Slides
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Welcome to the Q3 2024/2025 Analyst & Investor Conferences Markus Ruf, Björn Voss | August 2025
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 2 − Environment impacted by trade disputes, geopolitical tensions, and weak economic conditions in Germany − Tariffs, slowing unit sales, customer-specific challenges led to negative sentiment in the German automotive industry (ifo), profit warnings, cost saving initiatives − Huge pent-up demand for R&D projects: RFQs remain at elevated levels as some OEMs don’t approve models − Decent order intake in Defense − Continued trend towards relocation of R&D projects (international R&D) − Q3 impacted by working days (-1yoy, -3qoq) and special/one-off items (EUR -5.5m) − But: we act! − All cost items down − F3 program accomplished − Additional measures implemented (e.g. vertical/horizontal down-sizing affects admin & leadership; one hierarchie level ceased) Market environment
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 3 Automotive market: Project postponements (example)
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Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 4 04.08.2025 9m 2024/2025 at a glance Total Sales EUR 742m -19% yoy Employees 12,672 -1.743 (-12% yoy) EBIT EUR -39m 9m 23/24: EUR 15m Free cashflow EUR +17m 9m 23/24: +26m 9m 22/23: -14m Equity EUR 316m Ratio: 41.5%
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Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 5 04.08.2025 Q3 2024/2025 at a glance Total Sales EUR 226m -10% qoq -23% yoy EBIT EUR -25m Q3 23/24: EUR -7m EPS EUR -2.87 Q3 23/24: EUR -0.68 Free cashflow EUR -11m Q3 23/24: EUR -17m CapEx EUR 2.6m Q3 23/24: EUR 4.4m
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Q3 revenues down EUR -69m (-23% yoy) ▪ High prior year base, capacity reduction, short-time work, external services (EUR -16m), underutilization, working days (qoq) ▪ Germany: -23% yoy, RoW: -24% yoy (France: external services) Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 6 Total sales impacted by lower capacity call-offs 04.08.2025 Total sales, EUR m Q1 Q2 Q3 Q4 308.398 266.451 318.491 249.952 294.665 225.580 265.329 2023/2024 2024/2025 Q1 Q2 Q3 Q4 +5 working days qoq F3 benefits 13.416 14.401 13.60513.715 14.526 13.181 13.949 14.415 12.672 14.276 14.028 2022/2023 2023/2024 2024/2025 Q1 Q2 Q3 Q4 GE: -1.717 RoW: -26
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 7 Diversification: expansion of Aerospace/Defence business in line with group strategy 75% 15% 10% 2027 98% 2% 2010 87% 6% 7% 9m 2024/2025 90% 4% 7% 9m 2023/2024 − Automotive revenues declined because of ongoing lower call-offs − New order wins at Aerospace/Defence − Strategic target of 20-25% sales outside of Automotive from 2027
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13.456 -2.143 8.503 -12.236 -6.925 -24.558 -113.080 2023/2024 2024/2025 Q1 Q2 Q3 Q4 − Reduced capacity demand led to uneven and unfavorable capacity utilization − All cost items reduced inline with sales trend, except for personnel expenses due to costs linked to short-time work − Special items and one-offs (customer receivable, fine France, F3+ charges) weighed on EBIT in 9m 24/25 (EUR -11.7m) − Provisions (EUR 27.7m) for F3 program used and partially released (H1 24/25) with no major net benefit on earnings because of additional expenses for lay-offs not recognized under the F3 program − Current headcount secures service, know-how, competencies − F3 cost saving benefits realized, more to come 04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 8 EBIT development -7.380* *Q4 non-IFRS EBIT
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 9 Heterogenous segment1 performance Digital Engineering: − Declining revenues abroad added to low call- offs in Germany Physical Engineering: − Missing hardware/call-offs − Idling of powertrain solution centers (yoy) Electric/Electronic: − E/E also impacted by overall low call-offs Digital Engineering Physical Engineering Electric/ Electronic 1 2023/2024 numbers revised, EUR m, Total sales (9m 24/25) w/o EUR -92.878m reconciliation (9m 23/24: EUR -69.949m) 136.037 148.709 125.057 132.699 159.350 106.682 133.471 162.569 108.318 160.959 139.975 2022/2023 2023/2024 2024/2025 53.922 69.732 55.441 60.965 68.467 53.426 59.706 58.371 48.107 54.687 67.637 2022/2023 2023/2024 2024/2025 90.510 113.866 110.667 99.001 113.524 137.390 91.915 96.916 89.77183.540 109.346 2022/2023 2023/2024 2024/2025 Q1 Q2 Q3 Q4
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 10 Update F3 program and test centers: mounting benefits Topic Status Comment F3 Redundancy program ▪ Compensation scheme and closure negotiated ▪ Voluntary program concluded F3 Infrastructure & structural costs ▪ >200 single measures ▪ Site closures ▪ -26.000 s qm space Powertrain Solution Center ▪ Partially idled ▪ All options on the agenda ▪ Law suit filed, next court hearing 09/2025 ▪ ICE ban in EU re-assessed Upper end of the targeted EUR 70-90m cost savings likely to be realized
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 11 P&L KPIs: cost optimizations partially offset top line decline Item (EUR m) 9m 2024/2025 (% sales) 9m 2023/2024 (% sales) Comment Total sales 741.983 - 921.555 - Ongoing weak capacity call-offs in Germany and abroad. Reduced headcount and short-time work. Reduction of external services. Material expenses -83.610 11.3% -120.184 13.0% Project-related decrease of external services and insourcing Personnel expenses -595.485 80.3% -670.471 72.8% Reduction of headcount, but use of short-time work linked to additional costs; additional restruction measures D&A -40.749 5.5% -44.588 4.8% Decline yoy after impairment in Q4 23/24 Other operating expenses -68.082 9.2% -74.662 8.1% Incl. EUR -5.5m special items (EUR -1.9m write-off, EUR -3.6m fine; prior year -3.3m) Other operating income 7.006 0.9% 3.384 0.4% Various effects incl. asset sale, insurance payment (damage), FX
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 12 Balance sheet KPIs Item (EUR m) 9m 2024/2025 (end of period) 2023/2024 (end of period) Comment Balance sheet total 762.584 879.538 D&A vs CapEx, WC improvement Working Capital (WC) 234.353 304.103 Release of working capital (trade receivables) Cash and cash equivalents 93.491 114.253 WC improvement, dividend payment, downpayment of debt Equity 316.277 363.738 Equity ratio 41.5% 41.4% Gearing (%) - NFD*/equity * incl. other fin. liab. (incl. leasing) 65.7% 55%
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Forecast for fiscal year 2024/2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 13 04.08.2025 Ongoing and accelerated transfer of R&D into international locations Weak economic environment burdening in Germany Announced investment programs could be helpful Capacity call-offs still sluggish and volatile, normalization in H2 2025 uncertain, but recent project wins encouraging Regulatory requirements, competitive and innovation pressure drive investments in R&D mid-term Q4 with more working days and additional F3+ savings
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 14 Revised forecast FY 2024/2025 and ambition for FY 2025/2026 Significantly down yoy (FY 2023/2024: EUR 1.187bn) Significantly up yoy positive value uncertain (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 and abroad (France) − EBIT impacted by underutilization and special items − Benefits from F3 earnings improvement program and additional measures (admin, leadership), cost focus − Solid balance sheet − Business expected to normalize within H2 2025 04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 15 Summary and outlook
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 16 Q&A Michael Lücke, 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 04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 17
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 18 Back-up
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04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 19 Financial calendar 13 February 2025 Q1 2024/2025 19 February 2025 AGM (Sindelfingen) 15 May 2025 Q2 2024/2025, CMD (Ehningen) 04 August 2025 Q3 2024/2025 18 December 2025 FY 2024/2025, Investor, Analyst & Press conferences 18 February 2026 AGM (Sindelfingen) FY 2024/2025 Annual Report incl. Sustainability Report (ESG)
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Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 20 04.08.2025 Markus Ruf Member of the Board, Finance Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany +49 7034 656 13076 bjoern.voss@bertrandt.com www.bertrandt.com Björn Voss Vice President Investor Relations and M&A
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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. 04.08.2025 Analyst & Investor Conferences | Bertrandt AG I August 4, 2025 21 Disclaimer