Bechtle Q1: Results ‘as expected’ but short of market projections, April showing signs of recovery

Preliminary figures show a significant year-on-year decline owing to greater personnel costs a rise in non-wage labour costs, but H2 is already looking promising

Bechtle today published disappointing financial results for the first quarter of 2025 which were as expected by the German reseller, but “significantly below” market expectations.

Business volume arrived at €1.9bn (£1.6bn) roughly on par with the previous year, though slightly down on an organic basis.

Revenue dipped three per cent to €1.4bn (£1.2bn) in Q1.

While EBT came to €55m (£46m), compared to €82m (£69m) in the same quarter of the previous year.

Bechtle explained the year-on-year drop is mainly attributable to increased personnel costs, driven in part by acquisitions made in 2024, and in part by a marked rise in non-wage labour costs.

However, it added that compared to Q4 2024, cost increases have slowed significantly.

Moreover, earnings were also adversely affected by lower bonus payments from manufacturing partners in the first quarter 2025.

Whilst last year’s figure was positively influenced by €5m in marketing allowances, which were not received in 2025.

“In light of this anticipated development, the executive board is reaffirming its forecast for the year 2025,” Bechtle said in a statement.

“An uptick in demand in the second half—particularly from public-sector clients—should help to at least partially offset the declines from the first half of the year. Initial signs of recovery were already visible in April.

“In addition, Bechtle holds a historically high value of framework agreements with public-sector clients. These are expected to convert into actual incoming orders over the course of the year—particularly in Germany, following the formation of a new government.”