H+H International

Earnings Release • Mar 1, 2023

Company announcement No. 528, 2023 H+H International A/S announces financial outlook for 2023

H+H International A/S Lautrupsgade 7, 5. 2100 Copenhagen Ø Denmark

Telephone +45 35 27 02 00 info@HplusH.com www.HplusH.com

CVR No. 49 61 98 12 LEI: 3800GJODT6FV8QM841

Date: 1 March 2023

H+H International A/S (hereinafter referred to as "H+H" or "the Company") announces the financial guidance for 2023.

FINANCIAL OUTLOOK FOR 2023

• Revenue growth measured in local currencies is expected to be around 0%.
• EBIT before special items is expected to be in the range DKK 330-400 million.

The expectations for 2023 are based on the following:

Specific assumptions

• Sales volumes expected to decrease around 10-15% in aggregate across our markets mainly driven by Poland.
• Further cost increases in 2023 expected, which are passed on through sales price increases.
• Exchange rates, primarily GBP, EUR and PLN remain at end-February 2023 levels.

General assumptions

• The expectations for H+H's financial performance are based on a number of general assumptions.
• Management believes that the most significant assumptions underlying H+H's expectations relate to:
  • o Sales volumes and product mix
  • o Price competition
  • o Developments in the market for building materials
  • o Distribution factors
  • o Weather conditions
  • o Macroeconomic and geopolitical developments
  • o Operational uptime at H+H's production plants including supply of energy and raw materials.

A full disclosure of the financial results for 2022 will be published in the Annual Report 2022 on 1 March 2023, following this company announcement.

For further information please contact

Niclas Bo Kristensen Head of Investor Relations and Treasury +45 24 48 03 67 nbk@HplusH.com

Disclaimer

This document contains forward-looking statements. Such statements are subject to risks and uncertainties, as various factors, many of which are beyond the control of H+H International A/S, may cause actual developments and results to differ materially from the expectations expressed in this document. In no event shall H+H International A/S be liable for any direct, indirect or consequential damages or any other damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other action, arising out of or in connection with the use of information in this document.

H+H International A/S's core activity is the manufacture and sale of wall building materials, with a revenue in 2022 of DKK 3,604 million. The main product lines are aircrete blocks and calcium silicate units used for the residential new building segment. H+H has 32 factories in Northern and Central Europe with a total output of more than 4 million cubic metres of products annually and has a leading position in most of its markets. H+H has more than 1,700 employees and is listed on Nasdaq Copenhagen.