HusCompagniet (HUSCO) Q2 2026 earnings summary

Executive summary

• Revenue grew 20% year-over-year to DKK 1,645 million in H1 2026, with all segments contributing positively and higher average selling prices in Detached houses.

• Strategic priorities included divesting the Esbjerg/prefabrication factory, reorganizing the Semi-detached business, and focusing on low-risk, asset-light projects and partnerships.

• Order backlog at end-June 2026 was DKK 1.8 billion, down from DKK 2.1 billion a year earlier, reflecting lower Detached sales.

• H1 2026 sales volume declined 28% to 507 units, but deliveries increased 5% to 414 units.

• Market conditions in Denmark remain strong but volatile, while Swedish market activity is supported by new mortgage regulations and political incentives.

Financial highlights

• Q2 2026 revenue was DKK 855 million, up 16% year-over-year, driven by higher average selling prices and increased deliveries, especially in semi-detached.

• Gross profit for Q2 2026 was DKK 125 million (down from DKK 136 million), with gross margin declining from 18.4% to 14.6%.

• EBITDA before loss from divestment was DKK 12 million in Q2 2026 (margin 1.4%), down from DKK 23 million (3.1%) last year.

• For H1 2026, EBITDA before loss from divestment was DKK 30 million (margin 1.8%), down from DKK 39 million (2.9%).

• Net loss for H1 2026 was DKK 79 million, compared to a profit of DKK 8 million in H1 2025.

Outlook and guidance

• 2026 guidance maintained: revenue DKK 3.0–3.3 billion, EBITDA before divestment loss DKK 70–130 million, EBIT before divestment loss DKK 15–75 million.

• Expected deliveries for 2026: 1,000–1,300 houses, assuming no severe supply chain disruptions or geopolitical deterioration.

• Plans to resume dividends or share buybacks once leverage falls below 2x net debt/EBITDA.

• Cautiously optimistic outlook, but low visibility and continued volatility expected.