Uncertainties determine the outlook
The macroeconomic situation remains tense at the start of 2026. Nevertheless, gross domestic product (GDP) in both the EU and Germany is currently forecast to grow by 1.4 per cent and 1.2 per cent, respectively. However, the uncertainties regarding the further economic development in the markets relevant to Bechtle are still immense. We continue to anticipate challenging conditions for the French market. In Germany, an improvement in the macroeconomic situation could stem from the German federal government’s investment programmes. At the beginning of 2026, the mood in the German economy is still gloomy. The ifo Business Climate Index stagnated at 87.6 points in January 2026. In February, it climbed to 88.6 points, but remained at a low level.
Sentiment in the IT sector in Germany was better at the beginning of the year, but also remained at a low level. The ifo index for IT service providers rose to 3.9 points in January 2026, following −0.3 points in the previous month. In February, the value increased to 7.5 points. Expectations for the next six months in particular have improved.
In view of the high degree of uncertainty, the Executive Board expects the Bechtle Group’s development to be positive, but still restrained in parts.
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Group |
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Business volume* |
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+5% to +10% |
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Revenue |
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0% to +5% |
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Cost of sales |
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Development roughly in line with revenue |
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Gross margin |
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> 17.5% |
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Distribution cost ratio |
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< 7.5% |
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Administrative expense ratio |
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< 6.5% |
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EBT* |
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0% to +5% |
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EBT margin (% of business volume)* |
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Slight decline |
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Dividend |
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Dividend payout ratio of about one third of earnings after taxes |
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