Hove (HOVE) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 revenue of DKK 81.2M, up 42% year-over-year, driven by strong wind turbine segment sales and favorable USD exchange rate movements.

• Gross profit rose to DKK 26.3M, though gross margin declined to 32.3% due to sales mix changes.

• EBITDA increased 36% to DKK 13.0M, with margin at 16.0%, reflecting revenue growth and higher costs from organizational expansion.

• Net profit reached DKK 9.8M, up 40% compared to Q1 2025.

• Subsidiaries in the US, India, and Turkey all contributed positively, with Hafnia Pumps preparing a new product launch.

Financial highlights

• Revenue: DKK 81.2M (Q1 2026) vs. DKK 57.2M (Q1 2025), +42%.

• Gross profit: DKK 26.3M (Q1 2026) vs. DKK 21.0M (Q1 2025), +25%.

• EBITDA: DKK 13.0M (Q1 2026) vs. DKK 9.6M (Q1 2025), +36%.

• EBIT: DKK 12.5M (Q1 2026) vs. DKK 9.2M (Q1 2025), +35%.

• Net profit: DKK 9.8M (Q1 2026) vs. DKK 7.0M (Q1 2025), +40%.

Outlook and guidance

• Maintains full-year 2026 guidance: revenue DKK 210–240M, EBITDA DKK 22–29M.

• High Q1 activity partly attributed to customers bringing purchases forward amid geopolitical uncertainty.