HHNasdaq CopenhagenBuilding MaterialsIFRS · DKK

H+H International A/S

H+H International A/S is a Denmark-based building materials group focused on aerated concrete products for residential and non-residential construction. Its business combines manufacturing, product development, and sales of wall, block, and panel solutions across Northern and Central European markets.

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Revenue2,743m DKK
−0.1 %y/y
Operating profit (EBIT)-557m DKK
−1,458.5 %y/y
EBIT margin-20.3%
−21.8 ppy/y
Net income-665m DKK
−1,230.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-1,00001,0002,0003,0004,000m DKK2021: 3,020 m DKK2021: EBIT 377 m DKK20212022: 3,604 m DKK2022: EBIT 413 m DKK20222023: 2,672 m DKK2023: EBIT -230 m DKK20232024: 2,747 m DKK2024: EBIT 41 m DKK20242025: 2,743 m DKK2025: EBIT -557 m DKK2025TTM 2026: 2,661 m DKKTTM 2026: EBIT 15 m DKKTTM2,66115
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Aerated concrete blocks45 %

Standard and specialty blocks used in wall construction and masonry applications.

Wall panels20 %

Prefabricated concrete wall elements used for faster building assembly.

Lintels and related components10 %

Structural components supporting openings and load-bearing construction.

System solutions15 %

Integrated building system products and accessories for construction projects.

Other building materials10 %

Additional product lines and related construction materials.

Customers

H+H sells primarily to professional buyers in the construction value chain, including builders, contractors, and merchants that specify or stock masonry products. Demand is tied to residential and light commercial construction activity, renovation cycles, and the preference for durable, energy-efficient wall systems.

Builders and contractors

Buy blocks, panels, and wall components for new-build and renovation projects.

Construction merchants and distributors

Stock H+H products for resale into local construction channels.

Housing developers

Specify wall and masonry systems for residential developments.

Non-residential project customers

Use structural concrete products in commercial and light industrial builds.

Renovation and retrofit market

Buy energy-efficient building materials for upgrades and refurbishments.

Strategy

H+H’s strategy is centered on serving masonry and wall-building markets with products that fit modern construction requirements for speed, structural performance, and energy efficiency. Its competitive position depends on manufacturing proximity to customers, a broad product range, and the ability to supply local markets consistently through construction cycles.

Protect core masonry franchiseMedium term

Core blocks and wall products anchor customer relationships and plant utilization.

Align products with energy-efficiency demandMedium term

Building standards increasingly favor insulated and efficient wall solutions.

Maintain local market coverageLong term

Construction materials are bulky and freight-sensitive, so proximity matters.

Geography

H+H International operates across Northern and Central Europe, with Denmark as its home market and a broader footprint in nearby construction markets. Geography matters because demand is local, logistics-intensive, and shaped by national building practices, housing cycles, and energy-efficiency standards.

Risks

The business is exposed to construction demand cycles, which can move quickly with housing starts, interest rates, and renovation activity. It also faces raw-material, energy, and logistics risks because aerated concrete production is industrial and transport-heavy, while customer demand is shaped by local building regulations and competition from alternative wall systems.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Construction market cyclicality1Energy and raw-material cost volatility2Logistics and distribution risk3Regulatory and specification changes4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Construction market cyclicalityImpact: HighLikelihood: High

    Sales depend on housing, renovation, and commercial building activity.

    Exposure: Residential and light commercial demand

  2. Energy and raw-material cost volatilityImpact: HighLikelihood: High

    Aerated concrete manufacturing uses energy and industrial inputs.

    Exposure: Production margins and plant economics

  3. Logistics and distribution riskImpact: MediumLikelihood: High

    Bulky building materials are costly to ship over long distances.

    Exposure: Regional supply chains

  4. Regulatory and specification changesImpact: MediumLikelihood: Medium

    Building codes and technical standards affect product acceptance.

    Exposure: Energy-efficiency and structural standards

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Accounting

Judgemental items
Revenue recognition on delivery

Bulky physical products are generally recognized when control passes to the customer.

Impact: Quarter-end shipment timing can shift reported revenue.

Seasonality

Construction activity is seasonal and varies with weather and project schedules.

Impact: Comparability across quarters can be limited.

Depreciation of manufacturing assets

The business relies on plants, kilns, and production equipment.

Impact: Asset life assumptions affect profit and carrying value.

Impairment testing

Weak construction markets can reduce recoverable amounts of plants or goodwill.

Impact: May trigger non-cash write-downs.

Inventory valuation

Finished goods and inputs must be valued against net realizable value and cost.

Impact: Affects gross profit when demand slows or costs change.

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Last updated: 24/10/2026