H+H International (HH) investor relations material

Executive summary

• Q2 2026 saw normalization after a weather-impacted Q1, with 6% organic growth and EBIT margin of 6%, driven by strong performance in Poland and benefits from German restructuring; EBIT before special items rose to DKK 43 million.

• The UK market outlook remains cautious due to affordability pressures and policy changes, while Germany shows gradual recovery and benefits from strategic restructuring.

• Free cash flow reached DKK 117 million, supported by strong operations and asset sales.

• Maintained full-year EBIT outlook of DKK 50–100 million and focus on cash flow and balance sheet management.

Financial highlights

• Q2 2026 revenue was DKK 752 million, up from DKK 719 million in Q2 2025; organic growth was 6%.

• Gross margin for Q2 2026 was 22%, consistent with historical levels; EBIT margin improved to 6%.

• EBITDA margin in Q2 2026 was 11%; Poland reached 25%, U.K. 12%, CWE 3%.

• Free cash flow for the quarter was DKK 117 million; gearing ratio improved from 4.1 to 3.4.

• Net interest-bearing debt stood at DKK 825 million as of June 30, 2026.

Outlook and guidance

• Full-year organic growth expected between -5% and 0%; EBIT before special items forecasted at DKK 50–100 million.

• Free cash flow expected to remain positive for the full year, including asset sales; CAPEX for 2026 projected at DKK 100 million.

• Outlook assumes stable macroeconomic and geopolitical conditions.