Q3 2025 Bechtle AG Earnings Call Transcript
Key Points
- Bechtle AG (BECTY) reported a significant improvement in business volume, revenue, and earnings year-on-year for Q3 2025.
- The company achieved a business volume growth of 8.4%, with organic growth at 6.2%, marking a positive trend.
- International performance was particularly strong, with growth of 17% and nearly 12% organically, highlighting the success of their international M&A strategy.
- EBT grew by 2.4% year-on-year in Q3, marking the first positive growth in five quarters, with a notable improvement of over 20% compared to Q2.
- Operating cash flow developed positively, reaching nearly €125 million, reflecting effective working capital management.
- Despite improvements, Bechtle AG (BECTY) still faces major challenges in certain regions and areas due to unfavorable overall economic conditions.
- The company needs to achieve an ambitious EBT growth of at least 25% in Q4 to meet full-year guidance, which remains challenging.
- The public sector business, particularly in Germany and France, has been sluggish, impacting overall growth.
- Competitive pressure remains high, especially in international markets and the Microsoft business, affecting margins.
- The transition from Windows 10 to Windows 11 and other macroeconomic factors have created uncertainties in customer investment behaviors.
Operate. I would now like to turn the conference over to Dr. Thomas Olimoz. Please go ahead.
Thank you. Welcome to our analyst conference on Bechel AG's third quarter of 2025.
Thank you for your interest.
Ladies and gentlemen, as you all know, we have had some very turbulent quarters in which Bechler's business volume growth was unusually low, quarters in which our earnings were below those.
Of the same period last year. Although the reasons were understandable, the situation was nevertheless unfamiliar and unsatisfactory for all of us.
Today, however, we can look back on a quarter in which the signs are finally pointing in the right direction. Business volume, revenue and earnings are up and have improved year on year. Is this the long awaited lasting turnaround?
I do not want to dampen the excitement right at the start, but unfortunately, we will not be able to answer that question definitively today.
However, we
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