Original-Research: Bechtle AG – from Quirin Privatbank Kapitalmarktgeschäft 21.11.2025 / 17:05 CET/CEST Dissemination of a Research, transmitted by EQS News – a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. ————————————————————————— Classification of Quirin Privatbank Kapitalmarktgeschäft to Bechtle AG Company Name: Bechtle AG ISIN: DE0005158703 Reason for the research: Update Recommendation: Buy from: 21.11.2025 Target price: 45.50 Last rating change: Analyst: Sebastian Droste International strength, domestic drag On 14 November 2025, Bechtle released its Q3 results and confirmed its guidance for 2025. Revenue growth was stable (+5.1% yoy) and in line with our expectation, supported by strong international performance, particularly in Benelux, Spain and the UK. However, Germany remained weak and IT System House & Managed Services declined, while IT E-commerce was the main growth driver. The EBT margin slightly declined from 5.2% to 5.1%, in line with our estimate, as cost discipline helped but higher depreciation from acquisitions weighed on profitability. Management reiterated the need for a strong Q4 to meet EBT targets and pointed to early positive signs from October. The guidance from March remains unchanged, implying modest business volume growth and an EBT range of -5% yoy to +5% yoy. International demand and structural IT trends support the investment case, although domestic market weakness and macro uncertainty remain key risks. We decrease our target price to EUR 45.50 (previously EUR 57) and confirm our Buy recommendation. You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=767f7e65aaafba508d478bc79741712d For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main [email protected] https://research.quirinprivatbank.de/ ————————————————————————— The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=3db3db77-c6f3-11f0-be29-0694d9af22cf&lang=en ————————————————————————— 2234470 21.11.2025 CET/CEST
