DRAFT
Interim financial report
Q1-2025
Company announcement No. 583, 2025
20 May 2025
Interim Financial Report, Q1 2025
CHIEF EXECUTIVE OFFICER JÖRG BRINKMANN QUOTE
“We started the year in line with expectations, with encouraging momentum in the UK housing market. To
meet growing long-term demand, we are rebuilding capacity in the UK and expect to see the full margin
benefits in the second half of 2025. In Poland, the underlying fundamentals remain strong, despite a
tough volume comparison with last year’s strong Q1. In Germany, market challenges persist, and we
haven’t seen the full potential of our business yet. However, we are closely monitoring how the new
German government will improve regulations and provide funding to reactivate the new-build market.
Based on our Q1 performance, we remain on track to deliver our full-year guidance” says CEO Jörg
Brinkmann.
PERFORMANCE HIGHLIGHTS FOR Q1 2025 (Q1 2024)
▪ Revenue growth measured in local currencies (“organic growth”) was 3% (negative 4%).
▪ Sales volume decreased by 2% driven by Poland and Germany partly offset by the UK market.
▪ Gross profit before special items was DKK 146 million (DKK 109 million), corresponding to a
gross margin of 22% (17%). The increase is driven by higher sales prices and normalised input
costs.
▪ EBIT before special items was DKK 16 million (negative DKK 21 million), corresponding to an
EBIT margin before special items of 2% (negative 3%).
▪ Financial gearing was 2.7 times EBITDA before special items at the end of Q1 2025 (5.1 times
EBITDA before special items at the end of Q1 2024).
FINANCIAL OUTLOOK FOR 2025 (UNCHANGED)
▪ Organic revenue growth for 2025 is expected to be in the range between 5% to 10%.
▪ EBIT before special items is expected to be in the range of DKK 120 to 180 million.
Q1 2025 INTERIM FINANCIAL REPORT CONFERENCE CALL
In connection with the release of the Q1 2025 Interim Financial Report, a conference call for investors
and analysts is scheduled for Wednesday 21 May 2025, at 10:00 a.m. CEST. The presentation will be
followed by a Q&A session. Participants can follow the conference call via live webcast here.
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 2/13
Interim financial report
Q1-2025
KEY FIGURES – H+H GROUP
Financial ratios have been calculated in accordance with recommendations from the Danish Society of Financial Analysts.
*Invested capital are the average invested capital for the last twelve months. In prior periods goodwill was excluded but are now
included. The comparative figures have been adjusted to reflect this as well. ROIC is calculated based on EBIT before special items
divided by invested capital.
FORWARD-LOOKING STATEMENTS
The Interim Financial Report contains forward-looking statements. Such statements are subject to risks
and uncertainties, as various factors, many of which are beyond the control of H+H, may cause actual
developments and results to differ materially from the expectations expressed in this document.
In no event shall H+H be liable for any direct, indirect, or consequential damages or any other damages
whatsoever resulting from loss of use, data, or profits, whether in an action of contract, negligence, or
other action arising out of or in connection with the use of information in this document.
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 3/13
Interim financial report
Q1-2025
MANAGEMENT’S REVIEW
Volumes and prices
Organic growth in the first quarter was 3%. This
was mainly driven by higher prices as sales
volumes fell by 2% in the quarter compared to
the same period last year.
The UK market maintained its positive
momentum and saw a strong volume
development. In contrast, sales volumes in
Poland declined against a strong Q1 last year.
The German market continues to contract, with
no signs of recovery expected in the short-term.
Price developments were in line with
expectations, with overall prices higher than last
year as we continue to pass on input cost
increases. In the UK, price increases were
implemented at the start of the year following
annual negotiations. Similarly, Germany and
Poland also saw positive price adjustments early
in the year compared to previous quarter.
Regional market development
UK
In the UK, building registrations have continued
in a positive direction since mid-2024 though
growth has been from a low starting point.
Mortgage approvals have also seen a positive
development reaching pre-pandemic levels.
In the Spring Budget, Chancellor Rachel Reeves
unveiled planning reforms to support housing.
Measures such as mandatory housing targets
and development of grey belt land are set to
move the government closer to its target of 1.5
million new homes over this Parliament.
Poland
Despite high financing costs, Poland’s
underlying housing fundamentals remain solid.
Mortgage demand has declined since the
conclusion of the “2% Safe Credit” scheme,
though it remains above pre-scheme levels. This
slowdown has contributed to a reduction in
building permit approvals. The government has
introduced a new support package focused on
the secondary market. While its direct impact is
expected to be limited, we welcome the greater
clarity which could help shift both developers
and buyers out of a wait-and-see mode.
Germany
Germany’s housing sector remains under
pressure. Despite a growing demand for
affordable housing, too few homes are being
built, and consumer confidence remains low.
In April 2025, the government implemented a
major fiscal shift, reforming the constitutional
debt brake to allow significant public spending
over the next decade, including €500 billion for
infrastructure as well as increased defence
investments. It is still too early to assess the
potential impact of these changes on
construction activity.
OTHER KEY EVENTS
Ramp up of UK production network
The re-opening of our second Pollington plant is
progressing and will provide valuable additional
capacity to better support our partners in the UK
market once fully back to normal operations.
While the ramp-up phase is ongoing, we expect
to see the full impact on gross margins during
the second half of 2025.
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 4/13
Interim financial report
Q1-2025
INCOME STATEMENT FOR THE FIRST
QUARTER OF 2025
Revenue
Total revenue amounted to DKK 675 million for
Q1 2025 which is an increase of DKK 31 million
compared to Q1 2024 (DKK 644 million).
Revenue growth measured in local currencies
(“organic growth”) was positive 3% in Q1 2025
compared to negative 4% in Q1 2024.
Revenue in the CWE region increased by 3% to
DKK 253 million compared to DKK 245 million in
Q1 2024. Organic growth in the region was 3%
in Q1 2025.
Sales in the UK were strong in Q1 2025 and
resulted in a revenue increase of 14% to DKK
210 million compared to DKK 184 million in Q1
2024. Organic growth of 11% in Q1 2025 was
driven by higher volumes and higher prices vs.
same period last year.
Revenue in Poland decreased slightly by 1% to
DKK 212 million compared to DKK 215 million in
Q1 2024. Organic growth was negative 4%
driven by lower volumes partly offset by higher
prices.
Gross profit before special items
Gross profit amounted to DKK 146 million
compared to DKK 109 million in Q1 2024,
corresponding to gross margins of 22% and
17%, respectively. The gross margin in the
quarter was impacted by normal seasonality and
the ramp-up of the Pollington 1 factory in the
UK.
EBITDA before special items
EBITDA before special items amounted to DKK
64 million compared to DKK 26 million in Q1
2024, corresponding to EBITDA before special
items margins of 9% and 4%, respectively.
Depreciation and amortisation
Depreciation and amortisation in Q1 2025
amounted to DKK 48 million compared to DKK
47 million in Q1 2024.
EBIT before special items
EBIT before special items amounted to DKK 16
million in Q1 2025, compared to negative DKK
21 million in Q1 2024, corresponding to EBIT
margins before special items of 2% and negative
3%, respectively.
Special items
No special items recognised in the first quarter.
The special items recognised in Q1 2024 mainly
relate to unwinding the UK gas contract.
Net financials
Net financials amounted to an expense of DKK
16 million in Q1 2025, compared to an expense
of DKK 17 million in Q1 2024.
Result before tax
Result before tax amounted to DKK 0 million in
Q1 2025, compared to negative DKK 167 million
in Q1 2024.
Tax
Tax for Q1 2025 amounted to a net expense of
DKK 12 million compared to a net income of
DKK 37 million in Q1 2024.
Result for the period
Result for the period amounted to a loss of DKK
12 million and is attributable to H+H International
A/S’ shareholders by negative DKK 12 million
and to non-controlling interests by DKK 0 million
compared to a loss of DKK 130 million in Q1
2024, allocated with a loss of DKK 129 million
and a loss of DKK 1 million, respectively.
Comprehensive income
Other comprehensive income for Q1 2025
amounted to DKK 21 million compared to DKK
11 million in Q1 2024. The year-on-year
development was mainly driven by a positive
development in in foreign exchange
adjustments.
Revenue, external
Amounts in DKK million 2025 2024
Central Western Europe 253 245
United Kingdom 210 184
Poland 212 215
Total 675 644
Q1
Revenue
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 5/13
Interim financial report
Q1-2025
CASH FLOW FOR THE FIRST QUARTER OF
2025
Operating activities
Cash flow from operating activities before
financial items and tax amounted to negative
DKK 43 million in Q1 2025 compared to
negative DKK 42 million in Q1 2024.
The improvement in earnings in Q1 2025
compared to Q1 2024 was offset by a negative
development in working capital mainly affected
by normal seasonality and planned payments of
provisions.
Investing activities
Cash flow from investing activities in Q1 2025
amounted to a cash out-flow of DKK 12 million
compared to a cash out-flow DKK 26 million in
Q1 2024.
Financing activities
Cash flow from financing activities was DKK 31
million in Q1 2025 compared to DKK 122 million
in Q1 2024.
BALANCE SHEET AT 31 MARCH 2025
On 31 March 2025, the balance sheet total
amounted to DKK 3,578 million compared to
DKK 3,477 million on 31 March 2024 mainly
driven by an increase in current assets.
Net interest-bearing debt
On 31 March 2025, net interest-bearing debt,
totalled DKK 765 million corresponding to an
increase of DKK 83 million since the beginning
of the year. The increase is primarily driven by a
negative working capital development, and
planned payments of provisions.
Equity
The consolidated equity increased by DKK 10
million compared to 31 December 2024 and
increased by DKK 100 million compared to 31
March 2024.
EVENTS AFTER THE BALANCE SHEET
DATE
No events have occurred after the balance sheet
date that will have a material effect on the H+H
Groups financial position.
FINANCIAL OUTLOOK FOR 2025
(UNCHANGED)
▪ Revenue growth measured in local
currencies is expected to be around 5% to
10%.
▪ EBIT before special items is expected to
be in the range of DKK 120 million to DKK
180 million.
ASSUMPTIONS FOR THE FINANCIAL
OUTLOOK
Key assumptions
▪ Modest volume growth primarily in the
UK. The outlook does not assume a
market recovery in Germany.
▪ Price increases aligned with cost
inflation.
▪ The 2025 average FX rates are based
on January to April’s 2025 actual
average and the forward FX rates for the
next 8 months.
Other assumptions
▪ Capex of around DKK 200 million.
▪ Continuation of an uncertain
macroeconomic and geopolitical
environment.
▪ Price discipline within our key markets.
FINANCIAL CALENDAR 2025
Q2 2025 Interim Financial Report
12 Aug 2025
Q3 2025 Interim Financial Report
11 Nov 2025
Equity
Q1 Q1
Amounts in DKK million 2025 2024
1 January 1,650 1,678
Result for the period (12) (130)
Actuarial gains/losses on pension
plans
(1) 15
Value adjustments of derivative
financial instruments
1 (10)
Foreign exchange adjustments 21 6
Share based payment 1 1
31 March 1,660 1,560
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 6/13
Interim financial report
Q1-2025
STATEMENT BY THE EXECUTIVE BOARD AND THE BOARD OF DIRECTORS
EXECUTIVE BOARD
BOARD OF DIRECTORS
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 7/13
Interim financial report
Q1-2025
CONDENSED INCOME STATEMENT
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Q1 Q1 Full-year
Amounts in DKK million 2025 2024 2024
Revenue 675 644 2,747
Cost of goods sold (529 ) (535 ) (2,168 )
Gross profit before special items 146 109 579
Sales costs (32 ) (35 ) (122 )
Administrative costs (48 ) (46 ) (209 )
Other operating income and costs, net (2 ) (2 ) 2
EBITDA before special items 64 26 250
Depreciation, amortisation and impairments (48 ) (47 ) (187 )
EBIT before special items 16 (21 ) 63
Special items, net - (129 ) (22 )
EBIT 16 (150 ) 41
Financial income 11 4 39
Financial expenses (27 ) (21 ) (109 )
Result before tax 0 (167 ) (29 )
Tax (12 ) 37 (21 )
Result for the period (12) (130) (50)
Result for the period attributable to:
H+H International A/S' shareholders (12 ) (129 ) (53 )
Non-controlling interest - (1 ) 3
Result for the period (12 ) (130 ) (50 )
Earnings per share (EPS-Basic) (0.7 ) (7.9 ) (3.2 )
Diluted earnings per share (EPS-D) (0.7 ) (7.9 ) (3.2 )
Group
Q1 Q1 Full-year
Amounts in DKK million 2025 2024 2024
Result for the period (12 ) (130 ) (50 )
Items that may be reclassified subsequently to profit or loss:
Fair value adjustments of derivative financial instruments - (12 ) (13 )
Gain/(loss) on derivative financial instruments transferred to the income
statements
Tax on fair value adjustment - - 1
Foreign exchange adjustments, foreign entities 21 6 20
Items that will not be reclassified subsequently to profit or loss:
Actuarial gains and losses - 19 13
Tax on actuarial gains and losses (1 ) (4 ) (5 )
(1 ) 15 8
Other comprehensive income after tax 21 11 25
Total comprehensive income for the period 9 (119 ) (25 )
Group
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 8/13
Interim financial report
Q1-2025
CONDENSED BALANCE SHEET
Group
31 March 31 December 31 March
Amounts in DKK million 2025 2024 2024
ASSETS
Non-current assets
Goodwill 423 422 422
Other intangible assets 216 220 232
Property, plant and equipment 1,709 1,716 1,792
Deferred tax assets 60 54 47
Financial assets 2 2 2
Total non-current assets 2,410 2,414 2,495
Current assets
Inventories 460 435 565
Receivables 288 162 243
Cash 420 462 174
Total current assets 1,168 1,059 982
TOTAL ASSETS 3,578 3,473 3,477
EQUITY AND LIABILITIES
Equity
Share capital 165 165 165
Retained earnings 1,471 1,483 1,413
Other reserves (60 ) (82 ) (103 )
Equity attributable to H+H International A/S’ shareholders 1,576 1,566 1,475
Equity attributable to non-controlling interests 84 84 85
Total equity 1,660 1,650 1,560
Non-current liabilities
Pension obligations 17 21 31
Provisions 32 43 69
Deferred tax liability 37 36 34
Credit institutions 1,084 1,046 1,039
Deferred payments, acquisition of subsidiary 93 93 99
Lease liabilities 81 73 117
Total non-current liabilities 1,344 1,312 1,389
Current liabilities
Lease liabilities 20 25 24
Trade payables 291 272 253
Income tax 10 1 -
Deferred payment, acquisition of subsidiary 6 6 7
Provisions 22 26 79
Other payables 225 181 165
Total current liabilities 574 511 528
Total liabilities 1,918 1,823 1,917
TOTAL EQUITY AND LIABILITIES 3,578 3,473 3,477
Net interest-bearing debt 765 682 1,006
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 9/13
Interim financial report
Q1-2025
CONDENSED CASH FLOW STATEMENT
CONDENSED STATEMENT OF CHANGES IN EQUITY
Q1 Q1
Amounts in DKK million 2025 2024
Operating result (EBIT)
Depreciation, amortisation and impairment
Change in working capital
(88 ) (34 )
Change in provisions and pension contribution
(20 ) 91
Other non-cash adjustments
Operating activities before financial items and tax (43 ) (42 )
Financial items, net
(12 ) (17 )
Income tax paid
(4 ) (6 )
Operating activities (59 ) (65 )
Acquisition of property, plant and equipment and intangible assets (12 ) (26 )
Investing activities (12 ) (26 )
Bank overdraft and other debt 38 132
Payment of lease liabilities (7 ) (10 )
Financing activities 31 122
Total cash flow for the period (40 ) 31
Cash and cash equivalents, opening 462 139
Foreign exchange adjustments of cash (2 ) 4
Cash and cash equivalents at 31 March 420 174
Amounts in DKK million
Share
capital
Hedging
reserve
Translation
reserve
Retained
earnings
H+H
shareholders
share
Non con-
trolling
interests’
share
Total
Equity at 1 January 2025 165 (10 ) (72 ) 1,483 1,566 84 1,650
Total changes in equity
Result for the period - - (12 ) (12 ) (0 ) (12 )
Other comprehensive income - 1 21 (1 ) 21 - 21
Total comprehensive income - 1 21 (13 ) 9 (0 ) 9
Share-based payment - - - 1 1 - 1
Total changes in equity in 2025 - 1 21 (12 ) 10 (0 ) 10
Equity at 31 March 2025 165 (9 ) (51 ) 1,471 1,576 84 1,660
Equity at 1 January 2024 165 (7 ) (92 ) 1,526 1,592 86 1,678
Total changes in equity
Result for the period - - - (129 ) (129 ) (1 ) (130 )
Other comprehensive income - (10 ) 6 15 11 - 11
Total comprehensive income - (10 ) 6 (114 ) (118 ) (1 ) (119 )
Share-based payment - - - 1 1 - 1
Total changes in equity in 2024 - (10 ) 6 (113 ) (117 ) (1 ) (118 )
Equity at 31 March 2024 165 (17 ) (86 ) 1,413 1,475 85 1,560
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 10/13
Interim financial report
Q1-2025
NOTES
1. Accounting policies
The interim financial report for the period 1 January to 31 March 2025 has been prepared in accordance
with the IAS 34 “Interim Financial Reporting” as adopted by the EU and additional Danish disclosure
requirements for the interim financial reports of listed companies. The application of IAS 34 means that
the disclosures are more limited than in a complete annual report, but that the interim financial report
complies with the recognition and measurement principles in the International Financial Reporting
Standards (IFRS). The interim financial report has not been reviewed by H+H’s auditors.
The accounting policies are consistent with those applied in the 2024 Annual Report, which includes a full
description of the accounting policies applied.
2. Adoption of new and revised IFRSs
H+H International A/S has adopted 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. It is assessed that the revisions and amendments have not had a material impact on
the consolidated financial statements.
3. Risk Management
H+H’s principal risks and the external factors that may affect H+H are provided in the 2024 Annual
Report. These are unchanged as of 31 March 2025.
4. Significant accounting estimates and judgements
Determining the carrying amounts of some assets and liabilities requires Management to make
judgements, estimates and assumptions concerning future events. The estimates and assumptions made
are based on historical experience and other factors that are believed by Management to be sound under
the circumstances but that, by their nature, are uncertain and unpredictable. Financial statement items in
which more significant accounting estimates and judgements are applied are listed in Note 2 of the 2024
Annual report for H+H International A/S.
The estimates and assumptions may be incomplete or inaccurate, and unforeseen events or
circumstances may occur. Moreover, the H+H Group is subject to risks and uncertainties that may lead to
the actual outcomes vary from these estimates and assumptions. It may be necessary to change
estimates and assumptions made previously as a result of changes in the factors on which these were
based or as a result of new knowledge or subsequent events.
5. Seasonal fluctuations
The sales pattern for H+H’s products is seasonal. Sales in the second and third quarters are traditionally
higher than during the rest of the year. As a part of H+H’s cost base is not directly variable with revenue,
deviations from projected sales may result in considerable fluctuations in the Company’s earnings.
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 11/13
Interim financial report
Q1-2025
6. Income statement classified by function
The above table shows an extract of the income statement adapted to show depreciation and
amortisation classified by function.
7. Geographical information
When presenting information on geographical areas, information on revenue is based on countries with
the exception of the “Central Western Europe” region which comprises Germany, Switzerland, Denmark,
Sweden, the Czech Republic, Netherlands and Belgium. Revenue for Germany for Q1 2025 amounted to
DKK 137 million compared to DKK 149 million in Q1 2024.
8. Special items, net
No special items were recognised in Q1 2025. Special items in Q1 2024 relates mainly to the day one
loss from settling gas contracts, reflecting the loss at the time of falling outside the own-use exemption
amounting to DKK 93 million.
INCOME STATEMENT CLASSIFIED BY FUNCTION
Amounts in DKK million Q1 2025 Q1 2024
Revenue 675 644
Cost of goods sold (560) (565)
Gross profit including depreciation and amortisation 115 79
Sales cost (43) (46)
Administrative costs (54) (52)
Other operating income and costs (2) (2)
EBIT before special items 16 (21)
Special items, net - (129)
EBIT 16 (150)
Depreciation and amortisation comprise:
Depreciation of property, plant and equipment 25 26
Amortisation of intangible assets 23 21
Total 48 47
Depreciation, amortisation and impairment are allocated to:
Production costs 31 30
Sales costs 11 11
Administration costs 6 6
Total 48 47
Amounts in DKK million Q1 2025 Q1 2024
Central Western Europe 253 245
United Kingdom 210 184
Poland 212 215
675 644
Revenue
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 12/13
Interim financial report
Q1-2025
9. Pension obligations
H+H has defined-benefit pension plans in the UK, Switzerland, and Germany. The UK and Swiss pension
plans are managed by a pension fund to which payments are made, whereas the German pension plan is
funded from current earnings. H+H’s pension obligations predominantly relate to the plans in the UK.
For interim periods, H+H’s defined-benefit pension obligations are based on valuations from external
actuaries carried out at the end of prior financial year considering any subsequent movements in the
obligation due to pension costs, contributions etc. up until the reporting date. Actuarial calculations are
updated or extrapolated quarterly.
The net pension obligation on 31 March 2025 amounts to DKK 17 million, compared to DKK 21 million on
31 December 2024. The decrease is driven by payments, interest, value adjustment and currency
adjustment.
10. Financial resources and cash flow
On 31 March 2025, net interest-bearing debt, totalled DKK 765 million corresponding to an increase of
DKK 83 million since the beginning of the year. The increase is primarily driven by a negative working
capital development.
H+H’s financing is subject to usual financial covenants, which have been fulfilled in the first quarter of
2025 and are also expected to be fulfilled for the full year 2025.
11. Share-based payment
The performance-share-units schemes for 2023 and 2024 are active and presented in the 2024 Annual
Report.
In April 2025, the Board of Directors of H+H International A/S implemented a new long-term incentive
programme (“LTIP”) being a performance share unit (“PSU”) program. At initiation, a total of
approximately 114,600 PSUs were granted to the participants, including 30,400 PSUs to CEO Jörg
Brinkmann and 12,350 PSUs to CFO Bjarne Pedersen. Based on the average share price for H+H shares
trading on the Nasdaq Copenhagen stock exchange during the first ten business days after the release of
the 2024 Annual Report on 4 March 2025, the theoretical value per PSU is DKK 111.32, corresponding to
a total theoretical value of DKK 12.8 million if all 114,600 PSU’s were to vest. The vesting period for the
PSUs is approximately three years, with vesting being in 2028 when the audited annual report for 2027 is
published.
DRAFT
H+H International A/S | Lautrupsgade 7, 5th Floor | 2100 Copenhagen Ø | Denmark | Tel. +45 35 27 02 00 | www.HplusH.com | Company reg. no. 49 61 98 12 13/13
Interim financial report
Q1-2025
12. Tax
13. Related parties
Related parties of H+H with significant influence include the Board of Directors and the Executive Board
of the Company and their close family members. Related parties also include companies in which the
aforementioned persons have control or significant interests.
Transactions with related parties
H+H did not enter into any significant transactions with members of the Board of Directors or with
members of the Executive Board, except for compensation and benefits received as a result of their
membership of either the Board of Directors, employment with H+H or shareholdings in H+H.
14. Share capital
There have been no movements in the share capital in the last five years except for the changes stated in
Note 19 “Share capital and treasury shares” of the 2024 Annual Report.
15. Events after the balance sheet date
No events have occurred after the balance sheet date that will have a material effect on H+H Groups
financial position.