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H+H International (HH) investor relations material

H+H International Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Q3 2025 performance aligned with expectations, with stable or strong results in Poland and the UK, but Germany continued to face headwinds and required reorganisation.

  • Volume growth in Poland and the UK offset declines in Germany; overall organic growth was 2% year-over-year.

  • Ongoing reorganisation in Germany is progressing, shifting to a profit-centered regional structure and incurring significant special items.

  • Market environment remains volatile and challenging, with proactive cost management and plant performance.

Financial highlights

  • Q3 2025 revenue was DKK 738 million (EUR 738 million), up 1% year-over-year; organic growth was 2%.

  • Gross profit before special items was DKK 179 million (24% margin); EBIT margin at 7%.

  • EBITDA margin before special items was 13%, down from 14% last year.

  • Net result for Q3 was a loss of DKK 10 million, compared to a profit of DKK 19 million in Q3 2024.

  • Net interest-bearing debt at quarter-end was DKK 779 million, with a net debt-to-EBITDA ratio of 2.5x.

Outlook and guidance

  • Organic growth guidance for 2025 revised to around 0% from previous 4%.

  • EBIT before special items now expected in the range of DKK 85–115 million, down from DKK 100–150 million.

  • No market improvement assumed for Germany; price increases will not offset cost inflation.

  • CAPEX expected at DKK 180 million; special items of DKK 50–70 million to be paid in 2025–2026.

  • U.K. market weakness expected to persist through Q4, with further clarity anticipated after the November government budget.

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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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