Fiscal 2025/2026
1th October 2025 until 31th December 2025
The first quarter at a glance Consolidated Statements of Operations | 01/10/2025 - 31/12/2025 | Change compared to previous year in % | 01/10/2024 - 31/12/2024 |
Total revenues (EUR million) | 234.052 | -12.2 | 266.451 |
EBIT (EUR million) | 0.238 - | -2.143 | |
Margin (%) | 0.1 - | -0.8 | |
Segments | |||
Digital Engineering | |||
Total revenues (EUR million) | 121.039 | -12.6 | 138.458 |
EBIT (EUR million) | -1.093 | - | -0.812 |
Physical Engineering | |||
Total revenues (EUR million) | 53.906 | -2.8 | 55.441 |
EBIT (EUR million) | -2.480 | - | -7.076 |
Electrical Systems/Electronics | |||
Total revenues (EUR million) | 88.515 | -9.0 | 97.266 |
EBIT (EUR million) | 3.811 | -33.7 | 5.746 |
Cash flow | |||
Cash flow from operating activities (EUR million) | 47.822 | 19.1 | 40.155 |
Cash flow from investing activities (EUR million) | -1.164 | - | -1.917 |
Free cash flow (EUR million) | 46.658 | 22.0 | 38.238 |
Balance sheet | |||
Balance sheet total (EUR million) | 655.576 | -23.3 | 854.535 |
Equity (EUR million) | 304.493 | -15.8 | 361.460 |
Equity ratio (%) | 46.4 - | 42.3 | |
Cash and cash equivalents (EUR million) | 41.000 | -70.3 | 138.127 |
Employees | |||
Number of employees at the end of the reporting period | 11,932 | -12.3 | 13,605 |
3m
Market development and material events
Macroeconomic environment
The opening quarter of the 2025/2026 fiscal year was characterized by heterogeneous, yet overall constructive macroeconomic conditions. According to the International Monetary Fund (IMF), the US economy in particular proved to be robust. The Chinese economy also performed slightly better than initially expected. Economic development in the eurozone also stabilized at the end of 2025, although at a lower level than in the US, because of structural obstacles to growth remain. Germany's gross domestic product (GDP) is also likely to have grown marginally in 2025 after years of recession, but according to the IMF, significant growth momentum in this country is not expected until 2026 and especially 2027, when fiscal policy measures take effect.
Situation in the automotive industry
According to the ifo Institute, the business climate in the German automotive industry improved slightly in December 2025 as business expectations brightened. However, the business situation was assessed as worse. The German Association of the Automotive
Industry (VDA) also reports a divergent industry landscape. While automobile production (+2%) and new registrations (+1%) in 2025 were above the previous year's figures, order intake in the sector fell by 2% for 2025 as a whole and by 8% in December 2025. For 2026, the VDA recently predicted a slight increase in new registrations of around 2%.
According to the VDA, the development of electric vehicles in particular is expected to be positive, also because a new subsidy program for electric cars was approved for Germany in January 2026. In general, demand for vehicles with alternative drive systems is rising not only in Germany, but also in Europe and China. According to the European Automobile Manu-facturers' Association (ACEA), the share of electrified vehicle sales in Europe rose from 55% in 2024 to 65% in 2025. In China, the sales share of vehicles with alternative drive systems increased by seven percentage points to a market share of just under 50%.
The overall automotive market therefore continues to be characterized by a wide variety of drive systems, as vehicles with classic combustion engine technology also continue to hold significant market shares. The diversity of technologies is likely to continue in view of the latest (December 2025) EU Commission proposal for an adapted ban on combustion
engines in Europe, as it allows hybrid technology to continue to be employed after 2035.
In addition to a broad spectrum of different drive types, car manufacturers are currently pushing ahead with expanding their model diversity. Both market trends, technological diversity and model offensives, are important business drivers for development service providers such as Bertrandt. The VDA therefore expects German car manufacturers to invest a cumulative total of EUR 320 billion in research and development, or EUR 64 billion annually, between 2025 and 2029. This figure represents a noticeable increase compared to the forecast of EUR 280 billion cumulatively, or EUR 56 billion annually, for the period from 2024 to 2028.
Business performance, results of operations and financial positionTotal revenues
Total revenues amounted to EUR 234.052 million in the first quarter of 2025/2026 (previous year: EUR 266.451 million). This development reflects the market trend described in the 2024/2025 Annual Report (page 118 and following). In the past 2024/2025 fiscal year, the start of the reporting period initially proceeded in line with our expectations. However, as the 2024/2025 fiscal year progressed, global trade disputes and erratic customs policies led to delayed project and production decisions, profit warnings, and cost-cutting programs at many of our customers. In addition, technological problems persisted at some of our customers. As a result, development projects were postponed or extended, which also led to low capacity utilization at Bertrandt in the first quarter of 2025/2026. However, compared to the two previous quarters, total revenues remained stable in the first quarter of 2025/2026.
The capacity measures already initiated in this context in the previous year were continued in the first quarter of 2025/2026. As a result, the number of employees fell from 13,605 on 31 December 2024, to 11,932 on 31
December 2025 (30 September 2025: 12,185). Total revenues declined in the first quarter of 2025/2026 compared with the same period of the previous year, both domestically (-13%) and abroad (-16%). Foreign business was particularly impacted by a noticeable decline in total revenues in France. The number of working days in the reporting period remained unchanged compared with the first quarter of 2024/2025.
Key expense ratios
The cost of materials (EUR -28.935 million) was reduced in the reporting period compared with the previous year (EUR -31.010 million) due to the decline in total revenues and a lower purchase of external services. The cost of materials ratio rose slightly to 12.4% compared with the first quarter of 2024/2025 (11.6%) due to project-related factors. Personnel expenses were reduced from EUR 202.661 million in the prior-year period to EUR 174.747 million as a result of capacity adjustments and the successful implementation of the 'Fit for Future' earnings optimization program. The personnel expense ratio thus improved from 76.1% (previous year) to 74.7% in the first quarter of 2025/2026. The ratio continued to be increased in the reporting period by the necessary use of short-time working in Germany. Other operating expenses fell to EUR
19.415 million compared to the same period of the previous year* (EUR 21.733 million). This decline is mainly related to general cost-cutting measures
that have been initiated and the overall decline in total revenues. No significant value adjustments were made to customer receivables in the reporting period (previous year: EUR 1.935 million).
Results
Even though total revenues declined, EBIT in the Bertrandt Group reached a positive figure of EUR 238 million in the first three months of fiscal year 2025/2026 (Q1 2024/2025: EUR -2.143 million). This
noticeable improvement reflects the effectiveness of the 'Fit for Future' earnings optimization program and the additional cost-cutting measures that have been initiated. Other operating income amounted to EUR 1.250 million in the reporting period (previous year: EUR 2.660 million). The decline relates to a number of individual items, such as compensation payments and currency effects.
The financial result of EUR -1.912 million improved slightly compared with the same period of the previous year (EUR -2.140 million). In contrast to the previous year, income taxes of EUR -0.466 million (previous year: EUR 1.475 million) were not affected by the recognition of deferred taxes on loss carry forwards in Germany in the reporting period. Against this background, earnings after income taxes amounted to EUR -2.760 million (previous year: EUR
-3.666 million), which corresponds to earnings per share of EUR -0.27 (previous year: EUR -0.36).
*Previous year's figure adjusted due to additional disclosure of value adjustments on customer receivables.
Forecast change reportAssuming a gradual increase in capacity utilization
Forecast 2025/2026
Total revenues moderate increase
EBIT significant decline in the
positive range
Financial calendar Annual General Meeting FY 2024/202518 February 2026, Sindelfingen City Hall
over the course of the fiscal year - particularly in the second half of the current reporting period -the Executive Board of Bertrandt AG anticipates a
Cash flow from operating activities
Segments
Digital Engineering
significant increase
Half Year Report 2025/202613 May 2026
moderate increase in total revenues (2024/2025:
EUR 977.936 million) and a significant increase in EBIT (2024/2025: EUR -35.519 million) to a positive result for the 2025/2026 fiscal year. The statements in the forecast report in the 2024/2025 Annual Report (page 152 and following) therefore remain unchanged.
Total revenues moderate increase
EBIT significant increase
Physical Engineering
Total revenues moderate increase
EBIT significant increase
Electrical Systems/Electronics
Total revenues moderate increase
EBIT significant increase
Definition:
Moderate change +/-0% to +/-10%
Significant change over +/-10%
13 May 2026
Statement on the 3rd quarter 2025/202603 August 2026
Annual report 2025/2026 Annual press and analysts' conference17 December 2026
Credits Published and edited byBertrandt AG, Birkensee 1, 71139 Ehningen
Telephone +49 7034 656-0
Telefax +49 7034 656-10001
https://www.bertrandt.com info@bertrandt.com
HRB 245259Local court Stuttgart
Male pronouns are used in this text for the sake of simplicity and legibility. They are intended to refer to people of all genders.
Consolidated income statement and statement of comprehensive income1Rounding differences of EUR 0.001 - 0.002 million may occur in the presentation of figures due the system used.
2Previous year's figure restated.
3Components of other comprehensive income which will be reclassified to the income statements of future periods.
4Components of other comprehensive income which will not be reclassified to the income statements of future periods.
EUR million1 | |||||
01/10/2025 to 31/12/2025 I. Income statement | Q1 2025/2026 | Q1 2024/2025 | |||
Revenues | 233.766 | 266.242 | |||
Other internally generated assets | 0.285 | 0.209 | |||
Total revenues | 234.052 | 266.451 | |||
Other operating income2 | 1.250 | 2.660 | |||
Raw materials and consumables used | -28.935 | -31.010 | |||
Personnel expenses | -174.747 | -202.661 | |||
Depreciation and amortization | -12.002 | -13.915 | |||
Impairment losses on trade receivables | 0.035 | -1.935 | |||
Other operating expenses2 | -19.415 | -21.733 | |||
EBIT | 0.238 | -2.143 | |||
Share of profit in associates | 0.503 | 0.173 | |||
Interest income | 0.350 | 0.807 | |||
Financial expenses | -2.776 | -3.103 | |||
Other financial result | 0.011 | -0.018 | |||
Net finance income | -1.912 | -2.140 | |||
Profit from ordinary activities | -1.674 | -4.283 | |||
Other taxes | -0.620 | -0.857 | |||
Earnings before tax | -2.294 | -5.140 | |||
Income taxes | -0.466 | 1.475 | |||
Post-tax earnings | -2.760 | -3.666 | |||
- attributable to shareholders of Bertrandt AG | -2.760 | -3.666 | |||
Number of shares (million) - diluted/basic, average weighting | 10.106 | 10.106 | |||
Earnings per share (EUR) - diluted/basic | -0.27 | -0.36 | |||
II. Statement of comprehensive income | |||||
Post-tax earnings | -2.760 | -3.666 | |||
Differences from currency translation and hedging reserve3 | 0.124 | 1.377 | |||
Tax effects on the hedging reserve3 | 0 | 0 | |||
Remeasurement of pension obligations and plan assets4 | 0.083 | 0.013 | |||
Tax effects on the remeasurement of pension obligations and plan assets4 | -0.023 | -0.003 | |||
Other comrehensive income after taxes | 0.184 | 1.387 | |||
Total comprehensive income | -2.576 | -2.278 | |||
of which total comprehensive income attributable to Bertrandt AG shareholders | -2.576 | -2.278 | |||
3m | Group Interim Statement 3m 2025/2026 0