The Bechtle Group maintained its positive momentum in the third quarter of 2026, delivering double-digit growth in both business volume and earnings. Growth was broad-based across the segments, with all customer groups contributing, highlighting Bechtle’s continued ability to navigate a challenging environment successfully while seeing consistently high customer demand.
Incoming orders rose by 18.8% to €2,510.2 million in the third quarter (previous year: €2,112.4 million). The order backlog climbed to another record high of €3,606.8 million as of 30 September.
Business volume increased very significantly by 19.0% to €2,438.0 million from July to September 2026 (previous year: €2,048.7 million), while organic growth was also very strong at 17.5%.
At segment level, business volume grew strongly by 20.8% in Germany and 19.1% in Benelux. In Other Europe, it rose by 20.5%, supported by acquisitions completed in the previous year, while organic growth was also very significant at 13.4%. The increase in France was somewhat more subdued. Nevertheless, at 4.7%, it represented a positive development given the persistently challenging market conditions.
|
|
Q3/2026 |
|
Q3/2025 |
|
Change in % |
|
9M/2026 |
|
9M/2025 |
|
Change in % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Group |
|
2,437,967 |
|
2,048,723 |
|
19.0 |
|
6,939,293 |
|
5,941,327 |
|
16.8 |
Germany |
|
1,377,183 |
|
1,139,993 |
|
20.8 |
|
3,763,996 |
|
3,316,204 |
|
13.5 |
France |
|
198,221 |
|
189,245 |
|
4.7 |
|
619,794 |
|
571,076 |
|
8.5 |
Benelux |
|
371,019 |
|
311,509 |
|
19.1 |
|
1,072,990 |
|
938,775 |
|
14.3 |
Other Europe |
|
491,544 |
|
407,976 |
|
20.5 |
|
1,482,513 |
|
1,115,272 |
|
32.9 |
Revenue increased by 6.1% year on year to €1,684.4 million (previous year: €1,588.2 million), reflecting stronger momentum in our software business. Organic growth was also positive at 4.6%.
The stronger growth momentum in software relative to hardware and services was particularly evident in Germany (2.9%) and France (−9.2%), meaning that revenue lagged further behind business volume. The picture was more balanced in the other two regions. Revenue grew by 17.8% in the Benelux countries, while in the Other Europe segment it increased by 15.4%, supported in part by acquisitions.
|
|
Q3/2026 |
|
Q3/2025 |
|
Change in % |
|
9M/2026 |
|
9M/2025 |
|
Change in % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Group |
|
1,684,394 |
|
1,588,185 |
|
6.1 |
|
4,988,283 |
|
4,536,399 |
|
10.0 |
Germany |
|
949,866 |
|
923,292 |
|
2.9 |
|
2,783,788 |
|
2,659,532 |
|
4.7 |
France |
|
138,410 |
|
152,479 |
|
−9.2 |
|
465,168 |
|
463,910 |
|
0.3 |
Benelux |
|
234,478 |
|
199,097 |
|
17.8 |
|
638,920 |
|
558,071 |
|
14.5 |
Other Europe |
|
361,640 |
|
313,317 |
|
15.4 |
|
1,100,407 |
|
854,886 |
|
28.7 |
Gross profit increased by 10.9%, outpacing revenue growth. As a result, the gross margin improved from 18.4% to 19.2%, while material costs rose by a comparatively moderate 4.7%.
Selling expenses increased by 3.5% and administrative expenses by 9.8%. Consequently, the selling expense ratio declined from 7.6% to 7.4%, whereas the administrative expense ratio increased slightly from 6.2% to 6.4%. Other operating income amounted to €8.5 million, −€2.5 million below the previous year’s figure.
Personnel costs rose moderately by 5.6%, while other operating expenses increased by just 7.6%.
Against this backdrop, EBITDA improved by 16.4%, with the EBITDA margin increasing from 7.8% to 8.5%.
Depreciation and amortisation increased by 11.7% to €44.9 million. The majority continued to relate to property, plant and equipment and intangible assets, where depreciation and amortisation rose by 10.4% to €37.0 million. This development partly reflects increased investment in Bechtle’s own IT infrastructure. Amortisation arising from acquisitions also increased from €6.7 million to €7.9 million.
EBIT increased by 18.6% year on year to €99.0 million, with the EBIT margin improving from 5.3% to 5.9%
Earnings performance across the segments was largely positive. In Germany, EBIT rose by 20.7% to €67.1 million, while the margin improved from 6.0% to 7.1%. France likewise saw a slight improvement in the EBIT margin, from 2.1% to 2.2%, with EBIT at €3.0 million. Both regions benefited from strong growth in the software business. In the Benelux countries, EBIT increased by 18.2% to €10.2 million, while the margin remained stable at 4.3%. In Other Europe, EBIT rose by 16.6% to €18.7 million, partly due to acquisitions, with the margin improving slightly from 5.1% to 5.2%.
|
|
Q3/2026 |
|
Q3/2025 |
|
Change in % |
|
9M/2026 |
|
9M/2025 |
|
Change in % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Group |
|
99,002 |
|
83,477 |
|
18.6 |
|
248,236 |
|
208,999 |
|
18.8 |
Germany |
|
67,149 |
|
55,641 |
|
20.7 |
|
161,520 |
|
142,743 |
|
13.2 |
France |
|
3,029 |
|
3,230 |
|
−6.2 |
|
11,706 |
|
9,941 |
|
17.8 |
Benelux |
|
10,156 |
|
8,594 |
|
18.2 |
|
25,827 |
|
22,562 |
|
14.5 |
Other Europe |
|
18,668 |
|
16,012 |
|
16.6 |
|
49,183 |
|
33,753 |
|
45.7 |
|
|
Q3/2026 |
|
Q3/2025 |
|
9M/2026 |
|
9M/2025 |
|---|---|---|---|---|---|---|---|---|
Group |
|
5.9 |
|
5.3 |
|
5.0 |
|
4.6 |
Germany |
|
7.1 |
|
6.0 |
|
5.8 |
|
5.4 |
France |
|
2.2 |
|
2.1 |
|
2.5 |
|
2.1 |
Benelux |
|
4.3 |
|
4.3 |
|
4.0 |
|
4.0 |
Other Europe |
|
5.2 |
|
5.1 |
|
4.5 |
|
3.9 |
EBT developed along similar lines, rising by 13.9% to €91.7 million and outpacing revenue growth. As a result, the EBT margin improved to 5.4% (previous year: 5.1%).
The tax rate increased from 29.0% to 31.0%, reflecting the higher share of earnings generated by our German entities, which are generally subject to a higher tax rate. Earnings after tax attributable to Bechtle AG shareholders increased by 10.6% to €63.6 million, while earnings per share increased to €0.50 from €0.45 in the prior-year quarter.