HusCompagniet maintained momentum in H1 2025 and narrows full-year guidance

Company Announcement 8/2025

Interim financial report for the period 1 January – 30 June 2025

In line with expectations, HusCompagniet delivered solid 29% growth across segments in H1 2025, reaching total revenue of DKK 1,375 million. The positive revenue development follows consecutive quarters of increased sales.

Group CEO of HusCompagniet, Martin Ravn-Nielsen says: “We are pleased to see that market conditions for particularly the Detached segment continued to improve. Despite continued low consumer confidence, the sales pickup in this segment gained traction in H1 2025. At the same time, we signed both smaller and larger contracts in the Semi-detached segment and continued to expand our total order backlog.”

Gross margin[1] declined and came to 18.9% in H1 2025 against 21.9% in H1 2024. The development was due to lower contribution from Semi-detached, which was impacted by the effect of a few projects in HC Elements with unsatisfactory low margins, timing of project deliveries, lower ratio of projects on own land and a changed product mix. EBITDA came to DKK 39 million for an EBITDA margin of 2.9% compared to DKK 49 million and a margin of 4.6% in H1 2024. EBIT amounted to DKK 18 million against DKK 24 million in H1 2024.

In H1 2025, sales increased by 10% to 701 houses (units) and deliveries by 3% to 394 houses. Progress was driven by the Detached segment and supported by Wooden houses. At the same time, the total order backlog grew 40% to DKK 2,069 million due to satisfactory sales performance in all three segments.

“Based on the significant growth of our order backlog and the continued sales traction, we have welcomed new employees in a balanced ramp-up of our organisation. We are strengthening our team to support increasing sales across the Detached and Semi-detached segments as well as our ability to seize future opportunities”, says Martin Ravn-Nielsen.

Selected key highlights Q2 and H1 2025

Highlights

• In H1 2025, a total of 701 houses (units) were sold compared to 640 in H1 2024. The increase was mainly driven by the Detached segment with 431 units sold against 373 in H1 2024, as well as the Wooden houses segment where 57 units were sold, up from 39 units in H1 2024. Sales in the Semi-detached segment came out lower at 213 units compared to 228 in H1 2024 due to timing of building permits.
• Revenue increased by 29% to DKK 1,375 million in H1 2025 driven by all segments, reflecting continued sales progress in recent quarters and higher activity in all three segments. Deliveries totalled 394 houses (units) in H1 2025 compared to 382 in the same period last year driven by the Detached segment, which was up by 18% compared to H1 2024.
• H1 2025 gross profit increased by 12% to DKK 260 million for a margin of 18.9% against a margin of 21.9% in H1 2024. While Detached and Wooden houses contributed positively to the improved gross profit, the contribution from Semi-detached was lower due to unsatisfactory margins on a few projects in HC Elements, timing of project deliveries, a lower ratio of projects on own land and a changed product mix.
• EBITDA came to DKK 39 million for a margin of 2.9% compared to DKK 49 million and a margin of 4.6% in H1 2024, due to the lower contribution from Semi-detached, higher SG&A expenses and onboarding of new employees to support increasing sales.
• EBIT amounted to DKK 18 million in H1 2025, down from DKK 24 million last year.
• At end-Q2 2025, the order backlog (net) came to DKK 2,069 million, an 40% increase from end-Q2 2024.
• 30 June 2025, net debt amounted to DKK 304 million for a leverage ratio (NIBD/LTM EBITDA) of 3.2x, up from net debt of DKK 236 million and a leverage ratio of 2.4x at end-Q2 2024 driven by changes in working capital and the decline in EBITDA.
• Free cash flow in H1 2025 amounted to DKK -26 million compared to DKK 130 million in H1 2024 due to the higher activity level and phasing of deliveries impacting net working capital.

Outlook for 2025

Based on the H1 2025 financial performance and expectations for the remainder of 2025, the guidance issued on 7 March 2025 is narrowed:

• Revenue is expected to be DKK 2.9-3.1 billion (previously DKK 2.8-3.1 billion)
• EBITDA is expected to be DKK 110-130 million (previously DKK 110-160 million)
• Operating profit (EBIT) is expected to be DKK 70-90 million (previously DKK 70-120 million)

Assumptions for the outlook

• Current expectations for 2025 deliveries are between 1,000 and 1,100 houses (previously between 1,000 and 1,200 houses).
• The 2025 guidance is based on expectations of a continued market rebound and assumes no severe disruption of supply chains or raw material prices significantly exceeding current levels.
• Dividend distribution to shareholders is suspended and is not expected to be reintroduced before leverage is below the long-term target of 2x net debt to EBITDA.

Webcast and conference call

HusCompagniet will host a conference call for investors and analysts today, 22 August 2025, at 10:00 (CEST). The conference call and presentation will be available from HusCompagniet’s investor website.

Participant dial-in:

Denmark:                                          +45-78 76 84 90
France:                                              +33-1 81 22 12 59
Germany:                                          +49 30 21789327
Sweden:                                            +46 31-311 50 03
United Kingdom:                                +44 20 3769 6819
United States:                                    +1 646 787 0157
PIN:                                                    649396

Webcast link:                           
https://huscompagniet-events.eventcdn.net/events/interim-report-for-the-first-six-months-of-2025

For additional information, please contact:

Allan Auning-Hansen, Group CFO        +45 30 10 25 00
 

Consolidated key figures

Business Update

While global political and macroeconomic turmoil impacted overall consumer confidence in the first half of 2025, conditions in the Danish housebuilding market have been relatively stable with a continued pickup in sales. This development was supported by strong performance of the economy in Denmark based on an unchanged high employment rate, steady core inflation and positive views on interest rate trends.

In the first six months of 2025, HusCompagniet sold 701 units compared to 640 in H1 2024, and delivered 394 units, up from 382 in the comparison period.

The Detached market in Denmark continued the gradual recovery, reflected in a satisfactory number of customer leads and meeting activity throughout the period. This formed the basis for continuously improved sales in the quarter and the half-year. To further strengthen local presence in Jutland, a new show room will open in Horsens together with a dedicated FORMIUM office in Aarhus, both expected in Q4.

In the first half of 2025, HusCompagniet’s Semi-detached business sold a total of 213 units. During the period, the business unit signed two large conditional contracts on projects on Bornholm comprised of 96 units and in Ringsted comprised of 191 units of which 83 units were included in sales and the order backlog in June. After the balance sheet date, a subcontracting agreement was signed with Einar Kornerup A/S for construction of 156 detached housing units in the existing Søgården residential area located in Bagsværd. Overall, the activity level remained satisfactory, and constructive dialogues with larger investors continued.

Market conditions in Sweden remain stable, and the Swedish factory continued to deliver to the Semi-detached segment in Denmark to accommodate timely execution on the project order backlog.

Revenue came to DKK 1,375 million in H1 2025, of which the Detached segment accounted for 75%, while Semi-detached and Wooden houses accounted for 21% and 4%, respectively.

Customer satisfaction
HusCompagniet maintained its position as the best rated housing construction company among Danish customers on Trustpilot with a satisfaction score of 4.8 out of 5.0 based on more than 7,100 reviews. The strong performance was maintained in a period where the Danish housebuilding industry and HusCompagniet were subject to critical media coverage related to issues with crumbling mortar joints in detached houses constructed during 2017-2022, among other things. Customer satisfaction and loyalty remain high, and HusCompagniet has received a limited number of customer enquiries following the media coverage and entered constructive dialogues to assess and accommodate cases where relevant.

Financial review

Revenue
Q2 2025 was the fourth consecutive quarter of year-on-year growth. Revenue increased in Q2 2025 to DKK 740 million, up 28% from DKK 579 million in Q2 2024. The development was driven by higher sales in the Detached and Semi-detached segments in recent quarters. Deliveries totalled 199 units, down from 215 in Q2 2024 due to timing in the Semi-detached segment.

H1 2025 revenue came to DKK 1,375 million against DKK 1,062 million in H1 2024. 394 housing units were delivered in the period, up from 382.

Gross margin
Q2 2025 gross profit increased by 14% to DKK 136 million for a margin of 18.4% in Q2 2025, down from a margin of 20.7% in the same period last year. This was largely attributable to Semi-detached, reflecting the effect of unsatisfactory low margins on a few HC Elements projects, timing of project deliveries and a lower ratio of projects on own land.

H1 2025 gross margin was 18.9% against 21.9% in H1 2024.

EBITDA
Q2 2025 EBITDA came to DKK 23 million for a margin of 3.1% compared to DKK 27 million and a margin of 4.7% in Q2 2024, reflecting a lower contribution from Semi-detached, higher SG&A expenses and onboarding of new employees to support increasing sales, entailing higher staff costs.

H1 2025 EBITDA came to DKK 39 million against DKK 49 million in the comparison period.

Amortisation and depreciation
In Q2 2025, amortisation and depreciation came to DKK 11 million, down from DKK 12 million in Q2 2024.

In H1 2025, the amount came to DKK 21 million against DKK 24 million in H1 2024.

Amortisation mainly consists of development projects, whereas depreciation primarily refers to leasing contracts, factory equipment and IT projects.

EBIT
Q2 2025 EBIT amounted to DKK 12 million against DKK 15 million in Q2 2024.

H1 2025 EBIT came to DKK 18 million against DKK 24 million in H1 2024.

Net financials
Q2 2025 net financials were an expense of DKK 9 million, down from an expense of DKK 10 million in the same period last year. H1 2025 net financials came to an expense of DKK 15 million, down from an expense of DKK 20 million in H1 2024. Both Q2 2025 and H1 2025 financials include an expense of DKK 1.5 million related to the tax case, see note 7.

Group profit for the period before tax
For both Q2 and H1 2025, profit came to DKK 8 million, up from DKK 7 million in the comparison periods.

Taxation
For both Q2 and H1 2025 tax came to DKK 5 million compared to DKK 2 million in the comparison periods. The Danish Tax Authorities passed a ruling on the tax case in line with the company’s expectations, refer to Note 7.

Cash flow
Operating activities
In Q2 2025, operating activities generated a cash outflow of DKK 5 million, down from an inflow of DKK 135 million in Q2 2024, primarily due to changes in working capital reflecting the higher activity level where sales have been outpacing deliveries across all three segments. Net contract assets are impacted by timing of deliveries in Detached and Semi-Detached has increased contract assets due to increased sales.

Operating activities generated an outflow of DKK 15 million in H1 2025 against an inflow of DKK 134 million in the same period last year, driven by changes in working capital.

Investing activities
Q2 2025 cash outflow to investing activities amounted to DKK 6 million of which DKK 4 million related to investment in property, plant and equipment. In the comparison period cash outflow came to DKK 3 million.

H1 2025 cash outflow was DKK 11 million against an outflow of DKK 4 million in the same period last year.

Financing activities
Q2 2025 cash outflow to financing activities was DKK 6 million compared to an outflow of DKK 11 million in Q2 2024.

H1 2025 cash outflow amounted to DKK 12 million against an outflow of DKK 17 million in the comparison period, which included acquisition of own shares for DKK 6 million.

Free cash flow
Q2 2025 free cash flow amounted to negative DKK 12 million against DKK 133 million in Q2 2024 due to the higher activity level impacting net working capital.

H1 2025 free cash flow was negative DKK 26 million compared to DKK 130 million in the comparison period.

Balance sheet
Financing
At 30 June 2025, net interest-bearing debt (NIBD) was DKK 304 million, up from DKK 236 million at 30 June 2024, impacted by higher working capital. The financial leverage was 3.2x LTM EBITDA compared to 2.6x at year-end 2024.

Equity
H1 2025 equity came to DKK 2,111 million, up from DKK 2,093 million in H1 2024, primarily driven by a positive effect of foreign currency translation differences.

Net working capital
At 30 June 2025, net working capital came to DKK 314 million against DKK 200 million end-June 2024. The development was driven by a higher activity level and an increase in inventories as sales outpaced deliveries in a period characterised by continued momentum.

Contract assets
Net contract assets amounted to DKK 457 million at end-H1 2025 compared to DKK 264 million end-H1 2024 due to higher sales compared to deliveries.

Dividend
Dividend distribution to shareholders is suspended and is not expected to be reintroduced before leverage is below the long-term target of 2x net debt to EBITDA.

Segments

In H1 2025, the Detached segment comprised 75% of total revenue, whereas Semi-detached and Wooden houses generated 21% and 4%, respectively. H1 2024 revenue split was 77%, 18% and 5%, respectively.

Detached houses
In Q2 2025, revenue came to DKK 542 million, up from DKK 461 million, while the Average selling price (ASP) was
DKK 2.8 million, on par with Q2 2024. A total of 170 units were delivered, up from 160 last year. The ratio of own land deliveries was 5.3%, down from 7.5%. Sales came to 228 housing units, up from 201 in the same period last year.

In H1 2025, revenue increased to DKK 1,025 million from DKK 817 million in the comparison period, with an ASP of DKK 2.8 million, on par with H1 2024. A total of 320 units were delivered, up from 272 in 2024. The ratio of own land deliveries was stable at 6.6% against 6.3% in H1 2024. The number of units sold was 431, up from 373 in H1 2024.

In July 2025, 32 houses were delivered, and 54 units were sold.

Q2 2025 gross profit came to DKK 108 million for a margin of 20.0% compared to DKK 92 million and a margin of 19.9% in Q2 2024. EBITDA amounted to DKK 27 million compared to DKK 24 million in Q2 2024. Driven by higher sales, H1 2025 gross profit amounted to DKK 203 million for a margin of 19.8% against DKK 163 million and 20.0% in H1 2024. EBITDA amounted to DKK 44 million compared to DKK 27 million in H1 2024.

Q2 2025 EBIT came to DKK 20 million against DKK 14 million in Q2 2024. EBIT for H1 2025 amounted to DKK 29 million, up from DKK 9 million last year.

Semi-detached houses
Q2 2025 revenue came to DKK 161 million against DKK 91 million in Q2 2024. There were no deliveries in Q2 2025 against 33 last year due to timing of projects. The ratio of own land deliveries in the comparison period was 27.3%. Sales came to 93, down from 140 units in Q2 2024.

Revenue amounted to DKK 291 million in H1 2025, up from DKK 192 million last year. ASP amounted to DKK 1.6 million compared to DKK 1.6 million in H1 2024. A total of 29 units were delivered in H1 2025 compared to 71 last year. The ratio of own land deliveries was 6.7%, down from 22.5% in the comparison period. 213 units were sold compared to 228 units in H1 2024. In H1 2025, conditional contracts were entered on two larger projects on Bornholm comprising 96 units and in Ringsted comprising 191 units of which 83 units were included in sales and the order backlog in Q2. After the balance sheet date, a subcontracting agreement was signed with Einar Kornerup A/S for construction of 156 detached housing units in the existing Søgården residential area located in Bagsværd.

In July 2025, 1 Semi-detached house was delivered, and 157 were sold.

Gross profit came to DKK 9 million for a margin of 5.8% in Q2 2025 against DKK 18 million and a margin of 19.8% in Q2 2024. The development was impacted by unsatisfactory low margins on a few HC Elements projects, which will also affect Q3 to some extent, combined with timing of project deliveries, a lower ratio of projects on own land and a changed product mix.

EBITDA amounted to negative DKK 13 million compared to DKK 3 million in Q2 2024 due to lower gross profit and continued allocation of SG&A costs from delivery of produced elements in Sweden. H1 2025, gross profit was DKK 28 million for a margin of 9.7%, down from DKK 51 million and a margin of 26.4%. H1 2025 EBITDA was DKK negative 16 million compared to DKK 22 million last year.

In Q2 2025, EBIT amounted to negative DKK 15 million compared to DKK 2 million last year. H1 2025 EBIT amounted to negative DKK 19 million, down from DKK 19 million in H1 2024.

Wooden houses Sweden
Q2 2025 revenue was DKK 37 million against DKK 27 million in Q2 2024 with an ASP of DKK 1.3 million against DKK 1.1 million last year. Deliveries were 29, up from 22 in the comparison period and 24 units were sold compared to 27 in Q2 2024.

In H1 2025 revenue amounted to DKK 59 million, up from DKK 54 million. ASP was DKK 1.3 million compared to 1.3 million last year. 45 units were delivered, up from 39 last year. Sales came to 57, up from 39 in H1 2024.

In July 2025, 3 houses were delivered, and 6 units were sold in Sweden.

Supported by reversal of provisions for two completed projects Q2 2025 gross profit amounted to DKK 18 million for a margin of 50.0% compared to DKK 10 million and a margin of 36.8% in Q2 2024. EBITDA was DKK 9 million against DKK 1 million last year, driven by improved gross profit and allocation of SG&A costs to Semi-detached for delivery of produced elements in Sweden. H1 2025 gross profit amounted to DKK 29 million for a margin of 48.9% against DKK 18 million and a margin of 34.2%. H1 2025 EBITDA came to DKK 12 million compared to DKK 0 last year.

Q2 2025 EBIT came to DKK 7 million against negative DKK 1 million last year. H1 2025 EBIT amounted to DKK 8 million, up from negative DKK 4 million in H1 2024.

Outlook for 2025

Based on the H1 2025 financial performance and expectations for the remainder of 2025, the guidance issued on 7 March 2025 is narrowed:

• Revenue is expected to be DKK 2.9-3.1 billion (previously DKK 2.8-3.1 billion)
• EBITDA is expected to be DKK 110-130 million (previously DKK 110-160 million)
• Operating profit (EBIT) is expected to be DKK 70-90 million (previously DKK 70-120 million)

Assumptions for the outlook

• Current expectations for 2025 deliveries are between 1,000 and 1,100 houses (previously between 1,000 and 1,200 houses).
• The 2025 guidance is based on expectations of a continued market rebound and assumes no severe disruption of supply chains or raw material prices significantly exceeding current levels.
• Dividend distribution to shareholders is suspended and is not expected to be reintroduced before leverage is below the long-term target of 2x net debt to EBITDA.

General assumptions
General assumptions comprise assumptions relating to macro-economic conditions, industry considerations, regulatory changes, and customer behaviour. The Group’s estimates assume that there will not be any material change in the competitive or regulatory landscape, and no other external actions significantly impacting the Group.

Forward-looking statements
This interim report includes forward-looking statements on various matters, such as expected earnings and future strategies and expansion plans. Such statements are uncertain and involve various risks, as many factors, some of which are beyond our control, may result in actual developments differing considerably from the set expectations. Such factors include but are not limited to general economic and business conditions, exchange rate and interest rate fluctuations, the demand for our services and competition in the market.

Risk factors
HusCompagniet is exposed to strategic, operational, and financial risks, which are described in the management review in the 2024 Annual Report.

Statement by Management

The Board of Directors and the Executive Board have reviewed and approved the interim condensed consolidated financial statement of the Group for the period 1 January – 30 June 2025. The interim condensed consolidated financial statement, which has not been audited or reviewed by the Company’s auditor, has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’, as adopted by the EU, and additional Danish disclosure requirements for interim financial reporting of listed companies.

It is our opinion that the interim condensed consolidated financial statement gives a true and fair view of the financial position for the Group on 30 June 2025 and the results of the Group’s operations and cash flows for the period 1 January – 30 June 2025.

Further, in our opinion, the Management's review gives a fair view of the development in the Group's activities and financial matters, results of operations, cash flows and financial position as well as a description of material risks and uncertainties that the Group face.

Virum, 22 August 2025

Executive Board:

Martin Ravn-Nielsen                                      Allan Auning-Hansen
Group CEO                                                   Group CFO
 

Board of Directors:

Claus V. Hemmingsen                                                         Anja B. Eriksson
Chairperson                                                                         Vice chairperson

Stig Pastwa                                                                          Ylva Ekborn

Ole Lund Andersen                                                              Michael Troensegaard Andersen

 

Interim condensed income statement - consolidated

Condensed statement of other comprehensive income

Balance sheet – consolidated

Condensed balance sheet – consolidated

Condensed statement of cash flows – consolidated

Condensed statement of changes in equity – consolidated

Notes overview

Notes

1 Material accounting policy information
This interim condensed financial report comprises the period 1 January – 30 June 2025. The interim condensed financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies.

The accounting policies are consistent with those applied in the 2024 Annual Report except for the change in presenta-tion described below. Reference is made to the 2024 Annual Report for a full description of accounting policies applied.

Change in presentation
As of 2025, the Group has changed the presentation of staff costs related to production employees in the consolidated income statement. In prior years, the costs were included in staff costs as SG&A. Starting from 2025, staff costs related to production employees at the factories in Esbjerg and Sweden are presented as part of cost of sales impacting gross profit in the Semi-detached and Wooden houses segments.

The change aligns with the presentation of staff cost included in the cost of externally produced goods and services which is relevant to the reader.

Key figures from the comparison periods in 2024 have been restated reflecting the change in presentation. Net profit and earnings per share are not impacted by the change in presentation.

Adoption of new and revised IFRSs
All new or revised and amended International Financial Reporting Standards (IFRSs) and interpretations (IFRIC) issued by IASB and endorsed by the EU effective for the financial year 2025 are adopted. The Group has assessed that the new or revised standards and interpretations have not had a material impact on the consolidated financial statements.

2 Accounting estimates and judgements
In preparing the interim condensed financial statements, management made various judgements, estimates and assumptions concerning present and future events that affected the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

The significant estimates made by Management applying the Group’s accounting policies and the associated significant estimating uncertainties are the same for the preparation of the interim condensed financial statements as for the preparation of the consolidated financial statements for 2024.

3 Segment information
For management purposes, the Group is organised into business units based on its products and services as well as geographical location. The Group has three reportable segments, as follows:

- The Detached houses in Denmark segment, which comprises brick houses built on site and plots

- The Semi-detached and wood-frame houses in Denmark segment, which comprises brick houses built on sites and plots, including both business-to-business and business-to-consumers.

- The Wooden houses in Sweden segment, which comprises detached prefabricated houses

Executive Management is responsible for operating results of its business units for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit (EBIT). The Group's financing (including financial income and financial expenses) and income taxes are managed on a Group basis and are not allocated to operating segments. Assets and liabilities are not allocated to segments. The segmentation reflects the internal reporting and management structure.