HusCompagniet (HUSCO) Q1 2025 TU earnings summary

Executive summary

• Revenue grew 31% year-over-year to DKK 635 million in Q1 2025, marking the third consecutive quarter of growth and higher activity across all segments.

• Sales volume increased 31% to 356 houses, with notable growth in Detached (+18%), Semi-detached (+36%), and Wooden Houses (+175%).

• Order backlog surged 61% to DKK 2,091 million, reflecting strong demand and new B2B contracts.

• Gross margin declined to 19.5% from 23.3% year-over-year due to product mix changes and higher material costs.

• Free cash flow was negative DKK 14 million, impacted by the acquisition of 12 apartments in Sweden at foreclosure.

Financial highlights

• Gross profit increased 10% to DKK 124 million, but gross margin declined to 19.5% from 23.3% year-over-year.

• EBITDA fell to DKK 17 million (margin 2.6%) from DKK 21 million (margin 4.4%) year-over-year.

• EBIT was DKK 6 million, down from DKK 9 million in Q1 last year.

• Net interest-bearing debt reduced to DKK 287 million from DKK 360 million a year ago.

• Deliveries increased 17% to 195 houses, mainly driven by the Detached segment.

Outlook and guidance

• 2025 revenue guidance confirmed at DKK 2.8–3.1 billion; EBITDA expected at DKK 110–160 million; EBIT at DKK 70–120 million.

• 1,000–1,200 house deliveries expected for the year, assuming continued market rebound and stable supply chain.

• Dividend distribution remains suspended until leverage falls below 2x net debt/EBITDA.

• Optimism maintained despite macroeconomic uncertainty, with focus on leveraging market rebound.

• Guidance assumes no significant raw material price increases.