Bechtle Ag (BHTLF) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.762 Good morning, ladies and gentlemen. Welcome to our analyst conference 00:00:05.762 -- 00:00:10.792 on the second quarter and thus the first half of 2025 at 00:00:10.792 -- 00:00:12.992 Bechler AG. 00:00:13.176 -- 00:00:16.214 Thank you very much for your interest. 00:00:16.214 -- 00:00:21.544 The news about the overall economic situation has been as changeable 00:00:21.544 -- 00:00:26.834 as the weather in recent weeks. Is the tariff dispute agreement 00:00:26.834 -- 00:00:31.864 to be viewed as positive or not? Will the government's investment 00:00:31.864 -- 00:00:35.431 booster bring the anticipated economic revival? 00:00:35.431 -- 00:00:40.722 And if so, when? A stock market analogy might be that bulls and bears 00:00:40.722 -- 00:00:46.189 these days both find enough food to strengthen their positions. 00:00:46.189 -- 00:00:49.653 And what is the situation like at Bechtle? 00:00:49.653 -- 00:00:54.680 On the one hand, we continue to see positive signals coming from some of our 00:00:54.680 -- 00:00:59.826 international markets. And German public sector clients are 00:00:59.826 -- 00:01:05.084 also showing the first cautious signs of a recovery in demand. 00:01:05.084 -- 00:01:10.512 On the other hand, there is little momentum from our SMB customers in Germany and 00:01:10.512 -- 00:01:15.457 the French market remains extremely challenging. 00:01:16.962 -- 00:01:20.104 Against this backdrop 00:01:20.748 -- 00:01:25.876 of contradictory framework conditions, we can be generally 00:01:25.876 -- 00:01:29.521 satisfied with the figures for the second quarter. 00:01:29.521 -- 00:01:34.943 For us, one thing counts above all else, We are moving in the right direction 00:01:34.943 -- 00:01:40.726 and all key figures are up compared to...