Bertrandt Ag · XETR:BDT
Bertrandt — Investor Presentation (September 2025)
70 slides from Bertrandt's investor presentation, Sep 1, 2025
Slide 1: Investor Presentation Bertrandt AG
Investor Presentation Bertrandt AG Markus Ruf, Björn Voss Aug/Sep/Oct 2025
Slide 2: At A Glance
At A Glance Bertrandt AG 1 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 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 | Aug/Sep/Oct 2025 Revenu
Slide 4: Bertrandt Global Footprint
Bertrandt Global Footprint Near to customer R&D hubs in Germany, France, Spain, Italy, China, and the US. Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 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 992 992 935 917 871 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 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 | Aug/Sep/Oct 2025 1.060 decline 1
Slide 7: Customer centric organization across 5 end-market divisions
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 14.276 14.028 13.664 1.200 France GE: -1.717 13.179 RoW: -26 2.474 12.335 12.030 3.526 3.980 1.000 Romania 1.000 Spain 111 14.526 2.926 400 USA Nationalities 2.453 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 202
Slide 9: Expert Organization
Expert Organization Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 Electronics Product Physical Industries Aerospace & Engineering Defence Software Experts Design Solutions Testing Solutions Smart Production Commercial Aviation Solutions Autonomous Mobility Simulation Solutions eMobility De
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 | Aug/Sep/Oct 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 | Aug/Sep/Oct 2025
Slide 12: Investment Highlights & Opportunities
Investment Highlights & Opportunities 11 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 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 | Aug/Sep/Oct 2025 industry Defence industry plant eng
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 ▪ eMobility ▪ Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 Cyber Security ▪ aMobility ▪ Shared mobility Growing need ▪ Connected systems ▪ Regulation ▪ Over-the-air update
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 10.9 R&D for E/E & SW +7.0% Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 CAGR (20-30e) 50
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 in EUR bn Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 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 2
Slide 17: R&D investments
R&D investments ▪ OEM R&D budgets driven by megatrends: ▪ Digitization 70.000 ▪ Sustainable & Autonomous mobility 64.000 ▪ Connectivity 56.000 60.000 ▪ Innovations Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 50.000 50.000 ▪ More than EUR 64bn R&D investments p.a. 40.000 EUR bn 30.000 ▪ R
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 | Aug/Sep/Oct 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 24.2 Investor Presentation | Bertrandt AG | Aug/Sep/
Slide 21: AI@Bertrandt: Goals
AI@Bertrandt: Goals Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 Increase in Process Innovation productivy efficiency 20
Slide 22: AI@Bertrandt: Use cases
AI@Bertrandt: Use cases (not conclusive) Investor Presentation | Bertrandt AG | Aug/Sep/Oct 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 pr
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 | Aug/Sep/Oct 2025 − Bertrandt AI solution : “Automated data classification and categorization“ The automation software is u
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 − Bertrandt AI solution: “Deep learning prozess for autonomous Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 driving“ Coverage of the entire deep lea
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“ Bertrandt uses “Azure AI Document Intelligence“ (and others) Investor Presentation |
Slide 26: Artificial intelligence will not replace you
“Artificial intelligence will not replace Investor Presentation | Bertrandt AG | Aug/Sep/Oct 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 | Aug/Sep/Oct 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 | Aug/Sep/Oct 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 | Aug/Sep/Oct 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 | Aug/Sep/Oct 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 c
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 | Aug/Sep/Oct 2025 ▪ Increased demand for quality management, regulatory affairs, risk management, equipment qualificati
Slide 32: M&A is an integral part of the Group's strategy
M&A is an integral part of the Group's strategy, demonstrated by its track record M&A is part of Group strategy Selection criteria and recent transactions ▪ Broaden technical and engineering skills Strategic Reasonable Cultural Selective Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 ▪ Deep
Slide 33: Diversification: production-related consulting and services
Diversification: production-related consulting and services Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 Profit and liquidity optimization, increased Sustainability, automation, digitalization, Optimization of value creation, quality productivity, transparency resilience improvement, proc
Slide 34: 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% 39% 39% 40% 40% 2.00 40% Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 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 35: 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 | Aug/Sep/Oct 2025 CAGR 2020-2030 − Co
Slide 36: Group Forecast FY 2024/2025
Group Forecast FY 2024/2025 35 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025
Slide 37: RFQ volume: decisions pending
RFQ volume: decisions pending − Open RFQs at record level at EUR ~4bn 30/06/2024-30/06/2025 4.1 7.9 − Many project decisions still pending Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 RFQ open RFQ − German automotive sector R&D expected to increase from EUR 56bn p.a. (period 2024-2028) to
Slide 38: Forecast for fiscal year 2024/2025
Forecast for fiscal year 2024/2025 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 Weak economic Ongoing and Capacity call-offs Q4 with more working Regulatory environment accelerated transfer still sluggish and days and additional F3+ requirements, burdening in Germany of R&D into volatile,
Slide 39: 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 | Aug/Sep/Oct 2025 Benefit machinery/equipment Restructuring Restructuring costs costs − Evaluation of BUs based Double-digit mi
Slide 40: 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 | Aug/Sep/Oct 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 un
Slide 41: Backup 9m 2024/2025
Backup 9m 2024/2025 40 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025
Slide 42: Market environment
Market environment − Environment impacted by trade disputes, geopolitical tensions, and weak economic conditions in Germany − Tariffs, slowing unit sales, customer-specific challenges led to negative sentiment in the German automotive industry (ifo), profit warnings, cost saving initiatives Investor
Slide 43: Automotive market: Project postponements (example)
Automotive market: Project postponements (example) 42 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025
Slide 44: 9m 2024/2025 at a glance
9m 2024/2025 at a glance Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 Total Sales Employees EBIT Free cashflow Equity EUR 742m 12,672 EUR -39m EUR +17m EUR 316m -19% yoy -1.743 9m 23/24: EUR 15m 9m 23/24: +26m Ratio: 41.5% (-12% yoy) 9m 22/23: -14m 43
Slide 45: Q3 2024/2025 at a glance
Q3 2024/2025 at a glance Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 Total Sales EBIT EPS Free cashflow CapEx EUR 226m EUR -25m EUR -2.87 EUR -11m EUR 2.6m -10% qoq Q3 23/24: EUR -7m Q3 23/24: EUR -0.68 Q3 23/24: EUR -17m Q3 23/24: EUR 4.4m -23% yoy 44
Slide 46: Total sales impacted by lower capacity call-offs
Total sales impacted by lower capacity call-offs Q3 revenues down EUR -69m (-23% yoy) ▪ High prior year base, capacity reduction, short-time work, 2023/2024 2024/2025 external services (EUR -16m), underutilization, working days (qoq) Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 ▪ Germany:
Slide 47: Diversification: expansion of Aerospace/Defence business
Diversification: expansion of Aerospace/Defence business in line with group strategy − Automotive revenues declined because of ongoing lower call-offs − New order wins at Aerospace/Defence Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 − Strategic target of 20-25% sales outside of Automotiv
Slide 48: EBIT development
EBIT development − Reduced capacity demand led to uneven and unfavorable capacity utilization 2023/2024 2024/2025 − All cost items reduced inline with sales trend, except for personnel expenses due to costs linked to short-time work 8.503 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 13.45
Slide 49: Update F3 program and test centers
Update F3 program and test centers: mounting benefits Topic Status Comment ▪ Compensation scheme F3 and closure negotiated Redundancy ▪ Voluntary program program Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 concluded F3 ▪ >200 single measures Infrastructure & ▪ Site closures structural co
Slide 50: P&L KPIs: cost optimizations partially offset top line decline
P&L KPIs: cost optimizations partially offset top line decline Item 9m 9m (% sales) (% sales) Comment (EUR m) 2024/2025 2023/2024 Ongoing weak capacity call-offs in Germany and abroad. Reduced Total sales 741.983 - 921.555 - Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 headcount and short
Slide 51: Balance sheet KPIs
Balance sheet KPIs 9m 2024/2025 2023/2024 Item (EUR m) Comment (end of period) (end of period) Balance sheet total 762.584 879.538 D&A vs CapEx, WC improvement Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 Working Capital (WC) 234.353 304.103 Release of working capital (trade receivables)
Slide 52: Backup FY 2023/2024
Backup FY 2023/2024 51 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025
Slide 53: 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 | Aug/Sep/Oct 2025 − successful re-organization, internationalization
Slide 54: 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 − Strong growth abroad: sales +40% yoy to EUR 281m Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 − Sales share outside of Germany at 24% (2022/2023: 17%
Slide 55: FY 2023/2024 at a glance
FY 2023/2024 at a glance Investor Presentation | Bertrandt AG | Aug/Sep/Oct 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% 54
Slide 56: 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 Q4 265.329 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 299.184 − Reduced capacity demand caused top-line slow
Slide 57: 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 | Aug/Sep/Oct 2025 500.000 433.652 Physical Engineering: 400.000 +
Slide 58: 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 5.7% 6% Other (-14.5m) 41.664 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 40.000 4.1% 4.3% 4% 20.040 20.000 15.161 2.4% 2% Re
Slide 59: 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 | Aug/Sep/Oct 2025 -56.247 -60.877 -51.149 -91.351 Impairment -100.541 -875.058 -50.062 -839.677 Restru
Slide 60: 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 | Aug/Sep/Oct 2025 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023 2023/2024 -7.64 -109.821 -77.172 59
Slide 61: 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 | Aug/Sep/Oct 2025 Germany Material expenses -154.201 13.0% -132.194 11.4% Project-related
Slide 62: 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 65.219 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 D&A 51.638 Additional cash outflow for M&A activities 38.299 Gross financial
Slide 63: 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 | Aug/Sep/Oct 2025 76.884 41.4% 38.459 363.738 7.107 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023 2023/
Slide 64: 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 | Aug/Sep/Oct 2025 Working Capital (WC) 310.250 349.167 Release of working capital (contract a
Slide 65: Thank you very much
Thank you very much 64 Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025
Slide 66: Financial calendar and download links
Financial calendar and download links 13 February 2025 Q1 2024/2025 19 February 2025 AGM (Sindelfingen) Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 15 May 2025 Q2 2024/2025, Capital Market Day (Ehningen) - Presentation 04 August 2025 Q3 2024/2025 18 December 2025 FY 2024/2025, Investor,
Slide 67: Markus Ruf, Björn Voss contact details
Markus Ruf Member of the Board, Finance Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany Investor Presentation | Bertrandt AG | Aug/Sep/Oct 2025 +49 7034 656 13076 Björn Voss Vice President Investor Relations and M&A bjoern.voss@bertrandt.com www.bertrandt.com 66
Slide 68: 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
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