8. Goodwill

The group’s internal reporting for management purposes was adjusted effective 1 October 2025. Since then, reporting is no longer based on the two business segments IT System House & Managed Services and IT E-Commerce, but on geographic markets. Accordingly, eight economic regions responsible for sales have been defined as groups of cash-generating units. The economic regions are: Germany, France, Benelux, Austria, Switzerland, Southern Europe (consisting of Italy, Spain and Portugal), British Isles (United Kingdom and Ireland) and Eastern Europe (Poland, Hungary and the Czech Republic).

The following table shows the individual changes in goodwill up to 30 September 2025, as well as their allocation to the two previous business segments, IT System House & Managed Services and IT E-Commerce.

Further details on the finalisation of acquisitions made in the previous year, relating to DriveWorks Group Limited, acquired in October 2024, and its subsidiaries, can be found in Section VIII. Scope of consolidation, acquisitions.

Following the change in business segments and the associated groups of cash-generating units, goodwill was reallocated effective 30 September 2025. The carrying amounts of goodwill have been allocated to the eight new economic regions as follows:

The individual changes in goodwill from 1 October 2025 to 31 December 2025 and their allocation to the eight groups of cash-generating units are shown in the following table:

In connection with the change in business segments and the associated groups of cash-generating units, an impairment test of goodwill was performed as of 30 September 2025 for both the old segments and the new economic regions. In this context, no impairment loss was identified. As part of the preparation of the financial statements as of 31 December 2025, no changes occurred with regard to the recoverability of the goodwill of the groups of cash-generating units. Further information on the assets and liabilities of the economic regions is presented in VII. Segment information

Bechtle determines the recoverable amounts of its groups of cash-generating units using the discounted cash flow method. The risk-adjusted discount rates are determined on the basis of peer group information for beta factors, borrowing costs and the debt ratio.

The cash flow forecasts used are based on individual revenue and cost plans for the coming year as approved by the management, which are thus also taken into consideration in the variable compensation systems for the executives and are in line with external information sources and experience gained. For the planning, both the expected growth and the profitability of the products and services are made use of. Cash flows for 2026 to 2030 were derived from actual results and forecasts in line with the factors set out above; cash flows for 2031 were extrapolated using long-term growth rate assumptions of 1 per cent.

The following table shows the cost of capital rates of the former cash-generating units and the eight new groups of cash-generating units. In addition, the impairment identified through sensitivity analyses is disclosed for an increase in WACC or a reduction in free cash flows, with all other parameters unchanged.

The development of the goodwill is presented in Appendices B and C to the Notes.