HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 1
22 August 2025
Company Announcement 8/2025
HusCompagniet maintained momentum in H1 2025 and
narrows full-year guidance
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.
1
Staff costs related to production employees at the factories in Esbjerg and Sweden were reclassified in Q1 2025 as part of cost of sales and
impact gross profit in the Semi-detached and Wooden houses segments. In prior years, the costs were included in staff costs as SG&A. Key
figures from the comparison periods in 2024 have been restated reflecting the change in presentation.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 2
Selected key highlights Q2 and H1 2025
DKKm
Q2 2025
Q2 2024*
Change
Q2/Q2
H1 2025
H1 2024*
Change
H1/H1
Houses sold (units)
345
368
-6%
701
640
10%
Houses delivered (units)
199
215
-7%
394
382
3%
Order backlog, net
2,069
1,473
40%
2,069
1,473
40%
Income statement
Revenue
740
579
28%
1,375
1,062
29%
Gross profit
136
120
13%
260
232
12%
EBITDA
23
27
-15%
39
49
-19%
EBIT
12
15
-20%
18
24
-25%
Balance sheet
Contract assets, net
457
264
193
457
264
193
Inventories
296
274
22
296
274
22
Net interest-bearing debt, NIBD
304
236
67
304
236
67
Financial ratios
Gross margin
18.4%
20.7%
-2.3ppt.
18.9%
21.9%
-3.0ppt.
EBITDA margin
3.1%
4.7%
-1.6ppt.
2.9%
4.6%
-1.7ppt.
EBIT margin
1.6%
2.7%
-1.1ppt.
1.3%
2.3%
-1.0ppt.
NIBD/LTM EBITDA
3.2x
2.4x
0.8x
3.2x
2.4x
0.8x
Free cash flow
-12
133
-144
-26
130
-155
Available cash incl. revolving credit facility
513
587
-74
513
587
-74
FTE end of period
466
392
74
466
392
74
* Staff costs related to production employees at the factories in Esbjerg and Sweden have been reclassified as part of cost of sales and impact gross profit in
Semi-detached and Wooden houses segments. In prior years, the costs were included in staff costs and SG&A. Key figures from the comparison periods in
2024 are restated reflecting the change in presentation.
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.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 3
• 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:
For additional information, please contact:
Allan Auning-Hansen, Group CFO +45 30 10 25 00
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 4
Consolidated key figures
DKKm
Q2 2025
Q2 2024
H1 2025
H1 2024
2024
Income statement
Revenue
740
579
1,375
1,062
2,297
Gross profit
136
120
260
232
475
EBITDA
23
27
39
49
104
EBIT
12
15
18
24
56
Financial, net
-9
-10
-15
-20
-47
Profit for the period
8
7
8
7
-5
Balance sheet
Total assets
3,653
3,461
3,653
3,461
3,368
Contract assets, net
457
264
457
264
325
Net working capital
314
200
314
200
256
Net interest bearing debt (NIBD)
304
236
304
236
271
Equity
2,111
2,093
2,111
2,093
2,082
Cash flow
Cash flow from operating activities
-5
135
-15
134
115
Cash flow from investing activities
-6
-3
-11
-4
-11
– Hereof from investment in property, plant and equipment
-4
-1
-8
-2
-5
Cash flow from financing activities
-6
-11
-12
-17
-28
Free cash flow
-12
133
-26
130
105
Financial ratios
Revenue growth
27.8%
-7.2%
29.4%
-17.0%
-3.5%
Gross margin
18.4%
20.7%
18.9%
21.9%
20.7%
EBITDA margin
3.1%
4.7%
2.9%
4.6%
4.5%
EBIT margin
1.6%
2.7%
1.3%
2.3%
2.4%
ROIC
2.0%
2.1%
2.0%
2.1%
2.2%
ROIC (Adjusted for goodwill)
11.2%
9.9%
11.2%
9.9%
11.7%
NIBD/LTM EBITDA
3.2
2.4
3.2
2.4
2.6
Equity ratio
58%
60%
58%
60%
62%
Share ratios
Earnings Per Share (EPS Basic), DKK
0.4
0.4
0.4
0.3
-0.2
Diluted earnings per share (EPS-D) DKK
0.4
0.4
0.4
0.3
-0.2
Dividend per share, DKK paid
0
0
0
0
0
Share price end of period
46.2
55.0
46.2
55.0
59.8
Market value (DKKbn)
1.0
1.2
1.0
1.2
1.3
The financial ratios have been computed in accordance with the definitions in note 6.7. in the Annual Report 2024.
Use of alternative performance measures:
Throughout the report HusCompagniet present financial measures which are not defined according to IFRS. Additional information is included in note 6.7. in
the Annual Report 2024.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 5
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.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 6
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.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 7
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.
Units
Q2 2025
Q2 2024
H1 2025
H1 2024
2024
Sales
345
368
701
640
1,414
Detached
228
201
431
373
752
Semi-Detached
93
140
213
228
559
Wooden
24
27
57
39
103
Deliveries
199
215
394
382
899
Detached
170
160
320
272
603
Semi-Detached
0
33
29
71
224
Wooden
29
22
45
39
72
DKKm
Q2 2025
Q2 2024
H1 2025
H1 2024
2024
Order backlog, net
2,069
1,473
2,069
1,473
1,896
Detached
1,439
1,061
1,439
1,061
1,179
Semi-Detached
515
320
515
320
595
Wooden
115
92
115
92
122
Share of own land (Denmark)
5.3%
10.9%
5.8%
9.6%
7.4%
Detached
5.3%
7.5%
6.6%
6.3%
7.5%
Semi-Detached
0.0%
27.3%
6.7%
22.5%
7.1%
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 8
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.
Overview of selected Semi-Detached projects
Announced
Units
conditional*
Units
unconditional**
Units
delivered
Expected final
delivery
Location
Developer
Ringsted
Velkomn
Q2 2025
108
83
0
2027
Rønne
Æbleløkkerne
Q1 2025
0
96
0
2027
Haslev
Velkomn
Q3 2024
0
153
0
2026
Hvidovre
Build for Life, Thylander
Q3 2024
106
0
0
2027
Gilleleje
Strandhavehus III
Q3 2024
0
33
0
2025
Helsinge
Bærebo
Q2 2024
0
45
0
2025
Skævinge
Jesper Vissing & Jeppe Schønfeld
Q2 2024
0
94
0
2026
Viby Sjælland
NREP
Q4 2023
0
136
0
2026
Svendstrup
PFA
Q4 2023
0
52
28
2025
* Not sales registered and not included in order backlog until conditions are met
** Included in net order backlog until delivery
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 9
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.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 10
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
Executive Board:
Board of Directors:
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 12
Interim condensed income statement - consolidated
DKK'000
Note
Q2 2025
Q2 2024
H1 2025
H1 2024
2024
Revenue
3, 4
Cost of Sales
-603,805
-459,229
-1,114,800
-829,937
-1,821,751
Gross profit
Staff cost
-84,776
-67,607
-161,996
-135,486
-265,551
Other external expenses
-28,521
-24,790
-58,561
-49,833
-107,379
Other operating income
-10
Operating profit before depreciation and amortisation (EBITDA)
Depreciation and amortisation
-11,143
-12,116
-21,364
-24,327
-47,840
Operating profit (EBIT)
Financial income
Financial expenses
-9,240
-10,631
-16,482
-20,951
-48,986
Profit before tax
Tax on profit
-14,119
Profit for the period
-5,134
Profits attributable to:
Equity owners of the Company
-5,134
DKK
Note
Q2 2025
Q2 2024
H1 2025
H1 2024
2024
Earnings per share:
Earnings per share (EPS Basic)
-0.2
Diluted earnings per share (EPS-D)
-0.2
Condensed statement of other comprehensive income
DKK'000
Note
Q2 2025
Q2 2024
H1 2025
H1 2024
2024
Profit for the period
-5,134
Other comprehensive income
Items that may be reclassified to the income statement in
subsequent periods
Foreign currency translation differences, subsidiary
-8,736
-8,377
-11,778
Other comprehensive income, net of tax
-8,736
-8,377
-11,778
Total comprehensive income for the period
-934
-1,620
-16,912
Total comprehensive income attributable to:
Equity owners of the Company
-934
-1,620
-16,912
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 13
Balance sheet – consolidated
DKK'000
Note
H1 2025
H1 2024
2024
Assets
Non-current assets
Goodwill
9
Intangible assets
Right-of-use assets
Property, plant and equipment
Deferred tax asset
Trade and other receivables
Total non-current assets
Current assets
Inventories
5
Contract assets
6
Trade and other receivables
Prepayments
Income tax receivable
Cash and cash equivalents
Total current assets
Total assets
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 14
Condensed balance sheet – consolidated
DKK'000
Note
H1 2025
H1 2024
2024
Equity and liabilities
Equity
Share capital
Retained earnings and other reserves
Total equity
Liabilities
Non-current liabilities
Borrowings
8
Lease liabilities
Provisions
7
Deferred tax liability
Total non-current liabilities
Current liabilities
Borrowings
8
Lease liabilities
Trade and other payables
Contract liabilities
6
Prepayments from customers
6
Provisions
7
Income tax payable
Other liabilities
Total current liabilities
Total liabilities
Total equity and liabilities
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 15
Condensed statement of cash flows – consolidated
DKK'000
Note
H1 2025
H1 2024
2024
Cash flow from operating activities
EBITDA
Adjustments for non-cash items
-57
Adjusted EBITDA
Changes in working capital
-57,544
Cash flow from operating activities before financial items and taxes
-900
Interest received
Interest elements of lease payments
-1,820
-1,956
-3,850
Interest paid
-13,162
-18,798
-44,928
Corporation tax paid
-16,592
Net cash generated from operating activities
-14,646
Cash flow from investing activities
Acquisition of assets recognised as property, plant and equipment
-8,144
-1,746
-5,475
Sale of assets recognised as property, plant and equipment
Acquisition of assets recognised as intangible assets
-3,083
-2,244
-5,813
Net cash generated from investing activities
-11,047
-3,887
-10,893
Cash flow from financing activities
Repayment of mortgage
-474
-457
-913
Repayment of lease liabilities
-11,111
-10,369
-21,099
Acquisition of own shares
-5,888
-5,888
Net cash generated from financing activities
-11,585
-16,714
-27,900
Total cash flows
-37,278
Cash and cash equivalents at beginning of period
Net foreign currency gains or losses
Cash and cash equivalents at period end
Cash and cash equivalents
Cash at bank
Cash and cash equivalents at period end
Free cash flow
-25,693
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 16
Condensed statement of changes in equity – consolidated
DKK'000
Share
capital
Foreign
currency
translation
reserve
Retained
earnings
Proposed
dividend
Total
H1 2025
Equity at beginning of period
-20,179
Profit for the period
Other comprehensive income:
Foreign currency translation differences
Total other comprehensive income
Transactions with owners of the Company and other equity transactions:
Share-based payment
Purchase of own shares
Total transactions with owners of the Company and other equity
transactions
Equity at period end
-2,123
DKK'000
Share
capital
Foreign
currency
translation
reserve
Retained
earnings
Proposed
dividend
Total
H1 2024
Equity at beginning of period
-8,401
Profit for the period
Other comprehensive income:
Foreign currency translation differences
-8,377
-8,377
Total other comprehensive income
-8,377
-8,377
Transactions with owners of the Company and other equity transactions:
Share-based payment
Purchase of own shares
-5,888
-5,888
Total transactions with owners of the Company and other equity
transactions
-2,698
-2,698
Equity at period end
-16,778
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 17
Notes overview
1 Material accounting policy information 18
2 Accounting estimates and judgements 18
3 Segment information 18
4 Revenue 20
5 Inventories 21
6 Contract assets 22
7 Guarantee commitments and contingent liabilities 23
8 Borrowings 24
9 Impairment 25
10 Events after the balance sheet date 25
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 18
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.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 19
H1 2025
Denmark
Sweden
DKK'000
Detached houses
Semi-detached
houses
Wooden houses
Total segments
Revenue
1,025,207
290,624
58,983
1,374,814
Cost of sales
-822,336
-262,322
-30,142
-1,114,800
Gross profit
202,871
28,302
28,841
260,014
Gross margin
19.8%
9.7%
48.9%
18.9%
Other operating income
8
0
0
8
Staff costs
-116,417
-36,673
-8,906
-161,996
Other operating expenses
-42,610
-7,551
-8,400
-58,561
EBITDA
43,852
-15,922
11,535
39,465
EBITDA margin
4.3%
-5.5%
19.6%
2.9%
Depreciation and amortisation
-14,641
-3,332
-3,391
-21,364
EBIT
29,211
-19,254
8,144
18,101
EBIT margin
2.8%
-6.6%
13.8%
1.3%
Financial income
1,236
Financial expenses
-16,482
Profit before tax
2,855
H1 2024
Denmark
Sweden
DKK'000
Detached houses
Semi-detached
houses
Wooden houses
Total segments
Revenue
817,086
191,793
53,509
1,062,388
Cost of sales
-653,652
-141,073
-35,212
-829,937
Gross profit
163,434
50,720
18,297
232,451
Gross margin
20.0%
26.4%
34.2%
21.9%
Other operating income
1,398
0
0
1,398
Staff costs
-102,294
-26,508
-6,684
-135,486
Other operating expenses
-35,578
-2,360
-11,895
-49,833
EBITDA
26,960
21,852
-282
48,530
EBITDA margin
3.3%
11.4%
-0.5%
4.6%
Depreciation and amortisation
-18,385
-2,605
-3,337
-24,327
EBIT
8,575
19,247
-3,619
24,203
EBIT margin
1.0%
10.0%
-6.8%
2.3%
Financial income
1,225
Financial expenses
-20,951
Profit before tax
4,477
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 20
4 Revenue
H1 2025
Denmark
Sweden
DKK'000
Detached houses
Semi-detached
houses
Wooden houses
Total segments
Revenue per segment and category - Contracted sales
Sales value, houses sold on customers' building sites
960,057
286,434
58,983
1,305,474
Sales value, houses sold on own building sites
39,977
4,190
0
44,167
Total Contracted sales
1,000,034
290,624
58,983
1,349,641
Revenue per segment and category - Non-contracted sales
Show and project houses
16,931
0
0
16,931
Other revenue
584
0
0
584
Sale of land plots
7,658
0
0
7,658
Total Non-contracted sales
25,173
0
0
25,173
Total Revenue
1,025,207
290,624
58,983
1,374,814
H1 2024
Denmark
Sweden
DKK'000
Detached houses
Semi-detached
houses
Wooden houses
Total segments
Revenue per segment and category - Contracted sales
Sales value, houses sold on customers' building sites
750,944
133,534
53,509
937,987
Sales value, houses sold on own building sites
27,047
58,123
0
85,170
Total Contracted sales
777,991
191,657
53,509
1,023,157
Revenue per segment and category - Non-contracted sales
Show and project houses
33,314
0
0
33,314
Other revenue
0
136
0
136
Sale of land plots
5,781
0
0
5,781
Total Non-contracted sales
39,095
136
0
39,231
Total Revenue
817,086
191,793
53,509
1,062,388
The Group is engaged in construction activities in Denmark and Sweden.
Non-contracted sales are recognised on delivery (point-in-time) whereas contracted sales are recognised over time.
Payment is typically due at the time of final delivery of the house project in the Detached segment; however a small
deposit is paid upon contract negotiation. The Group receives a bank guarantee in connection with the start-up of each
contract in Detached and is entitled to payment for work performed, including profit, during the project.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 21
4 Revenue, continued
The majority of the contracted sales in the semi-detached segment entitle the Group to on-account payments linked to
the percentage of completion.
Contracted sales comprise the sale of houses constructed on the customer’s land, or houses sold on own land (semi-
detached includes land plots) that are covered by a customer contract before construction is started. All contracted sales
are fixed price contracts.
Conversely, non-contracted sales comprise of:
1. The sale of houses constructed on own land to which no customer contract has been entered into before construction
starts.
2. The sale of detached land-plots to which no customer contract has been entered into before purchase and
development of the land plots.
5 Inventories
DKK’000
H1 2025
H1 2024
2024
Raw materials
29,060
21,991
26,618
Show houses and semi-detached houses
150,217
149,511
117,134
Land
117,517
102,804
91,323
Write-down inventories
-735
-735
-735
Total inventories
296,059
273,571
234,340
Contracted sales awaiting transfer of control
2,609
19,283
11,715
Unsold inventories
293,450
254,288
222,625
Total inventories
296,059
273,571
234,340
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 22
6 Contract assets
DKK’000
H1 2025
H1 2024
2024
Selling price of contract assets
851,195
495,851
510,657
Invoicing on account
-394,252
-232,027
-185,272
Net contract assets
456,943
263,824
325,385
Calculated as follows:
Contract assets
739,535
463,548
471,735
Contract liabilities
-282,592
-199,724
-146,350
Net contract assets
456,943
263,824
325,385
Prepayments from customers
regarding construction contracts not yet started
0
720
0
DKK’000
H1 2025
H1 2024
2024
Delivery obligations
Within one year
1,564,563
1,332,043
1,554,570
After one year
504,860
141,328
341,240
Order backlog at period end
2,069,423
1,473,371
1,895,810
Construction contracts (assets/liabilities)
Contract assets comprise the selling price of work performed on customers’ land but where the Group does not yet have
an unconditional right to payment as the work performed has not yet been finalised or approved by the customer.
Included is also the selling price of work performed on own land where a building permit has been issued and the Group
does have an unconditional right to payment for work performed.
Contract liabilities comprise agreed, unconditional payments received on account for work yet to be performed.
For contracts entered into in the Detached segment, payment is typically due at the time of final delivery of the house
project, however a small deposit is paid upon contract negotiation. The Group receives a bank guarantee in connection
with the start-up of each contract and is entitled to payment for work performed, including profit during the project. For
contracts entered into in the Semi-detached segment, payments on account are normally linked to the percentage of
completion.
Credit risk on contract assets is generally managed by regular credit rating of customers. Furthermore, bank deposits or
bank guarantees are usually obtained before the house is built. The credit risk exposure relating to dealing with private
counterparties is estimated to be limited. For projects in the Semi-detached business, the credit risk is managed by
credit rating analysis and the majority of the contracted sales in Semi-detached segment entitle the Group to on-account
payments linked to the percentage of completion.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 23
7 Guarantee commitments and contingent liabilities
DKK’000
H1 2025
H1 2024
2024
Guarantee provision at 1 January
73,294
55,352
55,352
Arising during the year
20,851
17,446
50,898
Utilised
-15,851
-17,183
-32,956
Guarantee provision at end of period
78,294
55,615
73,294
Distributed in the balance as follows:
Non-current liabilities
48,957
27,421
38,407
Current liabilities
29,337
28,194
34,887
At 30 June 2025, the guarantee provision amounted to DKK 78 million (30 June 2024: DKK 56 million). Provisions for
future costs of guarantee commitments at one and five-year reviews of houses delivered are recognised at amounts
expected at the balance sheet date to be required to settle the commitment.
As security for the borrowings and other liabilities, part of the assets of HC Production A/S has been pledged. The book
value of the mortgaged assets amounts to DKK 67 million. It can be split in the following way:
As security for mortgage of DKK 9 million there is a mortgage of nom. DKK 40 million in land and buildings with a book
value of DKK 25 million. Additional commitments:
• Owner’s mortgage of nom. DKK 5 million in buildings with a book value of DKK 25 million.
• Company charge of nom. DKK 9 million on the assets of the parent company with a book value of DKK 40 million.
In HusCompagniet B2B A/S an owner's mortgage deed of nom. DKK 20 million in buildings, with a booked value of DKK
20 million has been pledged. This estimate is based on calculations, assessments by Company Management and
experience gained from past transactions.
Contingent assets and liabilities
The Group is, from time to time, involved in disputes arising out of the normal conduct of its business. In 2021, the
Group opened an arbitration against a third party regarding a still ongoing dispute, reflected in the provisions. The Group
expects a positive outcome of the arbitration.
Referring to note 6.1 in the Annual Report 2024, the Group has an uncertain tax position relating to tax years 2019-
2020. In July 2025, The Danish Tax Authorities passed a ruling concerning the reversal of deduction of marketing
contributions provided to HusCompagniet’s foreign subsidiaries for the period 2019-2020 as described in the Annual
Report 2024, note 6.1. The ruling is in line with the company’s expectations, and its effect was reflected and recognised
in the 2024 consolidated financial statements. As of 30 June 2025, an additional interest expense of DKK 1.5 million has
been recognised. HusCompagniet is considering further legal action and has therefore applied for deferral of payment.
Following a positive dialogue, the Danish Tax Authorities have revoked the initial decision to deny reopening and
correction of the taxable income statement for 2020, which could potentially have entailed additional tax and interest
expenses of DKK 25 million in total, cf. note 6.1 in the Annual Report 2024. This potential outcome has thus been
avoided.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 24
7 Guarantee commitments and contingent liabilities, continued
Collateral
DKK 12 million of cash and short-term deposits is held in restricted accounts and released when the completed houses
are delivered to the customers (30 June 2024: DKK 14 million). Restricted accounts are classified as other receivables.
Guarantees to trade creditors
The Company had issued guarantees to trade creditors of DKK 72 million at 30 June 2025 (30 June 2024: DKK 81
million).
Contractual obligations
The Group has no material obligations not already recognized as liabilities in the financial statements. The loan
agreement between Nordea, Danske Bank and HusCompagniet A/S includes a negative pledge.
8 Borrowings
DKK’000
Maturity
Fixed or floating
interest
Carrying amount
30 June 2025
Bank loan
2027
Floating
498,088
Mortgage
2032
Floating
8,347
Borrowings at 30 June 2025
506,435
30 June 2024
Bank loan
2027
Floating
497,413
Mortgage
2032
Floating
9,276
Borrowings at 30 June 2024
506,689
31 December 2024
Bank loan
2027
Floating
497,750
Mortgage
2032
Floating
8,820
Borrowings at 31 December 2024
506,570
The bank loan, classified as a non-current liability, arises from a loan agreement where settlement is contingent on
compliance with future covenants. The permitted maximum leverage ratio - net interest-bearing debt divided by last
twelve months adjusted EBITDA - must not exceed 3.5x. At 30 June 2025, the leverage ratio was 3.2x (30 June 2024:
2.4x).
The presented amounts to be repaid do not include directly related costs arising from the issuing or extension of the
loans of DKK 500 million, which are amortized over the term of the loans. These directly related costs were DKK 1.9
million at 30 June 2025 (30 June 2024: DKK 2.5 million).
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 25
9 Impairment
For impairment testing, goodwill is allocated to the three CGUs (“Detached”, “Semi-detached” and “Wooden houses”),
which are also the operating and reportable segments. Among other factors, the Group considers the relationship
between its market capitalization and the carrying value of assets including goodwill, when assessing for indicators of
impairment. Impairment tests are performed separately for all three CGUs once a year or more frequently if indication of
impairment exists. On H1 2025, Management has revisited the key assumptions used for the impairment test performed
at 31.12.2024 for all three CGUs and concluded that there is no indication for impairment.
Key assumptions
The recoverable amount determined in the impairment test is based on a value-in-use calculation. To determine the
value-in-use, Management is required to estimate the present value of the future free net cash flows based on budgets
and strategy for the coming five years (the budget period) as well as projections for the terminal period after the budget
period. A five-year period is used to reflect a full business cycle.
Assumptions used in the estimate of the present value include the discount rate, revenue growth (estimated on basis of
expected units to be delivered and expected unit price) and EBIT margin. Other assumptions include expected required
investments, market share and growth expectations in the terminal period. For further description of conclusion from the
last performed impairment testing and key assumptions a reference is made to the 2024 Annual Report, Note 4.3
Impairment testing.
10 Events after the balance sheet date
No material events occurred between 30 June 2025 and the date of publication of this interim report that has not
already been included in the interim report and that would have a material effect on the assessment of the Group’s
financial position.