Bechtle Aktiengesellschaft
/ Key word(s): Quarterly / Interim Statement/Quarter Results
Bechtle delivers double-digit growth in business volume and EBT, raises 2026 forecast again
13.11.2026 / 07:29 CET/CEST
The issuer is solely responsible for the content of this announcement.
Bechtle delivers double-digit growth in business volume and EBT, raises 2026 forecast again
Business volume up 19.0%
EBT increases by 13.9%
Order backlog reaches record €3.6 billion
Growth momentum continues into Q4
Full-year forecast raised again Neckarsulm, 13 November 2026 – Bechtle AG continued its strong and successful performance in the third quarter of 2026. The European IT service provider delivered double-digit growth in both business volume and earnings. Business volume was up 19.0% at €2.4 billion, with all segments and customer groups contributing to the strong performance. Revenue increased by 6.1% to €1.7 billion, while earnings before tax (EBT) rose by 13.9% to €91.7 million. At 3.8%, the EBT margin based on business volume was virtually unchanged year on year. Operating cash flow improved significantly compared with the second quarter, but remained negative at −€29.5 million due to particularly strong business in September. The order backlog increased further compared with the first half of the year, reaching a new record high of €3.6 billion at the end of the quarter. Given this very strong performance, Bechtle AG's Executive Board has decided to raise its forecast for the 2026 fiscal year once again.
Germany was the strongest-performing segment in the third quarter, with business volume up 20.8%. Despite the continued challenging market environment, Bechtle maintained consistently high demand from business customers while also benefiting from a seasonal pick-up in the public sector. The Benelux and Other Europe segments also recorded double-digit growth in business volume. Performance in France was likewise positive, albeit somewhat more subdued. On an organic basis, business volume across the Bechtle Group grew by 17.5%, while revenue increased by 4.6%.“We continue to benefit from the resilience of our business model, which combines a strong local presence with our broad European footprint and excellent relationships with technology partners and customers. As a result, Bechtle's positive performance remains well balanced across its markets. We are also seeing positive effects from our measures to improve operational excellence,” says Dr Thomas Olemotz, CEO of Bechtle AG.
Earnings grow by almost 14%
Despite the challenging prior-year comparables, Bechtle succeeded in delivering double-digit growth in earnings before tax (EBT) while keeping the EBT margin largely stable. EBT rose by 13.9% to €91.7 million in the third quarter. The EBT margin based on business volume edged down to 3.8%, while the margin based on revenue increased to 5.4%. This positive development reflects not only the success of our operating business, but also our cost discipline and measures to improve productivity and efficiency.
Cash flow reflects strong operating growth
Strong operating growth, particularly in September, once again led to a temporary increase in working capital requirements in the third quarter. Accordingly, operating cash flow amounted to −€29.5 million, a significant improvement on the second quarter of 2026 (−€112.5 million). The main driver was the build-up of inventories, primarily in connection with the high project volume. Bechtle continues to expect a significantly positive operating cash flow for the full year.
Headcount rises due to acquisitions
As of 30 September 2026, the Bechtle Group employed 16,583 people. The increase of 283 people, or 1.7%, was entirely attributable to acquisitions and was largely concentrated in the Other Europe segment. On an organic basis, headcount across the group declined by 0.6%. Bechtle continues to invest in training and professional development. As of 30 September, 766 young people were in vocational training or dual-track study programmes.
Forecast raised again
Bechtle had already raised its original forecast for 2026 in July. Given the exceptionally strong performance in the third quarter, record order backlog and encouraging initial figures for October, the Executive Board expects strong growth momentum to continue in the fourth quarter. As previously announced, Bechtle AG's Executive Board has therefore decided to raise the forecast further despite the very high prior-year base. The company now expects EBT to grow by more than 10%, up from the previous forecast of 5% to 10%. The forecasts for business volume and revenue remain unchanged at more than 10% and 5% to 10%, respectively. The Executive Board also continues to expect EBT as a percentage of business volume to be slightly below the prior-year figure (3.8%).“Our growth momentum remains strong. One factor is the high prices for some product groups, which we expect to persist over the coming months. Despite ongoing investment in the future-readiness of our own IT and in further productivity improvements, we have also managed to keep our margins largely stable. This is a major achievement and once again demonstrates Bechtle's strong earnings performance,” says Christian Jehle, CFO of Bechtle AG.
Bechtle key data – Q3 2026 and 9M 2026
|
|
Q3/2026 |
Q3/2025 |
+/− |
9M/2026 |
9M/2025 |
+/− | | Business volume |
€k |
2,437,967 |
2,048,723 |
+19.0% |
6,939,293 |
5,941,327 |
+16.8% | | Germany |
€k |
1,377,183 |
1,139,993 |
+20.8% |
3,763,996 |
3,316,204 |
+13.5% | | France |
€k |
198,221 |
189,245 |
+4.7% |
619,794 |
571,076 |
+8.5% | | Benelux |
€k |
371,019 |
311,509 |
+19.1% |
1,072,990 |
938,775 |
+14.3% | | Other Europe |
€k |
491,544 |
407,976 |
+20.5% |
1,482,513 |
1,115,272 |
+32.9% | | Revenue |
€k |
1,684,394 |
1,588,185 |
+6.1% |
4,988,283 |
4,536,399 |
+10.0% | | EBIT |
€k |
99,002 |
83,477 |
+18.6% |
248,236 |
208,999 |
+18.8% | | EBIT margin (% of business volume) |
% |
4.1 |
4.1 |
|
3.6 |
3.5 |
| | EBIT margin (% of revenue) |
% |
5.9 |
5.3 |
|
5.0 |
4.6 |
| | EBT |
€k |
91,652 |
80,473 |
+13.9% |
233,488 |
202,551 |
+15.3% | | EBT margin (% of business volume) |
% |
3.8 |
3.9 |
|
3.4 |
3.4 |
| | EBT margin (% of revenue) |
% |
5.4 |
5.1 |
|
4.7 |
4.5 |
| | Earnings after tax attributable to shareholders of Bechtle AG |
€k |
63,635 |
57,518 |
+10.6% |
166,472 |
144,049 |
+15.6% | | Basic earnings per share |
€ |
0.50 |
0.45 |
+11.1% |
1.32 |
1.14 |
+15.6% | | Operating cash flow |
€k |
−29,465 |
124,908 |
|
−131,201 |
149,117 |
| | Employees (as at 30/09) |
|
16,583 |
16,300 |
+1.7% |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
30/09/2026 |
31/12/2025 |
+/− |
|
|
| | Liquidity1 |
€k |
416,112 |
452,031 |
-7.9% |
|
|
| | Equity ratio |
% |
42.7 |
44.9 |
|
|
|
| | 1 Including time deposits and securities |
|
|
|
|
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The quarterly statement for the third quarter 2026 is available at Q3 2026. A PDF version of the report is also available for download here. The presentation can be found here.
About Bechtle
Bechtle is one of Europe's leading IT service providers. We create future-ready IT architectures encompassing on-prem and multi-cloud infrastructures, digital transformation and modern workplace solutions, robust security, artificial intelligence and a full range of managed services. At the same time, we strengthen our customers' digital sovereignty by embedding technological self-determination, transparency and resilience across our solutions. Our customers also benefit from our smart financing solutions and circular IT offering, helping them achieve their ESG goals. Through our subsidiaries, we are recognised as a leading specialist in enterprise applications, particularly PLM and ERP solutions. Operating from 120 locations across 14 European countries, we combine personal, local service with a digital offering as part of our global multichannel strategy. With over 16,000 employees, we are always close to our B2G and B2B customers, from SMEs to large international organisations. Bechtle is listed on the MDAX and TecDAX indexes. In 2025, the company's business volume amounted to €8.6 bn. Read more at: bechtle.
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13.11.2026 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group.
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