Bertrandt Ag · XETR:BDT
Bertrandt — 9M 2025/2026 Earnings Presentation
20 slides from Bertrandt's earnings presentation, Aug 3, 2026
Slide 1: Welcome to the 9M 2025/2026 Analyst & Investor Call
Welcome to the 9M 2025/2026 Analyst & Investor Call Markus Ruf, Marc-René Tonn| August 2026
Slide 2: Review 9M 2025/2026
Review 9M 2025/2026 − Market environment impacted by geopolitical tensions, lower car sales in China, increasing protectionism and weak economic environment in Germany − Car OEMs expecting further deteriorating profitability in 2026; profitability well below mid- to long-term ambitions; sales and/or
Slide 3: Automotive Germany
Automotive Germany Industry still in crisis; OEMs and suppliers with negative outlook for revenues and earnings From Growth Engine to Restructuring Strategic Refocus Gains Momentum as Automotive Germany’s Automotive Industry Faces Structural Stress Case: Germany’s Auto Industry in Decline Transforma
Slide 4: German OEM R&D Spending
German OEM R&D Spending − (German) automotive OEMs with negative top-line growth in R&D P&L/ Q2 2026 Q2 2026 Sales Auto Cash R&D R&D P&L Auto Sales BMW 27,162 1,959 1,909 7.0% − Cash R&D expenses at German % yoy -7.7% -3.8% 5.8% +0.9pp car OEMs down 7.5% yoy (H1 MB Cars&Vans 25,881 2,080 1,836 7.1%
Slide 5: 9M 2025/2026 at a glance
9M 2025/2026 at a glance Bertrandt AG I Analyst and Investor Call 9M 2025/2026 Equity EUR 269m (-15% vs. 30 June 24/25) Total Sales Employees EBIT Operating cashflow EUR 672m 11,537 EUR -28.9m EUR 23.2m Equity Ratio 03/08/2026 -9% yoy -1,135 9M 24/25: EUR -38.9m +2% yoy -9% yoy 41.4% (-0.1pp vs. 30
Slide 6: Q3 2025/2026 at a glance
Q3 2025/2026 at a glance Bertrandt AG I Analyst and Investor Call 9M 2025/2026 Total Sales EBIT EPS Free cashflow (9M) Investment Spending (9M) EUR 215m EUR -15.8m EUR -1.89 EUR 14.8m EUR 9.9m 03/08/2026 -3% qoq Q3 24/25: EUR -24.6m Q3 24/25: EUR -2.87 9M 24/25: EUR 16.9m 9M 24/25: EUR 5.8m -5% yoy
Slide 7: Revenue decline moderating in Q3
Revenue decline moderating in Q3 − Total sales down by EUR -70m (-9% yoy) in 9M 25/26 2024/2025 2025/2026 ▪ Higher amount of orders on hand not yet reflected in actual customer call-offs ▪ Top-line decrease in Q3 at -5% below double-digit levels from H1 (-12%) Bertrandt AG I Analyst and Investor Cal
Slide 8: Diversification: expansion of Aerospace/Defence business inline with group strategy
Diversification: expansion of Aerospace/Defence business inline with group strategy 9M 2025/2026 10% 10% − Automotive revenues declined because of ongoing lower call-offs Bertrandt AG I Analyst and Investor Call 9M 2025/2026 80% − Aerospace/Defence with substantial growth (+18% yoy); currently many
Slide 9: EBIT benefits from cost savings while weak call-offs weigh
EBIT benefits from cost savings while weak call-offs weigh 2024/2025 2025/2026 − Reduced capacity demand causing uneven and unfavorable Q4 3,418 Q1 0.238 capacity utilization Q1 -2,143 -12,236 -13,123 Q2 Q2 Bertrandt AG I Analyst and Investor Call 9M 2025/2026 Q3 -15,788 − All cost items reduced inl
Slide 10: P&L KPIs: cost optimizations offset top line decline
P&L KPIs: cost optimizations offset top line decline Item (EUR m) 9M 2025/2026 (% sales) 9M 2024/25 (% sales) absolute yoy Comment Ongoing weak capacity call-offs despite strong order Total sales 671.638 - 741.983 - -70.346 book; lower headcount and short-time work Increase mainly driven by assumpti
Slide 11: Balance sheet KPIs
Balance sheet KPIs 9M 2025/2026 2024/2025 Item (EUR m) Comment (end of period) (end of period) CapEx < D&A Balance sheet total 650.938 734.261 Working Capital reduction Gross liquidity optimization Working Capital (WC) 208.120 238.896 Substantial release of working capital (trade receivables) Bertra
Slide 12: Forecast for fiscal year 2025/2026
Forecast for fiscal year 2025/2026 Bertrandt AG I Analyst and Investor Call 9M 2025/2026 Weak economic Ongoing and Capacity call-offs External factors (e.g. Regulatory environment / accelerated transfer still sluggish and geopolitical tensions, requirements, sentiment burdening of R&D into volatile
Slide 13: Order intake up significantly yoy
Order intake up significantly yoy − Order intake significantly (~ +40%) up yoy at close to EUR 1.2bn for the LTM (July 2025 until June 2026) period Bertrandt AG I Analyst and Investor Call 9M 2025/2026 − Also ytd (October until June) incoming order volume developed favourably − Good order situation
Slide 14: Summary / Outlook
Summary / Outlook − Incoming orders in last nine months significantly up yoy; encouraging sign for stabilization / improvement of the top-line development − (German) automotive OEMs continue to spend on R&D; Outsourcing expected to structurally increase (again) − Bertrandt will benefit from concentr
Slide 15: Revised forecast FY 2025/2026
Revised forecast FY 2025/2026 Bertrandt AG I Analyst and Investor Call 9M 2025/2026 Total EBIT Operating Revenues FY 25/26 Cashflow Moderately down yoy Significantly up yoy Significantly up yoy (FY 2024/2025: positive value uncertain (FY 2024/2025: EUR 26m) EUR 978m) (FY 2024/2025: EUR -36m) Moderat
Slide 16: Q&A
Q&A Markus Ruf, Marc-René Tonn 16 03/08/2026 Bertrandt AG I Analyst and Investor Call 9M 2025/2026
Slide 17: Thank you very much for your participation
Bertrandt AG I Analyst and Investor Call 9M 2025/2026 Thank you very much for your participation 03/08/2026 Do you have any questions? 17 Please contact: marc-rene.tonn@bertrandt.com
Slide 18: Financial calendar and download links
Financial calendar and download links 18 December 2025 FY 2024/2025, Investor, Analyst & Press conferences 12 February 2026 Q1 2025/2026 18 February 2026 AGM (Sindelfingen) Bertrandt AG I Analyst and Investor Call 9M 2025/2026 13 May 2026 Q2 2025/2026, Capital Market Day (Ehningen) 03 August 2026 Q3
Slide 19: Bertrandt AG I Analyst and Investor Call 9M 2025/2026
Markus Ruf Member of the Board, Finance Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany Bertrandt AG I Analyst and Investor Call 9M 2025/2026 +49 151 12664845 Marc-René Tonn Head of Group marc-rene.tonn@bertrandt.com Investor Relations, Strategy, Corporate Development and M&A www.bertrandt.com 03
Slide 20: Disclaimer
Disclaimer This presentation contains, among other things, certain forward-looking statements about future developments that are based on management's current estimates. Such statements are subject to certain risks and uncertainties. If any of these or other uncertainties materialize, or if the assu