Annual
report
2025
Co-creating the homes
of tomorrow – today
In 2025, HusCompagniet achieved a Net Promoter
Score above 62 and maintained a rating of 4.8/5.0 on
Trustpilot. The results reflect a strong focus on customer
satisfaction throughout the homebuilding journey.
While we strive to be the leading player in the industry, our
ambition remains to continuously improve and deliver the best
possible experience for our customers.
In 2025, we continued developing a more connected customer journey
that brings together physical and digital touchpoints. In showrooms and
show houses, customers experience HusCompagniet’s solutions in real life,
while a digital customer experience platform has been developed to link the
journey seamlessly across channels.
By combining physical meeting places with digital tools, customers are met with a
guided choice and a more transparent and reassuring process from first contact to
move-in.
Leer rom Chirperson nd CEO
HusCompagniet delivered further growth in the
Detached segment and maintained a leading position
in a volatile market impacted by low consumer
confidence. The Semi-detached business faced
challenges and performance was reviewed to ensure
a clear focus on profitability ahead of market growth.
Susinbii
HusCompagniet has introduced a preliminary LCA
(Life Cycle Assessment) of detached houses in the
early design phase. This allows customers to see how
design and material choices may impact the total car-
bon footprint of their house right from the start of the
house building process.
FORMUM expnsion o Jund
FORMIUM, our high-end brand, offering exclusive
tailor-made houses to targeted customer segments,
celebrated its first anniversary after a very positive
market reception. To accommodate growing interest
from customers in Jutland, a dedicated FORMIUM
office opened in Aarhus in January 2026.
Content
Management review
Overview
5 At a glance
6 Performance Highlights
7 Sustainability Highlights
8 Letter from Chairperson and CEO
10 Consolidated key figures
11 Financial guidance
12 Equity story
Our business
14 Business model
15 Our markets
21 Strategy
Financial review
27 Financial review
31 Key figures and financial ratios by quarter (unaudited)
Corporate governance
33 Corporate governance
38 Board of Directors
40 Executive Management
41 Shareholder information
Sustainability
44 Introduction
47 Sustainability governance
49 Environment information
56 Social information
64 Governance information
68 ESG disclosures and data
70 TCFD disclosures
73 Risk Management
Financial statements
78 Consolidated financial statement
125 Parent Company financial statement
135 Statement by Management
136 Independent auditor's report
Page 25
Page 17
Page 8
5.36
Kg CO
2
-eq/m
2
/year
HusCompagniet Annual report 2025
3 / 141
At a glance
HusCompagniet
a leading Nordic
family housebuilder
HusCompagniet is a leading provider of detached houses in
Denmark. We are also present in the market for semi-detached
houses for both private home owners and professional investors,
supported by the ability to provide prefabricated wood frames
from our factory in Esbjerg, HC Elements. We are also present in
Sweden producing prefabricated wood-framed houses through our
VårgårdaHus brand.
The Group operates an asset-light and flexible delivery model with
on-site building, primarily on customer-owned land. Construction is
outsourced to subcontractors, and the visibility of the order book
enables a flexible cost base.
HusCompagniet has nine offices with showrooms and more than 30
show houses in Denmark and Sweden.
Our offering includes FORMIUM, our high-end brand for exclusive
detached houses, and HusOnline, a digital online sales platform for
detached houses. In addition, MORROW, our innovative and scalable
semi-detached housing concept, offers wooden constructions with a
climate footprint significantly below the legal requirement.
2010
HusCompagniet brand
established
471
average
full-time employees
9
office locations
in Denmark
and Sweden
+30,000
houses built since our activities
started 50 years ago
Co-creating the
homes of tomorrow
– today
Our purpose Our segments
Detached
Read more
On page 16
Semi-detached
Read more
On page 18
Wooden houses
Read more
On page 20
HusCompagniet Annual report 2025
5 / 141
2021 2022 2023 2024 2025
4,317
4,330
2,381
2,297
2,957
2021 2022 2023 2024 2025
395
348
108
104
61
2021 2022 2023 2024 2025
2,855
1,364
1,145
1,897
2,282
Performance
Highlights
3.0
bn
4.8/5.0
(2024: 4.8/5.0)
Based on more than
7,400 reviews on Trustpilot
1,031
houses delivered in 2025
(2024: 899)
1,509
houses sold in 2025
(2024: 1,414)
2,957m
(2024: 2,297m)
2,282m
(2024: 1,897m)
61m
(2024: 104m)
Revenue
(DKKm)
EBTDA
(DKKm)
Ne order book
(DKKm)
Revenue (DKK)
Segment split
74%
Detached
(2024: 77%)
22%
Semi-detached
(2024: 18%)
4%
Wooden houses
(2024: 5%)
HusCompagniet Annual report 2025
6 / 141
2024 2025
77
74
-4%
2024 2025
85
81
-5%
2024 2025
43
28
-35%
2025-target
30% reduction
2030-target
50% reduction
2019
(Base year)
2020 2021 2022 2023 2024 2025
12
11.5
9.3
11.6
6.7
9.7
0
2
4
6
8
10
12
2023 20252024
26%
21%
17%
Sustainability Highlights
Heth nd Sfet
LTIf Total
(lost-time injury frequency – own
employees and subcontractors)
30%
Reduction of LTIf
(2025 target)
Cimte – Customer use phse Empoee we-being
Stisfction score
(%) Lot score (%) eNPS (%)
(employee Net Promoter Score)
SociEnvironmen
60%
of our detached houses
delivered in Denmark
in 2025 have an energy
performance that is at
least 10% better than
NZEB (Nearly zero-
energy building)
26%
Proportion of customers
in detached segment
choosing solar panels
(Denmark)
HusCompagniet Annual report 2025
7 / 141
Letter from Chirperson nd CEO
Continued growth in
Detached and review of
Semi-detached
Growth and progress in our Detached business
Our Detached business grew sales and delivered a satis-
factory financial performance as the market continued to
rebound from the 2023 and 2024 levels. Core inflation and
interest rates remained relatively stable, providing a positive
backdrop to our business, whereas consumer confidence
took another turn for the worse in 2025 after a positive trend
in the second half of 2024. We continue to see opportunities
Claus V. Hemmingsen
Chairperson of the Board
Martin Ravn-Nielsen
Chief Executive Officer
in the market and remain cautiously optimistic about devel-
opments in 2026 despite the low visibility and continued
volatility.
We were pleased to strengthen our local presence in Jutland
with a new showroom in Horsens, which opened in Janu-
ary 2026. At the same time, we continued to sharpen our
product offerings through further refinement of the customer
We maintained the positive sales traction across our Danish segments during 2025 as customers’
interest in housebuilding continued to pick up on the back of the strong economy and despite
declining consumer confidence. Against that backdrop, the Detached business lifted revenue and
earnings, whereas we faced challenges in the Semi-detached segment and launched initiatives to
ensure a clear focus on profitability going forward.
journey and experience throughout the entire housebuilding
process.
Our dedicated FORMIUM organisation celebrated its first
anniversary as a high-end business unit offering exclusive
tailor-made houses to targeted customer segments. The
concept has been very well received after the launch last
year and to accommodate growing interest from customers
HusCompagniet Annual report 2025
8 / 141
Letter from Chirperson nd CEO, continued
in Jutland, a dedicated FORMIUM office opened in Aarhus in
January 2026.
We are proud that customer loyalty remained high and
that we maintained our industry-leading TrustPilot score
of 4.8 based on 7,400 reviews. This positive performance
was secured despite the Danish housebuilding industry in
general and HusCompagniet being subject to critical media
coverage in June over issues with crumbling mortar joints in
detached houses constructed during 2017-2022. We have
proactively been handling these issues over several years
and have a dedicated project team of specialists focusing on
repairs and customer enquiries.
Semi-detached profitability over market shares
Our Semi-detached business secured a solid inflow of
confirmed sales in 2025, but the financial performance was
unsatisfactory and impacted by write downs on a few com-
pleted HC Elements projects as well as three B2B projects,
which as reported will also affect profitability in 2026 and
the first half of 2027.
After a thorough review of the Semi-detached order portfo-
lio, we have revised our internal processes and our approach
to the market based on learnings from both the challenged
as well as the successfully completed projects through the
years. Supported by ongoing development of our processes,
we have a clear priority to improve our future performance
and profitability with full effect as of 2028.
Going forward, we will return to the core of the Semi-de-
tached business. This means placing great emphasis on
building sustainable and long-term partnerships as a devel-
oper with key customers on carefully selected low com-
plexity projects along with a continued clear commitment to
deliver houses of superior quality.
Stable development in Wooden houses segment
Our Wooden houses segment in Sweden generated sales
largely on a par with last year, and our factory also manu-
factured and dispatched deliveries to the Danish Semi-de-
tached business during the year. Furthermore, we opened
a new showhouse in a growth region in southern Sweden
in the autumn. We foresee modest growth in 2026 support-
ed by the expected effects of already announced political
initiatives to increase real estate transactions, and we are
simultaneously optimising our output from our factory.
“We are proud that customer
loyalty remained high and that
we maintained our industry-
leading TrustPilot score of 4.8
based on 7,400 reviews”
Martin Ravn-Nielsen
Chief Executive Officer
Financial results and future perspectives
While our core Detached business delivered solid progress
in 2025, the Group's financial results did not meet our initial
expectations due to the impact from the unsatisfactory
performance in Semi-detached. We grew revenue by 29%
to DKK 2,957 million and delivered EBITDA of DKK 61 million
and EBIT of DKK 15 million compared to DKK 104 million and
DKK 56 million in 2024. Against this background, we are not
proposing any shareholder distribution in 2026.
We remain confident that HusCompagniet is well positioned
to leverage a rebound in the Detached market and generate
stronger financial results in the Semi-detached business,
while market conditions in Sweden remain soft. Our core
strengths remain trust, quality and scale and will continue to
be fundamental drivers for differentiation and competitive-
ness.
2025 was a busy and eventful year for HusCompagniet.
Thank you to our loyal home builders, investors, stakehold-
ers and commercial partners for the support – and to all
colleagues in HusCompagniet for their dedicated efforts.
Claus V. Hemmingsen Martin Ravn-Nielsen
Chairperson of the Board Chief Executive Officer
HusCompagniet Annual report 2025
9 / 141
Consolidated key figures
DKKm 2025 2024 2023* 2022* 2021*
Income statement
Revenue 2,957 2,297 2,381 4,330 4,317
Gross profit**** 488 475 517 837 877
Operating profit before depreciation and amortisation
(EBITDA) before special items* 61 104 108 348 395
Special items 0 0 0 -32 0
Operating profit before depreciation and amortisation
(EBITDA) after special items* 61 104 108 316 395
Operating profit (EBIT) before special items* 15 56 62 300 349
Operating profit (EBIT) 15 56 62 268 349
Financials, net -43 -47 -39 -40 -22
Profit/loss for the year -26 -5 15 170 265
Balance sheet
Total assets 3,901 3,368 3,264 3,572 3,578
Additions to fixed assets 19 17 16 27 29
Contract assets, net 344 325 262 626 725
Net working capital 175 256 301 526 517
Net interest bearing debt (NIBD) 197 271 356 768 713
Equity 2,093 2,082 2,098 1,881 1,885
Cash flow
Cash flow from operating activities 136 115 249 268 258
Cash flow from investing activities -34 -11 -20 -117 -22
– Hereof from investment in property, plant
and equipment -20 -5 -10 -22 -11
Cash flow from financing activities -25 -28 -9 -192 -261
Free cash flow 102 105 229 152 237
The financial ratios have been computed in accordance with the definitions in Note 6.7.
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 Definitions and key figures.
DKKm 2025 2024 2023 2022 2021
Financial ratios
Revenue growth 28.7% -3.5% -45.0% 0.3% 19.9%
Gross margin** 16.5% 20.7% 21.7% 19.3% 20.3%
EBITDA margin before special items** 2.1% 4.5% 4.5% 8.0% 9.2%
EBITDA margin after special items** 2.1% 4.5% 4.5% 7.3% 9.2%
EBIT margin** 0.5% 2.4% 2.6% 6.2% 8.1%
ROIC 0.6% 2.2% 2.4% 9.9% 13.1%
ROIC (Adjusted for goodwill) 3.8% 11.7% 10.1% 38.6% 55.3%
NIBD/EBITDA before special items ratio 3.2 2.6 3.3 2.2 1.8
Return on equity -1% 0% 1% 9% 14%
Equity ratio 53% 62% 64% 53% 53%
Number of full-time employees at year-end 508 434 393 491 481
Share ratios
Earnings Per Share (EPS Basic), DKK -1.2 -0.2 0.7 9.4 13.7
Diluted earnings per share (EPS-D) DKK -1.2 -0.2 0.7 9.4 13.7
Dividend per share, DKK 0 0 0 0 7.35
Share price end of year 37.1 59.8 46.6 41.0 118.4
Market value (bn) 0.8 1.3 1.0 0.7 2.4
ESG key figures
CO
2
-e/m
2
delivered (Scope 1+2) – market-based 23 26 21* 23 18
CO
2
-e/m
2
delivered (Scope 1+2) – location-based 5 8 11* 9 8
Direct CO
2
-e emissions (Scope 1) 275 443 498* 761 772
LTIf 9.3 9.7 6.7 11.6 9.3
Sick leave 3.2% 3.2% 4.7% 1.9% 3.5%
Percentage female managers 44% 38% 30% 40% 21%
Number of female board members 2/6 2/6 2/6 2/6 2/6
* Discontinued operations are closed down and consolidated income statement for 2023 is restated to reflect comparison numbers without
discontinued operations. Key figures for the comparison years 2021-2023 are restated.
** The ratios have been restated for 2021-2023 reflecting the formula for ROIC, calculating the return on average invested capital.
*** Scope 1 and 2 figures comparable figures (2023) have been changed due to change of reporting scope.
**** Gross profit has been restated for 2024 to include staff costs related to production employees. See Note 1.1 for a description of change in
presentation.
HusCompagniet Annual report 2025
10 / 141
Financial guidance
Assumptions for the 2026 outlook
The stabilisation and gradual rebound in the housebuilding
market continued in 2025 based on sound macroeconomic
indicators, including a Danish core inflation level around 2%
and stable interest rates. While interest in housebuilding
picked up and entailed higher sales growth, the market was
impacted by declining consumer confidence and increasing
cautiousness among home builders, which dampened sales
towards the end of 2025 and in early 2026.
The outlook for 2026 is positively affected by the higher
order backlog, whereas continued geopolitical tension and
conflicts have a negative impact on market dynamics. Low
visibility, continued market volatility and price sensitivity as
well as three challenged B2B projects affecting profitability
Medium-term targets
We have defined medium- term targets for our three seg-
ments:
Detached
Gradually increase market share whilst pursuing strong
margins.
Semi-Detached
Improve profitability and performance ahead of growth.
Wooden houses
Drive profitable growth in the business and increase market
share by means of organic growth while supporting the Dan-
ish B2B business with production from the Swedish factory.
Initial outlook for 2025
issued 7 March 2025
Update for 2025
Issued 22 August 2025
Update for 2025
Issued 24 October 2025
2025 results
Outlook for 2026
Revenue
DKK 2.8-3.1 bn DKK 2.9-3.1bn DKK 2.9-3.1bn DKK 3.0 bn
DKK 3.0-3.3bn
EBITDA
DKK 110-160m DKK 110-130m DKK 60-80m DKK 61m
DKK 70-130m
Operating profit (EBIT)
DKK 70-120m DKK 70-90m DKK 15-35m DKK 15m
DKK 15-75m
until the first half of 2027, will have an unfavourable impact
on earnings expectations for 2026. The guidance assumes
no severe disruption of supply chains or raw material prices
significantly exceeding current levels.
Current expectations for 2026 deliveries are between 1,000
and 1,300 houses.
• Sales in the first two months of 2026 comprise 105 de-
tached, 6 semi-detached, 10 wooden houses.
HusCompagniet expects to return to paying dividends once
the leverage is back below the long-term target of 2x net
debt to EBITDA.
HusCompagniet Annual report 2025
11 / 141
Proven business model through cycles
• Asset-light structure with largely outsourced
construction and scale benefits from strong
relations with suppliers
• High visibility in order book and ability to largely
adapt capacity and costs to market fluctuations
• Reduced financial risk with payment guarantees
at the time of order in B2C and customary industry
securities in B2B and HC Elements
• Flexible go-to-market model and scalability driven
by diversification over multiple segments
Proof of execution
• Market-leading customer journey and
experience
• Delivery of 30,000+ houses
• Danish market leader since 2010 in
detached houses with a significant
position in semi-detached segment
• Strategic B2B partnerships and focus
on profitable growth
• Technology-supported logistics and
building process
• Cross-border optimisation of
production facilities to drive scalability
and efficiency
Digitally enabled scalability
• Pursuing scalability through
digitalisation and automation
across sales, procurement,
design and construction
Market drivers
Strong structural trends in demographics with growth opportunities across markets.
Opportunities for harvesting synergies between traditional building and prefabricated elements.
Equity story
Driving profitable business with reduced carbon footprint solutions
whilst benefiting from scale and efficiency to innovate the industry.
Sustainability
• Driving the climate agenda by
facilitating house construction
designs of the future that
support reduction in the carbon
footprint
HusCompagniet Annual report 2025
12 / 141
On-time deliveries
Target: >98% of detached
and semi-detached houses
are delivered on time
Design & construction
Offering customised solutions
to create the dream home
of our customers with
construction outsourced to
trusted partners for a flexible
and risk-mitigated delivery
model. Technology-supported
logistics and building process.
We manufacture our own
wooden elements enabling
B2B scalability
Sales
A one-stop shop with
early and extensive
customer interaction as well
as strong customer insights,
combining digital tools with
deep understanding of
customer needs.
Our business
Driving performance
throughout the value chain
Resources
People
A diverse workforce and industry
experience are at the core of our
business
Input resources
Our houses are built from materials
such as timber, aerated concrete,
concrete, brick, steel and glass
Partners
We foster and rely on strong,
long-term relations with material
suppliers and subcontractors
Innovation and trusted brand
Leading digital customer-oriented
solutions
Our detached and semi-detached
house customers recognise us as a
trusted brand in the industry
Financial capital
Investments with cash flow from
operations and credit facilities.
Financial strength to offer
customers bank-guaranteed
payment at delivery
Value creation
Customer value
• Quality houses at competitive prices
• The highest customer satisfaction score
in the industry
Climate impact
• Energy efficient, comfortable houses
• Houses with a documented continuous
reduction in carbon footprint since 2019
Safety and well-being at work
• Reduction in LTIF* since 2019
• Employee satisfaction and loyalty
score** remain in line with benchmark
levels
Shareholder value
• Long-term profitable growth
• Focus on total shareholder return
HusCompagniet co-creates homes with our customers and facilitates the
construction, primarily on customers’ land, through outsourced subcontractors
Business model
1
Lost Time Injury Frequency rate (LTIF) is the number of
lost time injuries occurring in a workplace per 1 million
hours worked.
2
Employee Net Promoter Score (eNPS) is a measure
of employee engagement and loyalty, based on
responses to the question: “How likely are you to
recommend HusCompagniet as a workplace to a friend
or colleague?”
HusCompagniet Annual report 2025
14 / 141
2021 2022
2023
2024 2025
1,831
2,003
1,054
899
1,031
2021 2022 2023 2024 2025
2,376
957
851
1,414
1,509
Our markets
With presence in Denmark and Sweden,
HusCompagniet is a leading housebuilder
offering detached and semi-detached houses for
private customers and professional investors.
Over the last 40 years, the Danish market for new-build de-
tached houses has been largely stable with annual comple-
tions of approximately 6,000 houses on average. However,
since 2021, the detached market has become more volatile
following COVID-19 and challenging macro-economics
and increased geopolitical turmoil weighing on consumer
confidence. In 2021, the number of annual building permits
peaked at above 8,500, dropped to around 3,400 in 2023,
and recovered to approx. 4,600 permits in 2025.
Both the Danish semi-detached market and the Swedish
market for wooden houses comprise approximately 6,000
houses on average per year.
Growth opportunities for the detached market in Denmark
include building on new land and replacement of time-worn
houses with new-build, low-energy houses based on long-
term demographic and family needs as well as the move-
ment towards urban areas.
Approximately 1/3 of HusCompagniet houses sold in 2025
replaced an existing house.
General market developments in 2025
The increasing number of permits in the detached market
was driven by positive underlying macro-economic indica-
tors such as declining interest rates, higher employment
rates and rising housing prices. The market developed most
positively in H1 2025, while declining consumer confidence
and uncertainty related to the geo-political environment may
have dampened growth in H2 2025. Total number of deliver-
ies in 2025 remained well below historical average levels.
Despite similarly positive macro indicators for the semi-de-
tached market, the number of permits remained flat com-
pared to 2024.
The Swedish detached market likely bottomed in summer
2024 with approx. 1,500 LTM (Last Twelve Months) permits
compared to approx. 2000 LTM permits at end-2025. On a
Unis sod in 2025
Segment split
52%
Detached
(2024: 53%)
6%
Wooden houses
(2024: 7%)
42%
Semi-detached
(2024: 40%)
Ses Deiveries
full-year basis, the 2025 market for permits was up by 10-15%
against 2024, but still below the historical average.
Market outlook for 2026
In 2026, the macroeconomic environment and consumer
confidence are expected to be in line with 2025, but geo-
political uncertainty remains high. Against that backdrop, a
cautious outlook for both the Detached and Semi-detached
segments is maintained.
The Swedish market is expected to recover modestly in
2026.
HusCompagniet remains well-prepared and well-positioned
to adequately respond to both risks and opportunities while
leveraging and adapting to market dynamics to maintain its
position as a trusted homebuilder.
HusCompagniet Annual report 2025
15 / 141
1,441
1,427
633
603
729
2021 2022 2023 2024 2025
2021 2022 2023 2024 2025
1,589
744
579
752
781
2021 2022 2023 2024 2025
8,536
5,554
3,419
4,100
4,557
Denmark
– detached
HusCompagniet has been market leader in the Danish market for
detached houses since 2011 and maintained an estimated market
share* of 17-18% in 2025. In comparison, the four largest competitors
held a total estimated market share of 30-35%, while the rest of the
market is very fragmented and comprises many smaller competitors.
HusCompagniet continues to focus on shaping the market by
leveraging our strengths in quality, customer satisfaction, trust and
innovation, enabling profitable growth.
Market and business development
In 2025, the total market size of building permits was
approximately 4,600 units, indicating an upward trend from
2024. HusCompagniet sees permits as an indicator of mar-
ket activity with a typical time lag in the range of 3-6 months
from time of sale.
Demand for new-build houses and activity in the Danish
market for sales of existing detached houses remained high
in 2025. HusCompagniet delivered a solid sales perfor-
mance across regions and maintained its market share. In
rural areas, access to financing remains more challenging for
customers.
Ses DeiveriesPermis
New employees were welcomed in a balanced ramp-up of
the organisation to execute on the higher order backlog and
accommodate rising demand. Furthermore, the presence
in Jutland was strengthened as HusCompagniet returned
to Horsens with the opening of a new showroom in January
2026.
FORMIUM, our high-end brand offering exclusive tai-
lor-made houses to targeted customer segments, celebrated
its first anniversary after a very positive market reception. To
accommodate growing interest from customers in Jutland, a
dedicated FORMIUM office was opened in Aarhus in January
2026. See page 17.
* Based on sales (units) against total number of market permits (2024: 18-19%), and share of total number of
market deliveries (2024:17-18%).
HusCompagniet Annual report 2025
16 / 141
In 2025, HusCompagniet further strengthened its position in the high-end residential seg-
ment with the expansion of FORMIUM, the Group’s exclusive brand for architect-designed
premium homes. Just one year after launch, FORMIUM has proven its commercial viability
and market relevance on Zealand, while rapidly growing interest from eastern Jutland has
prompted the opening of a new office and exclusive showroom in Aarhus to serve this mar-
ket.
FORMIUM was established to consolidate HusCompagniet’s long-standing expertise in archi-
tect-designed luxury homes into a dedicated business unit. Building on more than 50 years
of construction experience and over 300 completed premium residences, FORMIUM offers
a fully integrated and bespoke building process that combines architectural ambition with
technical precision, cost transparency and financial security.
The new Aarhus office and showroom serve as a physical manifestation of FORMIUM’s
value proposition: a highly curated customer experience supported by in-house architects,
engineers, construction managers and specialist advisors within interior design, materials,
lighting and landscape architecture.
With a dedicated team of more than 20 employees as well as the financial and operational
strength of HusCompagniet at its back, FORMIUM is well positioned for furthere growth and
for serving as a scalable and profitable contributor to HusCompagniet’s long-term value
creation.
FORMIUM –
Expansion confirms strong
market position
Detached
Refining our value propositions
and customer Journeys
HusCompagniet Annual report 2025
17 / 141
176
317
234
224
201
2021 2022 2023 2024 2025
2021 2022 2023 2024 2025
9,138
7,996
6,162
5,333
5,770
387
137
171
559
631
2021 2022 2023 2024 2025
The semi-detached market in Denmark is large and highly
fragmented. After rapid market share growth and a challenging
2025, HusCompagniet has redefined its market approach with the
aim of achieving improved performance and profitability.
Denmark
– semi-detached
Ses DeiveriesPermis
Market and business development
Measured in building permits, the market for semi-detached
houses was approx. 5,800 permits in 2025 compared with
around 5,300 in 2024. Over the last 40 years, the semi-de-
tached market had an annual average delivery rate of ap-
prox. 6,000 houses. The market value is approximately half
that of the detached market due to lower unit prices.
In recent years, HusCompagniet has focused on market
share growth, which was supported by the factories in Es-
bjerg and Sweden insourcing construction of elements and
increase production capacity to support market potential.
HusCompagniet's 2025 performance in the Semi-detached
segment was impacted by write-downs on three B2B pro-
jects and a few projects in HC Elements.
HusCompagniet Annual report 2025
18 / 141
As a consequence, HusCompagniet has thoroughly
reviewed its order book portfolio, internal processes and
revisited its market approach with a clear focus on improving
performance and profitability for the B2B business instead of
pursuing specific growth targets.
HusCompagniet will return to the roots of its Semi-detached
activities, i.e. engaging as a developer in selected low com-
plexity projects with clearly defined risk profiles, execution
frameworks and counterparties. HusCompagniet will pursue
opportunities to build on its own land and collaborate with
partners offering attractive incentives for developing pro-
jects on their land plots.
To improve project execution, HusCompagniet has im-
proved processes across B2B and production operations to
increase efficiency and scalability, drawing on learnings from
challenged as well as successfully completed projects.
As the challenged projects will impact profitability in 2026
and the first half of 2027, the effect of the revised market
approach is expected to fully materialise as of 2028.
Overview of selected Semi-detached projects
Location Developer Announced
Units
conditional*
Units
unconditional**
Units
delivered
Expected
final delivery
Oksbøl Boligselskabet Filsø Q4 2025 0 23 0 2027
Gladsaxe E. Kornerup Q3 2025 0 156 0 2028
Ringsted Velkomn Q2 2025 0 191 0 2027
Rønne Æbleløkkerne Q1 2025 0 96 0 2026
Haslev Velkomn Q3 2024 0 153 0 2026
Gilleleje Strandhavehus III Q3 2024 0 0 33 2025
Helsinge Bærebo Q2 2024 0 0 45 2025
Skævinge Jesper Vissing & Jeppe Schønfeld Q2 2024 0 0 49 2025
Viby Sjælland NREP Q4 2023 0 136 0 2027
Svendstrup PFA Q4 2023 0 0 52 2025
Tingbjerg NREP (stage 1 of 2) Q3 2022 Up to 43 128 30 2028
Tingbjerg NREP (stage 2 of 2) Q3 2022 Up to 203 0 0 2030
* Not sales registered and not included in order backlog until conditions are met
** Included in net order backlog until delivery
HusCompagniet Annual report 2025
19 / 141
214
259
187
72
101
2021 2022 2023 2024 2025
400
76
101
103
97
2021 2022 2023 2024 2025
2021 2022 2023 2024 2025
6,047
3,620
1,604
1,766
1,974
In Sweden, the market for new-build is highly fragmented with
around 70% composed of smaller and mid-sized construction
companies. Sales from VårgardaHus, HusCompagniet’s Swedish
subsidiary, was on a par with 2024. VårgardaHus also delivers to
the Danish B2B segment when needed, enabling optimisation of
production capacity across markets.
Market and business development
In terms of permits, the Swedish market for detached houses
increased by approx. 12% to aorund 2,000 units in 2025,
supported by modest signs of gradual improvement in the
macroeconomic environment. Demand in 2025 was less
than 30% of the historical average in Sweden.
The segment generated sales on a par with 2024, and the
factory successfully manufactured and dispatched a signifi-
cant volume of deliveries to the Danish Semi-detached busi-
ness during 2025. Furthermore, a new showhouse opened
in a growth region in southern Sweden.
Ses DeiveriesPermis
Wooden houses
(Sweden)
To fuel the Swedish economy and counter increasing exist-
ing house prices, political incentives are expected in 2026
to increase real estate transactions by offering an increased
loan ratio and lower down payments. This development
points towards a modest increase in economic activity, and
we therefore anticipate a slightly increasing market and
moderate growth in 2026.
The prefabricated houses made primarily of wooden frames
and wooden facades are sold via an agent sales network.
The network comprises external agents, with whom relations
have been built over the years and which have further opti-
misation potential.
HusCompagniet Annual report 2025
20 / 141
Strategy
At HusCompagniet, we have a strong vision of leading the market evolution
and setting the standard for construction of lower-emission homes to revise
the way people perceive and embrace sustainable living.
We drive the sustainability agenda in our sector and urge our
stakeholders to participate in promoting a more sustainable
approach – fulfilling the needs of today without jeopardising
the needs of future generations – and thereby driving the
green transition of house construction. Our purpose and ap-
proach set a clear direction and make us stand out to attract
skilled talent and loyal customers while driving innovation
and new thinking in our industry. Our purpose guides our
long-term objectives and short-term actions and decisions,
enabling us to co-create the homes of tomorrow – today.
Strengthening of our position
Our customer-centric co-creation concept focuses on the
construction of homes – primarily on customers’ own land
and through outsourced subcontractors, thus ensuring a
low-risk delivery model that makes HusCompagniet’s busi-
ness model flexible and adaptable to market cycles.
We are continuously calibrating our approach to maintain
and strengthen our position across segments by scaling
our business efficiently and sustainably. We will continue
to strengthen our competitiveness and pursue improved
performance by differentiating our offering through sharply
defined value propositions and strong partnerships. To lead
the future of house building, we will continue to invest in
digitalisation and sustainability, which are fundamental to
raising industry standards and driving continuous and profit-
able growth in all business segments.
We are confident that the strategic direction and incremen-
tal upgrades of our approach will contribute to a further
strengthening of our current position, which has been built
on trust, dedicated customer focus, continuous innovation,
and a keen focus on customer-centric, professional end-to-
end solutions.
Our purpose
Co-creating the homes
of tomorrow – today
HusCompagniet Annual report 2025
21 / 141
Our business segments
Detached market in Denmark
The detached market in Denmark is our main business seg-
ment, in which we aim to strengthen our leadership position
through market share gains while leveraging the advantages
of our flexible business model to adjust to changes in the
market and ensure continued improvement of our profitabil-
ity.
We have a solid footprint with nine offices and six show
parks in Denmark and continue to offer country-wide cover-
age and local presence to maintain customer proximity. In
addition to our physical presence, we also engage digitally
with our customers, offering best-in-class visualisation tools
and the option of selecting a fully online sales process.
We leverage our scale to drive value creation, and our brand
is widely recognised for high quality, expertise and customer
service. Moreover, our flexible business model enables us
to adapt to supply and demand fluctuations and changes to
material prices and thereby safeguard continuous competi-
tive offerings to our customers.
Reopenin o Horsens oice inroduces HusCompnie’s
new showroom concep
The Horsens showroom is based on a curated and guided
customer approach. Rather than presenting choices in isola-
tion, the new concept integrates advisory expertise directly
into the spatial design of the showroom. Architecture, mate-
rials and design solutions are presented in a structured and
intuitive way, enabling customers to better understand the
implications of their choices including budget considerations
and navigate the complexity of building a new home with
greater confidence.
The reopening in Horsens underscores the commitment
to being locally present while continuously innovating our
commercial model. The new showroom concept is expected
to serve as a blueprint for future locations, supporting scala-
bility while maintaining a high level of personal service.
In 2025, HusCompagniet marked an important milestone in its ongoing development
of the customer journey with the reopening of its office and showroom in Horsens. The
location represents more than a physical return to a key regional market – it introduces
HusCompagniet’s first new-concept showroom, designed to elevate the customer
experience and support informed decision-making for future homeowners.
HusCompagniet Annual report 2025
22 / 141
Our sre is reed hree business semens nd hree ke ocus res:
Segments Strategic targets Progress in 2025
Detached Strengthen leadership position through market share
gains in the Danish detached market via clear differentia-
tion/value propositions and leading customer experience
and digitalisation.
Leverage flexible business model to adjust to market
changes while building closer and longer-term customer
relationships.
FORMIUM, HusCompagniet’s premium brand, was launched in
2024 to offer custom-made luxury homes with a tailored customer
journey. Launched on Zealand, FORMIUM expanded to Jutland in
January 2026 with a physical presence in Aarhus.
An optimised customer journey was in focus, enabled through an
improved showroom concept and optimised sales processes, which
will be underpinned by a new Customer Experience Platform to
integrate physical and digital customer experiences.
Semi-detached Enhance seamlessness of the semi-detached operations
and ways of working to improve standardisation and
enhance economies of scale.
Return to the origin of the activities and as a developer
engage in a careful selection of projects and partnerships
with a focus on profitability ahead of growth.
A review of the segment was initiated with a focus on improving
performance and profitability ahead of growth, with emphasis on
selected, low complexity projects under well-defined risk and exe-
cution frameworks and with selected partners. Process streamlining
across B2B and production has been initiated to improve efficiency
and scalability.
Wooden houses
(Sweden)
Continue to adapt to local market preferences and condi-
tions while preparing to accommodate market rebound at
prefabricated production facility.
Continued successful support to the production of
semi-detached houses in Denmark to optimise our B2B
efficiency and profitability.
Further streamlining of processes between the factory in Sweden
and the factory in Denmark to enhance scalability and flexibility in
our delivery model, supporting B2B projects.
Scalability and developing
our digital platforms
Refining our value propositions
and customer journeys
Sustainability
and design
Key focus areas
Semi-detached B2B in Denmark
We build and deliver semi-detached houses to professional
investors, who rent or sell the houses to end-users. With our
size, factories and focused one-stop-shop offering, HusCom-
pagniet has a competitive advantage in this market.
After a period with rapid market share growth, we will return
to the core of our activities, which is to engage as a develop-
er in selected low complexity projects with clearly defined
risk profiles, execution frameworks and counterparties.
Furthermore, HusCompagniet will pursue opportunities to
build on its own land and collaborate with partners offering
attractive incentives for developing projects on their land
plots.
For the carefully selected projects, we will continue to use
our highly standardised building process, “Ready to build”,
for multiple houses and have a centralised project team to
ensure a comprehensive one-stop-shop offering.
We constantly focus on optimising our integrated and scala-
ble operating model by strengthening our supply chain and
execution processes while outsourcing technical capabilities
and advisory to deliver cost-efficient projects at scale while
maintaining quality and execution discipline.
Sustainability is a key selling point and includes DGNB
certified and Nordic Swan Ecolabeled projects. DGNB
(Deutsche Gesellschaft für Nachhaltiges Bauen) takes a ho-
listic perspective on sustainability, including environmental,
economic and sociocultural issues.
HusCompagniet Annual report 2025
23 / 141
https://husonline.dk/
4.8/5
Trustpilot score in 2025
Wooden houses (Sweden)
HusCompagniet’s value proposition is adapted to strong lo-
cal preferences. Our more than 40 house models are based
on a standardised prefabricated concept. The core features
of our offering include value for money, responsive customer
service and a strong local sales agent structure.
Our sales focus in Sweden targets three densely populated
regions around Stockholm, Gothenburg and Malmö. The
headquarters and a modern prefabricated production facility
with capacity to absorb increased demand and accommo-
date a market rebound are located in Vårgårda, northeast of
Gothenburg.
Key focus areas
Refining our value propositions and customer journeys
In 2025, we continued refining our value propositions across
both the detached and semi-detached segments, further
strengthening our market position and enhancing customer
experience.
In Detached, we offer clearly defined categories: ready-
made (HusOnline), custom-made (HusCompagniet), and
tailor-made (FORMIUM) houses to streamline the customer
journey, ensuring a seamless, personalised, and efficient ex-
perience. Our consistently high Trustpilot ratings reflect our
commitment to deliver exceptional customer satisfaction.
As part of this evolution, we expanded the presence of
FORMIUM to Jutland. See page 17.
In the Semi-detached segment, we revised our strategy to
reflect the focus on improved performance and profitability
ahead of growth. To support our strategic ambitions, we
started streamlining processes and harmonised operations
across our Semi-detached segment as well as our factories.
Our solid digital foundation continues to enhance customer
experience, making it more accessible and seamless. Key
digital initiatives in 2025 included preparation for a new
customer experience platform integrating “MitHus” and our
website to create a self-service digital platform universe. We
also strengthened HusOnline as a separate sales channel
and lead generator, simplifying the home-building process
and expanding accessibility.
By continuously refining our offerings, digitalising customer
journeys, and expanding into new market segments, we rein-
force our position as an industry leader, ensuring we remain
relevant, innovative, and customer-focused in an evolving
housing market.
Scalability and developing our digital platforms
HusCompagniet’s digital vision is to continuously enhance
customer experience while building a scalable platform
that differentiates us in the market. By leveraging our size
and scale, we aim to become a digital front-runner, offering
personalised products and innovative services tailored to
customer needs.
A key priority is to use our digital platform to promote sus-
tainable design and construction while ensuring full integra-
tion across the entire value chain and business segments.
This approach will support our long-term growth ambitions
and enable seamless scalability.
In our order-to-delivery process, we continue to strengthen
our construction planning and project management capa-
bilities with best-in-class systems. Our safety incident and
inspection platform ensures compliance, quality control and
workplace safety, reinforcing our commitment to operational
excellence.
At the core of our digital transformation is our unique
customer platform, which integrates customer relationship
management and document case management. This plat-
form provides customers with a comprehensive, real-time
overview of their building project, consolidating all relevant
documentation in one place while dynamically tracking pro-
ject progress from the initial meeting to delivery. Customers
gain enhanced visibility into the construction process, with
regular updates and real-time images shared throughout.
HusCompagniet Annual report 2025
24 / 141
HusCompagniet continued to strengthen its digital capabil-
ities by further developing a modern and scalable platform
across customer design and production processes. Our
digital foundation enables efficient data flow, transparency,
and automation throughout the value chain and supports the
ongoing development and integration of new digital tools.
Recent initiatives include the expanded use of digital sig-
natures, streamlining contractual processes and improving
speed, compliance, and customer experience. In combina-
tion, these capabilities ensure that HusCompagniet remains
agile and well positioned to adopt future technological
advancements.
Sustainability and Design
Sustainability is embedded in our operating framework
and remains a core part of our strategic agenda, ensuring a
continuous focus across all areas of our business. We have
intensified efforts to integrate sustainability throughout the
entire value chain, from material selection and construction
processes to providing sustainable options for customers
and optimising the energy performance of homes post-
hand-over. In 2025, we implemented a new tool to calculate
a preliminary LCA already in the design phase of the house,
allowing a dialogue with customers about the CO
2
footprint
of their future house and how different choices may affect it.
We work continuously and closely with suppliers and part-
ners to reduce CO
2
emissions from materials. In 2025, the
carbon footprint from materials throughout the lifecycle of a
house was 30% lower pr. built m
2
than in 2019.
In our own operations, we remain committed to reducing
emissions and target transitioning to a 100% electrical
vehicle fleet by 2028. Due to new regulatory requirements in
Denmark, a particular focus area in 2025 was emissions from
the transportation of materials as well as energy use and
waste at the construction site.
By continuing to develop scalable, future-proof housing
concepts, drive innovation in sustainable materials and
transition to low-emission operations, HusCompagniet
is reinforcing its leadership in sustainable housing while
supporting customers and investors in navigating the green
transition.
HusCompagniet Annual report 2025
25 / 141
Revenue
(DKKm)
Gross proi
(DKKm)
Q1
2024
Q3
2024
Q2
2024
Q1
2025
Q4
2024
Q2
2025
Q3
2025
Q4
2025
21
28
32
23
16
23
7
15
Q1
2024
Q3
2024
Q2
2024
Q1
2025
Q4
2024
Q2
2025
Q3
2025
Q4
2025
121
128
126
133
124
136
110
118
Q1
2024
Q3
2024
Q2
2024
Q1
2025
Q4
2024
Q2
2025
Q3
2025
Q4
2025
483
579
588
647
635
740
793
789
EBTDA
(DKKm)
Financial review
Revenue
In line with the financial guidance revenue increased by 29%
to DKK 2,957 million in 2025 from DKK 2,297 million in 2024.
Revenue growth was driven by increased house sales in the
Detached and Semi-detached segments as well as a higher
number of deliveries across segments. Units sold in 2025 to-
talled 1,509 compared to 1,414 units in 2024. HusCompagniet
delivered 1,031 houses against 899 units in 2024.
Detached generated revenue of DKK 2,190 million, a 23%
increase from DKK 1,779 million in 2024. The positive
development was driven by higher sales in 2024 and H1
2025, while declining consumer confidence and prolonged
geo-political uncertainty dampened sales growth in H2
2025. The revenue development was further supported by
an increase in deliveries to 729 units, up from 603 in 2024.
The average sales price (ASP) was DKK 2.9 million compared
to DKK 2.8 million in 2024. Sales totalled 781 housing units,
up from 752 in 2024.
Semi-detached revenue amounted to DKK 642 million, an
59% increase from DKK 403 million in 2024 due to a contin-
ued sales increase which totalled 631 units against 559 units
in 2024 and revenue from work-in-progress. ASP was
DKK 1.5 million compared to DKK 1.4 million in 2024. Deliv-
eries came to 201 housing units, down from 224 units in the
comparison year.
Wooden houses delivered revenue growth of 8% to DKK 125
million from DKK 115 million in 2024 based on an increased
number of deliveries, which were up from 72 units to 101
houses. ASP was DKK 1.2 million compared to DKK 1.3 million
last year. Sales came to 97 housing units against 103 units in
2024.
Q4 2025 revenue totalled DKK 789 million, up 22% from
DKK 647 million in Q4 2024. Q4 2025 deliveries amounted
to 318 houses compared to 330 in the same period last year,
a development attributable to progress in Detached and
Wooden houses, offset by fewer units in Semi-detached.
Sales declined to 432 units from 533 in Q4 2024 driven by
all segments.
Detached Q4 2025 revenue amounted to DKK 573 million,
up 19% from 481 million in Q4 2024 for ASPs of DKK 2.9 and
2.8 million, respectively. Semi-detached generated revenue
of DKK 180 million, up 35% from 133 million in Q4 2024 with
ASPs of DKK 1.9 million and 1.2 million, respectively. Wooden
houses delivered revenue of DKK 37 million, up 12% from
33 million in Q4 2024, with ASPs of DKK 1.1 million and 1.3
million, respectively.
HusCompagniet Annual report 2025
27 / 141
Gross profit
2025 gross profit came to DKK 488 million for a margin of
16.5% compared to DKK 475 million and a margin of 20.7%
in 2024. The increase in gross profit was attributable to the
Detached and Wooden houses segments, while the negative
effect of challenges in three B2B projects and a few projects
in HC Elements had a negative impact on the development.
The challenged projects will also impact profitability in 2026
and first half of 2027.
In Detached, gross profit was DKK 411 million for a margin of
18.8% in 2025 against DKK 357 million and a margin of 20.1%
in 2024, impacted by provisions recognised for potential fu-
ture cases related to crumbling mortar joints. Semi-detached
delivered gross profit of DKK 23 million for a gross margin
of 3.6% compared to DKK 77 million and a margin of 19.1%
in 2024 due to the impacts mentioned above combined
with a changed product mix. The Wooden houses segment
generated gross profit of DKK 54 million for a margin of
43.2% compared to DKK 42 million and a margin of 36.1% in
2024, supported by reversal of provisions for two completed
projects in 2025.
Q4 2025 gross profit totalled DKK 118 million compared ot
DKK 124 million in the same period in 2024. The gross mar-
gin was 14.9% in Q4 2025 compared to 19.2% in Q4 2024,
impacted by developments in Semi-detached.
In Detached, Q4 2025 gross profit was stable at DKK 96 mil-
lion for a margin of 16.7% against DKK 96 million and a mar-
gin of 19.9% in Q4 2024. The margin decline was impacted
by the provisions related to the beforementioned potential
crumbling mortar joint cases. Semi-detached generated
gross profit of DKK 9 million for a margin of 4.8% compared
to DKK 15 million and a margin of 10.9% in Q4 2024 as a
consequence of the challenged projects mentioned before.
Wooden houses delivered gross profit of DKK 14 million for
a margin of 36.9%, against DKK 14 million and a margin of
41.5% in Q4 2024, impacted by lower ASP.
EBITDA
Progress in Detached and Wooden houses was offset by
the unsatisfactory Semi-detached performance leading to
an EBITDA within financial guidance of DKK 61 million for a
margin of 2.1% from DKK 104 million and a margin of 4.5%
in 2024. Staff costs and other external expenses (SG&A)
increased to DKK 426 million from DKK 372 million in 2024.
The development was mainly due to a balanced ramp-up of
the organisation to execute on the increased order backlog
and ensure flexibility for accommodation of demand for new
projects.
Detached EBITDA amounted to DKK 99 million and a margin
of 4.5%, up from DKK 77 million and a margin of 4.4% in
2024, supported by higher revenue while gross margin was
lower. In Semi-detached, EBITDA came to negative DKK
59 million for a margin of -9.1%, down from DKK 19 million
and a margin of 4.7% in 2024, impacted by the challenges
in certain projects and increased staff costs to deliver on a
higher order backlog. Wooden houses improved EBITDA to
DKK 21 million for a margin of 16.5% from DKK 7 million and a
margin of 6.3% in 2024, reflecting the provision reversal and
allocation of SG&A costs to Semi-detached for delivery of
elements produced in Sweden.
In Q4 2025, EBITDA totalled DKK 15 million for a margin of
1.8% compared to DKK 23 million and a margin of 3.5% in Q4
2024. In Detached, EBITDA amounted to DKK 18 million for a
margin of 3.1%, against DKK 19 million and a margin of 4.0%
in Q4 2024, impacted by the gross profit development and
higher staff costs. Semi-detached realised EBITDA of nega-
tive DKK 9 million and a margin of -5.0%, down from negative
DKK 2 million and a margin of -1.1% in the comparison period.
Wooden houses generated EBITDA of DKK 6 million for a
margin of 16.5% compared to DKK 5 million and a margin of
15.4% in 2024.
Amortisation and depreciation
Amortisation and depreciation amounted to DKK 46 million,
largely on a par with the DKK 48 million in 2024. Amor-
tisation mainly consists of development and IT projects,
whereas depreciation primarily refers to leasing contracts
and factory equipment. Amortisation came to DKK 10 mil-
lion compared to DKK 17 million in 2024 and depreciation
amounted to DKK 36 million against DKK 31 million in 2024.
EBIT
Reaching the lower end of financial guidance, EBIT amount-
ed to DKK 15 million, down from DKK 56 million in 2024. De-
tached EBIT came to DKK 70 million, up from DKK 42 million
in 2024. In Semi-detached, EBIT amounted to negative DKK
67 million against DKK 14 million last year. Wooden houses
delivered EBIT of DKK 12 million, up from DKK 1 million in
2024. The development in EBIT followed the development
in EBITDA.
Q4 2025 EBIT totalled DKK 1 million, down from DKK 12 mil-
lion in Q4 2024. In Detached, EBIT came to DKK 10 million,
compared to DKK 11 million in the same period last year. In
Semi-detached, EBIT amounted to negative DKK 12 million
against negative DKK 3 million in Q4 2024. Wooden houses
HusCompagniet Annual report 2025
28 / 141
realised EBIT of DKK 3 million against DKK 4 million in Q4
2024.
Net financials
Net financials were an expense of DKK 43 million against an
expense of DKK 47 million in 2024, driven by lower interest
expenses related to the tax case. See Note 6.1.
Profit before tax
The result before tax was a loss of DKK 28 million, down
from a profit of DKK 9 million in 2024.
Tax
Tax for 2025 amounted to positive DKK 1 million compared
to negative DKK 14 million in 2024. The effective tax rate
was 5% compared to 157% in 2024, when the effect from the
tax case was recognised. HusCompagniet is considering
further legal action and has therefore applied for deferral of
payment of the uncertain tax position. See Note 6.1.
Profit for the year
2025 net loss amounted to DKK 26 million compared to a
net loss of DKK 5 million in 2024 following the unsatisfactory
Semi-detached performance.
Cash flows
Operating activities
Net cash generated from operating activities amounted to
DKK 136 million against DKK 115 million in 2024 as changes
in working capital and lower corporate taxes paid out-
weighed the decline in EBITDA. Q4 2025 cash flow came to
DKK 138 million compared to an outflow of DKK 16 million in
Q4 2024, driven by decrease in net working capital from a
high number of deliveries at year-end.
Units 2025 2024
Sales 1,509 1,414
Detached 781 752
Semi detached 631 559
Wooden 97 103
Deliveries 1,031 899
Detached 729 603
Semi detached 201 224
Wooden 101 72
2025 2024
Order book value (DKKm) net 2,282 1,897
Detached 1,315 1,179
Semi detached 854 596
Wooden 113 122
Own land delivery share of deliveries 9.6% 7.4%
Detached 5.2% 7.5%
Semi detached 25.4% 7.1%
Investment activities
In 2025, net investments amounted to DKK 34 million
compared to DKK 11 million in 2024, due to investments in
development projects and premises. In Q4 2025, net invest-
ments came to DKK 10 million compared to DKK 5 million in
Q4 2024.
Free cash flow
Free cash flow came to DKK 102 million compared to DKK
105 million in 2024. Cash conversion was 166% (free cash
flow to EBITDA), up from 101% in 2024, mainly due to de-
creased EBITDA. Free cash flow for Q4 2025 was DKK 128
million against negative DKK 21 million in Q4 2024.
Financing activities
Financing activities amounted to an outflow of DKK 25
million largely on a par with the DKK 28 million in 2024. No
acquisition of treasury shares used for the RSU programme
was made in 2025, whereas the acquisition of treasury
shares amounted to DKK 6 million in 2024. Financing
activities in Q4 2025 amounted to DKK 8 million against an
outflow of DKK 6 million in Q4 2024.
Balance sheet
Financing
At end-2025, net interest-bearing debt was reduced to
DKK 197 million from DKK 271 million at end-2024. Due to
the EBITDA decline, the net interest-bearing debt to EBITDA
ratio was 3.2x at end-2025 against 2.6x at end-2024.
Equity
Equity increased to DKK 2,093 million in 2025 from DKK
2,082 million in 2024. Loss for the year was offset by other
movements in equity being share based payment and
changes in other comprehensive income.
Net working capital
Net working capital decreased to DKK 175 million at end-
2025 from DKK 256 million at end-2024. The development
mainly reflected the impact of a high number of deliveries at
year-end.
HusCompagniet Annual report 2025
29 / 141
Contract assets
Net contract assets came to DKK 344 million compared to
DKK 325 million last year. Excluding contract liabilities, con-
tract assets amounted to DKK 819 million compared to DKK
472 million in 2024, reflecting the improved order intake and
work in progress on Semi-detached projects.
Order backlog
At end-2025, the order backlog (net) stood at DKK 2,282 mil-
lion compared to DKK 1,897 million at end-2024. Deliveries
totalled 1,031 houses of which 9.6% were built on own land
compared to 899 units and 7.4% built on own land in 2024.
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.
HusCompagniet A/S
The loss for the year in the Parent company, HusCompagniet
A/S, amounted to DKK 52 million compared to a loss of DKK
69 million in 2024. Equity as of 31 December 2025 amounted
to DKK 774 million against DKK 818 million in 2024. The loss
was driven by financial expenses related to the borrowing of
DKK 498 million (2024: DKK 498 million).
Events after the balance sheet date
No material events not already included have occurred
between 31 December 2025 and the date of publication of
this annual report, that would have a material effect on the
assessment of the Group’s financial position.
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DKKm Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Statement of comprehensive income
Revenue 483 579 588 647 635 740 793 789
Gross profit* 113 120 119 124 124 136 110 118
Operating profit before depreciation and amortisation, EBITDA 21 28 32 23 16 23 7 15
Operating profit, EBIT 9 15 20 12 6 12 -4 1
Financial income net -10 -10 -8 -19 -6 -9 -8 -20
Profit before tax -1 5 12 -7 0 3 -12 -19
Profit/(loss) for the period 0 7 7 -19 0 8 -11 -23
Cash flows
Cash flow from operating activities -2 135 -2 -16 -9 -5 12 138
Cash flow from investing activities -1 -3 -2 -5 -5 -6 -11 -10
Cash flow from financing activities -6 -11 -5 -6 -6 -6 -6 -7
Total cash flows -9 121 -9 -27 -20 -17 -5 110
Balance sheet
Assets 3,269 3,461 3,490 3,368 3,480 3,653 3,696 3,901
Investments in property, plant and equipment -1 0 -1 -3 4 4 7 13
Net working capital 312 200 235 256 284 314 305 175
Net interest-bearing debt 360 236 245 271 287 304 309 197
Equity 2,084 2,093 2,105 2,082 2,101 2,111 2,106 2,093
Financial ratios
Revenue growth, current quarter compared to same quarter last year -26.4% -7.2% 3.0% 21.8% 31.4% 27.8% 34.8% 22.0%
Gross margin 23.3% 20.7% 20.2% 19.2% 19.5% 18.4% 13.9% 14.9%
EBITDA margin 4.4% 4.7% 5.5% 3.5% 2.6% 3.1% 0.9% 1.8%
EBIT margin 1.8% 2.7% 3.4% 1.8% 1.0% 1.6% -0.5% 0.2%
Sales and deliveries, units
Sales 272 368 241 533 356 345 376 432
Deliveries 167 215 187 330 195 199 319 318
*Gross profit has been restated for 2024 to include staff costs related to production employees. See Note 1.1 for a description of change in presentation.
Key figures and financial ratios by quarter (unaudited)
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33%
of board members were
women in 2025
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Board of Directors
Anja B. Eriksson
Vice Chairperson (Independent)
Member since: July 2020.
Term ends: AGM 2026.
Born: 1974
Gender: Female
Nationality: Danish
Board meeting participation: 10/10
Committee participation: Remuner-
ation & Nomination Committee 4/4
(Member of the Remuneration and
Nomination Committee until 8 Decem-
ber 2025)
Position:
Non-executive board member.
Education:
M.Sc. in Applied Economics and
Finance, B.Sc. International Business
from Copenhagen Business School,
Young Managers Programme and
Negotiation Dynamics from INSEAD
Business School and High-Perfor-
mance Boards programme at IMD
Other management positions:
Chair: M.J. Eriksson Holding A/S.
Board member: M.J Eriksson A/S,
LM I Pihl A/S, Veo Technologies A/S,
Bikubenfonden. Owner and director
F5 Invest ApS.
Competencies:
Experience from leading roles in the
financial and construction industries,
with a strong commercial focus, hav-
ing driven change processes, M&A
transactions, sales and HSSE.
Holdings*
33,326 (unchanged)
Stig Pastwa
Board member (Independent)
Chair of the Audit Committee.
Member of the Remuneration and
Nomination Committee
(from 8 December 2025)
Member since: April 2021.
Term ends: AGM 2026.
Born: 1967
Gender: Male
Nationality: Danish
Board meeting participation: 10/10
Committee participation: Audit
Committee 4/4, Remuneration and
Nomination Committee 1/1 (member
since 8 December 2025)
Position:
Professional board member, advisor
and investor
Education:
Graduate Diploma, HD (r) Business
Administration, Financial and Man-
agement Accounting from Copen-
hagen Business School. PED from
IMD Business School and ADP from
London Business School
Other management positions:
Member of Board of representatives:
Hedeselskabet. Chair: Nordomatic
AB. Board member: Innargi A/S, Nav-
igare Capital Partners A/S and KRAM
Fonden. Owner and director of SP
Holding 2015 ApS.
Competencies:
Commercial and managerial experi-
ence, including M&A, ESG and real
estate with a strong financial back-
ground as both CFO and CEO from
executive roles and non-executive
directorships in several large Danish
and international corporations and
institutions, both listed and private.
Holdings*
11,763 (changed from 8,540 on
22 August 2025)
Board of Directors
Claus V. Hemmingsen
Chairperson (Independent)
Member since: May 2020.
Term ends: AGM 2026.
Born: 1962
Gender: Male
Nationality: Danish
Board meeting participation: 9/10
Committee participation: Remuner-
ation & Nomination Committee 4/4
(Chair of the Remuneration and Nom-
ination Committee until 8 December
2025)
Position:
Non-executive board member
Education:
Management Programmes, London
Business School and Cornell Univer-
sity, Exec. MBA, IMD; International
Directors Programme, INSEAD
Other management positions:
Chair: DFDS A/S, Innargi A/S and
Rambøll Gruppen A/S. Board member:
Noble Corporation plc, A.P. Møller
Holding A/S, A.P. Møller og Hustru
Chastine Mc-Kinney Møllers Fond til al-
mene Formaal, Den A.P. Møllerske Støt-
tefond, Mærsk Mc-Kinney Møller Center
for Zero Carbon Shipping, Global
Maritime Forum Fonden, Det Forenede
Dampskibs-Selskabs Jubilæumsfond.
Owner and director of CVH Consulting
ApS. Member of the Danish Committee
for Good Corporate Governance.
Competencies:
Competencies and experience from
more than 8 years of chairmanships
in listed companies, executive experi-
ence particularly from large corpora-
tions within the international maritime
and offshore drilling industries,
incl. M&A, commercial and general
management, operational expertise,
strategic planning, HSSE & Sustaina-
bility, and regulatory affairs.
Holdings*
65,499 (unchanged)
*Indirect and direct
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Ylva Ekborn
Board member (Independent)
Member of the Audit Committee
Member since: July 2019.
Term ends: AGM 2026.
Born: 1975
Gender: Female
Nationality: Swedish
Board meeting participation: 9/10
Committee participation: Audit
Committee 4/4
Position:
CEO in PostNord Strålfors Group
including 21 Grams AB
Education:
Harvard Business School Advanced
Management Program. M.Sc. in Eco-
nomics and Business Administration,
Stockholm School of Economics
Other management positions:
Chair: 21 Grams AB, PostNord Strål-
fors Oy and PostNord Strålfors AS.
Competencies:
Experienced Nordic CEO with focus
on change leadership, operational
excellence, digital transformation, and
brand & communication.
Holdings*
20,247 (unchanged)
Michael Troensegaard Andersen
Board member (Independent)
Chair of the Remuneration and
Nomination Committee
(from 8 December 2025) and
member of Audit Committee
Member since: April 2023.
Term ends: AGM 2026.
Born: 1961
Gender: Male
Nationality: Danish
Board meeting participation: 10/10
Committee participation: Audit
Committee 4/4, Remuneration and
Nomination Committee 1/1 (Chair
since 8 December 2025)
Position:
Non-executive board member
Education:
MSc. Mechanical Engineering, DTU,
Ba. Comm (HD accounting), CBS
Other management positions:
Chair: Solar A/S, BE Shark Solutions
A/S
Competencies:
Executive experience from indus-
try-relevant listed companies (namely
H+H International A/S), as well as
competences and experience within
strategic, structural and organisa-
tional transformation, sustainability
and green transition, together with
in-depth knowledge of the Europe-
an building and building material
industry.
Holdings
19,500 (unchanged)
Ole Lund Andersen
Board member (Independent)
Member of Remuneration and
Nomination Committee
Member since: April 2023.
Term ends: AGM 2026.
Born: 1959
Gender: Male
Nationality: Danish
Board meeting participation: 10/10
Committee participation: Remunera-
tion & Nomination Committee 4/4
Position:
Non-executive board member
Education:
BSc. Production Engineering, Copen-
hagen Teknikum
Other managerial positions:
Board member: Lars Larsens JYSK
Fond, Actona Group A/S, Contino
Holding A/S, Contino Assets A/S and
Nissen Capital A/S
Competencies:
Executive experience from both
B2B and B2C with competences
within consumer-directed sales and
marketing as well as a strong back-
ground within design, production and
manufacturing, both nationally and
internationally
Holdings
33,898 (unchanged)
Board of Directors
*Indirect and direct
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Executive Management
Martin Ravn-Nielsen
Group CEO
Born: 1971
Gender: Male
Nationality: Danish
Year of first employment: 2009
In current position since: 2020
Education:
Diploma in Economics and Law from Finansforbundet (Copenhagen)
Previous experience:
MD NCC Enfamiliehuse
Head of sales Eurodan-huse
Various leadership positions within HusCompagniet.
Holdings*
294,117 (unchanged)
Allan Auning-Hansen
Group CFO
Born: 1977
Gender: Male
Nationality: Danish
Year of first employment: 2023
In current position since: 2023
Education:
Strategy Execution Program at INSEAD
State Authorized Public Accountant
M.Sc. in Business Economics and auditing
(cand. merc.aud.), Copenhagen Business School
B.Sc. in Economics and Business Administration
(HA-Almen), Copenhagen Business School
Other managerial positions:
Board member: Rosendahl Design Group A/S
Previous experience:
Group CEO, CEGO Group
Group CFO, Joe & the Juice
Group CFO, Danske Spil
Group Head of Finance, Qvartz (now Bain)
Audit Senior Manager, Deloitte
Holdings*
16,609 (unchanged)
Executive Management
*Indirect and direct
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Shareholder information
Share price
HusCompagniet A/S is listed on Nasdaq Copenhagen and
included in the Copenhagen small-cap index. The share
price was DKK 59.80 at the beginning of 2025 and closed at
DKK 37.10 at year end, a decrease of 37.96%. In comparison,
the Copenhagen small-cap index increased 6,33% over the
period.
Shareholder structure
HusCompagniet’s share capital is nominally DKK 108,550,000
divided into 21,710,000 shares, each with a nominal value of
DKK 5 and carrying five votes. On 31 December 2025, Hus-
Compagniet had more than 4,600 registered shareholders
collectively holding approx. 98% of the share capital. Approx.
10% of the registered shareholders were international share-
holders at the end of 2025.
On 6 March 2026. HusCompagniet had registered major
shareholder notifications from the following shareholders:
• Lind Value II ApS holding 20% or more of the share capi-
tal and of the voting rights
• Danske Bank A/S holding 10% or more of the voting rights
• PFA Asset Management holding 5% or more of the share
capital
• Investeringsforeningen Danske Invest holding 5% or
more of the share capital
• BI Asset Management Fondsmæglerselskab A/S holding
5% or more of the voting rights
HusCompagniet held 279,167 treasury shares at year-end,
corresponding to 1.29% of the share capital. The treasury
shares are held to cover commitments under the current
share-based incentive programme and we intend to acquire
additional treasury shares in 2026 for the same purpose.
Share-based incentive schemes
HusCompagniet’s long-term share-based incentive pro-
gramme consists of one programme based on restricted
share units (“RSUs”) and one programme based on share
options. Subject to vesting occurring, the RSUs entitle the
participant to be allocated a number of shares in the compa-
ny, equivalent to the number of vested RSUs, free of charge.
Subject to vesting occurring, the share options entitle the
participant to purchase a number of shares in the company,
equivalent to the number of vested share options, at a fixed
exercise price.
A total of 161,436 RSUs were issued on 21 March 2025, of
which 29,892 were granted to the Executive Management
and 131,544 were granted to other key employees. The fair
value of the RSU grant in the 2024 programme totalled DKK
8.3 million. In 2025, the fair value of the RSU grant was DKK
8.5 million. An expense of DKK 7.1 million was recognised
in the 2025 income statement in respect of the incentive
programme (2024: DKK 6.3 million).
A total of 173,189 share options were issued on 21 March, of
which 112,282 were granted to the Executive Management
and 60,904 were granted to other key employees. The fair
value of the share options granted in 2024 totalled DKK 2.3
million. In 2025, the fair value of the share options was DKK
2.4 million. An expense of DKK 1.4 million was recognised
in the 2025 income statement in respect of the incentive
programme (2024: DKK 0.6 million).
Capital structure and financing
The primary objective of HusCompagniet’s capital manage-
ment is to maintain a strong credit rating and healthy capital
ratios to support the business and maximise shareholder
value. The capital structure is managed and adjusted in
response to changes in economic conditions. To maintain
or adjust the capital structure, HusCompagniet may adjust
dividend payments to shareholders, acquire its own shares,
or issue new shares. The financial leverage at year-end 2025
was 3.2x net debt to EBITDA. In 2025, HusCompagniet en-
tered an agreement with its banks to increase the leverage
covenant for the Group’s existing and otherwise unchanged
facilities agreement. In the case of breach of financial cove-
nants, the banks may demand immediate repayment of the
full nominal amount.
Management continuously review the financing and capital
structure of HusCompagniet and based on this concludes
that there is an appropriate and justified basis for continuing
the current plans and operations of HusCompagniet.
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Jan
2025
Feb
2025
Mar
2025
Apr
2025
May
2025
Jun
2025
Jul
2025
Aug
2025
Sep
2025
Oct
2025
Nov
2025
Dec
2025
20
30
40
50
60
70
80
Capital return policy
The company’s dividend policy has an initial pay-out
targetratio of around 50% of the profit for the year through
a combination of dividend payment and share buyback.
The dividend policy is subject to change at the discretion
of the Board of Directors, and there can be no assurance
that the Group’s performance will facilitate adherence to the
dividend policy and that in any given year a dividend will be
proposed or declared.
No dividend is proposed to shareholders in 2026.
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.
Insiders and trading windows
Members of the Board of Directors and Executive Man-
agement are listed in the company’s register of permanent
insiders. These persons and their related parties are only
allowed to buy or sell shares in the company during the four
weeks immediately following the publication of the financial
results and only if they do not possess inside information.
The company may only buy or sell its own shares during the
four-week period immediately following publication of the
financial results if not in possession of inside information.
Communication with investors
To ensure that capital market participants, including current
and prospective shareholders, can make well-informed in-
vestment decisions, HusCompagniet hosts conference calls
with the Executive Management each quarter following the
release of the financial results. The Executive Management
also meets current and potential investors on a regular basis
at road shows, equity conferences and meetings.
Investor Relations contact:
ir@huscompagniet.dk
Analyst coverage
In 2025, the HusCompagniet share was covered by four
equity research providers, Carnegie, Danske Bank, Nordea
and SEB. The company is not normally available for dialogue
about financial matters in the three-week period leading up
to the publication of interim or annual financial results.
Financial calendar
Annual General Meeting: 16 April 2026
Trading statement for the period ending 31 March 2026: 1 May 2026
Interim report for the period ending 30 June 2026: 28 August 2026
Trading statement for the period ending 30 September 2026: 6 November 2026
HusCompagniet share information
No. of shares: 21,710,000
Listing: Nasdaq Copenhagen
Trading symbol: HUSCO
Index: Nasdaq Copen hagen small-cap
Share price 2025
HusCompagniet OMX Copenhagen Small Cap (indexed)
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of a house
2019 (to 2.4 kg CO
e per m
per year)
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Sustainability
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Upstream
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3.68
3.20
3.07
3.01
2.60
2.47
1.71
2.50
1.47
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9.3
LTIf Total
(Lost Time Injury frequency
– own employees and
subcontractors)
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74%
Satisfaction score in
employee survey
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Impact
and reports to the Board of Directors once a year.
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Top risks
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Top risks
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Consolidated financial statement
Income statement – consolidated
DKK’000 Note 2025 2024
Revenue 2.3 2,956,517 2,297,157
Cost of Sales 2.2 -2,468,705 -1,821,751
Gross profit 487,812 475,406
Staff cost 2.3, 2.4 -303,022 -265,551
Other external expenses -123,525 -107,379
Other operating income 88 1,151
Operating profit before depreciation and amortisation (EBITDA) 61,353 103,627
Depreciation and amortisation 4.1, 4.2 -45,896 -47,840
Operating profit (EBIT) 15,457 55,787
Financial income 5.5 1,418 2,184
Financial expenses 5.5 -44,469 -48,986
Profit / loss before tax -27,594 8,985
Tax for the year 6.1 1,358 -14,119
Profit / Loss for the year -26,236 -5,134
Profit / loss attributable to:
Equity owners of the Company -26,236 -5,134
DKK Note 2025 2024
Earnings per share:
Earnings per share (EPS Basic) 2.6 -1.2 -0.2
Diluted earnings per share (EPS-D) 2.6 -1.2 -0.2
Statement of other comprehensive income DKK’000 Note 2025 2024
Profit / loss for the year -26,236 -5,134
Other comprehensive income
Items that may be reclassified to the income statement
in subsequent periods
Foreign currency translation differences, subsidiary 28,634 -11,778
Other comprehensive income, net of tax 28,634 -11,778
Total comprehensive income for the year 2,398 -16,912
Total comprehensive income attributable to:
Equity owners of the Company 2,398 -16,912
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Balance sheet – consolidated
DKK’000 Note 2025 2024
Assets
Non-current assets
Goodwill 4.1 2,024,087 2,009,405
Intangible assets 4.1 26,426 22,376
Right-of-use assets 4.2 64,611 59,626
Property, plant and equipment 4.2 94,444 86,743
Deferred tax asset 6.1 17,731 15,366
Other receivables 3.3 16,165 15,540
Total non-current assets 2,243,464 2,209,056
Current assets
Inventories 3.1 290,799 234,340
Contract assets 3.2 819,036 471,735
Trade and other receivables 3.3 150,769 133,607
Prepayments 9,312 9,523
Income tax receivable 6.1 10,378 9,528
Cash and cash equivalents 377,507 300,590
Total current assets 1,657,801 1,159,323
Total assets 3,901,265 3,368,379
DKK’000 Note 2025 2024
Equity and liabilities
Equity
Share capital 5.1 108,550 108,550
Retained earnings and other reserves 1,984,136 1,973,212
Total equity 2,092,686 2,081,762
Liabilities
Non-current liabilities
Borrowings 5.3 505,380 505,634
Lease liabilities 5.4 41,856 42,283
Provisions 3.4 58,150 38,407
Deferred tax liability 6.1 8,419 9,336
Total non-current liabilities 613,805 595,660
Current liabilities
Borrowings 5.3 905 936
Lease liabilities 5.4 26,843 23,049
Trade payables 5.6 505,595 378,793
Contract liabilities 3.2 475,171 146,350
Provisions 3.4 32,498 34,887
Income tax payable 6.1 39,809 39,283
Other payables 3.7 113,953 67,659
Total current liabilities 1,194,774 690,957
Total liabilities 1,808,579 1,286,617
Total equity and liabilities 3,901,265 3,368,379
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Statement of cash flows – consolidated
DKK’000 Note 2025 2024
Cash flow from operating activities
EBITDA 61,353 103,627
Adjustments for non-cash items 6.2 40,603 31,007
Adjusted EBITDA 101,956 134,634
Changes in working capital 3.5 81,208 44,524
Cash flow from operating activities before financial items and taxes 183,164 179,158
Interest received 5.5 1,418 1,683
Interest portion of lease payments 5.5 -3,935 -3,850
Interest paid 5.5 -40,534 -44,928
Income tax paid 6.1 -4,307 -16,592
Net cash generated from operating activities 135,806 115,471
Cash flow from investing activities
Acquisition of assets recognised as property, plant and equipment 4.2 -19,857 -5,475
Sale of assets recognised as property, plant and equipment 181 395
Acquisition of assets recognised as intangible assets 4.1 -13,631 -5,813
Investment in financial assets, recognised as other receivables -625 0
Net cash generated from investing activities -33,932 -10,893
DKK’000 Note 2025 2024
Cash flow from financing activities
Repayment of mortgage 5.3 -961 -913
Repayment of lease liabilities 5.3 -24,336 -21,099
Acquisition of treasury shares 5.2 0 -5,888
Net cash generated from financing activities -25,297 -27,900
Total cash flows 76,577 76,678
Cash and cash equivalents at 1 January 300,590 223,454
Net foreign currency gains or losses 340 458
Cash and cash equivalents at 31 December 377,507 300,590
Cash and cash equivalents
Cash at bank 377,507 300,590
Cash and cash equivalents at 31 December 377,507 300,590
Free cash flow 101,874 104,578
.
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Statement of changes in equity – consolidated
DKK’000 Share capital
Foreign
currency
translation
reserve
Retained
earnings
Proposed
dividend Total
2025
Equity at 1 January 108,550 -20,179 1,993,391 0 2,081,762
Profit / loss for the year 0 0 -26,236 0 -26,236
Other comprehensive income:
Foreign currency translation differences 0 28,634 0 0 28,634
Total other comprehensive income 0 28,634 0 0 28,634
Transactions with owners of the Company and other equity transactions:
Share-based payment 0 0 8,526 0 8,526
Purchase of treasury shares 0 0 0 0 0
Total transactions with owners of the Company and other equity transactions 0 0 8,526 0 8,526
Equity at 31 December 108,550 8,455 1,975,681 0 2,092,686
Share capital: refer to note 5.1 for further information
Share-based payment: refer to note 2.5 for further information
Treasury shares: refer to note 5.2 for further information
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DKK’000 Share capital
Foreign
currency
translation
reserve
Retained
earnings
Proposed
dividend Total
2024
Equity at 1 January 108,550 -8,401 1,997,444 0 2,097,593
Profit / loss for the year 0 0 -5,134 0 -5,134
Other comprehensive income:
Foreign currency translation differences 0 -11,778 0 0 -11,778
Total other comprehensive income 0 -11,778 0 0 -11,778
Transactions with owners of the Company and other equity transactions:
Share-based payment 0 0 6,969 0 6,969
Purchase of treasury shares 0 0 -5,888 0 -5,888
Total transactions with owners of the Company and other equity transactions 0 0 1,081 0 1,081
Equity at 31 December 108,550 -20,179 1,993,391 0 2,081,762
Share capital: refer to note 5.1 for further information
Share-based payment: refer to note 2.5 for further information
Treasury shares: refer to note 5.2 for further information
Statement of changes in equity – consolidated
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Notes
1 Basis of preparation
Note 1.1 Material accounting policy information 84
Note 1.2 Introduction to significant estimates and judgements 86
Note 1.3 Climate-related risks 86
2 EBITDA
Note 2.1 Income statement by nature 87
Note 2.2 Cost of sales 88
Note 2.3 Segment information 88
Note 2.4 Costs including staff costs and remuneration 92
Note 2.5 Share-based payments 93
Note 2.6 Earnings per share 95
Note 2.7 Currency risk 96
Note 2.8 Accounting policies related to EBITDA notes 96
Note 2.9 Significant estimates and judgements to EBITDA notes 98
3 Working capital
Note 3.1 Inventories 99
Note 3.2 Contract assets and liabilities 100
Note 3.3 Trade and other receivables 101
Note 3.4 Provisions and other commitments 101
Note 3.5 Change in working capital 102
Note 3.6 Credit risk 103
Note 3.7 Other payables 103
Note 3.8 Accounting policies related to working capital notes 104
Note 3.9 Significant estimates and judgements to
working capital notes 104
4 Investments
Note 4.1 Goodwill and other intangible assets 106
Note 4.2 Property, plant and equipment and right-of-use assets 107
Note 4.3 Accounting policies related to investments notes 108
Note 4.4 Significant estimates and judgements to
investments notes 109
5 Funding and capital structure
Note 5.1 Share capital and dividends 111
Note 5.2 Treasury shares 112
Note 5.3 Net interest-bearing debt 112
Note 5.4 Lease liabilities 114
Note 5.5 Financial income and expenses 114
Note 5.6 Trade payables 114
Note 5.7 Financial risk management 115
Note 5.8 Accounting policies related to funding and
capital structure notes 116
6 Other disclosures
Note 6.1 Tax 117
Note 6.2 Adjustments for non-cash items 119
Note 6.3 Related parties 119
Note 6.4 Auditor’s fee 119
Note 6.5 Events after the balance sheet date 119
Note 6.6 List of Group companies 120
Note 6.7 Definitions and key figures 121
Note 6.8 Accounting policies related to Other disclosures 123
Note 6.9 Significant estimates and judgements to
investments notes 123
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1 Basis of preparation
Section 1
The following notes are presented
in Section 1:
Note 1.1 Material accounting policy information 84
Note 1.2 Introduction to significant estimates and judgements 86
Note 1.3 Climate-related risks 86
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Note 1.1 Material accounting policy information (continued)
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2 EBITDA
Section 2
EBITDA
This section provides information regarding the notes relating to the Group’s performance
measured by earnings before interest, taxes, depreciation and amortisation (EBITDA)
Notes 2.1–2.5 comprise items directly included in or affecting the determination of EBITDA,
such as operating income, cost of sales, segment information, staff costs and share-based
payments.
Notes 2.6–2.7 do not form part of the EBITDA calculation but are presented in this section
due to their relevance to performance reporting and related disclosures, including earnings
per share and currency risk.
Notes 2.8-2.9 concern accounting policies and significant estimates and judgements to
EBITDA notes.
The following notes are presented
in Section 2:
Note 2.1 Income statement by nature 87
Note 2.2 Cost of sales 88
Note 2.3 Segment information 88
Note 2.4 Costs including staff costs and remuneration 92
Note 2.5 Share-based payments 93
Note 2.6 Earnings per share 95
Note 2.7 Currency risk 96
Note 2.8 Accounting policies related to EBITDA notes 96
Note 2.9 Significant estimates and judgements to EBITDA notes 98
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Note 2.3 Segment information (continued)
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Note 2.3 Segment information (continued)
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Note 2.3 Segment information (continued)
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Note 2.5 Share-based payments (continued)
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Note 2.5 Share-based payments (continued) Note 2.6 Earnings per share
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Note 2.8 Accounting policies related to
EBITDA notes (continued)
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3 Working capital
Section 3
Working capital
This section provides information regarding the notes relating to the Group’s working capital.
Notes 3.1–3.5 and 3.7 comprise items directly included in or affecting the determination of
working capital, such as inventories, contract assets and liabilities, trade and other receivables,
provisions and change in working capital.
Notes 3.6 do not form part of the working capital calculation but is presented in this section due
to its relevance to working capital.
Notes 3.8–3.9 concern accounting policies and significant estimates and judgements related to
working capital notes.
The following notes are presented
in Section 3:
Note 3.1 Inventories 99
Note 3.2 Contract assets and liabilities 100
Note 3.3 Trade and other receivables 101
Note 3.4 Provisions and other commitments 101
Note 3.5 Change in working capital 102
Note 3.6 Credit risk 103
Note 3.7 Other payables 103
Note 3.8 Accounting policies related to working capital notes 104
Note 3.9 Significant estimates and judgements to
working capital notes 104
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Note 3.4 Provisions and other commitments (continued) Note 3.5 Change in working capital
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4 Investments
Section 4
Investments
This section provides information regarding the notes relating to the
Group’s investments in non-current assets.
Notes 4.1–4.2 comprise goodwill and other intangible assets and
property, plant and equipment and right-of-use assets.
Notes 4.3–4.4 concern accounting policies and significant estimates
and judgements to investments notes.
The following notes are presented
in Section 4:
Note 4.1 Goodwill and other intangible assets 106
Note 4.2 Property, plant and equipment and right-of-use assets 107
Note 4.3 Accounting policies related to investments notes 108
Note 4.4 Significant estimates and judgements to
investments notes 109
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Note 4.4 Significant estimates and judgements to
investments notes (continued)
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5 Funding and capital structure
Section 5
Funding and capital structure
This section provides information regarding the notes relating to the Group’s funding and
capital structure.
Notes 5.1–5.7 comprise notes related to the Group’s capital structure and funding, such as
share capital and dividends, treasury shares, net interest-bearing debt and lease liabilities.
Financial risk management (5.7) further discloses information regarding the Group's
exposure to liquidity and interest rate risk.
Note 5.8 concerns accounting policies related to funding and capital structure notes.
The following notes are presented
in Section 5:
Note 5.1 Share capital and dividends 111
Note 5.2 Treasury shares 112
Note 5.3 Net interest-bearing debt 112
Note 5.4 Lease liabilities 114
Note 5.5 Financial income and expenses 114
Note 5.6 Trade payables 114
Note 5.7 Financial risk management 115
Note 5.8 Accounting policies related to funding and
capital structure notes 116
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Note 5.3 Net interest-bearing debt (continued)
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Note 5.7 Financial risk management (continued) Note 5.8 Accounting policies related to funding
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6 Other disclosures
Section 6
Other disclosures
This section includes other disclosures required by IFRS or additional disclosures required
by the Danish Financial Statements Act.
The following notes are presented
in Section 6:
Note 6.1 Tax 117
Note 6.2 Adjustments for non-cash items 119
Note 6.3 Related parties 119
Note 6.4 Auditor’s fee 119
Note 6.5 Events after the balance sheet date 119
Note 6.6 List of Group companies 120
Note 6.7 Definitions and key figures 121
Note 6.8 Accounting policies related to Other disclosures 123
Note 6.9 Significant estimates and judgements to
investments notes 123
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Note 6.1 Tax (continued)
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Note 6.7 Definitions and key figures (continued)
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Parent Company financial statement
Income statement – parent
DKK’000 Note 2025 2024
Revenue 2 19,802 19,434
Staff costs 3 -18,676 -18,784
Other external expenses -3,332 -4,320
Operating profit/loss before depreciation and amortisation
(EBITDA) -2,206 -3,670
Depreciation and amortisation 0 0
Operating profit/(loss) (EBIT) -2,206 -3,670
Financial income 2 29
Financial expenses 4 -62,462 -81,774
Profit/loss before tax -64,666 -85,415
Tax on profit for the year 5 12,469 16,183
Profit/loss for the year -52,197 -69,232
Profit/loss attributable to:
Equity owners of the Company -52,197 -69,232
Statement of other comprehensive income DKK’000 Note 2025 2024
Profit/loss for the year -52,197 -69,232
Other comprehensive income
Items that may be reclassified to the income statement
in subsequent periods
Other comprehensive income, net of tax 0 0
Total comprehensive income for the year -52,197 -69,232
Total comprehensive income attributable to:
Equity owners of the Company -52,197 -69,232
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Balance sheet – parent
DKK’000 Note 2025 2024
Assets
Non-current assets
Investments in subsidiaries 6 2,317,057 2,317,057
Deferred tax asset 2,105 0
Total non-current assets 2,319,162 2,317,057
Current assets
Income tax receivable 10,364 16,106
Receivables from group companies 0 0
Prepayments 0 5
Total current assets 10,364 16,111
Total assets 2,329,526 2,333,168
DKK’000 Note 2025 2024
Equity and liabilities
Equity
Share capital 108,550 108,550
Retained earnings and other reserves 665,302 708,974
Total equity 773,852 817,524
Liabilities
Non-current liabilities
Borrowings 9 498,425 497,750
Total non-current liabilities 498,425 497,750
Current liabilities
Credit institutions 0 5,863
Trade and other payables 4,132 696
Payables to group companies 1,049,698 1,005,382
Other liabilities 3,419 5,953
Total current liabilities 1,057,249 1,017,894
Total liabilities 1,555,674 1,515,644
Total equity and liabilities 2,329,526 2,333,168
Reference to off-balance sheet notes: Other disclosures note 11.
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Statement of cash flows – parent
DKK’000 Note 2025 2024
Cash flow from operating activities
EBITDA -2,206 -3,670
Adjustments for non-cash items 8 8,525 6,969
Adjusted EBITDA 6,319 3,299
Changes in working capital 7 907 -4,093
Cash flow from operating activities before financial items and taxes 7,226 -794
Interest paid -62,460 -81,745
Income tax received 5 16,106 13,981
Net cash generated from operating activities -39,128 -68,558
Cash flow from financing activities
Change in intercompany balances 44,316 75,296
Repayment of long-term debt 0 0
Proceeds from loans -5,188 -850
Acqusition of treasury shares 0 -5,888
Net cash generated from financing activities 39,128 68,558
Total cash flows 0 0
Cash and cash equivalents at 1 January 0 0
Net foreign currency gains or losses 0 0
Cash and cash equivalents at 31 December 0 0
DKK’000 Note 2025 2024
Cash and cash equivalents
Cash at bank and on hand 0 0
Cash and cash equivalents at 31 December 0 0
Bank overdrafts 0 0
Net cash and cash equivalents at 31 December 0 0
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Statement of changes in equity – parent
DKK’000 Share capital
Retained
earnings
Proposed
dividend Total
2025
Equity at 1 January 108,550 708,974 0 817,524
Profit/loss for the year 0 -52,197 0 -52,197
Other comprehensive income:
Foreign currency translation differences, subsidiary 0 0 0
Total other comprehensive income 0 0 0
Transactions with owners of the Company and other equity transactions:
Value of share-based payment 0 8,526 0 8,526
Purchase of treasury shares 0 0 0 0
Total transactions with owners of the Company and other equity transactions 0 8,526 0 8,526
Equity at 31 December 108,550 665,303 0 773,853
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Statement of changes in equity – parent
DKK’000 Share capital
Retained
earnings
Proposed
dividend Total
2024
Equity at 1 January 108,550 777,125 0 885,675
Profit/loss for the year 0 -69,232 0 -69,232
Other comprehensive income:
Foreign currency translation differences, subsidiary 0 0 0 0
Total other comprehensive income 0 0 0 0
Transactions with owners of the Company and other equity transactions:
Value of share-based payment 0 6,969 0 6,969
Purchase of treasury shares 0 -5,888 0 -5,888
Total transactions with owners of the Company and other equity transactions 0 1,081 0 1,081
Equity at 31 December 108,550 708,974 0 817,524
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Parent Company financial statements
Notes
Note 1 Summary of significant accounting policies
Basis of preparation
The separate financial statements are prepared in
accordance with IFRS® Accounting Standards as
adopted by the EU and additional requirements of the
Danish Financial Statements Act for class D compa-
nies. The separate financial statements have been
prepared on a historical cost basis, except as noted in
the various accounting policies.
These separate financial statements are expressed
in DKK, as this is HusCompagniet’s functional and
presentation currency. All values are rounded to the
nearest DKK‘000.
The accounting policies of the Parent Company
are unchanged from last year and identical to the
accounting policies in the consolidated financial state-
ments, with the following exceptions.
Investments in subsidiaries
The Company’s investments in subsidiaries are ac-
counted for using the cost method.
Under the cost method, the investments in subsidi-
aries are recognised and measured at cost. Goodwill
relating to the subsidiary is included in the carrying
amount of the investment and is not tested for impair-
ment individually, but on a Group level.
Dividend is recognised as income when the right to
receive payment is established.
The financial statements of the subsidiaries are
prepared for the same reporting period as that of the
Company. When necessary, adjustments are made to
bring the accounting policies in line with those of the
Company.
After application of the cost method, the Company
determines whether it is necessary to recognise an
impairment loss on its investment in its subsidiaries.
At each reporting date, the Company determines
whether there is an impairment indicator. If there is
such evidence, the Company calculates the amount of
impairment as the difference between the recovera-
ble amount of the subsidiary and its carrying amount,
and then recognises the loss in the income statement.
Significant judgement and estimates
Reference is made to the consolidated financial state-
ments on page 86.
In this section
Note 1 Summary of significant accounting policies 130
Note 2 Revenue 131
Note 3 Staff costs and remuneration 131
Note 4 Financial expenses 132
Note 5 Income taxes 133
Note 6 Investments in subsidiaries 133
Note 7 Changes in working capital 133
Note 8 Adjustments for non-cash items 134
Note 9 Borrowings 134
Note 10 Auditor's fee 134
Note 11 Other disclosures 134
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Note 3 Staff costs and remuneration
DKK’000 2025 2024
Staff costs
Wages and salaries 18,146 19,778
Other social security costs 21 25
Share-based remuneration 3,157 2,412
Movement in bonus provision -2,648 -3,431
Total 18,676 18,784
Average number of full-time employees 3 4
Number of full-time employees at year end 3 4
DKK’000 2025 2024
Remuneration of Board of Directors
Base salary and non-monetary benefits 3,350 3,350
Total remuneration 3,350 3,350
Remuneration of Executive Management
Base salary and non-monetary benefits 8,173 7,712
Bonus 1,919 3,083
Share-based remuneration 2,334 1,581
Total remuneration 12,426 12,376
Other key management personnel
Base salary and non-monetary benefits 2,775 2,709
Bonus 559 954
Share-based remuneration 713 418
Total remuneration 4,047 4,081
Note 2 Revenue
The Company engaged in the below related party transactions:
DKK’000 2025 2024
Sales of services (Management fee and allocated income) from subsidiaries 19,802 19,434
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Note 3 Staff costs and remuneration (continued) Note 4 Financial expenses
DKK’000 2025 2024
Interest paid to banks* 22,506 30,081
Intra-group interest expenses* 36,238 49,033
Exchange rate losses 2 -1
Other financial expenses 3,716 2,661
Total financial expenses 62,462 81,774
*Interest income and expenses from financial assets and financial liabilities measured at amortised cost.
DKK’000 2025 2024
Remuneration of the Executive Management
Martin Ravn-Nielsen (CEO from May 2020):
Salary 5,122 4,822
Bonus 1,212 2,106
Share-based remuneration 1,684 1,309
Total 8,018 8,237
Allan Auning-Hansen (CFO from November 2023):
Salary 3,051 2,890
Bonus 707 977
Share-based remuneration 650 272
Total 4,408 4,139
Part of the management remuneration is partly paid by group companies.
The long-term incentive programme is described in note 2.5 to the consolidated financial statements.
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Note 5 Income taxes
DKK’000 2025 2024
Current tax
Income tax current year -10,367 -16,106
Deferred tax movement current year -2,105 0
Adjustment to income tax prior years 3 -77
Income taxes in the income statement -12,469 -16,183
Profit before tax -64,666 -85,415
Tax rate, Denmark 22.00% 22.00%
Calculated tax at the applicable rate -14,226 -18,791
Expenses not deductible for tax purposes 1,754 2,685
Adjustments related to prior years 3 -77
Tax expense for the year -12,469 -16,183
Effective tax rate, % 19.28% 18.95%
Deferred tax asset
Deferred tax asset at 1 January 0 0
Recognised in profit or loss 2,105 0
Deferred tax asset at 31 December 2,105 0
Income tax receivable
Income tax receviable at 1 January 16,106 13,903
Current tax 10,367 16,183
Income tax received during the year -16,106 -13,903
Adjustment related to prior year -3 -77
Income tax receivable at 31 December 10,364 16,106
Note 6 Investments in subsidiaries
Investments in subsidiaries DKK’000 2025 2024
Cost at 1 January 2,317,057 2,317,057
Additions 0 0
Cost at 31 December 2,317,057 2,317,057
Impairment at 1 January 0 0
Impairment 0 0
Impairment at 31 December 0 0
Net book value 2,317,057 2,317,057
Reference is made to note 6.6 to the consolidated financial statements for an overview of subsidiaries.
Note 7 Changes in working capital
DKK’000 2025 2024
Increase / decrease in trade and other payables 907 -4,093
Total 907 -4,093
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Note 8 Adjustments for non-cash items
DKK’000 2025 2024
Non-cash financial items 8,525 6,969
Other non-cash items 8,525 6,969
Note 9 Borrowings
DKK’000 2025 2024
Interest-bearing borrowings, 1 January 497,750 497,075
Additions 0 0
Other (amortised cost, etc.) 675 675
Repayments 498,425 497,750
Investments in subsidiaries have been provided as security for the Group's balances with Nordea and Danske
Bank, covering all bank borrowings.
Note 10 Auditor's fee
Fees to auditors DKK’000 2025 2024
Audit services 678 665
Other assurance engagements* 21 21
Tax advisory services 0 170
Other non-audit services* 79 205
Total fees to auditors appointed at the Annual General Meeting 778 1,061
* The fee for non-audit services and assurance engagements provided by EY Godkendt Revisionspartnerselskab to the Group amounts to
DKK 0.1 million (2024: DKK 0.4 million) and consists of other assurance engagements, advisory services, tax assistance and tax services,
sundry accounting advisory. services.
Note 11 Other disclosures
For the following disclosures, reference is made to the consolidated financial statements:
• Provisions and other commitments (note 3.4)
• Share capital and dividends (note 5.1)
• Related parties (note 6.3)
• Events after the balance sheet date (note 6.5)
• Receivables and payables from group companies at 31 December 2025 stated in the balance sheet relate
primarily to tax payments in the joint taxation and cash pool. Balances are interdependent and settled on an
ongoing basis. No write-downs have been made on balances in 2025 or 2024.
There are no losses on group receivables, so an expected credit loss is considered to be very limited.
The Parent has provided collateral for bank loans amounting to DKK 750 million, comprising a bank loan of DKK
500 million and a DKK 250 million revolving credit facility (RCF) (2024: DKK 750 million).
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Statement by Management
Statement by Management
Executive Management:
Board of Directors:
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Independent auditor's report
Independent auditor's report
Report on the audit of the
Consolidated Financial
Statements and Parent Company
Financial Statements
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• Identify and assess the risks of material misstatement of
• Obtain an understanding of internal control relevant to
• Evaluate the appropriateness of accounting policies used
• Conclude on the appropriateness of Management's use
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CVR no. 30 70 02 28
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