Hove (HOVE) H1 2025 earnings summary

Executive summary

• Achieved record H1 2025 revenue of DKK 108.3 million, up 26% year-over-year, driven by strong sales in the wind turbine segment despite currency headwinds and geopolitical uncertainty.

• Gross profit rose to DKK 38.5 million, though gross margin declined to 35.5% due to a higher share of private label sales.

• EBITDA increased 71% to DKK 13.2 million, with margin improving to 12.2% from 9% in H1 2024.

• Net profit reached DKK 8.3 million, up from DKK 4.8 million in H1 2024.

• Positive cash flow of DKK 6.7 million, including a DKK 3.5 million dividend payment; cash position strengthened to DKK 11.2 million.

Outlook and guidance

• Upgraded 2025 guidance: revenue expected at DKK 180–200 million and EBITDA at DKK 15–20 million.

• Continued focus on growth and profitability, with plans to issue quarterly financial reports starting Q3 2025.

Segment performance

• Wind turbine segment drove revenue growth; US subsidiary performed satisfactorily amid tariff uncertainty.

• Hove India continued positive development, both US and India contributed positive cash flows.

• Hove Turkey impacted by seasonal fluctuations from a major customer.

• Hafnia Pumps progressing with new water gear pump, field tests expected in 2025.