Bertrandt Ag · XETR:BDT
Bertrandt — H1 2025/2026 Earnings Presentation
19 slides from Bertrandt's earnings presentation, May 13, 2026
Slide 1: Welcome to the H1 2025/2026 Analyst & Investor Conference
Welcome to the H1 2025/2026 Analyst & Investor Conference Markus Ruf, Marc-René Tonn| May 2026
Slide 2: 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 3: German OEM R&D Spending
German OEM R&D Spending − (German) automotive OEMs with negative top-line growth in Q1 2026 R&D P&L/ Q1 2026 Sales Auto Cash R&D R&D P&L Auto Sales − Profitability (EBIT margins) on BMW 27,159 1,755 1,891 7.0% the decline since 2023; mostly % yoy -7.0% -11.5% 7.3% +1.0pp further deterioration expect
Slide 4: H1 2025/2026 at a glance
H1 2025/2026 at a glance Bertrandt AG I Analyst and Investor Call H1 2025/2026 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 13/05/2026 -12% yoy -1,437 H1 24/25: EUR -14.4m +65% yoy -11% yoy 44.5% (+2.7pp vs. 30 Sep.
Slide 5: Q2 2025/2026 at a glance
Q2 2025/2026 at a glance Bertrandt AG I Analyst and Investor Call H1 2025/2026 Total Sales EBIT EPS Free cashflow (H1) Investments (H1) EUR 223m EUR -13.4m EUR -1.62 EUR 46.6m EUR 6.1m 13/05/2026 -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 5
Slide 6: 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 Bertran
Slide 7: 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 8: Diversification: expansion of Aerospace/Defence business inline with group strategy
Diversification: expansion of Aerospace/Defence business inline with group strategy H1 2025/2026 10% 9% − Automotive revenues declined because of ongoing lower call-offs Bertrandt AG I Analyst and Investor Call H1 2025/2026 81% − Aerospace/Defence with substantial growth yoy; currently many Automoti
Slide 9: 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 Q4 3,418 Q1 0.238 capacity utilization Q1 -2,143 -12,236 -13,123 Q2 Q4 Q2 Q3 Bertrandt AG I Analyst and Investor Call H1 2025/2026 − All cost items reduced inline w
Slide 10: 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 11: 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) Bertra
Slide 12: Forecast for fiscal year 2025/2026
Forecast for fiscal year 2025/2026 Bertrandt AG I Analyst and Investor Call H1 2025/2026 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,
Slide 13: 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 14: Revised forecast FY 2025/2026
Revised forecast FY 2025/2026 Bertrandt AG I Analyst and Investor Call H1 2025/2026 Total EBIT Operating 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) Moderat
Slide 15: Q&A
Q&A Markus Ruf, Marc-René Tonn 15 13/05/2026 Bertrandt AG I Analyst and Investor Call H1 2025/2026
Slide 16: Thank you very much for your participation
Bertrandt AG I Analyst and Investor Call H1 2025/2026 Thank you very much for your participation 13/05/2026 Do you have any questions? 16 Please contact: marc-rene.tonn@bertrandt.com
Slide 17: Financial calendar and download links
Financial calendar and download links 18 December 2025 FY 2024/2025, Investor, Analyst & Press conferences 12 February 2026 Q1 2025/2026 18 February 2026 AGM (Sindelfingen) Bertrandt AG I Analyst and Investor Call H1 2025/2026 13 May 2026 Q2 2025/2026, Capital Market Day (Ehningen) 03 August 2026 Q3
Slide 18: Contact details
Markus Ruf Member of the Board, Finance Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany Bertrandt AG I Analyst and Investor Call H1 2025/2026 +49 151 12664845 Marc-René Tonn Head of Group marc-rene.tonn@bertrandt.com Investor Relations and M&A www.bertrandt.com 13/05/2026 18
Slide 19: 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