Bertrandt Ag · XETR:BDT
Bertrandt — FY2024/2025 Earnings Presentation
41 slides from Bertrandt's earnings presentation, Dec 18, 2025
Slide 1: Welcome to the annual report conferences
Welcome to the annual report conferences Please mute your microphone and leave your camera off during the event. Thank you! This conference will be recorded.
Slide 2: Agenda
Agenda 1. Market and customer review 2. Fiscal year 2024/2025 Annual Report Conferences | Bertrandt AG I December 2025 3. Market outlook 4. Group forecast 5. Q&A 18.12.2025 2
Slide 3: Market and customer review
Michael Lücke review customer Market and 3 18.12.2025 Annual Report Conferences | Bertrandt AG I December 2025
Slide 4: Overall view
Overall view Annual Report Conferences | Bertrandt AG I December 2025 Market impacted by Trade dispute was Internationally geopolitical conflicts, a key factor influencing heterogeneous global trade disputes, market trends development and political uncertainties 18.12.2025 4
Slide 5: Review automotive industry
Review automotive industry − Global automotive uncertainties, trade disputes, and customer-specific challenges Annual Report Conferences | Bertrandt AG I December 2025 − Profit warnings and short-term cost-cutting programs led to project delays, and relocation of R&D work − Expected recovery of proj
Slide 6: Review other industries
Review other industries Annual Report Conferences | Bertrandt AG I December 2025 Aerospace Electrical industry Medical technology Transportation − Growth in civil and − Decline in domestic order − Despite economic − Infrastructure is outdated non-civil industries intake stronger than challenges, sli
Slide 7: Impact on Bertrandt
Impact on Bertrandt − Geopolitical tensions and trade disputes caused changes and delays in customer product and project decisions − Customer revenue and EBIT decline negatively impacted R&D budgets Annual Report Conferences | Bertrandt AG I December 2025 − Personnel adjustments on customer side and
Slide 8: Fiscal year 2024/2025
Markus Ruf, Björn Voss Fiscal year 2024/2025 8 18.12.2025 Annual Report Conferences | Bertrandt AG I December 2025
Slide 9: Key points FY 2024/2025
Key points FY 2024/2025 − Total sales -18% yoy to EUR 978m − Most international subsidiaries stable except of France Annual Report Conferences | Bertrandt AG I December 2025 − Sales share outside of Germany at 24% (stable yoy) − Headcount aligned to market demand: 12,185 (-1,843 yoy) − Earnings impr
Slide 10: FY 2024/2025 at a glance
FY 2024/2025 at a glance Annual Report Conferences | Bertrandt AG I December 2025 Total Sales Employees EBIT Free cashflow Equity ratio EUR 978m 12,185 EUR -36m EUR 18m Ratio: 41.8% 18.12.2025 (-18% yoy) (-13% yoy) (Non-IFRS: EUR -2.4m) (2023/24: EUR 55m) (2023/24: 41.4%) 10
Slide 11: Customer-specific impact
Customer-specific impact 2023/2024 2024/2025 − Total sales down by EUR -209m (-17.6% yoy) EUR 1,187m − Germany: -18% yoy EUR -209m EUR 978m − International: -16% yoy (predominantly in France -17.6% Annual Report Conferences | Bertrandt AG I December 2025 because of reduced external services, other c
Slide 12: Diversification: expansion of Aerospace/Defence business
Diversification: expansion of Aerospace/Defence business in line with group strategy − Automotive revenues declined because of project delays − Landmark order wins within Defence Annual Report Conferences | Bertrandt AG I December 2025 − Civil Aerospace business could benefit from new aircraft devel
Slide 13: Heterogenous segment performance
Heterogenous segment performance Digital Engineering: Delayed and relocated R&D projects -15.5% yoy 610.603 Annual Report Conferences | Bertrandt AG I December 2025 -9.5% yoy Physical Engineering: 515.785 Capacity utilization, de-consolidation 433.652 (FS), eMobility weakness -21.1% yoy 392.568 264.
Slide 14: EBIT impacted by special items and capacity utilization
EBIT impacted by special items and capacity utilization Special items of EUR -33.1m (2024/2025): − Restructuring charges (EUR -15.6m) 2019/2020 2020/2021 2021/2023 2022/2023 2023/2024 2024/2025 − Portfolio measures (EUR -10.7m) 60.000 50.080 6% − No-poach fine (EUR -3.6m; appealed) 41.664 Annual Rep
Slide 15: Key expense ratios
Key expense ratios Personnel expenses (EUR m) D&A (EUR m) Other operating expenses (EUR m) 2023/2024 2024/2025 2023/2024 2024/2025 2023/2024 2024/2025 Annual Report Conferences | Bertrandt AG I December 2025 -60.877 -54.181 -85.083 -51.149 -758.465 Impairment -99.510 -875.058 -15.580 -774.045 Restru
Slide 16: Earnings development
Earnings development EBT (EUR m) Profit after taxes (EUR m) EPS (EUR) Annual Report Conferences | Bertrandt AG I December 2025 2023/2024 2024/2025 2023/2024 2024/2025 2023/2024 2024/2025 -47.371 -53.814 -5.32 -77.172 -7.64 18.12.2025 -109.821 Valuation of deferred tax assets 16
Slide 17: Summary: Group P&L KPIs – all cost items down
Summary: Group P&L KPIs – all cost items down Item (EUR m) 2024/2025 (% sales) 2023/2024 (% sales) Comment Capacity utilization, project-related decline of external capacity Annual Report Conferences | Bertrandt AG I December 2025 Total sales 977.936 - 1,187.9 - sourcing (predominantly in France) Ma
Slide 18: Transformation into asset-light business model and cost savings
Transformation into asset-light business model and cost savings − Investment focus: IT, software, maintenance 51.638 − CapEx further reduced and significantly Annual Report Conferences | Bertrandt AG I December 2025 below regular D&A 38.299 − No cash outflow for M&A activities in FY 2024/2025 (2023/
Slide 19: Cashflow positive despite weaker operations
Cashflow positive despite weaker operations Cashflow from operating activities Free cashflow Equity, equity ratio (EUR m) (EUR m) (EUR m, %) 363.738 307.069 Annual Report Conferences | Bertrandt AG I December 2025 76.884 41.8% 54.524 41.4 % 25.660 18.125 2023/2024 2024/2025 2023/2024 2024/2025 2023/
Slide 20: Balance sheet KPIs
Balance sheet KPIs 2024/2025 2023/2024 Item (EUR m) Comment (end of period) (end of period) Balance sheet total 734.261 879.538 D&A vs CapEx, WC improvement Annual Report Conferences | Bertrandt AG I December 2025 Working Capital (WC) 238.896 304.103 WC management, lower revenues Cash-out for restru
Slide 21: Dividend policy
Dividend policy*** 3.00 58% 60% 2.45 2.50 2.50 2.50 2.40 50% 2.20 43% 41% 41% 41% 40% 39% 39% 40% 40% 2.00 40% Annual Report Conferences | Bertrandt AG I December 2025 2.00 Neg. EAT 40% Payout ratio 1.60 1.50 30% 1.20 1.00 0.85 20% 0.50 0.27 10% 2.9% 3.9% 0.25 2.7% 1.2% 2.4% 2.4% 2.6% 2.6% 2.5% 0.15
Slide 22: Fit For Future: accomplished – Measures expanded
Fit For Future: accomplished – Measures expanded Additional measures include: − One hierarchy level ceased − Merger of German subsidiaries − Temp. salary waiver (C-level, Senior Executives) − Capacity adjustments admin & operation (GE, F) Portfolio measures − Annual Report Conferences | Bertrandt AG
Slide 23: Fit For Future: mounting benefits – Measures expanded
Fit For Future: mounting benefits – Measures expanded Topic Status Comment − Compensation scheme F3 and closure negotiated Redundancy − Annual Report Conferences | Bertrandt AG I December 2025 Voluntary program program concluded F3 − >200 single measures Infrastructure & − Site closures structural c
Slide 24: Headcount 2024/2025: flexibility necessary
Headcount 2024/2025: flexibility necessary Quarterly development Historic employee development 14,276 14,028 13,664 GE: -2,396 13,179 Int.: -55 12,335 12,030 12,185 4% 2,474 3,526 Voluntary Annual Report Conferences | Bertrandt AG I December 2025 3,980 14,526 2,926 fluctuation ratio 14,401 14,415 2,
Slide 25: Market outlook
Michael Lücke Market outlook 25 18.12.2025 Annual Report Conferences | Bertrandt AG I December 2025
Slide 26: Global car market expected to grow in 2026
Global car market expected to grow in 2026 Europe’s global market share is declining 81,3 81,7 +4 % 0% Annual Report Conferences | Bertrandt AG I December 2025 18.12.2025 Source: VDA 26
Slide 27: Global sales volume
Global sales volume China rising, USA and Europa rightward trend Annual Report Conferences | Bertrandt AG I December 2025 1-11 2025 1-11 2025 1-11 2025 +7 % +3 % +2 % 24.3 24.6 . . . . . . . . . . 18.12.2025 +6 % +1 % +5 % -4 % +2 % +2 % Source: VDA 27
Slide 28: R&D investments of German OEMs globally
R&D investments of German OEMs globally Growing investments fueled by regulation, competition, innovation 320bn, 64bn p.a. Annual Report Conferences | Bertrandt AG I December 2025 280bn, 56bn p.a. 200bn, 50bn p.a. 2023 2024 2025 2026 2027 2028 2029 18.12.2025 Source: VDA (R&D Outlook 2023, 2024, 202
Slide 29: Outlook: Automotive
Outlook: Automotive − Political changes continue to influence market development − Customer R&D budgets remain high − Customers expand portfolios with broader model Annual Report Conferences | Bertrandt AG I December 2025 diversity (EV, Hybrid, Range Extender, ICE) − Positive impact on call-offs and
Slide 30: Outlook: Defence & Space
Outlook: Defence & Space Annual Report Conferences | Bertrandt AG I December 2025 Growing customer base, Double-digit Enlarge European Customer transformation strong focus on Europe, growth rates expected footprint 18.12.2025 accelerates outsourcing especially Germany Source: BDLI 30
Slide 31: Outlook Aerospace: Civil aviation
Outlook Aerospace: Civil aviation Annual Report Conferences | Bertrandt AG I December 2025 Strengthen key customer position Preparation for the development of a new aircraft Strong focus on Engineering and expand global 18.12.2025 footprint Source: BDLI 31
Slide 32: Deep-dive diversification
Deep-dive diversification Annual Report Conferences | Bertrandt AG I December 2025 Automotive Aerospace Other industries − Market entry Sweden − Broad range of services enables rapid − Strengthening partnerships in other − Local opportunities in both scaling industries Automotive and Non-Automotive
Slide 33: Internationalization/Global Delivery & Digitalization/AI
Internationalization/Global Delivery & Digitalization/AI Internationalization / Global Delivery Digitalization / AI Annual Report Conferences | Bertrandt AG I December 2025 − Scale existing platforms in Romania and Morocco, − Driving Productivity & Innovation: Boost efficiency, partnership India acc
Slide 34: Group Forecast
Markus Ruf Group Forecast 35 18.12.2025 Annual Report Conferences | Bertrandt AG I December 2025
Slide 35: Forecast for fiscal year 2025/2026
Forecast for fiscal year 2025/2026 Annual Report Conferences | Bertrandt AG I December 2025 Economic and Ongoing and Normalization in Customers announced Regulatory (geo)-political accelerated transfer capacity call-offs many new models requirements, environment remain of R&D into expected from and
Slide 36: Forecast FY 2025/2026
Forecast FY 2025/2026 Investor Presentation | Bertrandt AG | Jan/Feb 2026 Total EBIT Operating Margin Revenues Significantly up yoy Cashflow Ambition* to positive value Moderately up yoy Significantly up yoy 6-9% in a (FY 2024/2025: (FY 2024/2025: (FY 2024/2025: normalized EUR -36m) EUR 978m) EUR 26
Slide 37: Summary
Summary − Market development weaker than originally assumed, partially because of trade dispute which delayed product/project decisions Annual Report Conferences | Bertrandt AG I December 2025 − Fit For Future program accomplished and additional measures implemented − Successful diversification and
Slide 38: Q&A
Markus Ruf, Michael Lücke, Björn Voss Q&A 39 18.12.2025 Annual Report Conferences | Bertrandt AG I December 2025
Slide 39: Thank you very much for your participation!
Annual Report Conferences | Bertrandt AG I December 2025 Thank you very much for your participation! 18.12.2025 Do you have any questions? Please contact: bjoern.voss@bertrandt.com 40
Slide 40: 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 41: bertranct
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