Key Highlights

● Bechtle now expects 2026 Business Volume growth above 10%, up from 5% to 10%.

● Second-quarter Revenue rose 16.5% to EUR1,732.2 million, and EBIT rose 23.0%.

● Order Backlog reached a record EUR3,535 million at 30 June, 10.1% above year-end.

● First-half Operating Cash Flow was negative at EUR101.7 million.

Latest development: raised 2026 guidance

Bechtle AG (OTC:BHTLF), a German IT services company whose primary listing is on Xetra in Frankfurt, raised its full-year outlook in its half-year report to 30 June 2026, published on 12 August. Business volume is now expected to grow by more than 10%, against a previous range of 5% to 10%.

Revenue and pre-tax profit (EBT) are each expected to grow by 5% to 10%, up from 0% to 5%. The EBT Margin is still expected to be slightly lower than in 2025. Business volume is a broader measure than revenue, and the report presents both.

Second-quarter results

In the second quarter, business volume rose 18.1% to EUR2,274.1 million and revenue 16.5% to EUR1,732.2 million. EBIT increased 23.0% to EUR84.1 million and EBT 20.1% to EUR80.2 million, a 4.6% margin on revenue. Earnings Per Share were EUR0.46, up from EUR0.38. EBIT growth outpaced revenue growth in the quarter (23.0% against 16.5%), which points to operating leverage, though one quarter does not establish a trend.

For the first half, business volume was EUR4,501.3 million (up 15.6%) and revenue EUR3,303.9 million (up 12.1%). EBT was EUR141.8 million (up 16.2%), net earnings to shareholders EUR102.8 million (up 18.8%) and EPS EUR0.82, against EUR0.69. First-half EBIT was EUR149.2 million, up 18.9%, and the EBT margin was 4.3%.

By region, first-half business volume rose 9.7% in Germany to EUR2,386.8 million, 10.4% in France to EUR421.6 million and 11.9% in Benelux to EUR702.0 million. The fastest growth was in other European markets, up 40.1% to EUR991.0 million with EBIT up 72.0% to EUR30.5 million. Personnel expense rose 8.0% to EUR662.8 million.

Order book, cash flow and staffing

Order intake in the first half was EUR4,826 million, up 21.1%, and the order backlog at 30 June reached a record EUR3,535 million, 10.1% above year-end. A larger backlog supports visibility but is not guaranteed revenue.

Operating cash flow was negative: minus EUR112.5 million in the second quarter and minus EUR101.7 million for the half. Bechtle employed 16,418 people at 30 June, up 5.2%, mainly through acquisitions; excluding them, headcount fell 1.4%.

Cash flow and the second-half bar

The stronger guidance raises the bar for the second half, with business volume growth expected to stay above 10% after 15.6% in the first six months. The EBT margin is meant to remain only slightly below 2025 even as growth accelerates, and acquisition-driven headcount growth adds to the cost base.

The sharpest contrast in the half-year numbers sits between the record EUR3,535 million backlog and operating cash flow of minus EUR101.7 million for the first half.