Interim Financial Report, Q1 2025

Company announcement No. 583, 2025

CHIEF EXECUTIVE OFFICER JÖRG BRINKMANN QUOTE

“We started the year in line with expectations, with encouraging momentum in the UK housing market. To meet growing long-term demand, we are rebuilding capacity in the UK and expect to see the full margin benefits in the second half of 2025. In Poland, the underlying fundamentals remain strong, despite a tough volume comparison with last year’s strong Q1. In Germany, market challenges persist, and we haven’t seen the full potential of our business yet. However, we are closely monitoring how the new German government will improve regulations and provide funding to reactivate the new-build market. Based on our Q1 performance, we remain on track to deliver our full-year guidance” says CEO Jörg Brinkmann.

PERFORMANCE HIGHLIGHTS FOR Q1 2025 (Q1 2024)

• Revenue growth measured in local currencies (“organic growth”) was 3% (negative 4%).
• Sales volume decreased by 2% driven by Poland and Germany partly offset by the UK market.
• Gross profit before special items was DKK 146 million (DKK 109 million), corresponding to a gross margin of 22% (17%). The increase is driven by higher sales prices and normalised input costs.
• EBIT before special items was DKK 16 million (negative DKK 21 million), corresponding to an EBIT margin before special items of 2% (negative 3%).
• Financial gearing was 2.7 times EBITDA before special items at the end of Q1 2025 (5.1 times EBITDA before special items at the end of Q1 2024).

FINANCIAL OUTLOOK FOR 2025 (UNCHANGED)

• Organic revenue growth for 2025 is expected to be in the range between 5% to 10%.
• EBIT before special items is expected to be in the range of DKK 120 to 180 million.

Q1 2025 INTERIM FINANCIAL REPORT CONFERENCE CALL

In connection with the release of the Q1 2025 Interim Financial Report, a conference call for investors and analysts is scheduled for Wednesday 21 May 2025, at 10:00 a.m. CEST. The presentation will be followed by a Q&A session. Participants can follow the conference call via live webcast here.

Or you can dial in using below information:

DK: +45 78 76 84 90

UK: +44 20 3769 6819

US: +1 646 787 0157

Conference Code
275042