Bechtle

Bechtle massively increased inventories in the second quarter, causing operating cash outflows of €112.4 million (prior year: inflow €45.2 million). Despite the inventory build-up, revenue rose 16.5% to €1.73 billion and pre-tax profit increased by a fifth to €80.2 million; net profit was €57.8 million. The company raised its full-year guidance and expects revenue and profit growth of 5–10% for the year; the order backlog stands at €3.5 billion. CEO Thomas Olemotz simultaneously warned against euphoria and stressed that market conditions remain challenging. » Altro su finanzen.net

Bechtle reported Q2 2026 revenue up 16.5% to €1.73bn and pre-tax profit up 20.1% to €80.2m, both above analysts' expectations, and raised its full-year guidance significantly. Investors, however, focused on the sharply negative operating cash flow of -€112.4m (previous year +€45.2m), caused by a substantial build-up of inventories and working capital in connection with a record order book of €3.5bn. Management also noted that more than half of the revenue growth was due to price effects in servers, storage solutions and PCs, which tempers the quality of earnings; the stock gave back gains after an initial rally to €35.47. » Altro su de.investing.com

Bechtle shares briefly benefited from an upward revision to the forecast after the final quarterly report, but then reversed and fell almost 5%, most recently down about 2% and just above the simple 200-day line. UBS analyst Christopher Tong finds the higher annual targets plausible due to the sharp rise in order backlog; management described the targets as ambitious but remains confident about the positive trend. Earlier key data had already triggered a rally at the end of July, but prices have been correcting since last week. » Altro su finanzen.net