We enable better homes for our communities
3 million m3 of blocks per year
125.000 families moving into a new home every year
500 families moving into their lifetime dream of a
new home every day
Safe | Affordable | SustainableGeopolitical conflicts impacting buying decisions of future homeowners
Iran
Consumer Confidence
Buying a house is the biggest investment in many peoples' life
Stable conditions and confidence
about the future are key
Current geopolitical conflicts are impacting confidence
Energy Costs
Europe consumed cheap gas from Russia for many years
Since the Ukrainian war this has changed to a new level, leading to higher building cost
War in Iran is driving energy cost up further
Interest Rates
Interest rates of around 1% made buying decisions easy - cheaper build than rent
After the peak in 2023, interest rates came down, however are 3-4 times higher
Indexed building permits across our markets (2021 = 100)
Adaption and results:
130
120
110
100
90
80
70
60
50
40
UK Poland Germany
Since 2023, we have taken decisive structural actions across the Group
PL, UK and CH now operating on 12% EBIT level, despite 20% lower volumes
78
58
The prolonged downturn in the German market impacted our M&A ambition of building a strong nationwide platform
Initially, we structurally reshaped the business in Germany: 15 to 11 plants, >200
76
2021 2022 2023 2024 2025
Revenue (DKKm)
EBIT bsi (DKKm)
EBIT margin
%
Group
2.743
112
4%
Germany+*
860
-112
N/A
Rest of group
1.883
224
12%
*Includes Germany, Nordics and Benelux
employees reduced, and ~DKK 200m less
fixed costs
Now we are rebuilding strong regional businesses with a strong commercial focus
And most important:
Not loosing sight for the long-term
HOME - operating backbone to strengthen performance and scalabilityHOME (H+H Operating Model for Excellence) is delivering
Net hour improvement 2023-2025
130
114
118
2023 2024 2025Key focus:
As an industry company, operational performance is key to our business success and competitive position
Launched in 2024, build on Lean Principles of world class manufacturers
A clear management and communication framework provides a common blueprint across our 24 plants
Standard work, visible management, preventive maintenance, continuous improvements are key elements
Key achievements:
14% improvement in net hours since launch in 2024
Reopening of the Pollington 1 plant (UK) -operating at former performance
Upgrade of the Puławy plant (Poland)
Week 45 - Construction ongoing
Week 53 - Precuring chamber - ready
Project Scope:
− Increase of production volume by 20%
− Additionally, automation of processes and safety improvements
− Significant reduction of production cost, resulting in better
Gross Margin
− Attractive payback
8.000
− Ramp-up progressing - 80% of target volume already achieved after 4 weeks
Production Volume
7
8
9
10
11
12
13
14
15
16
6.000
4.000
2.000
0
m3/week
Week 6 - First cake 2026
Week 7 - Test production 2026
Calendar Week
VOL Target VOLMaterial of Choice - today and tomorrow
The white wall (AAC and CSU) is the building material of choice
Safe:
− Products and systems are proven technology, ensuring safe
construction and living environments
− All mineral delivering statics, acoustic, fire, moisture resistance and insulation
Affordable:
− The use is thought through and simple, still leading to best
on the wall cost
− Our products are well suited for modular building, which will be needed to further improve building costs
Sustainable:
− Despite uncertainty where the sustainability discussion is going, whole life carbon remains important for builders and home owners
− AAC and CSU have strong properties versus clay
and timber, which we are documenting through our intense work on EPDs
Safe Affordable Sustainable
Questions and answers