Paul Hartmann (PHH2) Q2 2025 earnings summary

Executive summary

• Organic revenue increased by 1.6% year-over-year to €1,214.0 million in H1 2025, with growth in most core segments.

• Adjusted EBITDA declined by €10.1 million to €125.8 million, with margin dropping from 11.4% to 10.4% due to higher marketing and material costs.

• Net income fell sharply to €18.1 million from €45.4 million in H1 2024, and EPS dropped from €12.05 to €4.46.

• Workforce remained stable at 10,082 employees globally.

Financial highlights

• Revenue: €1,214.0 million, up 1.6% year-over-year.

• Adjusted EBITDA: €125.8 million, down from €135.9 million in H1 2024.

• EBIT: €44.4 million, down from €71.8 million year-over-year.

• Net income: €18.1 million, down from €45.4 million year-over-year.

• Operating cash flow: €15.7 million, down from €79.6 million in H1 2024.

Outlook and guidance

• Moderate revenue growth expected for full year 2025.

• Adjusted EBITDA guidance lowered to €250–290 million (previously €260–300 million) due to weaker markets, higher tariffs, and geopolitical risks.

• Transformation program to contribute around €50 million to results in 2025.