Paul Hartmann (PHH2) investor relations material

Executive summary

• Achieved 2.2% organic sales growth to €2,449.6 million in 2025, despite regulatory and cost headwinds in key markets.

• Adjusted EBITDA rose by €15.5 million to €276.9 million, with margin up to 11.3% year-over-year.

• Transformation program contributed over €50 million to results, offsetting material and energy cost increases.

• All divisions delivered stable, positive earnings; divestiture of Cattier due to sustained unprofitability.

• Dividend of €8.00 per share proposed, maintaining a stable payout policy.

Financial highlights

• Revenue: €2,449.6 million (+1.7% vs. prior year); organic growth 2.2%.

• Adjusted EBITDA: €276.9 million (up from €261.4 million); margin 11.3%.

• Net income: €65.8 million (down from €113.7 million due to higher tax expense and one-off items).

• Free cash flow: €27.2 million (down from €50.3 million), reflecting higher working capital.

• Equity ratio: 56.6% (down from 57.0%).

• Investments: €160.4 million, focused on production, infrastructure, and IT.

Outlook and guidance

• Expects continued challenging market and regulatory environment in 2026.

• Forecasts moderate organic sales growth and adjusted EBITDA between €270–310 million.

• Strategy PLUS 2030 aims for further market share and margin gains, with focus on sales efficiency, innovation, and cost structure.