Bertrandt Ag · XETR:BDT
Bertrandt — Investor Presentation (January 2026)
61 slides from Bertrandt's investor presentation, Jan 12, 2026
Slide 1: Investor Presentation Bertrandt AG
Investor Presentation Bertrandt AG Markus Ruf, Björn Voss Jan/Feb 2026
Slide 2: At A Glance
At A Glance Bertrandt AG 1 Investor Presentation | Bertrandt AG | Jan/Feb 2026
Slide 3: Bertrandt Group: Driving Engineering and Digitization
Bertrandt Group: Driving Engineering and Digitization Experience Total revenues Non-IFRS EBIT Equity ratio Financial Gearing Employees Locations >50 years FY 2024/25: € 978m FY 2024/25: € -2m FY 2024/25: 42% FY 2024/25: 39% ~12,000 >50 globally Revenues by geography (FY 24/25) Revenues by end market
Slide 4: Bertrandt Global Footprint
Bertrandt Global Footprint Near to customer R&D hubs in Germany, France, Spain, Sweden, Italy, China, and the US. Investor Presentation | Bertrandt AG | Jan/Feb 2026 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) 1.187 1.157 1.060 978-1.075 993 994 1.021 1.009 978 935 917 871 849 Investor Presentation | Bertrandt AG | Jan/Feb 2026 783 710 +6% CAGR 2009-2025 577 434 429 385 340 218 233 219 214 217 241 193 4
Slide 6: Overview of KPIs
Overview of KPIs Total revenues (in EUR m) EBIT (in EUR m) and margin (%) CapEx (in EUR m) and % of revenues 5.7% 1.7% 2.4% 4.1% 4.3% -8.3% -3.6% ** 6.2% 5.6% 4.5% 3.1% 2.3% 1.6% 1.0% 65.8 1.157 1.187 1.060 978-1.075 1.009 978 60.3 51.7 Investor Presentation | Bertrandt AG | Jan/Feb 2026 917 849 50.
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: Headcount: flexibility necessary
Headcount: 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 3,980 14,526 2,926 fluctuation ratio 14,401 14,415 2,152 2,453 Investor Presentation | Bertrandt AG | Jan/Feb 2026 14,27
Slide 9: Expert Organization
Expert Organization Electronics Product Physical Industries Aerospace & Investor Presentation | Bertrandt AG | Jan/Feb 2026 Engineering Defence Software Experts Design Solutions Testing Solutions Smart Production Commercial Aviation Solutions Autonomous Mobility Simulation Solutions eMobility Defenc
Slide 10: Sustainability part of Group strategy
Sustainability part of Group strategy ▪ Holistic sustainability approach with the overarching goal of CO2 neutrality by 2039 ▪ Audited GHG emission footprint (2024/2025 vs base year in 2021/2022): Investor Presentation | Bertrandt AG | Jan/Feb 2026 ▪ Scope 1: -24% ▪ Scope 2: -90% ▪ Scope 3: -25% ▪ B
Slide 11: Corporate Strategy
2027 Corporate Strategy Corporate Strategy 10 Investor Presentation | Bertrandt AG | Jan/Feb 2026
Slide 12: Investment Highlights & Opportunities
Investment Highlights & Opportunities 11 Investor Presentation | Bertrandt AG | Jan/Feb 2026
Slide 13: Conscious diversification into adjacent industries
Conscious diversification into adjacent industries around core focus on automotive End market exposure: cross sectoral mega trends support diversification Automotive Aerospace/ Electrical Mechanical & Medical industry Defence industry plant engineering technology Investor Presentation | Bertrandt AG
Slide 14: Outlook: Defence & Space
Outlook: Defence & Space Investor Presentation | Bertrandt AG | Jan/Feb 2026 Growing customer base, Double-digit Enlarge European Customer transformation strong focus on Europe, growth rates expected footprint accelerates outsourcing especially Germany Source: BDLI 13
Slide 15: Outlook Aerospace: Civil aviation
Outlook Aerospace: Civil aviation Strengthen key Investor Presentation | Bertrandt AG | Jan/Feb 2026 customer position Preparation for the development of a new aircraft Strong focus on Engineering and expand global footprint Source: BDLI 14
Slide 16: 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 ▪ Cyber Security Investor Presentation | Bertrandt AG | Jan/Feb 2026 ▪ aMobility ▪ Shared mobility Growing need ▪ Connected systems ▪ Regulation ▪ Over-the-air updates ▪
Slide 17: Automotive R&D outsourcing to grow by 6.5% CAGR
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% CAGR (20-30e) Investor Presentation | Bertrandt AG | Jan/Feb 2026 50 5 0
Slide 18: 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 40 33.6 33.6 34.1 ▪ Premium approach and transformation as Investor Presentation | Bertrandt AG | Jan/Feb 2026 31.0 30 major drivers for R&D 25.5 24.4 22.2 20.6 20 ▪
Slide 19: 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 50.000 Investor Presentation | Bertrandt AG | Jan/Feb 2026 50.000 ▪ More than EUR 64bn R&D investments p.a. 40.000 EUR bn 30.000 ▪ R&D i
Slide 20: 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. Investor Presentation | Bertrandt AG | Jan/Feb 2026 280bn, 56bn p.a. 200bn, 50bn p.a. 2023 2024 2025 2026 2027 2028 2029 Source: VDA (R&D Outlook 2023, 2024, 2025) Automobilindu
Slide 21: 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 22: Phase-in targets for new zero CO2 emission cars
Phase-in targets for new zero CO2 emission cars Investor Presentation | Bertrandt AG | Jan/Feb 2026 >70% of global car market without ICE/PHEV ban. 21 Source: ICCT, Aug. 2024
Slide 23: 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 70% 24.2 China 2020 2025 2030 30‘s > 60% of all 25.9
Slide 24: AI@Bertrandt: Goals
AI@Bertrandt: Goals Investor Presentation | Bertrandt AG | Jan/Feb 2026 Increase in Process Innovation productivy efficiency 23
Slide 25: AI@Bertrandt: Use cases
AI@Bertrandt: Use cases (not conclusive) Investor Presentation | Bertrandt AG | Jan/Feb 2026 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 proces
Slide 26: Excursus: data labelling for automated driving
Excursus: data labelling for automated driving − Challenge: “Labelling of data for deep learning applications“ Precise recognition of data − Bertrandt AI solution : “Automated data classification and Investor Presentation | Bertrandt AG | Jan/Feb 2026 categorization“ The automation software is used
Slide 27: 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 | Jan/Feb 2026 driving“ Coverage of the entire deep learnin
Slide 28: 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) for the automated analy
Slide 29: Artificial intelligence will not replace you
“Artificial intelligence will not replace Investor Presentation | Bertrandt AG | Jan/Feb 2026 you – but the one who uses AI better will replace you.“ Karim R. Lakhani, Autor 28
Slide 30: Outlook ESP: size matters
Outlook ESP: size matters Investor Presentation | Bertrandt AG | Jan/Feb 2026 Larger and more holistic R&D projects; emergence of an ESP tier-1 landscape 29
Slide 31: Outlook ESP: know-how matters
Outlook ESP: know-how matters Investor Presentation | Bertrandt AG | Jan/Feb 2026 Large ESPs with comprehensive expertise in breadth and depth along the megatrends and with AI know-how. 30
Slide 32: Outlook ESP: international set-up matters
Outlook ESP: international set-up matters Investor Presentation | Bertrandt AG | Jan/Feb 2026 Customer proximity through international presence Competitive R&D capacity 31
Slide 33: Our test centers enable clients to become more sustainable
Our test centers enable clients to become more sustainable Investor Presentation | Bertrandt AG | Jan/Feb 2026 High-voltage Battery Test Center Powertrain Solution Center* (currently idled) ▪ 24 HV channels ▪ 8 all-wheel-drive climatic and 2 height chambers ▪ 9,600 kW HV ▪ Altitude simulation up to
Slide 34: Bertrandt Medical
Bertrandt Medical ▪ Expansion of resources and service portfolio to meet special medical technology requirements ▪ Classic product development Investor Presentation | Bertrandt AG | Jan/Feb 2026 ▪ Increased demand for quality management, regulatory affairs, risk management, equipment qualification a
Slide 35: 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 ▪ Deepen and enlarge (geographical) customer footprint Selective fit pri
Slide 36: Diversification: production-related consulting and services
Diversification: production-related consulting and services Investor Presentation | Bertrandt AG | Jan/Feb 2026 Profit and liquidity optimization, increased Sustainability, automation, digitalization, Optimization of value creation, quality productivity, transparency resilience improvement, process
Slide 37: 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% 2.00 Neg. EAT 40% Payout ratio 1.60 Investor Presentation | Bertrandt AG | Jan/Feb 2026 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 2.5%
Slide 38: Bertrandt summary: reasons to invest
Bertrandt summay: 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 CAGR 2020-2030 − Competitive & Innovation pressure Investor Presenta
Slide 39: Group Forecast FY 2025/2026
Group Forecast FY 2025/2026 38 Investor Presentation | Bertrandt AG | Jan/Feb 2026
Slide 40: Forecast for fiscal year 2025/2026
Forecast for fiscal year 2025/2026 Investor Presentation | Bertrandt AG | Jan/Feb 2026 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 techn
Slide 41: Fit For Future: accomplished
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 − Target utilization for Benefit machinery
Slide 42: 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 43: Backup FY 2024/2025
Backup FY 2024/2025 42 Investor Presentation | Bertrandt AG | Jan/Feb 2026
Slide 44: Key points FY 2024/2025
Key points FY 2024/2025 − Total sales -18% yoy to EUR 978m − Most international subsidiaries stable except of France − Sales share outside of Germany at 24% (stable yoy) Investor Presentation | Bertrandt AG | Jan/Feb 2026 − Headcount aligned to market demand: 12,185 (-1,843 yoy) − Earnings improveme
Slide 45: FY 2024/2025 at a glance
FY 2024/2025 at a glance Investor Presentation | Bertrandt AG | Jan/Feb 2026 Total Sales Employees EBIT Free cashflow Equity ratio EUR 978m 12,185 EUR -36m EUR 18m Ratio: 41.8% (-18% yoy) (-13% yoy) (Non-IFRS: EUR -2.4m) (2023/24: EUR 55m) (2023/24: 41.4%) 44
Slide 46: 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% because of reduced external services, other countries 265.329 broadly stable) Investor Presentation |
Slide 47: 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 Investor Presentation | Bertrandt AG | Jan/Feb 2026 − Civil Aerospace business could benefit from new aircraft developmen
Slide 48: Heterogenous segment performance
Heterogenous segment performance Digital Engineering: Delayed and relocated R&D projects -15.5% yoy 610.603 -9.5% yoy Physical Engineering: 515.785 Investor Presentation | Bertrandt AG | Jan/Feb 2026 Capacity utilization, de-consolidation 433.652 (FS), eMobility weakness -21.1% yoy 392.568 264.207 E
Slide 49: 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 40.000 4%
Slide 50: 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 Investor Presentation | Bertrandt AG | Jan/Feb 2026 -60.877 -54.181 -85.083 -51.149 -758.465 Impairment -99.510 -875.058 -15.580 -774.045 Restructuri
Slide 51: Earnings development
Earnings development EBT (EUR m) Profit after taxes (EUR m) EPS (EUR) 2023/2024 2024/2025 2023/2024 2024/2025 2023/2024 2024/2025 Investor Presentation | Bertrandt AG | Jan/Feb 2026 -47.371 -53.814 -5.32 -77.172 -7.64 -109.821 Valuation of deferred tax assets 50
Slide 52: Summary: Group P&L KPIs
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 Total sales 977.936 - 1,187.9 - sourcing (predominantly in France) Investor Presentation | Bertrandt AG | Jan/Feb 2026 Materia
Slide 53: 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 below regular D&A Investor Presentation | Bertrandt AG | Jan/Feb 2026 38.299 − No cash outflow for M&A activities in FY 2024/2025 (2023/2024:
Slide 54: 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 76.884 41.8% Investor Presentation | Bertrandt AG | Jan/Feb 2026 54.524 41.4 % 25.660 18.125 2023/2024 2024/2025 2023/2024 2024/2025 2023/2024
Slide 55: 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 Working Capital (WC) 238.896 304.103 WC management, lower revenues Investor Presentation | Bertrandt AG | Jan/Feb 2026 Cash-out for restructuri
Slide 56: Thank you very much
Thank you very much 55 Investor Presentation | Bertrandt AG | Jan/Feb 2026
Slide 57: 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) Investor Presentation | Bertrandt AG | Jan/Feb 2026 13 May 2026 Q2 2025/2026, Capital Market Day (Ehningen) 03 August 2026 Q3 2
Slide 58: Contact
Markus Ruf Member of the Board, Finance Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany Investor Presentation | Bertrandt AG | Jan/Feb 2026 +49 7034 656 13076 Björn Voss Vice President Investor Relations and M&A bjoern.voss@bertrandt.com www.bertrandt.com 57
Slide 59: 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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