Bertrandt Ag · XETR:BDT
Bertrandt — Investor Presentation (January 2025)
58 slides from Bertrandt's investor presentation, Jan 10, 2025
Slide 1: Investor Presentation Bertrandt AG
Investor Presentation Bertrandt AG Markus Ruf, Björn Voss January/February 2025
Slide 2: At A Glance
At A Glance Bertrandt AG 1 Investor Presentation | Bertrandt AG | January/February 2025
Slide 3: Bertrandt Group: Driving Engineering and Digitization
Bertrandt Group: Driving Engineering and Digitization >50 years Total revenues Non-IFRS EBIT ~14,000 >50 locations experience FY 2023/24: € 1.19bn FY 2023/24: € 18m employees globally Investor Presentation | Bertrandt AG | January/February 2025 Revenues by geography (FY 23/24) Revenues by end market
Slide 4: Bertrandt Global Footprint
Bertrandt Global Footprint Near to customer R&D hubs in Germany, France, Spain, Italy, Investor Presentation | Bertrandt AG | January/February 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 | January/February 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% * Significantly up yoy (>10%) and positive 65.8 Investor Presentation | Bertrandt AG | January
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: Employees: flexibility is key
Employees: flexibility is key Quarterly development Historic employee development Total (CAGR: +0.5%) 14.276 14.028 13.664 13.179 2.474 12.335 12.030 3.526 3.980 111 Investor Presentation | Bertrandt AG | January/February 2025 2.926 Nationalities 14.526 2.453 14.401 14.415 2.152 14.276 13.949 14.028
Slide 9: Expert Organization
Expert Organization Investor Presentation | Bertrandt AG | January/February 2025 Electronics Product Physical Industries Aerospace Engineering Software Experts Design Solutions Testing Solutions Smart Production Commercial Aviation Solutions Autonomous Mobility Simulation Solutions eMobility Defence
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 | January/February 2025 ▪ Audited GHG emission footprint ▪ Scope 1: -16% yoy (FY 2022/23) ▪ Scope 2: -9% yoy (FY 2022/23) ▪ Scope 3: +12%
Slide 11: Corporate Strategy
Corporate Strategy Corporate Strategy 10 Investor Presentation | Bertrandt AG | January/February 2025
Slide 12: Investment Highlights & Opportunities
Investment Highlights & Opportunities 11 Investor Presentation | Bertrandt AG | January/February 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 Investor Presentation | Bertrandt AG | January/February 2025 Automotive Aerospace Electrical Mechanical & Medical industry industry industry plan
Slide 14: Global and industry specific mega trends drive R&D in core markets
Global and industry specific mega trends drive R&D in Bertrandt‘s core markets Global Trends Industry Specific Trends Investor Presentation | Bertrandt AG | January/February 2025 ▪ eMobility ▪ Cyber Security ▪ aMobility ▪ Shared mobility Growing need ▪ Connected systems ▪ Regulation ▪ Over-the-air u
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 Investor Presentation | Bertrandt AG | January/February 2025 100 11.1 10 10.9 R&D for E/E & SW +7.0% CAGR (20-30e
Slide 16: Global automotive R&D investments by country
Global automotive R&D investments by country 60 +15% 52 ▪ German automotive industry spent the most on 50 45 R&D globally +9% +13% Investor Presentation | Bertrandt AG | January/February 2025 40 34 34 ▪ Premium approach and transformation as in EUR bn 31 30 30 +25% +11% major drivers for R&D 22 21 1
Slide 17: R&D investments steadily growing and resilient
R&D investments steadily growing and resilient ▪ OEM R&D budgets driven by megatrends: R&D expenditures ▪ Digitization 45000 ▪ Sustainable & Autonomous mobility 40000 ▪ Connectivity Investor Presentation | Bertrandt AG | January/February 2025 ▪ Innovations 35000 30000 ▪ Total R&D investments by Germ
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 | January/February 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 Investor Presentation | Bertrandt AG | January/February 2025 Even in t
Slide 21: AI@Bertrandt: Goals
AI@Bertrandt: Goals Investor Presentation | Bertrandt AG | January/February 2025 Increase in Process Innovation productivy efficiency 20
Slide 22: AI@Bertrandt: Use cases
AI@Bertrandt: Use cases (not conclusive) Investor Presentation | Bertrandt AG | January/February 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 drivi
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 | January/February 2025 − Bertrandt AI solution : “Automated data classification and categorization“ The automation software
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 | January/February 2025 − Bertrandt AI solution: “Deep learning prozess for autonomous driving“ Coverage of the entire dee
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 | January/February 2025 Bertrandt uses “Azure A
Slide 26: Quote on artificial intelligence
“Artificial intelligence will not replace Investor Presentation | Bertrandt AG | January/February 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 | January/February 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 | January/February 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 | January/February 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 | January/February 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 ▪
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 | January/February 2025 ▪ Increased demand for quality management, regulatory affairs, risk management, equipment qualif
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 Investor Presentation | Bertrandt AG | January/February 2025 Strategic Reasonable Cultu
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 | January/February 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
Slide 34: Diversification: production-related consulting and services
Diversification: production-related consulting and services Investor Presentation | Bertrandt AG | January/February 2025 Profit and liquidity optimization, increased Sustainability, automation, digitalization, Optimization of value creation, quality productivity, transparency resilience improvement,
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% Investor Presentation | Bertrandt AG | January/February 2025 41% 41% 41% 40% 39% 39% 40% 40% 2.00 40% 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%
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 Investor Presentation | Bertrandt AG | January/February 2025 +6.5% − Mega trends CAGR 2020-2030
Slide 37: FY 2023/2024
FY 2023/2024 36 Investor Presentation | Bertrandt AG | January/February 2025
Slide 38: 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, … Annual Report Conferences | Bertrandt AG I December 12, 2024 − favorable market environment for R&D − successful re-organization, internationaliza
Slide 39: 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 Annual Report Conferences | Bertrandt AG I December 12, 2024 − Strong growth abroad: sales +40% yoy to EUR 281m − Sales share outside of Germany at 24% (2022/2023
Slide 40: FY 2023/2024 at a glance
FY 2023/2024 at a glance Annual Report Conferences | Bertrandt AG I December 12, 2024 Total Sales Employees EBIT Free cashflow Equity EUR 1.187bn 14,028 EUR -98m EUR 55m EUR 364m 12.12.2024 +3% yoy -2% yoy (Non-IFRS: EUR +18m) +667% yoy Ratio: 41.4% 39
Slide 41: 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 Annual Report Conferences | Bertrandt AG I December 12, 2024 − Abroad: +39.8% yoy Q4 265.329 299.184 − Reduced capacity demand caused top-line
Slide 42: 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 Annual Report Conferences | Bertrandt AG I December 12, 2024 call-offs in Germany +11.5% yoy 500.000 433.652 Physical Engineering: 400.
Slide 43: 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 Annual Report Conferences | Bertrandt AG I December 12, 2024 5.7% 6% − Other (-14.5m) 41.664 40.000 4.1% 4.3% 4% 20.040 20.000 15.1
Slide 44: 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 Annual Report Conferences | Bertrandt AG I December 12, 2024 -56.247 -60.877 -51.149 -91.351 Impairment -100.541 -875.058 -50.062 -839.677 R
Slide 45: Earnings performance
Earnings performance EBT Profit after taxes EPS (in EUR m) (in EUR m) (in EUR) 40.099 30.444 Annual Report Conferences | Bertrandt AG I December 12, 2024 3.01 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023 2023/2024 -7.64 12.12.2024 -109.821 -77.172 44
Slide 46: Summary: Group P&L KPIs
Summary: Group P&L KPIs Item (EUR m) 2023/2024 (% sales) 2022/2023 (% sales) Comment Annual Report Conferences | Bertrandt AG I December 12, 2024 +2.5% yoy; very dynamic international growth, slow-down in Total sales 1,187 - 1,157 - Germany Material expenses -154.201 13.0% -132.194 11.4% Project-rel
Slide 47: Transformation into asset-light business model
Transformation into asset-light business model − Investment focus: IT, maintenance − CapEx further reduced to lower end of Annual Report Conferences | Bertrandt AG I December 12, 2024 forecast and significantly below regular 65.219 D&A 51.638 − Additional cash outflow for M&A activities 38.299 31.02
Slide 48: 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 % Annual Report Conferences | Bertrandt AG I December 12, 2024 454.627 76.884 41.4% 38.459 363.738 7.107 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023
Slide 49: Balance sheet KPIs
Balance sheet KPIs 2023/2024 2022/2023 Item (EUR m) Comment (end of period) (end of period) Annual Report Conferences | Bertrandt AG I December 12, 2024 Balance sheet total 879.538 956.120 Impairment, D&A vs CapEx, WC improvement Working Capital (WC) 310.250 349.167 Release of working capital (contr
Slide 50: Group Forecast
Markus Ruf Group Forecast 49 Investor Presentation | Bertrandt AG | January/February 2025
Slide 51: Forecast for FY 2024/2025
Forecast for FY 2024/2025 Investor Presentation | Bertrandt AG | January/February 2025 Economic and Ongoing and Normalization in External factors (e.g. Regulatory political accelerated transfer capacity call-offs geopolitical requirements, environment of R&D into expected from H2 tensions, trade com
Slide 52: Fit For Future: earnings optimization programm
Fit For Future: earnings optimization programm implemented to compensate for market impact Portfolio measures Investor Presentation | Bertrandt AG | January/February 2025 − Target utilization for Benefit machinery/equipment Restructuring Restructuring costs costs − Evaluation of BUs based Double-dig
Slide 53: Forecast FY 2024/2025 and ambition for FY 2025/2026
Forecast FY 2024/2025 and ambition for FY 2025/2026 Annual Report Conferences | Bertrandt AG I December 12, 2024 Total EBIT Operating EBIT Revenues FY 24/25 Cashflow FY 25/26 Significantly up yoy to Significantly down yoy, Margin: 6-9% based on Moderately down yoy positive value but positive EUR 70-
Slide 54: Summary and outlook
Summary and outlook − Changing market dynamics resulted in weaker call-offs and underutilization in Germany − Strong growth abroad Investor Presentation | Bertrandt AG | January/February 2025 − EBIT impacted by underutilization and special items − F3 earnings improvement program implemented yielding
Slide 55: Financial calendar
Financial calendar 13 February 2025 Q1 2024/2025 19 February 2025 AGM Investor Presentation | Bertrandt AG | January/February 2025 15 May 2025 Q2 2024/2025, CMD 04 August 2025 Q3 2024/2025 18 December 2024 FY 2024/2025 Investor, Analyst & Press conferences FY 2023/2024 Annual Report incl. ESG report
Slide 56: Thank you very much
Thank you very much 55 Investor Presentation | Bertrandt AG | January/February 2025
Slide 57: Contact details
Contact details Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany Investor Presentation | Bertrandt AG | January/February 2025 Markus Ruf Member of the Board, Finance +49 7034 656 13076 Björn Voss Head of Group Investor Relations and M&A bjoern.voss@bertrandt.com www.bertrandt.com 56
Slide 58: 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