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Successful product launches and the acquisition of new customers, as well as the focused, continued implementation of the Transformation Program, had a positive impact on HARTMANN's business development in the first quarter of 2024. The Company was once again able to demonstrate its resilience in a difficult market environment with material costs remaining at a high level.

The various commercial and geopolitical challenges during the reporting year had a significant impact on the business performance of the HARTMANN GROUP. HARTMANN continued to operate in a difficult market environment in 2023 with reduced demand persisting in the markets – partly due to a massive shortage of personnel in the European healthcare systems – along with high additional costs for materials and energy of approximately EUR 60 million, as well as an increase in personnel costs.

At EUR 203 million, adjusted EBITDA was at the upper end of the earnings forecast of EUR 180 to 210 million, which had been increased in November. The previous year's result was thus exceeded by EUR 12 million. The Company was able to more than compensate for massive additional material, energy and freight costs of almost EUR 80 million. This was mainly due to the successful implementation of cost measures and product launches as part of the Transformation Program as well as price increases, which offset some of the additional material costs.