Bechtle started the 2026 fiscal year with a strong first quarter, recording significant growth in both business volume and revenue across all segments. Pre-tax earnings also increased by double digits. Growth was broadly supported by our industrial customers as well as customers in the public sector. This positive performance points to a stable trend which, according to preliminary figures, has continued beyond the end of the quarter.
Incoming orders totalled €2,357 million in the first quarter, representing an increase of 16.9 per cent compared to the previous year (€2,016 million). At €3,340 million, the order backlog as of 31 March was at a record level, compared to €3,210 million as of 31 December 2025.
From January to March 2026, business volume increased significantly by 13.2 per cent to €2,227.2 million (previous year: €1,967.1 million). Organic growth was also excellent at 11.0 per cent.
All segments contributed to this performance: Germany by 8.9 per cent, France by 10.1 per cent and Benelux by 11.8 per cent. At 29.3 per cent, the business volume in the Other Europe segment saw the strongest growth. While this was to some extent driven by last year's acquisitions, organic growth was also strong at 17.0 per cent.
|
|
Q1/2026 |
|
Q1/2025 |
|
Change in % |
|---|---|---|---|---|---|---|
Group |
|
2,227,177 |
|
1,967,133 |
|
13.2 |
Germany |
|
1,170,908 |
|
1,074,952 |
|
8.9 |
France |
|
213,540 |
|
193,879 |
|
10.1 |
Benelux |
|
384,499 |
|
343,905 |
|
11.8 |
Other Europe |
|
458,230 |
|
354,397 |
|
29.3 |
Revenue increased by 7.6 per cent to €1,571.7 million compared to the same quarter of the previous year (previous year: €1,461.0 million). While organic growth was solid at 5.2 per cent, it lagged behind growth in business volume due to the higher proportion of software.
Looking at the segments, all regions recorded growth in revenue, although this was only 0.8 per cent in Germany due to the relatively higher proportion of software. In all other regions, our hardware business performed very well. France recorded revenue growth of 10.1 per cent and Benelux of 13.4 per cent. Revenue in Other Europe increased by 24.3 per cent, driven largely by acquisitions. This segment also posted very strong organic growth of 11.3 per cent.
|
|
Q1/2026 |
|
Q1/2025 |
|
Change in % |
|---|---|---|---|---|---|---|
Group |
|
1,571,691 |
|
1,461,036 |
|
7.6 |
Germany |
|
871,367 |
|
864,838 |
|
0.8 |
France |
|
175,095 |
|
158,966 |
|
10.1 |
Benelux |
|
188,711 |
|
166,449 |
|
13.4 |
Other Europe |
|
336,518 |
|
270,783 |
|
24.3 |
Gross earnings increased by 9.2 per cent, outpacing revenue growth. The gross margin increased accordingly from 18.4 per cent to 18.7 per cent. The cost of materials increased slightly faster than revenue, by 7.8 per cent.
Distribution costs increased by 5.5 per cent and administrative expenses by 11.0 per cent. Accordingly, the distribution cost ratio fell slightly from 7.8 per cent to 7.7 per cent. By contrast, the administrative expense ratio increased from 7.3 per cent to 7.6 per cent. Other operating income increased to €10.8 million.
Personnel expenses increased by 5.4 per cent overall. Other operating expenses increased by 8.1 per cent, in particular due to a stronger increase in other administrative expenses.
EBITDA therefore increased by 12.2 per cent. The EBITDA margin increased from 6.6 per cent to 6.8 per cent.
Depreciation and amortisation rose by 9.6 per cent to €42.2 million. The majority of depreciation and amortisation is still attributable to property, plant and equipment and intangible assets, which increased by 8.2 per cent to €34.8 million. This development reflects, among other things, the increased investment in the company's own IT. Depreciation and amortisation from acquisitions also increased from €6.4 million to €7.4 million.
EBIT came in at €65.2 million, up 14.0 per cent on the previous year. The margin increased from 3.9 per cent to 4.1 per cent.
Earnings performance was strong across all segments. EBIT in Germany increased by 9.4 per cent to €38.7 million, expanding the margin from 4.1 per cent to 4.4 per cent. This was driven mainly by strong growth in the software business. The EBIT margin also improved in France, rising from 2.9 per cent to 3.2 per cent with EBIT of €5.5 million. The hardware business continues to dominate in this region. In contrast, Benelux has a particularly high proportion of software. Here, EBIT increased by 13.4 per cent to €8.1 million, with the margin stable at 4.3 per cent. In the Other Europe segment, EBIT increased by 28.3 per cent to €12.8 million, due partly to acquisitions, and the margin improved slightly from 3.7 per cent to 3.8 per cent.
|
|
Q1/2026 |
|
Q1/2025 |
|
Change in % |
|---|---|---|---|---|---|---|
Group |
|
65,179 |
|
57,157 |
|
14.0 |
Germany |
|
38,711 |
|
35,381 |
|
9.4 |
France |
|
5,531 |
|
4,625 |
|
19.6 |
Benelux |
|
8,114 |
|
7,156 |
|
13.4 |
Other Europe |
|
12,823 |
|
9,995 |
|
28.3 |
|
|
Q1/2026 |
|
Q1/2025 |
|---|---|---|---|---|
Group |
|
4.1 |
|
3.9 |
Germany |
|
4.4 |
|
4.1 |
France |
|
3.2 |
|
2.9 |
Benelux |
|
4.3 |
|
4.3 |
Other Europe |
|
3.8 |
|
3.7 |
Earnings before taxes (EBT) also increased significantly. It increased by 11.5 per cent to €61.6 million, while the EBT margin increased slightly to 3.9 per cent (previous year: 3.8 per cent).
The tax rate fell from 30.5 per cent to 27.6 per cent. This is due to the higher proportion of profits generated by our international subsidiaries, which generally operate under lower tax rates. Earnings after taxes attributable to the shareholders of Bechtle AG increased by 15.9 per cent to €45.0 million. Earnings per share totalled €0.36, compared to €0.31 in the same quarter of the previous year.