HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 1
28 August 2026
Company Announcement 11/2026
HusCompagniet executed on strategic priorities in H1 2026
and maintains full-year guidance
Interim financial report for the period 1 January – 30 June 2026
HusCompagniet grew revenue by 20% to DKK 1,645 million in H1 2026 with positive contributions from all
segments while making good progress on the strategic efforts to recalibrate the Semi-detached business.
This includes the divestment of the prefabrication factory in April, a full reorganisation of the Semi-detached
business unit including the addition of experienced leadership resources and strong project management
competencies. Furthermore, the three challenged B2B projects progressed as planned with one project
delivered early Q3 and the other two still scheduled for delivery in the first half of 2027 as previously
communicated.
The H1 2026 revenue traction was based on continued execution on the order backlog generated in previous
quarters combined with more deliveries in the Semi-detached business. The gross margin was lower as
expected and came to 15.5% against 18.9% in the same period last year. Performance and profitability in
the Semi-detached segment improved in line with the ongoing recalibration of the business unit. The
Detached business improved revenue while earnings were impacted by effects from measures taken during
the unusually cold winter period. The underlying performance in the Wooden houses segment was stable.
The divestment of the prefabrication factory entails a preliminary DKK 71 million accounting loss from
divestment of subsidiaries recognised in Q2 2026. EBITDA before accounting loss from divestment of
subsidiaries thus came to DKK 30 million for a margin of 1.8% in H1 2026 against DKK 39 million and 2.9%
in H1 2025. EBIT before accounting loss from divestment of subsidiaries was DKK 6 million against DKK 18
million in the comparison period.
Group CEO of HusCompagniet, Martin Ravn-Nielsen says: “We were pleased to grow revenue as planned,
whereas earnings were impacted by continued timing effects due to the cold winter season. Fluctuations in
consumer sentiment are impacting our Detached business, and we continue to navigate the market conditions
to leverage the opportunities that arise.”
H1 2026 sales decreased 28% to 507 houses (units) across segments against 701 units in H1 2025. The
comparison period was positively impacted by two larger Semi-detached business orders and strong
Detached sales after a temporary increase in consumer confidence. Deliveries increased by 5% to 414
houses (units) in H1 2026 supported by completion of a Semi-detached project. At end-June 2026, the order
backlog remained significant and came to DKK 1.8 billion, down from DKK 2.1 billion at the same time in
2025 driven by lower sales in the Detached business.
“We executed on the strategic recalibration of our Semi-detached business and divested our prefabrication
factory in Q2 2026 to sharpen our asset-light profile and return to the core activities. We are focused on
delivering improved performance and profitability ahead of growth, and we have re-shaped our organisational
setup in the Semi-detached business with an emphasis on strong project management competencies to
support this ambition,” says Martin Ravn-Nielsen.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 2
S
elected key highlights Q2 and H1 2026
DKKm
Q2 2026
Q2 2025
Change
Q2/Q2
H1 2026
H1 2025
Change
H1/H1
Houses sold (units)
309
345
-10%
507
701
-28%
Houses delivered (units)
232
199
17%
414
394
5%
Order backlog, net
1,843
2,069
-11%
1,843
2,069
-11%
Income statement
Revenue
855
740
16%
1,645
1,375
20%
Gross profit
125
136
-8%
255
260
-2%
EBITDA before loss from divestment of subsidiaries
12
23
-46%
30
39
-24%
EBIT before loss from divestment of subsidiaries
1
12
-93%
6
18
-66%
EBIT
-70
12
n.a.
-64
18
n.a.
Balance sheet
Contract assets, net
478
457
21
478
457
21
Inventories
243
296
-53
243
296
-53
Net interest-bearing debt, NIBD
283
304
-21
283
304
-21
Financial ratios
Gross margin
14.6%
18.4%
-3.8ppt.
15.5%
18.9%
-3.4ppt.
EBITDA margin before loss from divestment of subsidiaries
1.4%
3.1%
-1.7ppt.
1.8%
2.9%
-1.1ppt.
EBIT margin before loss from divestment of subsidiaries
0.1%
1.6%
-1.5ppt.
0.4%
1.3%
-0.9ppt.
EBIT margin
-8.2%
1.6%
-9.8ppt.
-3.9%
1.3%
-5.2ppt.
NIBD/LTM EBITDA
5.4x
3.2x
2.2x
5.4x
3.2x
2.2x
Free cash flow
36
-12
48
-61
-26
-35
Available cash incl. revolving credit facility
528
513
15
528
513
15
FTE end of period
371
466
-95
-95
Highlights
• Sales decreased across segments and totalled 507 houses (units) in H1 2026 against 701 in the
comparison period. Detached sales came to 378 units compared with 431 houses in H1 2025, which
was positively affected by temporary momentum in consumer sentiment. 83 units were sold in the
Semi-detached segment compared to 213 in H1 2025 where two larger orders were registered. In the
Wooden houses segment, sales came to 46 houses against 57 units in H1 2025.
• Revenue grew by 20% to DKK 1,645 million driven by all segments following good execution on the
order backlog combined with higher average sales prices in the Detached segment and more deliveries
in the Semi-detached business. A total of 414 houses (units) were delivered in H1 2026, against 394
in the comparison period. As expected, timing of deliveries, particularly in the Detached business,
remained impacted by the effects of the unusually cold winter season 2025/26.
• H1 2026 gross profit decreased by 2% to DKK 255 million for a margin of 15.5% compared to DKK
260 million and a margin of 18.9% in H1 2025. Improved performance in the Semi-detached business
did not fully compensate for a decline in the Detached and Wooden houses businesses, mainly due to
lower sales and effects from the cold winter.
• The divestment of HusCompagniet’s prefabrication factory in April 2026 entails a preliminary
accounting loss of DKK 71 million recognised as loss from divestment of subsidiaries in H1 2026.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 3
• H1 2026 EBITDA before loss from divestment of subsidiaries amounted to DKK 30 million for a margin
of 1.8% against DKK 39 million and 2.9% in H1 2025 mainly due to the lower overall gross profit.
• H1 2026 EBIT before loss from divestment of subsidiaries came to DKK 6 million against DKK 18 million
in the comparison period. EBIT was negative by DKK 64 million in H1 2026 due to the effects of the
prefabrication factory divestment.
• At end-Q2 2026, the order backlog (net) declined 11% to DKK 1,843 million from end-Q2 2025.
• 30 June 2026, net debt was DKK 283 million for a leverage ratio (NIBD/LTM EBITDA) of 5.4x,
compared to DKK 304 million and 3.2x at end-Q2 2025. The decline in net debt was mainly due to the
divestment of the prefabrication factory, which offset changes in working capital due to delayed
deliveries in the Detached business following the cold winter.
• In H1 2026, free cash flow came to negative DKK 61 million against negative DKK 26 million in the
same period last year. Working capital was negatively impacted by delayed Detached deliveries
following the cold winter, while adjustment for non-cash items related to provisions recognised and
the divestment of the prefabrication factory had a positive impact.
Outlook for 2026
Based on H1 2026 financial performance and expectations for the remainder of 2026, guidance is maintained:
• Revenue is expected to be DKK 3.0-3.3 billion
• EBITDA before loss from divestment of subsidiaries is expected to be DKK 70-130 million
• Operating profit (EBIT) before loss from divestment of subsidiaries is expected to be DKK 15-75 million
Guidance for 2026 is based on expected deliveries of 1,000-1,300 houses and supported by the significant
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 the challenged B2B projects
affecting profitability until the first half of 2027 have an unfavourable impact on earnings expectations for
2026. The guidance assumes no severe deterioration of the geopolitical tension in the Middle East causing
disruption of supply chains or significantly increased raw material prices from Q2 2026 levels.
Webcast and conference call
HusCompagniet will host a conference call for investors and analysts today, 28 August 2026, at 10:00 (CEST).
The conference call and presentation will be available from HusCompagniet’s investor website.
Participant dial-in:
Denmark: +45-78 76 84 90
France: +33-1 81 22 12 59
Germany: +49 30 21789327
Sweden: +46 31-311 50 03
United Kingdom: +44 20 3769 6819
United States: +1 646 787 0157
PIN: 649396
Webcast link:
https://huscompagniet-events.eventcdn.net/events/interim-report-for-the-�irst-six-months-of-2026
For additional information, please contact:
Allan Auning-Hansen, Group CFO +45 30 10 25 00
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 4
Consolidated key figures
DKKm
Q2 2026
Q2 2025
H1 2026
H1 2025
2025
Income statement
Revenue
855
740
1,645
1,375
2,957
Gross profit
125
136
255
260
488
EBITDA before loss from divestment of subsidiaries
12
23
30
39
61
EBIT before loss from divestment of subsidiaries
1
12
6
18
15
EBIT
-70
12
-64
18
0
Financial, net
-9
-9
-18
-15
-43
Profit for the period
-77
8
-79
8
-26
Balance sheet
Total assets
4,224
3,653
4,224
3,653
3,901
Contract assets, net
478
457
478
457
344
Net working capital
263
314
263
314
175
Net interest-bearing debt (NIBD)
283
304
283
304
197
Equity
2,008
2,111
2,008
2,111
2,093
Cash flow
Cash flow from operating activities
10
-5
-75
-15
136
Cash flow from investing activities
26
-6
14
-11
-34
– Hereof from investment in property, plant and equipment
-5
-4
-13
-8
-20
Cash flow from financing activities
-32
-6
-39
-12
-25
Free cash flow
36
-12
-61
-26
102
Financial ratios
Revenue growth
15.5%
27.8%
19.7%
29.4%
28.7%
Gross margin
14.6%
18.4%
15.5%
18.9%
16.5%
EBITDA margin before loss from divestment of subsidiaries
1.4%
3.1%
1.8%
2.9%
2.1%
EBIT margin before loss from divestment of subsidiaries
0.1%
1.6%
0.4%
1.3%
0.5%
EBIT margin
-8.2%
1.6%
-3.9%
1.3%
0.5%
ROIC
0.1%
2.0%
0.1%
2.0%
0.6%
ROIC (Adjusted for goodwill)
0.2%
11.2%
0.2%
11.2%
3.8%
NIBD/LTM EBITDA
5.4
3.2
5.4
3.2
3.2
Equity ratio
48%
58%
48%
58%
53%
Share ratios
Earnings Per Share (EPS Basic), DKK
-3.6
0.4
-3.7
0.4
-1.2
Diluted earnings per share (EPS-D) DKK
-3.5
0.4
-3.6
0.4
-1.2
Dividend per share, DKK paid
0
0
0
0
0
Share price end of period
33.0
46.2
33.0
46.2
37.1
Market value (DKKbn)
0.7
1.0
0.7
1.0
0.8
The financial ratios have been computed in accordance with the definitions in note 6.7. in the Annual Report 2025.
Use of alternative performance measures:
Throughout the report HusCompagniet presents financial measures, which are not defined according to IFRS. Additional information is included in note 6.7.
in the Annual Report 2025.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 5
Business Update
The activity level in H1 2026 was impacted by the unusually cold winter period in Denmark combined with the market
impacts of global political and macroeconomic developments following prolonged instability in the Middle East.
HusCompagniet secured largely stable material prices, and economic indicators for the Danish market remained strong,
but consumer confidence was volatile in H1 2026.
After dampened sales in the Detached business in the first two months of 2026, a positive trend followed in March and
April with higher lead generation and sales, returning to a slower development at the end of the reporting period.
HusCompagniet monitors developments closely and is prepared to take the necessary commercial steps to mitigate
negative impacts. During the first half of the year, HusCompagniet further improved the customer experience for private
housebuilders with continued strengthening of its offering and new showrooms to leverage opportunities in the market.
HusCompagniet executed on the strategic recalibration of the Semi-detached business’ market approach aiming to
improve performance and regain profitability. Focus has been sharpened on own projects and engaging in carefully
selected low-complexity projects with clearly defined risk profiles and execution frameworks. The approach prioritises
profitability ahead of growth, which is expected to entail fewer contract signings in the segment in the coming period.
In Sweden, market conditions remained stable with a higher number of leads compared to the same period last year. On
1 April 2026, new mortgage regulations came into effect, including a higher maximum loan-to-value ratio and the
removal of the additional amortisation requirement, which are expected to support activity in the housing market and
have a positive effect on the Swedish new build market.
In H1 2026, HusCompagniet sold 507 housing units against 701 in H1 2025, and increased deliveries to 414 units from
394 in H1 2025.
Customer satisfaction
HusCompagniet’s position as the best rated housing construction company among Danish customers on Trustpilot was
unchanged with a satisfaction score of 4.7 out of 5.0 based on approx. 7.700 reviews. The position was maintained in a
period where the company was subject to critical media coverage related mainly to subcontractor activities and working
conditions. The construction industry is characterised by risk of unsatisfactory business activities and working conditions.
As the leading Nordic family housebuilder, HusCompagniet is committed to contributing to the development of
strengthened subcontractor transparency in collaboration with relevant parties.
Financial review
Revenue
Q2 2026 revenue amounted to DKK 855 million, a 16% increase from DKK 740 million in Q2 2025, following execution
on the solid backlog generated in previous quarters, higher average sales prices in the Detached business and more
deliveries in the Semi-detached business. Deliveries increased to 232 units against 199 in Q2 2025 driven by the Semi-
detached segment. Timing of deliveries particularly in the Detached business remained impacted by the effects of the
unusually cold winter season.
H1 2026 revenue increased to DKK 1,645 million from DKK 1,375 million in the comparison period. Deliveries totalled
414 units, up from 394.
Gross margin
Gross profit came to DKK 125 million for a margin of 14.6% in Q2 2026, compared to DKK 136 million and 18.4% in Q2
2025. The development reflected the positive development in Semi-detached, which did not fully compensate for the
impact of the unusually cold winter on the Detached business and a slight decline in Wooden houses.
H1 2026 gross margin was 15.5% against 18.9% in the comparison period.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 6
EBITDA before loss from divestment of subsidiaries
EBITDA before loss from divestment of subsidiaries amounted to DKK 12 million in Q2 2026 for a margin of 1.4% against
DKK 23 million and 3.1% in Q2 2025, reflecting lower gross profit and higher revenue.
EBITDA before loss from divestment of subsidiaries was DKK 30 million in H1 2026 compared to DKK 39 million in H1
2025.
Amortisation and depreciation
In Q2 2026, amortisation and depreciation amounted to DKK 11 million, on a par with Q2 2025. The amount came to
DKK 24 million in H1 2026, up from DKK 21 million in the same period last year.
Amortisation mainly consists of development projects, whereas depreciation primarily refers to leasing contracts,
equipment and IT projects.
EBIT before loss from divestment of subsidiaries
Q2 2026 EBIT before loss from divestment of subsidiaries was DKK 1 million compared to DKK 12 million in Q2 2025. In
H1 2026, the amount came to DKK 6 million against DKK 18 million in H1 2025.
EBIT
Following the recognition of the effects of the divestment of the prefabrication factory, EBIT amounted to negative DKK
70 million in Q2 2026 compared to DKK 12 million in Q2 2025. H1 2026 EBIT was negative DKK 64 million against DKK
18 million in the comparison period.
Net financials
Q2 2026 net financials were an expense of DKK 9 million, on a par with Q2 2025. In H1 2026, net financials came to an
expense of DKK 18 million, up from an expense of DKK 15 million in the comparison period. The change was driven by
recognition of an additional interest expense of DKK 2 million related to the previously mentioned tax case, see note 9
Profit for the period before tax
In Q2 2026, the loss for the period came to 79 million compared to a profit of DKK 3 million in Q2 2025. The
development was mainly due to the divestment of the prefabrication plant in April 2026.
In H1 2026, the loss for the period was DKK 82 million, down from a profit of DKK 3 million in H1 2025.
Taxation
Q2 2026 tax came to DKK 2 million compared to DKK 5 million in Q2 2025.
H1 2026 tax amounted to DKK 3 million against DKK 5 million in the comparison period.
Cash flow
Operating activities
In Q2 2026, operating activities generated a cash inflow of DKK 10 million against an outflow of DKK 5 million in Q2
2025, mainly due to changes in working capital.
In H1 2026, operating activities generated an outflow of DKK 75 million compared to an outflow of DKK 15 million in the
comparison period, driven by changes in working capital and adjustment for non-cash items.
Investing activities
In Q2 2026, investing activities generated a cash inflow of DKK 26 million. DKK 35 million related to the divestment of
the prefabrication factory, whereas negative DKK 9 million related to investment in property, plant and equipment as
well as intangible assets. In Q2 2025, cash outflow amounted to DKK 6 million.
In H1 2026, cash inflow came to DKK 14 million, compared to an outflow of DKK 11 million in H1 2025.
Financing activities
Cash outflow to financing activities was DKK 32 million in Q2 2026 against an outflow of DKK 6 million in Q2 2025.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 7
In H1 2026, cash outflow was DKK 39 million, primarily impacted by repayment of cash pool-related facilities related to
the divestment of the prefabrication plant. The comparison period generated an outflow of DKK 12 million.
Free cash flow
Q2 2026 free cash inflow was DKK 36 million against a cash outflow of DKK 12 million in Q2 2025 due to changes in
working capital, adjustment for non-cash items related to provisions recognised and the prefabrication factory
divestment.
In H1 2026, free cash flow was negative DKK 61 million down from negative DKK 26 million in H1 2025.
Balance sheet
Financing
At 30 June 2026, net interest-bearing debt (NIBD) was DKK 283 million, down from DKK 304 million at 30 June 2025
due to the effects of the divestment of the prefabrication factory, which offset changes in working capital due to delayed
deliveries in the Detached business following the cold winter. The financial leverage was 5.4x LTM EBITDA compared to
3.2x at year-end 2025.
Equity
In H1 2026, equity amounted to DKK 2,008 million, down from DKK 2,111 million in H1 2025, primarily due to the loss
for the period.
Net working capital
At 30 June 2026, net working capital was DKK 263 million, down from DKK 314 million at end-June 2025. The decline
was primarily driven by an increase in the balance of trade creditors and reduced inventories.
Contract assets
At 30 June 2026, net contract assets came to DKK 478 million against DKK 457 million at end-H1 2025 driven by the
project timing effects due to the unusually cold winter season.
Dividend/share buy back
HusCompagniet expects to return to paying dividends or exercising share buy backs once the leverage is back below the
long-term target of 2x net debt to EBITDA.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 8
Segments
The Detached segment comprised 70% of total revenue in H1 2026, Semi-detached generated 26%, and Wooden
houses the remaining 4%. In H1 2025, the revenue split was 75%, 21% and 4%, respectively.
Q2 2026 segmental development
Denmark
Sweden
Group
Detached
Semi-detached
Wooden
Total segments
DKKm
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Q2 2026
Q2 2025
Houses sold (units)
203
228
77
93
29
24
309
345
Houses delivered (units)
164
170
40
0
28
29
232
199
Houses delivered on own land (%)
0.6%
5.3%
n.a.
n.a.
n.a.
n.a.
0.6%
5.3%
Average selling price (ASP)
3.1
2.8
1.6
n.a.
1.3
1.3
n.a.
n.a.
Order backlog, net
1,175
1,439
566
515
102
115
1,843
2,069
Income statement
Revenue
569
542
248
161
38
37
855
740
Gross profit
92
108
19
9
14
19
125
136
EBITDA
7
27
0
-13
5
9
12
23
EBIT
-2
20
0
-15
3
7
1
12
Financial ratios
Revenue growth
5%
18%
54%
77%
3%
36%
16%
28%
Gross margin
16.1%
20%
7.7%
5.8%
37.1%
50.0%
14.6%
18.4%
EBITDA margin
1.2%
5.1%
0.1%
-8.1%
12.4%
23.0%
1.4%
3.1%
EBIT margin
-0.4%
3.7%
0.1%
-9.3%
6.7%
18.1%
0.1%
1.6%
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 9
H1 2026 segmental development
Denmark
Sweden
Group
Detached
Semi-detached
Wooden
Total segments
DKKm
H1 2026
H1 2025
H1 2026
H1 2025
H1 2026
H1 2025
H1 2026
H1 2025
Houses sold (units)
378
431
83
213
46
57
507
701
Houses delivered (units)
317
320
50
29
47
45
414
394
Houses delivered on own land (%)
1.3%
6.6%
n.a.
6.9%
n.a.
n.a.
1.1%
6.6%
Average selling price (ASP)
3.0
2.8
1.6
1.6
1.3
1.3
n.a.
n.a.
Order backlog, net
1,175
1,439
566
515
102
115
1,843
2,069
Income statement
Revenue
1,143
1,025
433
291
69
59
1,645
1,375
Gross profit
189
203
39
28
27
29
255
260
EBITDA
23
44
-1
-16
8
11
30
39
EBIT
5
29
-3
-19
4
8
6
18
Financial ratios
Revenue growth
11%
25%
49%
52%
17%
10%
20%
29%
Gross margin
16.5%
19.8%
9.1%
9.7%
38.4%
49.2%
15.5%
18.9%
EBITDA margin
2.0%
4.3%
-0.2%
-5.5%
12.1%
19.4%
1.8%
2.9%
EBIT margin
0.4%
2.9%
-0.6%
-6.6%
5.8%
13.7%
0.4%
1.3%
Detached houses
Revenue increased to DKK 569 million in Q2 2026 from DKK 542 million in the comparison period, and the average
selling price (ASP) increased to DKK 3.1 million from DKK 2.8 million in Q2 2025 due to increased pricing and customer
demand for larger houses compared to last year. Deliveries came to 164 units compared to 170 in Q2 2025 and
remained impacted by the effects of the unusually cold winter. The ratio of own land deliveries was 0.6%, down from
5.3%. In Q2 2026, HusCompagniet secured two attractive land plots in Central Jutland for future development of new
private housing areas. Sales totalled 203 housing units against 228 in Q2 2025.
In H1 2026, revenue came to DKK 1,143 million, up from DKK 1,025 million in the same period last year, with an ASP of
DKK 3 million, up from DKK 2.8 million last year. 317 units were delivered, largely on a par with the same period last
year. The ratio of own land deliveries was 1.3%, down from 6.6% in H1 2025. Sales totalled 378 compared to 431 in H1
2025.
In July 2026, 35 houses were delivered, and 40 units were sold compared to 34 deliveries and 54 units sold in July 2025.
Gross profit amounted to DKK 92 million in Q2 2026 for a margin of 16.1%, down from DKK 108 million and 20.0% in
Q2 2025, impacted by continued winter effects. Consequently, EBITDA decreased to DKK 7 million from DKK 27 million
in the same quarter last year. H1 2026 gross profit was DKK 189 million for a margin of 16.5%, down from DKK 203
million and 19.8% last year. H1 2026 EBITDA declined to DKK 23 million from DKK 44 million last year.
EBIT came to negative DKK 2 million in Q2 2026, down from DKK 20 million in Q2 2025. H1 2026 EBIT was DKK 5
million, down from DKK 29 million in the comparison period.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 10
Semi-detached houses
Revenue increased to DKK 248 million in Q2 2026 from DKK 161 million in the same period last year. The development
was driven by 40 deliveries for an ASP of DKK 1.6 million and work-in-progress. There were no deliveries in Q2 2025.
Sales totalled 77 units in Q2 2026 against 93 in Q2 2025.
Revenue amounted to DKK 433 million in H1 2026, up from DKK 291 million last year. ASP was DKK 1.6 million, on a par
with H1 2025. Deliveries totalled 50 units in H1 2026 against 29 last year. The ratio of own land deliveries was 0%
compared to 6.7% in H1 2025. Sales totalled 83 units in H1 2026 against 213 units last year, which was positively
impacted by two larger projects.
In July 2026, HusCompagniet entered into an unconditional turnkey contract with LRK Bolig for construction of 21 Semi-
detached housing units. Also in July, HusCompagniet delivered one of the three challenged projects and is engaged in
continued dialogue with the developer. The two remaining challenged projects are still scheduled for delivery in H1
2027.
In July 2026, 153 houses were delivered, and 4 units were sold. In July last year, 1 house was delivered and 157 sold.
In Q2 2026, gross profit improved to DKK 19 million for a margin of 7.7% against DKK 9 million and 5.8% in Q2 2025,
which was impacted by unsatisfactory low margins on a few projects. EBITDA was DKK 0 million against negative DKK
13 million in Q2 2025. H1 2026 gross profit increased to DKK 39 million for a margin of 9.1% from DKK 28 million and
9.7%. H1 2026 EBITDA was negative DKK 1 million compared to negative DKK 16 million last year.
EBIT came to DKK 0 million in Q2 2026 against negative DKK 15 million last year. H1 2026 EBIT was negative DKK 3
million compared to negative DKK 19 million in the same period last year.
Wooden houses Sweden
Revenue came to DKK 38 million in Q2 2026, up from DKK 37 million last year, with a largely unchanged ASP of DKK 1.3
million. Deliveries totalled 28 against 29 last year, while sales increased to 29 units from 24 in Q2 2025.
H1 2026 revenue came to DKK 69 million, up from DKK 59 million with a largely unchanged ASP of DKK 1.3 million.
Deliveries totalled 47, up from 45 last year, while 46 houses were sold compared to 57 in H1 2025, which was positively
impacted by a B2B contract of 15 units.
In July 2026, no houses were delivered, and 4 units were sold compared with 3 deliveries and 6 sales in July 2025.
Q2 2026 gross profit came to DKK 14 million for a margin of 37.1%, down from DKK 18 million and 50.0% in Q2 2025,
which was impacted positively by reversal of provisions for two projects. Q2 2026 EBITDA came to DKK 5 million from
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 11
DKK 9 million last year. In H1 2026, gross profit was DKK 27 million for a margin of 38.4%, down from DKK 29 million
and 48.9%. In H1 2026, EBITDA amounted to DKK 8 million, down from DKK 12 million last year.
EBIT reached DKK 3 million and DKK 4 million in Q2 and H1 2026, respectively against DKK 7 million and DKK 8 million
last year.
Outlook for 2026
Based on H1 2026 financial performance and expectations for the remainder of 2026, guidance is maintained:
• Revenue is expected to be DKK 3.0-3.3 billion
• EBITDA before loss from divestment of subsidiaries is expected to be DKK 70-130 million
• Operating profit (EBIT) before loss from divestment of subsidiaries is expected to be DKK 15-75 million
Guidance for 2026 is based on expected deliveries of 1,000-1,300 houses and positively affected by the solid 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 the challenged B2B projects affecting profitability until the first half of 2027
have an unfavourable impact on earnings expectations for 2026. The guidance assumes no severe deterioration of the
geopolitical tension in the Middle East causing disruption of supply chains or significantly increased raw material prices
from Q2 2026 levels.
General assumptions
General assumptions comprise assumptions relating to macro-economic conditions, industry considerations, regulatory
changes, and customer behaviour. The Group’s estimates assume that there will not be any material change in the
competitive or regulatory landscape, and no other external actions significantly impacting the Group.
Forward-looking statements
This interim report includes forward-looking statements on various matters, such as expected earnings and future
strategies and expansion plans. Such statements are uncertain and involve various risks, as many factors, some of which
are beyond our control, may result in actual developments differing considerably from the set expectations. Such factors
include but are not limited to general economic and business conditions, exchange rate and interest rate fluctuations,
the demand for our services and competition in the market.
Risk factors
HusCompagniet is exposed to strategic, operational, and financial risks, which are described in the management review
in the 2025 Annual Report.
Statement by Management
Executive Board:
Board of Directors:
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 13
Interim condensed income statement - consolidated
DKK'000
Note
Q2 2026
Q2 2025
H1 2026
H1 2025
2025
Revenue
4, 5
Cost of Sales
6
-730,112
-603,805
-1,390,703
-1,114,800
-2,468,705
Gross profit
Staff cost
-81,841
-84,776
-162,013
-161,996
-303,022
Other external expenses
-30,793
-28,521
-62,541
-58,561
-123,525
Other operating income
-10
Operating profit before depreciation and amortisation (EBITDA)
before loss from divestment of subsidiaries
Depreciation and amortisation
-11,330
-11,143
-23,873
-21,364
-45,896
Operating profit (EBIT) before loss from divestment of subsidiaries
Loss from divestment of subsidiaries
-70,627
-70,627
Operating profit (EBIT)
-69,854
-64,400
Financial income
Financial expenses
-9,860
-9,240
-18,670
-16,482
-44,469
Profit before tax
-79,290
-82,262
-27,594
Tax on profit
Profit for the period
-77,094
-79,178
-26,236
Profits attributable to:
Equity owners of the Company
-77,094
-79,178
-26,236
DKK
Note
Q2 2026
Q2 2025
H1 2026
H1 2025
2025
Earnings per share:
Earnings per share (EPS Basic)
-3.6
-3.7
-1.2
Diluted earnings per share (EPS-D)
-3.5
-3.6
-1.2
Condensed statement of other comprehensive income
DKK'000
Note
Q2 2026
Q2 2025
H1 2026
H1 2025
2025
Profit for the period
-77,094
-79,178
-26,236
Other comprehensive income
Items that may be reclassified to the income statement in
subsequent periods
Foreign currency translation differences, subsidiaries
-10,725
-8,736
-9,889
Other comprehensive income, net of tax
-10,725
-8,736
-9,889
Total comprehensive income for the period
-87,819
-934
-89,067
Total comprehensive income attributable to:
Equity owners of the Company
-87,819
-934
-89,067
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 14
Condensed balance sheet – consolidated
DKK'000
Note
H1 2026
H1 2025
2025
Assets
Non-current assets
Goodwill
11
Intangible assets
Right-of-use assets
Property, plant and equipment
Deferred tax asset
Other receivables
Total non-current assets
Current assets
Inventories
7
Contract assets
8
Trade and other receivables
Prepayments
Income tax receivable
Cash and cash equivalents
Total current assets
Total assets
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 15
Condensed balance sheet – consolidated
DKK'000
Note
H1 2026
H1 2025
2025
Equity and liabilities
Equity
Share capital
Retained earnings and other reserves
Total equity
Liabilities
Non-current liabilities
Borrowings
10
Lease liabilities
Provisions
9
Deferred tax liability
Total non-current liabilities
Current liabilities
Borrowings
10
Lease liabilities
Trade and other payables
Contract liabilities
8
Provisions
9
Income tax payable
Other payables
Total current liabilities
Total liabilities
Total equity and liabilities
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 16
Condensed statement of cash flows – consolidated
DKK'000
Note
H1 2026
H1 2025
2025
Cash flow from operating activities
EBITDA
Adjustments for non-cash items
Adjusted EBITDA
Changes in working capital
-96,391
-57,544
Cash flow from operating activities before financial items and taxes
-58,488
-900
Interest received
Interest elements of lease payments
-1,941
-1,820
-3,935
Interest paid
-14,991
-13,162
-40,534
Corporation tax paid
-4,307
Net cash generated from operating activities
-74,612
-14,646
Cash flow from investing activities
Acquisition of assets recognised as property, plant and equipment
-13,451
-8,144
-19,857
Sale of assets recognised as property, plant and equipment
Acquisition of assets recognised as intangible assets
-7,610
-3,083
-13,631
Divestment of subsidiary
Investment in financial assets, recognised as other receivables
-625
Net cash generated from investing activities
-11,047
-33,932
Cash flow from financing activities
Repayment of mortgage
-247
-474
-961
Repayment of lease liabilities
-13,463
-11,111
-24,336
Repayment of cashpool related to divestment of subsidiary
-25,000
Acquisition of own shares
Net cash generated from financing activities
-38,710
-11,585
-25,297
Total cash flows
-99,537
-37,278
Cash and cash equivalents at beginning of period
Net foreign currency gains or losses
Cash and cash equivalents at period end
Cash and cash equivalents
Cash at bank
Cash and cash equivalents at period end
Free cash flow
-60,827
-25,693
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 17
Condensed statement of changes in equity – consolidated
DKK'000
Share
capital
Foreign
currency
translation
reserve
Retained
earnings
Proposed
dividend
Total
H1 2026
Equity at beginning of period
Profit for the period
-79,178
-79,178
Other comprehensive income:
Foreign currency translation differences
-9,889
-9,889
Total other comprehensive income
-9,889
-9,889
Transactions with owners of the Company and other equity transactions:
Share-based payment
Purchase of own shares
Total transactions with owners of the Company and other equity
transactions
Equity at period end
-1,434
DKK'000
Share
capital
Foreign
currency
translation
reserve
Retained
earnings
Proposed
dividend
Total
H1 2025
Equity at beginning of period
-20,179
Profit for the period
Other comprehensive income:
Foreign currency translation differences
Total other comprehensive income
Transactions with owners of the Company and other equity transactions:
Share-based payment
Purchase of own shares
Total transactions with owners of the Company and other equity
transactions
Equity at period end
-2,123
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 18
Notes overview
1 Material accounting policy information 20
2 Accounting estimates and judgements 20
3 Income statement by nature 21
4 Segment information 21
5 Revenue 23
6 Cost of sales 24
7 Inventories 24
8 Contract assets 25
9 Guarantee commitments and contingent liabilities 26
10 Borrowings 27
11 Impairment 28
12 Events after the balance sheet date 28
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 19
Notes
1 Material accounting policy information
This interim condensed financial report comprises the period 1 January – 30 June 2026. The interim condensed financial
report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional
Danish disclosure requirements for interim financial reporting of listed companies.
The accounting policies are consistent with those applied in the 2025 Annual Report. Reference is made to the 2025
Annual Report for a full description of accounting policies applied.
Adoption of new and revised IFRSs
All new or revised and amended International Financial Reporting Standards (IFRSs) and interpretations (IFRIC) issued
by IASB and endorsed by the EU effective for the financial year 2026 are adopted. The Group has assessed that the new
or revised standards and interpretations have not had a material impact on the consolidated financial statements.
New or amended IFRS Accounting Standards and interpretations issued by the IASB that have not yet become effective
are generally not adopted until they become effective and are endorsed by EU. Management does not anticipate any
significant impact on the on the consolidated financial statements in the period of initial application from the adoption of
these new standards and amendments, apart from IFRS 18 ‘Presentation and Disclosure in Financial Statements’ which
replaces IAS 1 effective from 1 January 2027
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18, which replaces IAS 1 Presentation of Financial Statements, introduces new presentation requirements related to
the statement of profit or loss, including new categories of income and expenses (i.e., operating, financing, investing).
IFRS 18 requires disclosure of management-defined performance measures and includes new requirements for the
aggregation and disaggregation of financial information.
In addition, amendments have been made to IAS 7 Statement of Cash Flows, to change the starting point for
determining cash flows from operations under the indirect method and to remove the optionality around classification of
cash flows from dividends and interest. The adoption of the standard is not expected to result in changes to the Group's
existing accounting policies and is not expected to affect net profits. However, the introduction of new categories to the
statement of profit or loss is expected to require reclassification of certain accounts in the statement of profit or loss and
redefinition of key financial measures.
2 Accounting estimates and judgements
In preparing the interim condensed financial statements, management made various judgements, estimates and
assumptions concerning present and future events that affected the application of the Group’s accounting policies and
the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.
The significant estimates made by Management applying the Group’s accounting policies and the associated significant
estimating uncertainties are the same for the preparation of the interim condensed financial statements as for the
preparation of the consolidated financial statements for 2025.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 20
3 Income statement by nature
It is the Group’s policy to prepare the income statement based on an adjusted classification of cost of sales.
The income statement prepared on the basis of cost by nature is shown below:
DKK’000
H1 2026
H1 2025
2025
Revenue
1,645,325
1,374,814
2,956,517
Changes in inventories of finished goods and work in progress
-659,724
-206,159
-302,888
Raw materials, consumables and subcontractors used
-705,040
-875,140
-2,109,089
Staff cost
-187,952
-195,497
-359,750
Other external expenses
-62,541
-58,561
-123,525
Other income
32
8
88
Operating profit before depreciation and amortisation (EBITDA) before
loss from divestment of subsidiaries
30,100
39,465
61,353
Depreciation and amortisation
-23,873
-21,364
-45,896
Operating profit (EBIT) before loss from divestment of subsidiaries
6,227
18,101
15,457
Loss from divestment of subsidiaries
-70,627
0
0
Operating profit (EBIT)
-64,400
18,101
15,457
Financial income
808
1,236
1,418
Financial expenses
-18,670
-16,482
-44,469
Profit before tax
-82,262
2,855
-27,594
Tax on profit
3,084
5,002
1,358
Profit for the period
-79,178
7,857
-26,236
4 Segment information
For management purposes, the Group is organised into business units based on its products and services as well as
geographical location. The Group has three reportable segments, as follows:
- The Detached houses in Denmark
- The Semi-detached and wood-frame houses in Denmark segment, which comprises brick houses built on sites and
plots, including both business-to-business and business-to-consumers.
- The Wooden houses in Sweden segment, which comprises detached prefabricated houses
Executive Management is responsible for operating results of its business units for the purpose of making decisions
about resource allocation and performance assessment. Segment performance is evaluated based on operating profit
(EBIT). The Group's financing (including financial income and financial expenses) and income taxes are managed on a
Group basis and are not allocated to operating segments. Assets and liabilities are not allocated to segments. The
segmentation reflects the internal reporting and management structure.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 21
H1 2026
Denmark
Sweden
DKK'000
Detached houses
Semi-detached
houses
Wooden houses
Total segments
Revenue
1,142,677
433,411
69,237
1,645,325
Cost of sales
-953,937
-394,101
-42,665
-1,390,703
Gross profit
188,740
39,310
26,572
254,622
Gross margin
16.5%
9.1%
38.4%
15.5%
Other operating income
32
0
0
32
Staff costs
-117,082
-33,024
-11,907
-162,013
Other operating expenses
-49,067
-7,169
-6,305
-62,541
EBITDA before divestment of subsidiaries
22,623
-883
8,360
30,100
EBITDA margin before divestment of subsidiaries
2.0%
-0.2%
12.1%
1.8%
Depreciation and amortisation
-17,624
-1,919
-4,330
-23,873
EBIT before divestment of subsidiaries
4,999
-2,802
4,030
6,227
EBIT margin before divestment of subsidiaries
0.4%
-0.6%
5.8%
0.4%
Loss from divestment of subsidiaries
-70,627
EBIT
-64,400
EBIT margin
-3,9%
Financial income
808
Financial expenses
-18,670
Profit before tax
-82,262
H1 2025
Denmark
Sweden
DKK'000
Detached houses
Semi-detached
houses
Wooden houses
Total segments
Revenue
1,025,207
290,624
58,983
1,374,814
Cost of sales
-822,336
-262,322
-30,142
-1,114,800
Gross profit
202,871
28,302
28,841
260,014
Gross margin
19.8%
9.7%
48.9%
18.9%
Other operating income
8
0
0
8
Staff costs
-116,417
-36,673
-8,906
-161,996
Other operating expenses
-42,610
-7,551
-8,400
-58,561
EBITDA
43,852
-15,922
11,535
39,465
EBITDA margin
4.3%
-5.5%
19.6%
2.9%
Depreciation and amortisation
-14,641
-3,332
-3,391
-21,364
EBIT
29,211
-19,254
8,144
18,101
EBIT margin
2.8%
-6.6%
13.8%
1.3%
Financial income
1,236
Financial expenses
-16,482
Profit before tax
2,855
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 22
5 Revenue
H1 2026
Denmark
Sweden
DKK'000
Detached houses
Semi-detached
houses
Wooden houses
Total segments
Revenue per segment and category - Contracted sales
Sales value, houses sold on customers' building sites
1,097,143
407,079
69,237
1,573,459
Sales value, houses sold on own building sites
19,645
26,332
0
45,977
Total Contracted sales
1,116,788
433,411
69,237
1,619,436
Revenue per segment and category - Non-contracted sales
Show and project houses
9,751
0
0
9,751
Other revenue
1,322
0
0
1,322
Sale of land plots
14,816
0
0
14,816
Total Non-contracted sales
25,889
0
0
25,889
Total Revenue
1,142,677
433,411
69,237
1,645,325
H1 2025
Denmark
Sweden
DKK'000
Detached houses
Semi-detached
houses
Wooden houses
Total segments
Revenue per segment and category - Contracted sales
Sales value, houses sold on customers' building sites
960,057
286,434
58,983
1,305,474
Sales value, houses sold on own building sites
39,977
4,190
0
44,167
Total Contracted sales
1,000,034
290,624
58,983
1,349,641
Revenue per segment and category - Non-contracted sales
Show and project houses
16,931
0
0
16,931
Other revenue
584
0
0
584
Sale of land plots
7,658
0
0
7,658
Total Non-contracted sales
25,173
0
0
25,173
Total Revenue
1,025,207
290,624
58,983
1,374,814
The Group is engaged in construction activities in Denmark and Sweden.
Non-contracted sales are recognised on delivery (point-in-time) whereas contracted sales are recognised over time.
Payment is typically due at the time of final delivery of the house project in the Detached segment; however, a small
deposit is paid upon contract negotiation. The Group receives a bank guarantee in connection with the start-up of each
contract in Detached and is entitled to payment for work performed, including profit, during the project.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 23
5 Revenue, continued
The majority of the contracted sales in the semi-detached segment entitle the Group to on-account payments linked to
the percentage of completion.
Contracted sales comprise the sale of houses constructed on the customer’s land, or houses sold on own land (semi-
detached includes land plots) that are covered by a customer contract before construction is started. All contracted sales
are fixed price contracts.
Conversely, non-contracted sales comprise of:
1. The sale of houses constructed on own land to which no customer contract has been entered into before construction
starts.
2. The sale of detached land-plots to which no customer contract has been entered into before purchase and
development of the land plots.
6 Cost of sales
DKK’000
H1 2026
H1 2025
2025
Costs of subcontractors, consumables and raw material
705,040
875,140
2,109,089
Staff costs, hourly workers
25,939
33,501
56,728
Changes in inventories of finished goods and work in progress
659,724
206,159
302,888
Total cost of sales
1,390,703
1,114,800
2,468,705
7 Inventories
DKK’000
H1 2026
H1 2025
2025
Raw materials
9,813
29,060
28,870
Show houses and semi-detached houses
114,656
150,217
167,597
Land
119,280
117,517
95,067
Write-down inventories
-735
-735
-735
Total inventories
243,014
296,059
290,799
Contracted sales awaiting transfer of control
19,151
2,609
12,403
Unsold inventories
223,863
293,450
278,396
Total inventories
243,014
296,059
290,799
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 24
8 Contract assets
DKK’000
H1 2026
H1 2025
2025
Selling price of contract assets
1,520,353
851,195
869,565
Invoicing on account
-1,041,986
-394,252
-525,700
Net contract assets
478,367
456,943
343,865
Calculated as follows:
Contract assets
1,264,656
739,535
819,036
Contract liabilities
-786,289
-282,592
-475,171
Net contract assets
478,367
456,943
343,865
DKK’000
H1 2026
H1 2025
2025
Delivery obligations
Within one year
1,435,547
1,564,563
2,025,690
After one year
407,235
504,860
256,317
Order backlog at period end
1,842,782
2,069,423
2,282,007
Construction contracts (assets/liabilities)
Contract assets comprise the selling price of work performed on customers’ land, but where the Group does not yet have
an unconditional right to payment as the work performed has not yet been finalised or approved by the customer.
Included is also the selling price of work performed on own land where a building permit has been issued, and the Group
does have an unconditional right to payment for work performed.
Contract liabilities comprise agreed, unconditional payments received on account for work yet to be performed.
For contracts in the Detached segment, payment is typically due at the time of final delivery of the house project,
however a small deposit is paid upon contract negotiation. The Group receives a bank guarantee in connection with the
start-up of each contract and is entitled to payment for work performed, including profit during the project. For contracts
in the Semi-detached segment, payments on account are normally linked to the percentage of completion.
Credit risk on contract assets is generally managed by regular credit rating of customers. Furthermore, bank deposits or
bank guarantees are usually obtained before the house is built. The credit risk exposure relating to dealing with private
counterparties is estimated to be limited. For projects in the Semi-detached business, the credit risk is managed by
credit rating analysis and the majority of the contracted sales in Semi-detached segment entitle the Group to on-account
payments linked to the percentage of completion.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 25
9 Provisions and other commitments
DKK’000
H1 2026
H1 2025
2025
Guarantee provision at 1 January
90,648
73,294
73,294
Arising during the year
32.454
20,851
52,189
Utilised
-17.430
-15,851
-34,835
Guarantee provision at end of period
105,672
78,294
90,648
Total Provision
105,672
78,294
90,648
Distributed in the balance as follows:
Non-current liabilities
74,954
48,957
58,150
Current liabilities
30,718
29,337
32,498
At 30 June 2026, the guarantee and other provisions amounted to DKK 106 million (30 June 2025: DKK 78 million).
Provisions for future costs of guarantee commitments at one and five-year reviews of houses delivered are recognised at
the amounts expected at the balance sheet date to be required to settle the commitment. Furthermore, the guarantee
provision includes provision for current and estimate of potential future commitments related to crumbling mortar joints
and guarantee provisions related to the divestment of HusCompagniet Production A/S in Q2 2026 The estimate of
expected future cost is inherently subject to uncertainty due to assumptions regarding the scope of remediation, timing
and cost levels. The utilisation of the commitments at balance sheet date is expected to be timed over a 5-year period
and the value is discounted.
The estimates for the provisions are based on calculations, assessments by Company Management and experience
gained from past transactions.
Contingent assets and liabilities
The Group is, from time to time, involved in disputes arising out of the normal conduct of its business. In 2021, the
Group opened an arbitration against a third party regarding a still ongoing dispute, reflected in the provisions. The Group
expects a positive outcome of the arbitration.
Referring to note 6.1 in the Annual Report 2025. In 2024, the Group had an uncertain tax position related to marketing
contribution provided to foreign subsidiaries for the periods 2015-2018 and 2019-2020. In July 2025, the Danish Tax
Authorities passed a ruling in line with the company's expectations, and its effect was fully recognised in the Annual
Report 2024. As of 30 June 2026, an additional interest expense of DKK 1.7 million for H1 2026 has been recognised.
HusCompagniet is considering further legal action and while considering, deferral of payment has been approved by the
Danish Tax Authorities.
Collateral
DKK 50 million of cash and short-term deposits held in restricted accounts and released when the completed houses are
delivered to the customers (30 June 2025: DKK 12 million). Restricted accounts are classified as other receivables.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 26
9 Provisions and other commitments, continued
Guarantees and securities provided
The Group has provided performance bonds of DKK 78 million as security for the performance of the contractor’s
obligations to the customer in connection with ongoing construction contracts.
The Group has further provided a performance bonds of DKK 3 million as security for the performance of the Groups
obligations to a subcontractor.
In addition, the Group has issued on-demand payment guarantees of DKK 17 million in favour of third parties as security
for the completion of infrastructure and site development works.
The Group has also issued on-demand payment guarantees of DKK 1 million in favour of landowners as security for the
payment of purchase prices relating to land acquisition agreements.
Contractual obligations
The Group has no material obligations not already recognized as liabilities in the financial statements. The loan
agreement between Nordea, Danske Bank and HusCompagniet A/S includes a negative pledge.
10 Borrowings
DKK’000
Maturity
Fixed or floating
interest
Carrying amount
30 June 2026
Bank loan
2028
Floating
498,763
Borrowings at 30 June 2026
498,763
30 June 2025
Bank loan
2027
Floating
498,088
Mortgage
2032
Floating
8,347
Borrowings at 30 June 2025
506,435
31 December 2025
Bank loan
2028
Floating
498,425
Mortgage
2032
Floating
7,860
Borrowings at 31 December 2025
506,285
The bank loan, classified as a non-current liability, arises from a loan agreement where settlement is contingent on
compliance with future covenants. The loan agreement covers 2028.
The permitted maximum leverage ratio - net interest-bearing debt divided by last twelve months adjusted EBITDA – was
adjusted and increased for a part of 2026. In Q4 2026, the leverage covenant will return to the previous level and must
not exceed 3.5x. On 30 June 2026, the leverage ratio was 5.4x (30 June 2025: 3.2x).
The presented amounts to be repaid do not include directly related costs arising from the issuing or extension of the
loans of DKK 500 million, which are amortized over the term of the loans.
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963 27
11 Impairment
For impairment testing, goodwill is allocated to the three CGUs (“Detached”, “Semi-detached” and “Wooden houses”),
which are also the operating and reportable segments. Among other factors, the Group considers the relationship
between its market capitalization and the carrying value of assets including goodwill, when assessing for indicators of
impairment. Impairment tests are performed separately for all three CGUs once a year or more frequently if indication of
impairment exists. On H1 2026, Management has revisited the key assumptions used for the impairment test performed
at 31.12.2025 for all three CGUs and concluded that there is no indication for impairment.
Key assumptions
The recoverable amount determined in the impairment test is based on a value-in-use calculation. To determine the
value-in-use, Management is required to estimate the present value of the future free net cash flows based on budgets
and strategy for the coming five years (the budget period) as well as projections for the terminal period after the budget
period. A five-year period is used to reflect a full business cycle.
Assumptions used in the estimate of the present value include the discount rate, revenue growth (estimated on basis of
expected units to be delivered and expected unit price) and EBIT margin. Other assumptions include expected required
investments, market share and growth expectations in the terminal period. For further description of conclusion from the
last performed impairment testing and key assumptions reference is made to the 2025 Annual Report, Note 4.4
Significant estimates and judgements to investments notes.
12 Events after the balance sheet date
No material events occurred between 30 June 2026 and the date of publication of this interim report that has not
already been included in the interim report and that would have a material effect on the assessment of the Group’s
financial position.