H+H International A/S

DRAF

Interim financial report

Q1-2026

Company announcement No. 7/2026 12 May 2026

Interim Financial Report, Q1 2026

CHIEF EXECUTIVE OFFICER JÖRG BRINKMANN QUOTE

“The early months of 2026 were challenging, with prolonged winter weather impacting construction

activity, customer demand and plant utilisation. Since March, however, we have seen a clear recovery in

activity levels and improving momentum across the business. We continue to monitor geopolitical

developments, particularly regarding energy markets. Our strong local sourcing position and hedging

strategy limit negative exposure. Poland and the UK continue to perform according to expectations, while

in Germany we continue to work on strengthening the business region by region. Looking ahead, we

remain confident for the rest of the year, supported by our focus on operational improvements.”

PERFORMANCE HIGHLIGHTS FOR Q1 2026 (Q1 2025)

▪ Revenue growth measured in local currencies (“organic growth”) was negative 15% (positive 3%)

as a result of severe weather conditions.

▪ Gross profit before special items was DKK 73 million (DKK 146 million), corresponding to a gross

margin of 13% (22%). The decrease is driven by low plant utilization.

▪ EBIT before special items was negative DKK 43 million (positive DKK 16 million), corresponding

to an EBIT margin before special items of negative 8% (positive 2%).

▪ Financial gearing was 4.1 times EBITDA before special items at the end of Q1 2026 (2.7 times

EBITDA before special items at the end of Q1 2025).

FINANCIAL OUTLOOK FOR 2026 (Unchanged)

▪ Revenue growth measured in local currencies is expected to be in the range of -5% to 0%

▪ EBIT before special items is expected to be in the range of DKK 50 - 100 million

Q1 2026 INTERIM FINANCIAL REPORT CONFERENCE CALL

In connection with the release of the Q1 2026 Interim Financial Report, a conference call for investors

and analysts is scheduled for Wednesday 13 May 2026, at 10:00 p.m. CET. The presentation will be

followed by a Q&A session. Participants can follow the conference call via live webcast here.

DRAF

Interim financial report

Q1-2026

KEY FIGURES – H+H GROUP

Financial ratios have been calculated in accordance with recommendations from the Danish Society of Financial Analysts.

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.

Q1 Q1 Full-year

Amounts in DKK million 2026 2025 2025

Income statement

Revenue 560 675 2,743

Gross profit before special items 73 146 615

SG&A (73) (80) (318)

EBITDA before special items (1) 64 291

EBITDA (1) 64 194

EBIT before special items (43) 16 112

EBIT (43) 16 (557)

Result before tax (50) 0 (604)

Result for the period (54) (12) (665)

Balance sheet

Assets 2,618 3,578 2,653

Invested capital 2,064 2,507 2,190

CAPEX 12 23 185

Net working capital 293 232 241

Equity 944 1,660 1,003

Net Interest-bearing debt (NIBD) 935 765 802

Cash flow

Cash flow from operating activities (115) (59) 71

Cash flow from investing activities (17) (12) (132)

Free cash flow (132) (71) (61)

Cash flow from financing activities 93 31 (235)

Financial ratios and others

Organic growth (15)% 3% 0%

Sales volume (thousand m

) 594 702 2,929

Gross margin before special items 13% 22% 22%

EBITDA margin before special items 0% 9% 11%

EBITDA margin 0% 9% 7%

EBIT margin before special items (8)% 2% 4%

EBIT margin (8)% 2% (20)%

Return on invested capital (ROIC) 3% 4% 5%

Solvency ratio 33% 44% 37%

Financial gearing before special items ratio 4.1x 2.7x 2.8x

Share data

Share price, end of period (DKK) 82 102 93

Book value per share, end of period (DKK) 57 101 61

Earnings per share (2.8) (0.7) (40.3)

Diluted earnings per share (2.8) (0.7) (40.3)

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Interim financial report

Q1-2026

MANAGEMENT’S REVIEW

CURRENT BUSINESS DEVELOPMENT

Volumes and prices

Organic growth was negative by 15% in Q1

2026, affected across all markets by severe

weather conditions.

UK sales volumes dropped 24% against a

strong quarter last year, Poland fell 13%, and

Central Western Europe fell 11% year-on-year.

Prices overall remained stable compared to the

same period last year.

Regional market development

The UK market had a slow start to the year due

to heavy rain, but activity levels have since

improved and are on track overall. As of March

2026, building registrations in the UK were 8%

below the year-to-date figures recorded in the

previous year.

Despite ongoing uncertainty, the market remains

resilient, with housebuilders displaying cautious

optimism for the rest of the year as conditions

for residential developers begin to improve.

Nonetheless, persistent issues with consumer

confidence and affordability continue to

constrain overall demand.

The Bank of England reviewed interest rates on

30 April, maintaining the rate at 3.75%. Earlier

forecasts anticipated further reductions however,

following the escalation in Iran, sentiment has

shifted towards the possibility of rate increases

later in 2026.

After inflation eased at the end of 2025, it

rebounded slightly at the start of 2026,

predominantly due to geopolitical developments

and higher energy costs.

Poland

Following a slow start to the year caused by

poor weather, the Polish market has rebounded

strongly and remains robust. Year-to-date

building permits in Poland are 7% higher in 2026

compared to the same period last year.

Activity among individual investors continues to

increase, while developers encounter challenges

and compete for project volumes. Developer-

initiated building starts in 2026 are 15% lower

than the previous year, indicating market activity

is mainly focused on ongoing rather than new

projects.

Lending conditions remain stable, with banks

increasing the volume of mortgage issuance,

although a significant proportion of new loans

are for refinancing existing debt. The reference

interest rate was unchanged at 3.75% in April,

and prospects for any reductions remain

uncertain due to prevailing market volatility.

Inflation stood at 3.0% year-on-year for March.

Germany

In Germany, building permit numbers continue

to show positive momentum, rising 10% year-

on-year compared to the previous year, although

growth is still emerging from a relatively low

base.

Private households continue to be cautious, with

a clear disparity between project costs and

buyers’ willingness to pay. Measures aimed at

reducing costs and accelerating construction are

underway, but their impact remains limited at

this stage.

The reference rate remains stable at 2.15%,

while inflation saw an increase in April to 2.9%

driven largely by rising energy costs.

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Interim financial report

Q1-2026

INCOME STATEMENT FOR THE FIRST

QUARTER OF 2026

Revenue

Total revenue amounted to DKK 560 million for

Q1 2026 which is a decrease of DKK 115 million

compared to Q1 2025 (DKK 675 million).

Revenue growth measured in local currencies

(“organic growth”) was negative 15% in Q1 2026

compared to positive 3% in Q1 2025.

Revenue in the CWE region decreased by DKK

36 million to DKK 217 million compared to DKK

253 million in Q1 2025. Organic growth in the

region was negative 13% in Q1 2026.

Revenue in the United Kingdom decreased by

DKK 49 million from DKK 210 million in Q1 2025

to DKK 161 million in Q1 2026. Organic growth

was negative 20% in Q1 2026.

Revenue in Poland decreased by DKK 30 million

to DKK 182 million compared to DKK 212 million

in Q1 2025. Organic growth was negative 14%.

Gross profit before special items

Gross profit amounted to DKK 73 million in Q1

2026 compared to DKK 146 million in Q1 2025,

corresponding to gross margins of 13% and

22%, respectively.

The decrease in gross margin level for Q1 2026

is driven by low plant efficiency caused by the

severe weather conditions in Q1 2026.

EBITDA before special items

EBITDA before special items amounted to

negative DKK 1 million compared to DKK 64

million in Q1 2025, corresponding to EBITDA

before special items margins of 0% and 9%,

respectively.

Depreciation and amortisation

Depreciation and amortisation in Q1 2026

amounted to DKK 42 million compared to DKK

48 million in Q1 2025.

EBIT before special items

EBIT before special items amounted to negative

DKK 43 million in Q1 2026, compared to positive

DKK 16million in Q1 2025, corresponding to

EBIT margins before special items of negative

8% and positive 2%, respectively.

Net financials

Net financials amount to an expense of DKK 7

million in Q1 2026, compared to an expense of

DKK 16 million in Q1 2025. The development is

driven by foreign exchange adjustments.

Result before tax

Result before tax amounted to negative DKK 50

million in Q1 2026, compared to DKK 0 million in

Q1 2025.

Tax

Tax for Q1 2026 amounted to a net expense of

DKK 4 million compared to a net expense of

DKK 12 million in Q1 2025.

Result for the period

Result for the period amount to a loss of DKK 54

million and is attributable to H+H International

A/S’ shareholders by negative DKK 47 million

and to non-controlling interests by negative DKK

7 million compared to a loss of DKK 12 million in

Q1 2025, allocated with a loss of DKK 12 million

and a loss of DKK 0 million, respectively.

Comprehensive income

Other comprehensive income for Q1 2026

amounted to a loss of DKK 7 million compared

to an income of DKK 21 million in Q1 2025. The

year-on-year development was mainly driven by

the development in foreign exchange

adjustments.

CASH FLOW

Operating activities

Cash flow from operating activities before

financial items and tax amounted to negative

DKK 63 million in Q1 2026 compared to

negative DKK 43 million in Q1 2025.

The negative development in EBITDA in Q1

2026 compared to Q1 2025 was partly offset by

a less negative development in working capital

in Q1 2026 compared to Q1 2025.

Investing activities

Cash flow from investing activities in Q1 2026

amounted to a cash out-flow of DKK 17 million

compared to a cash out-flow DKK 12 million in

Q1 2025.

Financing activities

Cash flows from financing activities was positive

at DKK 93 million in Q1 2026 compared with

DKK 31 million in Q1 2025.

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Interim financial report

Q1-2026

BALANCE SHEET

On 31 March 2026, the balance sheet total

amounted to DKK 2,618 million compared to

DKK 3,578 million on 31 March 2025 mainly

driven by a write down of non-current assets in

Q2 2025.

Net interest-bearing debt

Net interest-bearing debt amounted to DKK 935

million as of 31 March 2026 corresponding to an

increase of DKK 133 million since the beginning

of the year from the operating loss driven by

severe weather conditions and seasonal net

working capital movements.

Equity

The consolidated equity decreased by DKK 59

million compared to 31 December 2025 and

decreased by DKK 716 million compared to 31

March 2025.

MOST MATERIAL RISKS AND

UNCERTAINTIES

For most material risk and uncertainties, please

refer to Note 3 “Risks Management” and to Note

4 “Significant accounting estimates and

judgements”.

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 2026

▪ Revenue growth measured in local

currencies is expected to be in the range

of -5% to 0%

▪ EBIT before special items is expected to

be in the range of DKK 50 - 100 million

ASSUMPTIONS FOR THE FINANCIAL

OUTLOOK

▪ Winter weather expected to negatively

impact EBIT before special items around

DKK 70 million compared to last year. In

the remainder of the year the markets in

the UK and Poland continue to perform

at the same level as in 2025.

▪ Expected benefits of DKK 40 million

from German restructuring initiated in

2025.

▪ CAPEX for 2026 is expected to be DKK

100 – 120 million. Free cash flow

expected to be positive including cash

flow from asset sales.

▪ The outlook assumes no major changes

to macroeconomic or geopolitical

conditions, and FX assumptions are

based on February 2026 actuals

combined with forward rates for the next

ten months.

FINANCIAL CALENDAR 2026

H1 2026 Interim Financial Report

11 Aug 2026

Q3 2026 Interim Financial Report

10 Nov 2026

FORWARD-LOOKING STATEMENTS

The Interim Financial Report contains forward-

looking statements. Such statements are subject

to risks and uncertainties that may cause the

Group’s actual result to differ significantly from

the expectations expressed in this document.

Therefore, they should not be regarded as a

guarantee of future performance.

Equity

Q1 Q1

Amounts in DKK million 2026 2025

1 January 1,003 1,650

Result for the period (54) (12)

Actuarial gains/losses on pension

plans

- (1)

Value adjustments of derivative

financial instruments

3 1

Foreign exchange adjustments (9) 21

Share based payment 1 1

31 March 944 1,660

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Q1-2026

STATEMENT BY THE EXECUTIVE BOARD AND THE BOARD OF DIRECTORS

The Executive Board and the Board of Directors have today discussed and approved the interim financial

report for H+H International A/S for the first quarter of 2026.

The interim financial report, which has not been audited or reviewed by H+H’s auditors, has been

prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and the Danish

disclosure requirements for the interim financial reports of listed companies.

It is our opinion that the interim financial report gives a true and fair view of H+H’s assets, liabilities, and

financial position on 31 March 2026 and of the results of H+H’s operations and its cash flows for the

period 1 January to 31 March 2026.

Furthermore, it is our opinion that management’s review provides a fair account of developments in

H+H’s operations and financial conditions, the results for the period and H+H’s overall financial position,

as well as a description of the most significant risks and uncertainties that H+H faces.

Copenhagen, 12 May 2026

EXECUTIVE BOARD

Jörg Brinkmann

CEO

Bjarne Pedersen

CFO

BOARD OF DIRECTORS

Miguel Kohlmann

Chair

Peter Thostrup

Vice chair

Volker Christmann

Kajsa von Geijer

Helen MacPhee

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Interim financial report

Q1-2026

CONDENSED INCOME STATEMENT

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

Q1 Q1 Full-year

Amounts in DKK million 2026 2025 2025

Revenue 560 675 2,743

Cost of goods sold (487) (529) (2,128)

Gross profit before special items 73 146 615

Sales costs (30) (31) (120)

Administrative costs (43) (49) (198)

Other operating income and costs, net (1) (2) (6)

EBITDA before special items (1) 64 291

Depreciation, amortisation and impairments (42) (48) (179)

EBIT before special items (43) 16 112

Special items, net - - (669)

EBIT (43) 16 (557)

Financial income 11 11 45

Financial expenses (18) (27) (92)

Result before tax (50) - (604)

Tax (4) (12) (61)

Result for the period (54) (12) (665)

Result for the period attributable to:

H+H International A/S' shareholders (47) (12) (662)

Non-controlling interest (7) - (3)

Result for the period (54) (12) (665)

Earnings per share (EPS-Basic) (2.8) (0.7) (40.3)

Diluted earnings per share (EPS-D) (2.8) (0.7) (40.3)

Group

Q1 Q1 Full-year

Amounts in DKK million 2026 2025 2025

Result for the period (54) (12) (665)

Items that may be reclassified subsequently to profit or loss:

Gain/(loss) on derivative financial instruments transferred to the income

statements

3 1 10

Tax on fair value adjustment - - (3)

Foreign exchange adjustments, foreign entities (10) 21 6

(7) 22 13

Items that will not be reclassified subsequently to profit or loss:

Actuarial gains and losses - - 1

Tax on actuarial gains and losses - (1) (1)

- (1) -

Other comprehensive income after tax (7) 21 13

Total comprehensive income for the period (61) 9 (652)

Group

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Q1-2026

CONDENSED BALANCE SHEET

Group

31 March 31 December 31 March

Amounts in DKK million 2026 2025 2025

ASSETS

Non-current assets

Goodwill 173 173 423

Other intangible assets 140 146 216

Property, plant and equipment 1,349 1,376 1,709

Deferred tax assets 48 44 60

Financial assets 2 2 2

Total non-current assets 1,712 1,741 2,410

Current assets

Inventories 471 485 460

Receivables 225 177 288

Cash 126 166 420

Total current assets 822 828 1,168

Assets classified as held for sale 84 84 -

TOTAL ASSETS 2,618 2,653 3,578

EQUITY AND LIABILITIES

Equity

Share capital 165 165 165

Retained earnings 780 826 1,471

Other reserves (75) (69) (60)

Equity attributable to H+H International A/S’ shareholders 870 922 1,576

Equity attributable to non-controlling interests 74 81 84

Total equity 944 1,003 1,660

Non-current liabilities

Pension obligations 15 14 17

Provisions 34 35 32

Deferred tax liability 37 40 37

Credit institutions 941 841 1,084

Deferred payments, acquisition of subsidiary 80 86 93

Lease liabilities 92 99 81

Total non-current liabilities 1,199 1,115 1,344

Current liabilities

Lease liabilities 28 28 20

Trade payables 270 231 291

Income tax 4 36 10

Deferred payment, acquisition of subsidiary 6 6 6

Provisions 34 44 22

Other payables 133 190 225

Total current liabilities 475 535 574

Total liabilities 1,674 1,650 1,918

TOTAL EQUITY AND LIABILITIES 2,618 2,653 3,578

Net interest-bearing debt 935 802 765

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CONDENSED CASH FLOW STATEMENT

CONDENSED STATEMENT OF CHANGES IN EQUITY

Q1 Q1

Amounts in DKK million 2026 2025

Operating result (EBIT)

(43) 16

Depreciation, amortisation and impairment

42 48

Change in working capital

(56) (88)

Change in provisions and pension contribution

(10) (20)

Other non-cash adjustments

4 1

Operating activities before financial items and tax (63) (43)

Financial items, net

(12) (12)

Income tax paid

(40) (4)

Operating activities (115) (59)

Acquisition of property, plant and equipment and intangible assets (17) (12)

Investing activities (17) (12)

Bank overdraft and other debt 100 38

Payment of lease liabilities (7) (7)

Financing activities 93 31

Total cash flow for the period (39) (40)

Cash and cash equivalents, opening 166 462

Foreign exchange adjustments of cash (1) (2)

Cash and cash equivalents at 31 March 126 420

Amounts in DKK million

capital

Hedging

reserve

Translation

reserve

Retained

earnings

H+H

shareholders

Non con-

trolling

interests’

Total

Equity at 1 January 2026 165 (3) (66) 826 922 81 1,003

Total changes in equity

Result for the period - - (47) (47) (7) (54)

Other comprehensive income - 3 (9) - (6) - (6)

Total comprehensive income - 3 (9) (47) (53) (7) (60)

Share-based payment - - - 1 1 - 1

Total changes in equity in 2026 - 3 (9) (46) (52) (7) (59)

Equity at 31 March 2026 165 - (75) 780 870 74 944

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) - (12)

Other comprehensive income - 1 21 (1) 21 - 21

Total comprehensive income - 1 21 (13) 9 - 9

Share-based payment - - - 1 1 - 1

Total changes in equity in 2025 - 1 21 (12) 10 - 10

Equity at 31 March 2025 165 (9) (51) 1,471 1,576 84 1,660

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Q1-2026

NOTES

1. Accounting policies

The interim financial report for the period 1 January to 31 March 2026 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 2025 Annual Report, which includes a full

description of the accounting policies applied.

Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the

Executive Management team, which is identified as the chief operating decision-making body (‘CODM’)

under IFRS 8. The Executive Management team is responsible for allocating resources and assessing

the performance of the Group’s operating segments.

The Group’s operating segments are determined based on geographical markets, as this reflects the

manner in which operations are managed and performance is evaluated internally. Accordingly, the

Group has identified three operating segments: CWE (Central Western Europe), UK and Poland. The

primary activity of all reportable segments is production and sale of building blocks used for wall building,

foundations and precast wall panel solutions, primarily in the residential new-build market.

Segment performance is assessed based on measures regularly reviewed by the Executive Management

team and applied consistently across segments, being EBIT before special items. Certain costs relating to

the Group’s headquarters functions in Denmark, including governance, strategic management and other

Group-wide activities, are not directly attributable to the operating segments. These costs are therefore

not allocated and are disclosed as non-allocated in the segment information.

The Group’s operating segments are unchanged compared to the 2025 Annual Report. However,

Management has decided not to apply the aggregation criteria set out in IFRS 8.12, and the individual

operating segments are therefore presented separately as reportable segments.

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 2026. 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 2025 Annual

Report. These are unchanged as of 31 March 2026.

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 2025

Annual report for H+H International A/S.

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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. The

weather conditions in Q1 2026 have been severe and the seasonal impact are therefore higher this year

compared to previous year’s.

6. Segment Reporting

Non allocated comprise HQ activities including ongoing support of overall operations and strategic

development.

Segment reporting 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 2026 amounted to DKK 108 million (Q1 2025: DKK 137 million).

Q1 (DKK million) 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025

Total revenue 217 253 161 210 182 212 - - 560 675

Operating cost, net (235) (243) (156) (191) (154) (160) (16) (17) (561) (611)

EBITDA before special items (18) 10 5 19 28 52 (16) (17) (1) 64

EBITDA bsi-margin -8% 4% 3% 9% 15% 25% n/a n/a 0% 9%

Depreciation and

amortisation

(23) (30) (7) (7) (9) (9) (3) (2) (42) (48)

EBIT before special items (41) (20) (2) 12 19 43 (19) (19) (43) 16

EBIT bsi-margin -19% -8% -1% 6% 10% 20% n/a n/a -8% 2%

Finance items, net (7) (16)

Tax (4) (12)

Result for the period (54) (12)

Key ratios

CAPEX additions (4) (3) (3) (7) (4) (9) (1) (4) (12) (23)

Non-current assets 920 1,612 333 332 414 414 45 52 1,712 2,410

H+H Group

CWE

Poland

Non allocated

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7. Income statement classified by function

The above table shows an extract of the income statement adapted to show depreciation and

amortisation classified by function.

8. 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 2026 amounts to DKK 15 million, compared to DKK 14 million on

31 December 2025.

9. Financial resources and cash flow

On 31 March 2026, net interest-bearing debt, totalled DKK 935 million corresponding to an increase of

DKK 133 million since the beginning of the year.

H+H’s financing is subject to usual financial covenants, which have been fulfilled in the first quarter of

2026 and are also expected to be fulfilled for the full year 2026.

Amounts in DKK million Q1 2026 Q1 2025

Revenue 560 675

Cost of goods sold (514) (560)

Gross profit including depreciation and amortisation 46 115

Sales cost (38) (42)

Administrative costs (50) (55)

Other operating income and costs (1) (2)

EBIT before special items (43) 16

Special items, net - -

EBIT (43) 16

Depreciation and amortisation comprise:

Depreciation of property, plant and equipment 31 33

Amortisation of intangible assets 11 15

Total 42 48

Depreciation, amortisation and impairment are allocated to:

Production costs 27 31

Sales costs 8 11

Administration costs 7 6

Total 42 48

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10. Share-based payment

The performance-share-units schemes for 2025 and 2024 are active and presented in the 2025 Annual

Report.

In April 2026, 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 133,100 PSUs were granted to the participants, including 41,650 PSUs to CEO Jörg

Brinkmann and 17,500 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 2025 Annual Report on 3 March 2026, the theoretical value per PSU is DKK 83.45, corresponding to

a total theoretical value of DKK 11.1 million if all 133,100 were to vest. The vesting period for the PSUs is

approximately three years, with vesting being in 2029 when the audited annual report for 2028 is

published.

11. Tax

12. 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.

13. 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 2025 Annual Report.

14. 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.

Amounts in DKK million Q1 2026 Q1 2025

Current tax (5) (14)

Movement in deferred tax 1 2

Tax (4) (12)