Highlights

  • Business volume is a broader measure than revenue, and the report presents both.
  • In the second quarter, business volume rose 18.1% to EUR2,274.1 million and revenue 16.5% to EUR1,732.2 million.
  • For the first half, business volume was EUR4,501.3 million (up 15.6%) and revenue EUR3,303.9 million (up 12.1%).
  • Operating cash flow was negative: minus EUR112.5 million in the second quarter and minus EUR101.7 million for the half.

Bechtle (OTC:BHTLF)'s most recent verified development is its half-year report to 30 June 2026, published on 12 August, in which it raised its full-year outlook. 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. A stock-exchange notice or press release dated after 12 August was not found, so the half-year report remains the key reference.

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. The report does not, in the passages we reviewed, quantify the drivers, although a secondary source attributed it to a working-capital build-up. Bechtle employed 16,418 people at 30 June, up 5.2%, mainly through acquisitions; excluding them, headcount fell 1.4%. Because cash flow was negative, the liquidity and equity position in the full report are worth checking.

Share price context

A delayed quote for the Xetra line showed EUR35.56 on 11 September 2026, up EUR0.80, or 2.30%, giving a market value of about EUR4.48 billion, In the reported figures. That is the latest dated price we could verify, and it is more than a month old. The US OTC line (BHTLF) showed a stale price from January, so no USD quote is relied on. OTC prices for foreign ordinary shares can diverge from the home market because of thin trading and currency conversion.

Analyst commentary, such as Berenberg raising its target to EUR40 from EUR34.50, is third-party opinion and does not form part of Bechtle's disclosure. We make no claim about price movements since September. StockAnalysis.com listed a quarterly report published on 2 September 2026, which

What to watch

The stronger guidance raises the bar for the second half. Investors may watch whether business volume growth holds above 10%, whether the EBT margin stays only slightly below 2025 despite the faster growth, and whether the negative operating cash flow reverses as working capital normalises.

Acquisition-driven headcount growth and the record backlog are also relevant. The next scheduled report date was not confirmed in the available information. Readers should check the company's financial calendar and current Xetra prices before drawing conclusions from this article.