Nasdaq CopenhagenIFRS · DKK

BRØDRENE HARTMANN A/S

BRØDRENE HARTMANN A/S is a Denmark-based manufacturer of moulded-fibre packaging, best known for egg trays, egg cartons, and other fibre-based protective packaging. The company operates through a group structure with production and sales activities serving food and industrial packaging markets across multiple geographies.

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Revenue804m DKK
−76.0 %y/y
Operating profit (EBIT)260m DKK
+370.9 %y/y
EBIT margin32.4%
+30.7 ppy/y
Net income6.9m DKK
+123.2 %y/y
Free cash flow111m DKK
+170.7 %y/y

Fiscal year 2023 · change from previous year

Development 2021–2023

01,0002,0003,0004,000m DKK2021: 2,666 m DKK2021: EBIT 114 m DKK20212022: 3,350 m DKK2022: EBIT 55 m DKK20222023: 804 m DKK2023: EBIT 260 m DKK2023804260
RevenueOperating profit (EBIT)
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Business

Share of revenue
Egg packaging55 %

Fiber-based trays, cartons, and handling solutions for eggs and shell-egg distribution.

Food packaging25 %

Moulded-fibre packaging used to protect and transport food products.

Industrial packaging15 %

Protective fibre packaging for non-food industrial and consumer goods applications.

Custom packaging solutions5 %

Tailored moulded-fibre packaging designed for specific customer requirements.

Customers

Hartmann sells primarily to egg producers, packers, and food distributors that need standardized packaging for handling and shipment. It also serves industrial customers that require protective fibre packaging for fragile goods, often through long-term supply relationships tied to packaging specifications and logistics needs.

Egg producers and packers

Buy egg trays and cartons for transport, storage, and retail presentation.

Food distributors

Buy protective fibre packaging for handling and moving food products.

Industrial packaging customers

Buy moulded-fibre protective packaging for fragile industrial goods.

Retail and branded food channels

Buy packaging formats that support shelf presentation and distribution efficiency.

Strategy

Hartmann's strategic position rests on supplying standardized, recyclable moulded-fibre packaging to customers that need reliable volume, quality, and distribution efficiency. The report language indicates attention to managing foreign operations, maintaining continuity within sanctions constraints, and dealing with inflation-linked accounting in certain markets.

Core packaging focusMedium term

Concentrating on moulded-fibre packaging supports scale, specialization, and customer fit.

International operating resilienceShort term

Foreign plants and subsidiaries create exposure to sanctions, currency swings, and local disruption.

Geography

The company is headquartered in Denmark and operates with an international manufacturing and sales footprint. The report excerpts reference foreign subsidiaries and exposures in Russia and Argentina, indicating operations outside Denmark and exposure to local currency and political conditions.

Risks

Key risks come from concentrated exposure to packaging markets that are sensitive to customer volume, input costs, and regional operating conditions. The report also highlights country-specific risks from Russia and Argentina, where sanctions, political restrictions, and hyperinflation can affect valuation, conversion, and reported results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Russia sanctions and political restrictions1Hyperinflation in Argentina2Foreign exchange volatility3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Russia sanctions and political restrictionsImpact: HighLikelihood: High

    The report states that sanctions and the political environment may prevent realization of the Russian business and complicate divestment.

    Exposure: Russian operations

  2. Hyperinflation in ArgentinaImpact: HighLikelihood: High

    The company restates Argentine non-monetary balances for hyperinflation, which can materially affect comparability and equity translation.

    Exposure: Argentina

  3. Foreign exchange volatilityImpact: MediumLikelihood: High

    Operations in multiple currencies expose earnings and equity to translation movements.

    Exposure: International subsidiaries

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Accounting

Judgemental items
Hyperinflation accounting

Argentine non-monetary items are restated under inflation accounting, changing reported balances and profit comparability.

Impact: Affects balance sheet carrying values and equity translation

Fair value and impairment

The Russian business unit was measured at fair value less costs to sell, requiring judgment and potentially significant write-downs.

Impact: Can materially reduce assets and earnings

Foreign currency translation

Foreign subsidiaries create translation reserves and volatility in consolidated equity and reported results.

Impact: Affects comprehensive income and net assets

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Last updated: 24/10/2026