HusCompagniet (HUSCO) Q4 2025 earnings summary

Executive summary

• Revenue increased 29% year-over-year to DKK 2,957m in 2025, driven by a market rebound and strong Danish segment sales.

• EBITDA declined to DKK 61m (margin 2.1%) from DKK 104m (margin 4.5%) in 2024, impacted by challenges in semi-detached houses.

• Net order book reached DKK 2.3 billion at year-end, up 21% from the previous year.

• 1,031 houses delivered in 2025, a 15% increase from 899 in 2024.

• Strategic focus shifted to profitability over growth in semi-detached, with a return to core competencies and selective project engagement.

Financial highlights

• Q4 revenue rose 22% to DKK 789 million, with gross profit at DKK 118 million (14.9% margin).

• Full-year gross profit was DKK 488 million (16.5% margin); EBITDA was DKK 61 million (2.1% margin).

• EBIT for the year was DKK 15 million, down from DKK 56 million last year.

• Free cash flow improved to DKK 102 million for the year.

• Provision for potential future remediation of mortar joints in detached houses recognized in Q4.

Outlook and guidance

• 2026 revenue expected between DKK 3 billion and DKK 3.3 billion, with 1,000–1,300 house deliveries.

• 2026 EBITDA guidance: DKK 70–130 million; EBIT: DKK 15–75 million.

• Profitability in 2026–H1 2027 will be affected by three challenged B2B projects.

• No dividend distribution in 2026; dividends to resume only when leverage is below 2x net debt/EBITDA.