Bechtle (BC8) investor relations material

Executive summary

• Achieved strong double-digit growth in Q2 and H1 2026, with business volume up 18.1% in Q2 and 15.6% in H1, and revenue up 16.5% in Q2 and 12.1% in H1, driven by robust demand and record order backlog of €3.5 billion.

• All segments and regions contributed to growth, with Other Europe leading at 51% in Q2 and 40.1% in H1, supported by both organic expansion and M&A.

• Significant M&A activity, including the acquisition of Interforce in the Netherlands and deals in Portugal and Hungary, expanded managed services and recurring revenue.

• Major public sector contract secured with the Bavarian judiciary, valued at €250 million over six years.

• Expanded AI capabilities through partnerships with NVIDIA and Dell, and recognition in global AI competitions.

Financial highlights

• EBIT for Q2 2026 increased by 23.0% to €84.1 million; EBT up 20.1% to €80.2 million in Q2 and 16.2% to €141.8 million in H1, with stable to slightly higher margins.

• Gross margin remained stable at 14.2% in Q2 and improved to 18.6% in H1.

• Operating cash flow was negative in Q2 and H1 2026, mainly due to inventory build-up for customer orders, but DSO improved to 37–37.4 days.

• Liquidity at €537.5 million and equity ratio at 42.3% as of 30 June 2026.

Outlook and guidance

• Full-year 2026 guidance raised: business volume growth now expected above 10%, revenue and EBT growth forecast at 5–10%, with EBT margin expected to decline slightly due to IT investments.

• Strong order backlog and robust demand from business and public sector support a confident outlook for H2, despite macroeconomic and industry challenges.

• Public sector business expected to show seasonal strength in H2, especially in Q4.