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On the one hand, the 2025 stock market year was characterised by high volatility, while on the other hand, it brought new all-time highs for the major benchmark indices. Ongoing economic and geopolitical uncertainties, but above all the increasing momentum in connection with artificial intelligence, led to this development. The leading German indices recorded an increase over the year as a whole. The TecDAX was the weakest performer, while the MDAX was significantly stronger. The DAX was the clear outperformer, reaching a new all-time high. The Bechtle share was able to break away significantly from the €30 threshold and, after a volatile year, recorded a strong rise of 40.5 per cent. The market capitalisation at the end of the year was €5.5 billion.

Stock market

Volatility with a positive year-end result

The 2025 stock market year was also characterised by a tense economic situation in Germany, and further falls in key interest rates, but also positive momentum because of progress in technological innovations such as artificial intelligence (AI). The DAX was able to hold its ground and reach a new all-time high despite the uncertainties caused by the ongoing war in Ukraine and escalating geopolitical conflicts, for instance in the Middle East, as well as uncertain transatlantic economic policy generally. After starting the year below 20,000 points, the development of Germany’s leading index was characterised during the year by increased volatility but also a sharp rise in prices. The price fluctuations were particularly noticeable in the first half of the year. This was due in part to the US trade tariffs announced in April. Recovery began as early as mid-April. In the months that followed, there were repeated upward movements, although they were constantly accompanied by minor setbacks. Despite these fluctuations, the DAX recorded growth of 23.0 per cent at the end of the year. The TecDAX rose by 6.0 per cent, while the MDAX recorded an increase of 19.7 per cent.

40.5 per cent

The Bechtle share rose 40.5 per cent in 2025 to reach €43.68 at the end of the year.

Share price performance

Positive development over the course of the year

The Bechtle share price displayed extremely positive development overall in the course of 2025 and recovered significantly after the weak performance of the previous year. However, the share was still under pressure at the beginning of the year and reached its low for the year of €29.60 on 9 and 14 January. At the beginning of March, the new German government provided a boost to the German stock market by announcing the introduction of a special fund for infrastructure and climate neutrality totalling €500 billion. This also led to a jump in Bechtle’s share price of around 20 per cent. In April, however, the Bechtle share was unable to escape the general downward trend on the markets and fell again to around €32. This was followed by another recovery up to €40. Over the rest of the year, the share moved in a corridor between around €34 and €41, which it was able to break out of in November as a result of the increasing stabilisation of business development. The Bechtle share reached its high for the year of €44.40 on 28 November after publication of the business figures for the third quarter and the announcement of the signing of framework agreements in the public sector. At the end of the year, the share closed at €43.68, representing a very significant increase of 40.5 per cent compared to the previous year.

The Bechtle share – performance from January 2025 to February 2026

in €

Market capitalisation and stock market ranking

At the end of 2025, the company had a market capitalisation of €5,503.7 million. Despite the significant increase, our position in the TecDAX and MDAX indices hardly changed. Bechtle was ranked 57th in the Deutsche Börse ranking (previous year: 56th). As in the previous year, our company was ranked 9th in the TecDAX.

In 2025, an average of 296,124 Bechtle shares were traded. This corresponds to a considerable increase of 58.1 per cent. As a result, the average trading volume revenue of €10.9 million was also very significantly above the previous year’s level.

The Bechtle share – performance from 2021 to 2025

€

Shareholder structure

Long-term anchor shareholder

With an interest of 35.02 per cent, the Schick family remains the largest shareholder of Bechtle AG. This figure also comprises the shares of Schick GmbH, of which Karin Schick is a partner, and shares belonging to her son. It also includes the shares of the Gerhard and Ilse Schick Foundation, which was established by Karin Schick in May 2022. We regard the Schick family as an anchor shareholder that holds its shares on a very long-term basis, thereby effectively ensuring high stability. As of the end of the reporting period, the free float amounted to 64.98 per cent. These shares are held by a wide spectrum of private and institutional investors in Germany and abroad.

Shareholder structure

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Dividend

Stable dividend

Since the IPO in 2000, Bechtle has pursued a shareholder-friendly dividend policy geared towards continuity and has distributed profits to shareholders every year without interruption. What is more, the dividend is regularly increased. No fall has ever been seen at Bechtle – which is also an expression of the reliability of Bechtle AG’s dividend policy.

In 2025, Bechtle AG was unable to completely escape the continued challenging economic framework conditions. Earnings after taxes, which constitute the basis for the dividend distribution, declined by 6.6 per cent. The Executive Board and the Supervisory Board have nevertheless agreed to propose a dividend of €0.70 per share for the 2025 fiscal year (previous year: €0.70). The dividend would therefore remain constant compared to the previous year. In view of the decline in earnings, the company sees this as a strong signal of our reliability for our shareholders. It is also intended to express our confidence in the future development of Bechtle AG. Subject to the approval by the Annual General Meeting, the dividend payout ratio would therefore be 38.5 per cent (previous year: 35.9 per cent).

As of 31 December 2025, the number of shares entitled to dividends was 126,000,000. This results in a total dividend payout of €88.2 million for the 2025 fiscal year. The dividend yield would be 1.6 per cent (previous year: 2.1 per cent) based on the year-end price of our share.

Earnings per share

Earnings per share 6.6 per cent below previous year

The decline in operating earnings was accompanied by a corresponding fall in the earnings per share (EPS). With 126 million shares and after-tax earnings (attributable to the shareholders of Bechtle AG) of €229.2 million, EPS was €1.82, 6.6 per cent below the previous year (previous year: €1.95).

Convertible bond

Convertible bond above nominal value

The convertible bonds placed on 1 December 2023 with a total nominal value of €300 million and a term of seven years are freely tradable under WKN A38229 and ISIN DE000A382293. On 31 December 2025, the price of the bond stood at 108.68 per cent and was thus close to its high for 2025. This can be traced back, in particular, to the positive share price performance of Bechtle AG.

Annual General Meeting

Interest remains high

The 25th Annual General Meeting of Bechtle AG took place on 27 May 2025 at the Harmonie conference centre in Heilbronn. We welcomed over 500 shareholders and around 100 other guests, mostly interested students, to the event. In addition, registered shareholders once again had the opportunity to follow the Annual General Meeting live via an online portal and exercise their voting rights there. A total of around 80 per cent of the share capital participated in the voting. All agenda items were adopted with the required majority.

Capital market

Close dialogue with the capital market

We regard Bechtle’s success as the result of a joint effort and trusting cooperation with our stakeholders. This cooperation takes place in accordance with the principles of openness and transparency and is shaped by the fundamental values anchored in our corporate culture. In their capacity as owners, our shareholders are among the most important stakeholders of our company. Therefore, one of the most important tasks of the financial communication is to include them and engage in dialogue with them.

Currently, a total of 16 institutions report on Bechtle in detailed surveys and ad hoc analyses: Baader Bank/AlphaValue, Bank of America, Berenberg, BNP Paribas Exane, Cantor Fitzgerald, Deutsche Bank, DZ Bank, Jefferies, Kepler Cheuvreux, Landesbank Baden-Württemberg, Metzler, mwb research, Oddo BHF, Quirin Privatbank, Redburn Atlantic and UBS. Bechtle pursues regular constructive dialogue with all institutions. In the reporting period, Hauck Aufhäuser, Stifel and Warburg discontinued their research activities and, at the same time, ended their coverage of Bechtle.

Direct dialogue with analysts and investors takes place both during visits to the company’s headquarters in Neckarsulm and at conferences and roadshows. This promotes reliable and continuous communication with our stakeholders. In the past fiscal year, at a total of 22 roadshows and investor conferences, we provided information about our company’s economic situation, strategic orientation and future prospects in individual and group discussions. The vast majority of these roadshows and investor conferences took place in continental Europe and also in London. In addition, we informed numerous representatives of the capital market about the company, its development and its prospects by telephone or videoconference throughout the year.

Personal contact with private investors is also very important to us. In 2025, we once again welcomed around 170 shareholders to the group headquarters in Neckarsulm for the Shareholder Days, which have been well established for many years. The evening event of the “Bechtle Meets” series also met with great interest once again. In collaboration with finfluencers, this format is aimed in particularly at young people interested in finance. Participants had the opportunity to get to know the company better, ask questions to the IR team, to dedicated persons from individual departments and to the finfluencers, and network with each other. We also took part in the first Austrian Share Day in Vienna, where we presented the company to various private investors.

We always endeavour to inform all capital market players in a transparent, comprehensive and timely manner about all significant events that take place in our company. If you would like more information, please visit our website or contact us personally.