1.5.2023 17:56:52 CEST | Brødrene Hartmann A/S | Inside information

Q1 2023 preliminary financial figures

Preliminary revenue came to DKK 913 million (Q1 2022: DKK 753 million) and preliminary operating profit grew to DKK 157 million (Q1 2022: DKK 42 million). The improvements were due to pricing actions, favourable product mix, substantial temporary benefits from declining energy prices, increased capacity utilisation and efficiencies. Investments amounted to DKK 65 million (Q1 2022: DKK 34 million), hereof DKK 38 million to the re-establishment of the factory in India. The related insurance reimbursement came to DKK 30 million.

Updated guidance for 2023

Based on the preliminary figures for Q1 2023 and decreasing energy prices, Hartmann now expects to generate revenue of DKK 3.4-3.8 billion (previously DKK 3.6-4.0 billion) and operating profit of
DKK 300-400 million (previously DKK 220-320 million) in 2023. The investment outlook of around DKK 300 million excluding the insurance covered re-establishment of the factory in India is maintained.

The lower revenue range is mainly based on expectedly lower sales prices to those customers, whose charges with Hartmann are linked to the development of energy prices. Adjusted operating profit is based on an expectedly improved performance in the Americas from increased capacity utilisation and efficiencies. Hartmann still expects energy and raw material prices to remain high and volatile in 2023.

The interim report for Q1 2023 will be published on 9 May 2023.

For further information, please contact:

Torben Rosenkrantz-Theil

CEO

(+45) 2728 2856

Actual and comparative figures present continuing operations. Operating profit is presented before special items and restatement for hyperinflation.

Contacts

• Kamilla Hoffmann, Head of Legal, Brødrene Hartmann A/S, +45 27282856, kho@hartmann-packaging.com

About Brødrene Hartmann A/S

Hartmann is the world’s leading manufacturer of moulded-fibre egg packaging and a market-leading manufacturer of fruit packaging in South America and India. The group is also the world’s largest manufacturer of technology for the production of moulded-fibre packaging. Founded in 1917, Hartmann’s market position builds on its strong technology know-how and extensive experience of sustainable moulded-fibre production dating back to 1936. Hartmann sells egg and fruit packaging to manufacturers, distributors and retail chains, which are increasingly demanding sustainable packaging solutions and specialised marketing expertise. Our versatile product portfolio is customised to accommodate customer and consumer needs in each individual market. Hartmann sells machinery and technology to manufacturers of moulded-fibre packaging in selected markets. Headquartered in Gentofte, Denmark, with a production platform consisting of 15 factories in Europe and Israel, North and South America, and India and Russia (discontinuing).

Attachments

• Preliminary figures and updated 2023 guidance.pdf