H+H International AS (FRA:J0H)

Q2 2026 H+H International A/S Earnings Call Transcript

Aug 12, 2026 / 08:00 AM GMT

Release Date Price: €13.7 (+5.55%)

Transcript

Key Points

Positve

H+H International AS (FRA:J0H) delivered 6% organic growth in Q2 2026, with a return to a normalized EBIT margin of 6%.
The Polish market showed strong performance, with a 19% year-on-year increase in building permits and a 25% EBITDA margin, driving overall group results.
The company's strategic restructuring in Germany is yielding positive results, with annualized savings of DKK 40 million and improved operational efficiency.
Free cash flow was strong at DKK 117 million in Q2, supported by asset sales, helping reduce the gearing ratio from 4.1 to 3.4.
The upgraded plant in Puavi is performing better than before, contributing to improved operational efficiency and payback on investment.

Negative

The UK market is a watch-out area, with a 6% decline in registrations and increased uncertainty due to a new government and rising interest rates.
Organic growth for the first half of 2026 remains negative at -5%, despite the strong Q2 performance.
The German market outlook is weak, with building starts expected at only 185,000 units, the lowest since 2012, and a slow conversion of permits to starts.
The company faces an adverse country mix effect, as strong Polish volumes with lower prices dilute overall revenue and margin averages.
Energy cost inflation and hedging impacts continue to pressure margins, though the company has managed to pass through costs so far.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HHDC.CO - H+H International A/S
Q2 2026 H+H International A/S Earnings Call
Aug 12, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to H+H International, first half of 2026 results presentation. This call is being recorded. For the first part of this call, all participants will be in a listen-only mode. Afterwards, there'll be a question-and-answer session. To ask a question during the Q&A, please press five star on your cell phone keypad to withdraw your question. You may do so by pressing five star again.

I'll now hand it over to the speakers. CEO, Bjorn Bregtman and CFO, Bjorn Petersen. Please begin.

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Unidentified_2 [2]
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