Secunet partners with Bechtle: Berenberg keeps Buy on Secunet stock

Published on 10/25/2026 at 13:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Order intake rose 78.70 percent to EUR 287.40 million in the first half of 2026. Berenberg kept Buy on Secunet stock on September 25, 2026.

Partnership and results ahead

On September 23, 2026, the Bundeswehr framework could reach EUR 1.7 billion over four years.
First-half order intake rose 78.70 percent to EUR 287.40 million.
Secunet stock closed at EUR 237.50 on October 23, 2026.
The next reporting date is November 12, 2026.

Flatlay mit Aktienzertifikat, ISIN-Karte und Sicherheitshardware auf dunklem Tisch — secunet Security Networks DE0007276503 arrangiert Flatlay mit Aktienzertifikat, ISIN-Karte und Verschlüsselungshardware auf Tisch, Illustration mit AI erstellt.

Secunet (ISIN DE0007276503) closed at EUR 237.50 on Xetra on October 23, 2026. On October 6, 2026, Secunet and Bechtle announced a partnership to deliver sovereign security solutions across Europe, according to secunet. onvista reported on September 28, 2026, that Berenberg had kept its Buy rating while raising its target from EUR 254.00 to EUR 260.00.

Three events shaped the outlook

On September 23, 2026, the Bundestag budget committee approved a SINA supplementary framework agreement that could enable up to EUR 1.7 billion in Bundeswehr purchases over four years, while an initial call could total more than EUR 100 million, according to Dr. Web. On October 6, 2026, the Bechtle partnership added a European distribution and managed-services channel, with SINA technology already used in more than 280,000 installations, according to secunet. On October 9, 2026, mwb research raised its target from EUR 210.00 to EUR 240.00 and retained a Hold rating, according to IT Boltwise.

What does the contract mean for revenue?

The framework is a ceiling rather than booked revenue. Secunet expects 2026 revenue of EUR 460 million to EUR 500 million, while the first call is expected to begin deliveries in 2027, according to Dr. Web. That distinction matters because future Bundeswehr orders depend on individual call-offs. The commercial upside is therefore tied to execution and timing, not the headline framework value alone.

Next date is November 12

Secunet's next scheduled reporting date is November 12, 2026, when the company plans to publish its group quarterly statement for the period ending September 30, 2026. That report will give investors the next quantified test of order conversion and second-half profitability.

Stock remains below EUR 268.00

The October 23, 2026 Xetra close of EUR 237.50 stood 11.38 percent below the EUR 268.00 52-week high. The gap leaves the contract pipeline and the conversion of orders into reported revenue as the central valuation questions. The further course of trading is shown by the continuously updated real-time quote of Secunet stock.