XCSE:HH ESEF Annual Report
H+H INTERNATIONAL A/S (XCSE:HH)
ESEF Annual Report
2026-09-02
For: 2026-06-30
View Original
Added on
September 18, 2026
Interim financial report
H1-2026
Company announcement No. 10/2026 11 August 2026
Interim Financial Report, H1 2026
CHIEF EXECUTIVE OFFICER JÖRG BRINKMANN QUOTE
"Following the severe winter weather in Q1, we delivered the expected normalization in Q2 and improved
EBIT before special items to DKK 43 million. While market conditions remain challenging, particularly in
the UK, we continue to see the expected benefits from our German restructuring programme and
therefore maintain our full-year outlook."
PERFORMANCE HIGHLIGHTS FOR Q2 2026 (Q2 2025)
• Revenue growth measured in local currencies (“organic growth”) was 6% (0%).
• Sales volume increased 4% (negative 2%) driven by Poland.
• Gross profit before special items was DKK 165 million (DKK 155 million), corresponding to a
gross margin of 22% (22%).
• EBIT before special items was DKK 43 million (DKK 24 million), corresponding to an EBIT margin
before special items of 6% (3%).
• Cash flow from operating activities before financial items and tax was DKK 107 million (DKK (19)
million).
• Financial gearing is improving and was 3.4 times EBITDA before special items at the end of Q2
2026 (2.6 times EBITDA before special items at the end of Q2 2025).
OTHER EVENTS
• Asset sales with net proceeds of DKK 49 million.
• Adjustment of shift systems at UK plants to reflect the near-term market challenges.
FINANCIAL OUTLOOK FOR 2026 (UNCHANGED)
• Revenue growth measured in local currencies is expected to be in the range of -5% to 0%
• EBIT before special items is expected to be in the range of DKK 50 - 100 million
H1 2026 INTERIM FINANCIAL REPORT CONFERENCE CALL
In connection with the release of the H1 2026 Interim Financial Report, a conference call for investors and
analysts is scheduled for Wednesday 12 August 2026, at 10:00 a.m. CET. The presentation will be
followed by a Q&A session. Participants can follow the conference call via live webcast here.
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 2/16
Interim financial report
H1-2026
KEY FIGURES – H+H GROUP
Financial ratios have been calculated in accordance with recommendations from the Danish Society of Financial Analysts.
FORWARD-LOOKING STATEMENTS
The Interim Financial Report contains forward-looking statements. Such statements are subject to risks
and uncertainties, as various factors, many of which are beyond the control of H+H, may cause actual
developments and results to differ materially from the expectations expressed in this document.
Therefore, they should not be regarded as a guarantee of future performance.
In no event shall H+H be liable for any direct, indirect, or consequential damages or any other damages
whatsoever resulting from loss of use, data, or profits, whether in an action of contract, negligence, or
other action arising out of or in connection with the use of information in this document.
Q2 Q2 H1 H1 Full-year
Amounts in DKK million 2026 2025 2026 2025 2025
Income statement
Revenue 752 719 1,312 1,394 2,743
Gross profit before special items 165 155 238 301 615
SG&A (79) (82) (152) (162) (318)
EBITDA before special items 85 72 84 136 291
EBITDA 85 32 84 96 251
EBIT before special items 43 24 0 40 112
EBIT 43 (588) 0 (572) (557)
Result before tax 31 (599) (19) (599) (604)
Result for the period 13 (616) (41) (628) (665)
Balance sheet
Assets 2,653 2,930 2,653 2,930 2,653
Invested capital 1,948 2,444 1,948 2,444 2,190
Net working capital 249 282 249 282 241
Equity 958 1,035 958 1,035 1,003
Net Interest-bearing debt (NIBD) 825 837 825 837 802
Cash flow
Cash flow from operating activities 84 (27) (31) (85) 71
Cash flow from investing activities 33 (25) 16 (37) (132)
Free cash flow 117 (52) (15) (122) (61)
Cash flow from financing activities (1) 50 92 81 (235)
Financial ratios and others
Organic growth 6% 0% (5)% 1% 0%
Sales volume (thousand m
3
) 795 763 1,389 1,465 2,929
Gross margin before special items 22% 22% 18% 22% 22%
EBITDA margin before special items 11% 10% 6% 10% 11%
EBITDA margin 11% 4% 6% 7% 9%
EBIT margin before special items 6% 3% 0% 3% 4%
EBIT margin 6% (82)% 0% (41)% (20)%
Return on invested capital (ROIC) 4% 5% 4% 5% 5%
Solvency ratio 33% 32% 33% 32% 37%
Financial gearing before special items ratio 3.4x 2.6x 3.4x 2.6x 2.8x
Share data
Share price, end of period (DKK) 97 135 97 135 93
Book value per share, end of period (DKK) 58 63 58 63 61
Earnings per share 0.8 (37.3) (2.1) (38.0) (40.3)
Diluted earnings per share 0.8 (37.3) (2.1) (38.0) (40.3)
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 3/16
Interim financial report
H1-2026
MANAGEMENT’S REVIEW
CURRENT BUSINESS DEVELOPMENT
Volumes and prices
Organic growth was 6% in Q2 2026, supported
by a normalisation of activity after the severe
weather disruption in Q1 and a strong rebound
in Poland. For the first six months of 2026,
organic growth was negative 5%.
Sales volumes increased by 4% year-on-year in
Q2 2026. Poland recovered strongly from the
weak Q1, while UK volumes remained below
last year and Central Western Europe continued
to reflect subdued demand in Germany.
Revenue per m
3
are higher compared to the
same period last year, reflecting pass-through of
increasing input costs.
German refocus
The strategic changes in Germany initiated in
2025 are delivering the expected improvements
and the underlying business development is in
line with plan.
Regional market development
CWE
In Germany, the residential new-build market
continued to stabilise during Q2 2026. Growth in
building permits year-on-year is 17%, indicating
improving market sentiment, although
construction activity remains significantly below
historical levels.
The increase in permits has not yet resulted in a
material recovery in housing starts, as elevated
construction costs, financing constraints and
affordability challenges continue to delay project
execution. Nevertheless, structural housing
undersupply and improving permit trends
suggest that the market has moved past the
trough, supporting a gradual recovery outlook for
residential construction.
Markets in Denmark and The Netherlands see
positive trends while Switzerland remains stable.
UK
Private housing demand continued to be
constrained by affordability pressures, cautious
consumer confidence and mortgage rates that
remained elevated relative to expectations at the
start of the year.
Market conditions became more mixed during
the period. Registrations are down 5% year-on-
year. The new UK government led by Prime
Minister Andy Burnham has reiterated its
commitment to addressing the country's
structural housing shortage through support for
housebuilding. While the impact of these
initiatives is expected to materialise gradually,
they provide a supportive backdrop for the
sector over the medium to long term, although
near-term market conditions remain challenging.
Near-term demand remains affected by
affordability constraints, subdued buyer
confidence and lower levels of new-home
registrations earlier in 2026.
As a result, sentiment became more cautious
compared with the optimism seen in late 2025
and early 2026. Expectations for a market
recovery have been pushed out, although the
structural undersupply of housing and underlying
demand fundamentals continue to support the
sector's longer-term growth prospects.
Poland
Building permit activity remained strong,
increasing by 19% year-on-year and providing
good visibility on future construction activity. The
growth reflects both healthy underlying market
conditions and a likely pull-forward effect from
Poland's upcoming planning reform, as
developers seek to secure development rights
ahead of regulatory changes. Consequently, the
current permit growth may overstate the
underlying pace of market expansion.
Market conditions remain supportive,
underpinned by a robust macroeconomic
environment, rising household incomes and
stable housing demand. While sales activity
eased from the exceptionally strong levels seen
at the end of the first quarter, demand remained
solid and pricing trends were broadly stable.
Poland continues to offer the strongest growth
prospects within the Group and is expected to
remain the Group's strongest market in 2026.
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 4/16
Interim financial report
H1-2026
INCOME STATEMENT FOR THE SECOND
QUARTER OF 2026
Revenue
Total revenue amounted to DKK 752 million for
Q2 2026 which is an increase of DKK 33 million
compared to Q2 2025 (DKK 719 million).
Revenue growth measured in local currencies
(“organic growth”) was 6% in Q2 2026 compared
to 0% in Q2 2025.
Revenue in the CWE region increased by DKK 4
million to DKK 262 million compared to DKK 258
million in Q2 2025. Organic growth in the region
was 1% in Q2 2026.
Revenue in the United Kingdom decreased by
DKK 9 million to DKK 227 million compared to
DKK 236 million in Q2 2025. Organic growth
was negative 3% in Q2 2026.
Revenue in Poland increased by DKK 38 million
to DKK 263 million compared to DKK 225 million
in Q2 2025. Organic growth was 17% in Q2
2026.
Gross profit before special items
Gross profit amounted to DKK 165 million in Q2
2026 compared to DKK 155 million in Q2 2025,
corresponding to gross margins of 22% for both
quarters.
EBITDA before special items
EBITDA before special items amounted to DKK
85 million compared to DKK 72 million in Q2
2025, corresponding to EBITDA before special
items margins of 11% and 10%, respectively.
Depreciation and amortisation
Depreciation and amortisation in Q2 2026
amounted to DKK 42 million compared to DKK
48 million in Q2 2025.
EBIT before special items
EBIT before special items amounted to DKK 43
million in Q2 2026, compared to DKK 24 million
in Q2 2025, corresponding to EBIT margins
before special items of 6% and 3%, respectively.
Special items
No special items were recognised in Q2 2026.
Special items recognised in Q2 2025 relates to
write downs of property, plant and equipment
and other related idle assets as part of the
decision taken to close down factories in
Germany and the plan to reorganise the German
business amounted to DKK 312 million as well
as write down of goodwill and other intangible
assets related to the CWE region of DKK 300
million.
Net financials
Net financials amount to an expense of DKK 12
million in Q2 2026, compared to an expense of
DKK 11 million in Q2 2025.
Result before tax
Result before tax amounted to DKK 31 million in
Q2 2026, compared to DKK negative 599 million
in Q2 2025, which was impacted by restructuring
and impairment costs recognised as special
items.
Tax
Tax for Q2 2026 amounted to a net expense of
DKK 18 million compared to a net expense of
DKK 17 million in Q2 2025.
Result for the period
Result for the period amount to a profit of DKK
13 million and is attributable to H+H International
A/S’ shareholders by DKK 13 million and to non-
controlling interests by DKK 0 million compared
to a loss of DKK 616 million in Q2 2025,
allocated with a loss of DKK 615 million and a
loss of DKK 1 million, respectively.
Comprehensive income
Other comprehensive income for Q2 2026
amounted to a profit of DKK 2 million compared
to a loss of DKK 12 million in Q2 2025. The
year-on-year development was mainly driven by
the development in foreign exchange
adjustments.
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 5/16
Interim financial report
H1-2026
INCOME STATEMENT FOR THE FIRST SIX
MONTHS OF 2026
Revenue
Total revenue for the first six months of 2026
amounted to DKK 1,312 million compared to
DKK 1,394 million in the first six months of 2025.
Organic growth was negative 5% in the first six
months of 2026 compared to positive 1% for the
first six months of 2025.
Gross profit before special items
Gross profit in the first six months of 2026
amounted to DKK 238 million compared to DKK
301 million for the same period of 2025,
corresponding to gross margins of 18% and
22%, respectively. The lower gross margin in the
first six months of 2026 is driven by the severe
weather conditions in Q1 2026.
EBITDA before special items
EBITDA before special items in the first six
months of 2026 amounted to DKK 84 million
compared to DKK 136 million for the same
period of 2025, corresponding to EBITDA
margins of 6% and 10%, respectively.
Depreciation and amortisation
Depreciation and amortisation in the first six
months of 2026 amounted to DKK 84 million
compared to DKK 96 million in first six months of
2025. The decrease is driven by impairments
recognised in June 2025.
EBIT before special items
EBIT for the first six months of 2026 amounted
to DKK 0 million compared to DKK 40 million in
the first six months of 2025, corresponding to
EBIT margins of 0% and 3%, respectively.
Special items
No special items were recognised in the first six
months of 2026.
Special items recognised in H1 2025 relates to
write downs of property, plant and equipment
and other related idle assets as part of the
decision taken to close down factories in
Germany and the plan to reorganise the German
business amounted to DKK 312 million as well
as write down of goodwill and other intangible
assets related to the CWE region of DKK 300
million.
Net financials
Net financials amounted to an expense of DKK
19 million in first six months 2025, compared to
an expense of DKK 27 million in first six months
of 2025.
Result before tax
Result before tax for the first six months of 2025
amounted to a loss of DKK 19 million, compared
to a loss of DKK 599 million in first six months of
2025.
Tax
Tax for the first six months of 2026 amounted to
DKK 22 million compared to DKK 29 million in
first six months of 2025.
Result for the period
Result for the first six months of 2026 amounted
to a loss of DKK 41 million, compared to a loss
of DKK 628 million in 2025.
Loss for the period is attributable to H+H
International A/S’ shareholders by DKK 34
million and a loss to non-controlling interest by
DKK 7 million compared to a loss of DKK 627
million and a loss of DKK 1 million, respectively,
for the first six months of 2025.
Comprehensive income
Other comprehensive income for the first six
months of 2026 was negative DKK 6 million
compared to an income of DKK 9 million for the
first six months of 2025.
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 6/16
Interim financial report
H1-2026
CASH FLOW
Operating activities
Cash flow from operating activities before
financial items and tax amounted to DKK 107
million in Q2 2026 compared to negative DKK
19 million in Q2 2025. The improvement is
driven by operating result and positive net
working capital development.
Cash flow from operating activities in the first six
months of 2026 was DKK 44 million compared
to negative DKK 62 million for the first six
months of 2025.
Investing activities
Cash flow from investing activities in Q2 2026
amounted to a cash in-flow of DKK 33 million
compared to a cash out-flow of DKK 25 million in
Q2 2025.
Cash flow from investing activities in first six
months of 2026 was DKK 16 million, compared
to negative DKK 37 million in the first six months
of 2025.
The cash in-flow in 2026 is driven by the asset
sales programme as described in the Annual
Report 2025.
Financing activities
Cash flow from financing activities amounted to
negative DKK 1 million in Q2 2026 compared to
positive DKK 50 million in Q2 2025.
Cash flow from financing activities amounted to
DKK 92 million in first half of 2026 compared to
DKK 81 million in 2025.
BALANCE SHEET
On 30 June 2026, the balance sheet total
amounted to DKK 2,653 million compared to
DKK 2,930 million on 30 June 2025.
Net interest-bearing debt
Net interest-bearing debt amounted to DKK 825
million as of 30 June 2026 corresponding to an
increase of DKK 23 million since the beginning
of the year.
Equity
The consolidated equity decreased by DKK 45
million compared to 31 December 2025 and
decreased by DKK 77 million compared to 30
June 2025.
EVENTS AFTER THE BALANCE
SHEET DATE
No events have occurred after the balance sheet
date that will have a material effect on the H+H
Groups financial position.
MOST MATERIAL RISKS AND
UNCERTAINTIES
For most material risks and uncertainties, please
refer to Note 3 “Risk Management” and to Note
4 “Significant accounting estimates and
judgements”.
Equity
H1 H1
Amounts in DKK million 2026 2025
1 January 1,003 1,650
Result for the period (41) (628)
Actuarial gains/losses on pension
plans
- (2)
Value adjustments of derivative
financial instruments
3 4
Foreign exchange adjustments (9) 7
Share based payment 2 4
30 June 958 1,035
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 7/16
Interim financial report
H1-2026
FINANCIAL OUTLOOK FOR 2026
• Organic growth measured in local
currencies is expected to be in the range
of -5% to 0%
• EBIT before special items is expected to
be in the range of DKK 50 - 100 million
ASSUMPTIONS FOR THE FINANCIAL
OUTLOOK
• Winter weather in Q1 has negatively
affected EBIT before special items by
DKK 70 million compared to last year.
• Expected benefits of DKK 40 million
from German restructuring initiated in
2025.
• CAPEX for 2026 is expected to be
around DKK 100 million.
• Free cash flow expected to be positive
including cash flow from asset sales.
• The outlook assumes no major changes
to macroeconomic or geopolitical
conditions, and FX assumptions are
based on August 2026 actuals
combined with forward rates for the
remaining part of the year.
FINANCIAL CALENDAR 2026
Q3 2026 Interim Financial Report
10 Nov 2026
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 8/16
Interim financial report
H1-2026
STATEMENT BY THE EXECUTIVE BOARD AND THE BOARD OF DIRECTORS
EXECUTIVE BOARD
BOARD OF DIRECTORS
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 9/16
Interim financial report
H1-2026
CONDENSED INCOME STATEMENT
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Q2 Q2 H1 H1 Full-year
Amounts in DKK million 2026 2025 2026 2025 2025
Revenue 752 719 1,312 1,394 2,743
Cost of goods sold (587 ) (564 ) (1,074 ) (1,093 ) (2,128 )
Gross profit before special items 165 155 238 301 615
Sales costs (28 ) (31 ) (58 ) (63 ) (120 )
Administrative costs (51 ) (51 ) (94 ) (99 ) (198 )
Other operating income and costs, net (1 ) (1 ) (2 ) (3 ) (6 )
EBITDA before special items 85 72 84 136 291
Depreciation, amortisation and impairments (42 ) (48 ) (84 ) (96 ) (179 )
EBIT before special items 43 24 0 40 112
Special items, net - (612 ) - (612 ) (669 )
EBIT 43 (588 ) 0 (572 ) (557 )
Financial income 8 12 19 23 45
Financial expenses (20 ) (23 ) (38 ) (50 ) (92 )
Result before tax 31 (599 ) (19 ) (599 ) (604 )
Tax (18 ) (17 ) (22 ) (29 ) (61 )
Result for the period 13 (616 ) (41 ) (628 ) (665 )
Result for the period attributable to:
H+H International A/S' shareholders 13 (615 ) (34 ) (627 ) (662 )
Non-controlling interest 0 (1 ) (7 ) (1 ) (3 )
Result for the period 13 (616 ) (41 ) (628 ) (665 )
Earnings per share (EPS-Basic) 0.8 (37.3 ) (2.1 ) (38.0 ) (40.3 )
Diluted earnings per share (EPS-D) 0.8 (37.3 ) (2.1 ) (38.0 ) (40.3 )
Group
Q2 Q2 H1 H1 Full-year
Amounts in DKK million 2026 2025 2026 2025 2025
Result for the period 13 (616 ) (41 ) (628 ) (665 )
Items that may be reclassified subsequently to profit or loss:
Gain/(loss) on derivative financial instruments transferred to the
income statements
Tax on fair value adjustment - - - - (3 )
Foreign exchange adjustments, foreign entities 2 (14 ) (9 ) 7 6
Items that will not be reclassified subsequently to profit or loss:
Actuarial gains and losses - (1 ) - (1 ) 1
Tax on actuarial gains and losses - - - (1 ) (1 )
Other comprehensive income after tax 2 (12 ) (6 ) 9 13
Total comprehensive income for the period 15 (628 ) (47 ) (619 ) (652 )
Group
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 10/16
Interim financial report
H1-2026
CONDENSED BALANCE SHEET
Group
30 June 31 December 30 June
Amounts in DKK million 2026 2025 2025
ASSETS
Non-current assets
Goodwill 173 173 173
Other intangible assets 130 146 165
Property, plant and equipment 1,337 1,376 1,416
Deferred tax assets 52 44 64
Financial assets 2 2 2
Total non-current assets 1,694 1,741 1,820
Current assets
Inventories 439 485 416
Receivables 230 177 282
Cash 241 166 412
Total current assets 910 828 1,110
Assets classified as held for sale 49 84 -
TOTAL ASSETS 2,653 2,653 2,930
EQUITY AND LIABILITIES
Equity
Share capital 165 165 165
Retained earnings 794 826 858
Other reserves (75 ) (69 ) (71 )
Equity attributable to H+H International A/S’ shareholders 884 922 952
Equity attributable to non-controlling interests 74 81 83
Total equity 958 1,003 1,035
Non-current liabilities
Pension obligations 15 14 17
Provisions 34 35 32
Deferred tax liability 39 40 35
Credit institutions 947 841 1,141
Deferred payments, acquisition of subsidiary 80 86 86
Lease liabilities 90 99 85
Total non-current liabilities 1,205 1,115 1,396
Current liabilities
Lease liabilities 29 28 23
Trade payables 275 231 231
Income tax 12 36 34
Deferred payment, acquisition of subsidiary 6 6 6
Provisions 23 44 20
Other payables 145 190 185
Total current liabilities 490 535 499
Total liabilities 1,695 1,650 1,895
TOTAL EQUITY AND LIABILITIES 2,653 2,653 2,930
Net interest-bearing debt 825 802 837
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 11/16
Interim financial report
H1-2026
CONDENSED CASH FLOW STATEMENT
CONDENSED STATEMENT OF CHANGES IN EQUITY
Q2 Q2 H1 H1
Amounts in DKK million 2026 2025 2026 2025
Operating result (EBIT)
Depreciation, amortisation and impairment
Change in working capital
Change in provisions and pension contribution
(10 ) 2 (20 ) (18 )
Other non-cash adjustments
Operating activities before financial items and tax 107 (19 ) 44 (62 )
Financial items, net
(12 ) (11 ) (24 ) (22 )
Income tax paid
(11 ) 3 (51 ) (1 )
Operating activities 84 (27 ) (31 ) (85 )
Sale of property, plant and equipment 49 - 49 -
Acquisition of property, plant and equipment and intangible assets (16 ) (25 ) (33 ) (37 )
Investing activities 33 (25 ) 16 (37 )
Free cash flow 117 (52 ) (15 ) (122 )
Bank overdraft and other debt 6 57 106 95
Payment of lease liabilities (7 ) (7 ) (14 ) (14 )
Financing activities (1 ) 50 92 81
Total cash flow for the period 116 (2 ) 77 (41 )
Cash and cash equivalents, opening 126 420 166 462
Foreign exchange adjustments of cash (1 ) (6 ) (2 ) (9 )
Cash and cash equivalents at 30 June 241 412 241 412
Amounts in DKK million
Share
capital
Hedging
reserve
Translation
reserve
Retained
earnings
H+H
shareholders
share
Non con-
trolling
interests’
share
Total
Equity at 1 January 2026 165 (3 ) (66 ) 826 922 81 1,003
Total changes in equity
Result for the period - - (34 ) (34 ) (7 ) (41 )
Other comprehensive income - 3 (9 ) - (6 ) - (6 )
Total comprehensive income - 3 (9 ) (34 ) (40 ) (7 ) (47 )
Share-based payment - - - 2 2 - 2
Total changes in equity in 2026 - 3 (9 ) (32 ) (38 ) (7 ) (45 )
Equity at 30 June 2026 165 - (75 ) 794 884 74 958
Equity at 1 January 2025 165 (10 ) (72 ) 1,483 1,566 84 1,650
Total changes in equity
Result for the period - - - (627 ) (627 ) (1 ) (628 )
Other comprehensive income - 4 7 (2 ) 9 - 9
Total comprehensive income - 4 7 (629 ) (618 ) (1 ) (619 )
Share-based payment - - - 4 4 - 4
Total changes in equity in 2025 - 4 7 (625 ) (614 ) (1 ) (615 )
Equity at 30 June 2025 165 (6 ) (65 ) 858 952 83 1,035
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 12/16
Interim financial report
H1-2026
NOTES
1. Accounting policies
The interim financial report for the period 1 January to 30 June 2026 has been prepared in accordance
with the IAS 34 “Interim Financial Reporting” as adopted by the EU and additional Danish disclosure
requirements for the interim financial reports of listed companies. The application of IAS 34 means that
the disclosures are more limited than in a complete annual report, but that the interim financial report
complies with the recognition and measurement principles in the International Financial Reporting
Standards (IFRS). The interim financial report has not been reviewed by H+H’s auditors.
The accounting policies are consistent with those applied in the 2025 Annual Report, which includes a full
description of the accounting policies applied.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
Executive Management team, which is identified as the chief operating decision-making body (‘CODM’)
under IFRS 8. The Executive Management team is responsible for allocating resources and assessing
the performance of the Group’s operating segments.
The Group’s operating segments are determined based on geographical markets, as this reflects the
manner in which operations are managed and performance is evaluated internally. Accordingly, the
Group has identified three operating segments: CWE (Central Western Europe), UK and Poland. The
primary activity of all reportable segments is production and sale of building blocks used for wall building,
foundations and precast wall panel solutions, primarily in the residential new-build market.
Segment performance is assessed based on measures regularly reviewed by the Executive Management
team and applied consistently across segments, being EBIT before special items. Certain costs relating to
the Group’s headquarters functions in Denmark, including governance, strategic management and other
Group-wide activities, are not directly attributable to the operating segments. These costs are therefore
not allocated and are disclosed as other activities in the segment information.
The Group’s operating segments are unchanged compared to the 2025 Annual Report. However,
Management has decided not to apply the aggregation criteria set out in IFRS 8.12, and the individual
operating segments are therefore presented separately as reportable segments.
2. Adoption of new and revised IFRSs
H+H International A/S has adopted all new or revised and amended International Financial Reporting
Standards (IFRSs) and interpretations (IFRIC) issued by IASB and endorsed by the EU effective for the
financial year 2026. It is assessed that the revisions and amendments have not had a material impact on
the consolidated financial statements.
3. Risk Management
H+H’s principal risks and the external factors that may affect H+H are provided in the 2025 Annual
Report. These are unchanged as of 30 June 2026.
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 13/16
Interim financial report
H1-2026
4. Significant accounting estimates and judgements
Determining the carrying amounts of some assets and liabilities requires Management to make
judgements, estimates and assumptions concerning future events. The estimates and assumptions made
are based on historical experience and other factors that are believed by Management to be sound under
the circumstances but that, by their nature, are uncertain and unpredictable. Financial statement items in
which more significant accounting estimates and judgements are applied are listed in Note 2 of the 2025
Annual report for H+H International A/S.
The estimates and assumptions may be incomplete or inaccurate, and unforeseen events or
circumstances may occur. Moreover, the H+H Group is subject to risks and uncertainties that may lead to
the actual outcomes vary from these estimates and assumptions. It may be necessary to change
estimates and assumptions made previously as a result of changes in the factors on which these were
based or as a result of new knowledge or subsequent events.
5. Seasonal fluctuations
The sales pattern for H+H’s products is seasonal. Sales in the second and third quarters are traditionally
higher than during the rest of the year. As a part of H+H’s cost base is not directly variable with revenue,
deviations from projected sales may result in considerable fluctuations in the Company’s earnings.
6. Segment Reporting
Segment Reporting - Q2
Q2 (DKK million) 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
External revenue 262 258 227 236 263 225 - - 752 719
Total revenue 262 258 227 236 263 225 - - 752 719
Operating cost, net (253) (256) (199) (209) (198) (165) (17) (17) (667) (647)
EBITDA bsi 9 2 28 27 65 60 (17) (17) 85 72
EBITDA bsi-margin 3% 1% 12% 11% 25% 27% 11% 10%
Depreciation, amortisation
and impairment
(24) (31) (8) (7) (8) (8) (2) (2) (42) (48)
EBIT bsi (15) (29) 20 20 57 52 (19) (19) 43 24
EBIT bsi-margin -6% -11% 9% 8% 22% 23% 6% 3%
Special items, net - (598) - - - (14) - - - (612)
EBIT (15) (627) 20 20 57 38 (19) (19) 43 (588)
Finance items, net (12) (11)
Tax (18) (17)
Result for the period 13 (616)
Key ratios
CAPEX (9) (9) (4) (12) (9) (11) (1) (1) (23) (33)
Non-current assets 904 1,045 332 330 415 394 43 51 1,694 1,820
H+H Group
CWE
UK
Poland
Other
activities
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 14/16
Interim financial report
H1-2026
6. Segment Reporting - continued
Other activities comprise HQ activities including ongoing support of overall operations and strategic
development.
Segment reporting is based on countries with the exception of the “Central Western Europe” region which
comprises Germany, Switzerland, Denmark, Sweden, the Czech Republic, Netherlands and Belgium.
Revenue for Germany for Q2 2026 amounted to DKK 135 million (Q2 2025: DKK 141 million) and DKK
243 million for the first six months of 2026 compared to 278 million for the first six months of 2025.
Segment Reporting - H1
H1 (DKK million) 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
External revenue 479 511 388 446 445 437 - - 1,312 1,394
Total revenue 479 511 388 446 445 437 - - 1,312 1,394
Operating cost, net (487) (497) (355) (400) (353) (327) (33) (34) (1,228) (1,258)
EBITDA bsi (8) 14 33 46 92 110 (33) (34) 84 136
EBITDA bsi-margin -2% 3% 9% 10% 21% 25% 6% 10%
Depreciation, amortisation
and impairment
(47) (61) (15) (14) (17) (17) (5) (4) (84) (96)
EBIT bsi (55) (47) 18 32 75 93 (38) (38) 0 40
EBIT bsi-margin -11% -9% 5% 7% 17% 21% 0% 3%
Special items, net - (598) - - - (14) - - - (612)
EBIT (55) (645) 18 32 75 79 (38) (38) 0 (572)
Finance items, net (19) (27)
Tax (22) (29)
Result for the period (41) (628)
Key ratios
CAPEX (13) (12) (7) (19) (13) (20) (2) (5) (35) (56)
Non-current assets 904 1,045 332 330 415 394 43 51 1,694 1,820
CWE
UK
Poland
Other
activities
H+H Group
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 15/16
Interim financial report
H1-2026
7. Income statement classified by function
The above table shows an extract of the income statement adapted to show depreciation and
amortisation classified by function.
8. Pension obligations
H+H has defined-benefit pension plans in the UK, Switzerland, and Germany. The UK and Swiss pension
plans are managed by a pension fund to which payments are made, whereas the German pension plan is
funded from current earnings. H+H’s pension obligations predominantly relate to the plans in the UK.
For interim periods, H+H’s defined-benefit pension obligations are based on valuations from external
actuaries carried out at the end of prior financial year considering any subsequent movements in the
obligation due to pension costs, contributions etc. up until the reporting date. Actuarial calculations are
updated or extrapolated quarterly.
The net pension obligation on 30 June 2026 amounts to DKK 15 million compared to DKK 14 million on
31 December 2025.
9. Financial resources and cash flow
On 30 June 2026, net interest-bearing debt, totalled DKK 825 million corresponding to an increase of
DKK 23 million since the beginning of the year.
H+H’s financing is subject to usual financial covenants, which have been fulfilled in the first six months of
2026 and are also expected to be fulfilled for the full year 2026.
Amounts in DKK million Q2 2026 Q2 2025 H1 2026 H1 2025
Revenue 752 719 1,312 1,394
Cost of goods sold (613) (594) (1,127) (1,153)
Gross profit including depreciation and amortisation 139 125 185 241
Sales cost (35) (41) (73) (84)
Administrative costs (60) (59) (110) (114)
Other operating income and costs (1) (1) (2) (3)
EBIT before special items 43 24 - 40
Special items, net - (612) - (612)
EBIT 43 (588) - (572)
Depreciation and amortisation comprise:
Depreciation of property, plant and equipment 30 32 61 65
Amortisation of intangible assets 12 16 23 31
Total 42 48 84 96
Depreciation, amortisation and impairment are allocated to:
Production costs 26 29 53 60
Sales costs 7 10 15 21
Administration costs 9 9 16 15
Total 42 48 84 96
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 16/16
Interim financial report
H1-2026
10. Share-based payment
The performance-share-units schemes for 2025 and 2024 are active and presented in the 2025 Annual
Report.
In April 2026, the Board of Directors of H+H International A/S implemented a new long-term incentive
programme (“LTIP”) being a performance share unit (“PSU”) program. At initiation, a total of
approximately 133,100 PSUs were granted to the participants, including 41,650 PSUs to CEO Jörg
Brinkmann and 17,500 PSUs to CFO Bjarne Pedersen. Based on the average share price for H+H shares
trading on the Nasdaq Copenhagen stock exchange during the first ten business days after the release of
the 2025 Annual Report on 3 March 2026, the theoretical value per PSU is DKK 83.45, corresponding to
a total theoretical value of DKK 11.1 million if all 133,100 were to vest. The vesting period for the PSUs is
approximately three years, with vesting being in 2029 when the audited annual report for 2028 is
published.
11. Tax
12. Related parties
Related parties of H+H with significant influence include the Board of Directors and the Executive Board
of the Company and their close family members. Related parties also include companies in which the
aforementioned persons have control or significant interests.
Transactions with related parties
H+H did not enter into any significant transactions with members of the Board of Directors or with
members of the Executive Board, except for compensation and benefits received as a result of their
membership of either the Board of Directors, employment with H+H or shareholdings in H+H.
13. Share capital
There have been no movements in the share capital in the last five years except for the changes stated in
Note 19 “Share capital and treasury shares” of the 2025 Annual Report.
14. Events after the balance sheet date
No events have occurred after the balance sheet date that will have a material effect on H+H Groups
financial position.
Amounts in DKK million Q2 2026 Q2 2025 H1 2026 H1 2025
Current tax (21) (21) (26) (35)
Movement in deferred tax 3 4 4 6
Tax (18) (17) (22) (29)