HARTMANN in numbers

The activities of the HARTMANN GROUP are reported in business segments: Wound Care, Incontinence Management, Infection Management, and Complementary Group Divisions, which primarily include Kneipp, CMC, and KOB.

Advanced wound care remains a growth driver

In the Wound Care segment, HARTMANN generated sales revenues of EUR 623.6 million in the reporting period. Organic sales growth was 2.6%, primarily based on volume growth in the strategic growth areas of atraumatic dressings around Zetuvit® Silicone and Resposorb® Silicone. This figure exceeds the reported market growth.

Although uncertain future reimbursement regulations in the German domestic market and regulatory restrictions in France weighed on business, the advanced wound care area remained the growth driver in this segment in 2025. HARTMANN gained market share in the atraumatic dressings area in the USA and France.

HARTMANN remains the number one brand for wound care in the European pharmacy market. As the market leader in traditional wound care, the Company is facing strong competitive pressure from Southeast Asia.

The Vivano® product range for negative pressure wound therapy grew in the reporting year, particularly in France and Eastern Europe.

Adjusted EBITDA declined by EUR 4.5 million to EUR 105.4 million in the reporting year. This was primarily due to declines in the German and French markets and ongoing investments in the growth market of the USA and in Germany.

Incontinence Management segment records profitable growth

In the Incontinence Management segment, the HARTMANN GROUP generated sales revenues of EUR 785.8 million in the reporting year, representing organic growth of 2.8%.

The segment recorded solid organic growth in all product categories. The incontinence pants area benefited in particular from successful product relaunches and the introduction of MoliCare® Absorbent Underwear. With the new MoliCare® Lady & Men Pads and MoliCare® Mobile Disposable Pants, HARTMANN was able to gain market share, particularly in the pharmacy sector in France, Switzerland, and the Czech Republic. Medical skin care also contributed significantly to growth.

These developments led to an increase in adjusted EBITDA of EUR 9.5 million to EUR 96.5 million compared to the previous year – despite HARTMANN specifically increasing its investments in marketing, sales, digital projects, and product launches.

Growth in infection management sales

In the Infection Management segment, HARTMANN recorded sales of EUR 537.6 million in the reporting year. This corresponds to organic sales growth of 3.3%.

The surface disinfection area had a particularly positive impact: HARTMANN successfully translated its successful product innovations (e.g., Bacillol® 30 Sensitive Green and Sterillium® 2in1 Wipes) into increased market share in a growing market. It achieved the No. 1 position in the growing surface disinfection market in German pharmacies. The CombiSet® and MediSet® sterile component sets also had a positive impact on organic sales growth, particularly through product innovations for orthopedics. Price pressure in the market remained high in the reporting year. This applies in particular to the examination gloves business.

In the Infection Management segment, adjusted EBITDA was EUR 46.3 million, down EUR 0.6 million on the previous year.

Improved earnings in the Complementary Group Divisions

In the Complementary Group Divisions, HARTMANN recorded sales revenues of EUR 502.6 million in the reporting period, representing a slight organic decline in sales of 0.2%. Adjusted EBITDA of EUR 28.7 million exceeded the previous year’s figure by EUR 11.1 million. All areas contributed to this improvement in earnings.

During the reporting year, Kneipp experienced a rise in sales, driven in part by its strong performance in Germany. The KOB Group also recorded an increase in sales compared to the previous year. The main driver for this increase was the US market. The CMC Group saw a decline in sales due to portfolio adjustments.

Sales growth in the domestic market

In the reporting period, the HARTMANN GROUP generated sales revenues of EUR 775.6 million in its core German sales market. This corresponds to moderate organic sales growth of 3.5% compared to 2024. In the EMEA region (Europe excluding Germany, Middle East, Africa), sales revenues amounted to EUR 1,436.5 million, representing organic growth of 1.3% compared to the previous year. In the APAC region (Asia, Pacific), HARTMANN generated sales revenues of EUR 145.8 million. Compared to the previous year, this corresponds to an organic decline in sales of 3.3%. In the Americas region, HARTMANN achieved organic sales growth of 15.6%, with sales revenues of EUR 91.6 million.

Slight increase in domestic share of sales

During the reporting period, the ratio of domestic to foreign sales revenues shifted slightly toward domestic sales once again. Germany accounted for EUR 775.6 million, or 31.7% of consolidated sales. In the previous year, the share was 31.1%. Outside the German domestic market, the HARTMANN GROUP generated EUR 1,674.0 million, or 68.3% of consolidated sales. In the previous year, this figure was 68.9%.

Raw material and energy prices remain high

In the reporting year, prices for energy and the raw materials essential to HARTMANN remained at a high level compared with the previous year. The Transformation Program enabled savings to be achieved in material costs.

Positive development in a challenging market environment

The most significant changes in HARTMANN’s market environment were the market contraction in key segments. Additional costs also arose from US tariff policy. Nevertheless, the HARTMANN GROUP performed well in the reporting year. A key reason for this is the successful implementation of the Transformation Program: The Company benefited from newly introduced products and solutions and also achieved structural cost improvements. In 2025, the Transformation Program once again made a significant contribution to adjusted EBITDA, amounting to over EUR 50 million.

Organic sales grow moderately

In the interests of transparent communication and for management purposes, HARTMANN uses organic sales growth as a key performance indicator for sales development. The Company recorded moderate organic sales growth of 2.2% in the reporting year.

Across all business segments, the HARTMANN GROUP recorded consolidated sales of EUR 2,449.6 million in 2025. Compared to the previous year, this corresponds to growth of 1.7%. Currency exchange rate effects had an impact of -0.2% on sales growth, while effects from divestments had an impact of -0.3%.

Growth in adjusted EBITDA

Adjusted EBITDA serves as a key performance indicator for the HARTMANN GROUP in terms of earnings development. Adjusted EBITDA represents the operating income before depreciation of tangible assets, amortization of intangible assets, impairments/reversals of impairment losses, and adjustments. The adjustments are related to categories such as restructuring costs, profits or losses from divestments, and acquisition-related expenses.

After reaching EUR 261.4 million in 2024, adjusted EBITDA amounted to EUR 276.9 million in the reporting year. This figure is therefore within both the forecast range of EUR 260 million to EUR 300 million stated in the 2024 annual report and the forecast range of EUR 250 million to EUR 290 million adjusted in August 2025. The adjusted EBITDA margin increased from 10.9% to 11.3% year-on-year. This is primarily attributable to innovation measures and cost reduction projects under the Transformation Program.

The operating income has been amended to account for adjustments. Total expenses of EUR 10.6 million were incurred for restructuring measures with minimum expenses of one million EUR. EUR 5.7 million of the total is attributable to relocating production to Poland in the Wound Care segment. In addition, adjustments of EUR 18.7 million arose from the sale of Pierre Cattier S.A.S., which are attributable to the category of profits or losses on divestments and acquisition related expenses. In addition, other adjustments amounting to EUR 16.6 million were incurred, in particular in connection with the ongoing migration of the SAP IT system to S/4HANA, amounting to EUR 11.2 million.

The HARTMANN GROUP’s EBITDA for the reporting year amounted to EUR 231.0 million. This figure is EUR 12.1 million below the previous year’s figure of EUR 243.1 million. The financial result for the reporting year was EUR -15.2 million, compared with EUR -13.2 million in the previous year. Income tax expense amounted to EUR 41.1 million, compared with EUR 11.4 million in the previous year. The increase in tax expense is mainly due to non-deductible expenses in connection with the s ale of Pierre Cattier S.A.S. In the previous year, tax expense was influenced by the capitalization of deferred tax assets on tax loss carryforwards and the reversal of provisions. Compared with 2024, consolidated net profit fell from EUR 113.7 million to EUR 65.8 million.