Bertrandt (BDT) Q4 24/25 earnings summary

Executive summary

• Revenue declined 18% year-over-year to €978 million, mainly due to weak demand in Germany, challenging macroeconomic and geopolitical conditions, and delayed customer decisions.

• Significant restructuring and cost optimization programs, including the Fit For Future program, were implemented, resulting in a headcount reduction from 14,500 to 12,100.

• Diversification and internationalization advanced, with growth in defense, aerospace, and non-automotive sectors, and new market entries.

• Q4 marked a return to positive EBIT (€3.4 million) after five consecutive quarters of losses.

Financial highlights

• EBIT for the year was -€36 million, including €33 million in one-off special items (restructuring, write-offs, and a cartel fine in France); Q4 EBIT turned positive.

• Free cash flow was positive at €18 million; equity ratio remained solid at 42%.

• International sales share stable at 24%; France faced particular challenges.

• Profit after taxes was -€77.2 million, and EPS was -€5.32.

• Personnel expenses reduced to €180 million in Q4, with further reductions expected.

Outlook and guidance

• Moderate revenue growth and significant EBIT improvement expected in FY 2025/26, with normalization anticipated in H2.

• Mid-term margin ambition confirmed at 6–9% in a normalized sourcing environment.

• Defense and aerospace expected to drive double-digit growth; automotive recovery anticipated from 2026.

• Ongoing diversification and internationalization to balance customer base and drive growth.

• CapEx expected to remain flexible, with 2% of sales as a reasonable benchmark.