Paul Hartmann (PHH2) Q3 2025 earnings summary

Executive summary

• Achieved organic sales growth of 2.0% year-over-year for the first nine months of 2025, with revenues of €1,826.0 million in a challenging market environment.

• Gained market share in strategic core segments, despite weaker sales in some regions, notably in prescription wound care in Germany and France.

• Introduced innovative products and digital solutions, earning multiple national and international awards for innovation and service quality.

Financial highlights

• Revenues increased to €1,826.0 million from €1,796.8 million year-over-year.

• Adjusted EBITDA declined to €195.8 million from €214.0 million, with margin dropping to 10.7% from 11.9% year-over-year.

• Net financial status worsened to -€180.5 million, mainly due to higher net working capital, dividend payments, and sustained investment activity.

• Equity ratio remained strong at 55.4%, down 1.6 percentage points from year-end 2024.

• Market capitalization rose to €800.2 million, up €14.3 million from the previous year.

Outlook and guidance

• Expects continued moderate organic sales growth for full-year 2025.

• Confirms adjusted EBITDA guidance of €250–290 million for 2025.

• Plans to maintain cautious cost management while investing in growth and innovation despite ongoing market and geopolitical uncertainties.