Bechtle (BC8) Q4 2025 earnings summary

Executive summary

• Business volume increased by 8.1% year-over-year to €8,596 million in 2025, with nearly all national markets contributing and a record December business volume exceeding EUR 1 billion.

• Revenue rose 1.6% to €6,406 million, reflecting a higher software share that dampened revenue growth.

• Growth momentum accelerated over the year, with Q4 showing the strongest performance and group-wide business volume up 16.6%.

• Leadership transitions are underway: Christian Jehle became CFO in January 2026, and Konstantin Ebert will succeed as CEO in 2027.

• Headcount declined organically by 2%, but total employee growth was under 4% due to acquisitions, reaching 16,360.

Financial highlights

• EBIT for the year was €335.3 million, down 4.6% year-over-year; EBT was €324.2 million, down 6%, with EBIT and EBT margins on revenue at 5.2% and 5.1% respectively.

• Net earnings attributable to shareholders fell 6.6% to €229.2 million, and basic earnings per share declined 6.6% to €1.82.

• Operating cash flow was €289.8 million, down 48.1% from the previous year, with improved DSO (38 to 36 days) and working capital ratio (7% to 6%).

• Dividend proposed at €0.70 per share, maintaining a payout ratio near 40% and underlining reliability.

• Liquidity at year-end was €452.0 million, a decrease of 36.9%.

Outlook and guidance

• Business volume for 2026 is forecast to grow 5%-10%, with revenue up 0%-5% and EBT growth expected between 0%-5%.

• Guidance will be reviewed more frequently due to high market uncertainty and supply chain risks.

• Long-term vision targets at least €10 billion business volume and a 5% EBT margin by 2030, requiring a CAGR of at least 10%.

• Management remains optimistic for 2026 despite macroeconomic and supply chain uncertainties.