HusCompagniet (HUSCO) Q2 2025 earnings summary

Executive summary

• Revenue grew 29% year-over-year in H1 2025 to DKK 1,375 million, driven by strong sales in the Detached segment and higher activity across all segments.

• The Danish housebuilding market showed resilience and steady recovery, with robust consumer activity and improved sales momentum.

• Gross profit rose to DKK 260 million, but margin declined to 18.9% from 21.9% due to lower Semi-detached contribution and project mix.

• EBITDA fell to DKK 39 million (margin 2.9%, down from 4.6%), and EBIT dropped to DKK 18 million (down from DKK 24 million), impacted by higher SG&A and onboarding costs.

• Free cash flow was negative DKK 26 million, compared to positive DKK 130 million in H1 2024, due to higher activity and working capital needs.

Financial highlights

• Q2 2025 revenue: DKK 740 million (up from DKK 579 million); H1 revenue: DKK 1,375 million (+29% YoY).

• Q2 gross profit: DKK 136 million (up from DKK 120 million), margin 18.4% (down 2.3pp); H1 gross profit: DKK 260 million (up from DKK 232 million), margin 18.9% (down 3pp).

• Q2 EBITDA: DKK 23 million (margin 3.1%, down from 4.7%); H1 EBITDA: DKK 39 million (margin 2.9%, down from 4.6%).

• Q2 free cash flow: DKK -12 million; H1 free cash flow: DKK -26 million, both declines due to working capital changes and higher inventories.

• Order backlog up 40% year-over-year to DKK 2,069 million at June-end.

Outlook and guidance

• 2025 revenue guidance narrowed to DKK 2.9–3.1 billion (from DKK 2.8–3.1 billion), with expected deliveries of 1,000–1,100 units.

• EBITDA expected at DKK 110–130 million and EBIT at DKK 70–90 million, reflecting margin pressures in certain projects.

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