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.

Kysy yhtiöstä
Liikevaihto2 743milj. DKK
−0,1 %v/v
Liikevoitto (EBIT)−557milj. DKK
−1 458,5 %v/v
EBIT-marginaali−20,3%
−21,8 %-yks.v/v
Nettotulos−665milj. DKK
−1 230,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2021–2025

−1 00001 0002 0003 0004 000milj. DKK2021: 3 020 milj. DKK2021: EBIT 377 milj. DKK20212022: 3 604 milj. DKK2022: EBIT 413 milj. DKK20222023: 2 672 milj. DKK2023: EBIT −230 milj. DKK20232024: 2 747 milj. DKK2024: EBIT 41 milj. DKK20242025: 2 743 milj. DKK2025: EBIT −557 milj. DKK202512 kk 2026: 2 661 milj. DKK12 kk 2026: EBIT 15 milj. DKK12 kk2 66115
LiikevaihtoLiikevoitto (EBIT)12 kk = viimeiset 12 kuukautta, ei kokonainen tilikausi
Kysy Clarifolta: H+H International A/S

Liiketoiminta

Osuus liikevaihdosta
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.

Asiakkaat

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.

Strategia

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 franchiseKeskipitkä aikaväli

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

Align products with energy-efficiency demandKeskipitkä aikaväli

Building standards increasingly favor insulated and efficient wall solutions.

Maintain local market coveragePitkä aikaväli

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

Maantiede

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.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Construction market cyclicality1Energy and raw-material cost volatility2Logistics and distribution risk3Regulatory and specification changes4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Construction market cyclicalityVaikutus: KorkeaTodennäköisyys: Korkea

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

    Kohdistuu: Residential and light commercial demand

  2. Energy and raw-material cost volatilityVaikutus: KorkeaTodennäköisyys: Korkea

    Aerated concrete manufacturing uses energy and industrial inputs.

    Kohdistuu: Production margins and plant economics

  3. Logistics and distribution riskVaikutus: KeskitasoTodennäköisyys: Korkea

    Bulky building materials are costly to ship over long distances.

    Kohdistuu: Regional supply chains

  4. Regulatory and specification changesVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Building codes and technical standards affect product acceptance.

    Kohdistuu: Energy-efficiency and structural standards

Kysy Clarifolta: H+H International A/S

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition on delivery

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

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

Seasonality

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

Vaikutus: Comparability across quarters can be limited.

Depreciation of manufacturing assets

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

Vaikutus: Asset life assumptions affect profit and carrying value.

Impairment testing

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

Vaikutus: May trigger non-cash write-downs.

Inventory valuation

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

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

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Betolar Oyj

BETOLAR · Building Materials

RIAS A/S

RIAS-B · Building Materials

Kakel Max

KAKEL · Building Materials

ZKH Group Ltd

ZKH · Retail-Building Materials, Hardware, Garden Supply

Jewett-Cameron Trading Company

JCTC · Retail-Lumber & Other Building Materials Dealers

iPower Inc.

IPW · Retail-Building Materials, Hardware, Garden Supply

Päivitetty: 24.10.2026