CHIEF EXECUTIVE OFFICER JORG BRINKMANN QUOTE

"Our quarterly result is in line with our expectations. Our focus on the business improvement program continues and I am pleased to see first effects coming through, however, we are also impacted by higher energy costs. In light of expected low building activity in the mid-term we have decided to pause production in four factories across our footprint. This will allow us to increase efficiency of the remaining plants, while maintaining a flexible approach to restarting production when market conditions improve. It will also contribute to reduce our stock levels in line with our cash management priorities." says CEO Jörg Brinkmann.

• Sales volume decreased by 27% to 740 thousand cubic metres (1,018 thousand cubic metres)
• Revenue growth measured in local currencies ("organic growth") was negative 24% (positive 7%)
• Gross profit before special items was DKK 138 million (DKK 254 million), corresponding to a gross margin of 20% (23%).
• EBITDA before special items was DKK 53 million (DKK 160 million), corresponding to an EBITDA margin before special items of 8% (17%).
• EBIT before special items was DKK 13 million (DKK 110 million), corresponding to an EBIT margin before special items of 2% (12%)
• Free cash flow was DKK 54 million (DKK 36 million)
• Financial gearing was 2.6 times EBITDA at the end of Q3 2023 (0.5 times EBITDA at the end of Q3 2022)

FINANCIAL HIGHLIGHTS FOR THE PERIOD

DKK million Q3 2023 Q3 2022 Q1-Q3 2023 Q1-Q3 2022
Sales volume (thousand cubic metres) 740 1,018 2,097 3,288
Revenue 699 920 2,071 2,794
Organic growth (24)% 7% (25)% 16%
Gross margin before special items 20% 28% 23% 29%
EBITDA before special items 53 160 212 546
EBIT before special items 13 110 72 397
EBIT margin before special items 2% 12% 3% 14%
Special items (32) (9) (206) (28)
Return on Invested Capital (ROIC) (4)% 21% (4)% 21%
NIBD/EBITDA before special items ratio 2.6x 0.5x 2.6x 0.5x
Free cash flow 54 36 (323) 138

• Revenue growth measured in local currencies is expected to be negative around -25% (previously -20% to -25%)
• EBIT before special items is expected to be in the range of DKK 30 million to DKK 80 million (previously DKK 30 to 100 million)

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

Q3 2023 INTERIM FINANCIAL REPORT CONFERENCE CALL

In connection with the release of the Q3 2023 Interim Financial Report, a conference call for investors and analysts is scheduled for Friday 17 November 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 Q3 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/interim-financial-report-q3-2023).
• 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).