H+h International A/s · OMXCOP:HH
H+h International A/s — Q3 2025 Earnings Presentation
13 slides from H+h International A/s's earnings presentation, Nov 12, 2025
Slide 1: H+H International A/S Q3 2025 Financial Results
H+H International A/S Q3 2025 Financial Results
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties, as various factors, many of which are beyond the control of H+H International A/S, may cause actual developments and results to differ materially from the expecta
Slide 3: Q3 2025 financial highlights
Q3 2025 financial highlights Q3 key takeaways Selected financial figures (1) Q3 performance in line with our expectations. Figures in DKKm unless otherwise stated. Q3 2024 figures in brackets (2) German reorganisation is well on track and showing initial results however no tail wind from the market.
Slide 4: Poland and UK drives volume growth in Q3 offset by Germany
Poland and UK drives volume growth in Q3 offset by Germany UK registrations/Building Permits in '000 3m rolling y/y (%) Organic growth in Q3-2025 (%) United Kingdom 8% Poland 5% Germany (CWE) -7% 30 60% 40 40% 40 20% 25 40% 10% 30 20% 30 20 20% 0% 15 0% 20 0% 20 -10% 10 -20% -20% 10 -20% 10 5 -40% -
Slide 5: Reorganisation in Germany is well on track and showing initial results
Reorganisation in Germany is well on track and showing initial results Key updates and outlook ▪ Profit centres established and operational. ▪ Ongoing review of key customers/products to renegotiate terms or exit unprofitable business. ▪ Ongoing strategic review of the German activities with a clear
Slide 6: Poland and UK drives volume growth in Q3 offset by Germany
Poland and UK drives volume growth in Q3 offset by Germany Volumes by quarter (Thousand m3) Revenue by quarter DKKm. Revenue growth (%) UK Poland CWE +2% 775 791 729 719 738 763 702 649 675 694 234 237 247 206 210 224 212 222 236 197 271 246 253 260 255 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 202
Slide 7: Margin performance impacted by challenges in the German market offset by better factory utilization in the UK
Margin performance impacted by challenges in the German market offset by better factory utilization in the UK 350 30 Gross Profit (DKKm) Gross Margin (%) 300 25% 25 24% 24% 250 22% 22% 20 200 174 179 164 15 155 150 146 10 100 5 50 0 0 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 H+H | Q3-2025 Financial R
Slide 8: Impact from German restructuring
Impact from German restructuring Cash impact from German restructuring ▪ The restructuring program will lead to additional special items in Q4 of around DKK 10-25 million. ▪ For 2025 anticipated savings on fixed costs of up to DKK 15 - 20 million in Q3 and Q4. ▪ Up to DKK 25 - 30 million additional
Slide 9: Positive cash flow driven by earnings and seasonal working capital release
Positive cash flow driven by earnings and seasonal working capital release Q3 2025 Free cash flow development (DKKm) 115 (13) 102 37 (26) 76 28 50 EBITDA Change Other non Operating Financial Cash flow Capital Free in NWC cash cash flow items from expenditures cash flow adjustments and tax operations
Slide 10: Financial outlook update
Financial outlook update Organic growth EBIT before special items (DKKm) Around 0% 85 - 115 (Previously: around 4%) (Previously: DKK 100 – 150 million) Key assumptions ▪ The outlook does not assume any market improvements in Germany (unchanged). ▪ Price increases will not cover cost inflation driven
Slide 11: Key takeaways
Key takeaways (1) Q3 came in as expected. (2) In the UK, a sudden slowdown in activity led us to adjust financial outlook. (3) In Poland, the underlying fundamentals remain strong, and the German reorganisation is progressing well. (4) While near-term challenges persist, our decisions remain guided
Slide 12: Questions and answers
Questions and answers 12
Slide 13: For further information, please contact Niclas Bo Kristensen
For further information, please contact Niclas Bo Kristensen Head of Investor Relations and Treasury nbk@HplusH.com H+H International A/S Lautrupsgade 7, 5th Floor 2100 Copenhagen Ø Denmark +45 35 27 02 00 info@hplush.com www.hplush.com 13