Bechtle hits record Q4 but stock slumps 6% on 2026 supply chain warning

German IT services provider Bechtle AG experienced a 6% drop in share price on Friday, February 6, 2026, despite reporting record-breaking quarterly earnings, as management issued a cautionary outlook regarding supply chain constraints and manufacturer price hikes for the coming year. While the company achieved its highest-ever quarterly result with earnings before tax (EBT) reaching €121 million in the fourth quarter of 2025, investors reacted to warnings from CEO Thomas Olemotz about potential volatility in the 2026 fiscal year. The market's pivot toward selling reflected concerns that the end-of-year momentum, which saw business volume jump 16%, might be hampered by rising component costs and logistics bottlenecks. The firm’s impressive fourth-quarter performance was largely fueled by a late-year surge in activity following the approval of Germany’s 2025 federal budget in September. This political milestone triggered a wave of demand from government framework contracts exceeding €5 billion. Additionally, private sector clients rushed to fulfill orders for PCs and laptops to avoid anticipated price increases linked to global shortages in DRAM memory. These factors allowed Bechtle to achieve an EBT margin of 6.4%, a significant improvement over the 5.5% recorded in the same period a year prior. Looking beyond the immediate figures, Bechtle is navigating a leadership transition alongside its operational challenges. The company confirmed that Konstantin Ebert’s executive board term has been extended through late 2029, positioning him to succeed Olemotz as CEO on January 1, 2027. Despite the record Q4, the full-year 2025 figures showed a 6% decline in EBT compared to 2024, reflecting a difficult first nine months of the year. Analysts at Jefferies suggest that while the company has strong fundamentals, the 2026 guidance is likely to remain conservative given the unpredictable economic environment and the rising cost of hardware.