Paul Hartmann (PHH2) Q2 2026 earnings summary

Executive summary

• Organic revenue grew by 3.3% year-over-year to €1,252.0 million in H1 2026, with all core segments contributing to growth.

• Adjusted EBITDA increased by €25.9 million to €151.7 million, with margin rising from 10.4% to 12.1%.

• Net income rose sharply to €57.6 million from €18.1 million in the prior year period.

Financial highlights

• Revenue: €1,252.0 million, up 3.3% year-over-year.

• Adjusted EBITDA: €151.7 million, up from €125.8 million; margin at 12.1%.

• EBIT (operating income): €88.3 million, up from €44.4 million.

• EPS: €15.35, up from €4.46 year-over-year.

• Operating cash flow: €126.2 million, up from €15.7 million.

Outlook and guidance

• Expects moderate organic revenue growth and adjusted EBITDA between €270–310 million for FY 2026.

• Anticipates higher material, energy, and freight costs in H2 2026 due to the Iran war, with only partial compensation through pricing.

• Projects negative impact on 2027 results from new statutory health insurance rules and planned care reform.