Brockhaus Technologies AG (0AAW, BKHT, ISIN: DE000A2GSU42), the Frankfurt-based technology group that acquires high-margin German Mittelstand B2B technology businesses, has reported nine-month 2026 revenue of €20.0 million and an adjusted EBITDA of €-1.0 million from continuing operations. The group's adjusted EBITDA margin improved significantly year-on-year to -4.9% from -10.2% in the same period of 2025, driven by cost reductions at both the holding company and subsidiary IHSE. The company has also refined its full-year 2026 guidance, now expecting both revenue and adjusted EBITDA at the lower end of previously communicated ranges, citing subdued investment activity in the Americas region as a key headwind.

Key Points

  • Brockhaus Technologies AG (0AAW, BKHT, ISIN: DE000A2GSU42), listed on the Frankfurt Regulated Market (Prime Standard)
  • Nine-month 2026 revenue from continuing operations reached €20.0 million, with adjusted EBITDA of €-1.0 million
  • Full-year 2026 revenue forecast range of €30m–€32m and adjusted EBITDA range of €0m–€2m, both now expected at the lower end; €90 million share buyback completed, reducing shares outstanding by approximately 34.4%
  • Investors should monitor IHSE's Americas recovery trajectory and any further capital return announcements ahead of full-year results

IHSE Security Technologies Segment Lifts Adjusted EBITDA Margin to 17.3% Despite Americas Revenue Decline

Brockhaus Technologies' sole continuing operating subsidiary, IHSE, which forms the Security Technologies segment, generated revenue of €20.0 million in the first nine months of 2026, down from €21.3 million in the equivalent prior-year period. The decline was concentrated in the Americas region, where revenue fell sharply to €2.8 million from €6.4 million, attributed to continued investment reluctance linked to US tariff policy and the conflict in the Middle East. By contrast, EMEA revenue rose to €15.1 million from €13.0 million, supported by a higher volume of large projects, while APAC contributed €2.1 million, slightly ahead of the prior-year figure of €1.9 million. Despite the overall revenue shortfall, IHSE's adjusted EBITDA improved to €3.5 million, lifting its margin to 17.3% from 12.3% a year earlier, primarily as a result of fixed-cost reduction measures initiated in the third quarter of 2025.

€90 Million Share Buyback Completed, Reducing Brockhaus Technologies' Shares Outstanding by 34.4%

On 14 October 2026, Brockhaus Technologies confirmed the successful completion of its public share buyback offer. A total of 3,592,000 shares were repurchased at €25.00 per share, representing a total consideration of approximately €90 million. Following cancellation of the repurchased shares, the number of shares outstanding decreased by approximately 34.4%, falling from 10,447,666 to 6,855,666. The announcement also referenced shareholder approval at the August 2026 Annual General Meeting for the balance sheet conditions necessary to support a potential further capital return to shareholders in 2027, though no firm commitment was made regarding the quantum or timing of any such distribution.

Brockhaus Technologies Refines Full-Year 2026 Guidance Following Bikeleasing Group Disposal

Following the completion of the Bikeleasing Group sale at the end of June 2026 and its subsequent deconsolidation from the balance sheet as of 30 June 2026, Brockhaus Technologies' continuing operations now comprise solely IHSE and the holding company. For the full fiscal year 2026, the company expects revenue from continuing operations at the lower end of its forecast range of €30 million to €32 million. Adjusted EBITDA is similarly expected at the lower end of the €0 million to €2 million range. The company stated this guidance reflects management's current assessment of the order backlog and project pipeline for the fourth quarter. No earnings call will accompany the quarterly statement.