<div id="readability-page-1"><div><p>H+H International (CPSE:HH) opened 2026 with Q1 revenue of DKK 560 million and a reported loss per share of DKK 2.8, while on a trailing 12 month basis EPS stood at a loss of DKK 42.90 on revenue of DKK 2.63 billion. The company has seen quarterly revenue move from DKK 675 million and a loss per share of DKK 0.7 in Q1 2025 to DKK 560 million and a loss per share of DKK 2.8 in Q1 2026. Trailing 12 month net income shifted from a loss of DKK 662 million in Q4 2025 to a loss of DKK 697 million in Q1 2026. For investors, the latest figures keep the focus firmly on when margins can improve from current loss-making levels and how quickly that could filter through to more sustainable profitability.</p> <p>See our full analysis for H+H International.</p><p>With the headline numbers on the table, the next step is to set these results against the widely followed narratives around H+H International's growth potential, risks and path back to healthier margins.</p> <p>Curious how numbers become stories that shape markets? Explore Community Narratives</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/27bb3e14-26e9-4a78-9686-d9650245a2c6/chart/revenue-and-expenses-breakdown/query-ZGF0ZT0yMDI2LTA1LTEz?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/27bb3e14-26e9-4a78-9686-d9650245a2c6/chart/revenue-and-expenses-breakdown/query-ZGF0ZT0yMDI2LTA1LTEz"/><figcaption>CPSE:HH Revenue &amp; Expenses Breakdown as at May 2026</figcaption></figure> <h2>Losses Deepen To DKK 47 Million In Q1</h2> <ul> <li>Q1 2026 net income came in at a loss of DKK 47 million on DKK 560 million in revenue, compared with a loss of DKK 24 million on DKK 611 million in Q4 2025 and a loss of DKK 12 million on DKK 675 million in Q1 2025.</li> <li>What stands out for a bearish view is that the trailing 12 month loss widened from DKK 519 million in Q2 2025 to DKK 697 million in Q1 2026, which reinforces concerns about earnings pressure even though quarterly revenue over that span stayed in a relatively narrow DKK 2.6b to DKK 2.8b range.     <ul> <li>Critics highlight that basic EPS over the trailing 12 months moved from a gain of DKK 3.87 in Q1 2025 to a loss of DKK 42.90 in Q1 2026. This strongly backs the idea that profitability has moved away from the brief positive period in early 2025.</li> <li>At the same time, revenue over those same trailing 12 month snapshots stayed between DKK 2.63b and DKK 2.78b. Bears argue the earnings deterioration is tied less to top line changes and more to margin pressure that is not yet easing.</li> </ul> </li> </ul> <h2>Five Year Loss Trend Versus Growth Story</h2> <ul> <li>Over the last 12 months the company reported a trailing loss of DKK 697 million, and the analysis notes that losses have widened over the past five years at about 66.3% per year while revenue over recent trailing periods has hovered around DKK 2.6b to DKK 2.8b.</li> <li>The bullish argument that earnings could recover is anchored in forecasts for very strong reported earnings growth of 132.44% per year and profitability within three years, which sits in clear tension with the current loss trend.     <ul> <li>Supporters point to forecast revenue growth of 4.7% per year compared with a 3.7% Danish market benchmark, and to a trailing P/S of 0.6x versus 0.8x for the industry and 1.2x for peers, as signs that the market is already pricing in weaker recent performance.</li> <li>On the other hand, the current trailing loss of DKK 697 million and basic EPS loss of DKK 42.90 show that any bullish case depends on a shift from today’s negative margins, not on recent profitability momentum.</li> </ul> </li> </ul> <h2>Low P/S And DCF Gap At DKK 102 Share Price</h2> <ul> <li>With the share price at DKK 102, the stock trades on a trailing P/S of 0.6x versus an industry level of 0.8x and a peer average of 1.2x, and the DCF fair value of DKK 389.62 sits far above the current price, implying a valuation gap of about 73.8% relative to that DCF estimate.</li> <li>For a bullish narrative, the mix of a lower P/S multiple and the DCF fair value comparison heavily supports the idea that the market is treating the current loss profile and interest coverage issues very conservatively.     <ul> <li>Supporters argue that if forecast revenue growth of 4.7% per year and the projected move to profitability within three years are achieved, the current DKK 102 price leaves room for the valuation multiples to move closer to peers.</li> <li>Yet the same analysis flags that interest payments are not well covered by earnings and that the stock has been more volatile than the Danish market over the last three months. This gives a clear explanation for why a large gap to DCF fair value can persist while losses remain significant.</li> </ul> </li> </ul><p> On these numbers, it is worth seeing how different investors frame the upside case around valuation, growth and future profitability through Curious how numbers become stories that shape markets? Explore Community Narratives. </p><h2>Next Steps</h2> <p>Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on H+H International's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.</p> <p>Given the mix of concern around losses and optimism around forecasts, it is worth weighing the data directly and acting while the picture is fresh by checking the 2 key rewards and 2 important warning signs.</p> <h2>Explore Alternatives</h2> <p>H+H International is wrestling with widening multi year losses, weak interest coverage and earnings pressure that has not yet eased, despite relatively steady revenue.</p> <p>If you want ideas where recent weakness in profitability and volatility is less of a concern, it is worth quickly scanning the 305 resilient stocks with low risk scores.</p> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data         and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your         financial situation. We aim to bring you long-term focused analysis driven by fundamental data.         Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.         Simply Wall St has no position in any stocks mentioned.</em></p><div><h3>Valuation is complex, but we're here to simplify it.</h3><p>Discover if H+H International might be undervalued or overvalued with our detailed analysis, featuring <strong>fair value estimates, potential risks, dividends, insider trades, and its financial condition.</strong></p><p>Access Free Analysis</p></div></div></div>

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<p>H+H International reported a Q1 2026 loss of DKK 47 million on revenue of DKK 560 million, deepening from a loss of DKK 24 million in Q4 2025. The trailing 12-month loss widened to DKK 697 million, raising concerns about profitability despite forecasts of 132.44% earnings growth in the coming years. The stock trades at a low P/S of 0.6x, with a DCF fair value of DKK 389.62, indicating a significant valuation gap. Investors are focused on the potential for margin improvement and sustainable profitability amidst ongoing losses.</p>

H+H International Q1 Loss Deepening To DKK 47 Million Tests Bullish Profitability Narratives