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H+H International (HH) investor relations material
H+H International Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary13 Aug, 2025
Executive summary
Persistent weakness and low volumes in Germany, along with increased competition, led to a significant negative impact on group earnings and a downward revision of 2025 guidance, prompting a shift from a national to a regional operating model and a strategic review of German operations.
Special items of DKK 612 million were recognized, mainly due to German restructuring and asset impairments, resulting in a net loss of DKK 628 million for H1 2025.
Strong performance in Poland and the UK, with robust demand, volume growth, and attractive margins, helped offset German underperformance.
The group is focused on transforming German operations to stem cash losses and restore profitability, while maintaining high standards and integration across all regions.
Strategic review initiated to further improve group profitability, with changes to be implemented by year-end.
Financial highlights
Group revenue for H1 2025 was DKK 1,394 million, up 2% year-over-year, with organic growth of 1%; Q2 2025 revenue was DKK 719 million, down 1% year-over-year, and organic growth was flat.
Gross margin before special items improved to 22% from 18% year-over-year, and EBIT margin reached 3% in Q2 2025 versus -1% last year.
EBITDA margin before special items rose to 10% from 5% year-over-year.
Cash flow from operating activities was negative DKK 85 million for H1 2025, compared to positive DKK 22 million in H1 2024.
Net interest-bearing debt increased to DKK 837 million at June 30, 2025, with financial gearing at 2.6x EBITDA.
Outlook and guidance
Organic revenue growth for 2025 is expected to be around 4%, revised from previous 5–10%.
EBIT before special items is forecasted at DKK 100–150 million, down from DKK 120–180 million.
Modest volume growth anticipated in the UK, stable development in Poland, and no improvement assumed for Germany.
Price increases will not fully offset cost inflation, especially in Germany.
CAPEX for 2025 is projected at around DKK 180 million.
Why did H+H revise its full-year guidance?
Explain the shift to a regional model in Germany.
What are the key assumptions for 2025 outlook?
What's the timeline for Germany's regional setup change?
What drives lower gross margin expansion assumptions?
How will strategic review impact volume loss?
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Next H+H International earnings date
Q3 202512 Nov, 2025
Next H+H International earnings date
Q3 202512 Nov, 2025
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Frequently asked questions
H+H International is a building materials company that specializes in the production and sale of aerated concrete and calcium silicate products. These materials are used primarily in the construction of residential, commercial, and industrial buildings. H+H International's products are known for their insulation properties, energy efficiency, and sustainability. The company operates across several European markets, offering solutions that support modern construction methods, including energy-efficient and environmentally friendly building practices. The company is headquartered in Copenhagen, Denmark, and its shares are listed on the NASDAQ Copenhagen.
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