HusCompagniet (HUSCO) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was DKK 2,297m, down 4% year-over-year, with EBITDA stable at DKK 104m and EBIT at DKK 56m, slightly lower than 2023.

• Order backlog grew 66% to DKK 1,897m, representing 64% of the midpoint of 2025 revenue guidance.

• Sales increased 66% year-over-year, with 1,414 houses sold in 2024 compared to 851 in 2023.

• Deliveries declined 15% to 899 units, but Q4 2024 saw a 42% increase in deliveries.

• Customer satisfaction remained high with a Trustpilot score of 4.8 in 2024.

Financial highlights

• Q4 2024 revenue was DKK 647m, up 22% year-over-year, the highest since Q1 2023.

• Gross profit for 2024 was DKK 508m, with a margin of 22.1%, up from 21.7% in 2023.

• Free cash flow for 2024 was DKK 105m, down from DKK 229m in 2023, impacted by increased working capital needs.

• Gearing improved to 2.6x from 3.3x year-over-year after reducing interest-bearing debt.

Outlook and guidance

• 2025 revenue is expected between DKK 2.8–3.1bn, implying 28% growth at the midpoint.

• EBITDA guidance for 2025 is DKK 110–160m; EBIT is expected at DKK 70–120m.

• Deliveries projected at 1,000–1,200 houses in 2025, assuming continued market rebound and stable supply chain.

• No dividend will be distributed in 2025; dividends will resume only when leverage is below 2x net debt/EBITDA.