Earnings Position

Bechtle accelerates its growth in the third quarter of 2025. Both business volume and revenue have increased significantly. Earnings before taxes are also slightly above the previous year’s level again. While the macroeconomic situation remains tense, particularly in the two important markets of Germany and France, however, most of our other markets continue to develop very positively. In addition, trading business has picked up noticeably across the group. This positive trend became apparent during the quarter, in particular in September, and it continued into the next quarter, according to preliminary figures.

Incoming orders totalled €2,112 million in the third quarter, representing an increase of 17.4 per cent compared to the previous year (€1,799 million). The order backlog amounted to €2,711 million as of 30 September (previous year: €2,556 million).

The business volume increased noticeably by 8.4 per cent to €2,048.7 million between July and September 2025 (previous year: €1,889.6 million). Organic growth totalled 6.2 per cent. Our international business gained considerable momentum, recording 17.0 per cent growth. Bechtle also achieved strong organic growth of 11.8 per cent internationally. In Germany, the increase was 2.4 per cent.

Revenue increased by 5.1 per cent to €1,588.2 million compared to the same quarter of the previous year (previous year: €1,511.3 million). Organic development was also positive with growth of 1.7 per cent.

Group revenue

in €m

Looking at the regions, the international companies recorded revenue growth of 16.5 per cent in the third quarter (9.8 per cent organically). In Germany, on the other hand, revenue fell by 2.4 per cent partially due to the higher proportion of software. The situation here continued to be characterised by a certain restraint, particularly on the part of our SME customers. Our trading business developed particularly well across all regions.

Gross profit developed disproportionately positively with an increase of 6.5 per cent. The gross margin increased accordingly from 18.2 per cent to 18.4 per cent. The cost of materials rose at a slower rate of 4.8 per cent.

Distribution costs increased by 11.2 per cent and administrative costs by 4.9 per cent. Accordingly, the distribution cost ratio rose from 7.2 per cent to 7.6 per cent. The administrative expense ratio remained constant at 6.2 per cent. Other operating income increased to €11.0 million.

EBITDA therefore increased by 6.8 per cent. The EBITDA margin rose slightly from 7.7 per cent to 7.8 per cent.

Depreciation and amortisation rose by 14.6 per cent and stood at €40.2 million at the end of the quarter. Most of the depreciation and amortisation still relates to property, plant and equipment, increasing by €3.5 million to €33.5 million.

At €83.5 million, EBIT was 3.4 per cent higher than in the previous year. The margin thus remained stable at 5.3 per cent.

Earnings before taxes (EBT) developed similarly. EBT increased by 2.4 per cent to €80.5 million, while the EBT margin remained almost stable at 5.1 per cent (previous year: 5.2 per cent).

EBT and EBT margin

in €m and %

The tax rate increased slightly from 28.8 per cent to 29.0 per cent. The earnings after taxes of the shareholders of Bechtle AG rose by 2.5 per cent to €57.5 million. Earnings per share totalled €0.45, compared to €0.44 in the same quarter of the previous year.