18. Pension Provisions

Except for the pension plans in Switzerland, in France and of Bechtle Managed Services GmbH in Neckarsulm, Germany, the Bechtle Group has no defined benefit plans. As a general rule, these benefit commitments are presented under consideration of country-specific regulations (e.g. local law). The amount of the provision presented in the annual report of Bechtle AG represents the value of the pension obligation less the respective plan assets.

The main obligations from benefits plans exist in Switzerland. They account for 93.5 per cent (previous year: 93.8 per cent) of the Group-wide pension obligation and 98.5 per cent (previous year: 98.3 per cent) of the corresponding plan assets.

Defined contribution obligations primarily derive exclusively from the statutory pension obligation. Employer contributions to statutory pension insurance in Germany amounted to €52,053 thousand in the reporting period (previous year: €48,902 thousand). In France, contributions to the statutory pension scheme amounted to €4,657 thousand (previous year: €4,371 thousand).

Pension plans in Switzerland

Although the pension plans of Bechtle Holding Schweiz AG and its subsidiaries are contractually agreed as defined contribution plans, they must nevertheless be accounted for as defined benefit plans pursuant to IAS 19, as a financial participation by the companies in the event of a shortfall in cover cannot be excluded.

Since 1 January 2006, the Bechtle Holding Schweiz AG companies headquartered in Switzerland have made use of the semi-autonomous “Bechtle Pension Fund” (“Bechtle Pensionskasse”) in Rotkreuz, a foundation as defined in Art. 80 et seq. of the Swiss Civil Code that is independent from the group. The pension fund fulfils the regulations of the Swiss Code of Obligations and of Swiss Federal Law on Occupational Retirement, Survivors’ and Disability Pensions (OPA). The transparency required for accounting for the pension plans as defined benefit plans pursuant to IAS 19 has therefore existed since then. For this reason, actuarial opinions have been regularly prepared since 1 January 2006. Subsidiaries of Bechtle Holding Schweiz AG that are not headquartered in Switzerland are covered by defined contribution plans of external state pension funds of the respective countries. According to the financing agreement of the pension fund, 40 per cent of the contributions are paid by the employees and 60 per cent by the employer.

As a result of the acquisitions made in Switzerland in the 2019 fiscal year, the pension obligations have also been transferred to Bechtle. According to the financing agreement of the joint foundation, 50 per cent of the contributions are paid by the employees and 50 per cent by the employer.

In the event of a recapitalisation, Bechtle must pay at least 50 per cent of the deficit for both plans. Upon retirement, the insured can choose between a monthly pension whose amount largely depends on the capital paid in plus interest, or a one-time payment of the capital. The minimum interest is prescribed by the government.

Actuarial losses of −€12,361 thousand were incurred during the reporting period. Taking into account the exchange rate changes of plus €12,198 thousand, this resulted in actuarial gains of €12,858 thousand (previous year: gain of €13,021 thousand) less deferred tax assets of €2,198 thousand (previous year: €2,221 thousand) recognised in retained earnings as of 31 December 2025.

In the reporting period, the employer contributions paid exceeded the net pension expenses to be recognised by €285 thousand. This amount was posted to personnel expenses through profit or loss.

After taking into account the other exchange rate changes in the amount of −€211 thousand, the total net obligation to be recognised as of 31 December 2025 and thus the pension provision amounted to €0 thousand.

With respect to the pension obligation, poor capital market performance and a change in legislation by the government represent potential risks for Bechtle. Moreover, longevity of the insured persons and an imbalance of beneficiaries versus actively insured persons could have a negative financial effect for Bechtle. To minimise these risks, attention is paid to broad diversification of the asset classes. The risk management of the Bechtle pension fund also involves the equal distribution of employee and employer representatives on the foundation board and a separate management.

Pension plans in Germany

The pension obligations of Bechtle Managed Services GmbH, Neckarsulm, are a result of the takeover of a partial business unit as of 1 October 2005 and, based on an actuarial opinion, were accounted for in the Bechtle Group for the first time as of 31 December 2005. In prior years, further obligations were taken over within the scope of takeovers of partial business operations of IBM. The employer contributions depend on the gross salary of the insured. The employee contributions are voluntary. Commitments have been made with respect to the guaranteed return on the retirement account. The performance depends on the gross annual salary and the service time. In most cases, the retirement plans provide for capital payment in one amount or in eight yearly instalments. Any underfunding must be fully borne by Bechtle alone.

In 2013, Bechtle decided to take out reinsurance for the obligations. Prior to 2013, the obligations of this defined benefit plan had been processed as direct commitments without the transfer of reserves.

As at 31 December 2025, the pension provision increased by €754 thousand to €7,907 thousand. Actuarial losses of −€226 thousand were incurred during the reporting period, resulting in actuarial losses of −€213 thousand (previous year: gain of €13 thousand) plus €64 thousand (previous year: less €4 thousand) in deferred tax assets recognised in retained earnings as of 31 December 2025.

In the reporting period, the net pension expenses to be recognised in profit or loss exceeded the employer contributions paid by €711 thousand. Accordingly, this amount was recognised as an increase of personnel expenses through profit or loss.

Poor performance on the capital markets could have a negative effect on Bechtle with respect to these pension commitments. If the reinsurance failed to generate the surplus in the amount of the assured yield on the market, Bechtle would incur additional financial expenses. Bechtle endeavours to fulfil its commitments or settle them ahead of time, provided that the employee agrees. New commitments will not be made.

Pension plans in France

The legislator in France determines a minimum compensation that depends on the employee’s seniority and compensation upon retirement due to old age. Moreover, requirements of the respective collective labour agreement may be applicable. The amount of the compensation mainly depends on the employee’s seniority. An entitlement accrues from a seniority of ten years.

As at 31 December 2025, the pension provision amounted to €4,189 thousand (previous year: €4,561 thousand). Actuarial losses of −€297 thousand (previous year: −€24 thousand loss) were incurred during the reporting period. As at 31 December 2025, this resulted in actuarial gains of €1,416 thousand (previous year: gain of €1,713 thousand) recognised in retained earnings less €744 thousand (previous year: €819 thousand) in deferred tax assets.

In the reporting period, the net pension expenses to be recognised in profit or loss exceeded the employer contributions paid by €75 thousand. This amount was posted to personnel expenses through profit or loss.

Poor performance on the capital markets could have a negative effect on Bechtle with respect to these pension commitments. If the reinsurance failed to generate the surplus in the amount of the assured yield on the market, Bechtle would incur additional financial expenses. Bechtle endeavours to fulfil its commitments or settle them ahead of time, provided that the employee agrees. New commitments will not be made.

Net obligation of the group

In total, the pension obligations as of 31 December 2025 amounted to €12,096 thousand (previous year: €11,714 thousand), which is reported as pension provisions in the consolidated balance sheet.

The reconciliation for the present value of the defined benefit obligation is presented as follows:

The fair value of the plan assets is reconciled as follows:

The table below shows the reconciliation for the pension provisions recognised in the balance sheet:

The net pension expenses for the defined benefit plans recognised in the income statement are comprised as follows:

As of 31 December 2025 and 31 December 2024, respectively, the defined benefit plans and their actuarial measurement were based on the following parameters:

The following sensitivity analysis was conducted with respect to the parameters that have a material impact on the obligation. The sensitivity analysis is based on the assumption that only the said parameter changes and all other parameters remain unchanged. Prior to the preparation of the Annual Report, it was examined which of the parameters have a material impact on the obligation. Apart from the parameters mentioned in the following table, the obligation would not change significantly in the event of a change of the other parameters within realistic limits.

In terms of the investment categories, the plan assets at group level are comprised as follows:

The asset value of the reinsurance of Bechtle Managed Services GmbH corresponds to the value determined by the insurer.

The average weighted duration is 14.1 years for those insured at the Swiss pension fund, 9.4 years for Bechtle Managed Services GmbH and 17 years for the obligations in France.

Income from plan assets amounted to €12,171 thousand in the reporting period (previous year: income of €26,477 thousand).

The following amounts are expected to be paid into the defined benefit pension plan in the coming years:

The actuarial reports for the pension plans in Switzerland, Germany and France forecast employee contributions to the defined benefit plans of €7,402 thousand for 2026. Employer contributions to plan assets are expected to amount to €5,328 thousand. The plan assets are expected to increase to €257,468 thousand in the 2026 fiscal year, resulting in an expected net obligation of €12,523 thousand. The net pension expense for defined benefit obligations is forecast at €7,860 thousand.