HusCompagniet (HUSCO) Q1 2026 TU earnings summary

Executive summary

• Revenue grew 25% year-over-year to DKK 791 million in Q1 2026, driven by all segments and higher average selling prices, despite a 44% drop in houses sold due to tough comparables and market caution.

• Gross profit increased 5% to DKK 130 million, but gross margin declined to 16.4% from 19.5% due to cold weather, increased construction costs, and three challenged B2B projects.

• EBITDA was DKK 18 million (margin 2.3%), up slightly from DKK 17 million (2.6%) last year; EBIT was DKK 5 million, down from DKK 6 million.

• Free cash flow was DKK -97 million, compared to DKK -14 million last year, mainly due to higher net working capital and delivery timing.

• The company remains cautiously optimistic for the Danish detached market amid volatile consumer confidence and stable macroeconomic conditions.

Financial highlights

• Revenue: DKK 791 million (Q1 2025: DKK 635 million), up 25% year-over-year.

• Gross profit: DKK 130 million (Q1 2025: DKK 124 million); gross margin: 16.4% (Q1 2025: 19.5%).

• EBITDA: DKK 18 million (Q1 2025: DKK 17 million); EBITDA margin: 2.3% (Q1 2025: 2.6%).

• Free cash flow: DKK -97 million (Q1 2025: DKK -14 million).

• Net interest-bearing debt rose to DKK 308 million from DKK 287 million year-over-year.

Outlook and guidance

• 2026 revenue guidance confirmed at DKK 3.0–3.3 billion, with 1,000–1,300 house deliveries expected.

• EBITDA expected at DKK 70–130 million; EBIT at DKK 15–75 million, both before special items.

• Special items of DKK 68 million expected in 2026 due to the Esbjerg factory divestment.

• Guidance assumes no severe geopolitical escalation or major supply chain disruptions.

• Dividend payments to resume once leverage is below 2x net debt/EBITDA.