Slides
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Welcome to the Q1 2024/2025 Analyst & Investor Conferences Markus Ruf, Björn Voss | February 2025
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Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 2 13.02.2025 Q1 2024/2025 at a glance Total Sales EUR 266.5m +0.4% qoq -13.6% yoy Employees 13,605 (-796, -5.5% yoy) EBIT EUR -2.1m Q4 23/24: EUR -7.4m Q1 23/24: EUR 13.5m Free cashflow EUR 38.2m +30.8% yoy Equity EUR 361.5m Ratio: 42.3%
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13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 3 − Sentiment in the German automotive industry worsened at the end of 2024 (ifo) − R&D investments still negatively impacted by ongoing re- definition of OEM strategies and review of model line-up − Continued trend towards relocation of R&D projects (international R&D) − German Automobile Association (VDA) raised forecast for R&D investments of the German auto industry in the period 2025-2029 to EUR 320bn (2024-2028: EUR 280bn) Market environment Q1 2024/2025
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308.398 266.451 318.491 294.665 265.329 2023/2024 2024/2025 − Total sales down by EUR -41.9m (-13.6% yoy), yet stable qoq − Germany: -20.4% yoy − Abroad: +2.6% yoy − Short-time work & headcount reduction Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 4 Total sales impacted by lower capacity call-offs 13.02.2025 Total sales, EUR m Q1 Q2 Q3 Q4 13.416 14.401 13.60513.715 14.526 13.949 14.41514.276 14.028 2022/2023 2023/2024 2024/2025 Q1 Q2 Q3 Q4
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13.456 -2.143 8.503 -6.925 -113.080 2023/2024 2024/2025 Q1 Q2 Q3 Q4 EBIT, EUR m − Reduced capacity demand led to uneven and unfavorable capacity utilization − F3 cost saving benefits partially offset lower utilization − Special item (EUR -1.9m) linked to write-off of receivables 13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 5 EBIT development stabilized Q1 Q2 Q3 Q4 -7.380* *Q4 non-IFRS EBIT
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13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 6 Heterogenous segment performance Digital Engineering: − Foreign subsidiaries partially offset weaker performance in Germany Physical Engineering: − Partial idling of powertrain solution centers − EBIT impacted by fixed costs Electric/Electronic: − Project postponements and new model delays − Project-related billing effect 136.037 148.709 138.458150.872 139.975 2022/2023 2023/2024 2024/2025 53.922 69.732 55.44153.853 67.637 2022/2023 2023/2024 2024/2025 90.510 113.866 97.26689.940 109.346 2022/2023 2023/2024 2024/2025 Q1 Q2 Q3 Q4 Digital Engineering Physical Engineering Electric/ Electronic Total sales, EUR m
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13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 7 Update F3 program and test centers Topic Status Comment F3: Redundancy program − Compensation scheme and closure negotiated − Fast-track program implemented (until Feb ‘25) F3: Infrastructure & structural costs − >200 single measures identified and tracked − Other operating expenses (excl. write-off) already significantly reduced yoy Powertrain Solution Center − Partially idled (cost savings EUR 8-10m) − Law suit filed, initial court hearing April ’25
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13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 8 P&L KPIs: cost optimization program pays off Item (EUR m) Q1 2024/2025 (% sales) Q1 2023/2024 (% sales) Comment Total sales 266.451 - 308.398 - Ongoing weak capacity call-offs in Germany, foreign locations still growing. Headcount reduction and short-time work. Material expenses -31.010 11.6% -39.173 12.7% Project-related decrease Personnel expenses -202.661 76.1% -217.994 70.7% Reduction of headcount, short-time work D&A -13.915 5.2% -14.146 4.6% Other operating expenses -23.806 8.9% (8.2%) -24.577 8.0% − incl. EUR -1.9m write-off − >10% optimized as F3 program works Other operating income 2.798 0.948 FX effects
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13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 9 Balance sheet KPIs Item (EUR m) Q1 2024/2025 (end of period) 2023/2024 (end of period) Comment Balance sheet total 854.535 879.538 D&A vs CapEx, WC improvement Working Capital (WC) 266.220 310.250 Release of working capital (contract assets, trade receivables) Cash and cash equivalents 138.127 114.253 WC improvement Equity 361.460 363.738 Equity ratio 42.3% 41.4% Gearing (%) - NFD*/equity * incl. other fin. liab. (incl. leasing) 47% 55% Increase of gross cash fueled by WC release
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Forecast for fiscal year 2024/2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 10 13.02.2025 Economic and political environment burdening in Germany Ongoing and accelerated transfer of R&D into international locations Normalization of capacity call-offs expected from H2 2024/2025 External factors (e.g. geopolitical tensions, trade disputes) are outside the management's sphere of influence Regulatory requirements, competitive and innovation pressure drive investments in R&D mid-term
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13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 11 RFQ volume: decisions pending − RFQs at record level… − …and many project decisions pending − German automotive sector R&D budgets expected to increase from EUR 56bn p.a. (period 2024-2028) to EUR 64bn p.a. (period 2025-2029) 250 280 320 50 56 64 2023-2027 2024-2028 2025-2029 EUR bn German automotive industry R&D invests Total 5y average Source: VDA 9.0 9.7 0.4 3.8 31/01/23-31/01/24 31/01/24-31/01/25EUR bn RFQ open RFQ
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13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 12 Forecast FY 2024/2025 and ambition for FY 2025/2026 Moderately down yoy (FY 2023/2024: EUR 1.187bn) Significantly up yoy to positive value (FY 2023/2024: EUR -98m) Significantly down yoy, but positive (FY 2023/2024: EUR 77m) Total Revenues EBIT FY 24/25 Margin: 6-9% based on EUR 70-90m savings from F3 program EBIT FY 25/26 Moderate: +/- 0-10% Significant: > +/- 10% Operating Cashflow
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− Changing market dynamics resulted in weaker call-offs and underutilization in Germany − Continued growth internationally − EBIT impacted by underutilization and special items − Initial benefits from F3 earnings improvement program − Strong cash generation and solid balance sheet − Business expected to normalize from H2 2024/2025 13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 13 Summary and outlook
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13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 14 Q&A Markus Ruf, Björn Voss
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Thank you very much for your participation! Do you have any questions? Please contact: bjoern.voss@bertrandt.com Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 15 13.02.2025
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13.02.2025 Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 16 Back-up
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Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 17 Financial calendar 13 February 2025 Q1 2024/2025 19 February 2025 AGM (Sindelfingen) 15 May 2025 Q2 2024/2025, Capital Market Day (Ehningen) 04 August 2025 Q3 2024/2025 18 December 2025 FY 2024/2025, Investor, Analyst & Press conferences FY 2024/2025 Annual Report incl. Sustainability Report (ESG) 13.02.2025
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Markus Ruf Member of the Board, Finance Björn Voss Head of Group Investor Relations and M&A Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany +49 7034 656 13076 bjoern.voss@bertrandt.com www.bertrandt.com Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 18 Contact details 13.02.2025
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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 assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. We do not intend, nor do we assume any obligation, to update forward-looking statements on an ongoing basis, as they speak only as of the date they are made. Insofar as this presentation refers to statements by third parties, namely analysts' estimates, the Company does not adopt these as its own, nor does it evaluate or comment on them in any other way, nor does it claim to be complete in this respect. The masculine form of speech is used for better readability. It is used to address all genders equally. Analyst & Investor Conferences | Bertrandt AG I February 13, 2025 19 Disclaimer 13.02.2025