I work with Bechtle every day.
The problem is that many customers are currently not investing due to the increased prices, especially in the RAM area/server etc..
Many customers are extending their service contracts instead of using budgets for new acquisitions as planned. At least this applies to what is presumably quite a large proportion of Bechtle's business.
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@Escanor And many companies will still need to invest by 2027 at the latest, since support for Server 2016 will end then. This will put even more pressure on some companies.

Starting in 2027, I could imagine Bechtle delivering better performance.