt (BDT) Q2 2026 earnings summary

Executive summary

• Revenue declined 11.6% year-over-year to EUR 456.7 million in H1 2025/2026, mainly due to weak economic conditions and reduced automotive call-offs, despite a higher order backlog.

• EBIT remained negative at EUR -13.1 million, but improved slightly from the prior year, reflecting cost savings from the 'Fit for Future' program.

• Free cash flow was strong at EUR 46.6 million, up significantly from EUR 27.6 million in the previous year.

• Equity ratio improved to 44.5%, despite a negative net result.

• Workforce reduced by 1,437 to 11,744 employees as of March 31, 2026.

Financial highlights

• H1 2025/2026 sales: EUR 456.7 million, down 11.6% year-over-year.

• EBIT: EUR -13.1 million (H1 24/25: EUR -14.4 million); EBIT margin at -2.9%.

• Free cash flow: EUR 46.6 million (H1 2024/2025: EUR 27.6 million).

• Net income: EUR -19.2 million (H1 2024/2025: EUR -14.8 million).

• Cash and cash equivalents: EUR 39.5 million (Sept 2025: EUR 85.7 million).

Outlook and guidance

• FY 2025/2026 revenues expected to be moderately down year-over-year, with forecast revised to up to -10%.

• EBIT forecasted to be significantly up year-over-year, but uncertainty remains regarding achieving a positive earnings level.

• Operating cash flow expected to be significantly up year-over-year.

• Normalization of capacity call-offs anticipated from H2 2026, supported by strong order book.

• Segment guidance: moderate revenue declines expected in Digital and Physical Engineering; significant revenue and EBIT decline in Electrical/Electronics.