HARTMANN: Strongly increased earnings forecast for 2023 at EUR 180 to 210 million due to successful cost and productivity measures, thus slightly above previous year's level

15.11.2023
  • Market and purchasing conditions continue to have a strong impact
  • Earnings forecast for 2023 raised significantly to EUR 180 to 210 million
  • January to September 2023
    • Organic sales growth of 2.5%
    • Sales increase due to necessary price adjustments
    • Adjusted EBITDA increased due to successful implementation of cost measures, earnings level still impacted by crises
Heidenheim, 15 Nov. 2023. The HARTMANN GROUP generated sales revenues of EUR 1,747.2 million from January to September 2023. This corresponds to organic sales growth of 2.5% compared to the same period of the previous year.

The Company generated adjusted EBITDA of EUR 147.1 million, an improvement of EUR 8.1 million compared to the same period in 2022. The adjusted EBITDA margin is 8.4%, a slight improvement on the same period in the previous year.

The Company recorded positive sales growth in Incontinence Management and Wound Care. In contrast, demand in Infection Management fell due to a further decline in the markets for protective clothing and disinfection products in particular. The Group's Complementary Divisions recorded moderate organic sales growth overall.

The Company improved its net financial status by around EUR 28 million in the third quarter (status end of September 2023: EUR -152.7 million). In addition to the improved operating business, this is also due to the optimization of inventories, whereby ensuring delivery reliability remains a high priority.

Outlook 2023

In 2023, HARTMANN launched innovative products on the market and implemented projects with substantial cost improvements. Despite a slight recovery, the additional costs for materials, energy and transport for 2023 alone are in the very high double-digit million euro range. Market conditions remain difficult, such as reduced demand markets and structural cost increases, e. g. due to higher wages.

"Our Transformation Program will contribute just under EUR 50 million to adjusted EBITDA in the current financial year, which is significantly more than planned. Investments in product innovations and production facilities as well as structural cost improvements have further increased our competitiveness and made us resilient in the current very difficult market environment," says Britta Fünfstück, CEO of the HARTMANN GROUP.

Based on the business performance to date in 2023 and current forecasts for the business outlook, HARTMANN expects to strongly exceed the previously planned earnings level for 2023 and thus slightly above the previous year's level. The Company currently anticipates adjusted EBITDA of EUR 180 to 210 million for 2023 (previously: EUR 145 to 185 million) and continues to expect moderate organic sales growth.

About HARTMANN GROUP

The HARTMANN GROUP is one of the leading European providers of professional medical and care products and associated services. Every day, healthcare professionals and patients rely on HARTMANN brands in the segments of Incontinence Management (e.g. MoliCare®), Wound Care (e.g. Zetuvit®) and Infection Management (e. g. Sterillium®). This is expressed in our brand promise of “Helps. Cares. Protects.” In 2022, the HARTMANN GROUP reported Group sales of EUR 2.3 billion. Founded in 1818, the company sells its products and solutions in 130 countries around the world. For the future, the HARTMANN GROUP is currently implementing its strategic Transformation Program with its high-performance, customeroriented and passionate team.

To learn more about the HARTMANN GROUP, visit www.corporate.hartmann.info.