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| ifrs-full:Assets | 2025-12-31 | 2653000000 | dkk |
| ifrs-full:Assets | 2024-12-31 | 3473000000 | dkk |
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| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 2743000000 | dkk |
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 2747000000 | dkk |
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<mrv:SustainabilityReport contextRef="ctx-1" id="f1__s8__7__7-1" xml:lang="en">Business modelWe focus on providing safe and affordable solutions and materials for wall buildingEfficient manufacturingPartners in wall buildingEnabling better homesAttractive geographical setupOne-stop shop for every wall building projectDiverse and flexible solutions for various applicationsPartnerships Delivery Key featuresManufacturingKey raw materials⢠Mineral materials mainly sand, ⢠Strong plant network with ⢠Full wall solution selling⢠One point of contact⢠Wall-building solutions that ⢠Fire-resistant, rot- and mould-water and limeaccess to attractive marketsare easy and fast to build with, proof products ensuring a safe ⢠Support of customers in early ⢠One-stop shop for wall buildingcost-efficient and can last for environment ⢠Cement added for AAC products⢠Lean manufacturing process to planning stage⢠Reliable and timely deliverycenturiesimprove efficiency and eliminate ⢠Durability, insulation and a ⢠Optimisation of building processwastereduced carbon footprint⢠Cooperation with planners, ⢠Targeted capital investments installers, architects, distributors improve reliability and quality and house buildersacross the production platform⢠Continuous improvements to improve marginsThe business model is prepared in accordance with SBM-1HOME: H+H Operating Model of ExcellenceHOME is H+Hâs Operating Model of Excellence and forms the backbone of how we run, improve, and scale our plant network. Developed to strengthen long-term competitiveness in a cyclical industry, HOME provides a consistent way of working across all sites, enabling us to respond to fluctuating demand while maintaining safety, quality and efficiency.HOME is designed to maximise plant uptime, opti-mise processes, reduce waste, and unlock addi-tional capacity. By applying the same systems, metrics, and improvement tools across all plants, we can benchmark performance, share best prac-tices, and build strong operational discipline.Building a flexible production platformRecent market volatility has reinforced the need for a flexible production setup. Historically, our network was designed for high output, where higher volumes improved utilisation and margins. In 2025, fluctuating conditions required capacity adjust-ments at selected plants. While such changes incur short-term costs, they are essential for competitive-ness. HOME supports this flexibility through robust daily routines, transparent performance manage-ment, and consistent decision-making.A standardised way of workingHOME establishes a unified operating system across all plants, including:⢠A shared set of critical metrics for transparency and improvement⢠A daily operational model engaging all employees⢠A portfolio of standard work for operators and leaders⢠Visual management to drive continuous improvement⢠A toolkit for structured problem-solving and step-change improvementsOver the past two years, we have reshaped our production platform to operate effectively at lower volumes. This included consolidating activity into larger, more efficient plants and reducing complexity across the network. HOME enables this transition by standardising opera-tions and delivering economies of scale. As rollout continues, we expect further gains in uptime, productivity, and indirect cost per unit. Supporting our sustainability ambitionsHOME is central to achieving our sustainability goals. By improving planning, reducing downtime, and minimising waste, HOME enhances energy efficiency and lowers our carbon footprint. In 2025, we reduced scope 1+2 emissions further and progressed towards our 2030 target of cutting CO emissions per block by 50%. Future 2opportunities include hydrogen integration and alternative transport fuels, enabled by stable production flows under HOME.HOME: Running the BusinessStructuredProblem SolvingHOME outlines the minimum operating standards expected StandardVisualacross our sites.WorkFactoryAll employees â regardless of role â play a critical part in delivering our performance goals.ControlGemba& ReviewWalksStandard KPIs & ReportingUnlocking extra capacity through excellenceOur plant network holds significant untapped capacity achievable through improved uptime, better asset utilisation and targeted de-bottlenecking. This does not require major extensions or green-field investments but is driven by lean manufacturing, recipe optimisation and selective equipment upgrades.In 2025, we initiated a focused upgrade of our AAC plant in PuÅawy, Poland demon-strating the effectiveness of HOME. The project addressed three bottlenecks: extending the autoclave line, expanding the curing chamber and redesigning internal transport. These improvements deliver 20% more capacity in this plant with relatively modest capital expendi-ture. The PuÅawy project exemplifies the HOME approach: targeted investments that are delivering efficiency gains, lowering indirect production costs and increasing output. Mission Zero: Zero Carbon - SBM-1 | E1-1Our vision for green transition and reducing our carbon emissions is rooted in a full life-cycle assessment of our products. This approach evaluates environmental impact across the entire lifecycle â from production to end-of-life.Our business model and strategy actively support the green transition by reducing carbon emissions in line with validated Science Based Targets. From a full life-cycle perspective, we aim to achieve net-zero emissions for our products by 2050âand we believe our approach will make this possible.As part of a wider supply chain, our own manufacturing accounts for a minor share of embodied carbon. The majority comes from raw materials such as cement and lime. Thatâs why we collaborate with our suppliers to support their decarbonization efforts. While change takes time, we are committed to achieving key milestones on the journey to reaching our targets.H+H commits H+H commits H+H commits to reducing absoluteto reducingto achievingscope 1 and 2 greenhouse scope 3 greenhouse net zero emissions in our gas emissions bygas emissions byoperations and products by46% 22% 2050by 2030 compared per kg CO2e/m3 by 2030 to 2019compared to 2019Direct and indirect emissionsMission Zero: Zero Carbon - SBM-1 | E1-12019 â Starting pointWhen we started our SBTi journey, an average H+H block emitted 210 kg CO (gross) before 2landing on a building site. With its natural carbon capture storage (CCS) abilities, a block would over a lifetime emit net 130 kg.Scope 1+2+3 ~ 210CCS ~ 75 kgWhole life emissions ~ 130 kg (net)2025 â PresentSince our starting point we have improved our emissions, reducing the amount by approximately 30 kg through renewable electricity and more efficient production. Blocks produced in 2025 therefore already emit lower emissions during their lifetime compared to blocks produced in 2019.Whole life emissions ~ 100 kg (net)2030 â TargetWe plan to improve our energy mix and increase the use of low-carbon binder mate-rials, giving a further reduction of 26 kg. In 2030, the whole life emissions of a block will be approx. 75 kg.Whole life emissions ~ 75 kg (net)2050 â VisionBased on roadmaps from our suppliers, our blocks will from a whole life perspective have a negative carbon footprint by latest 2050, positioning our products as the core solution for sustainable wall building materials.Whole life emissions ~ negative 50 kg (net)Carbon capture storage inside (CCS inside)Due to the natural carbon capture abilities of our blocks, the whole life emissions for a block become significantly lower as they absorb CO2during their lifetime.Our AAC and CSU products act like a dried-out sponge â absorbing CO from the atmosphere. 2With the improvement in sustainable produc-tion and carbon capture and storage (CCS), we will be able to produce blocks with a negative CO footprint 10-20 years from now due to the 2carbon capture process.* Made from approximately 30 m3 AAC blocksA standard house* absorbs over 2.3 tons of CO2over its lifetime from aircrete, equivalent to the absorption of 90 trees.Corporate governanceGovernance structure - GOV-1The general meeting is the supreme governing body of H+H Inter-national A/S where shareholders can exercise their rights. At the annual general meeting shareholders consider the annual report, the remuneration report, the election of Board of Director members and the election of auditor, changes to the Articles of Association as well as any other agenda items proposed by the Board of Directors or shareholders. The authority of general meetings and the formalities relating to general meetings are set out in the companyâs Articles of Association available on the Group website.Election of a member to the Board of Directors requires simple majority of votes, and decisions to make amendments to the Articles of Association requires at least two-thirds of the votes cast as well as of the share capital represented at the general meeting.H+H International A/S has a two-tier management system consisting of the Board of Directors and the Executive Board. The Board of Directors supervises the work of the Executive Board and is respon-sible for the Groupâs strategy and overall organisation, manage-ment, and capitalisation. The Executive Board is responsible for the execution of the strategy and the day-to-day management. The organisation and operation of the Board of Directors are set out in the Rules of Procedure for the Board of Directors, and similarly the organisation and operation of the Executive Board and its co-opera-tion with the Board of Directors are set out in Rules of Procedure for the Executive Board. The current Articles of Association state that the Board of Direc-tors must consist of 4-8 members elected at a general meeting. Currently, the Board of Directors consists of 5 members. The term of all board members expires at each annual general meeting, but each member may be re-elected for a new term. It is stipulated in the Arti-cles of Association that a board member may not also be a member of the Executive Board. To support the work of the Board of Directors, the Board of Directors has after the Annual General Meeting 2025 merged the Remunera-tion Committee and the Nomination Committee into one committee, i.e. the Nomination & Remuneration Committee, and in addition to that the Board continued to also have the Audit Committee. The board committees shall report and provide recommendations to the Board of Directors and may make independent decisions in regard to non-material matters as further described in the Charter for each board committee. The members of each board committee, including the committee chair, are each appointed by the Board of Directors on the basis of their specific experience and competences.Key activities 2025 - Board of Directors - GOV-1⢠Review and update of strategy and business plan ⢠Monitoring of the execution of the Group health & safety strategy 'ZERO HARM'⢠Monitoring of the execution of the new Group operational model HOME, including approval of related CAPEX projects to increase production capacity for the involved plant⢠Monitoring the German business going from a nationwide pres-ence to a customer proximate model focused on building strong positions within areas close to our plants⢠Monitoring of the execution of measures and related CAPEX imple-mentations in pursuit of the CO targets set under the Zero Carbon 2strategy ⢠Review of IT and cyber security, including cyber security training and readiness ⢠Annual board evaluation processKey activities 2025 - Audit Committee - GOV-1⢠Monitoring financial annual and interim reporting process, including treatment and estimates, accounting policies, controls and the overall integrity of the reporting process, as well as review of the audit strategy⢠Oversight of enterprise risk management, including risk catego-ries and review and possible changes to various policies related to finance, ESG, controls and other risk management issues, committee charter etc.⢠Monitoring of group insurance strategy, coverage, and pricing⢠Monitoring sustainability reporting process, including review of the double materiality assessment ⢠Monitoring of liquidity and compliance with financial covenants ⢠Monitoring the whistleblower set-up, including whistleblower policy and number and type of whistleblower reportsKey activities 2025 - Nomination & Remuneration Committee - GOV-1⢠Review and possible changes to various standard terms and poli-cies related to incentive programs, social and governance matterscommittee charter etc.⢠Arrangement and execution of the annual evaluation of the Board and of the Executive Board and their co-operation, collective and individual competences as well as review of succession plans⢠Annual review of the Remuneration Policy for the Board of Direc-tors and the Executive Board and presentation to the Board of Directors of a proposal not to propose any changes to the Policy at the annual general meeting in April 2025⢠Review of the Remuneration Report for 2024⢠Review of and proposal for the fees for 2025 to the Board of Direc-tors and presentation to the Board of Directors of the fee proposal which was presented at the annual general meeting in April 2025 ⢠Review of the actual remuneration for 2024 to the Executive Board and proposal to the Board of Directors on any recom-mended future adjustments to the remuneration principles for the members of the Executive Board⢠Review of outcome under the incentive programs vesting in 2025 and proposal to the Board of Directors of KPIs and targets for the short-term and long-term incentive programmes starting in 2025Attendance rates for board and committee meetings in 2025Member Meeting Audit Meeting Nomination & Remuner-Meeting BoardsinceAttendanceCommitteeattendanceation CommitteeattendanceMiguel Kohlmann (Vice Chair January-March, Chair since April)ï¢ 2018 7/7 ï¢ 2/2Peter Thostrup (Vice Chair since April)ï¢ April 2025 6/6 ï¢ 3/3Volker Christmannï¢ 2017 7/7 ï¢ 1/1 ï¢ 2/2Kajsa von Geijerï¢ 2022 7/7 ï¢ 4/4 ï¢ 2/2Helen MacPheeï¢ 2019 6/7 ï¢ 4/4Kent Arentoft (Chair through March 2025)ï¢ 2013 1/1 ï¢ 1/1Stewart A Baseley (member through March 2025)ï¢ 2010 1/1 ï¢ 1/1Jens-Peter Saul (member through March 2025)ï¢ 2023 1/1 ï¢ 1/1ï¢ Chair ï¢ Vice Chair ï¢ MemberBoard diversity - GOV-1The Board seeks to be diverse in the broadest sense relevant, recog-nising the benefits of diversity in terms of cultural background, gender, age etc. When deciding whether to propose re-election or not of board members as well as when searching for candidates to propose as new board members, the decision is based on filling out relevant compe-tence gaps or strengthening specific competences in the Board. Actual board diversity by the end of 2025*Nationality & residenceBrazil (1) / Denmark (1) / Germany (2) / Sweden (1) / Switzerland (1) / United Kingdom (1)Board tenure (years)1-5 (2) / 6-10 (3) Board independence rate100%Age distribution (years)60-64 (3) / 65-69 (2)GenderFemale (2) / Male (3)Educational backgroundsBusiness Administration, Controlling and Auditing / Mechanical Engineering / Economics / Strategy and Management / Financial and Management Accounting / Human Resource ManagementBoard competence profile defined by the Board - GOV-1Individual competences:⢠International and business-minded⢠Analytical and strategic⢠High integrity and accountability⢠Team-oriented * One board member has dual citizenship and lives in a country different from citizenshipCollective board competences:⢠International top management ⢠Production & sales in building industry⢠Supply chain management⢠Health & safety⢠Sustainability / ESG⢠HR and compliance⢠Finance and accounting⢠Enterprise risk management⢠IT, AI and cyber security management⢠Strategy development⢠Change management⢠M&A, divestments etc.⢠Investor relations and capital markets ⢠Corporate governanceH+H has since the annual general meeting on 31 March 2022 had equal gender distribution in our Board of Directors, as defined by the Danish Business Authority. For this reason, no formal gender target under the law is set. When the Board as part of its annual board eval-uation decides to want to change its composition, the possibility to improve especially the Boardâs age profile will naturally be pursued. Hence, if two candidates for a board position are equally competent, the person improving the age diversity will be preferred.Board evaluation 2025 - GOV-1The Board of Directorsâ annual evaluation procedure for 2025 was conducted as a self-evaluation without the participation by an external expert. A questionnaire was developed and issued for the Board, the Audit Committee, the Nomination & Remuneration Committee and the Executive Board, respectively. The Board then held a meeting without the presence of the Executive Board to discuss the findings of the questionnaires and agree on conclusions and actions points. The issues evaluated included e.g.:⢠the board composition (diversity gaps in regard to competences, gender, age, board continuity/succession planning etc.)⢠the board performance (collective and individual performance) and⢠the co-operation between the Board and the Executive Board (collective and individual performance, co-operation inside and outside of the board and board committee meetings, chairship meetings etc.).After the board meeting, relevant findings and conclusions were discussed with the Executive Board. In summary, it was found that the board members were all well prepared and had a high participation rate for all meetings, indicating that no board members were overboarded. The Board continued to find that having a Chairship was an effective way to help manage the Board, and it also found that the merger since the last annual general meeting of the Remuneration Committee and the Nomination Committee into a Nomination & Remuneration Committee had made their work more effective and seamless. There was also agreement both in the Board and from the Executive Board, that the reduction of the size of the Board by two board members had intensified the participation by and input from each board member, thereby also making the discussions more dynamic.Despite the smaller number of board members, the Board still found there to be good and relevant diversity in respect of compe-tences and the spread in board tenure, ensuring both continuity and renewal. The co-operation between the Board and the Executive Board functioned well, and the Executive Board said it benefited from having board members that collectively represented very diverse and relevant experiences with regard to special subject matters, industries, country market experience etc.RemunerationRemuneration of the Board of Directors and the Executive Board is paid in line with the H+H Remuneration Policy for the Board of Directors and Executive Board adopted by the general meeting. The Remuneration Policy will be reviewed and presented for approval at the annual general meeting latest in 2028. H+H reports on remuner-ation in an annual Remuneration Report prepared in accordance with section 139b in the Danish Companies Act and will be presented to the shareholders at the annual general meeting for an advisory vote. The Remuneration Report for 2025 and the present Remuneration Policy are available on the Group website. Annual corporate governance statementAs a listed company on NASDAQ Copenhagen, H+H International A/S reports annually on the recommendations on corporate govern-ance. These are issued by the Committee on Corporate Governance together with a description of the internal control and risk manage-ment system relating to the financial reporting as required under Section 107(b) of the Danish Financial Statements Act. The reporting is done in an annual Corporate Governance Statement available on https://www.hplush.com/en/investor-relations/corporate-govern-ance. We comply with all recommendations. Report on data ethicsThe following makes up the data ethics report required under Section 99(d) of the Danish Financial Statements Act.H+Hâs Data Ethics Policy has as its overall objective to encourage and motivate all our employees to handle data with the utmost care and respect and to follow our guiding principles on data use and ethics. We are committed to complying with all applicable personal data protection laws. We run internal audit controls to secure compliance with both information security and data protec-tion requirements, and all employees developing, purchasing or otherwise working with technology and data science-based uses of data must be informed about the data ethics principles. We do not purchase, sell or broker data or otherwise profit from separate data transfers from or to third parties. We do not currently carry out data processing using artificial intelligence, such as machine learning, as a natural part of our business. Our Data Ethics Policy can be found on https://www.hplush.com/en/compliance/data-ethicsBoard of DirectorsMiguel Kohlmann, Chair Male. Born 1962. German/Brazilian. Professional board member and advisor. IndependentMember since 2018 and Chair since April 2025Member of the Nomination & Remuneration CommitteeH+H shareholdingDoes not hold any H+H sharesNo changes made in 2025Areas of expertiseExtensive management experience in building materials and industry on a global scale. Worked in controlling, sales, production and general management.Other management positions and directorships Chair of the Board of Directors of Archroma Holdings SARL (Luxembourg) and NMC International S.A. (Luxembourg).Member of the Advisory Board of Pfleiderer GmbH (Germany) and Paul Bauder GmBH (Germany).Peter Thostrup, Vice ChairMale. Born 1960. Danish.Professional board memberIndependentMember since April 2025 and Vice Chair since April 2025Member of the Audit CommitteeH+H shareholdingHolds 750 H+H sharesPurchased 750 H+H shares in 2025Areas of expertiseExtensive executive management experience both as CFO and CEO in international listed and privately held companies within different sectors such as timber, electronics and biotech. Has also worked in commercial banking, including some years in London.Other management positions and directorships Chair of Better Energy Holding A/S (Denmark), Bitte Kai Rand & Co. A/S (Denmark)and Power Stow A/S (Denmark).Board member of A/S Th. Wessels & Vett, Magasin du Nord (Denmark).Volker ChristmannMale. Born 1957. German.Professional board member and advisoIndependentMember since 2017Chair of the Nomination & Remuneration Committee.H+H shareholdingDoes not hold any H+H sharesNo changes made in 2025Areas of expertiseExtensive experience within the building materials production sector of Central Europe, particularly in Germany, as well as within financial auditing and controlling.Other management positions and directorshipsChair of the Board of Directors of BuVEG (Bundesverband energieeffiziente Gebäude-hülle) (Germany) and ABE (Aachen Building Experts) (Germany).Vice Chair of the Board of Directors of FIW (Forschungsinstitut für Wärmtechnik) (Germany)Kajsa von Geijer Female. Born 1964. Swedish. Professional board member and advisor. IndependentMember since 2022Member of the Audit CommitteeMember of the Nomination & Remuneration CommitteeH+H shareholdingDoes not hold any H+H shares No changes made in 2025Areas of expertiseInternational experience within strategic and operational HR, sustainability, ESG and general compliance.Other management positions and directorshipsMember of the Board of Directors of Geveko Markings Group AB (Sweden).Helen MacPheeFemale. Born 1962. British.Senior Vice President of Finance, AstraZeneca plc (UK).Independent Member since 2019 Chair of the Audit CommitteeH+H shareholdingDoes not hold any H+H shares No changes made in 2025Areas of expertiseExtensive experience within strategic and operational finance and international expe-rience in change management, financial oversight and control, governance and risk frameworks as well as international talent development. Other management positions and directorshipsN/AJörg Brinkmann Male. Born 1979. German. CEO since October 2022 H+H shareholdingHolds 25,300 shares4,000 were purchased in 2025Background2018-2022: President EU and Member of ELT of James Hardie Industries, USA2014-2018: MD of Fermacell and Member of ExCom at Xella, DE2005-2014: Various leadership positions in Sales and Marketing at Xella, DEEducationMSc (Business Administration)PhD EconomicsOther management positions and directorshipsN/ABjarne PedersenMale. Born 1977. Danish.CFO since April 2024H+H shareholdingHolds 10,141 shares No changes made in 2025Background2019-2024: Chief Strategy Officer in H+H International A/S2008-2018: Various Finance and IT leadership positions, H+H International A/S 2006-2008: Global cash management in Danske Bank A/S1998-2005: Auditor background EducationMSc (Business Economics and Auditing)Other management positions and directorshipsN/AInvestor Relations - SBM-2The purpose of our financial communications and other investor relations activities is to ensure that relevant, accurate and timely information is made available to the stock market to serve as a basis for regular trading and a fair pricing of H+H shares.To ensure that capital market participants, including current and prospective investors, are able to make well-informed investment decisions, we seek a transparent and active dialogue with all financial market participants, including investors, sell-side analysts, journalists and the general public via conference calls, participation in investor meetings and equity conferences, and social media.H+H is not normally available for dialogue about financial matters in the three-week period leading up to the publication of an interim financial report or the annual report. Enquiries concerning investor relations issues should be addressed to the Head of Investor Relations and Treasury via email to Shareholder@HplusH.com. More relevant investor information is available on our group website.5Health & Safety - ESRS 2 GOV-5Fatal or critical accidents resulting in fatalities or severe harm to employees or external parties can occur due to several factors. The organisation is working to guard against inadequate behavior, against insufficient health and safety training, and to ensure proper recruitment practices and cultur-al alignment. Further to this, timely upgrades to equipment is needed, as modern machinery typi-cally incorporates more advanced safety features.The importance of safety is embedded through the Group Health and Safety Policy, which pro-vides guidance on applying our safety manage-ment system across all operations. Root cause analysis are conducted to reduce risks, while performance is continuously improved through internal and external reviews, followed by regular follow-ups. Further to this, recurring review of equipment needs is embedded in the production planning.Each plant operates with a relatively small work-force around the active machinery, and accidents rarely involve more than one individual. Based on this, the risk is assessed as low.6Climate - ESRS 2 GOV-5The main risks identified include production sites failing to execute CO reduction plans 2necessary to meet H+Hâs SBTi targets or violating environmental laws, insufficient investment to upgrade sites and improve their energy mix, and key suppliers being unable to reduce their CO emissions, which impacts 2H+Hâs Scope 3 reduction aspirations.Strategic effort have been directed toward achieving science-based targets. Operational management is responsible for executing plans that support these targets, with ade-quate funding allocated to ensure success-ful implementation. Procurement is key in sourcing materials, and mitigating actions are detailed in the Sustainability Statement under Environmental Information. These initiatives are supported by a management and reporting system that monitors progress. ESG summits are held to align objectives and action plans across the organisation.Science-based targets are ambitious and the framework presents a number of challenges.The challenges are more industry specific than company specific.General informationSustainability is a strategic focus area for H+H and it is embedded in our business model.ESRS 2 General disclosuresBP-1 General basis for preparationOur sustainability statement is prepared on a consolidated basis with our 2025 financial statements and with reference to the Corporate Sustainability Reporting Directive (CSRD), the European Sustainability Reporting Standards (ESRS) and in compliance with sections 99a and 107d of the Danish Financial Statements Act. It covers our own operations and upstream and downstream value chains. The statement is struc-tured into four sections â âGeneralâ, âEnvironmentalâ, âSocialâ and âGovernanceâ â with each section disclosing relevant information related to impacts, risks, opportunities, targets, metrics, policies and actions. We have not used the option to omit specific information corresponding to intellectual property, know-how or the results of innovation.GOV-1, GOV-2 Sustainability governanceH+Hâs ESG activities are anchored at the Board of Directors who has oversight of our strategy, targets, impacts, risks and opportunities and Group policies together with Group Management. This includes regular risk assessments, establish-ment of internal controls and documentation of data, which are overseen by the Audit Committee. Due diligence is managed mainly through policies and their related processes. The Board of Direc-tors and the relevant underlying board committees are updated on these as part of their annual wheel. The long-term strategy for H+H is discussed at the annual strategy seminar, including how to address and manage the material impacts, risks and opportunities identified in the Double Materiality Assessment (âDMAâ). During the first half of 2024, a review of the DMA was completed by Group Management and the regional Managing Directors, including engagement with various internal and external stakeholders. The result of this was first presented to the Audit Committee before being presented and approved by the Board of Directors. In 2025, we updated the DMA review with no major changes to the outcome, however, the following disclosure requirements have been assessed to be immaterial. S1-13 and S1-15. The main reason being that most of our workforce are non-office, hence working within a designated time schedule and fixed tasks, limiting the impact of work-life balance and skill development.You can read more about our board composition, governance structure and activities in the Corpo-rate Governance section. Here you can also find information on the experience and background of the members of the Board of Directors and the Executive Board. As a further testament to our commitment, H+H also has a sustainability-linked financing agree-ment, which incentivises the achievement of specific ESG KPIs.Sustainability is anchored across our corporate governance structures Board of DirectorsOversees compliance of the ESG Policy and is updated monthly on key ESG metrics by Group management as well as at board and board committee meetings. This includes updates on various ESG-related projects around the group and the effec-tiveness of our actions in relation to our targets. H+H Group ManagementDefines and executes initiatives to achieve the ESG strategy and oversees progress, including long-term projection of CO2emissions and health & safety. Driven in close liaison with regional management, work and reporting is supported by various Group and regional functions. This is done at least quarterly as part of general business review meetings or as part of weekly meetings with the regional Managing Directors. Corporate ControllingMonitors new legal requirements and trends around the ESG landscape, makes recommendations on key ESG initiatives to ensure compliance with stakeholder expectations, and executes on strategic targets in cooperation with key regional stakeholders. Audit CommitteeIs responsible, amongst other things, for overseeing financial and non-financial reporting as well as external assurance, internal controls and risk management relating to ESG. It also receives notice of results of whistleblower investigations. Committee meetings are held each quarter in connection with release of financial reports. Meetings are also held at the request of other board members or the financial or sustainability auditors, as well as when the Chair of the Audit Committee finds it necessary. The Operations organisation is overall responsible for execu-tion of matters related to the environment, including energy consumption, emissions, as well as H&S and work incidents.The HR organisation is overall responsible for execution of social matters, exept for safety, and for the framework for implementation and training of compliance matters.The Finance organisation is overall responsible for matters related to execution of governance, including reporting, ESRS and taxonomy.GOV-3 Integration of sustainability-related performance in incentive schemesH+Hâs Remuneration Policy for the Board of Directors and Executive Board seeks to create a remuneration framework that supports achievement of our strategy, with a focus on ensuring continuous long-term sustainable development of our business, while creating long-term value for shareholders. The policy, including all subse-quent changes, is approved by the General Meeting of shareholders. The policy describes target setting for both the long- and short-term incentive programme. For 2025, the short-term incentive programme included two KPIs related to ESG, with one KPI target relating to lost-time incidents (H&S) and one KPI target relating to the reduction of our scope 1 and 2 CO emissions. Each KPI has a 215% weighing. In 2023, we introduced an ESG-related KPI in our long-term incentive share programme, related to our scope 1 and 2 emissions. This was continued in 2025 and like last year, the target is weighted 15%. The measurement period of the programme runs multiple financial years at the time. Both long- and short-term targets relating to emissions are assessed and determined in relation to the GHG emission reduc-tion targets described in the Environmental section.SBM-1 Strategy, business model and value chainA description of our strategy, business model and value chain is provided in the Business and Strategy section. Please refer to the full content of page 17 and 21-22. For employees by geographical areas, please refer to S1-6.GOV-4 Statement on due diligenceCore elements of Paragraphs or pages in Does the disclosure relate to Due Diligencethe Sustainability Statementpeople and/or the environment?a) Embedding ESRS 2 GOV-2, pages 48-49ï¢â
ï¢People and environmentdue diligence ESRS 2 GOV-3, page 49ï¢â
ï¢People and environmentin governance, strategy and ESRS 2 SBM-3:business modelpages 63-64 (E1)ï¢Environmentpages 75-76 (Health & Safety, S1)ï¢Peoplepage 77-78 (Equal treatment & opportunities for ï¢Peopleall, S1)page 82 (Working conditions, S1)ï¢Peopleb) Engaging ESRS 2 GOV-2, pages 48-49ï¢â
ï¢People and environmentwith affected ESRS 2 SBM-2, page 51ï¢â
ï¢People and environmentstakeholders in all key steps of ESRS 2 IRO-1, page 54ï¢â
ï¢People and environmentthe due diligenceESRS 2 MDR-P:page 64 (E1-2)ï¢Environmentpages 76, 78, 82 (S1-1)ï¢PeopleSocial: page 82 (S1-2)ï¢PeopleESRS 2 IRO-1, page 53ï¢â
ï¢People and environmentc) Identifying and ESRS 2 SBM-3: assessing adverse pages 63-64 (E1) ï¢Environmentimpactspage 75-76 (Health & Safety, S1)ï¢Peoplepage 78-78 (Equal treatment & opportunities for ï¢Peopleall, S1)page 82 (Working conditions, S1)ï¢Peopleï¢ Environment ï¢ PeopleCore elements of Paragraphs or pages in Does the disclosure relate to Due Diligencethe Sustainability Statementpeople and/or the environment?d) Taking actions ESRS 2 MDR-A:to address those page 62 (E1-1)ï¢Environmentadverse impactspages 64-65 (E1-3) ï¢Environmentpages 76, 78, 82 (S1-4) ï¢Peoplee) Tracking ESRS 2 MDR-M:effectiveness of page 65 (E1-4)ï¢Environmentthese efforts and communicatingpages 76-77 (S1-14)ï¢Peoplepage 81 (S1-9) ï¢Peoplepage 81 (S1-16)ï¢PeopleESRS 2 MDR-T: page 65 (E1-4) ï¢Environmentpages 76, 79, 82 (S1-5)ï¢PeopleOur stakeholdersSBM-2 Interests and views of stakeholdersAs Partners in wall building, we are in the business of people, seeking to engage with both our internal and external stakeholders. The Board of Directors and Group management are regularly informed of the views of our stakeholders to better assess how to incorporate their interests in our strategy. A key interest area from both our internal and external stakeholders is the need to drive down emissions, while the main priority for our internal stakeholders is safety. This is reflected in our strategy and ways of working. EmployeesWe are committed to providing a safe, engaging and meaningful workplace for our employees, where collaboration can thrive. We engage with our employees in a number of different ways, including intranet updates, workersâ councils, engagement surveys in selected areas, manager check-ins and global town halls. Employees also have the opportunity to raise concerns through our online whistle-blower system, described in the Governance section. Through this we want employees to feel they can influence their workplace and concerns are met, e.g. in the form of improvements and action plans.CustomersWe are a customer centric organisation under-pinned by our promise to be Partners in wall building. Engaging with our customers to consist-ently understand their perspectives and needs is an embedded part of our business model with the aim of building trust, providing sustainable solutions as well as enabling them to reach their targets. Engagement is done through our customer support, customer surveys and training as well as part of business partner due diligence. Examples of outcome is the creation of product specific environmental product declarations (EPDs) in most of our markets.SuppliersH+H relies heavy on suppliers to meet our emis-sions reduction targets. This is the basis for our supplier engagement, focusing on implementa-tion of carbon reduction initiatives such as carbon capture storage and utilisation as well as more efficient production methods. Engagement is organised as part of supplier due diligence and via industry collaborations. The progress of these, influences our strategy for lowering scope 3 emis-sions in the short and long-term. Society and local communitiesCompliance with existing regulations on respon-sible business practices is a fundamental and basic requirement in H+Hâs Code of Conduct. Through our memberships in various trade organ-isations, we engage in dialogue with different regulators and other stakeholders with the purpose of addressing potential risks and oppor-tunities as well as ensuring regulatory compliance. We engage with our local communities to ensure that we are good neighbours to our surroundings and we participate in local trade fairs and events to promote our business and further enhance relationships.ShareholdersH+H is listed on the Danish Stock exchange. We engage with our shareholders on a regular basis to ensure efficient financial allocation and to understand shareholdersâ interests. This is done via a dedicated Investor Relations department, management participation in investor roadshows and conference calls, briefings with analysts and the Annual General Meeting. The purpose of this is to improve dialogue and relationships with stake-holders. Dialogue with shareholders is described in more detail in the Shareholder Information section (Investor Relations) on page 43. We do not have plans to modify relationship and views of stakeholders.SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business modelAs part of our process, we have considered current and anticipated effects of impacts, risks and opportunities on our business model, value chain and decision-making. The material impacts, risks and opportunities identified during the materiality assessment are presented in more depth alongside the topical standards ESRS E1 Climate change, S1 Own workforce and G1 Business conduct in the Environmental, Social and Governance information sections in this sustainability statement.For climate-related topics we have identified material financial risks and opportunities, as shown in our DMA matrix and elaborated on in ESRS 2 SBM-3 in the Environmental section. For other material topics, we have exercised the phase-in option and not quantified the financial effect.E1 Climate change Chapter Type Sub-section Value chain Time horizonEmissions from own operations Climate change Actual negative Own operations AllValue chain emissions from raw materials production Climate change Actual negative Upstream AllUse of energy in own production Climate change Risk Own operations AllRecarbonisation of our products during its life-time Climate change Opportunity Entire value chain AllS1 Own workforceSystem to record and assess workplace injuries and illnesses in order to prevent them going Health & safety Potential negative Industrial accidents Own operations ShortforwardIll health due to exposure to hazardous materials Health & safety Potential negative Production materials Own operations Short & MediumRecording of how many days are lost due to work incidents, ill health and fatalities Health & safety Potential negative Industrial accidents Own operations Short & MediumIncidents which have resulted in an injury, ill health or fatality Health & safety Potential negative Industrial accidents Own operations Short & MediumIncidents which result or could potentially result in an injury Health & safety Potential negative Industrial accidents Own operations ShortGender equality impact Equal treatment & opportunities Actual negative Gender equality & equal pay Own operations Shortfor allDiversity in H+H Equal treatment & opportunities Potential negative Gender diversity Own operations Short & Mediumfor allRisk of harrasment in workplace Equal treatment & opportunities Potential negative Anti-harassment Own operations Short & Mediumfor allH+H's impact on social dialogue in the workspace Working conditions Potential negative Work-life balance, working Own operations Shortconditions and social dialogueG1 Business ConductImpact on own workforce from corporate culture Business Conduct Potential negative Corporate culture Own operations AllLack of protection of whistleblowers Business Conduct Potential negative Whistleblower protection Own operations AllRisk of corrupt business practices being conducted in H+H Business Conduct Potential negative Unethical business practices Own operations AllDouble Materiality AssessmentIRO-2 Disclosure Requirements in ESRS We have aligned the IROs with the relevant ESRS data points and conducted a thorough materiality assessment. This evaluation helped us ascertain their relevance to our business model and the decision-making requirements of the Sustain-ability statement's users. For all topics we have assessed the scale, scope and irremediability and applied relevant thresholds.Consequently, this analysis identified the key sustainability information presented in this statement. Description of material and non-ma-terial topics are elaborated under SBM-3 and the process of determination is described under IRO-1. The list of relevant datapoints related to other legislation is shown on pages 58-61.Reporting topics in scopeTopics marked '0' in the list to the right were deemed immaterial from the start and thereby not included in the engagement process.IRO-1 Description of the processes to identify and assess material impacts, risks and opportunitiesIdentification of topicsAll entities and business segments have been in scope in our assessment and our IRO. Identification of topics and subsequent assessment and scoring of topics have been done throughout our value chain. We have engaged with various internal and external stakeholders, including employees, suppliers, customers, society, investors, analysts and banks to identify H+Hâs material sustainability matters. This engagement happened through interviews and desktop research. Parallel to this, we have also assessed the financial risks and opportunities for sustainability-related matters as part of our ERM process.Our DMA is reassessed annually or if we identify significant changes.General assumptionsWe have applied the following assumptions to our process for identifying impacts, risks and opportunities:⢠Majority (95+%) of our supply is virgin material, excavated and supplied directly from tier 1 suppliers and not processed from tier 2 suppliers. We have assumed, that the risk profile and potential impacts deriving from Tier 2 suppliers are equal to those from Tier 1 suppliers. ⢠We assume, the primary actual and potential impact lies within our upstream activities and production. Therefore, our analysis for downstream activities is primarily based on interviews with internal stakeholders and desktop research. ⢠Transport is included in Climate as part of scope 3 emissions. Besides Climate we have assumed that transport is not significant in relation to impacts and have therefore not performed further analysis. ⢠Assumptions which have been used under various topics are described below the relevant topics.Materiality scoring approachThe materiality assessment's scoring method and criteria were established following ESRS 1 require-ments, focusing on:⢠Impact materiality: Considering the scale, scope, irremediability, and likelihood of impacts being positive/negative and actual/potential. ⢠Severity takes precedence over likelihood for human rights related impacts as per ESRS 1 (45).⢠Financial materiality: Assessing the financial significance of risks/opportunities, their likeli-hood, and the nature of financial impacts.OutcomeThe materiality assessment determined that âClimateâ, âOwn workforceâ and âBusiness Conductâ are material topics for H+H, and the 2025 evaluation confirmed the topics and subtopics in scope. In line with the materiality assessment our sustainability strategy focuses on CO and safety. This outcome is consistent 2with our previous sustainability strategy with no additional focus areas being added.Rationale for selected scoped-out mattersIn this section we want to provide more clarity for the out-scoping of four selected topics. While below topics fall under our threshold for materi-ality following our assessment, we still recognise that we have a footprint and therefore want to provide transparency on our reasoning for not having them in scope. The section is not exhaustive.PollutionIn our assessment of our impact on the pollution of air, water and soil, we have analysed the impact of our own production in the value chain. As we believe the pollution of our upstream and downstream value chain activities are compliant with European and local regulations, and do not pose any material impact on the environment, we have not done any further analysis. Additionally, in our research we have not encountered any material cases or contro-versies in the building supply industry on pollution.In production of AAC, almost 100% of the water is either used in the product or recycled into production afterwards, hence no risk of water or soil pollution. For CSU, we use almost no water as the production process only involves the pressing of dry lime and sand. The only water used is for the generation of steam. Any excess water is sent to municipal water treatment stations, which we pay for. In conclusion, we do not see any material negative impact in the pollution of water and soil. In terms of air pollution, we have assesed our use of natural gas and coal. From a pollution perspec-tive natural gas is generally a âcleanâ source to burn and is not considered to have a material negative impact. Coal as an energy source is materially polluting the air in its natural form and it is therefore heavily regulated through local legislation to prevent it from polluting the air and impacting the local community. In our coal-fired plants, we use air- and dust filters to capture the pollution, and we regularly test the emissions to ensure alignment with local legislative requirements. Based on this, we decided not to conduct consultations with local affected communities. Water withdrawalsUsing water is a key process in our manufacturing process. However, our plants are generally not located in areas of high water stress, so the risk of water scarcity is low. Generally there is also a consumption cap on our water permits ensuring that we do not have any material impact on the water in the local community. In addition, many of our plants are designed to recycle water to the extent possible, further limiting our water consumption.BiodiversityWe have assessed our impact on biodiversity from a direct and indirect perspective. Our direct impact is through the operation of our sandpits in Poland. Here we are obligated to adhere to national and local regulations and procedures for the protection of biodiversity and ecosystems, which is supervised by authorities. Our commitment is therefore to comply with these requirements. In the UK we have implemented small projects to further biodiversity in line with local regulations. The results of these are regularly monitored.Indirectly we procure sand and lime through external suppliers, who manage and operate quarries and sandpits that can have a potential impact on biodiversity. We have engaged with our suppliers to understand their policies, prac-tices, and initiatives on this subject to ensure we are aware of the contribution from our resource in-flow. We believe there are no material impacts or risks, as we only cooperate with suppliers from European countries with strong institutions and high legislative requirements.Circularity & wasteWe are dependent on primarily virgin materials, as there are not yet any recycled material available that can substitute these materials, both from a qualitative and a regulation point of view. The virgin materials we are using are not considered a scarce resource in the areas they are extracted from and all are originating from Europe.We run our plants according to a âno waste of virgin materialsâ principle. All off-cuts and waste in the production process are re-circulated into new batches, meaning very limited waste occurs during this process. At this stage we have therfore concluded that there are no material impacts, risks or opportunities. ESRS 2 GOV-5 Risk management and internal controls over sustainability reportingH+H has established a comprehensive risk management and internal control system where sustainability is embedded. This system includes:⢠Risk identification and assessment: Contin-uous identification and assessment of risks related to internal controls, including sustain-ability reporting, are conducted at Group and regional level. Each region assesses relevant risks, which are then considered by Group, when identifying and assessing the overall Group sustainability risks. Additionally, Group performs risk identification and assessment at reporting level, which includes processes within the ESG reporting system, as well as the financial reporting system.⢠Control activities: The Group has implemented internal control activities to mitigate identified risks in the sustainability reporting. These activities are performed and reviewed by the regions to ensure the quality and validity of management reporting and the Annual Report.⢠Monitoring: The risk management process and internal controls environment is monitored and reviewed, involving the regions and anchored in the Group. This includes reporting to the Audit Committee. A controller visit plan, approved by the Audit Committee, ensures that each region is visited at least once a year to assess the maturity and effectiveness of internal controls.Risk Assessment Approach and MethodologyH+H follows a structured risk assessment approach based on the COSO ERM and COSO Internal control guidance.⢠Risk Assessment: Risks are assessed based on their potential impact and likelihood. Significant risks are identified and prioritised.⢠Methodology: A combination of qualitative and quantitative methods is used to assess risks. For Enterprise Risk, we consider Operational and Strategic impacts along with HSE, Environ-ment and Compliance. For internal controls, financial statement lines and key ESG metrics are considered based on calculated materiality, as well as qualitative factors, such as fraud risk, volume and complexity.Key risks identified, related mitigation strategies, and controlsFor sustainability under Enterprise Risk Manage-ment, please refer to the segments under Risk Management called Climate and Health & Safety.For internal controls, we have identified the following key risks; measuring of consumption, measuring of conversion factors and measuring of volumes. Controls are implemented in all regions to mitigate these risks and ensure the reliability of the sustain-ability reporting system and related reports.The risk corresponding controls are the following: reconciling input data in our ESG reporting system to supporting documentation, performing analytical reviews, obtaining and comparing conversion factors.Integration of findings, risk, and mitigation reportingEach region assesses their risks and report to Group as input to the review of risk and mitigation plans from the Enterprise Risk Management processes. Summaries are reported to the Audit Committee. The key risks and mitigations are detailed in the Risk Management section in this Annual Report. It is the responsibility of regional management to follow up on the planned mitigations.Findings from the regional review are reported to regions as issues, tracked along with agreed upon actions plans. Statistics are reported to the Audit Committee. Group monitors the development of issues to ensure actions plans are met, in cooperation with regional management. BP-2 Uncertainties and estimatesMost of our data is based on HR systems, meter readings, invoices and information directly from our suppliers. We generally therefore do not have many uncertainties and estimates in our figures.However, for scope 3 category 4 and 9 (trans-portation) we have applied a general emission factor as we do not assess types of trucks on an individual basis. For some office related working hours, we have applied norm-hours as the basis for calculation of a workday. For scope 3 category 1 the value chain data is based on primary sources which are considered as accurate as possible.We believe that these estimates are reasonable under the circumstances. We have currently not planned any changes to this approach.There have been no changes in preparation and presentation of the sustainability information for 2025, nor have there been any adjustments to comparative years.Incorporation by referenceDisclosure requirement Data point Sub-section PageESRS 2 GOV-1 All Corporate Governance in general 34-41G1.GOV-1 §5 (b) Board of Directors 39-41SBM-1 All Business Model, Strategic Focus Areas (Mission Zero) 17, 21-22SBM-2 §45 (a) iii, iv Investor Relations 43ESRS 2 GOV-5 All Enterprise Risk Management (H&S and Climate) 46E1-1 §15 Business Model, Strategic Focus Areas (Mission Zero) 21-22E1-4 §34 (f) Business Model, Strategic Focus Areas (Mission Zero) 21-22Climate-related scenario analysisIn 2022, we conducted a climate-related scenario analysis using the TCFD guidelines to assess tran-sition and physical risks and opportunities and how they might impact the resilience of our business strategy. The analysis has been annually refreshed. The analysis was based on the Net Zero 2050, Delayed Transition and Current Policies scenarios released by the Network for Greening the Financial System (NGFS) in 2021. These describe warming of 1.5°C, 1.8°C and +3°C respectively¹.The scenarios considered H+H's full value chain, including our own operations, upstream cement and lime producers and down-stream customers. The timeframe used in the scenarios defined short-, medium- and long-term as 2030, 2040 and 2050 respectively. The 2030 timeframe aligns with our science-based target and the 2050 timeframe aligns with our commitment to net zero emissions by 2050, in accordance with the Paris Agreement targets. The original TCFD process included a workshop with the top 50 leaders from across the Group to consider the three scenarios and identify climate-related risks and opportunities. The findings from the scenario analysis were presented to Group Management and the Board of Directors and were incorporated into our strategy. The climate-related risks are also incorporated into our annual Enterprise Risk Management (ERM) system.1 For physical climate risk, we used data from the RCP 6.0 scenario in the IPCC Sixth Assessment Report published in September 2021.Climate scenariosThe key assumptions in the scenarios are as follows:1.5°C Scenario 1 Net Zero 2050 scenarioThe Net Zero 2050 scenario is a scenario that limits global warming to 1.5 °C. It is an orderly scenario that includes stringent climate policies and fast technology change to reach net zero emissions in 2050. Carbon prices rise to USD $185 t/CO in 2030, USD $350 2in 2040 and USD $675 in 2050. This scenario tests for immediate transition risk and low physical risk.The accelerated rollout of renewable energy and hydrogen infrastruc-ture supports our goal to reduce emissions in our own operations.The main variable for our ability to reduce the emissions intensity of our products is the speed at which carbon capture utilisation and storage technologies are introduced by cement and lime producers, and therefore for H+H to reduce our scope 3 emissions.2°CScenario 2Delayed Transition scenarioIn the Delayed Transition scenario, a delay means global emis-sions increase until 2030 and then strong policies are needed to limit warming to 2°C. Carbon prices rise rapidly from USD $70 t/CO in 2030 to $325 in 2040 and $625 in 2050. This disor-2derly scenario tests for delayed and high transition risk. A delayed rollout of renewables and hydrogen infrastructure would slow our ability to reduce our operational emissions. However, this scenario aligns with the expected timing of the cement industryâs decarbonisation roadmap for the introduc-tion of CCUS technologies and therefore would not undermine our own decarbonisation plans.3-4°CScenario 3Hot House World (Current Policies) scenarioThis scenario assumes that only currently implemented poli-cies are preserved, leading to climate-related hazards and high physical risks. Emissions continue to grow until 2080 leading to 3-4°C of warming and severe physical risks. We paired this scenario with data from the IPCC RCP 6.0. In Europe, where we have operations, the frequency and intensity of heat extremes, including marine heatwaves, are projected to keep increasing. We do not believe there are any material physical risks to any of our assets, as none of our plants are located in areas with risk of earthquakes, wildfires, tornados or volcanoes. During our insurance review no flooding risks were detected either.ESRS 2 Appendix BDisclosure Requirement Benchmark Regulation EU Climate Material/ Paragraph or and related datapoint SFDR reference Pillar 3 reference reference Law reference Not materialpage reference ESRS 2 GOV-1 Boardâs gender diversity paragraph 21 (d) Indicator number 13 of Table #1 of Commission Delegated Regulation Material p. 36Annex 1 (EU) 2020/1816, Annex II ESRS 2 GOV-1 Percentage of board members who are inde-Delegated Regulation (EU) Material p. 36pendent paragraph 21 (e) 2020/1816, Annex II ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 Table #3 of Annex I Material p. 50ESRS 2 SBM-1 Involvement in activities related to fossil fuel Indicators number 4 Table #1 of Annex I Article 449a Regulation (EU) No 575/2013: Commission Delegated Regulation (EU) Not material-activities paragraph 40 (d) i Implementing Regulation (EU) 2022/2453 Table 1: Qualitative 2020/1816, Annex II information on Environmental risk and Table 2: Qualitative information on Social risk ESRS 2 SBM-1 Involvement in activities related to chemical Indicator number 9 Table #2 of Annex I Delegated Regulation (EU) Not material-production paragraph 40 (d) ii 2020/1816, Annex II ESRS 2 SBM-1 Involvement in activities related to controver-Indicator number 14 Table #1 of Annex 1 Delegated Regulation (EU) Not materialsial weapons paragraph 40 (d) iii 2020/1818, Article 12(1) Delegat-ed Regulation (EU) 2020/1816, Annex II ESRS 2 SBM-1 Involvement in activities related to cultivation Delegated Regulation (EU) Not materialand production of tobacco paragraph 40 (d) iv 2020/1818, Article 12(1) Delegat-ed Regulation (EU) 2020/1816, Annex II ESRS E1-1 Transition plan to reach climate neutrality by 2050 Regulation (EU) Material p. 62paragraph 14 2021/1119, Article 2(1) ESRS E1-1 Undertakings excluded from Paris-aligned Bench-Article 449a Regulation (EU) No 575/2013; Commission Imple-Delegated Regulation (EU) Not materialmarks paragraph 16 (g) menting Regulation (EU) 2022/2453 Template 1: Banking book 2020/1818, Article12.1 (d) to (g), Climate Change transition risk: Credit quality of exposures by and Article 12.2 sector, -emissions and residual maturity ESRS E1-4 GHG emission reduction targets paragraph 34 Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Imple-Delegated Regulation (EU) Material p. 65menting Regulation (EU) 2022/2453 Template 3: Banking book 2020/1818, Article 6 â Climate change transition risk: alignment metrics ESRS E1-5 Energy consumption from fossil sources disaggre-Indicator number 5 Table #1 and Indica-Material p. 66gated by sources (only high climate impact sectors) paragraph tor n. 5 Table #2 of Annex 1 38 ESRS E1-5 Energy consumption and mix paragraph 37 Indicator number 5 Table #1 of Annex 1 Material p. 66ESRS E1-5 Energy intensity associated with activities in high Indicator number 6 Table #1 of Annex 1 Material p. 66climate impact sectors paragraphs 40 to 43 Disclosure Requirement Benchmark Regulation EU Climate Material/ Paragraph or and related datapoint SFDR reference Pillar 3 reference reference Law reference Not materialpage reference ESRS E1-6 Gross scope 1, 2, 3 and Total GHG emissions para-Indicators number 1 and 2 Table #1 of Article 449a; Regulation (EU) No 575/2013; Commission Imple-Delegated Regulation (EU) Material p. 67graph 44 Annex 1 menting Regulation (EU) 2022/2453 Template 1: Banking book 2020/1818, Article 5(1), 6 and 8(1) â Climate change transition risk: Credit quality of exposures by sector, -emissions and residual maturity ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Imple-Delegated Regulation (EU) Material p. 6755 menting Regulation (EU) 2022/2453 Template 3: Banking book 2020/1818, Article 8(1) â Climate change transition risk: alignment metrics ESRS E1-7 GHG removals and carbon credits paragraph 56 Regulation (EU) Not material2021/1119, Article 2(1) ESRS E1-9 Exposure of the benchmark portfolio to climate-re-Delegated Regulation (EU) Not materiallated physical risks paragraph 66 2020/1818, Annex II Delegated -Regulation (EU) 2020/1816, Annex II ESRS E1-9 Disaggregation of monetary amounts by acute and Article 449a Regulation (EU) No 575/2013; Commission Not materialchronic physical risk paragraph 66 (a) ESRS E1-9 Location of Implementing Regulation (EU) 2022/2453 paragraphs 46 and -significant assets at material physical risk paragraph 66 (c). 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk. ESRS E1-9 Breakdown of the carrying value of its real estate Article 449a Regulation (EU) No 575/2013; Commission Not materialassets by energy-efficiency classes paragraph 67 (c). Implementing Regulation (EU) 2022/2453 paragraph 34;Tem-plate 2:Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral ESRS E1-9 Degree of exposure of the portfolio to climate-relat-Delegated Regulation (EU) Not materialed opportunities paragraph 69 2020/1818, Annex II ESRS E2-4 Amount of each pollutant listed in Annex II of the Indicator number 8 Table #1 of Annex 1 Not materialE-PRTR Regulation (European Pollutant Release and Transfer Indicator number 2 Table #2 of Annex 1 Register) emitted to air, water and soil, paragraph 28 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 Table #2 of Annex 1 Not materialESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of Annex 1 Not materialESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2 of Annex 1 Not materialESRS E3-4 Total water recycled and reused paragraph 28 (c) Indicator number 6.2 Table #2 of Annex Not material1 3ESRS E3-4 Total water consumption in m per net revenue on Indicator number 6.1 Table #2 of Annex Not materialown operations paragraph 29 1 ESRS 2- IRO 1 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 Not materialESRS 2- IRO 1 - E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 Not materialESRS 2- IRO 1 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 Not materialESRS E4-2 Sustainable land / agriculture practices or policies Indicator number 11 Table #2 of Annex 1 Not materialparagraph 24 (b) Disclosure Requirement Benchmark Regulation EU Climate Material/ Paragraph or and related datapoint SFDR reference Pillar 3 reference reference Law reference Not materialpage reference ESRS E4-2 Sustainable oceans / seas practices or policies Indicator number 12 Table #2 of Annex 1 Not material-paragraph 24 (c) ESRS E4-2 Policies to address deforestation paragraph 24 (d) Indicator number 15 Table #2 of Annex 1 Not materialESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2 of Annex 1 Not materialESRS E5-5 Hazardous waste and radioactive waste paragraph Indicator number 9 Table #1 of Annex 1 Not material39 ESRS 2- SBM3 - S1 Risk of incidents of forced labour para-Indicator number 13 Table #3 of Annex I Not materialgraph 14 (f) ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph Indicator number 12 Table #3 of Annex I Not material14 (g) ESRS S1-1 Human rights policy commitments paragraph 20 Indicator number 9 Table #3 and Indica-Material p. 78tor number 11 Table #1 of Annex I ESRS S1-1 Due diligence policies on issues addressed by the Delegated Regulation (EU) Material p. 78fundamental International Labor Organisation Conventions 1 2020/1816, Annex II to 8, paragraph 21 ESRS S1-1 processes and measures for preventing trafficking Indicator number 11 Table #3 of Annex I Not materialin human beings paragraph 22 ESRS S1-1 workplace accident prevention policy or manage-Indicator number 1 Table #3 of Annex I Material p. 76ment system paragraph 23 ESRS S1-3 grievance/complaints handling mechanisms Indicator number 5 Table #3 of Annex I Material p. 82paragraph 32 (c) ESRS S1-14 Number of fatalities and number and rate of Indicator number 2 Table #3 of Annex I Delegated Regulation (EU) Material p. 77work--related accidents paragraph 88 (b) and (c) 2020/1816, Annex II ESRS S1-14 Number of days lost to injuries, accidents, fatali-Indicator number 3 Table #3 of Annex I Material p. 77ties or illness paragraph 88 (e) ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) Indicator number 12 Table #1 of Annex I Delegated Regulation (EU) Material p. 812020/1816, Annex II ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3 of Annex I Material p. 81ESRS S1-17 Incidents of discrimination paragraph 103 (a Indicator number 7 Table #3 of Annex I Material p. 83ESRS S1-17 Nonrespect of UNGPs on Business and Human Indicator number 10 Table #1 and -Indi-Delegated Regulation (EU) Material p. 83Rights and OECD paragraph 104 (a) cator n. 14 Table #3 of Annex I 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) ESRS 2- SBM3 â S2 Significant risk of child labour or forced Indicators number 12 and n. 13 Table #3 Not materiallabour in the value chain paragraph 11 (b) of Annex I ESRS S2-1 Human rights policy commitments paragraph 17 Indicator number 9 Table #3 and Indica-Not materialtor n. 11 Table #1 of Annex 1 Disclosure Requirement Benchmark Regulation EU Climate Material/ Paragraph or and related datapoint SFDR reference Pillar 3 reference reference Law reference Not materialpage reference ESRS S2-1 Policies related to value chain workers paragraph Indicator number 11 and n. 4 Table #3 Not material18 of Annex 1 ESRS S2-1 Nonrespect of UNGPs on Business and Human Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) Not materialRights principles and OECD guidelines paragraph 19 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) ESRS S2-1 Due diligence policies on issues addressed by the Delegated Regulation (EU) Not materialfundamental International Labor Organisation Conventions 1 2020/1816, Annex II to 8, paragraph 19 ESRS S2-4 Human rights issues and incidents connected to Indicator number 14 Table #3 of Annex 1 Not materialits upstream and downstream value chain paragraph 36 ESRS S3-1 Human rights policy commitments paragraph 16 Indicator number 9 Table #3 of Annex Not material1 and Indicator number 11 Table #1 of Annex 1 ESRS S3-1 non-respect of UNGPs on Business and Human Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU) Not materialRights, ILO principles or and OECD guidelines paragraph 17 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) ESRS S3-4 Human rights issues and incidents paragraph 36 Indicator number 14 Table #3 of Annex 1 Not materialESRS S4-1 Policies related to consumers and end-users Indicator number 9 Table #3 and Indica-Not materialparagraph 16 tor number 11 Table #1 of Annex 1 ESRS S4-1 Non-respect of UNGPs on Business and Human Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) Not materialRights and OECD guidelines paragraph 17 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) ESRS S4-4 Human rights issues and incidents paragraph 35 Indicator number 14 Table #3 of Annex 1 Not materialESRS G1-1 United Nations Convention against Corruption Indicator number 15 Table #3 of Annex 1 Not material-paragraph 10 (b) ESRS G1-1 Protection of whistle-blowers paragraph 10 (d) Indicator number 6 Table #3 of Annex 1 Material p. 86ESRS G1-4 Fines for violation of anti-corruption and anti-brib-Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU) Material p. 87ery laws paragraph 24 (a) 2020/1816, Annex II) ESRS G1-4 Standards of anti-corruption and anti- bribery Indicator number 16 Table #3 of Annex 1 Material Material p. 87-paragraph 24 (b) Environmental informationH+H is committed to an ambitious 1.5°C climate target. We want to be part of the solution in construction of sustainable housing and at the same time lowering global energy related carbon emissions.Creating more sustainable buildings is key to addressing the issue of CO emissions coming 2from the buildings sector. Building materials, such as H+Hâs AAC and CSU products, are well posi-tioned for long-term growth as they ensure ener-gy-efficient building structures and help to reduce buildingsâ whole life emissions.E1-1 Transition plan for climate change mitigationWe believe our strategy and business model are compatible with the transition to a sustainable economy by reducing our carbon emissions in line with our Science Based Targets and target of net zero emissions in 2050. This is in line with the Paris Agreement and the EUâs climate goals and compat-ible with the 1.5 degree scenario. Please refer to the 'Mission Zero' section under 'Strategic Focus Areas' for specific actions to reach net zero by 2050.We do not assess to have any locked-in GHG emissions as we believe that all emissions can be avoided through proper strategy and execution.Part of our economic activities are also covered under the EU Taxonomy and we are striving towards aligning all eligible activity. This will be done by implementing environmental plans on our plants and the increased use of more environmen-tally friendly transport vehicles for distribution.Science-based GHG emission reduction targetsOur commitment is backed up by the validated reductions we will make in our scope 1, 2 and 3 GHG emissions by 2030.The ten-year science-based target builds on the product whole life analysis that was undertaken in 2020 which determined that our AAC and CSU products are on a path to achieve net zero â and possibly negative â emissions by 2050. Our emis-sions reduction targets are explained in disclosure requirement E1-4.Climate change mitigation actionsTo achieve the 2030 science-based target, we have developed a roadmap that includes the following levers which are outlined in disclosure requirement E1-3.1. Increasing the share of renewable energy2. Optimising plants including investments in energy efficient equipment3. Improved energy mix4. Supply-chain decarbonisation, in particular from large-scale use of CCSU (carbon capture storage and utilisation).The transition plan is embedded in our strategy together with related initiatives. The transition plan, along with the initiatives to achieve it and the science-based target have been approved by Group Management and the Board of DirectorsThe Group Operations Director is responsible for the implementation of the transition plan.A dedicated amount of the CAPEX budget (up to 15%) is annually allocated to support emission reduction projects. We also integrate performance measures related to GHG emissions reductions into our management incentive schemes, which is described in the General Information section.Our current progress towards our transition plan is stated in the âResultsâ in the E1-6 section. H+H is not excluded from Paris-aligned benchmarks.Sources of H+Hâs GHG emissions â baseline yearScope 1 and 2 emissions from operations account for about 25% of our carbon footprint, with about 75% of these emissions generated by the use of coal, oil, and gas in our plants. About 75% of the emissions in H+Hâs carbon footprint are scope 3 emissions generated else-where along the value chain. The majority of these emissions (approximately 95%) are generated upstream by cement and lime manufacturers. This is a result of the chemical reaction that occurs H+Hâs total COe 2019 emissions used as a baseline for science-based targets2Raw materials Distributions Energy Operational and embedded 75%95%Lime, cementenergy emissions Gas, coal, oiland offices5%25%Diesel25%Electricity, steamEmissions from operations(Scope 1+2)75% Value-chain emissions(Scope 3)when carbon is removed from limestone when it is heated to produce clinker for cement or lime. The CO released is an unavoidable consequence of 2this reaction, as the limestone has absorbed CO2during its formation â just like a tree does.ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business modelClimate change impactsThe materiality assessment described in disclo-sure requirement IRO-2 identified the following material climate change mitigation impacts:Recarbonation during product lifetime (positive)Limestone-based products such as AAC and CSU absorb CO during their lifespan, acting as 2permanent carbon sinks during the use phase of a building and when it is torn down and recy-cled. AAC products can absorb 77 kg of CO per 23m, with 80% of recarbonation achieved after H+H was the first manufacturer of aircrete (AAC) and calcium silicate (CSU) products to have science-based targets approved in line with a 1.5-degree scenario.50 years and 95% within 80 years. This positive impact occurs in our downstream value chain (the end-users of AAC and CSU products) over the short, medium, and long term.Please refer to EAACA - Net-zero roadmap for AAC for underlying documentation.Emissions from own operations (negative)The emissions from our own operations have a material impact on climate, with 99t CO of scope 21 and 2 emissions during 2025. This negative impact occurs over the short and medium term. With our net zero target we do not expect to have negative impact in the long term.Value chain emissions from extraction and processing of raw materials for production (negative)As previously mentioned, a significant amount of our emissions derives from our upstream value chain (cement and lime producers), causing a negative impact over the short and medium term. With our net zero target we do not expect to have negative impact in the long term.Climate change risks and opportunitiesIn 2022, we undertook a climate scenario analysis using the TCFD guidelines, which was refreshed in 2025. No new findings were discov-ered. The analysis considered H+Hâs full value chain, including our own operations, upstream cement and lime producers and downstream customers. No part of the value chain was excluded from the scenario analysis. Nor were any material physical risks or transition risks excluded. The climate scenario analysis is described in disclosure requirement IRO-1.The scenario analysis identified the following four transition risks and one opportunity. No material physical risks were identified. ⢠Risk 1: Increased cost of cement and lime raw materials â No net cost is expected for responding to the risk⢠Risk 2: Extension of the EU Emissions Trading System (ETS) to include H+H â No net cost is expected for responding to the risk⢠Risk 3: Delay in the decarbonisation roadmaps for cement and lime â No net cost is expected for responding to the risk⢠Risk 4: Substitution by new low carbon building materials products â No net cost is expected for responding to the risk⢠Opportunity 1: Decarbonisation of products â Moderately positive impact on EBIT of DKK 100-250 million per annum in the medium to long term due to increased revenues resulting from increased demand for products and servicesThe findings from the scenario analysis are incorporated in our strategy. Actions to mitigate the transition risks and capture the opportu-nity are described in disclosure requirement E1-3. The scenario analysis determined that after these mitigations are applied, H+H has no net-material financial impact in the short, medium, and long term.E1-2 Policies related to climate change mitigation and adaptationH+Hâs Environmental, Social & Governance Policy (ESG Policy) addresses climate change mitigation by including our commitment to reduce scope 1, 2 & 3 emissions in line with net zero emissions by 2050, and the short-term targets we have set to achieve this. By covering all emission scopes, the policy applies to emissions from our own operations, as well as our upstream and downstream value chain.The policy does not address energy efficiency, climate change adaptation and renewable energy deployment. The policy is distributed via H+Hâs policy management system in the Group intranet. Stakeholders can access the policy via our group website. The policy is used to communicate our ambitions within ESG on a high level to the entire organisation. In daily operations, the policy is supported by process descriptions and manuals, which describe in detail our expectations and actions. These are made in cooperation with the relevant internal, local stakeholders to ensure ownership.Group Management has overall responsibility for the ESG policy, while the regional Managing Direc-tors are responsible for implementing it within their countries as heads of their respective legal entities. The policy is reviewed annually by Group Management.E1-3 Actions and resources in relation to climate change policiesMitigating actions towards climate risksH+H has developed a roadmap until 2030 that reduces our carbon emissions. A dedicated amount of the CAPEX budget (up to 15%) is annually allocated to fund emissions reduction projects.We address our scope 1 & 2 emissions through the following levers and actions:1. Increasing the share of renewable energyH+Hâs use of renewable electricity will increase by purchasing either RECs or PPAs. In 2024, we changed to 100% renewable electricity in all our plants. We have therefore completed this target and plan to continue on 100% renewable electricity. 2. Investments in energy efficiencyWe are continuously implementing energy-saving projects and embedding these into other upgrade projects. In 2025, multiple projects were imple-mented across all regions and various plants to further optimise our manufacturing footprint and equipment, while also improving our carbon foot-print. The identification and implementation of continuous improvements will remain a key focus throughout 2026.3. Improved energy mixWe are improving our energy sources by converting from coal to natural gas and plan to convert from natural gas to fossil-free energy sources, when reasonably possible. We have already begun our energy mix improvement by converting one plant in Poland from coal to natural gas and 2 plants to be able to supplement coal with biomass.4. Sup ply-ch ain dec arbonis ationH+H addresses our scope 3 emissions through the following levers and actions:Low-carbon cement and limeWe focus on having a continuous dialogue with our lime and cement producers. We will collaborate on carbon reduction projects with those who have committed to a science-based target or have a credible emissions reduction pathway to net zero emissions by 2050. According to these, net zero will be achieved mainly through the use of carbon capture storage and utilisation (CCSU) and lower carbon ingredients, switching from fossil fuels to renewable energy to heat kilns, and through recarbonation.A reduction of clinker content in cement used for AAC products has already resulted in a reduction in scope 3 emissions - see disclosure requirement E1-9 for further details.Low emissions transportThe emissions-reduction pathway for the trans-port industry requires transport companies to reduce emissions by approximately 30% by 2030. We expect our transport suppliers to provide such low-emissions transport services in the future.E1-4 Targets related to climate change mitigation and adaptationH+H had two climate-related targets covering emissions from our own operations as well as our supply-chain emissions. The emissions reduction targets for 2030 have been verified by the Science Based Targets initiative as being in line with the 1.5°C scenario. Please refer to the 'Mission Zero' section under 'Strategic Focus Areas' for specific actions to reach net zero by 2050.The baseline year 2019 is based on the fact that we prepared our SBTi-submission during 2021 and our most recent baseline year (2020) was not representative due to the Covid-19 pandemic. 2019 was the most recent year to choose and represents a ânormalâ production year in H+H.The most critical assumptions in our roadmap is the development of fossil-free energy in opera-tions and the use of carbon capture storage and utilisation from our suppliers. Scope 2 calculated in the baseline and target setting is based on the market-based approach. For our current performance against target, please refer to our âGHG emissionsâ section.Baseline TargetSBTI targets Unit 2019 2030 2050Scope 1+2 CO emissions Tonnes 212,997* 115,018* 023Scope 3 CO intensity kg/m161.9 125.8 02* 28% of the baseline emissions are related to scope 2. For the 2030 target, 0% are related to scope 2.H+H's roadmap to reduce emissions for scope 1+2 in line with its science-based target12010% -17%100%100-4%-35%8054%60402002019 baseline Organic growth and Increase share of Investments in Improved 2030emissionsimprovements, netrenewable electricityenergy eîciencyenergy mixemissions(2019-2030)(2022-2025)(2020-2030)(2022-2030)Energy intensity per net revenue 2024 2025 %Total energy consumption from activities in high climate impact sectors per net-revenue from activities in high climate impact sectors (MWh/Monetary unit) 152 172 13%3Total energy consumption (MJ/m) 549 548 0%Total energy consumption (MWH) 417,035 471,183 13%Total net revenue (mDKK) 2,747 2,743 0%E1-5 Energy consumption and mixOur energy consumption mainly consists of natural gas and coal for generating steam into the autoclaves as well as electricity used to operate plant equipment. As part of our science-based target we are working towards lowering the mix from coal and introducing renewable energy into the mix â such as biogas, hydrogen, or biomass â to generate steam. Additionally, all our plants are committed to efficient energy management and are ISO 50001 certified. We maintained a low energy consumption of 548 MJ per m³ in 2025, consistent with the 2024 level, which already reflected the impact of the restructuring initiatives implemented in 2023. There was no significant change in our energy mix during 2025. Energy intensity based on net revenueThe increase in energy per net revenue is related to the production volume being higher than the sales volume.100% of H+H's activities are in the high climate impact sector. E1-6 Gross scopes 1, 2, 3 and total GHG emissionsThe methodologies, significant assumptions and emission factors used to calculate H+Hâs GHG emissions are provided in the Environmental accounting policy section. H+H does not have scope 1 GHG emissions from regulated emission trading schemes.Scope 1+2In 2025, we continued to implement additional CO reducing projects and initiativesâsuch 2as replacing and insulating pipelines and opti-mizing autoclave processesâleading to a further reduction in carbon intensity to 31.9 kg per m³ produced. Compared to our 2019 baseline of 45.3 kg per m³, this represents a 29% improve-ment, supporting our roadmap toward achieving our SBTi targets for 2030 and net zero emissions by 2050.Scope 3For the first time since our 2019 baseline year, we saw an increase in Scope 3 intensity per m³, rising by 2% from 2024. This development was primarily driven by slightly higher emissions related to our raw materials, as our suppliers have reported less efficiency in their produc-tion due to a lower market demand.Given that Scope 3 emissions account for approximately 80% of our total emissionsâand in light of this nega-tive trend in 2025âwe are strengthening our efforts to identify initiatives that can reduce our Scope 3 footprint. This includes intensifying collaboration with our lime and cement suppliers and supporting their efforts to reach net zero as well as exploring other significant reduction opportunities.Total emissionsOur nominal emissions have increased due to higher production volumes. E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities H+H has no net-material financial impact in the short, medium, and long term as described in the General Information section. Retrospective Milestones and target yearsAnnual Base % target year (2019) 2024 2025 % vs. LY 2030/ Base yearScope 1 GHG emissions1Gross scope 1 GHG emissions (tCOeq) 153,887 81,884 92,545 13% 115,0184.2%2Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) 0% 0% 0% 0%Scope 2 GHG emissionsGross location-based scope 2 GHG emissions (tCOeq) 59,109 25,522 26,304 3%2Gross market-based scope 2 GHG emissions (tCOeq) 59,109 6,885 6,192 -10%2Significant scope 3 GHG emissionsReduce by 22% 3Total Gross indirect (scope 3) GHG emissions (tCOeq) 758,327 394,435 453,614 15%per m2.0%21 Purchased goods and services 700,604 351,484 409,430 16%3 Fuel and energy-related activities (not included in scope 1 or scope 2) 34,964 19,234 21,422 11%4 Upstream transportation and distribution 13,656 14,680 14,173 -3%9 Downstream transportation 9,104 9,038 8,589 -5%Total GHG emissionsTotal GHG emissions (location-based) (tCOeq) 971,324 501,842 572,463 14%2Total GHG emissions (market-based) (tCOeq) 971,324 483,205 552,351 15%2¹ Scope 1+2 is a combined targetGHG Intensity based on net revenueGHG intensity per net revenue 2024 2025 %Total GHG emissions (location-based) per net revenue (tCOeq/Monetary unit) 183 209 14%2Total GHG emissions (market-based) per net revenue (tCOeq/Monetary unit) 176 201 14%2Net revenue 2,747 2,743 0%Environmental accounting policyControlsData regarding energy consumption and our GHG emissions are reported through the operations management system that follows normal financial processes to ensure consistency and is validated against the external financial reporting.The data is verified through internal controls, analysis, benchmarks, and monthly business meetings. Unless stated no numbers or metrics have been validated by any external body other than the assurance provider.DefinitionsClimate (offices excluded due to insignificance)⢠COe scope 1 is calculated as combusted fuel 2type x conversion factor per fuel type. For 1 tonnes of coal a conversion factor between 19 and 23 to GJ is used, based on the quality of the product. For other combustion fuels an emis-sion factor is applied based on DEFRA factors⢠COe scope 2 is calculated as purchased MWh 2x conversion factor of 3.6 to GJ. For both loca-tion- and market-based electricity, emission factors are based on AIB 2023. Additionally, for market-based we adjust for the purchase of RECs in our emissions. We only use RECs when calculating our market-based emissions⢠COe per m³ (scope 1), COe per m³ (scope 2) 22and COe per m³ (scope 3) are calculated as 2scope 1, scope 2 (market based) and scope 3 divided by net-production volume⢠During our initial scope 3 assessment, we screened all 15 types of activities:Scope 3 categories â material Activity 1,3,4 and 9 were deemed material for 2025 and have been reported on. For scope 3 activities 1 and 3, we have used primary data for all sources and for activities 4 and 9, we have used industry generic factors (ICCT)Scope 3 categories â not materialActivity 2 (Capital goods); We only purchase limited capital goods from an emission point of view, relative to our material categories.Activity 5 (Waste generated in operations); We generate limited waste in production and the majority is being recycledActivity 6 (Business Travel); We have conducted an internal analysis of emissions from travelling, showing a very limited impactActivity 7 (Employee commuting); We have conducted an internal analysis of emissions from commuting, showing a very limited impactActivity 8 (Upstream leased assets); We do not have any leased assets that are not in our controlActivity 10 (Processing of sold products); We do not sell products that require further processing by our customers.Activity 11 (Use of sold products); We sell finished goods used for wall building, hence no material emission occurs in the use-phaseActivity 12 (End-of-life treatment of sold prod-ucts); We have not identified ways to quantify the impacts as the end-of-life occurs 50-200 years after completionActivity 13 (Downstream leased assets); We do not act as lessorActivity 14 (Franchises); We do not operate with franchisesActivity 15 (Investments); We only invest limited from an emission point of view, relative to our material categories⢠COe scope 3 category 1 is calculated as 2purchased materials in scope x emission factor. Where emission factors are disclosed by the supplier this is used. If such are not available generic industry emission factors are applied⢠COe scope 3 category 3 is calculated as 2consumed energy x emission factor from DEFRA⢠COe scope 3 categories 4 and 9 are calculated 2as total transported km of our products x payload in tonnes x generic transport emission factor ⢠Total energy is calculated as combusted fuel type x power factor per fuel type + used electricity. Energy consumption is reported for production sites, and data is obtained from invoices and converted into MWh using appropriate conver-sion factors⢠Total energy per m³ is calculated as total energy divided by production volume⢠Production volume is defined as produced AAC 3and CSU (net) measured in mSocial information People are the foundation for our success. We aim to provide a safe, attractive, and meaningful workplace for our employees. In this section, we take a thematic approach to the sustainability topics identified in our materiality assessment.Health and SafetyESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business modelAt H+H, we are firmly committed to ensuring that every employee arrives at work safely and returns home injury-free â every single day. Working in an industrial plant comes with inherent health and safety risks from the heavy equipment and substances used in the produc-tion process. Managing these risks effectively is key to maintaining a strong safety performance as well as enabling us to provide healthy, safe, and secure working conditions for all people working on our sites. This mindset is transformed into our 'ZERO HARM' strategy as described in S1-4.Material health & safety impactsIn our materiality assessment, we identified the following material health & safety impacts:Industrial accidentsThe majority of our employees work in our plants where they operate heavy machinery with a potential high risk of accidents which can result in the direct impact of life-altering injuries or death.Production materialsWhile our finished products do not pose any health risks, employees working in our plants can potentially be exposed to the following substances used in production that pose health risks:⢠Silicate dust, a known carcinogen when exposed above a known limit⢠Mineral oils that can cause dermatitis⢠Aluminium dust which is an irritant but with no recognised inhalation, oral or dermal chronic effects⢠Alkalis raw materials which can be harmful and can cause chronic effectsThe impacts affect employees and non-em-ployees, including self-employed people and people provided by third parties. The impacts occur in all our plants over the short, medium and long term. They are systemic due to the nature of our production. Due to the low exposure to the above substances it was not identified as a material risk. No material opportunities related to health & safety were identified in the materiality assessment.Impacts, risks and opportunities managementTo effectively manage our impacts and to main-tain a strong safety performance, we have a Group Health & Safety Policy, a strategy for 2024-2026 and a health and safety management system. In practice, we prevent safety incidents through regular training in Health & Safety, monitoring of exposure levels of substances used in production, prevention and access controls, incident manage-ment, proper PPE, continuous and regular assess-ment of plants, offices, processes, and equipment as well as target setting and progress measure-ment across the Group. S1-1 PoliciesHealth & Safety PolicyIt is our key priority to provide a safe and healthy work environment. This is the core objective of our Group H&S Policy (H&S Policy), and it is the foundation on which we prevent, mitigate, and remediate all of H+Hâs impacts related to H&S. The Group Operational Director has overall respon-sibility for the policy, while the regional Managing Directors are responsible for implementation within their countries as heads of their respective legal entities. They are supported by the regional Operations Directors, local safety officers and the Group Health & Safety leadership team. The policy covers H+H employees across the entire workforce but does not include workers in the value chain. The policy is distributed via our policy management system and is prominently placed on notice boards at all sites and on the Group website. All employees are required to confirm, either physically or digitally, that they have read and understood the policy. The H&S Policy is reviewed annually by Group Management and the Group H&S Director. The review is based on our Maturity Audit process, and on input provided by the functional manage-ment teams and their employees. In daily operations, the policy is supported by topic specific standards and guidance, which addresses the risks and impacts directly. S1-4 Actions in 2025At the beginning of 2024, a new H&S strategy and vision for 2024-2026, titled ZERO HARM, was launched together with a major communications campaign targeting all employees. The strategy focuses on behavioural-based safety and on driving safety through the line to embed a culture that embraces safety across our operations, moving towards our ambition of zero harm. In 2025, we have continued this strategy with great success.When working with heavy machinery, even a small lapse of attention can have dire consequences. We therefore want to foster a culture, where safety is always top of mind, highlighting each individualâs responsibility for ensuring their own safety and that of their colleagues. In the event of an incident, communication is disseminated throughout the organisation with follow-up on actions to prevent reoccurrence. To mitigate the risks associated with handling production materials, we provide appropriate personal protective equipment (PPE) and regularly monitor exposure levels. In addition, we design our work processes to be as safe as possible so that technical and organizational measures take priority, and the use of PPE is only required in a few cases. All plants are subject to both internal and external audits using our Maturity Audit Model with each plant having a Safety Improvement Plan which is actively monitored to gauge the effectiveness of our actions and initiatives. To further evaluate the effec-tiveness of our initiatives, performance on H&S KPIs including absence and incidents is monitored monthly and reported to Group Management. In 2026 we plan to continue the focus on behav-ioural based safety via training, communication and lessons learned from incidents and high poten-tial events. This includes training employees to have a more proactive approach to spotting poten-tial hazards and unsafe conditions and behaviours. Our aim is to further improve our safety culture shifting from a reactive focus to a pro-active and positive one with the end goal of zero harm.Resources allocated to manage material impacts are the H&S community as well as above-de-scribed actions.S1-5 TargetsTo measure our progress on safety, we have a target related to our Lost Time Incident Frequency (LTIF) rate which was included in the short-term incentive plan for 2025 to highlight its importance. Our target for 2030 is an LTIF rate of 2.1. The rate is measured every year to track progress on the target. Based on the number of incidents and the initiatives we have embedded in the busi-ness, we projected an improved H&S performance to determine the specific KPI we want to reach and when. The target is a result of the collective efforts between Group Management, the regional Managing and Operations Directors, as well as the H&S leaders across the Group. All incidents are shared and discussed within the regions with those responsible and the health and safety community in order to learn lessons and prevent similar incidents in the future.S1-14 Health and safety metricsIn 2025 we saw another record result with an LTIF rate of 0.9, which is a satisfactory achievement. We attribute our positive result to our continued focus on leading in safety for all levels of opera-tional management, behavioural safety and close follow-up of incidents. 2025 2024 2023¹ 2022¹Fatalities as a result of work-related injuries AND Headcountwork-related ill health0 0 0 0Lost-time incident frequency (LTIF) Incidents per mil. hours 0.9 0.9 *3.4 3.6Lost days to work-related injuries and fatalities Daysfrom work-related accidents, work-related ill health and fatalities from ill health0 83 787 313Total recordable incidents Headcount incidents 10 7 18 77Total recordable contractor incidents Headcount incidents 0 0 0 3Total recordable incident rate (TRIR) Incidents per mil. hours 4.3 3 7 25Number of cases of recordable work-related ill Number of caseshealth0 0 0People in own workforce covered by H+Hâs %H&S Management system100% 100% 100%* ESG figure subject to limited assurance in 20231 Not covered by the Independent Auditorâs limited assurance reportEqual treatment & opportunities for allESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business modelWe know people are different and we believe that differences are what enable us to see new opportunities and create better solutions. We want all employees and stakeholders to feel that their contribution is valid, and we do not tolerate any form of discrimination. We do not have a formal link to our Group strategy and business model, as these topics are driven locally by the regional management teams.Material impactsIn the materiality assessment, we identified the following material impacts related to equal treatment and opportunities:Gender equality & equal payWe are committed to equal pay for equal work, promoting gender equality and ensuring equal access to resources and opportunities regard-less of gender. This has an impact on our work-force as we believe there are clear links between perceived and actual equality to employee cohesion and well-being. At the moment we do not have sufficient data to determine whether the impact is systemic or not but further investigation is planned for 2026 in preparation for the EU Directive on pay transparency. Our current belief is that we enforce equal pay for equal work in all regions. Anti-harassmentAs employers we are responsible for providing a harassment-free work environment and thus have an impact on our employees. We believe the impact to be non-systemic, occurring over the short and medium term affecting employees in our own workforce.Gender diversityThe building materials industry is not tradi-tionally known for being gender diverse and we therefore risk fostering workplaces with low diversity. As a result we believe this impact to be systemic in nature and not related to indi-vidual incidents.Both impacts related to equal treatment occur over the short and medium term. Impact related to equal pay only affects those directly employed by H+H. Impacts related to diversity affects both our own employees, non-em-ployees (both self-employed people and people provided by third party organisations) and contractors. No material risks or opportunities were identified in the materiality assessment. Impacts, risks, and opportunities managementWe approach the impacts related to equal treat-ment through a mixture of Group and local initia-tives. We believe a safe and inclusive work culture is best achieved by encouraging our employees to speak up and take ownership of creating a work environment they feel they belong to, with clear support from senior management. S1-1 Policies related to equal treatmentDiversity PolicyThe core objective of H+Hâs Group Diversity Policy is to foster an inclusive and open working climate where diversity is embraced and promoted. By making our principles on diversity clear, we want to mitigate negative impacts related to lack of diversity. While gender is one dimension of diversity, we fully recognise that diversity is any aspect that differentiates our employees and enables diversity of thought. This includes ethnicity, age, national origin or citizenship, religion or belief, political conviction, sexual orientation, marital status, pregnancy and maternity, disa-bility or genetic information or any other legally protected categories. We do not tolerate any form of discrimination towards employees or stakeholders. All reports of discrimination and harassment are fully investigated and may result in disciplinary actions or employment-related consequences for the perpetrator. Besides the Code of Conduct, we currently do not have any other specific Group policies aimed at eliminating discrimination or harassment.The policy applies across all of H+H and includes but is not limited to recruitment, promotion and development opportunities. The policy is commu-nicated to all new employees, and in the case of updates, to the entire workforce. The policy is also available on our Group website.The Board of Directors has adopted the Group Diversity Policy while the CEO is overall respon-sible. Regional Managing Directors are respon-sible for implementation within their countries as heads of their respective legal entities.S1-1 Policies related to human rightsHuman Rights PolicyWe strongly support human rights and employee rights as set out in the UN Universal Declaration of Human Rights and by the International Labour Organization. We have a dedicated Human Rights policy and it is further stated in our Code of Conduct which is the foundation for our compli-ance and other policies. The purpose of our Human Rights policy is to communicate â both externally and internally - H+Hâs commitments to respect human rights, as well as to provide guidance to our management and employees on appropriate behaviour when it comes to human rights issues.In short this means, that H+H: ⢠Respects freedom of association and the right to collective bargaining ⢠Supports the principle of equal opportunity and does not accept harassment or discrimination⢠Prioritises safety and adheres to all applicable local laws related to ensuring proper working conditions⢠Does not accept human trafficking, the use of child labour and the use of forced or compul-sory labourMany aspects of our business touch on human rights, including working conditions, health and safety, and data privacy. In addition to the Code of Conduct and Human Rights policy, this is reflected in many of our other policies, as outlined in our overview of our sustainability-related policies and systems in the Governance section. Although the materiality assessment determined that there are no material human rights impacts, risks, or opportunities for H+H, we continuously assess the risk of human rights violations. We believe the inherent risk for human rights viola-tions is low due to the nature of the business and as we only conduct business in European coun-tries with strong institutions. Most of the people working in our plants are directly employed by H+H, and consequently, we can ensure that our staff are treated fairly and in accordance with the above principles. Temporary staff (non-em-ployees) are either employed directly by us or via reputable agencies which adhere to relevant employment legislation. To mitigate risks for viola-tion of human rights throughout the value chain, we have a Code of Conduct for Suppliers which outlines our expectations for our suppliers and contains provisions to address human trafficking, forced and compulsory labour, the health & safety of workers and precarious work. A description of our Code of Conduct and Code of Conduct for Suppliers can be found in the Govern-ance section. Engagement with own workforce on this and other employment related issues is described in the next section under S1-2. S1-4 Actions in 2025Guided by the Diversity Policy, all managers are expected to treat employees equally and not discriminate in matters such as recruitment, promotions, development opportunities or any other personnel decisions. When recruiting we source candidates of different genders when-ever possible, and we seek to create a dynamic organisation with a diverse mix of cultures, backgrounds, skills, and ways of thinking. When employing external recruitment consultants, they are required to submit their diversity policies and where possible we ensure that all recruitment short lists have an appropriate gender balance. If two candidates of different genders are equally qualified for the position, the candidate of the under-represented gender, if any, will be chosen. This principle is applied across the Group. No additional actions have been planned for 2026.Due to the small size of the management levels, turnover in these roles is also naturally low, making it difficult to track effectiveness of actions. Resources allocated to manage material impacts are the HR community.S1-5 TargetsGroup Management have decided to not set any targets related to managing material negative impacts, as we currently continue our focus on safety. There are currently no formal processes in place to track the effectiveness of our policies and actions, but the need for setting targets and implementing processes is regularly assessed.Board diversity targetsOur Group Diversity Policy is applied when evalu-ating the composition of H+H International A/S' management. Pursuant to section 139c of the Danish Companies Act, we aim to have equal gender distribution in our Board of Directors, as defined by the Danish Business Authority. This was reached at the Annual General Meeting on 31 March 2022, and the target is still met with the current composition of 2 female members and 3 males. A new formal gender target under the law will be set if the gender composition changes. The Board seeks to be diverse in the broadest sense relevant. When deciding whether to propose re-election or not of board members as well as when searching for candidates to propose as new board members, the decision is based on filling out any competence gaps or strengthening specific competences in the Board based on the collective competences that the Board finds relevant at the time considering H+H's strategy, challenges and opportunities. In addition to looking at competences in the form of profes-sional experience and education, the Board also recognises the benefits of diversity in terms of cultural background, gender, age etc. Currently, the Board of Directorsâ diversity in respect of age could improve, hence if two candidates for a board position are equally competent, the candidate who is younger than the average age of the board members will be preferred.You can read more about board diversity in the ' Board Diversity' section under 'Corporate Governance'. For gender diversity in the two management levels in the parent company below the Board, we have due to H+H International A/Sâ relatively small organisation, opted to use the legal exemption for companies with less than 50 employees and not have a gender diversity policy or related gender diversity targets to increase the proportion of the underrepresented gender, cf. the Danish Compa-nies Act, Section 139(c)(7). The parent company has less than 25 employees and a high degree of retention, and thus only very few recruitments over time, making it impossible to pursue gender targets within a meaningful timeframe. S1-6 Characteristics of H+H employees &S1-7 Characteristics of non-employeesThe gender ratio of our workforce remains stable with an even split among workers in office environments and low diversity among workers in our plants and other non-office environments. Due to the continued need for organisational stream-lining following the downturn in the construction industry our turnover rate remains high, however not as high as 2023 (40%). We are however pleased to see that our voluntary turnover ratio remains stable at 11% compared to 12% last year, reflecting the regional efforts to ensure good work-life balance and working conditions.Headcount by country 2025 2024Germany 346 413Poland 625 608United Kingdom 277 228Other 90 88Total 1,338 1,337Turnover Unit 2025 2024Employee turnover ratio % 21% 22%Employee turnover Headcount 284 280Headcount by gender 2025Office workers Non-office workers TotalMale 155 976 1,131Female 148 59 207Other 0 0 0Not reported 0 0 0Total 303 1,035 1,3382024Office workers Non-office workers TotalMale 198 917 1,115Female 171 51 222Other 0 0 0Not reported 0 0 0Total 369 968 1,3372025Female Male Other Not disclosed TotalNumber of employees 207 1,131 0 0 1,338Number of permanent employees 206 1,130 0 0 1,336Number of temporary employees 1 1 0 0 2Number of non-guaranteed hours employees 0 0 0 0 0Number of non-employees 0 0 0 0 02024Female Male Other Not disclosed TotalNumber of employees 222 1,115 0 0 1,337Number of permanent employees 212 979 0 0 1,191Number of temporary employees 10 136 0 0 146Number of non-guaranteed hours employees 0 2 0 0 2Number of non-employees 2 15 0 0 172025United CWE region HQ PolandKingdom TotalNumber of employees 419 17 625 277 1,338Number of permanent employees 419 17 625 275 1,336Number of temporary employees 0 0 0 2 2Number of non-guaranteed hours employees 0 0 0 0 0Number of non-employees 0 0 0 0 02024United CWE region HQ PolandKingdom TotalNumber of employees 483 18 608 228 1,337Number of permanent employees 473 18 473 227 1,191Number of temporary employees 10 0 135 1 146Number of non-guaranteed hours employees 2 0 0 0 2Number of non-employees 16 1 0 0 17S1-9 Diversity metricsThe underrepresented gender in top management2025 2024Gender diversity, top management (entire H+H Group) 0% 0%Females / total HC 0/5 0/6S1-16 Remuneration metricsDuring 2025 the gender pay gap, defined as the difference of average pay levels between male and female employees, remained unchanged from -17% to -17%. In general, we believe that it is difficult to assess the development in the gender pay gap due to the mix of job functions and job levels. However a big contributor, is the composi-tion of our workforce, where majority are non-of-fice workers who are traditionally male and where salaries are lower. Additionally, as we operate in countries with materially different salary levels, comparison across regions can be difficult. However, we are working on getting better trans-parency of the differences in salary levels. The first step is the implementation of a Group job architecture as preparation for the implementa-tion of the EU directive on Pay Transparency. This is planned for 2026.Age distribution in the GroupThe age distribution of our workforce is in line with other industries and society in general and is therefore in line with our expectations.Age distribution 2025 2024Below 30 10% 9%Between 30 and 50 52% 51%Above 50 38% 40%The CEO pay ratio, defined as the ratio of the highest-paid individual to the median annual total remuneration for all employees has slightly decreased from 2024 to 2025. We attribute this to the variable components of the CEO pay, as described in the Remuneration Report. âAnnual total remunerationâ is defined in the ESRS as annual total remuneration to own workforce includes salary, bonus, stock awards, option awards, non-equity incentive plan compensation, change in pension value, and nonqualified deferred compen-sation earnings provided over the course of a year.2025 2024Gender pay gap (average) -17% -17%CEO pay ratio 33 34Working conditionsESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business modelH+H seeks to provide a safe and attractive work environment for our employees during all stages of their career. To enable this, we provide opportu-nities to shape their work whenever possible. Please refer to the section 'HOME' under 'Stra-tegic Focus Areas' for the link to our business strategy.The following material impacts related to training and skills development and working conditions were identified in the materiality assessment:Social dialogueAs employers we naturally have an impact on working conditions for all employees as well as non-employees. This includes the possibility to take leave or work flexibly and providing space and opportunity for social dialogue with employees. The impacts occur over both the short, medium and long term and are systemic as they cover all sites in all regions. No material risks or opportunities were identified. Impacts, risks, and opportunities managementManaging our impacts is key to ensuring that we have the workforce we need to achieve our business ambitions. Performance, competence, and talent management is handled locally where managers are encouraged to keep an open dialogue with employees and to continually assess the need for training. S1-1 PoliciesOur group principles relating to working condi-tions are described in our Human Rights Policy. On a practical level these are mainly governed by regional policies and employee handbooks, including rules on leave and flexible working. The duration of leave differs from region to region and is in line with local legislation. The opportunity to work flexibly also varies from region to region and depends on the nature of the job. Employees are encouraged to provide feedback and voice concerns to ensure proper work-life balance and whenever possible work processes are designed and improved in collaboration with the relevant internal stakeholders.S1-2 Processess for engagementIn order to create an attractive working environ-ment, we regularly engage in dialogue with our employees to understand their perspectives and needs. This includes employee surveys for selected employees, manager 1:1s, as well as local Q&A sessions with management. The Group HR Director has overall operational responsibility for ensuring that engagement on actual and potential impacts happens and that actions are initiated.All employees can raise their concerns directly to a manager or through our whistleblower system. The whistleblower system is described in the Governance section.S1-3 Processes for remediationWe aim to have a culture where all employees feel comfortable about speaking up if they have concerns or issues. There is currently no formal-ised process in place where we evaluate this. Information on the protection of whistleblowers and the Whistleblower Policy can be found in the Governance Section.S1-4 ActionsWith the launch of our performance management framework, we reached an important milestone in the further development of our people strategy. Following a successful pilot phase, the system was progressively rolled out and now serves as a key enabler of a more performance-driven, devel-opment-oriented and future-ready organization.The framework provides increased transparency on organizatonal performance and talent poten-tial, supporting a clear alignment between indi-vidual contributions and our strategic business objectives. In doing so, performance manage-ment goes beyond performance measurement, fostering a culture of continuous learning, devel-opment and accountability.In parallel with the rollout, the foundations for a systematic evaluation of effectiveness were established, enabling more data-driven workforce and talent decisions going forward. In addition, further initiatives were implemented in 2025 to address evolving working conditions and to embed skills and capability development as a core pillar of our transformation agenda.S1-5 TargetsTo currently focus our resources on other priori-ties, Group Management have decided to not set any targets related to managing material negative impacts. There are no processes at the moment in place to track the effectiveness of our policies and actions, but the need for targets and processes is regularly assessed.S1-8 Social dialogueIt varies from country to country and depending on local legislation, whether or not employees are represented by a local organisation such as a workersâ council or work environment organisa-tion. As we have not been met by a demand from our employees, there is currently no agreement between H+H and a European Works Council (EWC), a Societas Europaea (SE) Works Council, or a Soci-etas Cooperativa Europaea (SCE) Works Council. Majority of employees' working terms and employ-ment conditions are decided directly between the employee and the company and generally not by collective bargaining agreements.S1-17 Incidents, complaints and severe human rights impactsDuring 2025 (0 in 2024) there were no work-re-lated incidents of discrimination reported to HR or via the whistleblower system on the grounds of gender, racial or ethnic origin, nationality, religion or belief, disability, age, sexual orientation, or other relevant forms of discrimination involving internal and/or external stakeholders across operations in the reporting period. This includes incidents of harassment as a specific form of discrimination.No cases of severe human rights incidents (e.g., forced labour, human trafficking, or child labour) were identified during 2025 (0 in 2024).Social dialogueWorkplace representation (EEA only)Coverage Rate(for countries with >50 empl. representing >10% total empl)0-19% Poland20-39%40-59%60-79% Germany80-100%Social accounting policyControlsData regarding number of employees and gender are generated from our HR and Payroll systems. Data regarding fatalities and accidents are reported through the operations management system that follows normal financial processes to ensure consistency and is validated against the external financial reporting. The data is verified through internal controls, analysis, benchmarks, and monthly business meetings. Unless stated no numbers or metrics have been validated by any external body other than the assurance provider.Definitions⢠Own workforce is defined as employees as well as non-employees, excluding contractors (S2). Unless otherwise described, both employees and non-employees are subject to the material impacts related to Own Workforce⢠Headcount is defined as all employees, both fulltime and part-time, as well as active and non-active. The numbers reported for both employees and non-employees are as of 31 December 2025 ⢠FTEs (fulltime equivalents) are defined as all employees and non-employees, excluding those on leave⢠Employees are defined as those being directly on our payroll. Non-employees include both self-employed people and people provided by third parties⢠Group Management includes the Executive Board of H+H International A/S.⢠Gender diversity, top management is defined as Group Management and the regional Managing Directors⢠Gender pay gap is calculated as difference of average pay levels between female and male employees, expressed as percentage of the average pay level of male employees. Basis for average pay is the hourly wage of all female and male employees, converted to DKK using the average exchange rates for the year⢠CEO pay ratio is calculated as the CEO compen-sation, as reported in the Remuneration Report, divided by the median salary of all other employees⢠Employee turnover ratio is calculated as total leavers divided by average headcount for the year. Only people on our payroll are included⢠Employee representation in relation to Social Dialogue is defined as representation by works council, work environment organisation or employee committees⢠A fatality is a work-related injury that results in death. The number reported includes both employees, non-employees, contractors, and visitors ⢠Lost-Time Incident Frequency (LTIF) meas-ures the frequency of Lost-Time Incidents and fatality incidents per million hours divided by total hours worked. Working hours is based on actual time registrations as well as estimates. The number reported includes own workforce⢠Total Recordable Incident Rate (TRIR) meas-ures the frequency of all work-related injuries and fatality incidents per million hours divided by total hours worked. Working hours is based on actual time registrations as well as esti-mates. The number reported includes own workforceGovernance informationH+H is committed to acting professionally, responsibly, and with integrity in all our business dealings and relationships. GOV-1 The role of the administrative, management and supervisory bodiesThe Board of Directors is responsible for the overall strategic direction and management of the Group, and that an adequate control framework exists to ensure proper business conduct. The Executive Board is responsible for the day-to-day management including implementation of a policy framework and related controls to support a responsible corporate culture. In our Board of Directors and Executive Board we have members with management experience within compliance and governance work, auditing and controlling.Presentations of the individual members of the Board of Directors and Executive Board can be found in the Corporate Governance section.Impacts, risks and opportunitiesH+H mainly sells through buildersâ merchants (wholesalers) and as a building materials producer rather than a construction company, we have limited direct involvement in negotiations and bid proposals. In addition, we only operate in Europe within countries that have low risks of bribery and corruption, ranking between 1 (Denmark) and 52 (Poland) out of 182 countries in the Transparency International Corruption Perceptions Index 2025. We therefore consider the overall risk of corrupt behaviour to be relatively low.In the materiality assessment we identified the following impacts related to business conduct: Corporate cultureWe actively foster a culture of integrity and trans-parency. Setting the tone at the top is important and by leading by example we impact the way our employees experience and contribute to our corporate culture. This impact can occur in our own operations over the short, medium and long term.Unethical business practicesThe main risk of corrupt behaviour for H+H concerns inappropriate types or levels of enter-tainment, gifts or payments (kick-backs) provided to our employees from potential or actual suppliers or provided by our employees to poten-tial or actual customers with the intent of gaining special consideration or a business advantage. The impact can occur in our own operations over the short, medium and long term.Whistleblower protectionIt is important for us to foster an open culture where employees, business partners and other stakeholders can raise important matters. Protecting whistleblowers is integral to ensure fair investigations and avoid retaliation. The impact can occur in our own operations over the short, medium and long term.Impacts, risks and opportunities managementWe manage these impacts by continually working to strengthen our compliance culture. This is done through our policies, whistleblower system, training and awareness, by conducting audits, and through leadership communication and behaviour that sets the tone from the top on conducting business with integrity.G1-1 Business conduct policies and corporate cultureCode of Conduct and Code of Conduct for SuppliersH+Hâs Code of Conduct is the foundation of our compliance programme and sets the tone for our business integrity and ethical principles. It is complemented by the Code of Conduct for Suppliers which outlines our expectations to suppliers to conduct business in a legal, sustain-able, ethical and socially responsible manner.The Code of Conduct and Code of Conduct for Suppliers include our principles related to e.g. environment and climate, health and safety, diver-sity, non-discrimination, personal data protection, conflicts of interest, fair competition, anti-corrup-tion, responsible tax and data ethics. The Code of Conduct for Suppliers is provided to all major suppliers in each region with a request to confirm complianceThe Board of Directors approves the Code of Conduct and the Executive Board is responsible for the implementation of the policy principles. The Group Operations Director is responsible for the Code of Conduct for Suppliers and its imple-mentation. Employees can access these policies in H+Hâs policy management system. Employees without direct access are provided with either paper copies or access via shared computers or notice boards. Every employee at H+H is required to read and adhere to the H+H Code of Conduct. Both of these policies are reviewed regularly and updated in line with relevant legislation, and they are available at all H+H websites.The Board of Directors is ultimately responsible for oversight of H+Hâs corporate culture and business conduct. The Executive Board and other managers in the Group are responsible for imple-mentation of the policy principles and leading by example to drive a culture of business integrity and discuss openly how to follow the principles in the Code of Conduct and the underlying specific policies. To support our commitment to respon-sible business conduct, the regional Managing Directors are required to sign a declaration every quarter stating that to the best of their knowledge, all H+H entities in their region are conducting business in a way that is compliant with all appli-cable H+H policies. Whistleblower policy & systemWe encourage all reporting of any suspected wrongdoing. This can be done to a relevant H+H manager, to HR or via our public online whistle-blower system where reports can be done by name or anonymously. The system is accessible in all our languages and can be accessed both from H+Hâs intranet for employees and from all H+H websites. The system is provided by an independent third-party provider of whistle-blower solutions and reporters have the option of choosing if they want to report to regional HR, Group HR or Group Legal.All good faith reports of suspected material violations of the Code of Conduct or any under-lying H+H policies and violations of law within the defined scopes are investigated. We take great care to ensure the confidentiality of the reporterâs identity and to avoid any potential conflicts of interest when establishing the investigation team and the decision maker. Independent, external legal counsel or other relevant experts are also used for investigations when relevant. Good faith whistleblowers of matters within scope are protected from any kind of retaliation or discrimi-natory or disciplinary action as a result of submit-ting a report. We assess the risk of retaliation as part of the investigation procedure and encourage reporters to report any retaliation, they may expe-rience. Outcome of investigations are reported to the Audit Committee.H+Hâs Whistleblower Policy is available in the whistleblower system and provides information on how to report suspected misconduct, how reports are handled and what is deemed inside and outside scope. The Board of Directors approves the Whistleblower Policy while the Executive Board is responsible for the implementation. To create awareness and educate employees on what can be reported and how, all employees are asked to read and confirm reading of the policy. Training in the whistleblower policy and system was provided to part of the employees during 2024.Tax PolicyH+H has adopted a group Tax Policy. The policy is the foundation for the common tax approach for the H+H Group. Our ambition is to always apply best practices and act in accordance with applicable legislation on tax computation and tax reporting to ensure that we pay the right amount of tax at the right time in the countries where we operate. In close collaboration with tax advisors, we monitor updates and changes to tax legislation to assess the impact on a Group and country level. G1-3 Prevention and detection of corruption and briberyH+H has zero tolerance for corruption and bribery, and we condemn corrupt behaviour and business practices. This is underpinned by our Anti-corruption Policy which provides principles and information related to bribery, facilitation payments, donations, and entertainment and gifts, as well as the potential consequences for violations. The Executive Board is responsible for implementation of the Anti-corruption Policy which is reviewed regularly and updated in line with relevant legislation. The policy is available in all our company languages and is communicated to all office employees via our policy management system with a request to confirm that they have read the policy. The policy includes relevant sector specific practical examples to train and raise awareness of business situations that may involve bribery or corruption and the behaviour expected of H+H employees in such situations. Currently there is no Group definition of which functions are deemed to be at risk. No training in anti-corruption and bribery was provided to any H+H employees in 2025, including Group Management.Internal controls are set up to manage any poten-tial corruption risks present on the sales and procurement side. Escalation procedures are in place and communicated within the Group. Investigations follow the process described in the Whistleblower section.Metrics and targetsWe believe that having a diverse Board of Direc-tors is linked to better governance of our busi-ness. Target setting related to this is described in the Corporate Governance section and the Social section. Group Management believes that for now this target is sufficient and has decided not to set any other targets in relation to Governance.G1-4 Incidents of corruption and briberyDuring 2025 (zero in 2024), no whistleblower reports were found to be within scope. H+H did not receive any injunction, ruling, conviction, fine or similar for violation of anti-corruption or anti-bribery laws.ESG & sustainability-related policies and systemsArea(s) of Policyapplication DescriptionCode of Conduct Overarching Our Code of Conduct describes the core values and principles, employees are expected to follow. Read more on page 86Code of Conduct Overarching The policy outlines our expectations to suppliers to conduct business in an ethical, legal, and socially responsible manner. Read more on page 86for suppliersESG Policy Overarching The policy outlines our environmental, social, and governmental commitments. Read more on page 64Human Rights Social The policy outlines our commitments to respect human rights. Read more on page 78PolicyDiversity PolicySocial The core objective of the Group Diversity Policy is to foster an inclusive and open working climate where diversity is embraced and Read more on page 78promoted. We encourage and support diversity at all levels and express our lack of tolerance towards any form of discrimination.Health & Safety Social The policy describes our overarching principles for health and safety in H+H. Read more on page 76PolicyAnti-corruption Governance The policy provides principles and information related to bribery, facilitation payments, donations, and entertainment and gifts. Read more on page 86PolicyData Ethics PolicyGovernance The purpose of this policy is to set out the data ethical principles for H+Hâs processing of data so that the processing is not only legal, Read more on page 37but also ethical.Tax PolicyGovernance The policy describes our internal governance and management of all matters related to tax. Read more on page 86Whistleblower Governance The policy includes information on how to report suspected misconduct, how reports are handled and what is deemed inside and Read more on page 86Policyoutside scope.</mrv:SustainabilityReport>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="f1__s8__7__11">https://www.hplush.com/en/investor-relations/corporate-govern-ance</mrv:LinkToCorporateGovernanceReport>
<mrv:LinkToStatementOfPolicyForDataEthics contextRef="ctx-37" id="f1__s8__7__15">https://www.hplush.com/en/compliance/data-ethics</mrv:LinkToStatementOfPolicyForDataEthics>
<mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f1__s8__7__20" xml:lang="en">EU Taxonomy H+Hâs EU Taxonomy disclosure for the annual reporting period of 2025 has been prepared in accordance with the Taxonomy Regulation EU (2020/852) and its supplementing delegated acts.The disclosure covers the taxonomy-eligible and taxonomy-aligned economic activities and their financial KPIs as a proportion of the Groupâs turnover, capital expenditure (CAPEX), and opera-tional expenditure (OPEX) in 2025. Reporting principlesOur economic activities are considered regardless of their geographical location, whether inside or outside of the European Union.Economic activitiesTaxonomy-eligible economic activitiesAccording to note 3 of the consolidated finan-cial statement, H+H revenue streams consist of sale of goods and related transport services. As such, we have concluded that the following economic activities qualify as taxonomy eligible economic activities:⢠(3.5) Manufacture of energy-efficient building equipment⢠(6.6) Freight transport services by roadBoth H+Hâs product groups (AAC and CSU) are classified under NACE code 23.61 and are as such covered by the Delegated Act (EU) 2021/2139 of June 4, 2021 in Chapter 3.5 as key components for external wall systems. The product groups contribute to achieving the climate change miti-gation target if they fulfil the technical screening criteria of having a U-value lower or equal to 0,5 2W/mK. For external wall systems, a U-value lower than 0.5 W/m²K is required by law in all coun-tries in which we produce and sell our products. As such, the substantial contribution screening criteria are met. Products from both AAC and CSU product groups have multiple applications. In addition to being used for external walls, they can also be used as partition walls. When determining which of our products that are within scope, we have looked at the intended use of the products. Turnover from products where the intended use is to be part of an external wall system is reported as eligible, whereas turnover from products where the intended use is partition walls is reported as not eligible. Turnover from accessories needed to build the external wall such as mortar and glue are also reported as eligible because such accessories are considered to be key components in an external wall system. Pallets used for trans-portation are not included in the scope since only plastic pallets are eligible under the EU Taxonomy. When calculating the taxonomy-eligible turnover under CCM 3.5 for products which can be used in both external walls and partition walls, we have used allocation keys to determine the split between sale of products used for external walls and partition walls. As each of the countries in which we sell our products have different ways of building, allocation keys are based on individual market analysis. Analyses were made in 2025 by local sales departments which have in depth knowledge of the local building markets. Hence, we assess their input to be highly valid.Transport of goods for sale is a separate revenue stream classified under NACE code 49.41 which is covered by Chapter 6.6 âFreight transport services by roadâ in the delegated act.Taxonomy-eligible turnoverDuring our screening, we identified 66% eligible turnover. The taxonomy-eligible turnover refers to revenue from sales of products and key compo-nents used for external walls (CCM 3.5), as well as freight revenue derived from sales of external wall building materials (CCM 6.6). There is no material development compared to last year, as activities are unchanged. Revenue is defined as revenue included in the consolidated financial statements for the year 2025.Taxonomy-eligible CAPEXDuring our screening, we identified 55% eligible CAPEX. The taxonomy-eligible CAPEX is divided between production related activities (CCM 3.5) and activities related to transport (CCM 6.5 and CCM 6.6). To determine the proportion of produc-tion related CAPEX associated with taxonomy-eli-gible economic activities, the same allocation key as for turnover is used. This is based on the fact that our plants produce both eligible and non-el-igible products, and it is therefore not possible to do individual distinctions. Taxonomy eligible activity related to transport contains leased company cars (CCM 6.5) and forklifts (CCM 6.6). There is no material development compared to last year, as activities are unchanged. CAPEX is defined as additions of tangible assets and intangible assets (excluding goodwill) as included in the consolidated financial statements for the year 2025, note 13 & 14. Taxonomy-eligible OPEXDuring our screening, we identified 67% eligible OPEX. Operating expenditures as per the EU Taxonomy are defined as directly incurred, non-capitalizable cost relating to research and development, building renovations, short-term leases, and the repair and maintenance of prop-erty, plant, and equipment in 2025. To determine the proportion of OPEX from products or services associated with taxonomy-eligible economic activities, the same allocation key as for turnover is used for the same reason as when determining taxonomy-eligible CAPEX. There is no material development compared to last year, as activities are unchanged. Taxonomy-aligned economic activitiesOur economic activities are considered taxono-my-aligned if they:⢠make a substantial contribution to the achieve-ment of one or more of the six environmental objectives set out in the Taxonomy Regulation⢠do not significantly harm any of the other envi-ronmental objectives, and ⢠are carried out in compliance with the minimum social safeguards.As described above, H+H assesses that a certain share of our turnover contributes to climate change mitigation by meeting the substantial contribution criteria for external wall systems with 2U-value lower or equal to 0.5 W/ m K.For an economic activity to be classified as sustain-able under the taxonomy, it must fulfil the criteria for not doing significant harm under the other envi-ronmental objectives included in the taxonomy.While environmental management is done in all regions, the approach is not consistent across the Group, depending on region and depending on the individual plants. Below is an overview of our initiatives in our UK plants where we meet the objectives for aligned economic activities. Turnover from these plants is reported as taxon-omy-aligned economic activity. In addition, we describe initiatives in our other regions where we only partially meet the objectives.Minimum safeguardsCompliance with minimum social safeguards essentially relates to the areas of human and labour rights, corruption prevention, fair taxation and fair competition. H+H have implemented processes and guidelines that ensure compliance with all minimum standards in line with the OECD Guide-lines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights and the Declaration by the International Labour Organ-ization. Our efforts are further described in the Governance section, when reporting on our Code of Conduct, Anti-corruption policy and Tax policy.Turnover from the regions where not all DNHS criteria are met is reported under section A.2. Taxonomy-eligible but not environmentally sustain-able activities (Taxonomy-non-aligned activities).Other environmental objectives (2â6)Do no significant harmUK CWE PolandClimate change adaptation â As part of our ESRS reporting and work towards having targets validated by the SBTi, we have performed climate risk assessments.Sustainable use and protection of â We have a water use and protection We believe that we do not do any significant harm, but we are working towards getting the necessary water and marine resourcesmanagement plan in place as part of documentation requirements such as an ISO 14001 certification.our ISO 14001 certification.Transition to a circular economy â Our products are designed for high durability and recyclability. We employ a âzero waste to landfillâ principle and recycle our AAC waste back into production.Pollution prevention â No substances of concern are used in H+Hâs No substances of concern are used in H+Hâs products. We are currently working with vendors to and controlproducts and no accessories from other ven-document that our accessories sold do not contain substances of concern.dors are sold from these plants. Protection and restoration of â Dedicated efforts towards protection of biodi-We believe that we do not do any significant harm, but we are working towards getting the necessary biodiversityversity are part of our ISO 14001 and BES: 6001 documentation requirements such as an ISO 14001 certification.certifications, ensuring that the generic criteria for protection and restoration of biodiversity are metâ Achieved in all regions â Achieved in the UKThe eligible economic activity under CCM 6.6 does not meet the substantial contribution criteria (zero tailpipe emissions) and is as such reported under section A.2. Taxonomy-eligible but not environmentally sustainable activities (Taxonomy-non-aligned activities).EU Taxonomy Disclosure2025 Revenue CAPEX OPEXTaxonomy-eligible activities 66% 55% 67%Taxonomy-non-eligible activities 34% 45% 33%Taxonomy-aligned acitvities 28% 17% 28%Taxonomy-non-aligned acitvities 72% 83% 72%Nuclear and fossil gas related activities1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. No2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear in-stallations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. No3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. NoFossil gas related activities4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. No5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. No6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. NoEU Taxonomy â TurnoverFinancial year 2025 2025 Sustainable contribution criteria DNSH criteria ("Does Not Significant Harm")Economic activities - Turnover (1)A. Taxonomy â Eligible ActivitiesA1. Environmentally sustainable activities (Taxonomy-aligned)Manufacture of energy-efficient building equipment CCM 3.5 756 28% Y N/A N/A N/A N/A N/A N/A Y Y Y Y Y Y 27%Turnover of environmentally sustainable activi-ties (Taxonomy-aligned) 756 28% N/A N /A N/A N/A N /A N/A N/A N/A N/A N/A N/A N/A N/A 27%Of which Enabling 0 0% N/A N /A N/A N/A N/A N/A N/A N/A N/A N /A N/A N/A N/A 0% EOf which Transitional 0 0% N /A N/A N/A N /A N/A N/A N/A N/A N/A N/A N/A N /A N/A 0% TA2. Taxonomy-eligible but not aligned activitiesManufacture of energy-efficient building equipment CCM 3.5 848 31% Y N/A N/A N /A N/A N/A N/A Y N/A N/A Y N/A Y 32%Freight transport services by road CCM 6.6 201 7% Y N/A N /A N/A N/A N /A N/A N/A N/A N/A N /A N/A N/A 10%Turnover of not-aligned activities 1,049 38% 42%Turnover of taxonomy-eligible activities (A1+A2) 1,806 66% 69%A. Taxonomy â Non-Eligible ActivitiesB. Turnover of non-eligible activities 937 34%Total 2,743 100%Quantitative breakdown of taxonomy-aligned turnoverThe primary sources of turnover contributing to the numerator of the turnover KPI in 2025 are generation and sale of blocks and related accessories in the UK region (DKK 756 million)EU Taxonomy â CAPEXFinancial year 2025 2025 Sustainable contribution criteria DNSH criteria ("Does Not Significant Harm")Economic activities - CAPEX (1)A. Taxonomy â Eligible ActivitiesA1. Environmentally sustainable activities (Taxonomy-aligned)Manufacture of energy-efficient building equipment CCM 3.5 31 17% Y N/A N/A N/A N /A N/A N/A Y Y Y Y Y Y 20%CAPEX of aligned activities 31 17% N/A N/A N/A N/A N/A N /A N/A N/A N /A N/A N/A N/A N/A 20%Of which Enabling 0 0% N/A N /A N/A N/A N/A N/A N/A N/A N/A N /A N/A N/A N/A 0% EOf which Transitional 0 0% N /A N/A N/A N /A N/A N/A N/A N/A N/A N/A N/A N /A N/A 0% TA2. Taxonomy-eligible but not aligned activitiesManufacture of energy-efficient building equipment CCM 3.5 57 31% Y N/A N/A N/A N/A N/A N/A Y N/A N/A Y N/A Y 32%Freight transport services by road CCM 6.6 14 7% Y N /A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 10%CAPEX of non-aligned activities 71 38% 42%Total (A1+A2) 102 55% 62%A. Taxonomy â Non-Eligible ActivitiesCAPEX of non-eligible activities (B) 83 45%Total (A+B) 185 100%No formal CAPEX-plan in relation to EU-taxonomy has been developed in 2025, but will be reassessed in 2026.Quantitative breakdown of taxonomy-aligned CAPEXThe primary sources of CAPEX contributing to the numerator of the CAPEX KPI in 2025 are additions from tangible and intangible assests from the UK region (DKK 31 million)EU Taxonomy â OPEXFinancial year 2025 2025 Sustainable contribution criteria DNSH criteria ("Does Not Significant Harm")Economic activities - OPEX (1)A. Taxonomy â ligible ActivitiesA1. Environmentally sustainable activities (Taxonomy-aligned)Manufacture of energy-efficient building equipment CCM 3.5 37 28% Y N/A N/A N /A N/A N/A N /A Y Y Y Y Y Y 21%OPEX of environmentally sustainable activities (Taxonomy-aligned) 37 28% N/A N /A N/A N/A N/A N/A N /A N/A N/A N /A N/A N/A N /A 21%Of which Enabling 0 0% N/A N /A N/A N/A N/A N/A N/A N/A N/A N /A N/A N/A N/A 0% EOf which Transitional 0 0% N /A N/A N/A N /A N/A N/A N/A N/A N/A N/A N/A N /A N/A 0% TA2. Taxonomy-eligible but not aligned activitiesManufacture of energy-efficient building equipment CCM 3.5 40 31% Y N /A N/A N/A N /A N/A N/A N/A N/A N /A Y N/A Y 32%Freight transport services by road CCM 6.6 10 7% Y N/A N/A N /A N/A N/A N /A N/A N/A N/A N/A N /A N/A 10%OPEX of non-aligned activities 50 38% 42%Total (A1+A2) 86 67% 63%A. Taxonomy â Non-Eligible ActivitiesOPEX of non-eligible activities (B) 43 33%Total (A+B) 130 100%H+H does not have any eligible OPEX, hence no OPEX is allocated to the numerator.Quantitative breakdown of taxonomy-aligned OPEXThe primary sources of OPEX contributing to the numerator of the OPEX KPI in 2025 are maintenance and repair costs from the UK region (DKK 37 million)</mrv:DescriptionofTheTaxonomyRegulation>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f1__s8__7__22" xml:lang="en">Gender diversityThe building materials industry is not tradi-tionally known for being gender diverse and we therefore risk fostering workplaces with low diversity. As a result we believe this impact to be systemic in nature and not related to indi-vidual incidents.Both impacts related to equal treatment occur over the short and medium term. Impact related to equal pay only affects those directly employed by H+H. Impacts related to diversity affects both our own employees, non-em-ployees (both self-employed people and people provided by third party organisations) and contractors. No material risks or opportunities were identified in the materiality assessment. Impacts, risks, and opportunities managementWe approach the impacts related to equal treat-ment through a mixture of Group and local initia-tives. We believe a safe and inclusive work culture is best achieved by encouraging our employees to speak up and take ownership of creating a work environment they feel they belong to, with clear support from senior management. S1-1 Policies related to equal treatmentDiversity PolicyThe core objective of H+Hâs Group Diversity Policy is to foster an inclusive and open working climate where diversity is embraced and promoted. By making our principles on diversity clear, we want to mitigate negative impacts related to lack of diversity. While gender is one dimension of diversity, we fully recognise that diversity is any aspect that differentiates our employees and enables diversity of thought. This includes ethnicity, age, national origin or citizenship, religion or belief, political conviction, sexual orientation, marital status, pregnancy and maternity, disa-bility or genetic information or any other legally protected categories. We do not tolerate any form of discrimination towards employees or stakeholders. All reports of discrimination and harassment are fully investigated and may result in disciplinary actions or employment-related consequences for the perpetrator. Besides the Code of Conduct, we currently do not have any other specific Group policies aimed at eliminating discrimination or harassment.The policy applies across all of H+H and includes but is not limited to recruitment, promotion and development opportunities. The policy is commu-nicated to all new employees, and in the case of updates, to the entire workforce. The policy is also available on our Group website.The Board of Directors has adopted the Group Diversity Policy while the CEO is overall respon-sible. Regional Managing Directors are respon-sible for implementation within their countries as heads of their respective legal entities.</mrv:StatementOfTheDiversityPolicies>
<fsa:AverageNumberOfEmployees contextRef="ctx-1"
decimals="0"
id="f1__s8__7__64"
unitRef="pure">1323</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-49"
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id="f1__s8__8__64"
unitRef="pure">1245</fsa:AverageNumberOfEmployees>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f1__s8__7__194" xml:lang="en">Statement by the Executive Board and the Board of Directors The Executive Board and the Board of Directors have today discussed and approved the annual report of H+H International A/S for the financial year 2025.The consolidated financial statements and the parent company financial statements has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies.It is our opinion that the consolidated financial statements and the parent company financial statements give a true and fair view of the Groupâs and the parent companyâs financial position at 31 December 2025 and of the results of the Groupâs and the parent companyâs operations and cash flows for the financial year 1 January â 31 December 2025.In our opinion, the managementâs review includes a fair review of the development in the parent compa-nyâs and the Groupâs operations and financial conditions, the results for the year and the parent compa-nyâs financial position, and the position as a whole for the entities included in the consolidated financial statements, as well as a description of the more significant risks and uncertainty factors that the parent company and the Group face.Additionally, the sustainability statement, which is part of Managementâs review, has been prepared, in all material respects, in accordance with paragraph 99a of the Danish Financial Statements Act. This includes compliance with the European Sustainability Reporting Standards (ESRS) including that the process undertaken by Management to identify the reported information (the âProcessâ) is in accordance with the description set out in the section titled "Double materiality assessment". Furthermore, disclosures within the section "EU taxonomy" are, in all material respects, in accordance with Article 8 of EU Regulation 2020/852 (the âTaxonomy Regulationâ). The sustainability statement includes forward-looking statements based on disclosed assumptions about events that may occur in the future and possible future actions by the Group.Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.In our opinion, the annual report of H+H International A/S for the financial year 1 January to 31 December 2025 with the file name HH-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the annual report be approved at the annual general meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f1__s8__7__195" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f1__s8__7__196">2026-03-03</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-38" id="f1__s8__7__197" xml:lang="en">Jörg Brinkmann</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-39" id="f1__s8__7__199" xml:lang="en">Bjarne Pedersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-38" id="f1__s8__7__198" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-39" id="f1__s8__7__200" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="f1__s8__7__201" xml:lang="en">Miguel Kohlmann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" id="f1__s8__7__203" xml:lang="en">Peter Thostrup</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-40" id="f1__s8__7__202" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-41" id="f1__s8__7__204" xml:lang="en">Vice chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="f1__s8__7__205" xml:lang="en">Volker Christmann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" id="f1__s8__7__206" xml:lang="en">Kajsa von Geijer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f1__s8__7__207" xml:lang="en">Helen MacPhee</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__209" xml:lang="en">To the shareholders of H+H International A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__210" xml:lang="en">Our opinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Groupâs and the Parent Companyâs financial position at 31 December 2025 and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year 1 January to 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.Our opinion is consistent with our Auditorâs Long-form Report to the Audit Committee and the Board of Directors.What we have auditedThe Consolidated Financial Statements (pp 89-121) and Parent Company Financial Statements (pp 123-130) of H+H International A/S for the financial year 1 January to 31 December 2025 comprise income statement and statement of comprehensive income, balance sheet, cash flow statement, statement of changes in equity and notes, including material accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the âFinancial Statementsâ.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__211" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs responsibilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Account-antsâ International Code of Ethics for Professional Accountants (IESBA Code) as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regula-tion (EU) No 537/2014 were not provided. AppointmentWe were first appointed auditors of H+H International A/S on 31 March 2022 for the financial year 2022. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engage-ment of four years including the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="f1__s8__7__212" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2025. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Key audit matter Revenue recognitionRevenue is measured at fair value of the consideration agreed exclusive of VAT and duties and after deduction of quantum rebates and customer bonus. We focused on revenue recognition because revenue is the most significant financial statement line item, con-sists of a large number of IT-dependent transactions and measurement of revenue includes management estimates regarding provisions for quantum rebates and customer bonuses. Consequently, there is a risk that the estimates includ-ing methods, applied data or assumptions made by Management are inaccurate.Reference is made to note 3 in the Consolidated Finan-cial Statements.How our audit addressed the key audit matterOur audit procedures included considering the appropri-ateness of the accounting policies for revenue recognition applied by Management and assessing compliance with applicable IFRS Accounting Standards, including disclo-sure requirements.We performed risk assessment procedures with the pur-pose of achieving an understanding of it-systems, busi-ness procedures and relevant controls related to revenue recognition. For relevant controls we assessed whether they were designed and implemented to effectively ad-dress the risk of material misstatement. For controls, on which we planned to rely, we tested whether these controls were operating effectively.We analysed revenue transactions and identified transac-tions that did not follow the usual or expected transaction pattern. On a sample basis we tested the transactions to the underlying contractual basis. We tested revenue recognition on a sampling basis to underlying evidence for consistency with terms and conditions of the underlying customer contracts. Further, we selected a sample of transactions at year-end and traced these to underlying evidence to determine whether recognised in the correct period.We reviewed Managementâs calculations for quantum rebates and customer bonuses, including the evaluation of Managementâs applied methods, assumptions and data for preparing the estimates. Key audit matterImpairment of non-current assetsIn 2025, Management identified indicators of im-pairment in respect of various non-current assets, including property, plant and equipment (âproduction assetsâ), customer relationships, other intangible as-sets and goodwill. This followed the strategic decision to reorganise the Groupâs German operations, which was driven by persistently low market volumes and the lack of anticipated recovery in the short- to mid-term.On this basis, Management has initially conducted impairment tests for the individual production asset cash-generating units (CGU). Subsequently, an impair-ment test was performed for the operating segment Central Western Europe, addressing the remaining carrying amount of production assets, customer relationships, other intangible assets and goodwill for the group of CGUs. These assessments resulted in recognition of impairment losses for production assets, customer relationships, other intangible assets and goodwill.For the impairment tests related to closed production asset CGUs, Management has determined the recover-able amount as the fair value less cost of disposal. The fair value less cost of disposal for each closed produc-tion asset CGU is determined based on anticipated sale or re-use by applying historical data from previous plant closures, external land value sources, and letters of intent received from potential buyers. Determination of fair value as well as costs of disposal is associated with significant estimation uncertainty.For the impairment tests related to continuing produc-tion asset CGUs, Management has determined the re-coverable amount as the, value in use. The value in use for each continuing production asset CGU has been determined based on Managementâs assumptions regarding expected cash inflows and outflows which are discounted using appropriate discount rates.Subsequently, Management has conducted an im-pairment test for the group of CGUs containing the re-maining carrying amount of closed production assets, production assets for continuing plants, customer relationships, other intangible assets and goodwill. Value in use has been determined based on Manage-mentâs assumptions regarding expected cash inflows and outflows which are discounted using appropriate discount rates. The value in-use impairment tests involve significant estimates particularly in relation to the determination of revenue, gross margin and terminal growth rates as well as discount rates (WACC).We focused on this area because the impact on the profit for the year is significant, and because the impairment tests of non-current assets are considered complex non-routine transactions and require signif-icant judgment in determining the assumptions etc. applied in the significant estimates. Reference is made to notes 13 and 14 in the Consoli-dated Financial Statements.How our audit addressed the key audit matterImpairment of non-current assets (continued)As part of our audit, we considered the appropriateness of the CGUs defined by Management and the method-ology used by Management to assess the recoverable amount of property, plant and equipment as well as customer relationships, other intangible assets and goodwill assigned to the production asset CGUs and the group of CGUs, hence the operating segment Central Western Europe. We carried out risk assessment procedures in order to obtain an understanding of business processes and relevant controls regarding data and assumptions used in the impairment tests. For the controls, we assessed whether they were designed and implemented to effec-tively address the risk of material misstatement. We challenged the fair value less costs of disposal model for valuation of closed production asset CGUs, including the expected possibilities for sale or re-use of assets as well as documentation for the expected market prices and costs used in the assessment of fair value less costs of disposal. We challenged both the impairment models applied by Management for continuing production assets and the group of CGUs constituting the operating segment Central Western Europe and tested the mathematical accuracy of the relevant value-in-use impairment tests. Furthermore, we challenged the data and significant assumptions, including growth rates and discount rates (WACC). In assessing the discount rate (WACC) and the overall methodology applied, we involved our valuation specialists. We assessed the appropriateness and tested the relat-ed disclosures provided in the Consolidated Financial Statements, including the sensitivity analysis, express-ing the significant estimation uncertainty related to the valuation of the CGUâs.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__213" xml:lang="en">Statement on Managementâs ReviewManagement is responsible for Managementâs Review (pp 4-87).Our opinion on the Financial Statements does not cover Managementâs Review, and we do not as part of the audit express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the Finan-cial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether Managementâs Review includes the disclosures required by the Danish Financial Statements Act. This does not include the requirements in paragraph 99 a related to the sustain-ability statement covered by the separate auditorâs limited assurance report hereon.Based on the work we have performed, in our view, Managementâs Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act, except for the requirements in paragraph 99 a related to the sustainability statement, cf. above. We did not identify any material misstatement in Managementâs Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f1__s8__7__214" xml:lang="en">Managementâs responsibilities for the Financial StatementsManagement is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f1__s8__7__215" xml:lang="en">Auditorâs responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:⢠Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collu-sion, forgery, intentional omissions, misrepresentations, or the override of internal control.⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective-ness of the Groupâs and the Parent Companyâs internal control.⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-mates and related disclosures made by Management.⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or condi-tions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclosures are inade-quate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.⢠Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.⢠Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the finan-cial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f1__s8__7__216" xml:lang="en">Report on compliance with the ESEF RegulationAs part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of H+H International A/S for the financial year 1 January to 31 December 2025 with the filename HH-2025-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regu-lation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:⢠The preparing of the annual report in XHTML format;⢠The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary;⢠Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; and⢠For such internal control as Management determines necessary to enable the preparation of an annualreport that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all mate-rial respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:⢠Testing whether the annual report is prepared in XHTML format;⢠Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process;⢠Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes;⢠Evaluating the appropriateness of the companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; ⢠Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and⢠Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of H+H International A/S for the financial year 1 January to 31 December 2025 with the file name HH-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f1__s8__7__217" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f1__s8__7__218">2026-03-03</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-46" id="f1__s8__7__220" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-45" id="f1__s8__7__219" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-45" id="f1__s8__7__221">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-46" id="f1__s8__7__222">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-45" id="f1__s8__7__223" xml:lang="en">Anders Stig Lauritsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-45" id="f1__s8__7__224" xml:lang="en">State Authorised Public Accounta nt</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-45" id="f1__s8__7__225">mne32800</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-46" id="f1__s8__7__226" xml:lang="en">Poul P. Petersen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-46" id="f1__s8__7__227" xml:lang="en">State Authoris ed Public Accounta nt</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-46" id="f1__s8__7__228">mne34503</cmn:IdentificationNumberOfAuditor>
<arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f1__s8__7__230" xml:lang="en">Independent auditorâs limited assurance report on the Sustainability Statement To the stakeholders of H+H International A/SLimited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of H+H International A/S (the âGroupâ) included in Managementâs Review (the âSustainability Statementâ), pages 47-87, for the financial year 1 January â 31 December 2025.Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: ⢠compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sustainability Statement (the âProcessâ) is in accordance with the description set out in the section âDescription of the processes to identify and assess material impacts, risks and opportunitiesâ⢠compliance of the disclosures in the section âEU Taxonomyâ of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the âTaxonomy Regulationâ).Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (âISAE 3000 (Revised)â) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditorâs responsibilities for the assurance engagement section of our report. Our independence and quality managementWe are independent of the Group in accordance with the International Ethics Standards Board for Account-antsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.Our firm applies International Standard on Quality Management 1, which requires the firm to design, imple-ment and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Other MatterThe comparative information with a footnote for 2023 and 2022 included in the Sustainability Statement of the Group was not subject to an assurance engagement. Our conclusion is not modified in respect of this limitation of scope.Managementâs responsibilities for the Sustainability StatementManagement is responsible for designing and implementing a process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for disclosing this Process as included in the section âDouble Materiality Assessmentâ of the Sustainability Statement. This responsibility includes:⢠understanding the context in which the Groupâs activities and business relationships take place and developing an understanding of its affected stakeholders;⢠the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Groupâs financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;⢠the assessment of the materiality of the identified impacts, risks and opportunities related to sustaina-bility matters by selecting and applying appropriate thresholds; and⢠making assumptions that are reasonable in the circumstances.Management is further responsible for the preparation of the Sustainability Statement, which includes the information identified by the Process, in accordance with the Danish Financial Statements Act paragraph 99 a, including: ⢠compliance with the ESRS;⢠preparing the disclosures as included in the section âEU Taxonomyâ of the Sustainability Statement, in compliance with Article 8 of the Taxonomy Regulation;⢠designing, implementing and maintaining such internal control that management determines is neces-sary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and⢠the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances. Inherent limitations in preparing the Sustainability StatementIn reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.Auditor's responsibilities for the assurance engagementOur responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise profes-sional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include:⢠Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process; ⢠Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and ⢠Designing and performing procedures to evaluate whether the Process is consistent with the Groupâs description of its Process, as disclosed in the section in section âDouble Materiality Assessmentâ. Our other responsibilities in respect of the Sustainability Statement include: ⢠Identifying where material misstatements are likely to arise, whether due to fraud or error; and ⢠Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentionalomissions, misrepresentations, or the override of internal control.Summary of the work performedA limited assurance engagement involves performing procedures to obtain evidence about the Sustaina-bility Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statement.In conducting our limited assurance engagement, with respect to the Process, we: ⢠Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by management; and reviewing the Groupâs internal documentation of its Process; and⢠Evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in section âDouble Materiality Assess-mentâ.In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:⢠Obtained an understanding of the Groupâs reporting processes relevant to the preparation of its Sustain-ability Statement, including the consolidation processes, by obtaining an understanding of the Groupâs control environment, processes and information systems relevant to the preparation of the Sustaina-bility Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness; ⢠Evaluated whether the information identified by the Process is included in the Sustainability Statement;⢠Evaluated whether the structure and the presentation of the Sustainability Statement are in accordance with the ESRS;⢠Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement;⢠Performed substantive assurance procedures on selected information in the Sustainability Statement;⢠Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclo-sures in the Financial Statements and Managementâs Review;⢠Evaluated the methods, assumptions and data for developing estimates and forward-looking informa-tion; and⢠Obtained an understanding of the Groupâs process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement.</arr:AuditorsReportOnSubstainabilityReport>
<arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f1__s8__7__231" xml:lang="en">To the stakeholders of H+H International A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
<arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f1__s8__7__232" xml:lang="en">Limited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of H+H International A/S (the âGroupâ) included in Managementâs Review (the âSustainability Statementâ), pages 47-87, for the financial year 1 January â 31 December 2025.</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
<arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f1__s8__7__233" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: ⢠compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sustainability Statement (the âProcessâ) is in accordance with the description set out in the section âDescription of the processes to identify and assess material impacts, risks and opportunitiesâ⢠compliance of the disclosures in the section âEU Taxonomyâ of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the âTaxonomy Regulationâ).</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
<arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="f1__s8__7__234" xml:lang="en">Auditor's responsibilities for the assurance engagementOur responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise profes-sional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include:⢠Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process; ⢠Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and ⢠Designing and performing procedures to evaluate whether the Process is consistent with the Groupâs description of its Process, as disclosed in the section in section âDouble Materiality Assessmentâ. Our other responsibilities in respect of the Sustainability Statement include: ⢠Identifying where material misstatements are likely to arise, whether due to fraud or error; and ⢠Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentionalomissions, misrepresentations, or the override of internal control.</arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
<arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" id="f1__s8__7__237" xml:lang="en">Hellerup</arr:SignatureOfSubstainabilityAuditorsPlace>
<arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="f1__s8__7__238">2026-03-03</arr:SignatureOfSubstainabilityAuditorsDate>
<cmn:NameOfAuditFirmSubstainability contextRef="ctx-48" id="f1__s8__7__240" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
<cmn:NameOfAuditFirmSubstainability contextRef="ctx-47" id="f1__s8__7__239" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
<cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-47" id="f1__s8__7__241">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
<cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-48" id="f1__s8__7__242">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
<cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-47" id="f1__s8__7__243" xml:lang="en">AndersStig Lauritsen</cmn:NameAndSurnameOfSubstainabilityAuditor>
<cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-47" id="f1__s8__7__244" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
<cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-47" id="f1__s8__7__245">mne32800</cmn:fIdentificationNumberOfSubstainabilityAuditor>
<cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-48" id="f1__s8__7__246" xml:lang="en">Poul P. Petersen</cmn:NameAndSurnameOfSubstainabilityAuditor>
<cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-48" id="f1__s8__7__247" xml:lang="en">State Authoris ed Public Accounta nt</cmn:DescriptionOfSubstainabilityAuditor>
<cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-48" id="f1__s8__7__248">mne34503</cmn:fIdentificationNumberOfSubstainabilityAuditor>
<gsd:NameOfSubmittingEnterprise contextRef="ctx-1" id="f1__s8__7__264" xml:lang="en">H+H International A/S</gsd:NameOfSubmittingEnterprise>
<gsd:NameOfReportingEntity contextRef="ctx-1" id="f1__s8__7__258" xml:lang="en">H+H International A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-1" id="f1__s8__7__265" xml:lang="en">Lautrupsgade 7, 5th Floor</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx-1" id="f1__s8__7__259" xml:lang="en">Lautrupsgade</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-1" id="f1__s8__7__260" xml:lang="en">7, 5th Floor</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="f1__s8__7__266" xml:lang="en">2100 Copenhagen Ã</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-1" id="f1__s8__7__261" xml:lang="en">2100</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-1" id="f1__s8__7__262" xml:lang="en">Copenhagen Ã</gsd:AddressOfReportingEntityDistrictName>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx-1" id="f1__s8__7__267" xml:lang="en">+45 35 27 02 00</gsd:TelephoneNumberOfReportingEntity>
<gsd:EmailOfReportingEntity contextRef="ctx-1" id="f1__s8__7__268" xml:lang="en">info@HplusH.com</gsd:EmailOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx-1" id="f1__s8__7__269">HplusH.com</gsd:HomepageOfReportingEntity>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" id="f1__s1__72__15">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-1" id="f1__s1__72__16">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-1" id="f1__s1__72__17" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f1__s1__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" id="f1__s1__72__21">2025-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" id="f1__s1__72__22">2024-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1" id="f1__s1__72__23">2024-12-31</gsd:PredingReportingPeriodEndDate>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-1" id="f1__s1__72__42">213800GJODT6FV8QM841</gsd:LegalEntityIdentifierOfReportingEntity>
<fsa:ClassOfReportingEntity contextRef="ctx-1" id="f1__s1__72__43">Reporting class D</fsa:ClassOfReportingEntity>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s1__72__47">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s1__72__48">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
</xbrli:xbrl>