HusCompagniet (HUSCO) Q4 2025 earnings summary

Executive summary

• Revenue increased 29% year-over-year to DKK 2,957m in 2025, driven by a market rebound and strong Danish segment performance.

• Net order backlog rose 20% to DKK 2,282m at year-end, supporting future growth.

• EBITDA declined to DKK 61m (margin 2.1%) from DKK 104m (margin 4.5%) in 2024, with EBIT at DKK 15m.

• Customer loyalty remained high, with a Trustpilot score of 4.8 despite negative media coverage.

• Strategic shift in semi-detached segment prioritizes profitability over growth, focusing on own projects and risk management.

Financial highlights

• Q4 2025 revenue was DKK 789m, up from DKK 647m in Q4 2024, with gross profit margin at 14.9%.

• Full-year gross profit was DKK 488m (16.5% margin), mainly from detached and wooden houses.

• Free cash flow improved to DKK 102m for the year, supported by working capital changes.

• Provision for potential future remediation of mortar joints in detached houses recognized in Q4, based on third-party evaluation.

• Staff costs for production employees reclassified as cost of sales, impacting gross profit comparability.

Outlook and guidance

• 2026 revenue expected at DKK 3.0–3.3bn, with 1,000–1,300 house deliveries.

• EBITDA guidance for 2026 is DKK 70–130m; EBIT expected at DKK 15–75m.

• Profitability in 2026–H1 2027 will be affected by three challenged B2B projects.

• No dividend distribution in 2026; dividends to resume only when leverage is below 2x net debt/EBITDA.

• Long-term target for semi-detached EBITDA margin remains 8–10% by 2028.