Bertrandt H1 revenues drop to EUR 456.7m as EBIT loss narrows on 'Fit for Future' savings
Bertrandt reported first-half revenues of EUR 456.7 million, down from EUR 516.4 million a year earlier, while its EBIT loss narrowed to EUR 13.1 million thanks to the 'Fit for Future' program.
- EUR 456.702 million
- EUR -13.123 million
- 1,437 employees
- more than EUR 120 million
What Happened
Bertrandt reported first-half revenues of EUR 456.702 million, down from EUR 516.403 million a year earlier, as weak customer call-offs — particularly from the automotive industry — and additional project postponements hurt revenue. EBIT improved to EUR -13.123 million from EUR -14.379 million, reflecting the positive effects of the 'Fit for Future' program. The company said the anticipated market recovery toward the end of the second quarter fell short of expectations.
- 456.702 vs 516.403
- -13.123 vs -14.379
- 11,744 vs 13,181
Free cash flow rose to EUR 46.646 million from EUR 27.612 million in the prior-year period. Equity decreased to EUR 288.586 million from EUR 347.197 million, while the equity ratio improved to 44.5 percent from 42.6 percent. Headcount was reduced by 1,437 employees to 11,744 compared with the level at the end of March 2025. The balance sheet structure remains stable and solid, according to the company.
End of first half of fiscal 2025/2026; results cover 1 October 2025 to 31 March 2026.
Leading German economic research institutes significantly revised their growth forecasts for Germany downward due to the expected impact of the Iran conflict.
Bertrandt AG's Board of Management adjusted its fiscal-year forecast, now expecting a moderate decline in revenues instead of a moderate increase.
“The 'Fit for Future' earnings optimization program will be consistently continued. Based on the measures implemented to date, savings of more than EUR 120 million per annum have already been achieved, exceeding the originally targeted range of EUR 70 to 90 million. Additional measures are intended to ensure a return to sustainable profitability – independently of growth in total revenues.”
For the second half of the fiscal year, Bertrandt expects a market environment characterized by both opportunities and risks. In addition to the Iran conflict, ongoing trade conflicts could cause the economic slowdown to persist and economic output to decline again in 2026. The company has confirmed its forecast of a significant increase in cash flow from operating activities, while uncertainty regarding achieving a positive EBIT has increased. Bertrandt expects additional savings of around EUR 15 million in the second half of the year compared with the first half.
- Aerospace
- Defence
- Medical technology
- Industry
- Medium-term target: 20–25% of revenues outside the automotive sector
Why this matters
Bertrandt's results show how engineering service providers that depend on automakers are feeling the slowdown in car development work. The company cut 1,437 jobs to protect profitability and is expanding into aerospace, defence, medical technology, and industry to reduce its reliance on autos. Its outlook also warns that the Iran conflict and trade disputes could weigh on the German economy in 2026.
Terms in This Story
- EBIT
- Earnings before interest and taxes; a measure of a company's operating profitability.
- Equity ratio
- Shareholders' equity divided by total assets; a measure of financial stability.
- Customer call-offs
- Orders placed by a customer under a framework agreement; in the automotive industry, they indicate how much work the OEM actually releases to suppliers.
Summarised from the linked release; details can be imperfect — always verify against the original source.