Bertrandt Ag · XETR:BDT
Bertrandt — Investor Presentation (May 2025)
71 slides from Bertrandt's investor presentation, May 13, 2025
Slide 1: Investor Presentation Bertrandt AG
Investor Presentation Bertrandt AG Markus Ruf, Björn Voss May/June/July 2025
Slide 2: At A Glance
At A Glance Bertrandt AG 1 Investor Presentation | Bertrandt AG | May/June/July 2025
Slide 3: Bertrandt Group: Driving Engineering and Digitization
Bertrandt Group: Driving Engineering and Digitization Experience Total revenues Non-IFRS EBIT Equity ratio Gearing Employees Locations >50 years FY 2023/24: € 1.19bn FY 2023/24: € 18m FY 2023/24: >41% FY 2023/24: 55% >13,000 >50 globally Investor Presentation | Bertrandt AG | May/June/July 2025 Reve
Slide 4: Bertrandt Global Footprint
Bertrandt Global Footprint Near to customer R&D hubs in Germany, France, Spain, Italy, Investor Presentation | Bertrandt AG | May/June/July 2025 China, and the US. Global delivery from Romania, Morocco, and Turkey. 3
Slide 5: Continuous growth over the cycles
Continuous growth over the cycles Bertrandt historic revenue development (EUR m) 1187 1157 1060 1021 1009 992 992 935 917 Investor Presentation | Bertrandt AG | May/June/July 2025 871 849 782 709 +8% CAGR 2009-2024 576 434 429 385 340 233 241 218 219 214 217 193 4
Slide 6: Overview of KPIs
Overview of KPIs Total revenues (in EUR m) and yoy growth (%) EBIT (in EUR m) and margin (%) CapEx (in EUR m) and % of revenues 7.1% 5.7% 1.7% 2.4% 4.1% 4.3% -8.3% ** 3.9% 5.1% 6.2% 5.6% 4.5% 3.1% 2.3% 1.6% 65.8 1.157 1.187 >10% Investor Presentation | Bertrandt AG | May/June/July 2025 1.060 decline
Slide 7: Customer centric organization operating through reporting segments
Customer centric organization operating through 3 reporting segments across 5 end-market divisions Digital Engineering Electric/Electronics Physical Engineering Designs modules and components (e.g. chassis or Unique software solutions, autonomous mobility, Physical testing and validating of parts, c
Slide 8: Headcount: flexibility is key
Headcount: flexibility is key Quarterly development Historic employee development GE: -1.486 14.276 14.028 13.664 1.200 France 13.179 RoW: +141 2.474 12.335 12.030 3.526 3.980 1.000 Romania 1.000 Spain 111 2.926 400 USA Nationalities 14.526 Investor Presentation | Bertrandt AG | May/June/July 2025 2
Slide 9: Expert Organization
Expert Organization Investor Presentation | Bertrandt AG | May/June/July 2025 Electronics Product Physical Industries Aerospace & Engineering Defence Software Experts Design Solutions Testing Solutions Smart Production Commercial Aviation Solutions Autonomous Mobility Simulation Solutions eMobility
Slide 10: Sustainability part of Group strategy
Sustainability part of Group strategy ▪ Holistic sustainability approach with the overarching goal of CO2 neutrality by 2039 Investor Presentation | Bertrandt AG | May/June/July 2025 ▪ Audited GHG emission footprint ▪ Scope 1: -16% yoy (FY 2022/23) ▪ Scope 2: -9% yoy (FY 2022/23) ▪ Scope 3: +12% yoy
Slide 11: Corporate Strategy
Corporate Strategy Corporate Strategy 10 Investor Presentation | Bertrandt AG | May/June/July 2025
Slide 12: Investment Highlights & Opportunities
Investment Highlights & Opportunities 11 Investor Presentation | Bertrandt AG | May/June/July 2025
Slide 13: Conscious diversification into adjacent industries around core focus on automotive
Conscious diversification into adjacent industries around core focus on automotive End market exposure: cross sectoral mega trends support diversification Automotive Aerospace/ Electrical Mechanical & Medical Investor Presentation | Bertrandt AG | May/June/July 2025 industry Defence industry plant e
Slide 14: Global and industry specific mega trends drive R&D
Global and industry specific mega trends drive R&D in Bertrandt‘s core markets Global Trends Industry Specific Trends Investor Presentation | Bertrandt AG | May/June/July 2025 ▪ eMobility ▪ Cyber Security ▪ aMobility ▪ Shared mobility Growing need ▪ Connected systems ▪ Regulation ▪ Over-the-air upda
Slide 15: Automotive R&D outsourcing to grow by 6.5% CAGR 2020-2030e
Automotive R&D outsourcing to grow by 6.5% CAGR 2020-2030e 250 25 215 € bn Total market +3.2% 200 183 € bn 20 20.5 CAGR (20-30e) 164 € bn 152 € bn 159 € bn 157 € bn 150 15 16.0 12.8 12.5 100 11.1 10 Investor Presentation | Bertrandt AG | May/June/July 2025 10.9 R&D for E/E & SW +7.0% CAGR (20-30e) 5
Slide 16: Global automotive R&D investments by country
Global automotive R&D investments by country 70 60 59.7 ▪ German automotive industry spent the most on 52.2 R&D globally 50 Investor Presentation | Bertrandt AG | May/June/July 2025 in EUR bn 40 33.6 33.6 34.1 ▪ Premium approach and transformation as 31.0 30 major drivers for R&D 25.5 24.4 22.2 20.6
Slide 17: R&D investments
R&D investments ▪ OEM R&D budgets driven by megatrends: ▪ Digitization 45000 64.000 ▪ Sustainable & Autonomous mobility 60.000 40000 56.000 ▪ Connectivity ▪ Innovations Investor Presentation | Bertrandt AG | May/June/July 2025 50.000 35000 50.000 30000 40.000 ▪ More than EUR 64bn R&D investments p.a
Slide 18: Changing R&D budgets require capacity alignment for ESPs
Changing R&D budgets require capacity alignment for ESPs Trend compared to 2020 Significant downward trend Slight downward trend No change Slight upward trend Future internal Future internal non-core Trend of OEM Trend of core in- Trend for ESP core activities activities R&D budget house activities
Slide 19: Phase-in targets for new zero CO2 emission cars
Phase-in targets for new zero CO2 emission cars Investor Presentation | Bertrandt AG | May/June/July 2025 >70% of global car market without ICE/PHEV ban. 18 Source: ICCT, Aug. 2024
Slide 20: Global car production by powertrain
Global car production by powertrain 100% 1.8 Europe 2020 2025 2030 2.2 4.7 5.3 8.1 10.5 11.3 Diesel 30% 20% 5% 6.9 14.3 90% 17.7 Gasoline 57% 54% 38% 10.2 21.4 25.1 Hybrid 7% 8% 7% 29.4 12.4 33.1 BEV 6% 18% 50% 80% 36.7 16.4 20.7 Even in the early Investor Presentation | Bertrandt AG | May/June/July
Slide 21: AI@Bertrandt: Goals
AI@Bertrandt: Goals Investor Presentation | Bertrandt AG | May/June/July 2025 Increase in Process Innovation productivy efficiency 20
Slide 22: AI@Bertrandt: Use cases
AI@Bertrandt: Use cases (not conclusive) Investor Presentation | Bertrandt AG | May/June/July 2025 AI internally AI externally as part of our services to customers − Software development − Data Labelling − Document intelligence (intelligent automated document − Deep learning for autonomated driving
Slide 23: Excursus: data labelling for automated driving
Excursus: data labelling for automated driving − Challenge: “Labelling of data for deep learning applications“ Precise recognition of data Investor Presentation | Bertrandt AG | May/June/July 2025 − Bertrandt AI solution : “Automated data classification and categorization“ The automation software is
Slide 24: Excursus: deep learning for automated driving
Excursus: deep learning for automated driving − Challenge: “Training of automated driving features“ Deep learning functunalities for ADAS/AD Investor Presentation | Bertrandt AG | May/June/July 2025 − Bertrandt AI solution: “Deep learning prozess for autonomous driving“ Coverage of the entire deep l
Slide 25: Excursus: document intelligence
Excursus: document intelligence − Challenge: “Inquiry analysis“ Customer inquiries and requirement in various file formats; costly data and content analysis. − Bertrandt AI solution: “AI-automated inquiry mangement“ Investor Presentation | Bertrandt AG | May/June/July 2025 Bertrandt uses “Azure AI D
Slide 26: Artificial intelligence will not replace you
“Artificial intelligence will not replace Investor Presentation | Bertrandt AG | May/June/July 2025 you – but the one who uses AI better will replace you.“ Karim R. Lakhani, Autor 25
Slide 27: Outlook ESP: size matters
Outlook ESP: size matters Investor Presentation | Bertrandt AG | May/June/July 2025 Larger and more holistic R&D projects; emergence of an ESP tier-1 landscape 26
Slide 28: Outlook ESP: know-how matters
Outlook ESP: know-how matters Investor Presentation | Bertrandt AG | May/June/July 2025 Large ESPs with comprehensive expertise in breadth and depth along the megatrends and with AI know-how. 27
Slide 29: Outlook ESP: international set-up matters
Outlook ESP: international set-up matters Investor Presentation | Bertrandt AG | May/June/July 2025 Customer proximity through international presence Competitive R&D capacity 28
Slide 30: Our test centers enable clients to become more sustainable
Our test centers enable clients to become more sustainable Investor Presentation | Bertrandt AG | May/June/July 2025 High-voltage Battery Test Center Powertrain Solution Center* ▪ 24 HV channels ▪ 8 all-wheel-drive climatic and 2 height chambers ▪ 9,600 kW HV ▪ Altitude simulation up to 5,200 m ▪ 12
Slide 31: Bertrandt Medical
Bertrandt Medical ▪ Expansion of resources and service portfolio to meet special medical technology requirements ▪ Classic product development Investor Presentation | Bertrandt AG | May/June/July 2025 ▪ Increased demand for quality management, regulatory affairs, risk management, equipment qualifica
Slide 32: M&A constitute an integral part of the Group's strategy
M&A constitute an integral part of the Group's strategy, demonstrated by its strong track record M&A is part of Group strategy Selection criteria and recent transactions ▪ Broaden technical and engineering skills Strategic Reasonable Cultural Investor Presentation | Bertrandt AG | May/June/July 2025
Slide 33: M&A Update: bolt-on acquisition in Spain
M&A Update: bolt-on acquisition in Spain 2005 ~140 2 ~10m ~7-9% Investor Presentation | Bertrandt AG | May/June/July 2025 founded employees sites in Spain € revenue EBIT − Centum Digital: vertical integration of a key partner of Bertrandt Technology in Spain − Signing January 15th, 2024 − Closing da
Slide 34: Diversification: production-related consulting and services
Diversification: production-related consulting and services Investor Presentation | Bertrandt AG | May/June/July 2025 Profit and liquidity optimization, increased Sustainability, automation, digitalization, Optimization of value creation, quality productivity, transparency resilience improvement, pr
Slide 35: Dividend policy: reliable payout for shareholders
Dividend policy: reliable payout for shareholders*** 3.00 58% 60% 2.45 2.50 2.50 2.50 2.40 50% 2.20 43% 41% 41% 41% 40% 40% 40% 40% Investor Presentation | Bertrandt AG | May/June/July 2025 39% 39% 2.00 2.00 40% Payout ratio 1.60 1.50 30% 1.20 1.00 0.85 20% 0.25 0.50 0.27 10% 2.4% 2.4% 2.6% 2.6% 2.9
Slide 36: Bertrandt: reasons to invest
Bertrandt: reasons to invest Market leading positioning − Experienced expert organization #1-3 − Long-lasting & established customer relations − Deep engineering know-how Growing and resilient R&D market +6.5% − Mega trends Investor Presentation | Bertrandt AG | May/June/July 2025 CAGR 2020-2030 − I
Slide 37: Group Forecast FY 2024/2025
Group Forecast FY 2024/2025 36 Investor Presentation | Bertrandt AG | May/June/July 2025
Slide 38: RFQ volume: decisions pending
RFQ volume: decisions pending − Open RFQs at record level at EUR ~4bn 31/03/2024-31/03/2025 3.6 8.8 − Many project decisions still pending Investor Presentation | Bertrandt AG | May/June/July 2025 RFQ open RFQ − German automotive sector R&D expected to increase from EUR 56bn p.a. (period 2024-2028)
Slide 39: Forecast for fiscal year 2024/2025
Forecast for fiscal year 2024/2025 Investor Presentation | Bertrandt AG | May/June/July 2025 Weak economic Ongoing and Capacity call-offs External factors (e.g. Regulatory environment accelerated transfer still sluggish and geopolitical tensions, requirements, burdening in Germany of R&D into volati
Slide 40: Fit For Future: earnings optimization program
Fit For Future: earnings optimization programm implemented to compensate for market impact Portfolio measures − Target utilization for Investor Presentation | Bertrandt AG | May/June/July 2025 Benefit machinery/equipment Restructuring Restructuring costs costs − Evaluation of BUs based Double-digit
Slide 41: Revised forecast FY 2024/2025 and ambition for FY 2025/2026
Revised forecast FY 2024/2025 and ambition for FY 2025/2026 Investor Presentation | Bertrandt AG | May/June/July 2025 Total EBIT Operating EBIT Revenues FY 24/25 Cashflow FY 25/26 Significantly down yoy Significantly up yoy Significantly down yoy, Margin: 6-9% based on (FY 2023/2024: positive value
Slide 42: Summary and outlook
Summary and outlook − Macro-economic and industry-specific challenges led to cost optimization programs at our customers and to ongoing volatile project call-offs − EBIT impacted by underutilization and short-time work Investor Presentation | Bertrandt AG | May/June/July 2025 − Internationalization:
Slide 43: Backup H1 2024/2025
Backup H1 2024/2025 42 Investor Presentation | Bertrandt AG | May/June/July 2025
Slide 44: Market environment H1 2024/2025
Market environment H1 2024/2025 − Market environment impacted by trade disputes, geopolitcal tensions and overall weak economic environment in Germany − Car OEMs recorded earnings decline, initiated cost saving programs Investor Presentation | Bertrandt AG | May/June/July 2025 − Total revenues and E
Slide 45: H1 2024/2025 at a glance
H1 2024/2025 at a glance Investor Presentation | Bertrandt AG | May/June/July 2025 Total Sales Employees EBIT Free cashflow Equity EUR 516m 13,181 EUR -14.4m EUR 27.6m EUR 347m -18% yoy -1,345 H1 23/24: EUR 22.0m -36% yoy Ratio: 42.6% -9% yoy 44
Slide 46: Q1 2024/2025 at a glance
Q1 2024/2025 at a glance Investor Presentation | Bertrandt AG | May/June/July 2025 Total Sales Employees EBIT Free cashflow Equity EUR 266.5m 13,605 EUR -2.1m EUR 38.2m EUR 361.5m +0.4% qoq (-796, -5.5% yoy) Q4 23/24: EUR -7.4m +30.8% yoy Ratio: 42.3% -13.6% yoy Q1 23/24: EUR 13.5m 45
Slide 47: Q2 2024/2025 at a glance
Q2 2024/2025 at a glance Investor Presentation | Bertrandt AG | May/June/July 2025 Total Sales EBIT EPS Free cashflow CapEx EUR 250m EUR -12.2m EUR -1.10 EUR -10.6m EUR 2.2m -6% qoq Q2 23/24: EUR 8.5m Q2 23/24: EUR 0.43 Q2 23/24: EUR 13.6m Q2 23/24: EUR 6.2m -22% yoy 46
Slide 48: Total sales impacted by lower capacity call-offs
Total sales impacted by lower capacity call-offs − Total sales down by EUR -110m (-18% yoy) in H1 24/25 2023/2024 2024/2025 ▪ High prior year base, capacity reductions, short-time work, external services (EUR -18m yoy) ▪ Broadly stable qoq Investor Presentation | Bertrandt AG | May/June/July 2025 ▪
Slide 49: Diversification: expansion of Aerospace/Defence business
Diversification: expansion of Aerospace/Defence business inline with group strategy H1 2024/2025 7% 6% − Automotive revenues declined because of ongoing lower call-offs Investor Presentation | Bertrandt AG | May/June/July 2025 − Aerospace/Defence with sound growth, partly fueled by M&A 87% (Centum);
Slide 50: EBIT benefits from cost savings while weak call-offs weigh
EBIT benefits from cost savings while weak call-offs weight − Reduced capacity demand led to uneven and unfavorable capacity utilization 2023/2024 2024/2025 Q2 8.503 − All cost items reduced inline with sales trend, except for Investor Presentation | Bertrandt AG | May/June/July 2025 personnel expen
Slide 51: Update F3 program and test centers
Update F3 program and test centers Topic Status Comment ▪ Compensation scheme F3 and closure negotiated Redundancy ▪ Voluntary program Investor Presentation | Bertrandt AG | May/June/July 2025 program concluded ▪ >200 single measures F3 identified and tracked Infrastructure & ▪ Other operating expen
Slide 52: P&L KPIs: cost optimizations partially offset top line decline
P&L KPIs: cost optimizations partially offset top line decline H1 H1 Item (EUR m) (% sales) (% sales) Comment 2024/2025 2023/2024 Ongoing weak capacity call-offs especially in Germany. Reduced Total sales 516.403 - 626.890 - Investor Presentation | Bertrandt AG | May/June/July 2025 headcount and sho
Slide 53: Balance sheet KPIs
Balance sheet KPIs H1 2024/2025 2023/2024 Item (EUR m) Comment (end of period) (end of period) Balance sheet total 815.251 879.538 D&A vs CapEx, WC improvement Investor Presentation | Bertrandt AG | May/June/July 2025 Working Capital (WC) 256.435 304.103 Release of working capital (trade receivables
Slide 54: Backup FY 2023/2024
Backup FY 2023/2024 53 Investor Presentation | Bertrandt AG | May/June/July 2025
Slide 55: Market environment FY 2023/2024
Market environment FY 2023/2024 − One of the most challenging and eventful reporting periods in 50 years of Bertrandt − Start into the year was decent, … − favorable market environment for R&D Investor Presentation | Bertrandt AG | May/June/July 2025 − successful re-organization, internationalizatio
Slide 56: Key points FY 2023/2024
Key points FY 2023/2024 − Total sales +2.5% yoy to EUR 1.187bn, but capacity utilization in Germany dropped in the course of FY 2023/2024 Investor Presentation | Bertrandt AG | May/June/July 2025 − Strong growth abroad: sales +40% yoy to EUR 281m − Sales share outside of Germany at 24% (2022/2023: 1
Slide 57: FY 2023/2024 at a glance
FY 2023/2024 at a glance Investor Presentation | Bertrandt AG | May/June/July 2025 Total Sales Employees EBIT Free cashflow Equity EUR 1.187bn 14,028 EUR -98m EUR 55m EUR 364m +3% yoy -2% yoy (Non-IFRS: EUR +18m) +667% yoy Ratio: 41.4% 56
Slide 58: Strong international growth
Strong international growth EUR 1,187m EUR 1,157m 2022/2023 2023/2024 − Total sales up by EUR +29m (+2.5% yoy) − Organic growth: +1% yoy − Germany: -5.3% yoy − Abroad: +39.8% yoy 265.329 Investor Presentation | Bertrandt AG | May/June/July 2025 Q4 299.184 − Reduced capacity demand caused top-line sl
Slide 59: Heterogenous segment performance
Heterogenous segment performance Digital Engineering: +0.9% yoy Minor topline growth driven by foreign 610.603 605.080 subsidiaries and M&A effects; reduced 600.000 call-offs in Germany +11.5% yoy Investor Presentation | Bertrandt AG | May/June/July 2025 500.000 433.652 Physical Engineering: 400.000
Slide 60: EBIT impacted by special items
EBIT impacted by special items − Special items of EUR -115.7m: − F3 restructuring charges (EUR -50.1m) 8% 60.322 − Impairments (EUR -51.1m: Physical Eng.) 60.000 50.080 6% 5.7% − Other (-14.5m) 41.664 Investor Presentation | Bertrandt AG | May/June/July 2025 40.000 4.1% 4.3% 4% 20.040 20.000 15.161
Slide 61: Key expense ratios
Key expense ratios Personnel expenses (in EUR m) D&A (in EUR m) Other operating expenses (in EUR m) 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023 2023/2024 Investor Presentation | Bertrandt AG | May/June/July 2025 -56.247 -60.877 -51.149 -91.351 Impairment -100.541 -875.058 -50.062 -839.677 Rest
Slide 62: Earnings performance
Earnings performance EBT Profit after taxes EPS (in EUR m) (in EUR m) (in EUR) 40.099 30.444 3.01 Investor Presentation | Bertrandt AG | May/June/July 2025 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023 2023/2024 -7.64 -109.821 -77.172 61
Slide 63: Summary: Group P&L KPIs
Summary: Group P&L KPIs Item (EUR m) 2023/2024 (% sales) 2022/2023 (% sales) Comment +2.5% yoy; very dynamic international growth, slow-down in Total sales 1,187 - 1,157 - Investor Presentation | Bertrandt AG | May/June/July 2025 Germany Material expenses -154.201 13.0% -132.194 11.4% Project-relate
Slide 64: Transformation into asset-light business model
Transformation into asset-light business model − Investment focus: IT, maintenance − CapEx further reduced to lower end of forecast and significantly below regular Investor Presentation | Bertrandt AG | May/June/July 2025 65.219 D&A 51.638 − Additional cash outflow for M&A activities 38.299 31.025 −
Slide 65: Strong cashflow generation
Strong cashflow generation Cashflow from operating activities Free cashflow Equity, equity ratio (in EUR m) (in EUR m) (in EUR m, %) 54.524 47.5 % 454.627 Investor Presentation | Bertrandt AG | May/June/July 2025 76.884 41.4% 38.459 363.738 7.107 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023 202
Slide 66: Balance sheet KPIs
Balance sheet KPIs 2023/2024 2022/2023 Item (EUR m) Comment (end of period) (end of period) Balance sheet total 879.538 956.120 Impairment, D&A vs CapEx, WC improvement Investor Presentation | Bertrandt AG | May/June/July 2025 Working Capital (WC) 310.250 349.167 Release of working capital (contract
Slide 67: Thank you very much
Thank you very much 66 Investor Presentation | Bertrandt AG | May/June/July 2025
Slide 68: Financial calendar
Financial calendar 13 February 2025 Q1 2024/2025 19 February 2025 AGM (Sindelfingen) Investor Presentation | Bertrandt AG | May/June/July 2025 15 May 2025 Q2 2024/2025, Capital Market Day (Ehningen) 04 August 2025 Q3 2024/2025 18 December 2025 FY 2024/2025, Investor, Analyst & Press conferences 18 F
Slide 69: Contact details
Markus Ruf Member of the Board, Finance Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany Investor Presentation | Bertrandt AG | May/June/July 2025 +49 7034 656 13076 Björn Voss Vice President Investor Relations and M&A bjoern.voss@bertrandt.com www.bertrandt.com 68
Slide 70: 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
Slide 71: Investor Presentation | Bertrandt AG | May/June/July 2025
This page is intentionally left blank 70 Investor Presentation | Bertrandt AG | May/June/July 2025