Bechtle AG

Bechtle said Q2 business volume rose 18% year over year, organic growth was 13%, organic sales increased 10%, order intake rose 26%, and EBT increased 20% in the quarter and 16% in the first half. Gross margin remained at a high level and EBT margin remained stable. Operating cash flow was under pressure in Q2 due to reporting-date effects, with order-related inventories and contract assets increasing; DSO improved from 39 to 37 days and working capital improved from 7.3% to 6.8% of business volume. For full-year 2026, the company raised guidance to more than 10% revenue growth and 5% to 10% EBT growth, with the EBT margin expected to decline slightly because of investments in its own IT infrastructure.

Thomas Olemotz emphasized that the operating environment remains challenging, but Bechtle is benefiting from close customer relationships, partnerships with major technology vendors, and a diversified business model across regions and customer groups. He framed the quarter as evidence that the company is gaining market share and executing well even with supply-chain issues, longer delivery times, and delayed project starts. He was confident about the second half, pointing to a record backlog, strong public-sector momentum, and a still-high demand for future-proof IT and consulting services.

Marcus Jehle said the quarter showed strong execution with cost discipline, stable gross margin, and stable EBT margin even as material costs rose slightly disproportionately. He explained that operating cash flow was temporarily pressured by reporting-date effects, especially higher order-related inventories and contract assets, but noted that DSO improved to 37 days from 39 and working capital improved to 6.8% from 7.3% of business volume. He also said headcount growth was driven only by acquisitions, while organic headcount declined 1.4%, reflecting a measured hiring approach tied to cost management.

Analysts focused on whether strong organic growth was being driven by pricing rather than volume, whether headcount and costs would rise, and whether public-sector demand was being pulled forward. Management said more than 50% of growth was driven by price effects, but the mix varied by product group because of supply-chain constraints, and it did not expect significant organic headcount growth for the rest of the year. On cash flow, management said the Q2 weakness was mainly timing-related and backed by project inventory, not a structural issue. They also said customers are not broadly cutting budgets, but are reallocating spending and shifting vendor choices as prices rise, while refurbished equipment is becoming more relevant but remains limited by the availability of returned devices.