New Risk • May 15
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -€7.8m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 46% per year over the past 5 years. Minor Risk Less than 1 year of cash runway based on current free cash flow (-€7.8m). Reported Earnings • May 15
First quarter 2026 earnings released: €0.41 loss per share (vs €0.073 loss in 1Q 2025) First quarter 2026 results: €0.41 loss per share (further deteriorated from €0.073 loss in 1Q 2025). Revenue: €6.07m (down 15% from 1Q 2025). Net loss: €4.24m (loss widened 455% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 27
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: €2.52 loss per share (improved from €5.32 loss in FY 2024). Revenue: €32.4m (down 84% from FY 2024). Net loss: €26.3m (loss narrowed 53% from FY 2024). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. New Risk • Mar 26
New major risk - Revenue and earnings growth Earnings have declined by 53% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Annonce • Dec 24
Decathlon Pulse agreed to acquire 65% stake in Bls Beteiligungsgesellschaft Für Immobilienbesitz Mbh from Brockhaus Technologies AG (XTRA:BKHT) for €240 million on December 23, 2025. Decathlon Pulse entered into an agreement to acquire 65% stake in Bls Beteiligungsgesellschaft Für Immobilienbesitz Mbh from Brockhaus Technologies AG (XTRA:BKHT) for €240 million on December 23, 2025. on December 23, 2025.
The transaction is subject to approval by regulatory board / committee.
Maximilian Platzer, Christina Mann, Adrien Giraud, Tilman Kuhn, Axel Schiemann, Ulf Kieker, Christian Jahn, Paul Davies, Michael Green, Susan Kempe-Müller, Tobias Leder from Latham & Watkins LLP acted as legal advisor for Decathlon Pulse. E+H Rechtsanwälte GmbH acted as legal Local counsel advisor to Decathlon Pulse. New Risk • Dec 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: €0.17 (vs €0.42 in 3Q 2024) Third quarter 2025 results: EPS: €0.17 (down from €0.42 in 3Q 2024). Revenue: €71.3m (up 4.0% from 3Q 2024). Net income: €1.80m (down 59% from 3Q 2024). Profit margin: 2.5% (down from 6.3% in 3Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. New Risk • Oct 27
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €56m Forecast net loss in 2 years: €2.5m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Currently unprofitable and not forecast to become profitable over next 2 years (€2.5m net loss in 2 years). Annonce • Oct 17
Brockhaus Technologies AG, Annual General Meeting, Nov 27, 2025 Brockhaus Technologies AG, Annual General Meeting, Nov 27, 2025, at 11:00 W. Europe Standard Time. Major Estimate Revision • Sep 11
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €244.4m to €225.4m. Now expected to report a loss of €1.56 per share instead of €0.59 per share profit previously forecast. Electronic industry in Germany expected to see average net income growth of 69% next year. Consensus price target down from €42.25 to €34.75. Share price fell 11% to €9.28 over the past week. Price Target Changed • Sep 10
Price target decreased by 21% to €34.75 Down from €43.75, the current price target is an average from 4 analysts. New target price is 257% above last closing price of €9.74. Stock is down 66% over the past year. The company is forecast to post a net loss per share of €1.56 next year compared to a net loss per share of €5.32 last year. Reported Earnings • Aug 08
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: €5.32 loss per share (further deteriorated from €0.30 loss in FY 2023). Revenue: €207.4m (up 11% from FY 2023). Net loss: €55.6m (loss widened €52.2m from FY 2023). Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Price Target Changed • Jun 26
Price target decreased by 18% to €43.75 Down from €53.50, the current price target is an average from 4 analysts. New target price is 204% above last closing price of €14.40. Stock is down 52% over the past year. The company is forecast to post a net loss per share of €1.34 next year compared to a net loss per share of €0.31 last year. Annonce • May 31
Brockhaus Technologies AG Provides Earnings Guidance for the Year 2025 Brockhaus Technologies AG provided earnings guidance for the year 2025. The company continues to expect organic revenue growth and high profitability for the 2025 fiscal year. Price Target Changed • May 09
Price target decreased by 12% to €50.25 Down from €57.25, the current price target is an average from 4 analysts. New target price is 236% above last closing price of €14.95. Stock is down 35% over the past year. The company is forecast to post a net loss per share of €0.62 next year compared to a net loss per share of €0.31 last year. New Risk • Apr 25
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 1.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Price Target Changed • Mar 18
Price target decreased by 9.3% to €53.50 Down from €59.00, the current price target is an average from 4 analysts. New target price is 162% above last closing price of €20.40. Stock is down 6.0% over the past year. The company is forecast to post a net loss per share of €0.28 next year compared to a net loss per share of €0.31 last year. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: €0.42 (vs €0.32 in 3Q 2023) Third quarter 2024 results: EPS: €0.42 (up from €0.32 in 3Q 2023). Revenue: €68.5m (up 17% from 3Q 2023). Net income: €4.34m (up 25% from 3Q 2023). Profit margin: 6.3% (up from 5.9% in 3Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €69.6m (up 37% from 2Q 2023). Net loss: €5.27m (loss widened €4.99m from 2Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Reported Earnings • May 19
First quarter 2024 earnings released: €0.13 loss per share (vs €0.045 loss in 1Q 2023) First quarter 2024 results: €0.13 loss per share (further deteriorated from €0.045 loss in 1Q 2023). Revenue: €39.8m (up 19% from 1Q 2023). Net loss: €1.38m (loss widened 183% from 1Q 2023). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Apr 13
Price target increased by 8.4% to €51.67 Up from €47.67, the current price target is an average from 3 analysts. New target price is 135% above last closing price of €22.00. Stock is down 6.0% over the past year. The company is forecast to post earnings per share of €0.84 next year compared to a net loss per share of €0.31 last year. Annonce • Mar 29
Brockhaus Technologies AG, Annual General Meeting, Jun 20, 2024 Brockhaus Technologies AG, Annual General Meeting, Jun 20, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: €0.31 loss per share (vs €0.094 profit in FY 2022) Full year 2023 results: €0.31 loss per share (down from €0.094 profit in FY 2022). Revenue: €187.6m (up 31% from FY 2022). Net loss: €3.34m (down 427% from profit in FY 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Annonce • Mar 21
Brockhaus Technologies AG to Propose First-Time Dividend for the Year 2023 The Executive Board of Brockhaus Technologies AG, in consultation with the Supervisory Board, intends to propose to the Annual General Meeting, based on the preliminary, yet unaudited financial statements for fiscal year 2023, the payment of a dividend in the amount of EUR 0.22 per dividend-entitled share, for the first time. To date, Brockhaus Technologies has not paid any dividends yet. The final proposal of the Executive Board and the Supervisory Board to the Annual General Meeting is to be made after the approval of the audited financial statements for 2023 and is to be published in good time before the Annual General Meeting of Brockhaus Technologies, which is to be held on June 20, 2024. The annual report of Brockhaus Technologies for the fiscal year 2023 will be published on March 28, 2024. Brockhaus Technologies achieved the target status of the previous dividend policy significantly earlier than planned. Previously, regular dividend payments were foreseen to be made only in the mid-term future. Going forward, Brockhaus Technologies targets to pay a steadily increasing dividend. The decision on dividends is made by the Annual General Meeting. Annonce • Mar 07
Brockhaus Technologies AG, Annual General Meeting, Jun 20, 2024 Brockhaus Technologies AG, Annual General Meeting, Jun 20, 2024. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: €0.32 (vs €0.77 in 3Q 2022) Third quarter 2023 results: EPS: €0.32 (down from €0.77 in 3Q 2022). Revenue: €58.8m (up 17% from 3Q 2022). Net income: €3.49m (down 59% from 3Q 2022). Profit margin: 5.9% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Annonce • Aug 16
Brockhaus Technologies AG to Report Q3, 2023 Results on Nov 14, 2023 Brockhaus Technologies AG announced that they will report Q3, 2023 results on Nov 14, 2023 Reported Earnings • Aug 15
Second quarter 2023 earnings released: €0.025 loss per share (vs €0.14 profit in 2Q 2022) Second quarter 2023 results: €0.025 loss per share (down from €0.14 profit in 2Q 2022). Revenue: €50.5m (up 10% from 2Q 2022). Net loss: €277.0k (down 118% from profit in 2Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2023 earnings released: €0.045 loss per share (vs €0.20 loss in 1Q 2022) First quarter 2023 results: €0.045 loss per share (improved from €0.20 loss in 1Q 2022). Revenue: €33.6m (up 20% from 1Q 2022). Net loss: €488.0k (loss narrowed 78% from 1Q 2022). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Germany. Reported Earnings • Apr 06
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: €0.094 (up from €1.52 loss in FY 2021). Revenue: €143.7m (up 133% from FY 2021). Net income: €1.02m (up €16.9m from FY 2021). Profit margin: 0.7% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 163%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Germany.