Paul Hartmann (PHH2) Q1 2026 earnings summary

Executive summary

• Achieved 3.3% organic sales growth year-over-year in Q1 2026, with revenue reaching €623.9 million.

• All core segments contributed to growth, though wound care in Germany and France was impacted by reimbursement changes.

• Adjusted EBITDA increased by €6.4 million to €77.3 million, with margin rising to 12.4%.

• Positive development in all regions, with Americas showing the strongest organic growth at 14.7%.

Financial highlights

• Revenue rose from €607.3 million to €623.9 million year-over-year.

• Adjusted EBITDA improved from €70.9 million to €77.3 million; margin up from 11.7% to 12.4%.

• Net financial status improved by €48.2 million to -€123.1 million.

• Equity ratio increased to 57.2% from 56.6% at year-end 2025.

• Market capitalization declined to €757.4 million from €821.7 million at year-end 2025.

Outlook and guidance

• Expects to largely offset rising material, energy, and freight costs from the Iran conflict through cost and price measures.

• Forecasts continued positive development in 2026, with moderate organic sales growth and adjusted EBITDA between €270–310 million.