H+H INTERNATIONAL A/S
Building materials·HH · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Financial outlook 2026 13 32% 32% 36% Aircrete Factories Calcium Silicate Factories Sales and Administration Headquarter H+H at a glance H+H’s core activity is the manufacture and sale of wall-building materials. The main product lines are aircrete blocks and calcium silicate units, which are used in the residential new-build segment.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Consumer spending
Macro
DriverPositive impact: strengthens
“The demand for affordable housing is a structural need across Europe, and our products help to enable cost-efficient, energy-efficient and sustainable construction. Customers increasingly seek solutions that support the green transition while also delivering efficiency — both during the construction phase and over the lifespan of buildings.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Housing demand waiting to be unlocked There is a significant shortage of new homes in our main markets, with construction levels falling short of government targets. As economic conditions stabilise and new policies are implemented, we expect demand to increase.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The urgent need for new homes Despite broad political recognition, a significant housing shortage continues to affect our markets. Governments consistently miss their own annual targets – 300,000 new homes in the UK and 400,000 in Germany. Years of under-building, rising construction costs, strict planning rules and demographic changes have led to severe shortages.”
Annual report 2025A · The company itself
Market
“H+H is positioned to benefit from this growth with scalable, cost-effective, and energy-efficient solutions tailored for residential developments.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Carbon tax and ETS prices
Regulation
DriverPositive impact: strengthens
“The growing emphasis on life cycle analysis – or whole life carbon assessment – is advantageous for autoclaved aerated concrete (AAC) products and calcium silicate units (CSU), whether this is driven by customer expectations or legislation across our markets.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“support the green transition by reducing carbon emissions in line with validated Science Based Targets. From a full lifecycle perspective, we aim to achieve net-zero emissions for our products by 2050—and we believe our approach will make this possible.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Based on roadmaps from our suppliers, our blocks will from a whole life perspective have a negative carbon footprint by latest 2050, positioning our products as the core solution for sustainable wall building materials.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Cement and building materials
Raw materials and inputs
InputNegative impact: weakens
“The majority comes from raw materials such as cement and lime.”
Annual report 2025A · The company itself
Market
“Financial outlook 2026 13 32% 32% 36% Aircrete Factories Calcium Silicate Factories Sales and Administration Headquarter H+H at a glance H+H’s core activity is the manufacture and sale of wall-building materials. The main product lines are aircrete blocks and calcium silicate units, which are used in the residential new-build segment.”
Annual report 2025A · The company itself
Market
“H+H's core activities are the production and sale of autoclaved aerated concrete (AAC) and calcium silicate units (CSU). The products are building blocks used for wall building, foundations and precast wall panel solutions, primarily in the residential new-build segment.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“The growing emphasis on life cycle analysis – or whole life carbon assessment – is advantageous for autoclaved aerated concrete (AAC) products and calcium silicate units (CSU), whether this is driven by customer expectations or legislation across our markets.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“support the green transition by reducing carbon emissions in line with validated Science Based Targets. From a full lifecycle perspective, we aim to achieve net-zero emissions for our products by 2050—and we believe our approach will make this possible.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Based on roadmaps from our suppliers, our blocks will from a whole life perspective have a negative carbon footprint by latest 2050, positioning our products as the core solution for sustainable wall building materials.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Construction
End markets
Market
“We are a leading European provider of wall-building solutions and materials, partnering with contractors, developers, volume housebuilders, and builders’ merchants.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Energy efficiency
Technology
Market
“Our limestone-based products offer strong insulation performance and a structurally lower lifecycle footprint, keeping us ahead of tightening regulation and reinforcing our competitive advantage.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Packaging
Raw materials and inputs
Market
“Our limestone-based products offer strong insulation performance and a structurally lower lifecycle footprint, keeping us ahead of tightening regulation and reinforcing our competitive advantage.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Retail
End markets
Market
“We are a leading European provider of wall-building solutions and materials, partnering with contractors, developers, volume housebuilders, and builders’ merchants.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“An industry exposed to cyclicality The industry is affected by the general economic environment, such as interest rates, which influence borrowing costs for both developers and buyers, and overall economic growth, which impacts the demand for new housing. Population growth, urbanisation, and changes in household formation further drive the need for new homes. In addition, government policies, incentives, and regulatory frameworks determine the pace and direction of construction activity across our regions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The industry is influenced by a range of factors, including interest rates, which affect borrowing costs for developers and buyers, and general economic growth, which impacts demand for housing. Population growth, urbanisation, and shifts in household formation also play a role in driving the need for new homes.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The European construction markets remained subdued throughout 2025. Geopolitical uncertainty and low GDP growth continued to weigh on consumer confidence. Residential new build activity stayed substantially below historical peaks across our regions.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“When markets rebound, we will be well positioned to deliver attractive returns.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Germany remains our primary challenge, as building activities have not improved for three years, resulting in high overcapacity and fierce competition that continue to compress margins and weigh heavily on Group earnings.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Pricing continues to be a key parameter. In regions with a declining market, there is a risk that adopting a volume strategy to avoid excess production capacity leads to increased price pressure.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As we do not anticipate a significant market upturn in the near term, we will continue to manage the business with rigorous financial discipline and a strong focus on cash management.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Historically, our network was designed for high output, where higher volumes improved utilisation and margins. In 2025, fluctuating conditions required capacity adjustments at selected plants.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Activity in the Nordics was relatively low during the early months of the year; however, several major projects commenced towards the end of the third quarter, and demand from housebuilders began to show promising signs of recovery.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Interest rates
Macro
DriverPositive impact: strengthens
“An industry exposed to cyclicality The industry is affected by the general economic environment, such as interest rates, which influence borrowing costs for both developers and buyers, and overall economic growth, which impacts the demand for new housing. Population growth, urbanisation, and changes in household formation further drive the need for new homes. In addition, government policies, incentives, and regulatory frameworks determine the pace and direction of construction activity across our regions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The industry is influenced by a range of factors, including interest rates, which affect borrowing costs for developers and buyers, and general economic growth, which impacts demand for housing. Population growth, urbanisation, and shifts in household formation also play a role in driving the need for new homes.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Germany continued to be impacted by relatively high financing costs, weak affordability, and cautious sentiment among both private buyers and developers. Although interest rates declined and building permits increased from a low base, demand did not recover in any meaningful way.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Mortgage uptake increased as the central bank reduced interest rates, making financing more accessible for homebuyers. Looking ahead to 2026, further interest rate cuts and improving financing conditions can support development in building activity.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In Switzerland, moderate growth was achieved in 2025 as inflation eased and interest rates fell.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“The European construction markets remained subdued throughout 2025. Geopolitical uncertainty and low GDP growth continued to weigh on consumer confidence. Residential new build activity stayed substantially below historical peaks across our regions.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Public investment and infrastructure
Regulation
DriverPositive impact: strengthens
“An industry exposed to cyclicality The industry is affected by the general economic environment, such as interest rates, which influence borrowing costs for both developers and buyers, and overall economic growth, which impacts the demand for new housing. Population growth, urbanisation, and changes in household formation further drive the need for new homes. In addition, government policies, incentives, and regulatory frameworks determine the pace and direction of construction activity across our regions.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Our sector is highly cyclical, shaped by macroeconomic trends and government policies supporting house building.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“H+H market share CSU 20-25% #2 116,502 152,472 192,437 106,473 105,277 11% Total newbuild registrations 2% 40-45% #1 Source: National House Building Council (NHBC) Long-term growth prospects in the UK market remain supported by the government's housing ambitions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Notably, delays in the planning process and pronounced regional disparities in housing demand and supply continued to restrict the pace of the anticipated recovery.”
Annual report 2025A · The company itself
Chains in: Reconstruction of Ukraine strengthens
Chains out: this strengthens Construction, strengthens Digitalisation, strengthens IT consulting and public-sector IT
Inflation
Macro
DriverMixed impact: mixed
“Price developments are expected to broadly follow input costs, while volumes are anticipated to reflect both the weather-related start to the year and the continued muted market environment.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In Switzerland, moderate growth was achieved in 2025 as inflation eased and interest rates fell.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Electricity
Raw materials and inputs
InputNegative impact: weakens
“In addition, we have implemented a hedging policy to manage the risks associated with energy price volatility.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Other key elements of the production risk include compliance with legal requirements to operate legally and availability of raw materials and labour.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“Share of Group revenue in 2025 (DKKm) Aircrete plants Calcium silicate plants 185,147 319,734 296,280 204,524 164,894 2025 12% Market conditions in Central Western Europe remained challenging in 2025, particularly in Germany where activity stayed at historically low levels. Other markets in the region were more stable but continued to experience limited demand.”
Annual report 2025A · The company itself
Geography
“Despite these short-term challenges, long-term growth prospects are still underpinned by government targets to deliver 1.5 million new homes over five years and by the ongoing need to address the UK's structural housing shortage. developments in 2025 Revenue for the year amounted to DKK 877 million compared to DKK 871 million last year while organic growth was 2%. Commercial activity centred on supporting customers through a difficult market, with particular focus on maintaining delivery reliability and providing technical solutions for both large developers and regional housebuilders.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Geography
“Revenue in Poland was DKK 879 million compared to DKK 846 million in 2024. Organic growth was positive by 2%.”
Annual report 2025A · The company itself
China
Geography
Geography
“Revenue in Central Western Europe amounted to DKK 987 million compared to DKK 1,030 million in 2024. The decrease amounts to an organic growth of negative 4%.”
Annual report 2025A · The company itself
Denmark
Geography
Geography
“Revenue declined to DKK 987 million against DKK 1,030 million in 2024 and organic growth was -4%. Business performance in Germany deteriorated further during the first half of 2025, and consequently, a reorganisation of H+H’s operations in Germany was initiated.”
Annual report 2025A · The company itself
Nordics
Geography
Geography
“Underlying demand, ongoing projects and improved mortgage conditions supported steady activity. The market for residential new build showed resilience in 2025.”
Annual report 2025A · The company itself
United States
Geography
Geography
“Revenue in the UK amounted to DKK 877 million compared to DKK 871 million in 2024. Organic growth was positive by 2%.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 2.74 bn DKK |
| Revenue growth vs. the year before, same method | -0.1 % |
| EBITDA reported by the company | 0.29 bn DKK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | -40.3 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.