Multi-Year Overview Bechtle Group - Bechtle Annual Report 2025

Download

Multi-year overview – Segments
		2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Change in % 2025–2024
Business volume	€k	3,093,579	3,570,124	4,323,318	5,374,453	5,819,243	6,245,794	7,285,700	7,793,647	7,948,975	8,596,105	8.1
Revenue	€k		3,144,775	3,829,303	4,711,997	5,050,271	5,305,489	6,028,175	6,422,743	6,305,762	6,405,874	1.6
EBIT	€k	144,083	164,252	195,081	241,370	276,955	325,721	355,425	382,296	351,327	335,296	−4.6
EBT	€k	145,100	162,804	193,242	236,320	270,705	320,500	350,487	374.477	345,053	324,197	−6.0

Download

Multi-year overview – Income statement
		2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Change in % 2025–2024
Income Statement
Business volume	€k	3,093,579	3,570,124	4,323,318	5,374,453	5,819,243	6,245,794	7,285,700	7,793,647	7,948,975	8,596,105	8.1
Revenue	€k		3,144,775	3,829,303	4,711,997	5,050,271	5,305,489	6,028,175	6,422,743	6,305,762	6,405,874	1.6
Cost of sales	€k		2,600,980	3,186,369	3,944,180	4,193,690	4,385,481	4,974,795	5,300,840	5,167,395	5,214,363	0.9
Gross earnings	€k		543,795	642,934	767,817	856,581	920,008	1,053,380	1,121,903	1,138,367	1,191,511	4.7
Distribution costs	€k	196,285	215,989	257,218	306,632	319,242	345,216	392,988	436,737	456,513	483,796	6.0
Administrative expenses	€k	153,037	173,396	205,688	249,607	286,532	282,625	340,848	356,806	382,935	422,735	10.4
Other Operating Income	€k	10,340	9,842	15,053	29,792	26,148	33,554	35,881	53,936	52,408	50,316	−4.0
Operating earnings (EBIT)	€k	144,083	164,252	195,081	241,370	276,955	325,721	355,425	382,296	351,327	335,296	−4.6
Financial income	€k	3,512	1,133	1,338	1,229	1,073	1,415	1,512	6,905	18,815	16,277	−13.5
Financial expenses	€k	2,495	2,581	3,177	6,279	7,323	6,636	6,450	14,959	24,854	27,376	10.1
Earnings from investments accounted for using the equity method	€k								235	−235	0	100.0
Earnings before taxes (EBT)	€k	145,100	162,804	193,242	236,320	270,705	320,500	350,487	374,477	345,053	324,197	−6.0
Income Taxes	€k	41,729	48,242	56,101	65,836	78,158	89,054	99,369	108,965	100,202	95,873	−4.3
Earnings after taxes (EAT )	€k	103,371	114,562	137,141	170,484	192,547	231,446	251,118	265,512	244,851	228,324	−6.7
of which controlling interests	€k									−647	−887	−37.1
of which shareholders of Bechtle AG	€k	103,371	114,562	137,141	170,484	192,547	231,446	251,118	265,512	245,498	229,211	−6.6

Material costs	€k					3,725,137	3,882,666	4,426,903	4,667,216	4,462,112	4,469,064	0.2
Revenue less material costs	€k	753,120	831,845	979,320	1,216,874	1,351,282	1,456,377	1,637,153	1,809,463	1,896,058	1,987,126	4.8
Personnel expenses	€k	459,377	507,712	590,660	734,421	819,531	879,072	983,051	1,091,083	1,173,579	1,241,482	5.8
Depreciation and amortisation (on property, plant and equipment and other intangible assets without goodwill)	€k	27,715	31,930	41,977	84,610	98,137	103,003	112,062	126,621	140,320	159,268	13.5
EBITDA	€k	171,798	196,182	237,058	325,980	375,092	428,724	467,487	508,917	491,647	494,564	0.6
Financial earnings	€k	1,017	−1,448	−1,839	−5,050	−6,250	−5,221	−4,938	−8,054	−6,039	−11,099	−83.8

Download

Multi-year overview – Balance sheet
		2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Change in % 2025–2024
Balance Sheet (selected items)
Assets
Non-current assets	€k	361,226	415,196	659,258	846,371	958,890	984,199	1,115,178	1,427,315	1,579,178	1,885,008	19.4
Goodwill	€k	193,521	193,538	345,938	397,592	448,313	469,650	554,197	732,330	856,859	983,863	14.8
Other Intangible Assets	€k	35,338	48,721	121,120	119,303	113,241	98,858	99,701	117,468	152,214	192,413	26.4
Property, Plant and Equipment	€k	111,666	134,865	152,853	280,685	327,215	342,902	365,512	441,825	486,386	542,266	11.5
Shares in investments accounted for using the equity method	€k								32,497	0	0
Trade receivables	€k	12,436	30,235	27,863	38,148	55,903	57,839	67,126	67,551	60,165	60,221	0.1
Deferred Taxes	€k	4,798	4,004	4,713	3,914	6,770	8,924	9,451	10,638	8,528	7,991	−6.3
Other Assets	€k	3,467	3,833	6,771	6,729	7,448	6,026	19,191	25,006	15,026	98,254	553.9
Time Deposits and Securities	€k	7,005	0	0	0	0	0	0	0	0	0
Current assets	€k	901,107	1,028,188	1,367,906	1,548,296	1,728,226	2,035,569	2,332,694	2,375,874	2,638,103	2,689,647	2.0
Inventories	€k	180,652	211,319	280,331	285,574	301,663	513,824	607,696	468,212	377,231	381,698	1.2
Trade receivables	€k	502,270	581,919	754,069	862,323	877,173	928,724	1,206,399	1,157,573	1,153,755	1,348,356	16.9
Other Assets	€k	61,562	58,783	81,227	126,180	143,928	153,698	207,450	262,729	370,858	474,335	27.9
Time Deposits and Securities	€k	15,361	12,444	5,543	0	40,002	0	60,000	30,000	73,087	73,260	0.2
Cash and Cash Equivalents	€k	140,415	162,383	245,379	272,197	363,171	431,751	229,590	435,756	643,115	378,771	−41.1

Equity and liabilities
Equity	€k	694,103	777,283	883,204	1,014,842	1,162,029	1,353,114	1,538,319	1,742,612	1,915,070	2,052,255	7.2
Issued Capital	€k	21,000	42,000	42,000	42,000	42,000	126,000	126,000	126,000	126,000	126,000	0.0
Capital Reserves	€k	145,228	124,228	124,228	124,228	124,228	40,228	40,228	66,913	68,930	69,990	1.5
Retained Earnings	€k	527,875	611,055	716,976	848,614	995,801	1,186,886	1,372,091	1,549,699	1,716,516	1,853,528	8.0
Non-controlling Interests	€k									3,624	2,737	−24.5
Non-current liabilities	€k	117,959	127,267	464,893	566,709	599,887	499,533	464,919	784,876	694,043	791,863	14.1
Pension Provisions	€k	19,924	13,002	16,301	30,702	31,022	12,994	7,927	17,282	11,714	12,096	3.3
Other Provisions	€k	6,719	7,190	11,052	10,081	11,055	11,379	10,371	10,883	13,098	17,065	30.3
Financial liabilities	€k	51,744	69,917	380,640	373,874	393,541	310,941	261,895	524,116	404,180	400,852	−0.8
Other Liabilities	€k	5,874	2,292	4,858	98,025	108,590	103,830	100,328	138,435	181,068	193,380	6.8
Contract liabilities	€k	-	-	10,895	19,353	20,884	19,790	49,628	54,533	35,090	44,936	28.1
Current liabilities	€k	457,276	538,834	679,067	813,116	925,200	1,167,121	1,444,634	1,275,701	1,608,168	1,730,537	7.6
Other Provisions	€k	6,657	7,129	9,162	12,805	22,831	27,318	30,767	19,020	18,482	20,013	8.3
Financial liabilities	€k	9,745	58,930	12,872	13,801	18,913	34,537	111,380	16,398	181,278	71,782	−60.4
Trade payables	€k	242,120	237,160	372,338	406,807	425,875	605,145	699,030	629,206	826,978	958,312	15.9
Other Liabilities	€k	115,314	131,118	159,957	231,776	253,921	306,932	379,242	356,209	345,829	385,665	11.5
Contract liabilities	€k	-	-	96,120	105,369	130,594	161,643	193,392	226,074	212,205	268,869	26.7
Balance sheet total	€k	1,269,338	1,443,384	2,027,164	2,394,667	2,687,116	3,019,768	3,447,872	3,803,189	4,217,281	4,574,655	8.5

Download

Multi-year overview – Cash flow and investments
		2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Change in % 2025–2024
Cash flow and investments
Cash flow from operating activities	€k	53,363	54,261	140,525	185,973	317,453	284,492	116,651	459,031	558,151	289,780	−48.1
Cash flow from investing activities	€k	−41,404	−62,675	−280,612	−72,122	−146,482	−42,940	−224,323	−282,553	−206,268	−251,097	−21.7
Cash flow from financing activities	€k	−36,318	33,578	221,367	−89,685	−78,726	−179,356	−100,210	28,246	−145,969	−300,997	−106.2
Cash and cash equivalents incl. time deposits and securities	€k	162,781	174,827	250,922	272,197	403,173	431,751	289,590	465,756	716,202	452,031	−36.9
Free cash flow	€k	−7,049	−24,129	−147,185	109,517	204,135	218,578	−29,816	151,215	377,035	20,853	−94.5
Investments (in property, plant and equipment and other intangible assets excluding goodwill)	€k	39,604	66,866	56,626	47,981	66,194	58,385	82,004	95,235	88,667	121,017	36.5
Investment ratio ( = Investments/ Average property, plant and equipment + other intangible assets without goodwill)	%	28.49	40.45	24.75	17.20	22.53	19.18	25.98	26.96	21.79	25.56

Download

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Change in %
2025–2024

Key share indicators¹

Annual closing price

€

98.82

69.52

67.85

125.20

178.40

62.94

33.06

45.39

31.10

43.68

40.5

Annual high

€

104.55

72.71

89.90

127.60

188.40

69.14

63.12

47.95

50.25

44.40

Annual low

€

73.70

46.50

63.85

62.30

85.05

49.85

32.79

32.68

30.36

29.60

Number of shares

in thousands of units

21,000

42,000

126,000

Market capitalisation (31.12)

€

2,075,220

2,919,840

2,849,700

5,258,400

7,492,800

7,930,440

4,165,560

5,719,140

3,918,600

5,503,680

40.5

Average daily revenue²

30,515

45,637

101,037

106,634

140,482

138,224

266,062

176,306

187,306

296,124

58.1

Average daily revenue²

€

2,789,577

3,604,891

7,668,425

9,980,675

20,657,614

13,778,684

11,172,305

7,195,207

7,644,556

10,929,297

43.0

Cash dividend per share

€

1.50

0.90

1.00

1.20

1.35

0.55

0.65

0.70

0.70³

0.0

Dividend amount distributed

€k

31,500

37,800

42,000

50,400

56,700

69,300

81,900

88,200

88,200³

0.0

Dividend payout ratio

30.5

33.0

30.6

29.6

29.4

29.9

32.6

33.2

35.9

38.5³

Dividend yield (31.12)

1.5

1.3

1.5

1.0

0.8

0.9

2.0

1.5

2.3

1.6³

Enterprise value

€k

2,137,406

3,032,716

3,178,949

5,734,381

7,935,616

8,267,923

4,796,742

6,335,824

4,399,554

6,188,684

40.7

Undiluted earnings per share

€

4.92

2.73

3.27

4.06

4.58

1.84

1.99

2.11

1.95

1.82

−6.6

Cash flow per share

€

2.54

1.29

3.35

4.43

7.56

2.26

0.93

3.64

4,43⁴

2.30

−48.1

Carrying amount per share (equity / weighted average shares outstanding)

€

33.05

18.51

21.03

24.16

27.67

10.74

12.21

13.83

15.20

16.29

7.2

Price/earnings ratio (P/E ratio) (= closing price / earnings per share)

20.1

25.5

20.8

30.8

38.9

34.3

16.6

21.5

16.0

24.0

50.4

EV/EBITDA

12.4

15.5

13.4

17.6

21.2

19.3

10.3

12.4

8.9

12.5

39.8

EV/EBIT

14.8

18.5

16.3

23.8

28.7

25.4

13.5

16.6

12.5

18.5

47.4

EV/EBT

14.7

18.6

16.5

24.3

29.3

25.8

13.7

16.9

12.8

19.1

49.7

EV/EAT

20.7

26.5

23.2

33.6

41.2

35.7

19.1

23.9

17.9

27.0

50.7

EV/Revenue

1.0

0.8

1.2

1.6

0.8

1.0

0.7

1.0

38.5

1	Price quotations in XETRA
2	All German stock exchanges
3	Subject to approval by the Annual General Meeting
4	Adjustment to previous year

Download

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Change in %
2025–2024

Human Resources

Employees¹ (31.12.)

7,667

8,353

10,005

11,487

12,180

12,880

14,046

15,159

15,801

16,360

3.5

Trainees (31.12.) (including absentees)

500

553

648

703

687

691

793

842

883

807

−8.6

Employees (annual average)¹

7,428

7,968

9,083

10,899

11,946

12,519

13,384

14,649

15,441

15,995

3.6

Personnel expenses per employee (FTEs as an annual average, excluding absentees)

72.7

74.6

78.3

79.2

80.7

82.9

2.8

Full-time positions (FTEs as an annual average, excluding absentees)

11,271

11,785

12,561

13,775

14,543

14,968

2.9

Full-time positions (FTEs as an annual average, excluding absentees and trainees)

10,622

11,162

11,878

13,026

13,763

14,181

3.0

Personnel expense ratio

16.1

15.4

15.6

16.2

16.6

16.3

17.0

18.6

19.4

Personnel expense ratio (= personnel expenses / gross profit)

61.0

60.3

60.4

60.6

60.4

60.0

60.3

61.9

62.5

1	Without temporary staff

Download

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Change in %
2025–2024

Efficiency ratios

Gross profit margin

26.5

25.6

25.8

26.8

27.5

27.2

28.2

30.1

31.0

Gross margin

17.3

16.8

16.3

17.0

17.3

17.5

18.1

18.6

EBITDA margin

6.2

6.9

7.4

8.1

7.8

7.9

7.8

7.7

EBIT margin

5.2

5.1

5.5

6.1

5.9

6.0

5.6

5.2

EBT margin

5.2

5.0

5.4

6.0

5.8

5.5

5.1

EAT margin

3.6

3.8

4.4

4.2

4.1

3.9

3.6

Revenue per employee

€k

475.5

475.3

507.5

493.1

458.2

451.7

−1.4

EBIT per employee

€k

26.1

29.2

29.9

29.3

25.5

23.6

−7.4

Return on equity

17.1

16.9

18.1

19.8

19.5

20.4

19.1

17.8

14.4

12.2

Return on assets

9.6

9.1

8.5

8.3

9.0

8.5

8.4

7.2

6.2

ROA (= EBIT/Average annual total assets)

13.1

13.4

12.6

11.5

12.3

11.8

11.4

9.4¹

8.2

ROE (= EBIT/Average annual equity)

24.0

24.4

25.8

28.1

28.0

28.8

27.1

25.6

20.7

18.0

ROCE (= EBIT/Capital Employed)

24.0

22.3

20.6

18.7

19.8

22.2

20.1

18.9

16.5

14.9

Balance sheet ratios

Capitalisation ratio of non-current assets (= non-current assets/total assets)

28.5

28.8

32.5

35.3

35.7

32.6

32.3

37.5

37.5¹

41.2

Working intensity of current assets (= current assets/total assets)

71.0

71.2

67.5

64.7

64.3

67.4

67.7

62.5

62.6

58.8

Equity ratio

54.7

53.9

43.6

42.4

43.2

44.8

44.6

45.8

45.4

44.9

Total liabilities to total assets

45.3

46.1

56.4

57.6

56.8

55.2

55.4

54.2

54.6

55.1

Asset structure (= non-current/current assets)

40.1

40.4

48.2

54.7

55.5

48.4

47.8

60.1

59.9

70.1

Capital structure (= equity/liabilities)

120.7

116.7

77.2

73.5

76.2

81.2

80.6

84.6

83.2

81.4

Financial ratios

Net debt

€k

−101,292

−45,980

142,590

115,478

9,281

−86,273

83,685

74,758

−130,744

20,603

−115.8

Non-current liabilities as % of balance sheet total (= non-current liabilities / balance sheet total)

9.3

8.8

22.9

23.7

22.3

16.5

13.5

20.6

16.5

17.3

Current and non-current financial liabilities as % of balance sheet total (= (current+non-current financial liabilities) / balance sheet total)

4.8

8.9

19.4

16.2

15.3

11.4

10.8

14.2

13.9

10.3

Debt ratio (total liabilities to total equity)

0.83

0.86

1.30

1.36

1.31

1.23

1.24

1.18

1.20

1.23

2.2

Working capital

€k

375,645

492,865

580,794

647,728

652,674

733,990

976,564

828,538

560,842

500,548

−10.8

Working capital as % of business volume

12.1

13.8

13.4

12.1

11.2

11.8

13.4

10.6

7.1

5.8

Working Capital to annual total asset

29.6

34.1

28.7

27.0

24.3

28.3

21.8

13.3

10.9

Capital employed

€k

600,997

738,029

948,346

1,288,671

1,395,427

1,469,558

1,767,015

2,017,731

2,126,890

2,247,697

5.7

Capital Employed to annual total asset

47.3

51.1

46.8

53.8

51.9

48.7

51.2

53.1

50.4

49.1

Capital employed as % of business volume

19.4

20.7

21.9

24.0

23.5

24.3

25.9

26.8

26.1

Structural analysis ratios

Inventory turnover rate (= business volume / inventories)

17.1

16.9

15.4

18.8

19.3

12.2

12.0

16.6

21.1

22.5

6.9

Inventories as % of business volume (= inventories / business volume)

5.8

5.9

6.5

5.3

5.2

8.2

8.3

6.0

4.7

4.4

Turnover rate of receivables (= business volume / average net trade receivables)

9.4

9.3

8.9

9.1

8.9

9.5

10.1

5.8

Turnover rate of capital (= business volume / average balance sheet total)

2.8

2.9

2.8

2.6

2.4

2.3

2.1

−1.3

Days sales outstanding (= average net trade receivables / business volume)

38.7

39.2

41.0

40.0

40.9

41.1

40.9

38.3

36.2

−5.5

1	Adjustment to previous year