H+H Q2 2026 slides: rebound delivers 6% growth, Poland leads

In the second quarter of 2026, Danish wall-building materials company H+H International A/S reported a 6% organic growth, marking a rebound after a challenging start to the year. The company's stock traded at $2.32, down from $2.79, indicating investor caution despite the positive momentum. H+H's EBIT margin improved to 6% from 3% in the previous quarter, while EBITDA margin expanded to 11% from 10%.

Gross margin remained steady at 22%, within the company's historical range. Free cash flow turned positive at 117 million Danish kroner, driven by better working capital management and asset sales. However, financial gearing increased to 3.4x from 2.6x a year earlier. H+H's Q2 2026 results were driven primarily by strong performance in Poland, which generated 263 million kroner in revenue with a 25% EBITDA margin.

The UK market showed more cautious performance, with revenues of 227 million kroner and a 12% EBITDA margin, while Central Western Europe experienced gradual recovery, particularly in Germany. H+H's strategic initiatives, HOME and DE+, have also contributed to the company's improved operational performance. CEO Jörg Brinkmann noted the successful completion of the Puławy plant upgrade, which is now performing better than before the upgrade.