Thank you, and good afternoon, everyone. Welcome to Brockhaus Technologies' earnings call for the first quarter of the fiscal year 2026.

Before we begin, I would like to point out that the slides we are presenting will be published afterwards in the Investors Relations section of our website, brockhaus-technologies.com. After our presentation, we will open the call to questions from your side.

To be fair to everyone, please limit yourself to one question plus one follow-up. Thank you very much in advance.

Before we present our results, I encourage all listeners to review the legal notice on page 2 of our presentation, which explains the understanding of forward-looking statements. Additionally, please refer to Note 6 and 7 of BKHT's consolidated financial statements for 2025 on page 84 onwards of our Annual Report 2025 or page 14 of Brockhaus Technologies' Quarterly Statement Q1 2026 for a discussion on alternative performance measures, as well as the reconciliation of non-GAAP figures.

For information on risk factors that could cause actual results to differ materially from forward-looking statements, we kindly refer to the section on risks and opportunities in the Management Report 2025, starting on page 57 of our Annual Report 2025. Let's turn to page 3.

Let me give you an update on the sale of our stake in Bikeleasing. The closing of the sale of the Bikeleasing stake remains subject to the required owner control procedure by Decathlon Pulse and is expected to take place in the first half of 2026.

The German and Austrian antitrust authorities have already granted merger control approval for the transaction in January and February 2026, respectively. On February 26, 2026, Brockhaus Technologies' extraordinary general meeting approved the transaction with a clear majority of more than 98% of the votes cast.

Based on an illustrative calculation as of September 30, 2025, the pro rata purchase price attributable to Brockhaus Technologies for the shares sold would amount approximately to €240 million after preliminary transaction cost and taxes. The final purchase price will be determined at closing using a customary closing accounts mechanism, taking into account the cash, financial liabilities, and net working capital of the Bikeleasing Group at that time.

The Management Board, in close coordination with the Supervisory Board, is currently reviewing a combination of measures to return a substantial portion of the expected net proceeds from the sale to shareholders. By definition, this would mean more than 50% of the net proceeds would be distributed to our shareholders, subject to applicable legal requirements.

As all strategic options require careful assessment from both a legal and strategic perspective, we expect to present our initial considerations to our shareholders at our Annual General Meeting on August 19, 2026, at the latest. On the next slide, we provide an overview of the key performance indicators by segment, highlighting what we accomplished in the first quarter of 2026.

On the right-hand side, you can see the group KPIs in total, that means including discontinued and continuing operations, continued to show resilient growth, even in a challenging economic environment. In sum, Brockhaus Technologies generated total revenue of €47.9 million in the first quarter of fiscal year 2026, corresponding to organic growth of 13% to the prior-year period.

The gross profit margin of 60% was above the comparative period's levels of 56%. Adjusted EBITDA amounted to €7.6 million in the reporting period, corresponding to an adjusted EBITDA margin of around 16%.

As mentioned before, for comparability purposes, the revenue and adjusted EBITDA figures presented here for the first quarter of fiscal year 2026 are reported on a consolidated basis and include both the group's continuing and discontinued operations. The continuing operations comprise the Security Technologies segment, which is IHSE, and the central functions.

Due to the disposal on December 23, 2025, the revenue as well as other income and expenses of the former HR Benefit and Mobility Platform segment, Bikeleasing, are presented separately as discontinued operations in Brockhaus Technologies' consolidated statement of profit or loss for the first quarter of fiscal year 2026. Accordingly, they are no longer included in the revenue and earnings figures of the consolidated statement of profit or loss in the Q1 2026 quarterly statement, but presented separately in one line as income from discontinued operations.

On the left-hand side, you can see the KPIs for the continuing operations. In the Security Technologies segment, IHSE, revenue in the reporting period amounted to €5.6 million, down 14% compared to the prior-year period.

This was primarily due to generally cautious market and environment, which compared to Q1 2025, resulted in significantly reduced investment activity, particularly in the Americas region, driven by the prolonged government shutdown, US tariff policy, and the war in the Middle East. Adjusted EBITDA amounted to €189,000 in the reporting period, corresponding to an adjusted EBITDA margin of 3%.

Despite significantly lower revenue and gross profit, EBITDA was only slightly below the prior-year period. This was mainly attributed to substantially lower fixed costs in personnel expenses and other operating expenses.

In this regard, management had already initiated comprehensive measures to reduce fixed costs in Q3 2025. Moving two further columns to the right, expenses in central functions were in line compared to the first quarter of 2025.

In the discontinued operation, the former HR Benefit & Mobility Platform segment, Bikeleasing revenue increased by 18% to €42.3 million in Q1 2026. This was primarily driven by improved results from the resale business as previously leased bicycles and e-bikes through the subsidiary Bike to Future, which was specially established for this purpose, as well as the dealer commission introduced in August 2025.

These factors also had significantly positive impact on the gross profit margin, which amounted to 58% in Q1 2026. The number of new bikes brokered via the digital Bikeleasing platform in the first quarter of 2026 totaled to 21,500, largely in line with the prior-year period.

Adjusted EBITDA of the segment amounted to €8.7 million in the reporting period, corresponding to an adjusted EBITDA margin of almost 21%. The main drivers of the higher EBITDA margin were increased revenue and the significantly higher gross margin.

Personnel expenses and other operating expenses, by contrast, increased to a much lesser extent. Turning to the next slide, let us look at IHSE revenue development by region.

As mentioned before, overall, IHSE's revenue was below the previous year's level compared to the first quarter of 2025. In EMEA, revenue increased slightly by 4% year-over-year, driven by a growing defense business.

APAC also showed gross momentum. In contrast, revenue in Americas declined by 66% year-over-year, primarily due to the prolonged government shutdown, US tariff policy, and the war in the Middle East.

On the next page, I would like to run you briefly through our financial leverage structure. At the end of March, debt from loans amounted to €66 million.

When subtracting cash of €27 million, we are left with a net debt from loans of €39 million. Adding €18 million from our financial liabilities and deducting €8 million of net debt from lease refinancing, this brings us to €49 million in total net debt.

If you compare that to the adjusted EBITDA for the last 12 months, this corresponds to a leverage ratio below 1, underlying the high balance sheet quality and resilience of our business. As our limit for this KPI is somewhat 2.5 times EBITDA, we consider our current financial position as more than conservative.

This concludes the first part of our presentation, and I now hand over to Paul, who's in charge of our acquisition team. Paul?

Thank

you, Marco, and also hi, everyone, from my side. Let me start with an update on IHSE's cost program.

The program was initiated in the third quarter of last year and completed by year-end. As expected, the related one-off costs still weighed on full-year figures last year.

However, we are now starting to see the first structural savings coming through in Q1 of 2026. As you can see on the right-hand side, personnel expenses were down 16% year-over-year, and other operating expenses declined by 13% year-over-year.

The measures taken in the second half of last year are clearly beginning to show in the cost base now. At the same time, IHSE has further increased its focus on the core product suite and reduced exposure to non-core activities.

Overall, this is an important step towards higher efficiency and the goal of bringing IHSE back to past profitability levels. On the next slide, let me now turn the topic to the management transformation at IHSE.

The new two-headed management team is now fully in place, providing continuity for the next phase of the company's development. Frank Breitenfelder, who you can see here on the right-hand side, who already joined as Managing Director and CFO in April last year, is responsible for, let's say, everything internally, finance, purchasing, legal, risk management, or compliance.

Joining on May 1st of this year, Dr. Thomas Niesen, the guy you can see on the left-hand side, has now completed the management team as Managing Director and CEO, overseeing sales, research and development, product management, and project management.

Thomas Niesen is an experienced manager and expert in industrial automation and network technology, who previously held global roles at Belden Inc., also a publicly listed company, including VP of R&D, as well as VP change management and VP product management in their automation solutions department. With this new management team and a strong pipeline of product innovations, IHSE is well positioned for 2026 and beyond in our view.

With that short update, handing back over to Marco for our own outlook.

Thank you, Paul. Flipping over to the last page of today's presentation, our group forecast for the fiscal year 2026.

The forecast for the group's continuing operation IHSE and holding for fiscal year 2026 remains unchanged: revenue of €30 million to €32 million and adjusted EBITDA of €0 million to €2 million. Due to the signed sale agreement regarding the stake in Bikeleasing, this business is no longer included in the forecast.

For the continuing operations, preliminary revenue in Q1 2026 amounted to €5.6 million and an adjusted EBITDA of -€1.1 million. That concludes our presentation, and we are now happy to answer your questions.

For that, I would like to hand over to the operator. Thank you.

Good afternoon, gentlemen. I would like to start with the closing procedure of Bikeleasing.

If we would imagine, for example, the 31st of March would have been the closing date, can you give us an idea what would have been the cash inflow from the transaction just to get a feeling? I

can take the question. The answer is quite short because we have no updated figure calculated.

However, systematically, if that's what interests you, what you do is you have a fixed set of items that consist the net debt, so that's of course debt as a subtraction and cash as an addition, but some other items as well. Then you have a, let's say, networking capital mechanism that looks at the networking capital of the company at the given closing date and normalizes it to a normal degree.

Yeah.

Assuming that now Bikeleasing since the closing has generated positive earnings, the cash inflow should increase versus the preliminary figure?

Or is that the wrong assumption? Can I jump in here?

Marco Brockhaus. Thank you.

Sorry to say, but we don't imagine anything. We don't make calculations on 31st of March.

We make calculations on closing, and closing is yet not here, and when closing appears, we'll make calculations on that date. Sorry to say, but we don't want to imagine anything, and we don't want to think what would happen if we would have closed on 31st of March.

Yet the deal is not closed.

Just from a mechanism perspective, if Bikeleasing is generating positive earnings, the cash inflow should increase? Or is that a wrong interpretation?

Systematically, you are correct. If there's a, let's say, increase in cash, then this of course also increases the purchase price to be expected, if it's not at the expense of working capital optimization.

Also

if you would push down unnaturally working capital, this of course is not a way of producing cash for a

closing. That helps.

Then, as you have published that and you repeated it today that you want to allocate or distribute the majority of the cash inflow from the Bikeleasing transaction, do you also prepare for a sale of IHSE or how do you handle IHSE as the remaining company in the holding?

We do not comment on that, and we do not have any plans so far. As you can imagine, we would then have to ad hoc that, and there is no ad hoc out, we have no plans so far.

Okay. Thanks.

All right. Thank you.

As there appear no more further questions, thank you all very much for attending today's earnings call for Brockhaus Technologies. I would like to use this stage and moment to thank our employees for their outstanding work and performance, as well as our shareholders for their continued trust and support.

Goodbye and have a great day. Thank you.