Bertrandt Ag · XETR:BDT
Bertrandt — Investor Day (May 2026)
82 slides from Bertrandt's investor day presentation, May 13, 2026
Slide 1: Capital Market Day – Save the Date
SAVE THE DATE Capital Market Day Bertrandt AG | Capital Market Day May 13, 2027 19/05/26 0
Slide 2: Welcome to the Capital Market Day 2026
Welcome to the Capital Market Day 2026 Bertrandt AG May 13, 2026
Slide 3: Agenda
Agenda Registration and breakfast from 09:30 a.m. 01 Enhancing development cycles through cyberphysical prototyping Prof. Dr.-Ing. Günther Prokop, Professor für Kraftfahrzeugtechnik, Technische Universität Dresden 10:00 - 10:45 a.m. 02 ER&D Services: Navigating Structural Change: Market Outlook, Tre
Slide 4: Prof. Dr.-Ing. Günther Prokop
Prof. Dr.-Ing. Günther Prokop Automotive Engineering(Technische Universität Dresden) Bertrandt AG | Capital Market Day Automotive R&D – saving time and costs while mastering ever increasing requirements and 19/05/26 complexity 3
Slide 5: Automotive R&D – saving time and costs while mastering complexity
Prof. Dr.-Ing. Günther Prokop, Automotive Engineering 13th May, 2026 Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity BERTRANDT Capital Market Day 2026 Automotive R&D – saving 13th time May, and costs 2026 while – Prof.mastering ever increasing Dr.-I
Slide 6: „China speed“ as a challenge for European OEM
„China speed“ as a challenge for European OEM Didier Schreiber, Niklas Brundin, Victor Keller, Dr. Klaus Schmitz, Dr. Michael Kolk, Richard J. Parkin, Jeffrey Gui, Dominique Trancart : China speed - What Western auto leaders must learn from world’s fastest innovators (Arthur D. Little, February 2026
Slide 7: „China speed“ as a challenge for European OEM
„China speed“ as a challenge for European OEM Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günther Prokop Slide 6
Slide 8: Technological and organizational challenges have increased
Technological and organizational challenges have increased, but basically not changed over the years 1. Shorter development cycles 2. Rising product complexity 3. Need for cost optimization 4. Worldwide distributed development 5. Higher requirements, quality demands (customer, legislation), especial
Slide 9: V-cycle of development vs. DevOps-cycle
V-cycle of development vs. DevOps-cycle Source: Rajasekaran Nataraj, Assistant Professor at Kongu Arts and Science College, India Divide complex product Systematic requirements Methodical product Constantly use engineering validation operational feedback ➔ into several system ➔ target cascading ➔ fr
Slide 10: Thorough system understanding is the basis for process improvements
Thorough system understanding is the basis for sustainable process improvements The total vehicle functional matrix Requirements Requirements Requirements Requirements customer, legislator driver owner manufacturer cost of ownership fuel consumption energy efficiency individual safety production cos
Slide 11: Conceptual and non-conceptual physical chains – passive safety
Conceptual and non-conceptual physical chains – example passive safety conceptual physical chain: non-conceptual physical chain: structural integrity restraint systems ➔ to be designed in early stages ➔ to be designed in late stages ➔ design parameters to be kept as tuning measures as long as possib
Slide 12: Functional maturity management - examples
Functional maturity management - examples Maturity 100 % Passive Safety [2] [3] [3] 0% 100 % Handling/ Ride [1] [4] 0% 100 % Performance [1]: Audi AG /Efficiency [2]: Dassault Systems [3]: Volvo Car Corp. [4]: IPG [1] 0% Prototype phase 1 Prototype phase 2 Pre-series SoP Development time Automotive
Slide 13: Rules of thumb for efficient automotive engineering
Rules of thumb for efficient automotive engineering Maturity 100 % 1. Stay in virtual world as long as possible ➔ Need for reliable conceptual simulation models Passive Safety 1. Only gradually [2] increase system integration, especially when building up [3] hardware [3] 0% prototypes ➔ Need for cyb
Slide 14: Simulation models (conceptual/detailed) – parameterization
Simulation models (conceptual/detailed) – parameterization Parameterization process Full vehicle simulation VIMM - Vehicle Suspension Motion Tire - Handling toe, camber Inertia Measuring Machine Simulator (Dyn. K&C) characteristics Validation full vehicle - Ride comfort - Durability (load data) Elas
Slide 15: Simulation models (conceptual/detailed) – parameterization
Simulation models (conceptual/detailed) – parameterization Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günther Prokop Slide 14
Slide 16: Simulation models (conceptual/detailed) – parameterization
Simulation models (conceptual/detailed) – parameterization Suspension kinematics Elastokinematics Unsprung mass inertia properties Friction Steering properties 4 DOF per wheel - steering ratio 0-30 Hz - steering hysteresis - steering feel parameters Automotive R&D – saving time and costs while maste
Slide 17: TU Dresden Automotive Test Center
Simulation models (conceptual/detailed) – parameterization TU Dresden Automotive Test Center 14 test benches - total vehicle level - subsystem level - component level 40 Mio. EUR Invest Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing.
Slide 18: Simulation models (conceptual/detailed) – parameterization
Simulation models (conceptual/detailed) – parameterization Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günther Prokop Slide 17
Slide 19: Cyberphysical prototyping
Cyberphysical prototyping Environment Powertrain Tires [1] Tires [1] [1] Front suspension Steering Rear suspension [1] [1] [1] [1] [1] Tires Tires Body [1] [1]: Audi AG Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günther Prokop Sl
Slide 20: Cyberphysical prototyping
Cyberphysical prototyping Residual vehicle [1] [1] [1] [1] [1] [1] [1] [1] [1] [1]: Audi AG Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günther Prokop Slide 19
Slide 21: Cyberphysical prototyping
Cyberphysical prototyping EtherCAT EtherCAT EtherCAT • Latency consideration (<5ms ms) Require- • Mechanical decoupling of test rigs by foundation • Digital twins of test rigs ments • Real-time connection • Advanced test rig control systems Automotive R&D – saving time and costs while mastering ever
Slide 22: Cyberphysical prototyping – specimen dynamics
Cyberphysical prototyping – specimen dynamics Powertrain in reference vehicle model Powertrain test bed setup Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günther Prokop Slide 21
Slide 23: Subjective vehicle attributes – human centered engineering
Subjective vehicle attributes – human centered engineering Linking DDS and Cyberphysical Prototype allows an instantaneous experience of system parameter effects on full vehicle level (full-vehicle-experience) Dresden Driving Simulator (DDS) Automotive R&D – saving time and costs while mastering eve
Slide 24: Dresden Driving Simulator (DDS)
Subjective vehicle attributes – human centered engineering Dresden Driving Simulator (DDS) Dresden Driving Simulator - DDS world‘s largest driving simulator (100 x 100 m motion space) 10 m/s² acceleration 13 Mio. EUR Invest Automotive R&D – saving time and costs while mastering ever increasing requi
Slide 25: Dresden Driving Simulator (DDS)
Subjective vehicle attributes – human centered engineering Dresden Driving Simulator (DDS) Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günther Prokop Slide 24
Slide 26: Cyberphysical testing of ADAS and automated driving
Cyberphysical testing of ADAS and automated driving Complex traffic situation (mixed-reality) Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günther Prokop Slide 25
Slide 27: Cyberphysical testing of ADAS and automated driving
Cyberphysical testing of ADAS and automated driving Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günther Prokop Slide 26
Slide 28: Smart Mobility Lab of TU Dresden
Smart Mobility Lab of TU Dresden – a prototype testing environment for future automotive R&D 100 x 100 x 30 m hall (pillar-free) 93 Mio. EUR Invest operation starts in January 2027 Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günth
Slide 29: Smart Mobility Lab of TU Dresden
Smart Mobility Lab of TU Dresden – a prototype testing environment for future automotive R&D Automotive R&D – saving time and costs while mastering ever increasing requirements and complexity Prof. Dr.-Ing. Günther Prokop Slide 28
Slide 30: Summary and outlook
Summary and outlook Maturity 100 % 1. Stay in virtual world as long as possible ➔ Need for reliable conceptual simulation models Passive Safety 1. Only gradually [2] increase system integration, especially when building up [3] hardware [3] 0% prototypes ➔ Need for cyberphysical (=mixed-reality) prot
Slide 31: Thank you!
Thank you! Automotive R&D – saving 13th time May, and costs 2026 while – Prof.mastering ever increasing Dr.-Ing. Günther Prokop requirements and complexity Prof. Dr.-Ing. Günther Prokop Slide 30
Slide 32: Klaus Kremers – ER&D Services: Navigating Structural Change
Klaus Kremers Senior Partner, Bain & Company, Inc. Bertrandt AG | Capital Market Day ER&D Services: Navigating Structural Change: Market Outlook, Trends and Growth Opportunities 19/05/26 40
Slide 33: ER&D Services: Navigating Structural Change
ER&D Services: Navigating Structural Change: Market Outlook, Trends and Growth Opportunities May 2026
Slide 34: Last few years have been disruptive, but ER&D more resilient
Last few years have been disruptive, but ER&D has been more resilient.. YoY Revenue Growth Rate per quarter of Financial Year (Apr-Mar)¹ Pre COVID Covid Accelerated digitization in Macro Continued macro slump response to COVID driven slowdown uncertainty? Average 9-11% (1)-(2)% 13-15% 23-25% 6-7% ER
Slide 35: Mega forces will shape the future of ER&D services
Going forward, 5 mega forces will shape the future of ER&D services 02 Tech at the core of every business 03 Post globalization, capital rationalization and role of Govt. • Softwarization of physical products (e.g., auto, med devices) • Global supply chains evolving to prioritize resilience vs. cost
Slide 36: Forces drive new opportunities for ER&D players
These forces will drive multiple new opportunities for ER&D players, along with a few headwinds Tailwind Headwind Post globalization, 1 $1T AI economy 2 Tech at the core of every business 3 capital rationalization 4 Demographic & behavioral shifts 5 Energy transition and role of Govt. Surging demand
Slide 37: Macro themes driving increase in ER&D services spend pools
These macro themes are driving a dramatic increase in ER&D services spend pools Implied 5-year CAGR: 15-17% Manufacturing & Supply chain transformation – incl. robotics, digital twins, modernization of supply chain Custom ASIC / ASSP & MFG stack (L1 to L5) across end verticals including HPC, NEP, Me
Slide 38: Leaders in this new paradigm will create significant shareholder value
Leaders in this new paradigm will create significant shareholder value Leader’s P&L Laggard’s P&L Business Composition 35%+ 90%+ Non-linear Linear play Linear play Growth Driven by riding on the right tail winds, winning Growth Growth profile 15-17% share from competition 0-5% Growth likely even les
Slide 39: ER&D will be a pivotal driver of growth
ER&D will be a pivotal driver of growth, hence important to double down 1 Sustainable growth aligned to growth of underlying business– workloads are business critical (not discretionary spending), with outsourcing driven directly by business stakeholders 2 Resilient to AI-led disruptions – non-repet
Slide 40: Disclaimer – Use of Bain Study
Disclaimer – Use of Bain Study • This work has been based on secondary market research, analysis of financial information available or provided to Bain, and a range of interviews with customers, competitors and industry experts. Bain has not independently verified this information and makes no repre
Slide 41: Bain & Company
Slide 42: Q&A
Q&A 50 19/05/26 Bertrandt AG | Capital Market Day
Slide 43: Market and customer
Michael Lücke customer Market and 51 19/05/26 Bertrandt AG | Capital Market Day
Slide 44: Global economic environment
Global economic environment Bertrandt AG | Capital Market Day 2026: High global Geopolitical tensions and High energy costs and economic uncertainties trade conflicts unstable global supply chains 19/05/26 GDP development declines almost universally globally 52
Slide 45: Changing automotive market
Changing automotive market 53 19/05/26 Bertrandt AG | Capital Market Day
Slide 46: Market and customer – Automotive: decline in profits at OEMs
Market and customer – Automotive General market development – decline in profits at OEMs & system suppliers Strategic Refocus Gains Momentum as Automotive Germany’s Automotive Industry Faces Structural Transformation Strains Margins Stress as Transformation Costs Rise Up to €30 Billion – The Potenti
Slide 47: Market and customer – Automotive: ongoing job cuts in Germany
Market and customer - Automotive General market development – Ongoing job cuts in Germany Germany’s Automotive Industry Shrinks From Growth Engine to Restructuring Jobs at Risk: Why Germany’s Car as Revenue and Employment Fall Case: Germany’s Auto Industry in Decline Industry Has Become a Political
Slide 48: Automotive framework conditions
Automotive framework conditions − Global sales volume of the mobility market cooled to approx. 2%/year − Shift from a strong EV focus to openness in powertrain technologies − High margin pressure on OEMs and system suppliers Bertrandt AG | Capital Market Day − Increasing fragmentation due to rising
Slide 49: Change drivers in the automotive ESP market
Change drivers in the automotive ESP market R&D budgets of Western OEMs stagnating or 70,000 declining − VDA expects long-term growth in R&D budgets 60,000 50,000 Shift in global footprint − Relocation to China, India, North Africa and 40,000 EUR m Eastern Europe 30,000 Bertrandt AG | Capital Market
Slide 50: Bertrandt situation
situation Bertrandt 58 19/05/26 Bertrandt AG | Capital Market Day
Slide 51: Transformation driver technology
Transformation driver technology Software Defined + + + ADAS/ Vehicle Connectivity/ Powertrain Bertrandt AG | Capital Market Day Autonomous HMI technologies Software Driving Integration Validation 19/05/26 Time to market: Shortening of the development process across all sub-areas driven by digitalis
Slide 52: Transformation drivers: Internationalisation & contract award models
Transformation drivers: Internationalisation & contract award models Decentralisation of development Bertrandt AG | Capital Market Day Expansion of global footprint: Consolidation of the ESP landscape at OEMs − New locations with customer focus: Sweden, Czech − Active consolidation Republic process
Slide 53: Strategic direction: Diversification until 2027
Strategic direction: Diversification until 2027 Aerospace / Defence Bertrandt AG | Capital Market Day Automotive Non-Automotive 75 % 25 % Industries (Transportation, Medical, Mechanical and plant engineering) 19/05/26 61
Slide 54: Diversification: Aerospace & Defence
Diversification: Aerospace & Defence − Due to high government spending in security and defence, A&D remains a multi-year growth market − Strategic target for FY 2026/27: 10–15% revenue share – fully on Bertrandt AG | Capital Market Day track − Strong development in acquiring new customers and projec
Slide 55: Diversification: Industries
Diversification: Industries − Industries: Focus on mechanical and plant engineering, medical technology, and transportation / rail Mechanical and plant − Market generally seen as stable engineering Transportation / Rail Bertrandt AG | Capital Market Day − Strategic target until 2027: 10% revenue sha
Slide 56: Strategic direction: Deployment of AI
Strategic direction: Deployment of AI Combining domain expertise with the use of AI creates added value for customers 01 Enabling: Provide AI applications to all employees to enhance productivity and collaboration in daily work (including broad rollout and expansion of the AI Stack)) 02 Specialised
Slide 57: What are we doing beyond this
What are we doing beyond this: Demand & growth potential: − Significantly higher order backlog compared to the previous year − Under stable framework conditions, this leads to higher utilisation and a stable contribution to earnings Bertrandt AG | Capital Market Day Cost optimisation programme “Fit
Slide 58: Business Performance H1 2025/2026
Business Performance Bertrandt AG | Capital Market Day H1 2025/2026 Markus Ruf 19/05/26 66
Slide 59: Review H1 2025/2026
Review H1 2025/2026 − Market environment impacted by geopolitical tensions, increasing protectionism and weak economic environment in Germany − Car OEMs recorded earnings decline in 2025; with many expecting further deteriorating profitability in 2026; profitability well below mid- to long-term ambi
Slide 60: German OEM R&D Spending
German OEM R&D Spending − (German) automotive OEMs with negative top-line growth in R&D P&L/ Q1 2026 Q1 2026 Sales Auto Cash R&D R&D P&L Auto Sales BMW 27,159 1,755 1,891 7.0% − Profitability (EBIT margins) on % yoy -7.0% -11.5% 7.3% +1.0pp the decline since 2023; mostly MB Cars 25,497 2,249 2,005 7
Slide 61: H1 2025/2026 at a glance
H1 2025/2026 at a glance Bertrandt AG | Capital Market Day Equity EUR 289m (-6% vs. 30 Sep.) Total Sales Employees EBIT Operating cashflow EUR 457m 11,744 EUR -13.1m EUR 51.8m Equity Ratio 19/05/26 -12% yoy -1,437 H1 24/25: EUR -14.4m +65% yoy -11% yoy 44.5% (+2.7pp vs. 30 Sep.) 69
Slide 62: Q2 2025/2026 at a glance
Q2 2025/2026 at a glance Bertrandt AG | Capital Market Day Total Sales EBIT EPS Free cashflow (H1) Investments (H1) EUR 223m EUR -13.4m EUR -1.62 EUR 46.6m EUR 6.1m 19/05/26 -5% qoq Q2 24/25: EUR -12.2m Q2 24/25: EUR -1.10 H1 24/25: EUR 27.6m H1 24/25: EUR 4.7m -11% yoy 70
Slide 63: Solid order book not yet reflected in capacity call-offs
Solid order book not yet reflected in capacity call-offs − Total sales down by EUR -60m (-12% yoy) in H1 25/26 2024/2025 2025/2026 ▪ Higher amount of orders on hand not yet reflected in actual customer call-offs ▪ Total sales slightly down qoq in Q2; projected upswing slower than anticipated Q4 235.
Slide 64: Heterogenous segment performance
159.350 162.569 Heterogenous segment 148.709 139.975 138.458 130.771 126.816 119.740 121.039 114.729 performance Digital Engineering Digital Engineering: − Weaker demand at Automotive business 2023/2024 2024/2025 2025/2026 reflected − Prior year Q2 / Q3 restated due to internal 69.732 68.467 67.637
Slide 65: Diversification: expansion of Aerospace/Defence business
Diversification: expansion of Aerospace/Defence business inline with group strategy H1 2025/2026 10% 9% − Automotive revenues declined because of ongoing lower call-offs 81% − Aerospace/Defence with substantial growth yoy; currently many Automotive Aerospace/Defence Other Bertrandt AG | Capital Mark
Slide 66: 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 capacity utilization Q4 3.418 Q1 0,238 Q1 -2.143 − All cost items reduced inline with sales trend; EBIT -12.236 Q2 -13.123 Q4 margin H1 Q2 Q3 at -2.9% at prior year
Slide 67: P&L KPIs: cost optimizations offset top line decline
P&L KPIs: cost optimizations offset top line decline Item (EUR m) H1 2025/2026 (% sales) H1 2024/2025 (% sales) absolute yoy Comment Ongoing weak capacity call-offs despite strong order Total sales 456.702 - 516.403 - -59.701 book; lower headcount and short-time work Increase mainly driven by assump
Slide 68: Balance sheet KPIs
Balance sheet KPIs H1 2025/2026 2024/2025 Item (EUR m) Comment (end of period) (end of period) CapEx < D&A Balance sheet total 648.186 734.261 Working Capital reduction Gross liquidity optimization Working Capital (WC) 204.933 238.896 Substantial release of working capital (trade receivables) + Work
Slide 69: Forecast for fiscal year 2025/2026
Forecast for fiscal year 2025/2026 Bertrandt AG | Capital Market Day 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, but trade disputes)
Slide 70: Summary / Outlook
Summary / Outlook − (German) automotive OEMs continue to spend on R&D; Outsourcing expected to structurally increase (again) − Incoming orders in last six months significantly up sequentially and yoy; potential for H2 total revenues to come in ahead of H1 − Bertrandt will benefit from concentration
Slide 71: Revised forecast FY 2025/2026
Revised forecast FY 2025/2026 Total EBIT Operating Bertrandt AG | Capital Market Day 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) Moderate: +/- 0-10% Signifi
Slide 72: Q&A
Q &A 80 19/05/26 Bertrandt AG | Capital Market Day
Slide 73: Alexander Merkel – Autonomous Shuttles: Motivation & Vision
Alexander Merkel Bertrandt AG | Capital Market Day Head of Department, Bertrandt AG Autonomous Shuttles – Motivation & Vision 19/05/26 81
Slide 74: Autonome Shuttles – Motivation & Vision
Autonome Shuttles Motivation & Vision Bertrandt Group | 13.05.2026 | Alexander Merkel
Slide 75: Autonome Shuttles: vom Leuchtturm zum Stillstand
Autonome Shuttles vom Leuchtturm zum Stillstand In den letzten Jahren wurden autonome Shuttle-Systeme als vielversprechende Lösung für den ÖPNV und geschlossene Einsatzgebiete betrachtet. Zahlreiche Pilotprojekte haben die technische Machbarkeit grundsätzlich bestätigt. Trotzdem ist der Markt stark
Slide 76: BumbleB – Pragmatischer Neustart für autonome Shuttles
BumbleB Pragmatischer Neustart für autonome Shuttles 10 Shuttles aus der Insolvenzmasse gerettet, ohne AD-Stack und ohne Dokumentation → Hardware ohne „Gehirn“ Technologische Basis − Einsatz eines offenen und modularen AD-Stacks (Autoware) − Fokus auf digitale Souveränität und langfristige Verfügbar
Slide 77: Unsere Vision: THE OPEN SHUTTLE Alliance
unsere Vision: THE OPEN SHUTTLE Alliance Open-Source-Prinzipien aus der Softwarewelt auf das gesamte Ökosystem übertragen! ▪ Eine schlagkräftige „Speerspitze“ zwischen Forschung, Lehre und Industrie – vereint durch eine große gemeinsame Vision. Nach dem Open-Source- und MVP-Prinzip: einfache Anwendu
Slide 78: Wir suchen Partner, Use-Cases und Möglichmacher
wir suchen Partner, Use-Cases und Möglichmacher Partner mit Vision und Mut ▪ Unternehmen, Städte oder Verkehrsbetriebe, die neue Mobilitätslösungen aktiv gestalten wollen ▪ Bereitschaft, neue Wege zu gehen und pragmatische Ansätze zu unterstützen ▪ Interesse an langfristiger Zusammenarbeit im Aufbau
Slide 79: Noch stehen wir am Anfang
Noch stehen wir am Anfang. Doch unsere Denkmuster haben wir bereits durchbrochen
Slide 80: Contact – Alexander Merkel
Alexander Merkel +49 160 96978148 Head of Department alexander.merkel@bertrandt.com Electronics & Virtual Testing Solutions LinkedIn Bertrandt AG | Capital Market Day https://www.bertrandt.com/vtesting https://www.bertrandt.com/bumbleb 19/05/26 Abonnieren Sie gerne unseren Newsletter 88
Slide 81: Capital Market Day – Save the Date
SAVE THE DATE Capital Market Day Bertrandt AG | Capital Market Day May 13, 2027 19/05/26 89
Slide 82: Bertrandt
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