Bechtle returns to growth

• Business volume rose by 8.4% in the third quarter
• International business grew by 17.0%
• EBT above previous year at €80.5 million
• Forecast for the whole year confirmed

Neckarsulm, 14 November 2025 – Bechtle AG recorded some significant increases across business volume, revenue and earnings in the third quarter of 2025. This marks a clear return to growth. Business volume increased by 8.4 per cent to €2,048.7 million, growth was very strong internationally totalling 17.0 per cent, and revenue went up 5.1 per cent across the Group to €1,588.2 million. Earnings before taxes (EBT) increased 2.4 per cent to €80.5 million (previous year: €78.6 million), which equates to an improvement of 20.5 per cent on the second quarter. As of 30 September 2025, the IT service provider employed 16,300 people—an increase of 692 on the previous year, which is entirely due to acquisitions.

Particularly strong growth in business volume was seen in the Benelux countries, Spain, and the United Kingdom, but even markets facing more challenging conditions, such as France, Germany, and Switzerland, showed positive developments in the third quarter—a trend that continued into October. “Looking at the individual quarters of the 2025 financial year, a clear upward trajectory emerges. We have overcome the most difficult period and are firmly back on the path to growth,“ says Dr Thomas Olemotz, CEO of Bechtle AG.

Earnings back on track

Bechtle has also successfully achieved a turnaround in terms of its earnings. In the third quarter, EBT amounted to €80.5 million, 2.4 per cent more than in the previous year. Compared to the second quarter, this represents an improvement of 20.5 per cent. An increase in costs was further contained and remains in line with revenue growth. At 14.6 per cent, depreciation saw a more pronounced increase primarily as a result of investments in Bechtle’s future and recent acquisitions.

Strong financial position

Operating cash flow continues to develop positively, reaching €149.1 million after nine months. The measures introduced in previous years to strengthen cash flow management are delivering lasting benefits. Bechtle’s liquidity remains exceptionally strong, giving the company ample flexibility to pursue further growth.

Headcount increases due to acquisitions

As of 30 September 2025, Bechtle employed 16,300 people across the Group. The year-on-year increase of 4.4 per cent is entirely driven by acquisitions. Organically, headcount declined slightly by 1.6 per cent, as the company leveraged normal staff turnover and chose not to immediately refill vacant positions. Vocational training remains a key priority at Bechtle and on the 30 September 2025, the company counted 853 vocational trainees and dual students—an increase on the previous quarter.

Forecast confirmed

The overall economic climate remains challenging, with weak economic performance in key markets such as Germany and France continuing to dampen customers’ willingness to invest. Nevertheless, Bechtle saw signs of recovery in certain areas during the third quarter, and other international markets continued to perform strongly. The Executive Board expects the positive business momentum to strengthen further in the fourth quarter—an outlook supported by initial figures for October. We therefore confirm our forecast issued in March 2025. Business volume and revenue after the third quarter are in line with expectations. To achieve our EBT targets for the full year, an increase of just under 25 per cent will be required in the fourth quarter. “We are fully aware that the expected earnings growth in the fourth quarter is ambitious. However, we have shown time and again that Bechtle can achieve an exceptional year-end performance and the positive momentum in October gives us the confidence to do just that,” says Dr Thomas Olemotz.

Bechtle KPIs for the third quarter and first nine months of 2025

¹ including time deposits and securities

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The quarterly statement for the third quarter 2025 is available for download at bechtle.com/reports.