Financial Position

In the 2025 fiscal year, Bechtle once again underpinned the future viability of its business model with its strong cash flow. With an operating cash flow of €289.8 million, we once again achieved a very good level after the previous year’s record figure – despite a significant upturn in business at the end of the year. This underscores the success of the working capital and cash flow management measures implemented in recent years, particularly in receivables management. Bechtle is in a very healthy and stable position: Our very comfortable liquidity enables us to make targeted investments in the future of Bechtle and our success, regardless of short-term macroeconomic fluctuations.

Cash Flow Statement

Cash flow from operating activities at a good level

Cash flow from operating activities totalled €289.8 million in 2025. As expected, it did not reach the previous year’s very high level of €558.2 million. The background to this development was the significant increase in business volume at the end of the year and the associated changes in net assets. The €148.9 million increase in trade receivables in particular reflects this revival. After a reduction of €43.7 million in the previous year, the difference is almost €200 million. Inventories remained constant; in the previous year, an inflow of €103.2 million had a positive effect on cash flow. Bechtle was again able to record a positive change in trade payables in the reporting period; here too, the increase shows the noticeable upturn in our business at the end of the year. The figure for the reporting period was €165.3 million, compared to a particularly high figure of €187.1 million in the previous year. Active working capital management therefore continued to have a positive effect in the reporting period. In relation to business volume, we were able to achieve a further improvement in this ratio from 7.1 per cent to 5.8 per cent.

Cash flow from investing activities totalled −€251.1 million, compared to −€206.3 million in the previous year. The largest items are the €50.2 million increase in payments for acquisitions and payments for investments in intangible assets and property, plant and equipment. The latter increased from −€88.7 million to −€121.0 million, but also includes items that are transacted as part of our leasing business within Bechtle Financial Services.

Cash flow from financing activities totalled −€301.0 million, compared to −€146.0 million in the previous year. The largest item, at −€130.5 million, was the scheduled repayment of financial liabilities, as opposed to the assumption of financial liabilities in the previous year. The dividend payment, which led to a change of −€88.2 million, was kept constant.

Free cash flow (defined as OCF – cash paid for acquisitions + divestments – cash paid for investments in intangible assets and property, plant and equipment + cash received from the sale of intangible assets and property, plant and equipment) remained positive in the reporting period and totalled €20.9 million, compared to a very high figure of €377.0 million in the previous year. Payments for acquisitions and investments in intangible assets and property, plant and equipment increased significantly compared to the previous year, and the development of operating cash flow due to the upturn in business also had an impact here.

Bechtle can build on a strong cash flow, which emphasises the future viability of the business model.

The main conditions of the financial liabilities are explained in the Notes to the Consolidated Financial Statements. Due to the secondary importance of financial earnings to the Bechtle Group, a change in interest rates would not have any major impact on the financial position.

At Bechtle Group, off-balance-sheet financing instruments primarily concern operating leases. Details are presented in the Notes to the Consolidated Financial Statements.

Currently, the Executive Board of Bechtle AG does not see any signs of liquidity bottlenecks for the group. There are sufficient financial resources for further organic growth and growth through acquisitions.

Principles and objectives of financial management

Financial independence

The objective of Bechtle’s financial policy is to keep the group’s financial power at a high level, thereby retaining the company’s financial independence by ensuring adequate liquidity. At the same time, risks are to be avoided as far as possible or hedged effectively. For example, the Rules of Procedure of the Executive Board prohibit any kind of speculative forward transactions. This applies especially to currencies, goods and securities as well as forward transactions associated with these, unless they serve the hedging of ongoing business operations.

As a matter of principle, Bechtle uses derivative financial instruments exclusively for hedging its operating activities. In the reporting period, the company mainly made use of currency futures. By hedging purchasing and sales transactions in non-group currencies, we minimise the exchange rate risk from cash flows in the income statement. Currency translation differences of net investments in foreign operations represent a key subject of financial management. This compensates for exchange rate fluctuations against the Swiss franc, the British pound, the Polish zloty, the Czech koruna and the Hungarian forint arising from translation of the foreign subsidiaries’ equity in group equity.

In the investment of excess liquidity, quick availability is more important than maximum yield, e.g. in order to be able to access available cash and cash equivalents in the event of acquisitions or major project pre-financing measures. Thus, purely financial goals – such as optimisation of financial income – are subordinate to the acquisition strategy and company growth. This financial flexibility forms the basis for Bechtle’s success in a highly consolidating market. The liquidity situation is centrally managed and monitored by the treasury.

Investment business is only conducted with investment-grade debtors. For time deposits within the European Union, investments with a deposit guarantee are preferred. As such a guarantee only exists to a limited extent in Switzerland, we only make investments in this country with banks with an excellent credit rating.

Strategic Financing Measures

High equity ratio

In 2025, the current business and necessary replacement investments were financed with cash and cash equivalents and the operating cash flow. The funds required for the acquisitions made in the past fiscal year were covered by cash and cash equivalents.

At 44.9 per cent, the equity ratio remained at a very high level at the end of 2025 (previous year: 45.4 per cent). It forms the basis for our financial flexibility and independence. For instance, it enables us to make use of any acquisition opportunities that arise at short notice. Moreover, it enables us to respond to current circumstances in a timely and flexible manner. In addition to time deposits and securities totalling €73.3 million, Bechtle therefore holds cash and cash equivalents amounting to €378.8 million.

In addition, there are still committed bilateral credit lines with eight banks totalling around €400 million. Thus, Bechtle has secured adequate liquidity by means of various financing sources.