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<mrv:CorporateGovernanceReport contextRef="ctx-1" id="f0__s8__7__6" xml:lang="en">Corporate governanceHusCompagnietâs two-tier management structure comprises the Board of Directors and Executive Management with no overlapping members. The Board of Directors is responsible for overall and strategic management and the proper organisation of the Groupâs business and operations.The Board of Directors sets guidelines for the day-to-day responsibilities and obligations of the Executive Manage-ment. Furthermore, the Board of Directors and the Executive Management assess HusCompagnietâs business process-es, organisation, strategy, risks, business objectives and controls. The rules of procedure, which govern the work of the Board of Directors, are reviewed annually and updated as necessary.Board of DirectorsThe Board of Directors consists of six members, including the Chairperson and Vice Chairperson. At end-2025, all six members were regarded independent and are up for elec-tion at each Annual General Meeting. The Board of Directors represents broad international business experience and skills considered relevant to HusCompagniet. The Board of Directors evaluates its work annually, and determines once a year the qualifications, experience and skills needed for the body to best perform its tasks. The Board of Directors meets five times a year and holds extraordinary meetings when required. In 2025, ten meetings were held, hereof four extraordinary, and one related to business strategy. The Boardâs annual wheel covers all essential areas of the business, including sustainability and climate. See the Board 2025 attendance rate in the tables on pages 34 and 69.Composition and competencies At the Annual General Meeting on 16 April 2025, all six board members were re-elected and represent comprehen-sive experience and competencies considered crucial for the further realisation of HusCompagnietâs strategic targets. The Boardâs competencies are further described on pages 38-39.Every year, the Board of Directors conducts a self-evalua-tion. In 2025, the Board of Directors decided not to comply with recommendation 3.5.1 of the Danish Recommendations on Corporate Governance, which prescribes that the Board evaluation be conducted with external assistance at least every third year. The Board assessed that it continuously operated effectively with a high level of engagement, collab-oration and performance, and therefore found it appropriate to conduct the 2025 evaluation internally.To ensure independence and process quality, the evaluation was supported by external administrative assistance and sparring on results, ensuring anonymised feedback and professional facilitation in line with good governance prac-tice. All board members participated in the evaluation along with the Executive Management team and other internal management stakeholders. The self-evaluation consisted of conversations between the Chairperson and each member of the Board as well as with the Executive Management team. This was supplemented by an online questionnaire with topics such as board composition and dynamics, coop-eration between the Board and CEO, strategy development and implementation, meeting structure and effectiveness, value contribution of committees and evaluation of the Chairperson. It was concluded that the composition of the Board repre-sents the necessary competences relative to the strategy and purpose of the company. These include knowledge of digital transformation, business-to-business experience, executive experience and sales experience within the industry, knowledge of the Swedish market as well as busi-ness-to-consumer sales and marketing, industry-supplier experience, and a significant building industry knowledge as well as production and manufacturing experience. It was also concluded that there is an open, challenging and trans-parent dialogue between the Board of Directors and the Executive Management team. The results of the self-evalua-tion will be used to further develop the framework for Board activities in the coming year.DiversityHusCompagniet seeks to promote diversity and equal opportunities as diversity is perceived to lead to better performance and decision making. The construction sector has traditionally been and still is a male-dominated sector, which poses a challenge for both HusCompagniet and other companies within the industry. At Board level, two out of six members are women, and HusCompagniet thus complied with the definition of equal gender distribution under the Danish Business Authority guidelines, A new target was not set in 2025, however the Board of Directors reconfirmed its long-term target of achieving 40% representation of the underrepresented gender by 2030. Recognising the broader societal and industry-wide focus on improving gender balance and inclusive leadership in Den-mark, HusCompagniet continues to apply the Board diversitylevel across its wider organisation. Since 2019, HusCompagniet has pursued targets for the rep-resentation of the underrepresented gender at Group level for other management levels, which comprise the Executive Management and their direct reports holding employee responsibility. In 2025, there were 44% women at other management levels in the Group. With the current gender distribution, HusCompagniet has reached its 2030 target of achieving 30% representation of the underrepresented gen-der among the Executive Management team and their direct reports with employee responsibility so targets are therefore maintained without adjustment.Boîrd meeîinî înd boîrd commiîîee meeîinî îîîendînce Remuneration Member Audit & Nomination Election Boardsince MeetingsCommittee MeetingsCommittee Meetingsperiod1â2020â â â â â â â â â â â â â â âClaus V. Hemmingsen1 yearâ Chairperson of the committeeâ Vice Chairperson2â2020â â â â â â â â â â â â â â âAnja B. Eriksson1 yearâ Member of the committee3â2021â â â â â â â â â â â â â â â â â â â â âStig Pîstwî1 yearâ Attended meetingâ Did not attend meetingYlva Ekbornâ2019â â â â â â â â â â â â â â â1 yearâ Not member of committee4â2023â â â â â â â â â â â â â â â â â â â â âMichael Troensegaard Andersen1 yearOîe Lund Andersenâ2023â â â â â â â â â â â â â â â â1 yearAttendance rate 97% 100% 100%1 Claus V. Hemmingsen: Chair of the Remuneration & Nomination Committee until 8 Dec. 2025 (Meetings 4/4)2 Anja B. Eriksson: Member of the Remuneration & Nomination Committee until 8 Dec. 2025 (Meetings 4/4) 3 Stig Pastwa: Member of the Remuneration & Nomination Committee from 8 Dec 2025. (Meetings 1/1).4 Michael T. Andersen: Chair of the Remuneration & Nomination Committee from 8 Dec. 2025 (Meetings 1/1)Guided by the diversity policy, the Board of Directors en-sures that any change in Executive Management is based onthe presentation of a diverse panel of candidates in terms of experience, competencies and gender. Corresponding principles are applied when recruiting to other management levels at Group level. For more information about HusCom-pagniets diversity policy related initiatives and results see ESG section page 62.Board Chairpersonship and committeesThe Board of Directors has established a Chairpersonship with a Chairperson and a Vice Chairperson. They ensure a regular dialogue with management through monthly meet-ings as well as ad-hoc sparring.To facilitate the Board's work, the Board of Directors has set up two committees: the Audit Committee and the Remu-neration & Nomination Committee. The purpose of these committees is to report and make recommendations to the Board of Directors on matters within their respective areas of responsibility. The overall purposes and activities of the Audit Committee and the Remuneration & Nomination Com-mittee, respectively, can be found here: https://investors.huscompagniet.com/governance/committees/RemunerationHusCompagniet has adopted a general remuneration struc-ture for the Board of Directors and Executive Management where targets are closely aligned with the companyâs strat-egy and typically include targets relating to e.g., EBITDA, number of houses sold and delivered as well as strategic and ESG-related targets as deemed relevant by the Board ofDirectors.CEO pay ratio and gender pay ratios are included in ESG disclosures (see page 69). HusCompagnietâs Remuneration Policy is available here: https://investors.huscompagniet.com/governance/governance-documents/. The remuner-ation report for 2025 can be found here: https://investors.huscompagniet.com/governance/governance-documents/In 2025, all Board members have received compensation fees.Reporting on Corporate GovernanceHusCompagniet is committed to complying with Corporate Governance standards and creating transparency around the companyâs affairs to maintain the trust of the companyâs shareholders and stakeholders. HusCompagniet reports on compliance in accordance with the Committee on Corporate Governanceâs recommendations on Corporate Governance, and the Board of Directors reviews the recommendations on a regular basis and at least once a year. The Board of Direc-tors and the Executive Management share the committee's views in all material respects. HusCompagniet deviates from two of the recommendations. 1) The company publishes trad-ing statements for Q1 and Q3 instead of quar-terly reports as trading statements are viewed as providing shareholders and other relevant stakeholders with sufficient information on the companyâs financials. 2) In 2025, the Board of Direc-tors conducted its annual self-evaluation internally without external assistance, as described above. HusCompagnietâs position on the recommendations on Corporate Governance as well as an explanation for why and how HusCompagniet has opted to deviate from a recommendation, can be found in the Corporate Governance statement available here: https://investors.huscompagniet.com/governance/govern-ance-documents/Business policiesHusCompagniet has a set of policies to govern and further guide overall efforts towards responsible business conduct and governance. The relevant policies are available here: https://investors.huscompagniet.com/governance/govern-ance-documents/.General meetingThe next Annual General Meeting will be held on 16 April 2026 at 15.00 (CEST). The General meeting will be a physical meeting and held at Gorrissen Federspiel Advokatpartner-selskab, Axeltorv 2, 1609 København V, Denmark. Data Ethics policyPursuant to section 99d of the Danish Financial Statement Act, HusCompagniet is required to account for its data ethics policy and actions taken during the year. The data ethics policy guides processes and use of data and supplements other policies and guidelines governing ethical, security and personal data-related matters. The policy regulates how we collect, store, process and protect the information and personal data we need to service our customers, complete building activities and ensure transparency towards inves-tors. The data ethics policy is developed according to the data ethics value compass.Customers are primarily private individuals, and we use personal data to ensure the best possible service. All data is treated with great care and confidentiality and processed and protected in compliance with the data ethical principles, such as responsible, safe and justified data processing, also in collaboration with suppliers.HusCompagniet upholds strict access controls to its IT systems to limit security risks. External partners are only allowed access to data for a limited period and only in con-nection with work-related needs.Responsible tax policyIn line with Danish recommendations on Corporate Govern-ance, HusCompagniet is guided by a Tax Policy to ensure compliance with applicable regulations, proper behaviour towards public authorities and payment of taxes as required by law.</mrv:CorporateGovernanceReport>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f0__s8__7__9" xml:lang="en">DiversityHusCompagniet seeks to promote diversity and equal opportunities as diversity is perceived to lead to better performance and decision making. The construction sector has traditionally been and still is a male-dominated sector, which poses a challenge for both HusCompagniet and other companies within the industry. At Board level, two out of six members are women, and HusCompagniet thus complied with the definition of equal gender distribution under the Danish Business Authority guidelines, A new target was not set in 2025, however the Board of Directors reconfirmed its long-term target of achieving 40% representation of the underrepresented gender by 2030. Recognising the broader societal and industry-wide focus on improving gender balance and inclusive leadership in Den-mark, HusCompagniet continues to apply the Board diversitylevel across its wider organisation. Since 2019, HusCompagniet has pursued targets for the rep-resentation of the underrepresented gender at Group level for other management levels, which comprise the Executive Management and their direct reports holding employee responsibility. In 2025, there were 44% women at other management levels in the Group. With the current gender distribution, HusCompagniet has reached its 2030 target of achieving 30% representation of the underrepresented gen-der among the Executive Management team and their direct reports with employee responsibility so targets are therefore maintained without adjustment.</mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f0__s8__7__10" xml:lang="en">Data Ethics policyPursuant to section 99d of the Danish Financial Statement Act, HusCompagniet is required to account for its data ethics policy and actions taken during the year. The data ethics policy guides processes and use of data and supplements other policies and guidelines governing ethical, security and personal data-related matters. The policy regulates how we collect, store, process and protect the information and personal data we need to service our customers, complete building activities and ensure transparency towards inves-tors. The data ethics policy is developed according to the data ethics value compass.Customers are primarily private individuals, and we use personal data to ensure the best possible service. All data is treated with great care and confidentiality and processed and protected in compliance with the data ethical principles, such as responsible, safe and justified data processing, also in collaboration with suppliers.HusCompagniet upholds strict access controls to its IT systems to limit security risks. External partners are only allowed access to data for a limited period and only in con-nection with work-related needs.</mrv:StatementOfPolicyForDataEthics>
<mrv:SustainabilityReport contextRef="ctx-1" id="f0__s8__7__7" xml:lang="en">Sustainability IntroductionSustainability is an integral part of HusCompagnietâs business strategy (page 21) and business model (page 14).About this sectionIn this section, we communicate our sustainability progress, governance and selected ESG data for 2025 covering Hus-Compagniet A/S and VÃ¥rgÃ¥rdaHus AB.The information provided has been prepared in accordance with sections 99a, 99d and 107d of the Danish Financial Statements Act. Refer to page 14 for business model as part of section 99a.To ensure transparency and continuity, we continue to reporton certain voluntary key figures and maintain our existing targets across Environmental, Social and Governance (ESG) dimensions. While we continue to monitor the evolving EU regulatory landscape, including the EU Taxonomy and the Corporate Sustainability Reporting Directive (CSRD), we currently prioritise disclosures responding directly to market developments and specific customer requests.Furthermore, we are reassessing our commitment to the Science Based Targets initiative (SBTi) to ensure that our climate strategy remains aligned with matured market stand-ards and the specific data requirements of our customers and stakeholders before finalising our future reporting roadmap.UN Global CompactHusCompagniet is a signatory of the UN Global Compact and committed to upholding the ten principles regarding human rights, labour rights, anti-corruption and the envi-ronment. Reporting according to the commitments can be found here: https://unglobalcompact.org/what-is-gc/partici-pants/141404-HusCompagniet-A-SOur sîrîîeîic îpproîch îo susîîinîbiîiîîA range of sustainability challenges impact our business and our stakeholders.We identify and prioritise key challenges. For house building we identify what lies within our control and what we can influence in the best possible way.We develop roadmaps, initiatives and programmes to address key challenges.Our targetsArea Baseline (2019) Target 2025 Target 2030ENVIRONMENT1: Climate â building materials ⢠5.8 kg CO222e per m2 per year from building materials throughout the lifecycle ⢠35% reduction in upstream CO emissions from building materials compared to ⢠70% reduction in CO emissions from building materials throughout the 2 per year)lifecycle of a house compared to 2019 (to 1.7kg COe per m2(detached houses in Denmark)22⢠3.7 kg CO22e per m per year from the production of building materials2: Climate â customer use phase ⢠48% of houses ordered with one or more onsite renewable energy ⢠60% of houses ordered with renewable energy sources ⢠Assess and set new targets accordingly(detached houses in Denmark)technologies3: Climate â own operations ⢠Scope 1: 878 tonnes COe (owned and leased company vehicles)2⢠Zero Scope 1 emissions through 100% electric owned and leased vehicle fleet ⢠Zero Scope 1 and 2 emissions from operations⢠Scope 2: 1,536 tonnes CO2e (purchased electricity and heating)SOCIAL4: Employee well-being Denmark (*2020-baseline):⢠Maintain sick leave at 2% or below ⢠Maintain sick leave at 2% or below⢠2.2% sick leave⢠Response rate: 89%*⢠Satisfaction score: 77%*⢠Loyalty score: 85%*⢠eNPS: 47*⢠mNPS: 42*5: Diversity & inclusion ⢠One woman out of six members of the Board of Directors⢠40% representation of the underrepresented gender on the Board of Directors⢠Minimum 40% representation of the underrepresented gender on the Board ⢠20% representation of women in management at Group level⢠25% representation of women in management at Group levelof Directors⢠Monitor possible new regulatory requirements related to gender quotas in ⢠30% representation of women in management at Group levelDenmark6: Health & safety ⢠LTIf of 15.2 for own blue and white collar⢠Reduce LTIf by 30% compared to 2019 ⢠Reduce LTIf by 50% compared to 2019⢠LTIf of 10.7 for subcontractorsGOVERNANCE7: Business conduct ⢠Employee Guidelines for Values and Ethics⢠Only annual targets set â see targets for 2026 on next page⢠Standards of Business Conduct8: Sustainable sourcing ⢠Supplier Code of Conduct⢠Only annual targets set â see targets for 2026 on next page⢠Whistle-blower system9: Labour rights and human rights ⢠Employee Guidelines for Values and Ethics⢠Only annual targets set â see targets for 2026 on next page⢠Standards of Business ConductOur progress in 2025 and ambitions for 2026Ambitions Target status and results 2025 Ambitions 2026ENVIRONMENT1: Climate â building materials ⢠Target expected to be reached in 2026 or 2027: LCA of standard house updated for the fourth time, showing 29% reduction from the ⢠Reassess our Science Based Targets initiative (SBTi) commitment for setting new Scope 3 targets.(detached houses in Denmark)production of building materials and 30% reduction for materials throughout the lifecycle compared to 2019.⢠45% of houses (calculated until 30 June 2025) in voluntary low CO222 emission class as defined until 30June 2025 (max 8 kg COe/m/year)⢠10% of houses (calculated from 1 July 2025) in voluntary low CO222 emission class as defined from 1 July 2025 (max 5.4 kg COe/m/year)⢠LCA add-on to Revit implemented, calculating preliminary LCA already in the design phase⢠Transportation, energy use and waste on construction sites included in separate construction phase ⢠Preliminary research into SBTi Guidance and Tools2: Climate â customer use phase ⢠Target reached in 2022 (45% with renewable heating sources and 55% with district heating, which, on average, is 70% renewable)⢠Continue monitoring EU regulatory requirements on solar energy(detached houses in Denmark)⢠Proportion of customers in detached segment choosing solar panels increased from 21% to 26%⢠Change to solar panel supplier with third party verified documentation of environmental impact3: Climate â own operations ⢠Target expected to be reached in 2028.⢠Continue transition of fleet by switching to EV when a vehicle is to be replaced⢠Approximately 75% of the fleet consists of electric vehicles (EV)⢠Reassess our Science Based Targets initiative (SBTi) commitment for setting new Scope 1 and 2 targets.⢠Continued installing charging infrastructure at offices and homes of employees with company cars⢠Continued replacement of smaller and larger vans with EVs, and reduction in proportion of larger vans⢠Preliminary research into SBTi Guidance and ToolsSOCIAL4: Employee well-being ⢠Sick leave on par with 2024. with 3.2%.⢠Use results from employee satisfaction survey for dialogue meetings and action plans⢠Annual employee satisfaction survey across Danish and Swedish operations:⢠Raise results from survey to previous levels⢠Response rate: 86% (down 1 pp compared to 2024)⢠Satisfaction score: 74% (down 3 pp compared to 2024)⢠Loyalty score: 81% (down 4 pp compared to 2024)⢠eNPS: 28% (down 15 pp compared to 2024)5: Diversity & inclusion ⢠Target reached⢠Minimum 40% of the members on the Board of Directors represent the underrepresented gender⢠Two of the six members of the Board of Directors are of the underrepresented gender, which according to the Danish Business Authority ⢠Maintain a minimum of 30% representation of women in other management levels at Group levelconstitutes equal representation and fulfills our target of 40% representation of the underrepresented gender.⢠44% representation of women in other management levels at Group level which fulfils our target of 25% representation of the underrepresented gender.6: Health & safety ⢠Target not reached with overall LTIf decreased from 9.7 in 2024 to 9,3 in 2025.⢠Launch campaign on semi-detached construction sites with a focus on site layout, including common ⢠New system implemented for reporting safety observations and near-misses in HCPaccess roads and work areas.⢠Defibrillators on semi-detached construction sites⢠Continue and maintain good habits according to Tryg Arbejdsplads (initiated in 2023)GOVERNANCE7: Business conduct ⢠Continued integration of Code of Conduct into contracts, operations and HR manuals ⢠Conduct structured Q&A processes with selected suppliers and subcontractors to ensure compliance with HC Code of Conduct⢠Continue working with suppliers and subcontractors to promote good business conduct⢠Continue raising awareness internally on business conduct and ethics8: Sustainable sourcing ⢠Continued dialogue with suppliers on documentation of productsâ climate profile, including as input to LCAs ⢠Continue engaging with suppliers on creating lower-emission solutions⢠Continue focusing on adoption of Code of Conduct throughout the supply chain9: Labour rights and human rights ⢠Further awareness efforts were conducted towards suppliers and subcontractors⢠Conduct structured Q&A processes with selected suppliers and subcontractors to ensure compliance ⢠Roll-out of work environment handbook to all departmentswith Code of Conduct⢠Continue working with suppliers and subcontractors to promote sound working conditionsSustainability governanceSustainability is embedded in the way we do business, from Board oversight to integration into the operating model.The role of the Board and the Executive ManagementThe Board of Directors has ultimate oversight of sustainability matters, including those related to climate. The matters are considered at least once annually, or as relevant. Climate-related risks are an important part of HusCompagnietâs overall ESG risk considerations and are incorporat-ed into strategic discussions, annual business planning and reporting. The Audit Committee assists the Board with oversight of sustainability reporting and governance.The Executive Management team is responsible for assessing and man-aging sustainability matters, including climate-related risks. The Group CEO and Group CFO are actively involved in the sustainability strategy process, and daily application of the sustainability focus areas is owned by the Head of Business Development.ESG steering committeeThe ESG Steering Committee was established in 2022 and counts Execu-tive Management and employees responsible for Marketing, Purchasing, Business Development and Finance. Since then, the committeeâs area of focus has been extended to encompass social and governance-related topics, and an additional Finance representative has been included.Group sustainabilityThe Head of Sustainability, reporting to the Head of Business Devel-opment, is responsible for developing HusCompagnietâs sustainability strategy and working with Technical/Purchasing, Engineering, Market-ing, Legal and Human Resources to manage sustainability topics on a day-to-day basis. Sustainability is implemented across HusCompagniet and embedded in daily operations with a strong focus on monitoring indirect (Scope 3) emissions from building materials. Since 2024, the Fi-nance department has allocated dedicated resources to meet upcoming regulatory sustainability reporting requirements. New employees are introduced to HusCompagnietâs sustainability priorities as part of their onboarding process, and the companyâs intranet features a dedicated section for sustainability.Life-cycle assessment steering committeeIn 2023, an LCA (life-cycle assessment) steering committee was estab-lished, coordinated by the Head of Sustainability and with participants from Technical, Engineering and Business Development teams. The committee has been overseeing the LCAs carried out on every house (both detached and semi-detached) since 1 January 2023. Since 1 July 2025, the LCA is subject to a maximum threshold of 6.7 kg CO emis-2sions per square metre/year and 1.5 for the building process. To onboard and engage the entire organisation in these most recent requirements, webinars were organised with Sales, Building Design and Construction Managers.Inclusion of sustainability in incentive schemesThe remuneration of the Executive Management is designed to support the priorities in HusCompagnietâs strategy and thereby ensure that the interests of the company and the sustainable development of HusCom-pagniet are pursued and that certain short- and long-term goals are achieved. As such, the remuneration elements consider non-financial objectives, including ESG and strategic elements.Sustainability hierarchyBoard of DirectorsAudit CommitteeExecutive ManagementESG Steering CommitteeGroup CEOGroup CFOGroup COODirector, Detached segmentPurchasing DirectorGeneral CounselHead of HRHead of PR & MarketingHead of Strategy & Business DevelopmentHead of SustainabilityLCA Steering CommitteeHead of SustainabilityEngineeringTechnicalOur stakeholdersIt is critical for HusCompagniet to engage with the interests and views of stakeholders to achieve its vision of paving themarket evolution and setting the standard for lower-emissionconstruction practices, as well as shaping our strategy and daily operations Our key stakeholders encompass share-holders, employees, customers (private customers in the detached segment, investors and end-users in the semi-de-tached segment), suppliers, subcontractors and municipal- ities. Shareholders are engaged through annual general meetings and financial reports. Employees participate in annual employee satisfaction surveys. Detached customersare engaged through satisfaction surveys, including NPS (Net Promotor Score), community management and focus groups. We regularly engage suppliers on more sustainable sourcing.Shareholders Employees Customers Suppliers Subcontractors MunicipalitiesEngîgement Annual report, annual gener-Annual employee satisfac-Community management Regular dialogue, signed Regular dialogue, signed Regular dialogue about înd al meeting, regular financial tion survey, safety training, through various channels, supplier Code of Conduct supplier Code of Conduct building permits and other orgînisîtionreports, where ESG is an in-intranet, âtown hallâ meetings.customer satisfaction and in place.in place, work environment administrative issues.tegrated part of discussions.opportunity for feedback handbook, safety reporting throughout construction pro-through project manage-cess and customer journey, ment App.customer studies.Purpose înd Ensure alignment with ESG Monitor employee satisfac-Understand customer pref-Secure sustainable sourcing Make sure subcontractors Make sure LCA report for outcomestrategy and related targets tion and implement action erences within ESG topics.and transparent documenta-live up to Code of Conduct each built house lives up to and monitor progress plans, particularly related tion in relation to ESG.and comply with safety requirements.on strategy and targets to work conditions; raise instructions, inform about defined.awareness on safety issues; need for ESG data collection.inform about ESG strategy and targets.Environment informationClimate changeAs a housebuilder, HusCompagniet has an impact on climate change, and it is our vision to lead the way with an ambition to set new standards for lower emissions construction Climate risks and opportunitiesFor HusCompagniet, climate change presents opportunities to offer customers new, lower-carbon housing concepts and alternative energy technologies. It also presents risks that must be mitigated. In 2019, HusCompagniet conducted a de-tailed assessment of risks and opportunities in line with the TCFD recommendations that was updated in 2021 and 2022. The analysis explored the implications for the business model and strategy in the context of three scenarios based on groupings of IEA (International Energy Agency), IPCC (Intergovernmental Panel on Climate Change), WEC (World Energy Council), and other publicly available scenarios. The analysis determined that our business model is resilient in all three scenarios. In 2025, we continued to use these insights when considering long-term exposure, and we plan to refresh the analysis as more data becomes available.Further information on HusCompagnietâs climate-related risks and opportunities can be found in the TCFD disclosures on pages 70-72. We recognise climate risks and opportuni-ties in construction more broadly and consider both impacts and dependencies related to biodiversity and waste man-agement to be of importance.Sources of HusCompagnietâs emissionsThe Scope 1 and 2 emissions from own operations and under our direct control account for approximately 2% of HusCom-pagniet's emissions.However, 98% of HusCompagnietâs emissions in the form of upstream and downstream Scope 3 emissions are under our influence but not under direct control. Upstream emissions, which represent around 60% of Scope 3 emissions, are mostly derived from the manufacturing of building materials by our suppliers.Downstream emissions represent approximately 40% of Scope 3 emissions and are driven by the customer-use phase of houses built by HusCompagniet. Our role in these phases is more complex and requires engagement with our suppliers upstream and our customers downstream to achieve our targets.Danish building sector total CO emissions2CO emissions breîkdown â consîrucîion oî new residenîiîî 2buiîdinîs îccounî îor onîî 3% oî CO emissions in Denmîrk2The building sector accounts forHeating and operations and ~30% of Denmarkâs CO emissions, 2maintenance of buildingsof which the construction of new Building Total CO20%2CO emissions residential buildings accounts for sector2emissions breakdown3%.in Denmark30%Production of materials, renova-tion and construction of buildings HusCompagniet operates as a key 10%and infrastructure (incl. e. g. roads, player in the semi-detached and bridges, harbours, pumping sta-3%detached housing sub-markets.tions, sewerage infrastructure) of CO emissions come from construction 2of new residential buildingsHusCompîînieî's CO emissions265%60%2%Scope 298%(Electricity, Purchased goods and ser-Emissions District Heating, Vîîue-chîin vices (including production Natural Gas)of building materials), up-emissionsîrom operîîions40%stream transportation and Scope 1 + 2Scope 3distribution, waste generat-Downstream35%ed in operations, business Downstream transportation and travel, employee commute, Scope 1 distribution, use of sold products upstream leased assets.(Petrol and Diesel)(hereunder energy consumption), end-of-life treatment of sold products.Data sources: CO emissions data from the Danish Ministry of Climate, Energy and Utilities, the Reduction Roadmap (2022) Reduction Roadmap: Preconditions and Methodologies. Version 2 â 27 September, 2022. www.reductionroadmap.dk, and from the Danish Ministry of Social Affairs and Housing. 2HusCompagnietâs estimated distribution of CO2 emissions across Scope 1, 2 and 3 (including distribution between upstream and downstream emissions for Scope 3) is based on LCAs performed in 2025 on detached houses on the Danish market.Our greenhouse gas emission reduction targetsIn 2025: ⢠35% reduction in CO emissions from the production of 2building materials compared to 2019 baseline year. This target was not reached, but the reduction was 29%. With further implementation of low-carbon concrete and other materials, we expect to reach the target in 2026 or 2027. ⢠60% of houses ordered with renewable energy sources. This target had already been reached in 2022 as 45% of houses are with renewable heating sources (geothermal or heat pump) and 55% with district heating, which on average was 70% renewable in 2022.In 2030: ⢠Reduce lifecycle CO emissions from building materials 2used in HusCompagniet homes by 70% compared to the 2019 baseline year. As explained above, we anticipate reaching our 2025 target in 2026 or 2027. Therefore, we also foresee a delay in achieving our 2030 target. How-ever, due to limited visibility into future CO reductions in 2materials such as glass and concrete, it is currently not possible to redefine when the target will be reached. ⢠Zero Scope 1 and 2 emissions by 2030Actions to mitigate climate changeTo achieve our emission reduction targets, we focus on the following levers with the biggest impact.1. Low-carbon building materialsAs a large player in our sector, we see potential in leveraging centralised purchasing and product development efforts to achieve emission reductions across the value chain. We have ongoing dialogues with our suppliers about products with lower CO footprints and transparent documentation of 2these. These efforts are further strengthened by the possi-bility of using wooden elements produced at our factories, but also by the development of concrete with a lower CO2footprint.2. Renewable energyRenewable energy heating solutions have a substantial impact on the total lifecycle CO emissions of a home. For 2instance, we phased out natural gas as an energy source in our offering in 2022, which reduced emissions from the use phase of our houses by 30% compared to 2019.3. Recycling and reuseIn the longer term, we focus on the end-of-life/demolition phase, starting with materials selection, shifting towards more readily recycled and reused materials, thereby reduc-ing future downstream Scope 3 emissions. HusCompagniet has the least influence on the end-of-life phase. We continue to partner with demolition firms that focus on the reuse of materials and encourage circular and other innovations that further close the loop in the lifecycle of a house.4. Own operationsWe reduce Scope 1 emissions from HusCompagnietâs own operations by focusing on switching to electric vehicles. Actions in 2025 Building materialsIn 2025, the LCA of a standard house was updated for the fourth time, showing a 29% reduction from the production of building materials and 30% reduction from materials 29%reduction in CO emissions 22per m built coming from the production of building materials for our standard housethroughout the lifecycle since 2019. The most substantial reductions came from concrete, insulation and solar panels.Further details on LCAs of our houses are provided on page 54, while the update of our baseline house is explained in detail on page 55.Sustainable sourcing continues to be an area of focus to reduce CO emissions from building materials combined with2collaboration with suppliers with a view to further improving supply availability and traceability.In 2025, we continued improving transparency through a focus on EPDs (Environmental Product Declarations) of the materials and products used. EPDs allow for comparisons of suppliers of similar products as well as products from the same suppliers and are part of decision-making when changing to lower-carbon versions of known materials, or to completely new materials.Waste at the construction site was included in LCAs as of 1 July 2025 to live up to the separate threshold value for the construction process. We continued dialogues with our waste handling companies to obtain valid and consistent data on actual quantities of each waste fraction.Customer use phaseIn 2025, the percentage of houses with solar panels (most often combined with batteries) increased to 26% compared to 21% in 2024. We see an increasing customer interest in smart energy management. Furthermore, since 2024, we have offered charging infrastructure for electric vehicles as a standard on all new detached houses in partnership with utilities company âOKâ.Percenîîîe oî deîîched houses soîd wiîh renewîbîe enerîî sources in 2025 28%of sold houses have installed air source heat pumps26%61%of sold houses have of sold houses have one installed solar panelsor more of the following alternative energy sources.22%of sold houses have installed geothermal heating pumpsDeveîopmenî in percenîîîe oî deîîched houses wiîh soîîr pîneîs.26%21%17%2023 20252024Own operationsSince 2021, we have had EV charging stations at all offices, and more were added in 2025 at some of our large offices. We also continued replacing both smaller and larger vans with EVs and as part of this process a downsizing of vans was initiated, as smaller vans have a longer range. At the same time, we started installing charging infrastructure at the private homes of employees with company cars. We expect to achieve full electrification of our fleet in 2028.Emissions in 2025Scope 1 & 2 emissionsScope 1 emissions were down 38% compared to 2024 due to transition to electrical vehicles.Scope 2 emissions (market-based) was up 7% compared to 2024. The carbon intensity of our operations (market based) 2decreased by 13% from 26.5 kg CO e per m to 23.0 kg, due 2to lower use of fossil fuels and more efficient workflow on the construction sites.Scope 3 emissionsIn 2025, we updated the LCA of our baseline house for the fourth time with the newest products and data for a status report on the achievement of our targets. See more details on page 55. Scenario calculations & SBTiIn 2024, we committed to SBTi (Science-based Targets initia-tive). In 2025, we initiated a strategic review of our sustaina-bility reporting framework to ensure our disclosures remain closely aligned with the evolving needs of our customers and the broader market. As part of this process, we are reassessing our SBTi commitment. Our goal is to ensure that our climate roadmap is ambitious and directly responsive to the specific environmental performance data required by our key stakeholders and the commercial realities of our industry. In 2025, we also made scenario calculations for further re-ductions towards 2030. Scenario calculations are uncertain, as it is not possible to precisely predict future emissions from existing and potential new suppliers. However, the outcome confirmed previous calculations including that we could ex-pectedly reduce emissions from the production of materials by 33% compared to 2019 by further implementing low-CO2concrete in ground slabs. Together with expected further reductions on other materials, we now expect to reach our 2025 target in 2026 or 2027. Consequently, we also foresee a delay in achieving our 2030 target, as explained on the previous page.Using wooden frames instead of aerated concrete, reduc-tion from the production of materials was 46% compared to 2019. However, HusCompagnietâs 2030 reduction target is focused on considering materials throughout the entire lifecycle, where the use of wooden frames generates a 34% reduction, as CO is released at the end of life of wood. It is 2neither feasible nor currently within our strategic ambition to implement wooden frames across our entire portfolio. This is primarily due to the complexity and cost implications involved in the process.Larger reductions from ourselves and from our suppliers are required to reach our 2030 target, for example from glass and concrete.Therefore, we are continuing to refine our building tech-niques and communicating our targets to our suppliers to ensure constant and further progress. CO emissions îrom îhe producîion oî buiîdinî 2mîîeriîîs îor our bîseîine house 2(kg CO equivalent/m/year)229%reduction, 2019-20252.402025 Target (35% reduction)2019 2022 2023 2024 2025Scenario Scenario Scenario All three with reused with lower with wooden scenarios bricksCO cement elements combined2in ground instead of floor slabconcrete in wallsLiving up to new regulatory requirements in DenmarkIn March 2021, the Danish government published the Nation-al strategy for sustainable construction, âNational strategi for bæredygtigt byggeriâ, which set out expected future requirements for CO emissions from buildings over a life 2cycle (LCA). We welcome initiatives towards more sustaina-ble housing, and HusCompagniet is well-positioned to meet the requirements. We could even wish for more ambitious requirements.According to the agreement, all new-builds below 1,000 sqm require a climate calculation (a simplified LCA) from 1 January2023. In 2023, 2024 and the first half of 2025 buildings with 2emissions under 8.0 kg COe/m/year belong to the volun-2tary low-emission class. 45% of detached houses calculated during the first half of 2025 lived up to this requirement. 2From 1 July 2025, a threshold of maximum 6.7 kg COe/m/2year was introduced, supported by increased documenta-tion requirements for CO emissions during the construction 22process, which must not exceed 1.5 kg CO/m/ year. The 22low-emission class was set to 5,4 kg COe/m/year. Approx. 210% of detached houses calculated during the second half of 2025 lived up to this requirement, while calculated houses 2on average had an LCA of 6 kg COe/m/year. New emission 2factors also apply as of 2025, consequently reducing the CO emissions from energy consumption for operation.2Our climate calculations are not directly comparable to our baseline house, which has therefore been updated separate-ly. This is because of changes to the building materials and elements included, e.g. installations, in the calculations.In municipalities, we continued to see constraints on choice of facade materials, for example. These could hinder the introduction of new lower-carbon alternatives.Environmental responsibilityOur contribution is to further increase focus on the full life cycle of a home and the integration of circular thinking and environmental stewardship. We aim to further understand and integrate biodiversity considerations into our business model, taking into account that construction materials have a substantial impact on offsite biodiversity. Materials used for our houses are mainly locally sourced, reducing the envi-ronmental impact of transportation. In 2025, particular focus has been on improving waste management on our construc-tion sites to live up to the LCA threshold for the construction process. Climate â building materials in the lifecycleHusCompîînieîâs sîîndîrd house â cîrbon emissions îrom mîîeriîîs îcross îhe îiîecîcîe oî îhe houseUpstream scope 3 emissionsEmissions from the production of building materials (A1-A3). kg CO eq./m2/year2Reduction from 2019 to 202529%3.73.23.13.02.6'19'22 '23 '24 '25Downstream scope 3 emissionsEmissions from replacement of building materials and components throughout the lifecycle of the house (B4).Reduction from 2019 to 202580%0.90.70.60.30.2'19'22 '23 '24 '25Downstream scope 3 emissionsWhen a house reaches the end of its lifetime and is torn down, how materials are disposed of, recycled, recovered and reused has a substantial impact on lifecycle CO emissions (C3-C4). 2No change from 2019 to 20251.3 1.3 1.2 1.3 1.3'19'22 '23 '24 '25To take stock on the achievement of our 2025 and 2030 targets for emissions from building materials, we update the CO2 figures for the materials where we have either replaced the material or our suppliers have come up with new CO2 data. This is done with the help of an ex-ternal third party: an independent consulting engineer.20192022202320242025TotalReduction from 2019 to 202530%5.85.24.84.64.1'19'22 '23 '24 '25Reuse, Recycle and Recovery We use materials which contain secondary (recycled) raw materials (e.g. insulation) and we expect this to increase in the future. We work to prevent waste at the construction site by precise quantification and by increased waste sorting.Production of materials Target 2025: 35% reduction of CO2emissions from the production of building materials, base year 2019.House construction Living in the house:replacementLiving in the house â energy consumption Target 2025: 60% of houses ordered with renewable energy sources.Target reached in 2022: 45% of houses with renewable heating sources, and 55% with district heating, which on average is 70% renewable.End of life / Demolition Currently, HusCompagniet has the least influence on the end-of-life phase. Our main contribu-tion is through the selection of more readily recycled or reused building materials.We continue to partner with dem-olition firms that focus on reuse of materials, and encourage circular and other innovations that further close the loop in the lifecycle of a house.Social informationOur employeesâ expertise and insights are key strengths that enable us to facilitate and provide high-quality homes for families. We support and engage our people through focusing on safety, well-being, diversity and inclusion.HusCompagniet has a lean structure, and we work with local subcontractors for most of our construction work. This oper-ating model gives us a high degree of agility and efficiency. Our operating model also means that we work closely with our subcontractors to ensure that they also perform satisfac-torily on safety, quality and sustainability standards.Operations overvie35Show houses in Denmark9office locations in Denmark and Sweden2Production facilities in Denmark and SwedenOfficeProductionShow housesFor eîch show house îocîtion there îre from 1-6 show houses.Gender spîiîAcross all Group employees in Denmark and Sweden %22%Women78%MenProîession spîiîAcross all Group employees in Denmark and Sweden %44%construction managers, service, production56%Sales, Design, Engineering, AdministrationHealth and safetyThe health and safety of our employees and subcontractors is an unwavering and constant priority for HusCompagniet. Our programme Tryg Arbejdsplads (Secure Workplace) was fully rolled out in 2023 and in 2024. In 2025, the lost-time in-jury frequency (LTIf) for own employees and our subcontrac-tors decreased to 9,3 from 9.7 in 2024. The LTIf for 2025 was a 23% reduction compared to 2019. In 2025, a fatal incident involving af subcontractor occurred at one of the Groups construction sites. Following the incident, safety procedures and controls were reviewed and strengthened. The Danish Working Enviroment Authority conducted an inspection and raised no remarks. In our factories, several periods of more than 100 days without injuries were registered, underlining increased incident awareness.Working environment policyOur Working Environment Policy guides us in our ambition to protect our employees and the employees of our subcon-tractors as well as suppliers and customers. In addition to complying with the Danish working environment regula-tions, the policy also covers a range of initiatives to prevent accidents and ensure that all partners comply with the same working environment standards and procedures as we do. By analysing risks and monitoring accidents we constantly ensure that we have the right capabilities, processes and tools in place.To monitor safety for both our own employees and our subcontractors, we undertake regular safety and work envi-ronment performance reporting. We value transparent and accurate reporting, as it is a prerequisite for improving safety performance, and we continue to push towards complete coverage, i. e. that all employees and subcontractors follow all mandatory safety guidelines.As part of our safety reporting, we have a preventive safety register on-site that is integrated into our online project management system. Here, construction managers and sub-contractors register safety incidents and pre-emptive safety risk issues such as near misses and observations via the app we already use in the construction process.Our Supplier Code of Conduct further details our expecta-tions of subcontractors, and we remain firmly committed to upholding the highest safety standards on our construction sites.Tryg Arbejdsplads (Secure workplace)Tryg Arbejdsplads is our transformational programme to create a safe and secure workplace for our employees and contractors. The programme includes a broad range of initi-atives such as systematic incident & observation reporting, better construction site architecture, special focus on work-ing at heights as well as electrical hazards. The programme also includes initiatives to improve competencies among our own and subcontractorsâ employees and more visible leadership through regular site visits, clear communication and follow up.Actions in 2025With all activities under Tryg Arbejdsplads implemented in 2023, specific actions in 2025 were:Implementation of new system for reporting safety observa-tions and near misses at the HC Elements factory in Esbjerg.Installation of defibrillators on semi-detached construction sites.The results of our annual voluntary workplace assessment showed a high level of safety in the working environment and high scores on, e.g., diversity and inclusion.2026 focus ⢠Maintaining safety awareness will be our key focus, and the following specific activities are planned: ⢠Launch campaign on semi-detached construction sites with a focus on site layout, including common access roads and work areas. ⢠Continue and maintain good habits in accordance with Tryg Arbejdsplads (initiated in 2024)Safety performance in 2025With an overall LTIf of 9.3 accidents per million manhours, down 23% compared to 2019, we did not reached our 2025 target of 30% improvement. 2025 LTIf for own employees was 7.9 and 10.2 for subcontractors.Employee well-beingThe physical and mental well-being of our people remains of utmost importance to HusCompagniet.A broad range of people and skill sets, including sales, architecture and construction management, are needed to meet customer expectations. We have a constant focus on the development, engagement and well-being of our people in order to strengthen team dynamics and communication.HusCompagniet uses a psychometric tool to measure and improve employeesâ awareness of own strengths and de-velopment areas, and to promote understanding of different personality types working together. It is part of our goal to enable better communication both among our employees and in client engagement. Since 2024, all new employees are tested according to the system, with many already com-pleting it during the recruitment process.In 2025, sick leave was on par with 2024 with 3,2%. It is above our 2025 target of 2%.Employee engagementWe thank our employees for speaking up and we continue to listen and grow stronger together.We conduct an annual employee satisfaction survey on topics such as satisfaction, loyalty and health and safety as well as diversity and inclusion. The survey includes employees from the entire Group, comprising all Danish and Swedish employees. The survey yielded a response rate of 86%, with a satisfaction score of 74% (2024: 77%), and a loyalty score of 81% (2024: 85). As part of the survey, we also achieved an employee Net Promoter Score (eNPS)of 28 compared to 43 in 2024. Our results are broadly in line with the benchmark (GELx benchmark defined by companies with 300-2000 employees) with performance both above and below. The results reflect a decline compared with last year, and we are attentive to the underlying factors. The elevated workload experienced in 2025 has been a key contributor, and we have initiated targeted efforts to strengthen our workflows and support a more balanced working environment. We continue to prioritise process optimisation and increased digitalisa-tion to ensure long-term organisational resilience and employee-wellbeing. Our employee satisfaction score of 74 remained close to the benchmark (75), and our loyalty score of 81 is likewise aligned with the benchmark (82).The results of the survey were shared with local manag-ers, tasked with engaging their teams to develop action plans based on the survey results. Our organisational structure, with smaller teams, is well positioned to anchor efforts at the local level, with our central HR team following progress on local action plans. As such, the implementation of initiatives will be customised to suit the needs of each department at the discretion of managers, who drive our local efforts to improve employee well-being across our organisation.Employee turnover decreased to 18% from 22% in 2024 (including redundancies), while turnover excluding redun-dancies amounted to 12% in 2025.Training and skills developmentIn 2025, approximately 15 construction managers complet-ed a tailored leadership education programme. Selected groups of leaders were also offered targeted training to strengthen managerial capabilities and to support internal career progression, contributing to consistent leadership quality across the organisation.Diversity & inclusionThis section includes our statutory reporting on diversity & inclusion. At HusCompagniet, we strive to provide a diverse and inclusive work environment with equal opportunities. This approach is anchored in our diversity policy, for which the Group CEO has overall responsibility.The construction sector has traditionally been a male-dominat-ed industry, which poses a challenge for the industry and for HusCompagniet. We seek to increase the representation of the underrepresented gender on all management levels through the initiatives of our diversity policy. Further, we continue to focus on increasing diversity in general in our organisation.The starting point for improving the gender diversity of our workforce is to monitor the demographics of our employees with the aim of tracking and improving gender balance over time. We encourage people to apply for positions in HusCom-pagniet irrespective of gender, age, nationality, sexual orien-tation, religion, political opinions or ethnicity, and decisions regarding recruitment, promotion and dismissal are not influ-enced by these. We continuously review the recruitment and promotion processes to adjust and mitigate for any biases. In 2024, written guidelines for recruitment were introduced, and Group Human Resources continually train all managers in using the guidelinesOur employees have equal opportunities for career devel-opment and management ambitions, which are discussed as part of the yearly performance reviews.We also measure the impact of our diversity and inclusion efforts by using our annual employee engagement survey. In 2025, the response rate was 86%. Of the employees who responded, the diversity and inclusion score was 89. In the survey, employees responded to inclusion-related questions. The questions "At my workplace, there are equal oppurtuni-ties for everyone (regardless of gender, age, ethnicity, sexual orientation, religious affiliation, disabilities, etc.)", and "In my department, we speak to each other properly and treat each other with respect" both achieved a score of 89.Board diversityThe tone set by top management is important, not least whenit comes to diversity and inclusion. In 2025, the Board of Directors comprised 2/6 women and 4/6 men, which consti-tutes an equal distribution of gender according to the Danish Business Authority's guidelines and fulfils our target of 40% representation of the underrepresented gender. Our ambi-tion is to maintain equal gender distribution on the Board of Directors and retain our 2030 target of 40% representation ofthe underrepresented gender on the Board of Directors.The Board of Directors represents comprehensive expe-rience from a wide range of industries as well as diverse sets of competences to reflect the companyâs strategy and purpose.Management diversityIn 2025, the ratio of the underrepresented gender among the Executive Management team and their direct reports with employee responsibility increased to 44% compared to 40% in 2024. With the current gender distribution, HusCom-pagniet has already achieved its target of achieving 30% representation of the underrepresented gender among the Executive Management team and their direct reports with employee responsibility. The current diversity ratio does not include vacant or interim positions, and the previously set targets are therefore maintained without adjustments.Diversity initiatives remain a focal point to support increased diversity in management throughout the Group with an overall ambition of achieving equal gender representation.Diversity in management â HusCompagniet A/SGroup Management Level Metrictarget 2025 2024Board of Directors Total number of members 6 6Percentage of underrepresented gender* 33% 33%Target in % 40% 40%Year of achievement of target* 2020 2020Other levels of Total number of members 9 3 3management**Percentage of underrepresented gender 44% 0% 0%Target in %*** 30%Year of achieivement of target 2023* According to the Danish Business Authority's guidelines, 33% representation of the underrepresented gender consti-tutes an equal gender distribution which is otherwise defined as 40% representation of the underrepresented gender.** This includes the Executive Management in HusCompagniet A/S and their direct reports employed in the same legal entity*** HusCompagniet has set targets for diversity in management at Group level but has not and is not required to do so at the level of each individual legal entity of the Group, including for HusCompagniet A/S. For targets at Group level, please refer to page 34 and 63Respect for labour rights and human rights HusCompagniet remains committed to respecting human rights and labour rights as set out in the Universal Declaration of Human Rights and the fundamental Conventions of the International Labour Organization (ILO).We work to advance these principles both in our own organ-isation and among our business partners, subcontractors and suppliers. Our Sustainability Policy, internal Standards of Business Conduct and Supplier Code of Conduct reflect our commitment to the UN Global Compact (UNGC) and its principles related to human rights and labour rights, among other areas.We respect our employees' right to freedom of association and collective bargainingThe construction industry in general has been scrutinised for labour issues, particularly in relation to vulnerable groups, such as migrant workers. This is a dilemma across geogra-phies because the legal minimum wage may not necessarily reflect a living wage. We have minimum wage requirements integrated into our subcontractor agreements and have contractually secured our right to audit. HusCompagniet does not tolerate social dumping and will terminate subcon-tractors who engage in this practice, and we have a close positive dialogue with unions on these matters.We continuously work with suppliers and subcontractors to promote sound working conditions and protect human and labour rights throughout HusCompagnietâs value chain. In 2025, no breaches of our Supplier Code of Conduct relating to human rights were identified.Governance informationWorking against corruption and in support of environmental responsibility, human rights and labour rights throughout our value chain is an essential part of our license to operate. Our sector is often exposed to challenges related to business ethics, labour relations and working conditions. Through our long-standing, recurring business relationships, we are well-positioned to address responsible business principles in collaboration with suppliers and subcontractors.Business conductHusCompagnietâs approach to business conduct is embedded within the responsibilities of the Board of Directors and the Executive Management team, anchored in policies, and integrated into our contracts, operations and manuals.Concern of breaches of our Anti-Corruption Policy or Code of Conduct was reported in 2025The Board is responsible for the overall oversight and mon-itoring of our business conduct through an annual review of our policies.The Executive Management team ensures awareness of our commitments to business ethics and integrity by setting a clear tone from the top. In 2024, the Executive Management team defined and distributed a detailed operational manual on the working environment and safety for both own em-ployees and for our many subcontractors. In 2025, HusCom-pagniet continued to strengthen and embed this framework with a strong focus on consistent adherence and continuous learning. We regularly evaluate and update our working environment practices to reflect both internal experience and developments in society. The Executive Management team continued to promote awareness of our policies on business ethics, IT and data security, supported by targeted communication from local leaders and on the intranet as well as online training to further strengthen corporate culture and ensure that employees are well equipped to apply these principles in their daily work.Code of ConductHusCompagnietâs Business conduct policies and Code of Conduct for Suppliers set out our approach to business conduct and are integrated into our contracts, operations and HR manuals throughout our organisation. They include HusCompagnietâs requirements for employees and business partners on subjects such as health, climate and environ-ment, labour rights, business ethics and anticorruption as well as human rights and trade sanctions. The General Counsel is responsible for the Business conduct policies and Code of Conduct for Suppliers, which are reviewed annually.Whistleblower systemWe are committed to providing a safe environment for employees to speak up if they witness misconduct. If em-ployees or business partners see or suspect a violation of applicable laws or HusCompagniet's policies or procedures, we depend on them to report it to our whistleblower system. Our whistleblower system provides employees and business partners with a confidential channel for addressing concerns or breaches of our ethical standards without fear of reprisal. The system is operated by an independent third-party provider and can be accessed via HusCompagnietâs intranet and from our public websites. All whistleblower reports are initially considered by an independent law firm and depend-ing on the subject matter of the report, investigations are made either by an independent law firm or internally. The process of investigation is based on dialogue between our General Counsel and the independent law firm and will al-ways prioritise the interests of the whistleblower and comply with our whistleblower policy. All reports to the whistleblow-er system are treated confidentially and whistleblowers are protected from retaliation of any kind. In 2025, we received one (1) whistleblower report, which was handled according to our internal guidelines.Anti-corruption and briberyAt HusCompagniet, we have a zero-tolerance policy towards corruption and bribery in any form, and we are firmly committed to conducting our business responsibly. Our business operations are regulated by our Anti-Corruption and Business Ethics Policy, which details our approach to combat corruption and formulates our companyâs position on the matter.As a company operating in the construction sector, our main business ethics risks lie in our collaboration with third parties. As such, we take active measures to ensure that our business partners understand and uphold our ethical stand-ards. All our suppliers are required to adhere to our Code ofConduct for Suppliers, which reflects our commitment to the UN Global Compact and aligns with our Anti-Corruption and Business Ethics Policy.When working with suppliers and subcontractors, HusCom-pagniet requires compliance with all applicable regulations. All new contracts as well as renewals of existing contracts require suppliers to sign our Supplier Code of Conduct. All purchasing agreements with suppliers and subcontractors include a requirement to comply with the Supplier Code of Conduct, which includes elements of human and labour rights, anti-corruption and environmental sustainability. We encourage our suppliers to further promote its principles within their own organisations and supply chains. Non-com-pliance, or a supplier or subcontractor demonstrating a lack of improvement, may result in termination of the business relationship. Our construction managers monitor our sub-contractors and a list of sanctions for non-compliance has been created.To mitigate the risk of breaches, HusCompagniet negotiates the purchase of key materials categories directly with man-ufacturers, centralising a large portion of our procurement and enabling long-term relations with key materials suppli-ers. Additionally, substantial purchasing decisions are made at the relevant authority level, and approval processes have been put in place. Supplier agreements above a specific threshold must be approved by our Executive Management.Smaller materials categories are sourced from builders' merchants, and subcontractors used for the construction process are typically managed locally to enable flexibility. We are aware that flexible and decentralised decision mak-ing has the downside of potentially increased risk in terms of business ethics.Management of relationships with suppliersHusCompagniet has a lean structure, and we work with local subcontractors for most of our construction work. As such, we maintain close co-operation with our subcontractors to ensure that they perform satisfactorily on safety, quality and sustainability standards. Over the years, we have built long-term, recurring working relationships with our suppliers and subcontractors, which has led to an efficient, standardised operating model across projects.Our collaboration is adapted to the size, scope and role of the subcontractor and supplier, and includes regular dia-logue as well as structured, recurring meetings with key sub-contractors and suppliers, making it possi ble to solve any emerging issues early on rather than taking legal actions. The project management of construction sites is conducted via an app, which is also utilised by subcontractors for safety registrations. In 2025, we continued to proactively ensure that our subcontractors complete safety registrations, in-cluding near-miss reports. We also work in partnership with our suppliers to reduce emissions across our value chain with a particular focus on documentation of sustainability and testing new products (for details, see page 42 in the Environmental Information section).Political influence and lobbying activitiesHusCompagniet does not make any direct or in-kind finan-cial contributions to political parties, elected representatives or those seeking political office.HusCompagniet has since 2023 been a member of the national trade and business association Confederation of Danish Industry.</mrv:SustainabilityReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="f0__s8__7__8" xml:lang="en">Social informationOur employeesâ expertise and insights are key strengths that enable us to facilitate and provide high-quality homes for families. We support and engage our people through focusing on safety, well-being, diversity and inclusion.HusCompagniet has a lean structure, and we work with local subcontractors for most of our construction work. This oper-ating model gives us a high degree of agility and efficiency. Our operating model also means that we work closely with our subcontractors to ensure that they also perform satisfac-torily on safety, quality and sustainability standards.Operations overvie35Show houses in Denmark9office locations in Denmark and Sweden2Production facilities in Denmark and SwedenOfficeProductionShow housesFor eîch show house îocîtion there îre from 1-6 show houses.Gender spîiîAcross all Group employees in Denmark and Sweden %22%Women78%MenProîession spîiîAcross all Group employees in Denmark and Sweden %44%construction managers, service, production56%Sales, Design, Engineering, AdministrationHealth and safetyThe health and safety of our employees and subcontractors is an unwavering and constant priority for HusCompagniet. Our programme Tryg Arbejdsplads (Secure Workplace) was fully rolled out in 2023 and in 2024. In 2025, the lost-time in-jury frequency (LTIf) for own employees and our subcontrac-tors decreased to 9,3 from 9.7 in 2024. The LTIf for 2025 was a 23% reduction compared to 2019. In 2025, a fatal incident involving af subcontractor occurred at one of the Groups construction sites. Following the incident, safety procedures and controls were reviewed and strengthened. The Danish Working Enviroment Authority conducted an inspection and raised no remarks. In our factories, several periods of more than 100 days without injuries were registered, underlining increased incident awareness.Working environment policyOur Working Environment Policy guides us in our ambition to protect our employees and the employees of our subcon-tractors as well as suppliers and customers. In addition to complying with the Danish working environment regula-tions, the policy also covers a range of initiatives to prevent accidents and ensure that all partners comply with the same working environment standards and procedures as we do. By analysing risks and monitoring accidents we constantly ensure that we have the right capabilities, processes and tools in place.To monitor safety for both our own employees and our subcontractors, we undertake regular safety and work envi-ronment performance reporting. We value transparent and accurate reporting, as it is a prerequisite for improving safety performance, and we continue to push towards complete coverage, i. e. that all employees and subcontractors follow all mandatory safety guidelines.As part of our safety reporting, we have a preventive safety register on-site that is integrated into our online project management system. Here, construction managers and sub-contractors register safety incidents and pre-emptive safety risk issues such as near misses and observations via the app we already use in the construction process.Our Supplier Code of Conduct further details our expecta-tions of subcontractors, and we remain firmly committed to upholding the highest safety standards on our construction sites.Tryg Arbejdsplads (Secure workplace)Tryg Arbejdsplads is our transformational programme to create a safe and secure workplace for our employees and contractors. The programme includes a broad range of initi-atives such as systematic incident & observation reporting, better construction site architecture, special focus on work-ing at heights as well as electrical hazards. The programme also includes initiatives to improve competencies among our own and subcontractorsâ employees and more visible leadership through regular site visits, clear communication and follow up.Actions in 2025With all activities under Tryg Arbejdsplads implemented in 2023, specific actions in 2025 were:Implementation of new system for reporting safety observa-tions and near misses at the HC Elements factory in Esbjerg.Installation of defibrillators on semi-detached construction sites.The results of our annual voluntary workplace assessment showed a high level of safety in the working environment and high scores on, e.g., diversity and inclusion.2026 focus ⢠Maintaining safety awareness will be our key focus, and the following specific activities are planned: ⢠Launch campaign on semi-detached construction sites with a focus on site layout, including common access roads and work areas. ⢠Continue and maintain good habits in accordance with Tryg Arbejdsplads (initiated in 2024)Safety performance in 2025With an overall LTIf of 9.3 accidents per million manhours, down 23% compared to 2019, we did not reached our 2025 target of 30% improvement. 2025 LTIf for own employees was 7.9 and 10.2 for subcontractors.Employee well-beingThe physical and mental well-being of our people remains of utmost importance to HusCompagniet.A broad range of people and skill sets, including sales, architecture and construction management, are needed to meet customer expectations. We have a constant focus on the development, engagement and well-being of our people in order to strengthen team dynamics and communication.HusCompagniet uses a psychometric tool to measure and improve employeesâ awareness of own strengths and de-velopment areas, and to promote understanding of different personality types working together. It is part of our goal to enable better communication both among our employees and in client engagement. Since 2024, all new employees are tested according to the system, with many already com-pleting it during the recruitment process.In 2025, sick leave was on par with 2024 with 3,2%. It is above our 2025 target of 2%.Employee engagementWe thank our employees for speaking up and we continue to listen and grow stronger together.We conduct an annual employee satisfaction survey on topics such as satisfaction, loyalty and health and safety as well as diversity and inclusion. The survey includes employees from the entire Group, comprising all Danish and Swedish employees. The survey yielded a response rate of 86%, with a satisfaction score of 74% (2024: 77%), and a loyalty score of 81% (2024: 85). As part of the survey, we also achieved an employee Net Promoter Score (eNPS)of 28 compared to 43 in 2024. Our results are broadly in line with the benchmark (GELx benchmark defined by companies with 300-2000 employees) with performance both above and below. The results reflect a decline compared with last year, and we are attentive to the underlying factors. The elevated workload experienced in 2025 has been a key contributor, and we have initiated targeted efforts to strengthen our workflows and support a more balanced working environment. We continue to prioritise process optimisation and increased digitalisa-tion to ensure long-term organisational resilience and employee-wellbeing. Our employee satisfaction score of 74 remained close to the benchmark (75), and our loyalty score of 81 is likewise aligned with the benchmark (82).The results of the survey were shared with local manag-ers, tasked with engaging their teams to develop action plans based on the survey results. Our organisational structure, with smaller teams, is well positioned to anchor efforts at the local level, with our central HR team following progress on local action plans. As such, the implementation of initiatives will be customised to suit the needs of each department at the discretion of managers, who drive our local efforts to improve employee well-being across our organisation.Employee turnover decreased to 18% from 22% in 2024 (including redundancies), while turnover excluding redun-dancies amounted to 12% in 2025.Training and skills developmentIn 2025, approximately 15 construction managers complet-ed a tailored leadership education programme. Selected groups of leaders were also offered targeted training to strengthen managerial capabilities and to support internal career progression, contributing to consistent leadership quality across the organisation.Diversity & inclusionThis section includes our statutory reporting on diversity & inclusion. At HusCompagniet, we strive to provide a diverse and inclusive work environment with equal opportunities. This approach is anchored in our diversity policy, for which the Group CEO has overall responsibility.The construction sector has traditionally been a male-dominat-ed industry, which poses a challenge for the industry and for HusCompagniet. We seek to increase the representation of the underrepresented gender on all management levels through the initiatives of our diversity policy. Further, we continue to focus on increasing diversity in general in our organisation.The starting point for improving the gender diversity of our workforce is to monitor the demographics of our employees with the aim of tracking and improving gender balance over time. We encourage people to apply for positions in HusCom-pagniet irrespective of gender, age, nationality, sexual orien-tation, religion, political opinions or ethnicity, and decisions regarding recruitment, promotion and dismissal are not influ-enced by these. We continuously review the recruitment and promotion processes to adjust and mitigate for any biases. In 2024, written guidelines for recruitment were introduced, and Group Human Resources continually train all managers in using the guidelinesOur employees have equal opportunities for career devel-opment and management ambitions, which are discussed as part of the yearly performance reviews.We also measure the impact of our diversity and inclusion efforts by using our annual employee engagement survey. In 2025, the response rate was 86%. Of the employees who responded, the diversity and inclusion score was 89. In the survey, employees responded to inclusion-related questions. The questions "At my workplace, there are equal oppurtuni-ties for everyone (regardless of gender, age, ethnicity, sexual orientation, religious affiliation, disabilities, etc.)", and "In my department, we speak to each other properly and treat each other with respect" both achieved a score of 89.Board diversityThe tone set by top management is important, not least whenit comes to diversity and inclusion. In 2025, the Board of Directors comprised 2/6 women and 4/6 men, which consti-tutes an equal distribution of gender according to the Danish Business Authority's guidelines and fulfils our target of 40% representation of the underrepresented gender. Our ambi-tion is to maintain equal gender distribution on the Board of Directors and retain our 2030 target of 40% representation ofthe underrepresented gender on the Board of Directors.The Board of Directors represents comprehensive expe-rience from a wide range of industries as well as diverse sets of competences to reflect the companyâs strategy and purpose.Management diversityIn 2025, the ratio of the underrepresented gender among the Executive Management team and their direct reports with employee responsibility increased to 44% compared to 40% in 2024. With the current gender distribution, HusCom-pagniet has already achieved its target of achieving 30% representation of the underrepresented gender among the Executive Management team and their direct reports with employee responsibility. The current diversity ratio does not include vacant or interim positions, and the previously set targets are therefore maintained without adjustments.Diversity initiatives remain a focal point to support increased diversity in management throughout the Group with an overall ambition of achieving equal gender representation.Diversity in management â HusCompagniet A/SGroup Management Level Metrictarget 2025 2024Board of Directors Total number of members 6 6Percentage of underrepresented gender* 33% 33%Target in % 40% 40%Year of achievement of target* 2020 2020Other levels of Total number of members 9 3 3management**Percentage of underrepresented gender 44% 0% 0%Target in %*** 30%Year of achieivement of target 2023* According to the Danish Business Authority's guidelines, 33% representation of the underrepresented gender consti-tutes an equal gender distribution which is otherwise defined as 40% representation of the underrepresented gender.** This includes the Executive Management in HusCompagniet A/S and their direct reports employed in the same legal entity*** HusCompagniet has set targets for diversity in management at Group level but has not and is not required to do so at the level of each individual legal entity of the Group, including for HusCompagniet A/S. For targets at Group level, please refer to page 34 and 63Respect for labour rights and human rights HusCompagniet remains committed to respecting human rights and labour rights as set out in the Universal Declaration of Human Rights and the fundamental Conventions of the International Labour Organization (ILO).We work to advance these principles both in our own organ-isation and among our business partners, subcontractors and suppliers. Our Sustainability Policy, internal Standards of Business Conduct and Supplier Code of Conduct reflect our commitment to the UN Global Compact (UNGC) and its principles related to human rights and labour rights, among other areas.We respect our employees' right to freedom of association and collective bargainingThe construction industry in general has been scrutinised for labour issues, particularly in relation to vulnerable groups, such as migrant workers. This is a dilemma across geogra-phies because the legal minimum wage may not necessarily reflect a living wage. We have minimum wage requirements integrated into our subcontractor agreements and have contractually secured our right to audit. HusCompagniet does not tolerate social dumping and will terminate subcon-tractors who engage in this practice, and we have a close positive dialogue with unions on these matters.We continuously work with suppliers and subcontractors to promote sound working conditions and protect human and labour rights throughout HusCompagnietâs value chain. In 2025, no breaches of our Supplier Code of Conduct relating to human rights were identified.Governance informationWorking against corruption and in support of environmental responsibility, human rights and labour rights throughout our value chain is an essential part of our license to operate. Our sector is often exposed to challenges related to business ethics, labour relations and working conditions. Through our long-standing, recurring business relationships, we are well-positioned to address responsible business principles in collaboration with suppliers and subcontractors.Business conductHusCompagnietâs approach to business conduct is embedded within the responsibilities of the Board of Directors and the Executive Management team, anchored in policies, and integrated into our contracts, operations and manuals.Concern of breaches of our Anti-Corruption Policy or Code of Conduct was reported in 2025The Board is responsible for the overall oversight and mon-itoring of our business conduct through an annual review of our policies.The Executive Management team ensures awareness of our commitments to business ethics and integrity by setting a clear tone from the top. In 2024, the Executive Management team defined and distributed a detailed operational manual on the working environment and safety for both own em-ployees and for our many subcontractors. In 2025, HusCom-pagniet continued to strengthen and embed this framework with a strong focus on consistent adherence and continuous learning. We regularly evaluate and update our working environment practices to reflect both internal experience and developments in society. The Executive Management team continued to promote awareness of our policies on business ethics, IT and data security, supported by targeted communication from local leaders and on the intranet as well as online training to further strengthen corporate culture and ensure that employees are well equipped to apply these principles in their daily work.Code of ConductHusCompagnietâs Business conduct policies and Code of Conduct for Suppliers set out our approach to business conduct and are integrated into our contracts, operations and HR manuals throughout our organisation. They include HusCompagnietâs requirements for employees and business partners on subjects such as health, climate and environ-ment, labour rights, business ethics and anticorruption as well as human rights and trade sanctions. The General Counsel is responsible for the Business conduct policies and Code of Conduct for Suppliers, which are reviewed annually.Whistleblower systemWe are committed to providing a safe environment for employees to speak up if they witness misconduct. If em-ployees or business partners see or suspect a violation of applicable laws or HusCompagniet's policies or procedures, we depend on them to report it to our whistleblower system. Our whistleblower system provides employees and business partners with a confidential channel for addressing concerns or breaches of our ethical standards without fear of reprisal. The system is operated by an independent third-party provider and can be accessed via HusCompagnietâs intranet and from our public websites. All whistleblower reports are initially considered by an independent law firm and depend-ing on the subject matter of the report, investigations are made either by an independent law firm or internally. The process of investigation is based on dialogue between our General Counsel and the independent law firm and will al-ways prioritise the interests of the whistleblower and comply with our whistleblower policy. All reports to the whistleblow-er system are treated confidentially and whistleblowers are protected from retaliation of any kind. In 2025, we received one (1) whistleblower report, which was handled according to our internal guidelines.Anti-corruption and briberyAt HusCompagniet, we have a zero-tolerance policy towards corruption and bribery in any form, and we are firmly committed to conducting our business responsibly. Our business operations are regulated by our Anti-Corruption and Business Ethics Policy, which details our approach to combat corruption and formulates our companyâs position on the matter.As a company operating in the construction sector, our main business ethics risks lie in our collaboration with third parties. As such, we take active measures to ensure that our business partners understand and uphold our ethical stand-ards. All our suppliers are required to adhere to our Code ofConduct for Suppliers, which reflects our commitment to the UN Global Compact and aligns with our Anti-Corruption and Business Ethics Policy.When working with suppliers and subcontractors, HusCom-pagniet requires compliance with all applicable regulations. All new contracts as well as renewals of existing contracts require suppliers to sign our Supplier Code of Conduct. All purchasing agreements with suppliers and subcontractors include a requirement to comply with the Supplier Code of Conduct, which includes elements of human and labour rights, anti-corruption and environmental sustainability. We encourage our suppliers to further promote its principles within their own organisations and supply chains. Non-com-pliance, or a supplier or subcontractor demonstrating a lack of improvement, may result in termination of the business relationship. Our construction managers monitor our sub-contractors and a list of sanctions for non-compliance has been created.To mitigate the risk of breaches, HusCompagniet negotiates the purchase of key materials categories directly with man-ufacturers, centralising a large portion of our procurement and enabling long-term relations with key materials suppli-ers. Additionally, substantial purchasing decisions are made at the relevant authority level, and approval processes have been put in place. Supplier agreements above a specific threshold must be approved by our Executive Management.Smaller materials categories are sourced from builders' merchants, and subcontractors used for the construction process are typically managed locally to enable flexibility. We are aware that flexible and decentralised decision mak-ing has the downside of potentially increased risk in terms of business ethics.Management of relationships with suppliersHusCompagniet has a lean structure, and we work with local subcontractors for most of our construction work. As such, we maintain close co-operation with our subcontractors to ensure that they perform satisfactorily on safety, quality and sustainability standards. Over the years, we have built long-term, recurring working relationships with our suppliers and subcontractors, which has led to an efficient, standardised operating model across projects.Our collaboration is adapted to the size, scope and role of the subcontractor and supplier, and includes regular dia-logue as well as structured, recurring meetings with key sub-contractors and suppliers, making it possi ble to solve any emerging issues early on rather than taking legal actions. The project management of construction sites is conducted via an app, which is also utilised by subcontractors for safety registrations. In 2025, we continued to proactively ensure that our subcontractors complete safety registrations, in-cluding near-miss reports. We also work in partnership with our suppliers to reduce emissions across our value chain with a particular focus on documentation of sustainability and testing new products (for details, see page 42 in the Environmental Information section).Political influence and lobbying activitiesHusCompagniet does not make any direct or in-kind finan-cial contributions to political parties, elected representatives or those seeking political office.HusCompagniet has since 2023 been a member of the national trade and business association Confederation of Danish Industry.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f0__s8__7__11" xml:lang="en">ESG disclosures and data ENVIRONMENTAL ESG data / disclosures Unit 2025 2024Energy consumptionNasdaq E.3, FSR/Nasdaq CPH/CFA Total energy consumption mWh 11,426 11,257Nasdaq E.3 Energy from electricity consumption mWh 7,905 6,611Nasdaq E.3 Energy from district heating and thermal heating mWh 1,993 2,587Nasdaq E.3 Energy from natural gas for heating mWh 464 294Nasdaq E.3 Diesel consumption Liters 102,219 153,721Nasdaq E.3 Petrol consumption Liters 5,729 27,201GHG EmissionsNasdaq E.1.1 Total CO-e emissions (Scope 1 & 2) â market-based Metric tonnes 3,830 3,7352Nasdaq E.1.1, FSR/Nasdaq CPH/CFA Direct CO-e emissions (Scope 1) Metric tonnes 275 4432Nasdaq E.1.2, FSR/Nasdaq CPH/CFA Indirect CO-e emissions (Scope 2 â market-based) Metric tonnes 3,555 3,2922Nasdaq E.1.2, FSR/Nasdaq CPH/CFA Indirect CO-e emissions (Scope 2 â location-based) Metric tonnes 582 6552GHG Intensity2 delivered (Scope 1 + 2 â market-based) kg/mNasdaq E.2 CO2-e emissions per m23,0 26,322 delivered (Scope 1 + 2 â location-based) kg/mNasdaq E.2 CO2-e emissions per m5,1 7,72SASB, IF-HB-410a.1 Number of homes with Energimærkning for energy efficiency % 100% 100%SASB, IF-HB-410a.1 Average score of EnergimærkningRenewable energyNasdaq E.5, FSR/Nasdaq CPH/CFA Renewable energy percentage (market-based) % 25% 18,0%Nasdaq E.5, FSR/Nasdaq CPH/CFA Renewable energy percentage (location-based) % 91% 89,5%SASB, IF-HB-410a.1 Number of homes with Energimærkning for energy efficiency (BR18) and (lavenergi) % 100% 100%SASB, IF-HB-410a.1 Average score of Energimærkning BR18 & Lavenergi BR18 & LavenergiDownstream emissions:Nasdaq E.1.3 Percentage of homes sold with renewable energy technologies % 53% 56%Land use & ecological impacts1SASB F-HB-160a.2 Number of (1) lots and (2) homes sold in regional with High or Extremely High Baseline Water Stress# 34 162SASB F-HB-160a.1 Number of (1) lots and (2) homes delivered on redevelopment sites# 22% 28%Nasdaq E.7, SASB IF-HB-160a.4 Process to integrate environmental considerations into site selection, 1design, development and constructionDescription See page 54 See page 55 1 in our markets (Denmark and Sweden), one area in Sweden has high water stress, according to the World Resources Institute.2 comprise detached and semi-detached houses in Denmark. Data not available in Sweden.SASB: Home Builders Standard. Nasdaq: Nasdaq ESG Guide 2.0.FSR/NasdaqCPH/CFA: ESG key figures in the annual report.ENVIRONMENTAL ESG data / disclosures Unit 2025 2024Climate risksSASB IF-HB-410a.4, TCFD Description of risks and opportunities related to incorporating resource efficiency into home design, Discussion See See and how benefits are communicated to customers& analysisTCFD disclosure TCFD disclosure table page 70table page 75SASB IF-HB-420a.2, TCFD Description of climate change risk exposure analysis, degree of Discussion See See systematic portfolio exposure, and strategies for mitigating risks& analysisTCFD disclosure TCFD disclosure table page 70table page 75SOCIAL ESG data / disclosures Unit 2025 2024FTE & TurnoverFSR/Nasdaq CPH/CFA FTE # 399 3983Nasdaq S.3, FSR/Nasdaq CPH/CFA Employee turnover ratioRatio 21% 22%Health & safetyNasdaq S.7, SASB IF-HB-320a.1 LTI (lost-time injuries) total â own employees and subcontractors # 18 17Nasdaq S.7, SASB IF-HB-320a.1 LTI own employees â blue and white collar # 6 9Nasdaq S.7, SASB IF-HB-320a.1 LTI subcontractors # 12 8Nasdaq S.7, SASB IF-HB-320a.1 LTIf (lost-time injury frequency) total â own employees and subcontractors Frequency 9.3 9.7Nasdaq S.7, SASB IF-HB-320a.1 LTIf own employees â blue and white collar Frequency 7.9 13.5Nasdaq S.7, SASB IF-HB-320a.1 LTIf â subcontractors Frequency 10.2 7.3FSR/Nasdaq CPH/CFA Sick leave Days per FTE 3.2% 3.2%DiversityNasdaq S.2, FSR/Nasdaq CPH/CFA Gender Pay Ratio Ratio 1.0 1.0Nasdaq S.4, FSR/Nasdaq CPH/CFA % females in the company % 22% 21.0%FSR/Nasdaq CPH/CFA % females in management % 44% 38.5%Nasdaq S.9 Child and forced-labour policy Description Sustainability policy Sustainability policyGOVERNANCE ESG data / disclosures Unit 2025 2024Nasdaq G.1, FSR/Nasdaq CPH/CFA Gender diversity on the Board of Directors â underrepresented gender % 33.3% 33.3%Nasdaq S.1, FSR/Nasdaq CPH/CFA CEO Pay Ratio Ratio 13.3 12.5*FSR/Nasdaq CPH/CFA Board Meeting Attendance Rate Ratio 97% 93%SASB: Home Builders Standard. Nasdaq: Nasdaq ESG Guide 2.0.FSR/NasdaqCPH/CFA: ESG key figures in the annual report.* The comparasion figure has been restated to reflect full compensation of both CEO and Median salary TCFD disclosuresTCFD Recommendation 2025 DisclosuresGovernînceDescribe the boardâs The Board of Directors has the ultimate oversight of climate-related oversight of climate-related risks and opportunities and ESG-related issues, including those related risks and opportunitiesto climate. Sustainability and climate are items in the Boardâs annual wheel, meaning that climate risks are considered at least once annually, or more frequently as needed. Climate-related risks are an important part of HusCompagnietâs overall ESG risk considerations, and are incor-porated into strategic discussions, in annual business planning, and in annual reporting.Describe managementâs The Executive Management team is responsible for assessing and man-role in assessing and aging climate-related risks. The Group CEO and Group CFO are actively managing climate-related involved in the sustainability strategy process, and the operationalisa-risks and opportunitiestion of the sustainability focus areas is owned by the Head of Business Development.HusCompagniet has a Steering Committee for Sustainability, counting Executive Management, Marketing, Purchasing and Business Devel-opment, Legal, Finance and HR to further structure and strengthen our work towards our climate targets.TCFD Recommendation 2025 DisclosuresStrîtegîDescribe the climate-HusCompagniet has assessed the risks and opportunities that we may related risks and be exposed to as a result of climate change in accordance with the opportunities the TCFD recommendations. We have defined the following time frames: organisation has 0-3 years is considered to be short-term, 4-10 years to be medium-term, and more than 10 years to be long-term. In 2025, we assessed these identified over the short, adjustments to still be valid.medium, and long termShort-term (0-3 years) risks identified: Political risk from increased prices on emissions or standards; political push to bring new low-car-bon products to market before they are fully tested; political preference for incentivising renovations instead of new-builds; technology-related risks from investments in unsuccessful new, renewable technologies; the physical risks identified were all expected to manifest in the longer term.Medium-term (4-10 years) risks identified: Reputational risks from potential shifts in consumer and market preferences towards low- carbon products; political ambitions of allocating more landmass to nature, resulting in reduced availability of plots suitable for commercial development. Long-term (more than 10 years) risks identified: Physical risks from: Reduced availability of plots without exposure to flooding or other weather hazards available for development; construction times marginally prolonged from chronic changes in weather patterns, such as heavier rainfall and increased temperatures; rising sea levels and heightened risk of flooding may impact the availability of development plots; increased accuracy in pricing; physical climate risks into mortgage and insurance policies may affect demand.TCFD Recommendation 2025 DisclosuresStrîtegîDescribe the climate-HusCompagniet continues to identify the potential opportunities from related risks and climate change. To address the current and expected shift in consumer opportunities the demand towards more sustainable house offerings, we launched our organisation has Climate-Improved House in 2021 and tested it against the voluntary sustainable building class. Since then, we have continued to work on in-identified over the short-, tegrating solutions from the climate-improved house into our portfolio.medium- and long-termSustainable house offerings might also lead to increased market share in the house market as well as in new markets as consumer preferences shift towards low-carbon solutions. This development might be further accelerated if increased climate-related damage on the existing proper-ty mass results in an increased demand for new houses.Describe the resilience of In 2019, we conducted our first qualitative scenario analysis in align-the organisationâs strategy, ment with the TCFD recommendations. The analysis explored the taking into consideration implications to the business model and strategy in the context of three different climate-related scenarios based on groupings of IEA, IPCC, WEC scenarios, and other publicly available scenarios. The three scenarios explored were: a scenarios, including a scenario based on âbusiness as usualâ and current policies, a scenario 2°C or lower scenariobased on stated political commitments, and a decarbonisation scenario resulting in no more than a 2°C increase in average global tempera-tures. Each scenario included an overlay of the physical risks posed by the corresponding temperature increase based on data projecting the physical changes specific to Denmark prepared by DMI in accordance with the IPCC scenarios. The analysis showed that our business model can be made resilient in all three scenarios. In 2025, we continued to use these insights when considering long-term exposure.TCFD Recommendation 2025 DisclosuresRisk mînîgementDescribe the organisationâs In 2019, the Management conducted a detailed assessment of risks and processes for identifying opportunities in line with the TCFD classifications, which is refreshed and assessing climate-on an annual basis. As we continue to work towards our ambitions and related riskstargets, risk management procedures will be put into place. HusCom-pagniet follows the developments of green building standards and certifications closely. We continue to increase our understanding and integration of physical climate risks into decision-making and strategy.Describe the organisationâs Climate-related risks are evaluated on an annual basis, and action will processes for managing be taken if and when needed. We continue to strengthen our ongoing climate-related risksprocesses for climate risk management.TCFD Recommendation 2025 DisclosuresMitigîtions înd tîrgetsDescribe how processesWe identify climate-related risks through the process of prioritising sus-for identifying, assessing tainability focus areas. Climate considerations have also informed our and managing climate-product development. Processes for integrating climate-related risks related risks are integrated and opportunities were continued in 2025.into the organisationâs overall risk managementDisclose the metrics used See pages 73-76 in this reportby the organisation to assess climate-related risks and opportunities in line with its strategy and risk management processDisclose Scope 1, Scope See pages 49-55 and 68 in this report2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risksDescribe the targets used See pages 45-46 in this reportby the organisation to manage climate-related risks and opportunities and performance against targetsDefinitionsScope 1, 2 and 3 CO emissions are calculated 2based on the GHG (Greenhouse Gas) Protocol. Scope 1 are direct CO emissions from the burning 2of fuel or natural gas. Scope 2 are indirect CO2emissions from the purchase of electricity. Scope 2 can be calculated as market-based or loca-tion-based, where the market-based approach uses emission factors taking into consideration the purchase of green certificates (in which HusCom-pagniet has decided not to participate), whereas the location-based approach used emission factors based on geographical placement. For Scope 3 calculations, average values of phases A1-A3 (Production), B4 (Replacement), C3-C4 (Waste processing and Waste disposal) from LCAs of our detached houses on the Danish market have been used as input, supplemented by estimates for the upstream and downstream impact categories not included in these phases.LCA: Life Cycle Assessment is a scientific meth-odology for assessing environmental impacts, including carbon footprint, for all the stages of the life cycle of a building, from extraction of raw materials used to manufacture the materials and components the building is made of, to the end of life of the building.DGNB: Deutsche Gesellschaft für Nachaltiges Bau-en is a holistic sustainability certification for build-ings, originally developed in Germany, that has been chosen by the building industry in Denmark and adapted over the years to the Danish context.LTIf: Lost Time Injury frequency: Number of lost time injuries occurring in a workplace per 1 million hours worked.eNPS: Employee Net Promoter Score, a scoring system designed to help employers measure employee satisfaction and loyalty within their organisation, and more specifically an indicator of whether an employee would recommend others to work in their organization.NZEB: Nearly-Zero-Emission-Building, must have a high energy performance and very low ener-gy needs, covered largely by onsite and nearby renewable energy sources.IEA: International Energy Agency.IPCC: Intergovernmental Panel on Climate Change.WEC: World Economic Center.TCFD: Task Force Climate Related Disclosures is an initiative established by the Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system. The TCFD was launched in 2015 with the goal of developing a set of voluntary, con-sistent climate-related financial risk disclosures for use by companies in providing information to in-vestors, lenders, insurers and other stakeholders.Risk Management HusCompagniet is exposed to numerous inherent risks, some of which are market-driven, some industry related and some climate-related while others are more directly related to the Groupâs reputation.The Board of Directors is responsible for ensuring that the Groupâs risk exposure is consistent with its target risk profile. In 2025, the Board of Directors has identified B2B tendering and project execution as a distinct risk area, reflecting the increased scope and complexity of the Group's B2B activ-ities. In addition, the Board of Directors evaluates whether the appropriate awareness and management processes are in place. Managing the risk process is part of the Group CFO's day-to-day responsibility, and developments in the main risk areas are reported to the Audit Committee and the Board of Directors.Risk management is based on ongoing monitoring to identify relevant risks. Our enterprise risk management practice aims to identify, monitor, assess, and mitigate risks as early as possible to manage the likelihood and potential impact. Insurance coverage is assessed on an ongoing basis by the Group CFO and the Audit Committee to ensure sufficient coverage is provided to mitigate the day-to-day concerns. An insurance broker assesses HusCompagnietâs coverage Risk action hierarchyBoard of DirectorsAudit CommmiteeExecutive ManagementRisk management matrix 2025High2024112025New risk 2introduced in 20257865443LowLowHighLikelihood1Macroeconomic risk2Supply Chain3IT systems and information4Climate change and change in regulation 5Our people6Health and safety7Cyber threats8B2B tendering and project executionTop risksMacroeconomic risk Risk The Group is subject to general macroeconomic conditions, and an economic slowdown could adversely affect demand for the houses and land it sells. Geopolitical developments have had severe negative effects on a number of external factors re-sulting in a rapidly increasing inflation, increasing interest rates and declining consumer confidence in recent years. In 2025 certain macroeconomic factors have improved in HusCom-pagniets favour. However, there is still general macroeconomic uncertainty, and sales are still below historical average. Other external factors that could have a negative impact include rate of employment, property prices, and GDP growth, all of which are key drivers of consumer confidence.Mitigîtion The Group diversifies its business by operating in several business areas and only acquiring a small number of highly se-lective strategic land plots with a high turnover rate. The Group strives to maintain its share of own land projects at a maximum of 20% of total house deliveries in Denmark. The Group also operates a flexible cost base as most construction projects are outsourced to subcontractors, which adds resilience to the business model in facing downturns. An order book of minimum six months visibility enables rightsizing in due time and scaling the business accordingly.Supply chain riskThe Group setup means exposure to and reliance on both own and third-party suppliers, contractors, subcontractors, and other service providers in executing its projects. Shortage of materials and/or subcontractors may result in price pressure or lack of labour for execution. This could cause liquidity strain due to the "payment at delivery" model and costs in terms of delay penalties. Increasing activity in the construction industry may negatively impact the supply chains, which are also constrained by ongoing geopolitical instability. The risk of production stop-pages at HusCompagnietâs own production facilities can have a negative financial impact on the Group.During periods of economic expansion and contraction, the Group has built robust relationships with contractors and suppliers. The Group mitigates its reliance on individual contractors by engaging with multiple contractors wherever feasible. An overheated mar-ket can be partly mitigated through yearly negotiations on longer-term master agreements, and by cascading costs to customers. Our production facility in Sweden can partially absorb demands from Danish B2B projects in the event of production stoppages in Esbjerg. Innovation and development of new materials reduce dependency on a limited number of suppliers. The Group has a strong position due to HusCompagnietâs market share.IT systems and informationThe Group continues to develop our IT systems to enhance con-trol, efficiency and data utilisation. HusCompagniet operations largely rely on stable and well-functioning IT systems, and any prolonged disruption, system failure or loss of critical data could adversely affect daily operations and customer service. There is also a general risk related to compliance with data protection and privacy regulation. In addition, the Group's IT setup includes the use of software solutions from providers based outside the EU. Changes to legal frameworks for international data transfers could affect the continued use of such services and require adjustments to ensure compliance. With the continued digitalisation of business processes, critical applications are monitored and managed according to the business continuity plan and common standards for application development and maintenance. We ensure segregation of duties across systems to prevent unintended usage and have further automated access rights allocation based on roles and job func-tion. Data integration remains a key focus area, supporting more efficient operations and improved data governance. The Group continuously monitors regulatory developments and assesses the level of compliance. Mandatory online training is conducted annually for all employees.Climate risks and change in regulation Risk For HusCompagniet, climate risks and the expected transition to a low-carbon economy can pose financial challenges. Long-, medium- and short-term climate-related risks include market risks such as shifts in consumer preferences towards low-carbon homes, policy and legal risks stemming from increased regula-tion, carbon taxes and tariffs. Regulation towards sustainable housing is expected to increase over the coming years, requiring necessary R&D investment in product development from house builders.Mitigîtion HusCompagniet integrates considerations on climate-related risks and opportunities into the Groupâs strategy and operations. Since 2019, the Group has implemented and publicly support-ed the recommendations of the Task Force on Climate-relat-ed Financial Disclosures (TCFD). Ambitious carbon emission reduction targets have been set towards 2025 and 2030, and efforts include the continuous expansion of low-carbon offerings in terms of materials and renewable energy solutions. The initi-atives taken also prepare for future regulatory changes. For the semi-detached offerings, a transition is expected towards solely delivering projects that are sustainability certified.Our peopleThe Group depends upon its management team and on the expertise of its key personnel and may be unable to attract and retain a highly skilled and experienced workforce. Develop-ment of and being able to attract skilled employees are critical to delivery of the Groupâs strategy of profit and volume growth through quality and efficiency.HR processes, including retaining and recruiting talent are in-creasingly important to the Group. The Group has a key focus on maintaining an attractive workplace with competitive compensa-tion packages and a long-term incentive program has been intro-duced with a view to retaining key personnel. Selected groups of leaders are offered leadership training to strengthen managerial capabilities and support internal promotions, ensuring consist-ent leadership quality and development across the organisation. Employee surveys are conducted annually to open a line of communication for all employees to provide feedback and help grow the company. We have increased awareness of diversity and inclusion, ensuring a safe and inclusive work environment with room for different perspectives and backgrounds, support-ed through leadership focus and online training programs.Health and safetyThe Groupâs contractors may fail to operate in accordance with high ethical and safety standards and in accordance with appli-cable laws and regulations.It is HusCompagniet's ambition to eliminate work-related inju-ries and to make safe behaviour an integral part of our culture. HusCompagniet has increased the training of construction managers to engage with contractors at building sites as well as maintaining a strong focus on safety when onboarding new contractors. Training of construction managers and contractors being ongoing and continuously developed.At HusCompagnietâs own production facilities, health and safety are closely monitored and initiatives to increase awareness and reduce the risk of injury are implemented.Cyber threats Risk The cyber threat has continued to evolve and intensify. With in-creased digitalisation of business processes and data handling, the Group is exposed to potential cyberattacks that could have both financial and reputational consequences for HusCom-pagniet.Malicious hacking activities, ransomware attacks or theft of sensitive business, employee or customer data could result in significant business disruption, financial losses, regulatory fines or reputational damages.Mitigîtion The Groupâs IT approach focuses on protecting the Group IT infrastructure and business operations against cyber threats through continued investment, system updates and improved procedures following recognized best practice. All our em-ployees receive training in cyber and information security to strengthen overall risk awareness. Cybersecurity measures are continuously strengthened through external expertise and regular assessment to ensure effective risk management and ongoing improvement. Cybersecurity policies and disaster recovery plans are updated annually in line with relevant standards. B2B tendering and project executionThe Groupâs B2B activities include larger and more complex construction projects, which involve multiple stakeholders and extend over longer periods. Risks in the tendering phase include errors in calculations, assumptions and pricing, including dependency on subcontractor pricing and changes in raw material and labour costs, as well as the availability of specialised competences and sufficient capacity in key functions. During project execution, insufficient planning and coordi-nation, changes in project assumptions, or replacement of key personnel may result in delays, additional costs and rework, adversely impacting project profitability and capital employed. The Group has revisited and strengthened its tendering and project execution processes through standardised workflows, enhanced control activities and increased quality assurance. This includes systematic risk assessments, cross-organisational reviews, and structured involvement of specialists within legal, finance and production functions. The objective is to ensure consist-ent risk pricing, a robust contractual foundation and a high-quality decision basis in the tender-ing phase, supported by adequate specialist competences and capacity across key functions throughout the tendering and execution phases. In addition, the Group has tightened its project intake discipline and, in the short term, prioritised simpler and smaller-scope turnkey projects, supported by a more selective approach to scope definition and overall complexity. During execution, governance has been strengthened through a clearer project organisation, ongoing risk assessments and regular management follow-up to ensure timely identification and mitigation of deviations. Based on experience from recent projects, the Group has an increased focus in 2025 on embedding these strengthened practices, which will remain a key area of focus going forward.</mrv:DescriptionofTheTaxonomyRegulation>
<fsa:AverageNumberOfEmployees contextRef="ctx-1"
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unitRef="pure">471</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-37"
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f0__s8__7__165" xml:lang="en">The Board of Directors and the Executive Board have today discussed and approved the annual report of HusCom-pagniet A/S for 2025.The annual report is prepared in accordance with IFRS Accounting Standards as adopted by the EU and disclosure requirements for listed companies in Denmark.In our opinion, the consolidated financial statements and the parent company financial statements give a true and fairview of the financial position of the Group and the Parent Company at 31 December 2025 and of the results of their operations and cash flows for the financial year 1 January â 31 December 2025.Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the ParentCompany's activities and financial matters, results for the year, cash flows and financial position as well as a descrip-tion of material risks and uncertainties that the Group and the Parent Company face.In our opinion, the sustainability section on page 44-72 pro-vides a fair and balanced view of the Group's sustainability performance and social responsibility for the financial year 2025. In our opinion, the annual report for HusCompagniet A/S for the financial year 1 January - 31 December 2025 with the file name 'HusCompagniet-2025-12-31-en' is prepared, in all material respects, in compliance with the ESEF regulationWe recommend that the annual report be approved at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-27" id="f0__s8__7__168" xml:lang="en">Martin Ravn-Nielsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-28" id="f0__s8__7__170" xml:lang="en">Allan Auning-Hansen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-27" id="f0__s8__7__169" xml:lang="en">Group CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-28" id="f0__s8__7__171" xml:lang="en">Group CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-29" id="f0__s8__7__172" xml:lang="en">Claus V. Hemmingsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-30" id="f0__s8__7__174" xml:lang="en">Anja B. Eriksso</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-29" id="f0__s8__7__173" xml:lang="en">Chairperson</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-30" id="f0__s8__7__175" xml:lang="en">Vice chairperson</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-31" id="f0__s8__7__176" xml:lang="en">Stig Pastwa</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-32" id="f0__s8__7__177" xml:lang="en">Ylva Ekborn</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-33" id="f0__s8__7__178" xml:lang="en">Michael Troensegaard Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-34" id="f0__s8__7__179" xml:lang="en">Ole Lund Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f0__s8__7__166" xml:lang="en">Virum</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f0__s8__7__167">2026-03-06</sob:DateOfApprovalOfAnnualReport>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__181" xml:lang="en">To the shareholders of HusCompagniet A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__182" xml:lang="en">OpinionWe have audited the consolidated financial statements and the parent company financial statements of HusCom-pagniet A/S for the financial year 1 January â 31 December 2025, which comprise income statement, statement of comprehensive income, balance sheet, statement of cash flows, statement of changes in equity and notes, including material accounting policy information, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January â 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__183" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial state-ments" (hereinafter collectively referred to as "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 Accountants' Inter-national Code of Ethics for Professional Accountants (IESBA Code), as applicable to audits of financial statements of pub-lic interest entities, and the additional ethical requirements applicable in Denmark to audits of financial statements of public interest entities. We have also fulfilled our other eth-ical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014.Appointment of auditorSubsequent to HusCompagniet A/S being listed on Nasdaq Copenhagen, we were initially appointed as auditor of Hus-Compagniet A/S on 12 April 2021. We have been reappoint-ed annually by resolution of the general meeting for a total consecutive period of five years up until the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="f0__s8__7__184" 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 the financial year 2025. These mat-ters were addressed during our audit of the financial state-ments as a whole and in forming our opinion thereon. We donot provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.We have fulfilled our responsibilities described in the "Audi-tor's responsibilities for the audit of the financial statements"section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.Key audit matter Recognition and measurement of construction contracts and related revenue recognitionDescription of key audit matterAccounting policies and information regarding revenue recognition related to construction contracts are disclosed in notes 2.3, 2.8, 2.9 and 3.2 to the consolidated financial statements. The Groupâs main activity and revenue come from sale and delivery of detached and semi-detached houses under construction contracts with private customers or professional investors, where the delivery of the houses typically extends over a longer period. Due to characteristics of the projects, and in accordance with the accounting policies, HusCompagniet recognizes and measures revenue on these construction contracts over time, based on input-based accounting methods as the performance obligation usually is considered fulfilled throughout the construction.Recognition and measurement of construction contracts involve estimates and judgments by Management to assess percentage-of-completion at the balance sheet date, cost of completion of the houses, including costs related to warranties or disputes. Changes to these accounting estimates during the construction phase, can have a material impact on revenue, production costs and results.Therefore, we consider recognition of construction contracts as a key audit matter in respect of the financial statements.How our audit addressed the key audit matterOur audit procedures included:⢠Assessment of the assumptions and methodology applied by Management to calculate the sales value of construction contracts and recognition and accrual of revenue. We have considered the approach taken by Management, assessed key assumptions and obtained evidence for the explanations provided by comparing key assumptions to past performance, contract estimates, our past experience of similar transactions and Managementâs forecasts supporting the calculated sales value.⢠Analysis of selected contracts to assess and compare recognised revenue, including any contract modifications, and production cost to contract estimate, current project economy and the latest forecast of cost to complete, including any costs related to warranties or disputes.⢠Discussions of the status of houses in progress with members of Management, the finance function and project managers.⢠For the purpose of assessing dispute and/or litigation, we obtained letters of attorney from the Groupâs external and internal attorneys and discussed with members of Management and the finance function cases subject to disputes to provide an assessment hereof.⢠Focused on ensuring that policies and processes for performing management estimates have been applied consistently to uniform contracts and in accordance with previous years.Valuation of goodwill Accounting policies and information regarding goodwill and impairment testing of goodwill are disclosed in notes 4.1, 4.3 and 4.4 to the consolidated financial statements.Valuation of goodwill is significant to our audit due to the carrying value of goodwill and the risks related to Managementâs assessment of the future timing and amount of cash flows that are discounted to projectthe recoverability of the carrying amount of goodwill. Managementâs assessment is subject to uncertainty related to their expectations of the negative impact on future building activity from macroeconomic conditions, interest rates and inflation.Management applies significant assumptions when estimating the future sales volumes, sales prices, margins, discount rates and growth rates when projecting the recoverability of the carrying amount of goodwill as well as judgement when defining cash-generating units. Therefore, we consider valuation of goodwill as a key audit matter in respect of the financial statements.Our audit procedures in relation to valuation of goodwill included:⢠Assessment of the discounted cash flow models prepared by Management, including consideration of the cash-generating units defined by Management and the valuation methodology applied. We evaluated the factors used by Management in their definition of cash-generating units.⢠Testing of the mathematical accuracy of the discounted cash flow models prepared by Management to project the recoverability of the carrying amount of goodwill. We reconciled the applied estimates of future cash flows to the most recent approved Management budgets to ensure internal consistency.⢠Evaluating the key assumptions and input data applied by Management based on our knowledge of the business and industry together with available supporting evidence such as available budgets and externally observable market data related to market volumes, inflation rates and interest rates etc.⢠Evaluating the sensitivity analysis on the assumptions applied in the valuations prepared by management in note 4.4 to the consolidated financial statement.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__185" xml:lang="en">Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any assuranceconclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regulations. Based on our procedures, we conclude that the Manage-ment's review is in accordance with the financial statements and has been prepared in accordance with the requirements of relevant law and regulations. We did not identify any ma-terial misstatement of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f0__s8__7__186" xml:lang="en">Management's responsibilities for the financial statementsManagement is responsible for the preparation of consol-idated 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 addi-tional requirements of 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 re-sponsible for assessing the Group's and the Parent Com-pany's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements 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="f0__s8__7__187" xml:lang="en">Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasona-ble assurance is a high level of assurance, but is not a guar-antee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatementcan 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 takenon the basis of the financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepti-cism 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 collusion, forgery, intentional omissions, mis-representations or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are ap-propriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material un-certainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclo-sures, 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 financial infor-mation of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervi-sion and review of the audit work performed for purposesof the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance re-garding, among other matters, the planned scope and timingof 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 rea-sonably be thought to bear on our independence, and whereapplicable, 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 consolidated financial state-ments and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f0__s8__7__188" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of HusCom-pagniet A/S, we performed procedures to express an opinion on whether the annual report of HusCompagniet A/S for the financial year 1 January â 31 December 2025 with the file name 'HusCompagniet-2025-12-31-en' is prepared, in all material respects, in compliance with the Commis-sion Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) 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 judge-ment 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 annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material re-spects, 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 proce-dures selected depend on the auditorâs judgement, includ-ing 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 ofiXBRL elements selected from the ESEF taxonomy andthe creation of extension elements where no suitableelement in the ESEF taxonomy has been identified;⢠Evaluating the use of anchoring of extension elements toelements in the ESEF taxonomy; and⢠Reconciling the iXBRL tagged data with the audited Con-solidated Financial Statements.In our opinion, the annual report of HusCompagniet A/S for the financial year 1 January â 31 December 2025 with the file name 'HusCompagniet-2025-12-31-en' is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f0__s8__7__189" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f0__s8__7__190">2026-03-06</arr:SignatureOfAuditorsDate>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-35" id="f0__s8__7__195" xml:lang="en">Mikkel Sthyr</cmn:NameAndSurnameOfAuditor>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-36" id="f0__s8__7__198" xml:lang="en">Morten Weinreich Larsen</cmn:NameAndSurnameOfAuditor>
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<cmn:IdentificationNumberOfAuditor contextRef="ctx-36" id="f0__s8__7__200">mne42791</cmn:IdentificationNumberOfAuditor>
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<cmn:TypeOfAuditorAssistance contextRef="ctx-1" id="f0__s1__72__16">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
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<gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f0__s1__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" id="f0__s1__72__21">2025-12-31</gsd:ReportingPeriodEndDate>
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