Brockhaus Technologies Ag · XETR:BKHT
Brockhaus Technologies — FY2025 Earnings Presentation
141 slides from Brockhaus Technologies's earnings presentation, Mar 26, 2026
Slide 1: Annual Report
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Slide 2: Contents
Contents Highlights 4 Letter from the Executive Board 6 Interview with the Executive Board 9 Report of the Supervisory Board 12 Our Management 20 Our Track Record 22 Our Growth Drivers 24 Our Share 37 Combined Management Report 40 Consolidated Financial Statements 66 Supplementary Information 139
Slide 3: Contents
Contents
Slide 4: Brockhaus Technologies – Elevating Champions
Contents Brockhaus Technologies – Elevating Champions Revenue Gross profit €225.0 million €138.0 million +10.1% +1.6% 2024 | €204.3 million 2024 | €135.8 million Adjusted EBITDA Adjusted free cash flow before tax €46.3 million €30.8 million -28.8% -29.2% 2024 | €65.0 million 2024 | €43.4 million The
Slide 5: Highlights from 2025
Contents Highlights from 2025 A challenging fiscal year 2025 – Bikeleasing (former HR Benefit & Mobility Platform IHSE (Security Technologies segment) with continued Strategic sale of the Bikeleasing stake segment) invests in long-term growth strategy growth in the government and defense business De
Slide 6: Letter from the Executive Board
Contents Letter from the Executive Board 2025 was a challenging fiscal year for us, which we successfully closed.
Slide 7: Dear shareholders
Contents Dear shareholders, 2025 was a business year of ups and downs for us, which we successfully closed with the sale of Bikeleasing to Decathlon Pulse. Despite geopolitical and economic uncertainties during the reporting year 2025, we succeeded in generating revenue of €225 million and adjusted
Slide 8: €46 million
Contents +10.1% As communicated in the past, we continuously examined strategic options regarding our equity in- vestments in the interests of the company and its shareholders. As part of that, we comprehensively analyzed and weighed the opportunities and risks of further investments and strategic f
Slide 9: Interview with the Executive Board
Contents Interview with the Executive Board “We carefully examined all strategic options and comprehensively weighed the advantages and disadvantages of selling Bikeleasing.” Marco Brockhaus Chief Executive Officer
Slide 10: Interview with the Executive Board
Contents Interview with the Executive Board Brockhaus Technologies can look back on a challenging What specific priorities did you set during this period of doubled its adjusted EBITDA in the four years under fiscal year 2025, which ultimately ended on a positive uncertainty to ensure stability yet
Slide 11: Our focus is on increasing shareholder attractiveness
Contents What implications does the sale of the stake in As Mr. Brockhaus has already stated, the focus is Bikeleasing have for Brockhaus Technologies? particularly on measures to enhance the company’s attractiveness, such as dividend payments or a share Marco Brockhaus: The anticipated proceeds of
Slide 12: Members of the Supervisory Board
Contents Report of the Supervisory Board Members of the Supervisory Board Dr. Othmar Belker Michael Schuster Prof. Dr. Christoph Hütten Chairman Deputy Chairman Member Martin Bestmann Matthias Memminger Member Member Dr. Nathalie Krebs Member BROCKHAUS TECHNOLOGIES Annual Report 2025 12
Slide 13: Report of the Supervisory Board
Contents Report of the Supervisory Board The Supervisory Board of Brockhaus Technologies AG, financial statements and consolidated financial state- tings were the annual and consolidated financial statements Frankfurt am Main, (“Company” or “BKHT”, together ments as of December 31, 2024, due to the
Slide 14: Supervisory Board meetings and attendance
Contents In fiscal year 2025, the Supervisory Board held 13 mee- Overview of attendance at meetings of the Supervisory Board and committees tings, seven of which were in-person, five were virtual, and one was hybrid (partly in-person and with individual Supervisory Executive and members participatin
Slide 15: Supervisory Board report continued
Contents reporting, no legal obligation arose for sustainability remuneration report. The Executive Board reported on the law firm. The Supervisory Board then approved the reporting. The Supervisory Board therefore agreed current macroeconomic risks as well as the Group’s key original and expanded c
Slide 16: Supervisory Board meeting on August 5, 2025
Contents Supervisory Board meeting on August 5, 2025 Supervisory Board meeting on September 29, 2025 pervisory Board’s report on the 2024 fiscal year The Supervisory Board discussed and approved the com- The Chair of the Audit Committee presented the selection b) Proposal to approve the actions of t
Slide 17: Supervisory Board meeting on December 17, 2025
Contents Supervisory Board meeting on December 17, 2025 Supervisory Board meeting on March 12, 2026 Board updated the target for the remuneration of the Exe- The Supervisory Board and Executive Board discussed The Supervisory Board debated the Group’s economic si- cutive Board members for the year 2
Slide 18: Approval of the accounting documents
Contents on the approval of the accounting documents by the → discussion and approval of non-audit services by the Audit of the financial reporting and consolidated finan- Supervisory Board auditor and monitoring compliance with the upper cial reporting in 2025 → discussion of the draft remuneration
Slide 19: Audit Committee and audit process
Contents The Audit Committee, and in particular the Chairman of Both the Audit Committee and the Supervisory Board the Audit Committee, was always closely involved in the were able to satisfy themselves that the audit by Rödl preparation of the audit measures and the audit process was properly condu
Slide 20: Our Management
Contents Our Management The management team boasts a long and successful track record and has once again proven that it can achieve value growth, even under demanding conditions.
Slide 21: Executive Board
Contents Executive Board Dr. Marcel Wilhelm Marco Brockhaus Chief Operating Officer Chief Executive Officer Legal Counsel Marco Brockhaus has been a successful entrepreneur and investor for over Dr. Marcel Wilhelm is responsible for all legal and administrative two decades. He is the Chairman of the
Slide 22: Our Track Record
Contents Our Track Record We professionalize and internationalize B2B technology and innovation leaders, scale them operationally and so generate sus- tainable value growth. €225 Revenue million €46 million Adjusted EBITDA 20.6% Adjusted EBITDA margin The figures for the 2025 fiscal year relate to t
Slide 23: Growth thanks to resilient business model
Contents Growth thanks to resilient business model We generate sustainable value growth Revenue (in € million) Our business model and strategy have proven their value, even during challenging economic times. We Adjusted EBITDA (in € million) believe the right time has now come at Bikeleasing to real
Slide 24: Our Growth Drivers
Contents Our Growth Drivers Our subsidiaries Bikeleasing and IHSE are both technology champions in the SME sector, with high growth potential and strong margins. 01 Bikeleasing, Probonio & Bike2Future p. 25 → 02 IHSE p. 31 → BROCKHAUS TECHNOLOGIES Annual Report 2025 24
Slide 25: Bikeleasing, Probonio & Bike2Future
Contents Bikeleasing, Probonio & Bike2Future Successfully established HR Benefit & Mobility platform.
Slide 26: Bikeleasing, Probonio & Bike2Future, our former HR Benefit & Mobility Platform
Contents Bikeleasing, Probonio & Bike2Future, our former HR Benefit & Mobility Platform Bikeleasing, the digital B2B finance platform, enables highly automated bro- kerage, financing, and management of employee benefits through employers. Through the acquisition of Probonio in spring 2024, the more
Slide 27: Bikeleasing – Creating a one-stop platform for employee benefits
Contents Bikeleasing – Creating a one-stop platform for employee benefits Bikeleasing offers B2B customers a leading digital Platform strategy for marketing returned and highly automated financial platform for employee leased bikes benefits. The specially developed platform connects In addition, Bik
Slide 28: Growth drivers for Bikeleasing, Probonio & Bike2Future
Contents “Bikeleasing is increasingly evolving from a pure company bike leasing provider into a comprehensive platform for employee benefits. With the acquisition of Probonio in 2024, we have laid the foundation to offer our now more than 81,000 corporate customers even more benefits from a single s
Slide 29: HR Benefit & Mobility Platform – Visualization of the business model
Contents HR Benefit & Mobility Platform – Visualization of the business model Creating a one-stop platform Shortage of skilled workers ~3.9 million >81,000 for employee benefits employees Employee satisfaction employers Bikeleasing offers B2B customers a lead- ing digital and highly automated financ
Slide 30: Highlights and value drivers in fiscal year 2025
Contents Bikeleasing, Probonio & Bike2Future – Highlights and value drivers in fiscal year 2025 Transition toward a multi-benefit platform Expansion of the platform model International expansion Bikeleasing is systematically pushing ahead with its With the launch of the Bike2Future platform in 2024,
Slide 31: IHSE
Contents IHSE Global technology provider for flexible and highly secure KVM solutions.
Slide 32: IHSE, our Security Technologies segment
Contents IHSE, our Security Technologies segment IHSE is one of the world’s leading technology providers in the field of flexible and highly secure KVM (keyboard, video and mouse) solutions for reduced-latency and loss-free data transmission in mission-critical applications, such as in the governmen
Slide 33: IHSE – Key technology for secure data transmission
Contents IHSE – Key technology for secure data transmission in mission-critical applications IHSE develops, produces and distributes KVM (keyboard, video and mouse) technology for high-security, reduced-la- tency and loss-free data transmission of often high data vol- umes in mission-critical applic
Slide 34: Growth in defense business
Contents Growth in Cyberattacks on critical defense business infrastructure are on the rise: Cyberattacks on critical infrastructure and government institutions are increasing significantly worldwide. According to the 2025 was a challenging year for IHSE and was character- European Union Agency for
Slide 35: Security Technologies – Visualization of the business model
Contents Wo rks tat Security Technologies – Computer unit IP extender Encodes video, audio and data IP network switch Enables access from every ions Visualization of the business model signals from the source and workstation to every computer sends them to the workstation via an IP network via IP ne
Slide 36: IHSE – Highlights and value drivers in fiscal year 2025
Contents IHSE – Highlights and value drivers in fiscal year 2025 Growing government and defense business Reorganization of management Further development of the product portfolio In 2025, IHSE increasingly benefited from business with IHSE has reorganized its management team, thus taking In 2025, IH
Slide 37: Our share
Contents Our share The share price responded positively to the announcement of the sale of the stake in the Bikeleasing Group.
Slide 38: Our share
Contents Our share In 2025, German stock markets performed very well Share performance in 2025 overall. The DAX rose by about 23% over the course of the year, the best stock market year since 2019. Opening price on January 2, 2025 €23.50 Second-tier stock indices also posted significant gains, with
Slide 39: Brockhaus Technologies AG’s shareholder structure
Contents Investors viewed the announced sale of our stake in the Bikeleasing Group as a key strategic move to realize the Brockhaus Technologies AG’s value growth achieved in recent years. It underscores the company’s ability to identify attractive business- shareholder structure* es with high poten
Slide 40: Combined Management Report
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Combined Management Report BROCKHAUS TECHNOLOGIES Annual Report 2025 40
Slide 41: Combined Management Report – Fundamentals of the Group
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Combined The registered office of Brockhaus Technologies AG (BKHT, or the Company, together with its subsidiaries Brockhaus Technologies Fundamentals of the Group or the Group) is Nextower, Thurn
Slide 42: Security Technologies
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Brockhaus Technologies’ business activities consist firstly of its Se- IHSE’s products comprise proprietary network infrastructure solu- IHSE is headquartered in Oberteuringen by Lake Constance.
Slide 43: Central Functions
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Central Functions Control system Research and development Organizationally, the M&A activities are concentrated on the Group The Group’s control system is geared toward its objective of sustain-
Slide 44: Employees
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The portfolio of KVM and KVMoIP products was expanded in the Employees Security Technologies operating segment during the reporting pe- As of December 31, 2025, Brockhaus Technologies employed a
Slide 45: Economic report
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Actual course of business compared to forecast Discontinued Operations | Revenue in the former HR Benefit & Economic report The figures for continuing and discontinued operations are assessed Mob
Slide 46: Macroeconomic environment
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Macroeconomic environment Industry specific environment Overall, the development of the sales markets in the Security Tech- In the 2025 fiscal year, price-adjusted gross domestic product (GDP) Du
Slide 47: Results of operations
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents complexity and consequently to a noticeable prolongation of sales Results of operations In the previous year, an impairment loss of €39,869 thousand was processes and decision-making cycles. In l
Slide 48: Financial position
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents These higher expenses were the main reason for the lower income Financial position exceeded in the short to medium term. This is intended to ensure a from discontinued operations, which amounted
Slide 49: Financial position continued
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents There are restrictions on the availability of the Group’s capital in the form of restrictions on distributions by the subsidiaries resulting from the loan agreements. Once the loans from acquisit
Slide 50: Condensed statement of cash flows
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The condensed statement of cash flows presented here shows cash Condensed statement of cash flows flows from continuing operations. € thousand 2025 2024 Adjusted EBITDA (3,060) (2,365) Cash flow
Slide 51: Cash flows by continuing and discontinued operations
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The following table shows the cash flows of the entire Group, broken Statement of cash flows broken down by continuing and dis- down into continuing and discontinued operations. continued operati
Slide 52: Segment reporting
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Reportable segment Segment reporting For the 2025 fiscal year, Brockhaus Technologies’ segment report- Security Technologies Central Functions and consolidation Group ing comprises the Security T
Slide 53: Overall assessment of the Group’s economic position
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Overall assessment of the Group’s economic position Brockhaus Technologies sees itself as a fast-growing group of tech- nology companies which acquires highly profitable leaders in tech- nology a
Slide 54: Economic development of Brockhaus Technologies AG
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Income statement (German GAAP) Economic development of € thousand 2025 2024 2021 Brockhaus Technologies AG Revenue 660 1,152 361 Other operating income 1,055 3,893 9,516 The Group parent Brockhau
Slide 55: Brockhaus Technologies AG financial position
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents well as transaction-related costs associated with the sale of As of December 31, 2025, the item “Cash on hand and bank bal- Bikeleasing. ances” amounted to €7,757 thousand (previous year: €14,102
Slide 56: Forecasting report
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents of the conflict could, however, have a significantly negative impact Disclaimer Forecasting report on economic and political conditions. This Annual Report, and in particular the report on expect
Slide 57: Risk and opportunity report
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents could jeopardize the Group at an early stage so that suitable coun- The outcome of the aggregation model is a distribution of a large Risk and opportunity report termeasures can be taken without
Slide 58: Risk assessment methodology
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Value Class and probability interval All identified risks are assigned a risk score, based on the assess- 75% < P 5 Highly probable ment of probability of occurrence and impact. This corresponds
Slide 59: Risks
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Risks the economy could have a correspondingly negative impact on rev- sustainability. Changing regulatory and technical requirements, par- Brockhaus Technologies classifies its risks according t
Slide 60: Risk matrix
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Risks from new acquisitions and the sale of equity investments Risk matrix Deal sourcing | Brockhaus Technologies’ business model is based on its ability to identify companies as suitable acquisi
Slide 61: Compliance and finance risks
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents several larger projects or a single very large project is delayed be- Compliance risks Covenants | Some of the Group companies’ loan agreements con- yond a certain key date, or if customers cance
Slide 62: Foreign currencies and sustainability risks
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Foreign currencies | Brockhaus Technologies executes certain Sustainability risks plays a decisive role here, as this factor reflects how well Brockhaus transactions in foreign currencies, giving
Slide 63: Opportunities
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Opportunities At the same time, the geopolitical and security policy conditions de- comprises all organizational arrangements and measures for identi- Brockhaus Technologies has a large range of
Slide 64: Non-financial statement
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The elements and controls described are continuously refined to rule effectively designed in all material respects. However, it is important out future risks when vulnerabilities are identified.
Slide 65: Takeover-related disclosures
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The adoption of the Articles of Association is governed by AktG sec- If this special right of termination is exercised, the Executive Board Takeover-related disclosures tion 23. Under AktG sectio
Slide 66: Consolidated Financial Statements
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Consolidated Financial Statements BROCKHAUS TECHNOLOGIES Annual Report 2025 66
Slide 67: Consolidated statement of comprehensive income
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Consolidated Consolidated statement of comprehensive income Financial € thousand Revenue Note 9 2025 30,288 2024 31,770 Statements Increase/ (decrease) in finished goods and work in progress Othe
Slide 68: Consolidated statement of comprehensive income (continued)
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Consolidated statement of comprehensive income (continued) € thousand Note 2025 2024 Foreign currency translation adjustments* (1,135) 753 Total comprehensive income (21,882) (43,563) of which at
Slide 69: Consolidated statement of financial position
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Consolidated statement of financial position € thousand Note Dec. 31, 2025 Dec. 31, 2024 € thousand Note Dec. 31, 2025 Dec. 31, 2024 Assets Equity and liabilities Property, plant and equipment 19
Slide 70: Consolidated statement of cash flows
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Consolidated statement of cash flows € thousand Note 2025 2024 Income from continuing operations (22,287) (66,578) (Income taxes paid)/ income tax refunds (2,183) (1,642) Income tax expense/ (inc
Slide 71: Consolidated statement of cash flows (continued)
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Consolidated statement of cash flows (continued) € thousand Note 2025 2024 Repayment of loans and other financial liabilities 30 (4,500) (4,000) Repayment of lease liabilities (935) (884) Interes
Slide 72: Consolidated statement of changes in equity
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Consolidated statement of changes in equity Currency Equity attributable Subscribed translation to BKHT Non-controlling € thousand Note capital Capital reserves Treasury shares differences Retain
Slide 73: Notes to the consolidated financial statements
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents global sports brand DECATHLON. This changes the structure of the statement of comprehensive income in the notes refer to continuing Notes to the consolidated Group. The activities of the previous
Slide 74: Accounting policies
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 4. Accounting policies Discontinued operations Subsidiaries and structured entities Recognition and measurement are based on the going concern as- The Group reports discontinued operations when a
Slide 75: Foreign currency and consolidation
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Viewed overall, the Group exercises de facto control over KVM-TEC 4.2 Foreign currency MPP GmbH & Co. KG within the meaning of IFRS 10. According to the principle of functional currency, the subs
Slide 76: Revenue from contracts with customers
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 4.3 Revenue from contracts with customers Revenue recognition The table below provides information on the type and the point in time at which performance obligations from contracts with customers
Slide 77: Revenue recognition and employee benefits
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The Group generates revenue from the sale of KVM devices and 4.4 Employee benefits portion attributable to the grant date fair value. The other changes in KVM system in the Security Technologies
Slide 78: Intangible assets and impairment policies
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 4.7 Other comprehensive income recoverable amount is determined only for the CGU, unless the as- Amortization Other comprehensive income includes exclusively currency transla- set’s fair value le
Slide 79: Financial instruments and subscribed capital
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 4.11 Financial instruments been contractually agreed with the purchaser in the context of sales 4.12 Subscribed capital The Group’s business model for the management of its financial in- of compa
Slide 80: Provisions and leases
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 4.13 Provisions The corresponding lease liability is measured at the present value of For disclosures on fair value in the notes to the consolidated financial Provisions are recognized if there i
Slide 81: Summary of the measurement policies
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 4.17 Summary of the measurement policies Provided there are no impairment losses, the Group’s measurement policies are summarized and in simplified form as follows. Statement of financial positio
Slide 82: New and amended standards
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 4.18 New and amended standards Capitalized development costs conditions for granting such payments and requires suitable inputs The accounting policies applied in the consolidated financial state
Slide 83: Impairment test and provisions
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Impairment test of goodwill and other intangible assets Provisions A cash-generating unit is impaired if its carrying amount exceeds its Provisions are recognized when the Group has a legal or co
Slide 84: Notes to the consolidated statement of comprehensive income
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents II. Notes to the consolidated statement of assets or operations. These costs are incurred exclusively as part of determining alternative performance measures for the purposes of comprehensive inc
Slide 85: Alternative performance measures
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents For fiscal year 2025, the Group has additionally adjusted non-recur- ring expenses in connection with the insolvency of kvm-tec at the beginning of fiscal year 2026; these expenses had already be
Slide 86: Calculation of adjusted EBITDA
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Calculation of adjusted EBITDA Calculation of adjusted earnings and adjusted earnings per share € thousand 2025 2024 € thousand 2025 2024 Income from continuing operations before tax (23,751) (67
Slide 87: Calculation of adjusted cash flow and free cash flow before tax
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Calculation of the adjusted cash flow from operating activities before tax and free cash flow be- fore tax € thousand 2025 2024 Cash flow from operating activities from continuing operations (7,6
Slide 88: 7. Discontinued operations
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 7. Discontinued operations Miscellaneous other assets include financial assets, deferred tax as- € thousand 2025 2024 On December 23, 2025, Brockhaus Technologies sold all its shares sets, contra
Slide 89: Revenue recognition
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Revenue recognition The table below provides information on the type and the point in time at which performance obligations from contracts with customers are satisfied and the associated revenue
Slide 90: Sale of previously leased bicycles and e-bikes
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Type of product/ service Type and time of performance obligation and material payment terms Revenue recognition under IFRS 15 Sale of previously leased bicycles and Three months before the end of
Slide 91: Revenue from commissions and insurance services
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Revenue is generated from commissions, customer and insurance services and from the sale of bikes and other leased assets at the end of their lease terms. As a rule, the Bikeleasing Group applies
Slide 92: Revenue from leases
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Revenue from leases In addition to revenue from contracts with customers in accordance with IFRS 15, the Bikeleasing Group generates various types of in- come from leases (pursuant to IFRS 16 and
Slide 93: 8. Operating segments
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 8. Operating segments Please refer to Note 6 for information on the alternative performance The subsidiaries are allocated to the segments according to their re- measures presented here, includin
Slide 94: Key performance indicators by operating segment
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Key performance indicators by operating segment Reportable segment Security Central Technologies Functions Reconciliation Group € thousand 2025 2024 2025 2024 2025 2024 2025 2024 Revenue 30,288 3
Slide 95: Earnings before tax of the operating segment
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Earnings before tax of the operating segment Operating segment liabilities assets and liabilities were reclassified in accordance with IFRS 5 The following table shows the reconciliation of the i
Slide 96: Breakdown of revenue
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The following table classifies the Group’s revenue from contracts with customers (IFRS 15) by the most important product and service lines and the timing of revenue recognition. Please refer to N
Slide 97: 10. Other own work capitalized
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 10. Other own work capitalized 12. Personnel expenses 13. Other operating expenses Of own work capitalized, €2,071 thousand (previous year: Personnel expenses break down as follows. Other operati
Slide 98: 14. Other operating income
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 14. Other operating income Depreciation, amortization and impairment losses on PPA assets Finance income came to €1,108 thousand (previous year: Other operating income breaks down as follows. are
Slide 99: Income taxes
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The foreign tax rates (Austria, USA, Singapore and China) are be- tween 17% and 23% (previous year: between 17% and 23%). Unrecognized deferred tax assets Group entities have tax loss carryforwar
Slide 100: Changes in deferred taxes
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Changes in deferred taxes Dec. 31 Deferred tax Deferred tax Changes in Income from Income from assets from liabilities from scope of continuing discontinued Net exchange temporary temporary € tho
Slide 101: Changes in deferred taxes 2024
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Dec. 31 Deferred tax Deferred tax Changes in Income from Income from assets from liabilities from scope of continuing discontinued Net exchange temporary temporary € thousand Jan. 1 consolidation
Slide 102: Reconciliation of effective tax rate
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Reconciliation of effective tax rate The differences between the expected income tax expense based on the calculated tax rate and the actual income tax expense can be seen in the following table.
Slide 103: 18. Earnings per share
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 18. Earnings per share The following table presents the calculation of earnings per share, based on the profit or loss attributable to the shareholders of BKHT. Basic earnings per share is equal
Slide 104: III. Notes to the consolidated statement of financial position
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents III. Notes to the consolidated statement of Technical Prepayments, financial position € thousand Land and buildings equipment and machinery Operating and office equipment construction in progress
Slide 105: 20. Intangible assets and goodwill
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 20. Intangible assets and goodwill Other intangible assets Capitalized IT licenses, development software, Basic Customer Repurchased € thousand Goodwill costs website Prepayments Trademarks techn
Slide 106: 20.1 Goodwill impairment tests
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 20.1 Goodwill impairment tests The value in use determined based on these assumptions exceeds 21. Inventories The starting basis for a goodwill impairment test is the corporate the carrying amoun
Slide 107: Trade receivables
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The decrease in trade receivables results primarily from the sale of the Bikeleasing Group. The assets were reclassified in accordance with IFRS 5. In the reporting period, the Group sold trade r
Slide 108: 23. Lease receivables
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 23. Lease receivables 25. Cash and cash equivalents 26. Subscribed capital The Group performs its function as lessor exclusively in the discon- Cash and cash equivalents consist of the following
Slide 109: Authorized and contingent capital
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Authorized and contingent capital 27. Capital reserves On June 20, 2024, the Annual General Meeting authorized the Ex- The capital reserve includes the premiums arising from the issue of ecutive
Slide 110: 30. Financial liabilities
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 30. Financial liabilities Financial liabilities The Group’s financial liabilities are composed of the following items: Non-current Current Total € thousand Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 20
Slide 111: Other financial liabilities
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Other financial liabilities had to be consolidated by the Group, which is why both the lease the same amount, €23,852 thousand (previous year: €25,768 thou- Lease liabilities | The Group’s lease
Slide 112: Calculation of net debt
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Information on the extent to which the Group is exposed to interest Calculation of net debt rate and liquidity risks can be found in Note 34.4. € thousand Dec. 31, 2025 Dec. 31, 2024 Senior loans
Slide 113: Reconciliation of changes in liabilities to cash flows from financing
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Reconciliation of changes in liabilities to cash flows from financing of the reporting year Subordinated Success fee € thousand Senior loans loans Real estate loans Lease liabilities liability Ot
Slide 114: Reconciliation of changes in liabilities, comparative period
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Reconciliation of changes in liabilities to cash flows from financing activities from the comparative period Subordinated Success fee € thousand Senior loans loans Real estate loans Lease liabili
Slide 115: 31. Trade payables
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 31. Trade payables There was a management investment at the level of kvm-tec in the Trade payables amounted to €2,898 thousand (previous year: Security Technologies segment. Due to the options ag
Slide 116: 33. Other provisions
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 33. Other provisions Other provisions do not include any interest. Other provisions developed as follows. The obligations for warranties were recognized due to legal or con- Miscellaneous other s
Slide 117: IV. Other disclosures
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents IV. Other disclosures Financial instruments measured at fair value through profit and loss 34. Financial instruments Type Valuation technique and inputs 34.1 Classification and fair values Contin
Slide 118: Carrying amounts and fair values
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Carrying amounts and fair values Carrying amount and fair value Fair value level € thousand Carrying amount Fair value Level 1 Level 2 Level 3 Dec. 31, 2025 Trade receivables 4,251 4,251 Other re
Slide 119: Carrying amounts and fair values, prior year
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Carrying amounts and fair values as of the prior-year reporting date Carrying amount and fair value Fair value level € thousand Carrying amount Fair value Level 1 Level 2 Level 3 Dec. 31, 2024 Tr
Slide 120: Fair value levels and credit risk exposure
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents As in the previous year, there were no transfers between levels in The following table shows the net profits and losses from financial 34.3 Credit risk exposure the reporting year. liabilities me
Slide 121: 34.4 Financial risk management
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 34.4 Financial risk management Credit risk To determine any necessary loss allowances, the Group uses a pro- The Company’s Executive Board is responsible for developing and Credit risk is the ris
Slide 122: Market risk
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Market risk Translation risk: Some group entities are outside of the eurozone. Interest rate risk | Interest rate risk arises if the fair value of financial Market risk is the risk that the fair
Slide 123: Liquidity risk
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The liquidity risk arising from leases in the discontinued operation is expected cash flows from lease receivables exceed the correspond- countered with a high rate of forfaiting and securitizati
Slide 124: 35. Capital management
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 35. Capital management € thousand 2025 2024 The Group aims to maintain a strong capital base in order to safe- Cash flow from operating activities guard the confidence of investors, creditors and
Slide 125: 38. List of subsidiaries
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 38. List of subsidiaries Subsidiaries In addition to the parent company, 27 indirect and direct subsidiaries Equity Profit Company Registered office Equity interest (IFRS) (IFRS) as well as two s
Slide 126: 39. Non-controlling interests
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 39. Non-controlling interests Distributions to non-controlling interests Equity-settled share-based payment transactions The following subsidiaries had non-controlling interests as of the re- The
Slide 127: Stock option plans
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The Annual General Meeting resolved on June 27, 2019 to authorize €32.00). The average weighted remaining term is 2.1 years (previ- A percentage rate of zero was defined for the dividend yield as
Slide 128: 42. Leases
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 42. Leases Right-of-use assets The Group leases land and buildings primarily as office space and Operating and office € thousand Land and buildings equipment Total as production and storage space
Slide 129: Auditor’s fees, Employees, Governing bodies
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 43. Auditor’s fees 44. Employees 45. Governing bodies of the Company The auditor’s fees show the fees of Rödl Audit GmbH The following overview shows the average number of employees in The member
Slide 130: 46. Related party disclosures
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 46. Related party disclosures annual fixed remuneration of €30 thousand. The members of the Su- Governance Code for fiscal year 2025 under section 314 no. 8 of the Related parties within the mean
Slide 131: 49. Events after the reporting date
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents 49. Events after the reporting date Frankfurt am Main, March 23, 2026 On December 23, 2025, the Company sold all its shares of BLS Be- teiligungs GmbH (“Bikeleasing”), which it held indirectly vi
Slide 132: Responsibility statement
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Responsibility statement To the best of our knowledge and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, li
Slide 133: Independent Auditor's Report
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Pursuant to Section 322 (3) sentence 1 HGB, we declare that our Material uncertainty in connection with the continuation of Independent Auditor's Report audit has not led to any reservations rela
Slide 134: Independent Auditor's Report (continued)
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents doubts about the group company’s ability to continue its business As a result of the share sale, the HR Benefit & Mobility Platform seg- assumptions for the expected development of the relevant f
Slide 135: Key audit matters
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents The outcome of this valuation is heavily dependent on the legal rep- Reference to related disclosures information, and consequently we do not express an audit opinion— resentatives’ assumptions a
Slide 136: Responsibilities of management and auditor
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Furthermore, management is responsible for the preparation of the of users taken on the basis of these consolidated financial state- evaluate the overall presentation, structure and content of
Slide 137: Other Legal and Regulatory Requirements
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents and where applicable, the actions taken or safeguards applied to Other Legal and Regulatory Basis for the Opinion eliminate independence threats. Requirements We conducted our assurance work on t
Slide 138: Annex to the Auditor’s Report
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Responsibilities of the Auditor of the consolidated financial Further Information pursuant to Article 10 of the EU Audit Reg- ANNEX TO THE Auditor’s Report: statements for the ESEF documents ulat
Slide 139: Supplementary Information
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Supplementary Information BROCKHAUS TECHNOLOGIES Annual Report 2025 139
Slide 140: Supplementary information
About us Combined Management Report Consolidated Financial Statements Supplementary information Contents Supplementary Financial calendar information May 14, 2026 Quarterly Statement Q1 2026 June 11, 2026 Annual General Meeting 2026 August 13, 2026 Half-Year Financial Report H1 2026 November 12, 202
Slide 141: brockhaus-technologies.com
brockhaus-technologies.com
Brockhaus Technologies — FY2025 Earnings Presentation on 6ix