Weeeneanbalebblettberehtotemreshfomr oeusr cfoomrmouunirtiecsommunities?
3 million m3 of blocks per year
or
125.000 families moving into a new home every year
500 families moving into their lifetime dream of a new home every day
Safe | Sustainable | Affordable
H+H at a glance
H+H is a leading provider of wall-building solutions, committed to being the ideal partner for every project. With a strong market presence, we leverage industry insights and customer expertise to solve challenges and provide better homes for our communities, positioning H+H for future growth.
Revenue (DKKm)
2,747
Markets
Share of revenue
Central Western Europe
The United Kingdom
Poland
EBITDA bsi (DKKm)
250
People
1,337
Climate
28%
Plants
27
In 2024, we generated total revenue of DKK 2,747 million and organic growth of 0%.
In 2024, EBITDA before special items was DKK 250 million corresponding to a 9% margin, which is unchanged from last year.
Based across Northern Europe we employ over 1,300 people, of whom around 70% work in our plants.
By 2030, we want to reduce absolute scope 1 and 2 GHG emissions by 46% from a 2019 baseline. As of 2024, we have achieved a 28% improvement of CO2 kg/m3.
By 2050, we want to achieve net zero emissions from own operations and supply chain.
In 2024, we reopened one of our four mothballed plants in response to market demands. Across all active plants we produced a total of 2.7 million cubic meters of wall-building materials in 2024.
After two years of restructuring, focus is now on profitable growth
Focus 2023 + 2024
Focus 2025 and beyond
Launch of H+H's streamlining program in 2023 entails a shift in production to larger and more effective plants to substantially lower fixed costs while increasing uptime and capacity, offering tangible benefits From 2025 onwards, the focus will shift to delivering profitable growth, driven by the Group's unique growth platform and ongoing cost savings. Recent streamlining efforts have strengthened the company's resilience, enabling H+H to better navigate market fluctuations and challenges.
Higher demand in PL and UK already visible
UK registrations/Building Permits in '000
3m rolling y/y %
United Kingdom
Market highlights
▪ Registrations continues in positive direction since mid 2024
▪ Planning reforms are the current focus of the new government
Poland
Market highlights
▪ Underlying fundamentals of the Polish market are strong
▪ Limited impact from proposed Housing Support program
▪ High mortgage costs persisting despite strong underlying demand
Geopolitical uncertainty may weigh on investor confidence
Germany
Market highlights
▪ Building Permits Improving for the first time but outlook still weak
▪ €500 billion special fund over 10 years aimed infrastructure
▪ Impact on housing and interest cost to be seen
▪ New government still not clear on new budget agenda
New foundation in Germany with ONE
by
With several acquisitions in Germany 'Project ONE' is the integration framework focusing on automation, working to streamline processes. The German organisation has since been operating at the highest profitability to date. Similar models will be applied for
future acquisitions
Selected 'Project ONE' achievements in Germany from 2022-2024
Carriers reduced from around 60 to 1 per plant
Number of employees reduced by over 40%
HOME - Agile operating model to meet future demand
The 'H+H Operating Model of Excellence'…
'HOME' by
The H+H Operating Model of Excellence ('HOME') is designed to meet Europe's volume demands by increasing capacity within the existing plant network and unlocking sleeping capacity. The approach will increase uptime and boost capacity while reducing indirect production costs per unit
Focusing on plant uptime in 24/7 growth mode
to boost volume and productivity through engaging first-line management with operators
Enhancing efficiency and reliability using lean tools, automation, recipe optimisation and portfolio rationalisation
Strategic investments in specialised equipment to boost capacity (step change) and enhance efficiency
Strategically positioned to capitalise on structural growth drivers
H+H key investment highlights
Materials meet modern housing needs and by combining a decarbonisation strategy with the recarbonation properties of limestone, H+H can produce blocks with a negative carbon footprint
H+H is well positioned to capitalise on rising housing demand across core markets, where AAC and CSU increasingly constitute the materials of choice With a leading market share, strong plant network, solid customer relationships and high entry barriers, H+H is positioned to grow its market presence The H+H Operating Model of Excellence ('HOME') is designed to meet Europe's volume demands by increasing capacity within the existing plant network Proven M&A platform with efficient integration processes and an agile organisation, allowing H+H to scale and achieve synergies
The company's recent streamlining has created a more resilient business, allowing H+H to better withstand market fluctuations and challenges
Financial targets
Financial outlook for 2025
Revenue growth measured in local | EBIT before special items is |
currencies ("organic growth") | expected to be (DKKm) |
5% to 10% | 120m to 180m |
Long-term financial targets
EBIT margin | Financial gearing |
(NIBD to EBITDA) | |
12% | 1-2x |
H+H │ Nordea Construction Seminar |
Return on invested capital (ROIC)
16%
H+H │ Nordea Construction Seminar
10