Paul Hartmann (PHH2) Q3 2024 earnings summary

Executive summary

• Achieved organic sales growth of 3.1% in the first nine months of 2024 compared to the same period in 2023, with sales revenues of €1,796.8 million.

• Adjusted EBITDA rose by €66.9 million to €214.0 million, driven by new products and the Transformation Program.

• All business segments and regions reported positive sales growth, with notable expansion in advanced wound care and sustainability initiatives.

• Raised full-year 2024 adjusted EBITDA outlook to €230–270 million, reflecting prudent cost management and stable market conditions.

Financial highlights

• Sales revenues increased to €1,796.8 million from €1,747.2 million year-over-year.

• Adjusted EBITDA margin improved by 3.5 percentage points to 11.9%.

• Equity ratio slightly decreased to 55.4% from 56.1% at year-end 2023.

• Net financial debt increased by €6.7 million to €-102.5 million due to high investment activity.

• Market capitalization declined to €703.8 million from €735.9 million at year-end 2023.

Outlook and guidance

• Adjusted EBITDA guidance for 2024 raised to €230–270 million, up €10 million from previous range.

• Continued expectation of moderate organic sales growth for the full year.

• Transformation Program expected to contribute €50 million to 2024 earnings.