H+h International A/s · OMXCOP:HH
H+h International A/s — H1 2025 Earnings Presentation
14 slides from H+h International A/s's earnings presentation, Aug 13, 2025
Slide 1: H+H International A/S H1 2025 Financial Results
H+H International A/S H1 2025 Financial Results Conference Call 13 August 2025
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: Q2 2025 financial highlights
Q2 2025 financial highlights Q2 key takeaways (1) Persistently low-volume environment in the German Selected financial figures market, combined with intensified competition and Figures in DKKm unless otherwise stated. Q2 2024 figures in brackets pricing pressure have led us to adjust financial guida
Slide 4: Poland drives volume growth offset by UK and Germany
Poland drives volume growth offset by UK and Germany UK registrations/Building Permits in '000 3m rolling y/y (%) Organic growth in Q2-2025 (%) United Kingdom -4% Poland 5% Germany (CWE) -2% 30 60% 40 50% 35 10% 35 30 25 40% 0% 30 25% 25 20 20% 25 20 -10% 15 0% 20 0% 15 -20% 15 10 -20% 10 10 -25% -3
Slide 5: No significant recovery expected in Germany
No significant recovery expected in Germany Sales volume indexed Comments 100 ▪ Despite significant improvement efforts over the past two years, our German operations 90 All other regions continue to weigh on the overall performance of the Group. 80 ▪ The persistently low-volume environment in the 7
Slide 6: New DE structure - A change in business set-up from central to regional
New DE structure - A change in business set-up from central to regional Focused sales model One central backoffice for service functions Limit shipments between plants Around the chimney Focus on what the plant closest to the customer can make Focus on sales territories around the plants Shared plat
Slide 7: Higher sales prices offset lower volumes
Higher sales prices offset lower volumes Volumes by quarter (Thousand m3) Revenue by quarter DKKm. Revenue growth (%) UK Poland CWE -2% -1% 779 775 763 725 729 719 702 649 675 694 247 234 237 206 210 210 224 212 222 197 268 271 246 253 260 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2
Slide 8: Margin performance impacted by the German market
Margin performance impacted by the German market Gross Profit and Gross Margin1 Gross Profit (DKKm) Gross Margin (%) 350 30 300 25% 25 24% 250 22% 22% 20 200 18% 174 164 155 15 146 150 132 10 100 50 5 0 0 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 8 (1) Before special items
Slide 9: Negative cash flow was driven by seasonal development in working capital
Negative cash flow was driven by seasonal development in working capital Q2 2025 Free cash flow development (DKKm) Comments ▪ Cash flow driven by seasonal development in working capital. 32 ▪ Financial gearing in Q2 2025 was 2.6 times EBITDA before special items. (51) -19 (8) -27 (25) -52 EBITDA Cha
Slide 10: Impact from German restructuring
Impact from German restructuring Cash impact from German restructuring ▪ The restructuring program will lead to additional special items in Q3 and Q4 2025 of DKK 80-100 million. ▪ For 2025 anticipated savings on fixed costs of up to DKK 20 million in Q3 and Q4. ▪ Up to DKK 40 million additional savi
Slide 11: Financial outlook
Financial outlook Organic growth EBIT before special items (DKKm) Around 4% 100 - 150 (Previously: 5 - 10%) (Previously: DKK 120 – 180 million) Organic revenue growth for 2025 is expected EBIT before special items is expected to to be around 4% range between DKK 100 - 150 million Key assumptions ▪ M
Slide 12: Key takeaways
Key takeaways (1) Lower volumes and pricing pressure in Germany impacting our earnings outlook for the year. (2) German operations shifting from national to regional structure allowing us to operate on a lower cost base. A strategic review has been initiated. (3) Strong performance in Poland. In the
Slide 13: Questions and answers
Questions and answers 13
Slide 14: 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 14