Cash Flow Statement - Bechtle AG Quarterly Statement as at 30 September 2026

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in €k
	01/07 – 30/09/2026	01/07 – 30/09/2025	01/01 – 30/09/2026	01/01 – 30/09/2025
Operating activities
Earnings before tax	91,652	80,473	233,488	202,551
Adjustment for non-cash expenses and income
Net financial result	7,351	3,004	14,749	6,448
Amortisation of intangible assets and depreciation of property, plant and equipment	44,862	40,164	129,800	117,028
Gains and losses on disposal of intangible assets and property, plant and equipment	−157	112	−53	686
Other non-cash expenses and income	−85	2,005	9,175	−1,470
Changes in net assets
Change in inventories	−63,475	−5,014	−290,804	−32,037
Change in trade receivables	−32,766	7,338	81,982	109,644
Change in trade payables	20,552	32,216	−1,346	−115,038
Change in deferred income	−26,502	−17,319	−27,173	−9,298
Changes in other net assets	−53,060	10,331	−218,638	−42,977
Income taxes paid	−17,837	−28,402	−62,381	−86,420
Cash flow from operating activities	−29,465	124,908	−131,201	149,117

Investing activities
Cash payments for acquisitions, net of cash acquired	−27,445	−82,383	−55,255	−83,081
Divestments	0	0	0	1,626
Cash payments for investments in intangible assets and property, plant and equipment	−30,907	−33,538	−93,847	−91,062
Cash received from the sale of intangible assets and property, plant and equipment	2,983	276	8,645	6,671
Cash payments for purchases of time deposits and securities	−125,885	−69,000	−129,500	−69,000
Cash received from the sale of time deposits and securities, and from repayments of non-current assets	0	0	74,360	73,367
Interest received	4,973	2,924	8,992	11,794
Cash flow from investing activities	−176,281	−181,721	−186,605	−149,685

Financing activities
Repayments of financial liabilities	−12,852	−5,548	−61,086	−50,666
Cash received from incurring financial liabilities	1,008	973	453,023	7,918
Dividend payment	0	0	−88,200	−88,200
Interest paid	−3,700	−3,593	−14,480	−13,185
Repayments of lease liabilities	−23,268	−17,854	−63,391	−56,024
Cash flow from financing activities	−38,812	−26,022	225,866	−200,157

Effects of exchange rate changes on cash and cash equivalents	−2,696	−432	−219	−3,390
Changes in cash and cash equivalents	−247,254	−83,267	−92,159	−204,115
Cash and cash equivalents at the beginning of the period	533,866	522,267	378,771	643,115
Cash and cash equivalents at the end of the period	286,612	439,000	286,612	439,000

Consolidated Cash Flow Statement