Interim report
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1 Group Interim Statement as per 30th June 2026 Fiscal 2025/2026 1st October 2025 until 30th June 2026 The first three quarters at a glance 1Due to changes in the allocation of segments within the segment structure, there are changes in the segment reporting for the Digital Engineering and Electrical/Electronics segments for the period 01/10/2024, through 30/06/2025. Q1-3 Q1-3 Q3 Q3 2025/2026 2024/2025 2025/2026 2024/2025 Consolidated Statements of Operations Total revenues (EUR thousand) 671,638 741,983 214,935 225,580 EBIT (EUR thousand) -28,911 -38,937 -15,788 -24,558 Margin (%) -4.3 -5.2 -7.3 -10.9 Segments Digital Engineering Total revenues (EUR thousand)1 352,431 388,969 116,663 119,740 EBIT (EUR thousand) -16,841 -20,147 -9,448 -12,139 Physical Engineering Total revenues (EUR thousand)1 163,673 156,974 57,009 48,107 EBIT (EUR thousand) -12,579 -22,110 -4,117 -7,428 Electrical Systems/Electronics Total revenues (EUR thousand)1 271,905 291,170 104,138 78,967 EBIT (EUR thousand) 509 3,320 -2,223 -4,991 Cash flow Cash flow from operating activities (EUR thousand) 23,174 22,655 -28,591 -8,742 Cash flow from investing activities (EUR thousand) -8,360 -5,787 -3,241 -2,002 Free Cash flow (EUR thousand) 14,814 16,868 -31,832 -10,744 Balance sheet Balance sheet total (EUR thousand) 650,938 762,584 Equity (EUR thousand) 269,356 316,277 Equity ratio (%) 41.4 41.5 Cash and cash equivalents (EUR thousand) 42,127 93,491 Employees Number of employees at the end of the reporting period 11,537 12,672
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9m | Group Interim Statement 2025/2026 2 Market development and material events Macroeconomic environment The first nine months of fiscal year 2025/2026 were marked by persistently challenging macroeconomic conditions and industry -specific challenges in our primary customer sector, the automotive industry. The dominant macroeconomic issues during the reporting period were geopolitical tensions, protectionist measures, a deteriorating economic outlook, and structural growth weakness in Germany. In the automotive sector, factors such as subdued sales outlooks, the negative effects of trade disputes, a significant decline in vehicle sales in China, and expected headwinds from currency and commodity issues led many manufacturers to assume that profitability in 2026 will remain well below their respective strategic targets. In response to a further deterioration of t he situation in recent months, some affected companies have implemented additional or more stringent cost-cutting programs. In its April update, the International Monetary Fund (IMF) forecasts global economic growth of 3.1% for 2026, down from the 3.3% growth projected in January. Lower growth is expected for the eurozone (+1.1%) and Germany (+0.8%). The IMF emphasizes the unce rtainties surrounding this forecast in light of the volatile geopolitical situation. Against this backdrop, Bertrandt’s business performance during the reporting period should be viewed in the context of limited short-term visibility, increased volatility, and generally subdued economic momentum. Situation in the automotive industry Pressures in the automotive industry continued to intensify. According to the ifo Institute, the business climate index for the German automotive industry fell to - 21.4 points in June 2026 (end of March: -18.7 points). The current business situation was once again assessed as significantly worse. At the same time, companies are looking ahead to the coming months with less pessimism, meaning that the overall trend remains volatile. According to the German Association of the Automotive Industry (VDA), the situation is particularly critical among small and medium -sized automotive companies. According to a VDA survey conducted in June 2026, 41% of companies rated their current situation as bad or very bad, and about one -third expect it to deteriorate further. About two -thirds are postponing, shifting, or canceling investments in Germany. Reuters adds that more than half of the companies surveyed are cutting jobs in Germany, and only 3% a re planning to hire new employees. Demand for electric vehicles showed a positive trend: In Germany, approximately 284,000 new battery-electric passenger cars were registered from January through May 2026, and the share of BEVs stood at just under 24%. In the EU as well, new registrations rose by 4% through May. As a result, BEVs achieved a market share of 20%. At the same time, the European Automobile Manufacturers’ Association (ACEA) points to ongoing geopolitical pressures. The positive trend in demand therefore remains dependent on stabl e framework conditions and government incentives. For development service providers such as Bertrandt, this results in an overall heterogeneous environment that presents both opportunities and challenges. The need for transformation in the areas of electrification, alternative powertrains, software, autonomous driving functions, and infotainment remains. At Bertrandt, this is reflected in a consistently high volume of inquiries as well as a significantly higher order intake compared to the same period last year. At the same time, however, cost pressures, a reluctance to invest, relocations, and efficiency programs at some of our customers are leading to project delays, budget cuts, and increased price competition. In our other target markets, such as aerospace & defence, the electrical industry, energy, and medical technology, the industry environment is largely encouraging, with positive growth prospects for our business. For Bertrandt, this means a market environment characterized by increased volatility and limited short-term visibility. Uncertainties regarding the extent and timing of a business recovery remain at this time.
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9m | Group Interim Statement 2025/2026 3 Business performance, results of operations and financial position Bertrandt recorded a solid start to fiscal year 2025/2026 in the first quarter. Despite three fewer working days, total revenues were at the level of the previous quarter (Q4 2024/2025). In the second quarter, however, the market environment became more ch allenging again noticeably, with the start of the Iran conflict adding further pressure. Many companies in our key customer sector, the automotive industry, responded with additional or expanded cost reduction measures. The trend of product and project pos tponements by some of our customers, which has been observed since spring 2024, continued. As a result, the anticipated market recovery and improvement in capacity utilization did not materialize as originally expected. At the same time, however, the market for research and development services remained fundamentally intact. A continued high volume of inquiries and open quotations as well as constructive customer discussions regarding model and sourcing policies continue to indicate a high medium - to long-term demand for Bertrandt’s solutions. In the first nine months of fiscal year 2025/2026, order intake was both significantly above the level of the previous year period and substantially above the level of total revenues. Accordingly, the market environment offers both opportunities and challenges. Capacity utilization at Bertrandt, particularly in Germany, continued to be impacted by lower capacity call -offs during the first nine months of fiscal year 2025/2026. Despite mitigating measures such as short -time working, staff reductions and the consistent implementation of the 'Fit for Future' earnings optimization program, which was expanded to include additional initiatives, the resulting underutilization could not be fully offset in the reporting period. Total revenues Against the backdrop of the framework conditions described above, total revenues in the first nine months of fiscal year 2025/2026 amounted to EUR 671,638 thousand (previous year period: EUR 741,983 thousand). The third quarter contributed EUR 214,935 thousand to this figure (previous year: EUR 225,580 thousand). Despite the positive development in order intake and order backlog, this development reflects lower actual call -offs by our customers, particularly from the automotive industry, as well as the mitigating measures initiated, such as staff reductions. This development was only partially offset by a significant increase in business with customers from the aerospace and defence sector. As of June 30, 2026, the number of employees in the Bertrandt Group was 11,537. This represents a reduction of 1,135 employees across all disciplines from the workforce of 12,672 employees as of June 30, 2025. Sequentially compared to the end of the previous quarter (March 31, 2026: 11,744), the headcount decreased by a further 207 employees. In the nine-month period of fiscal year 2025/2026, the decline in total revenues in Germany ( -9.2%) and abroad ( -9.6%) was at a comparable level. The first nine months of fiscal year 2025/2026 had an almost identical number of working days compared to the previous year period (184). Key expense ratios Cost of materials amounted to EUR 82,613 thousand in the nine-month period of fiscal year 2025/2026, slightly below the level of the previous year period (EUR 83,610 thousand). The use of external services was reduced on a project - specific basis as a result of the decline in total revenues. By contrast, the reclassification of costs for energy required to provide services from other operating expenses had an increasing effect. The cost of materials ratio stood at 12.3%, above the previous year figure of 11.3%. The 'Fit for Future' earnings optimization program was implemented further consistently over the course of the reporting period. With annualized savings of more than EUR 120 million, the savings achieved exceeded the originally targeted range of EUR 70-90 million.
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9m | Group Interim Statement 2025/2026 4 Personnel expenses were significantly reduced in the course of capacity adjustments and the earnings optimization program, from EUR 595,485 thousand in the previous year period to EUR 535,418 thousand in the reporting period (nine months of fiscal year 2025/2026). The personnel expense ratio was 79.7%, below the previous year level of 80.3%. Other operating expenses decreased from EUR 65,712 thousand in the previous year period to EUR 53,919 thousand in the reporting period (nine months of fiscal year 2025/2026). This reflects, on the one hand, the general cost-saving measures implemented as part of the 'Fit for Future' earnings optimization program. In addition, the previously described recla ssification of parts of energy costs to cost of materials had a relieving effect. Other operating expenses also include a penalty payment in connection with an antitrust matter abroad in the amount of EUR 1.5 million (prior year: EUR 3.6 million). The previous year result was additionally impacted by an impairment loss on a customer receivable in the amount of EUR 1,869 thousand. Depreciation and amortization decreased in the nine -month period of fiscal year 2025/2026 compared to the previous year period (EUR 40,749 thousand) to EUR 34,523 thousand. This development reflects lower capital expenditure in previous years. Results EBIT in the Bertrandt Group in the nine -month period of fiscal year 2025/2026 amounted to EUR -28,911 thousand (prior year: EUR -38,937 thousand) and improved compared to the previous year period despite the further decline in total revenues. This primarily reflects the positive effects from the 'Fit for Future' earnings optimization program described in the previous section. Other operating income decreased from EUR 6,505 thousand in the previous year period to EUR 5,829 thousand in the reporting period. This was primarily due to lower income from disposals of assets. After nine months of fiscal year 2025/2026, net finance income amounted to EUR - 6,288 thousand, slightly below the level of the previous year period (EUR - 5,964 thousand). The decline in interest income was higher than the reduction in financing expenses. Income taxes of EUR -1,298 thousand were incurred for the first nine months of fiscal year 2025/2026. In the previous year, the recognition of deferred taxes resulted in tax income of EUR 3,891 thousand. Against this background, post -tax earnings for the nine -month period of fiscal year 2025/2026 amounted to EUR - 38,289 thousand (previous year: EUR - 43,839 thousand), corresponding to earnings per share of EUR - 3.79 (previous year: EUR - 4.34).
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9m | Group Interim Statement 2025/2026 5 Forecast change report On April 27, 2026, the Executive Board of Bertrandt revised the forecast for the 2025/2026 fiscal year — which had most recently been published in the report on the first quarter of the 2025/2026 fiscal year (p. 4 of that report) on February 12, 2026, and adjusted it to reflect the changed business environment: — Whereas a moderate* increase in total revenue of up to 10% (previous year EUR 977,936 thousand) had previously been forecast, a moderate* decline of up to 10% compared to the previous year is now expected. — The previous forecast of a significant* increase in EBIT (previous year EUR - 35,519 thousand) has been revised to reflect the fact that there is now uncertainty regarding the positive earnings level, which to that extent constitutes a downward revision of the previous forecast. — Total revenue in the Digital Engineering (previous year EUR 515,785 thousand) and Physical Engineering (previous year EUR 208,569 thousand) segments is now expected to decline moderately* in each case (previously: moderate* increase). In the Electrical/Electronics segment, total revenue is now expected to be significantly* lower ( previously: moderately* higher) than in the prior year (EUR 392,568 thousand), due in part to lower intra -group sales. Regarding EBIT, we continue to expect a significant* increase in earnings for the Digital Engineering segment (FY 2024/2025: EUR - 21,151 thousand) and the Physical Engineering segment (FY 2024/2025: EUR - 22,074 thousand). For the Electrical/Electronics segment (FY 2024/2025: EUR + 7,706 thousand), we now anticipate a significant* decline in EBIT (previously: significant* increase). — The forecast for cash flow from operating activities (significant* increase) is confirmed. Financial calendar Annual report 2025/2026 Annual press and analysts’ conference 17 December 2026 Annual General Meeting 25 February 2027 Credits Published and edited by Bertrandt AG Birkensee 1, 71139 Ehningen Telephone +49 7034 656-0 Telefax +49 7034 656-10001 www. bertrandt.com info@bertrandt.com HRB 245259 Local court Stuttgart Contact Marc-René Tonn Head of Investor Relations, Strategy, Corporate Development and M&A Legal Notice Male pronouns are used in this text for the sake of simplicity and legibility. They are intended to refer to people of all genders. The terms “total revenues”, “EBIT” and “free cash flow” are explained on https://www.bertrandt.com/en/company/investor-relations/financial-reports/glossary. *Definitions for the forecast: Total Revenue / EBIT / Cash Flow from Operating Activities • Moderate change: 0% to 10% • Significant change: over 10%
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9m | Group Interim Statement 2025/2026 6 Consolidated income statement and statement of comprehensive income EUR thousand1 Q1-3 Q1-3 Q3 Q3 01/10/2025 to 30/06/2026 2025/2026 2024/2025 2025/2026 2024/2025 I. Income Statement Revenues 670,037 741,022 214,866 225,108 Other internally generated assets 1,600 961 69 472 Total revenues 671,638 741,983 214,935 225,580 Other operating income2 5,829 6,505 2,380 2,129 Raw materials and consumables used -82,613 -83,610 -26,900 -24,134 Personnel expenses -535,418 -595,485 -177,673 -189,937 Depreciation -34,523 -40,749 -11,160 -13,385 Impairment losses on trade receivables 96 -1,869 -55 -13 Other operating expenses2 -53,919 -65,712 -17,316 -24,799 EBIT -28,911 -38,937 -15,788 -24,558 Share of profit in associates 855 609 179 202 Interest income 546 2,316 114 615 Financial expenses -7,705 -8,875 -2,612 -2,838 Other financial result 15 -14 4 4 Net finance income -6,288 -5,964 -2,314 -2,016 Profit from ordinary activities -35,200 -44,901 -18,102 -26,574 Other taxes -1,791 -2,830 -627 -552 Earnings before interest -36,991 -47,731 -18,729 -27,127 Income taxes -1,298 3,891 -379 -1,896 Post-tax earnings -38,289 -43,839 -19,108 -29,023 attributable to shareholders of Bertrandt AG -38,289 -43,839 -19,108 -29,023 Number of shares (thousand) - diluted/basic, average weighting 10,106 10,106 10,106 10,106 Earnings per share (EUR) - diluted/basic -3.79 -4.34 -1.89 -2.87 II. Statement of comprehensive income Post-tax earnings -38,289 -43,839 -19,108 -29,023 Differences from currency translation3 512 0 -73 0 Remeasurement of pension obligations and plan assets4 87 246 -67 -12 Tax effects on the remeasurement of pension obligations and plan assets4 -24 -66 18 3 Other comrehensive income after taxes 576 -1,096 -122 -1,897 Total comprehensive income -37,713 -44,935 -19,230 -30,920 of which total comprehensive income attributable to Bertrandt AG shareholders -37,713 -44,935 -19,230 -30,920 1Rounding 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.