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Investing.com -- Bechtle AG (ETR:BC8G) shares jumped more than 15% on Friday after the German IT services provider reported a return to growth in the third quarter of 2025 and reaffirmed its full-year guidance.
“BC8 traded down into results due to fears of a warning, but FY25 guidance was confirmed again, pointing out the clear trend reversal in the second half. We expect a seasonal budget flush in Q4 and a return to double-digit top- and bottom-line growth,” Jefferies said in a note.
The company said business volume grew 8.4% to €2.05 billion, supported by a 17% increase in international operations.
Revenue rose 5.1% to €1.59 billion. Bechtle reported strong development in Benelux, Spain and the United Kingdom, while France, Germany and Switzerland also posted gains despite what it described as challenging conditions. The company said the trend continued into October.
Jefferies called the quarter “a strong performance” and said the figures carried “an even more bullish tone for Q4.”
The brokerage highlighted that “EBT of €80m was up 20% from Q2,” describing the sequential increase as the key feature of the release.
Jefferies added that the reaffirmed full-year guidance signalled what it described as a “clear trend reversal in the second half.”
Bechtle’s earnings before taxes rose 2.4% from a year earlier to €80.5 million, and were 20.5% above the second quarter. The company said depreciation rose 14.6% because of investments and acquisitions, while cost increases stayed in line with revenue.
Operating cash flow reached €149.1 million for the first nine months, which the company said reflected ongoing effects from previous cash flow management measures. Liquidity was €508.3 million at the end of September, compared with €716.2 million at the end of 2024.
Bechtle’s headcount increased 4.4% to 16,300 employees, a rise the company said was fully due to acquisitions.
Excluding acquisitions, staffing declined 1.6% as roles were not refilled immediately. Bechtle counted 853 vocational trainees and dual students as of Sept. 30.
The company said business volume and revenue after three quarters were in line with expectations and confirmed the forecast issued in March. To meet its full-year earnings target, Bechtle said it needs to deliver an increase of just under 25% in fourth-quarter EBT.
“We are fully aware that the expected earnings growth in the fourth quarter is ambitious,” CEO Thomas Olemotz said in a statement.
“However, we have shown time and again that Bechtle can achieve an exceptional year-end performance and the positive momentum in October gives us the confidence to do just that.”
Jefferies noted that to reach the low end of Bechtle’s full-year EBT goal, the company must achieve €125 million in fourth-quarter earnings, or 24% growth year-on-year, and said this level of fourth-quarter contribution had occurred in the past.
Bechtle’s quarterly metrics showed Germany revenue down 2.4% to €892 million, while international revenue climbed 16.5% to €696.2 million.
Revenue in the IT System House & Managed Services segment fell 3.3%, and the IT E-commerce segment rose 19.6% to €660.3 million. Group EBIT increased 3.4% to €83.5 million, and net earnings attributable to shareholders rose 2.5% to €57.5 million.