--- title: "H\u0026R GMBH \u0026 CO. KGAA Half-Year Report Germany; Guidance exceeded, EBITDA above €100m" sdDatePublished: "2026-08-14T15:35:00Z" source: "https://www.hur.com/fileadmin/user_upload/media/Berichte_IR/2026/HuR_IR2_2026.pdf" topics: - name: "corporate earnings" identifier: "medtop:20000178" - name: "financial statement" identifier: "medtop:20000180" - name: "oil and gas" identifier: "medtop:20001243" - name: "international trade" identifier: "medtop:20000373" - name: "logistics" identifier: "medtop:20001170" locations: - "Quickborn" - "Salzbergen" - "Coburg" - "Hamburg" - "Iran" - "China" - "United States" - "Israel" - "Czech Republic" - "Ireland" - "Germany" --- H&R GMBH & CO. KGAA Half-Year Report Germany; Guidance exceeded, EBITDA above €100m HALF-YEAR- REPORT of H&R GmbH & Co. KGaA AS OF June 30, 2026 2 H&R GMBH & CO. KGAA Half-Year Report Our First Six Months of 2026 – Sales revenues reach €700.4 million – EBITDA of €84.4 million reaches full-year 2026 guidance by mid-year – Significant earnings momentum in Q2 2026 driven by developments in Persian Gulf H&R GMBH & CO. KGAA IN FIGURES IN € MILLION 1/1-6/30/2026 1/1-6/30/2025 Change (absolute) Sales revenue 700.4 653.1 47.3 Operating income (EBITDA)* 84.4 40.1 44.3 EBIT 59.4 10.9 48.5 EBT 53.5 4.9 48.6 Consolidated net income 44.5 1.2 43.3 Consolidated income attributable to shareholders 41.6 0.3 41.3 Consolidated income per share (undiluted) in € 1.12 0.01 1.11 Cash flow from operating activities 2.4 24.6 -22.2 Cash flow from investing activities -22.0 -19.5 -2.5 Free cash flow -19.5 5.1 -24.6 Cash flow from financing activities 17.3 -1.8 19.1 6/30/2026 12/31/2025 Change (absolute) Balance sheet total 1,033.9 916.2 117.7 Net working capital 253.5 159.6 93.9 Equity 471.4 416.1 55.3 Equity ratio (in %) 45.6 45.4 0.2 No. of employees 1,688 1,714 -26 THE SEGMENTS IN FIGURES IN. € MILLION 1/1-6/30/2026 1/1-6/30/2025 Change (absolut) Chemical Pharmaceutical Raw Material Refining Sales revenue 445.9 405.9 40.0 EBITDA 62.1 26.9 35.2 Chemical Pharmaceutical Raw Materials Sales Sales revenue 246.3 237.1 9.2 EBITDA 25.7 17.8 7.9 Plastics Sales revenue 16.0 18.9 -2.9 EBITDA -1.7 -1.9 0.2 Reconciliation Sales revenue -7.8 -8.7 0.9 EBITDA -1.8 -2.7 0.9 * EBITDA – consolidated income before income taxes, other financial income and expenses, depreciation, amortization and impairment, and appreciation of fixed assets and property, plant and equipment. 3 Letter from the Executive Board Dear Shareholders, Dear Business Partners, After an overall operational fairly solid final quarter of 2025, the Company entered fiscal year 2026 on a rather subdued note. This changed when the outbreak of war between the United States and Israel on one side and Iran on the other introduced yet another major source of uncertainty for the global economy and disrupted international trade structures. When hostilities began toward the end of the first quarter, neither the impact nor the duration of the conflict could be assessed reliably by companies. Only the crude oil price reacted immediately, directly driving up fuel prices as well. The prices of our feedstocks also increased, although only a small portion of the crude oil processed in Europe has originated from the Gulf region for many years. The weeks that followed demonstrated that the economic effects of the current conflict in the Gulf region could also affect us in Germany significantly, albeit in different ways, due to the regional distribution of industries, agricultural land, and logistics infrastructure. For example, because of the blockade of the Strait of Hormuz, Northern Europe is now facing shortages of large quantities of fertilizers and raw materials for the chemical industry. Ships of large Hamburg shipping companies are stranded in the Gulf region, one of the world's most important logistics and transportation hubs. Supply chains to and from Asia that route through the region are suffering severe disruption. Assessing our own opportunities in such an environment and communicating them with a reasonable degree of confidence to shareholders, customers, and business partners is no easy task. Ultimately, after several months of back-and-forth marked by both confrontational and diplomatic statements from the U.S. President, we decided in mid-May to maintain our guidance of EUR 85 million to EUR 100 million. Following the publication of our insider information regarding the course of the second quarter and the release of our preliminary figures as of June 30, this is no longer a secret: this forecast is expected to be exceeded, most likely even beyond the upper end of the range. How is it that our Company is able to benefit so unex- pectedly from the current situation? Upon closer examination, we find ourselves in a situation similar to that experienced during the COVID-19 pandemic, albeit under completely different circumstances. In 2020/21, much of the travel, aviation, and pas- senger transportation sectors came to a standstill during the lockdowns. Demand for fuels declined, and lub- ricant refineries reduced production. H&R's specialty production sites, however, took residue of still produc- ing fuel refineries in and remained operational and capable of supplying customers. Today, high crude oil prices are leading to increased fuel prices amid continued strong demand. Rather than directing residual materials to lubricant refineries, major oil companies are further processing them through crackers for fuel production. Base oil capacities are being reduced. In this scenario as well, H&R remains ready to purchase feedstocks, maintain production, and ensure reliable customer supply. As a result, by the halfway point of 2026 we have already approached our original EBITDA expectation for the entire year. At EUR 62.5 million, second-quarter 2026 EBITDA exceeded the prior-year quarter's figure of EUR 17.8 million. Driven largely by this performance, operating earnings for the first half of the year reached EUR 84.4 million, surpassing the previous year's six-month figure by EUR 44.3 million. In addition to our ability to supply customers and strong customer demand, this performance was primarily attributable to exceptionally favorable pricing for particularly sought-after product groups. With personnel expenses re- maining broadly comparable and depreciation declining, our other earnings levels also recovered. Net income attributable to shareholders amounted to EUR 41.6 million (H1 2025: EUR 0.3 million). By the end of the 4 H&R GMBH & CO. KGAA Half-Year Report first half, higher feedstock costs in the second quarter, which were passed on to customers, increased sales revenues to EUR 700.4 million (H1 2025: EUR 653.1 million). Earnings per share of EUR 1.12 are highly encouraging. Nevertheless, it remains important after two weak years to strengthen our financial buffers for the tasks and challenges ahead. For H&R, it remains to be seen whether this can be achieved and how the coming months will develop, as well as what implications these developments may bring. Given the constantly changing news environment, a rapid resolution of the conflict does not appear likely. Much like the war in Ukraine, the conflict between the United States and Iran appears to be resisting any plan for an “end on day one.” Although we are seeing the first signs of moderating demand, we remain confident and intend to continue taking advantage of the current opportunities for some time. Based on our current knowledge, we now expect our guidance for operating earnings to fall within a range of EUR 120.0 million to EUR 145.0 million. We thank you for your continued support and, above all: stay optimistic and stay healthy! Hamburg, August 2026 Sincerely yours, Niels H. Hansen Managing Director 5 Interim Consolidated Management Report of H&R GmbH & Co. KGaA 6 Group Structure 7 Subscribed Capital and Shareholder Structure 8 Economic Environment 11 Share and Share Price Trend 12 Net Assets, Financial Po- sition and Results of Op- erations 17 Report on Opportunities and Risks 17 Key Events Following the Reporting Date 18 Outlook 6 H&R GMBH & CO. KGAA HALF-YEAR REPORT 2026 Group Structure Sectors and Organizational Structure The H&R Group organizes its operating activities into two business divisions: Chemical-Pharmaceuti- cal Raw Materials and Plastics. Our ChemPharm Refining segment includes the two German specialty production sites in Hamburg and Salzbergen. We operate these sites with the aim of achieving as high a percentage as possible of output consisting of hydrocarbon-based specialty products such as label-free plasticizers, paraffins and white oils. During the course of our production processes, we create approximately 800 different products that are used in almost every area of life. Our ChemPharm Sales segment is comprised of nu- merous plants for additional processing as well as our distribution sites worldwide. In the Plastics segment, we manufacture our preci- sion plastic parts at our locations in Coburg, Czech Republic and China. The customers buying our Plas- tics products include the automotive industry, the medical technology industry and other traditional in- dustrial sectors. Group’s Legal Structure As the Group’s holding company, H&R GmbH & Co. KGaA (hereinafter referred to as H&R) is in charge of the management of our business opera- tions. The holding company is responsible for the company’s strategic focus, manages the Group’s fi- nancing activities and provides various management functions and services for our subsidiaries. At the end of the reporting period, there were 49 con- solidated subsidiaries (December 31, 2025: 49). Our subsidiaries can be found in the list of shareholdings in the Notes to the Consolidated Financial State- ments in the 2025 Annual Report under “Scope of Consolidation and Holdings”. Employees The number of employees in the H&R Group de- creased to 1,688 as of June 30, 2026, compared with the balance sheet date (December 31, 2025: 1,714 employees). Of these, a total of 174 female employ- ees and 711 male employees were employed in Ger- many. Internationally, 322 female employees and 481 male employees worked for the Group. Changes within the business segments were as fol- lows: In the ChemPharm business, the number of employees stood at 1,347 during the reporting pe- riod, compared with 1,354 at year-end (December 31, 2025), representing a decrease of 7 employees. Of this total, the Refining segment accounted for 746 employees, a reduction of 5 employees compared with year-end. In the Sales segment, 2 employees left the company compared with year-end, reducing headcount to 601 employees. In the Plastics seg- ment, H&R KGaA employed a total of 16 fewer em- ployees compared with year-end 2025, bringing the workforce down to 273 employees. In the Other Activities segment, a total of 68 employ- ees were employed as of the half-year reporting date, representing a decrease of 3 employees compared with the reporting date. INTERIM CONSOLIDATED MANAGEMENT REPORT 7 Subscribed Capital and Shareholder Structure Subscribed Capital and Shareholder Structure As of June 30, 2026, the subscribed share capital of H&R GmbH & Co. KGaA amounted to €95,155,882.68. It was divided into 37,221,746 no- par-value bearer shares. This corresponded to a no- tional value of €2.56 per share. There are no different classes of shares; only ordinary shares are outstand- ing. Each share carries one voting right. In an official voting rights notification dated Sep- tember 30, 2025, Mr. Nils Hansen, Quickborn, re- ported that, following the completion of the takeover offer by H&R Holding GmbH and the execution of the contribution agreement, under which the shares in H&R GmbH & Co. KGaA held by H&R Holding GmbH, H&R Internationale Beteiligung GmbH, Nils Hansen, SRS-Schmierstoff Vertrieb GmbH, Ölfabrik Wilhelm Scholten GmbH, and Wilhelm Scholten Beteiligungen GmbH were contributed to H&R Beteiligung GmbH, his voting rights interest in the Company amounted to a total of 77.65%. According to informal voting rights notifications as of December 31, 2025 and June 30, 2026, additional shares were acquired between the publication of the aforementioned voting rights notification and the re- spective reporting dates. As a result, the voting rights attributable t