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HusCompagniet (HUSCO) investor relations material
HusCompagniet Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the first nine months of 2025 grew 31% year-over-year to DKK 2,167 million, driven by all business segments, especially Detached and Semi-detached.
Earnings guidance was adjusted downward due to write-downs on three B2B projects, negative effects from HC Elements projects, and delays in B2B project starts from late building permits.
Net order backlog increased 57% year-over-year to DKK 2.2 billion, reflecting continued sales momentum.
Initiatives are underway to improve Semi-detached performance, with a focus on margin improvement.
Detached segment showed strong growth and resilience despite declining consumer confidence, while Semi-detached faced challenges due to underperforming B2B and HC Elements projects.
Financial highlights
Q3 2025 revenue grew to DKK 792 million, up from DKK 588 million in Q3 2024, driven by higher activity and more deliveries.
Gross profit for Q3 2025 was DKK 110 million (13.9% margin), down from DKK 119 million (20.2%) in Q3 2024, mainly due to Semi-detached write-downs.
Q3 2025 EBITDA was DKK 8 million (0.9% margin), down from DKK 32 million (5.5%) last year; EBIT was -DKK 4 million, down from DKK 20 million.
Free cash flow for 9M 2025 was DKK -26 million, compared to DKK 126 million in 9M 2024.
Net interest-bearing debt at end-September was DKK 309 million, with leverage ratio at 4.4x, up from 2.6x a year earlier.
Outlook and guidance
Full-year 2025 guidance reiterated: revenue DKK 2.9–3.1 billion, EBITDA DKK 60–80 million, EBIT DKK 15–35 million.
Expected deliveries for 2025 are around 1,000 houses, down from previous guidance of 1,000–1,100.
Dividend distribution suspended for 2025, with reintroduction expected when leverage falls below the long-term target.
Negative impact from B2B project write-downs expected to affect earnings in 2026 and H1 2027, with the most significant impact in 2026.
Targeting 8–10% EBITDA margin long-term, but not expected until after problematic B2B projects are completed (post-2027).
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