H+H International (HH) investor relations material

Executive summary

• Q2 2026 saw normalization after a weather-impacted Q1, with 6% organic growth and EBIT margin of 6%, driven by strong performance in Poland and benefits from German restructuring; EBIT before special items rose to DKK 43 million.

• The UK market remains a watch area due to affordability pressures, rising interest rates, and policy changes, while Germany shows gradual recovery and improved efficiency from restructuring.

• Full-year outlook and EBIT guidance are maintained, with a continued focus on cash flow and balance sheet management.

Financial highlights

• Q2 2026 revenue was DKK 752 million, up from DKK 719 million in Q2 2025; organic growth was 6%.

• Gross margin stabilized at 22% for the period; EBIT margin improved to 6%; EBITDA margin reached 11%.

• Free cash flow for H1 2026 was DKK 117 million, supported by strong operations and asset sales.

• Net interest-bearing debt stood at DKK 825 million as of June 30, 2026; gearing ratio improved to 3.4x.

• H1 2026 revenue was DKK 1,312 million, down from DKK 1,394 million in H1 2025; organic growth was -5%.

Outlook and guidance

• Full-year organic growth expected between -5% and 0%; EBIT before special items forecasted at DKK 50–100 million.

• Free cash flow expected to remain positive for the full year, including asset sales; CAPEX for 2026 projected at around DKK 100 million.

• Outlook assumes stable macroeconomic and geopolitical conditions.