CHIEF EXECUTIVE OFFICER JÖRG BRINKMANN QUOTE

"Despite a positive trend in Q2, we are trending behind our volume expectations in CWE and UK in July and August. On top of this, we are starting to see higher price competition in Germany. Consequently, our organic growth will be negatively impacted in H2, changing our guidance. We are using the current environment to improve our operations for the long-term. We are proactively driving the efficiency of our plant network by shifting volumes to higher efficient plants and increase their output. In parallel we are further streamlining our SG&A costs with a special focus on CWE and strengthening procurement to support the balance between price and cost. All these efforts will lead to an even stronger company for when the markets recover." says CEO Jörg Brinkmann.

• Sales volume decreased by 39% to 723 thousand cubic metres (1,182 thousand cubic metres)
• Revenue growth before acquisitions and divestments measured in local currencies ("organic growth") was negative 26% (positive 13%).
• Gross profit before special items was DKK 178 million (DKK 320 million), corresponding to a gross margin of 24% (32%).
• EBIT before special items was DKK 38 million (DKK 177 million), corresponding to an EBIT margin before special items of 5% (18%).
• Net profit of DKK (101) million (DKK 129 million).
• Free cash flow was DKK (68) million (DKK 165 million).
• Financial gearing was 2.0 times EBITDA at the end of Q2 2023 (0.5 times EBITDA at the end of Q2 2022).

FINANCIAL HIGHLIGHTS FOR THE PERIOD

DKK million Q2 2023 Q2 2022 H1 2023 H1 2022
Sales volume (thousand cubic metres) 723 1,182 1,357 2,269
Revenue 731 1,000 1,372 1,874
Organic growth (26)% 13% (26)% 20%
Gross margin before special items 24% 32% 24% 30%
EBITDA before special items 87 227 159 386
EBIT before special items 38 177 59 287
EBIT margin before special items 5% 18% 4% 15%
Special items (165) (9) (174) (19)
Return on Invested Capital (ROIC) 2% 26% 2% 26%
NIBD/EBITDA before special items ratio 2.0x 0.5x 2.0x 0.5x
Free cash flow (68) 165 (377) 102

• Revenue growth measured in local currencies is expected to be negative ranging from -20% to -25% (previously -15% to -20%)
• EBIT before special items is expected to be in the range of DKK 30 million to DKK 100 million (previously 100 to 175 DKKm)

• Sales volumes expected to decrease around -30% to -35%
• Exchange rates, primarily GBP, EUR and PLN remain at end-July 2023 levels.

H1 2023 INTERIM FINANCIAL REPORT CONFERENCE CALL

In connection with the release of the H1 2023 Interim Financial Report, a conference call for investors and analysts is scheduled for Wednesday 16 August 2023, at 10:00 a.m. CEST. On the call, Chief Executive Officer ("CEO") Jörg Brinkmann and Chief Financial Officer ("CFO") Peter Klovgaard-Jørgensen will present the H1 interim financial report. The presentation will be followed by a Q&A session. Investors and analysts are invited to participate via phone (PIN code: 275042):

DK: +45 78 76 84 90

UK: +44 203 769 6819

• Other participants can follow the conference call via live webcast here (https://hh-international.eventcdn.net/events/financial-report-H1-2023).
• The presentation slides for the conference call will be made available beforehand here (https://www.hplush.com/presentations).
• After the conference call, you can access the replay and transcript on H+H's Investor Relations website here (https://www.hplush.com/presentations).