Bertrandt entered fiscal year 2024/2025 with confidence, supported by the “Fit for Future” program and a high level of RFQs. However, the expected normalization of project awards did not materialize in the course of 2024/2025. External factors such as erratic tariff policies, trade disputes, and technological challenges caused delays and project shifts among customers. Strategic realignments and cost-cutting programs also weighed on the industry. Consequently, some customers’ R&D spending fell by double digits percentages by the end of September 2025, which the company views as a temporary effect. This challenging market environment, along with the trend of relocating development projects to international R&D hubs, continues to burden the engineering services sector in Germany and is driving market consolidation.
“The capacity utilization, particularly at German sites, was at an insufficient level, so our focus during the fiscal year was on the consistent implementation of the ‘Fit for Future’ program. Measures included portfolio, structural, and infrastructure adjustments. In addition to cost savings, we are intensively pursuing our strategic goals of diversification and internationalization and are already seeing initial successes,” says Markus Ruf, Member of the Management Board Finance.
Group performance declined by around 18% to €978 million (previous year: €1.187 billion). EBIT of approximately € -36 million (previous year: € -98 million) improved significantly compared to the prior year, which was burdened by special items, thanks to positive effects from the optimization program. The adjusted EBIT amounted to c. € -2 million in FY 2024/2025. A return to positive EBIT in Q4 2024/2025 also contributed to this improvement. Headcount was adjusted to market needs and was thus reduced by 1,843 to 12,185 employees as of September 30, 2025 (previous year: 14,028). Despite challenging conditions, a positive free cash flow of around €18 million was achieved. The balance sheet is solid with an equity ratio of over 40 percent.
Despite the challenges of the past two fiscal years, Bertrandt sees good prospects for the future, which will also be reflected in the results. “Our successful acquisition of new customers and regional as well as sectoral diversification are key success factors. In addition, announced investments by our customers in R&D for new products and technologies allow for further opportunities,” explains Markus Ruf. In the past fiscal year, Bertrandt was nominated as a strategic supplier by Volvo Cars and received “Strategic Partner” status from ZEISS SMT for the development of innovative semiconductor technologies. The company also expanded its international presence with new locations. In aerospace and defence, Bertrandt is enjoying double-digit growth. Given rising global defence investments and comprehensive certifications, Bertrandt is already well positioned to quickly implement new projects in these dynamic markets.
In summary, Bertrandt expects a normalization of project awards during fiscal year 2025/2026 and therefore anticipates a moderate* increase in total output and a significant* increase in EBIT to a positive level. The clear goal is to achieve an EBIT margin of 6% to 9% in a normalized market environment in the medium term*.
*Definition: Moderate change: +/-0% to +/-10%; Significant change: over +/-10%; Medium term: within the next three fiscal years
The most important key figures at a glance:
| IFRS-based figures for the Bertrandt Group | 01/10/2024 until 30/06/2025 | 01/10/2023 until 30/06/2024 |
Total revenues (EUR million) | 977.936 | 1.186.884 |
EBIT (EUR million) | -35.519 | -98.046 |
Free cash flow (EUR million) | 18.125 | 54.524 |
Equity (in EUR million) | 307.069 | 363.738 |
Equity ratio (in per cent) | 41.8 | 41.4 |
Employees worldwide | 12,185 | 14,028 |
About Bertrandt
Through our development performance, we accelerate technological progress and make a relevant contribution to a sustainable future. We are an independent and international development service provider with many years of automotive expertise. With cross-industry know-how and a holistic understanding of systems and products, we create technological solutions along the entire value chain. We deal with a focus on trend topics such as digitalization, e-mobility and autonomous systems, mainly for the automotive, aerospace and mechanical engineering sectors, and consistently facilitate the development of tailored solutions in these areas. We work on this every day – with around 12,000 employees at over 50 sites worldwide.
