Earnings Position

All percentages are calculated on the basis of figures in € thousand. This can result in rounding differences.

Owing to its function as a financial holding, the earnings position of Bechtle AG largely depends on the financial performance of its operating subsidiaries. Apart from a few exceptions, the earnings of all major domestic subsidiaries are synchronised and taken over by Bechtle AG as the top parent company on the basis of existing profit transfer agreements or regulations in their charters.

Income from investments increased by €5.4 million to €235.2 million compared to the previous year.

Overall, revenue increased from €445.1 million to €464.3 million. The increase was due to higher income from services to group companies. Revenue mainly includes income from merchandise and services totalling €304.3 million (previous year: €306.0 million), corresponding to 65.5 per cent of total revenue (previous year: 68.8 per cent), as well as income from services to group companies totalling €160.0 million (previous year: €139.1 million), corresponding to 34.5 per cent of total revenue (previous year: 31.2 per cent).

Other operating income fell by 11.4 per cent in 2025 and totalled €9.0 million after €10.1 million in the previous year. They mainly include income from forward exchange transactions totalling €3.8 million (previous year €6.4 million), income from exchange rate differences totalling €1.5 million (previous year €2.3 million) and income from the reversal of provisions in the amount of €1.0 million (previous year €0.8 million).

The cost of materials increased by €24.2 million in comparison to the previous year from €318.8 million to €343.0 million, which is largely the result of the increase in the cost of purchased services (+€39.6 million), while the cost of purchased goods fell by €15.3 million.

Personnel expenses rose by 11.1 per cent from €61.8 million to €68.6 million, mainly due to new hires.

Other operating expenses mainly include expenses for software licences of €24.0 million (previous year: €19.3 million), legal and consulting costs of €28.3 million (previous year: €19.5 million), maintenance fees of €5.8 million (previous year: €5.7 million), building expenses of €5.3 million (previous year: €5.6 million) and expenses from exchange rate differences of €2.6 million (previous year: €1.2 million).

The investment result presented below includes income from profit transfer agreements and investments totalling €228.4 million (previous year: €228.2 million), income taxes passed on to subsidiaries in the amount of €7.9 million (previous year: €2.8 million) and expenses from loss absorption totalling €1.0 million (previous year: €1.1 million). Overall, the investment result increased by 2.4 per cent from €229.8 million to €235.3 million.

Income tax expenses increased from €47.9 million to €53.7 million.

Of the €36.5 million decrease in annual profit for the year totalling €131.5 million, a balance sheet profit of €43.3 million remains after allocations to reserves in accordance with Section 58(2) AktG in the amount of €88.2 million. An amount of €88.2 million is to be paid out. The planned dividend per share amounts to €0.70 (previous year: €0.70). As a matter of principle, Bechtle AG pursues a shareholder-friendly dividend policy which is geared towards continuity. A dividend payout ratio of about one third of group earnings as well as continual dividend increases are manifestations of a reliable dividend policy.