Interim report
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HOVE A/S CVR-no. 25804821 Herstedøstervej 7 DK - 2600 Glostrup Half-Year Financial Report 1 January - 30 June 2026 KEEP MOVING PARTS MOVING
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01 MANAGEMENT’S REVIEW . . . . . . . . . . . . . 3 Letter from the CEO . . . . . . . . . . . . . . . . . . . . 4 Key figures and ratios . . . . . . . . . . . . . . . . . . . 6 02 OUR BUSINESS . . . . . . . . . . . . . . . . . . . . . 7 HOVE in short . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 03 COMPANY INFORMATION . . . . . . . . . . . . 9 Company information . . . . . . . . . . . . . . . . . . . 10 Guidance 2025 . . . . . . . . . . . . . . . . . . . . . . . . . 11 04 FINANCIAL STATEMENT . . . . . . . . . . . . . 13 Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . 18 Statement of changes in equity . . . . . . . . . . 20 Cash flow statement . . . . . . . . . . . . . . . . . . . 22 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Statement by executive board . . . . . . . . . . . 14 CONTENTS Letter from the CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Key figures and ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Statement by the management . . . . . . . . . . . . 6 Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Statement of changes in equity . . . . . . . . . . . . . 10 Cash flow statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
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3 HOVE HALF-YEAR REPORT 2026 LETTER FROM THE CEO STRONG H1 PERFORMANCE. NEW PRODUCT LAUNCHES. REVENUE AND GROSS PROFIT Hove delivered its strongest first half ever in H1 2026, with revenue of DKK 150 .1 million, representing growth of 39% compared with the same period last year . Demand remained strong across the wind turbine industry, driven by continued growth in sales of pumps, lubrication equipment and grease products . A stronger USD exchange rate (approximately +3%) also contributed positively . In addition to the strong financial performance, Hove achieved several important commercial milestones during the first half of the year . Hove received the first order in the US for a newly developed pump type, supporting the Company's strategy of conti - nuously expanding its product portfolio and strengthening its position in key markets . One of the world's largest wind turbine OEMs selected Hove to supply newly developed automated lubrication equip - ment to two production facilities . This first commercial order within the category validates Hove's investment in automati- on technologies and provides an important reference for future market development . Gross profit increased to DKK 49 million, while the gross margin declined from 35 .9% in H1 2025 to 32 .6% due to changes in the sales mix . EBITDA EBITDA increased by 48% to DKK 19 .6 million, reflecting strong operational leverage despite continued investments in sales and marketing, product development and other initiatives supporting future growth . KEY FIGURES DKK million H1 2026 H1 2025 Change FY 2025 Revenue 150 .1 108 .3 39% 209 .1 Gross profit 49 .0 38 .9 26% 72 .7 EBITDA 19 .6 13 .2 48% 22 .6 EBIT 18 .6 12 .2 53% 20 .5 Net profit 15 .3 8 .3 84% 13 .6 At the end of June 2026, Hove maintained a strong financial position with a solvency ratio of 69%, providing a solid foundation for the Company's continued growth strategy . CASH FLOWS Cash flow from operating activities amounted to DKK 5 .2 million during the first half of the year, supported by strong earnings and offset by increased trade receivables as a result of the significant revenue growth . Investing activities resulted in a cash outflow of DKK 1 .0 million, primarily related to ongoing investments in production capacity and facilities . Financing activities were positive at DKK 0 .4 million, reflecting DKK 6 .9 million mortgage loans raised in support of the Company’s ongoing investment programme, partly offset by dividend payments of DKK 6 .3 million to shareholders . NET PROFIT DKK 15.3M EBITDA DKK 19.6M EBIT DKK 18.6M REVENUE DKK 150.1M
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4 HOVE HALF-YEAR REPORT 2026 Total cash flow for the first half of 2026 was positive at DKK 4 .6 million . SUBSIDIARIES Hove's subsidiaries continued to develop positively during the first half of 2026 . Hove Americas delivered continued growth despite ongoing market uncertainty, Hove India maintained its positive trajectory, and Hove Turkey returned to growth . INVESTMENTS The Company's investment programme remains on track . The acquisition of the factory facility in Holeby has been completed and installation of the automated grease- filling production line is progressing as planned, with commissioning expected during Q3 2026 . The acquisition of the factory building in India has been delayed, but preparations for production start-up remain on schedule for Q3 2026 . GUIDANCE As stated in Company announcement no . 70 of 19 August 2026, Hove raised its revenue guidance: DKK million Guidance as of 19 August 2026 Guidance as of 9 January 2026 Revenue 230-250 210-240 EBITDA 22-29 22-29 HANS CHRISTIAN HANSEN CEO
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5 HOVE HALF-YEAR REPORT 2026 H1 2026 H1 2025 Full Year 2025 INCOME STATEMENT Revenue 150,135 108,314 209,067 Gross profit 48,987 38,860 72,702 EBITDA 19,553 13,192 22,561 EBIT 18,557 12,168 20,540 Net financials 51 -1,453 -2,308 Net profit 15,283 8,293 13,643 BALANCE SHEET Non-current assets 31,199 25,209 31,046 Assets 140,864 112,782 115,304 Equity 96,618 81,963 87,164 Net working capital 79,281 64,212 63,505 Net interest-bearing debt 11,563 5,333 7,096 Invested capital 110,480 89,421 94,552 CASH FLOW Cash flow from operations 5,244 10,904 6,742 Cash flow from investments -1,026 -635 -7,425 Cash flow from financing 399 -3,520 -3,715 Net cash flow 4,616 6,749 -4,398 Cash, end of period 4,588 11,119 -28 KEY RATIOS Gross margin 32 .6% 35 .9% 34 .8% EBITDA-margin 13 .0% 12 .2% 10 .8% Return on invested capital (ROIC) 18 .1% 13 .6% 22 .6% Return on equity 16 .6% 10 .3% 16 .4% Solvency ratio 69% 73% 76% Average number of employees 58 55 54 SHARERELATED RATIOS Shares outstanding end of period 25,283,333 25,079,838 25,283,333 Share price end of period (DKK) 5 .54 3 .14 4 .93 Market cap (million) 140 .1 78 .8 124 .6 Earnings per share (EPS) (DKK) 0 .60 0 .33 0 .55 See ratio definitions in Note 4 KEY FIGURES AND RATIOS DKK '000
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6 HOVE HALF-YEAR REPORT 2026 BOARD OF DIRECTORS Knud Andersen Chair Michael Gaarmann Jesper Bregendahl The Board of Directors and Executive Management have today reviewed and approved the half-year report for January 1, 2026 – June 30, 2026, for Hove A/S . The half-year report has been prepared in accordance with the Danish Financial Statements Act . In our opinion, the consolidated half-year report gives a true and fair view of the group’s assets, liabilities, and financial position at June 30, 2026, as well as the results of the group’s activities and cash flows for the period January 1, 2026 – June 30, 2026 . In our opinion, the management report contains a fair review of the matters covered in the report . The Company's independent auditors have not audited or reviewed the half-year report . EXECUTIVE MANAGEMENT Thomas Cramer CCO Bent Faurskov CFO Thomas Alexander Kjeldbæk COO Hans Christian Hansen CEO STATEMENT BY MANAGEMENT Glostrup, 25 August 2026
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7 HOVE HALF-YEAR REPORT 2026 Note DKK '000 Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Revenue 68,886 51,103 150,135 108,314 209,067 Change in inventories of finished goods and work in progress 5,444 -1,755 2,446 -5,009 2,794 Work carried out for own account and capitalised 164 211 277 552 915 Other income 98 124 169 175 387 Use of raw materials and consumables -51,876 -31,856 -104,040 -65,172 -140,461 Gross profit 22,716 17,827 48,987 38,860 72,702 1 Other external costs -5,249 -4,904 -9,048 -8,087 -16,621 Staff costs -10,893 -9,283 -20,386 -17,580 -33,521 EBITDA 6,574 3,640 19,553 13,192 22,561 Depreciation, amortisation and impairment -501 -708 -996 -1,025 -2,022 EBIT 6,073 2,932 18,557 12,168 20,540 Financial income 700 219 1,240 341 466 Financial expenses -698 -1,289 -1,189 -1,793 -2,774 Profit before tax 6,075 1,862 18,608 10,715 18,231 Tax on profit for the period -603 -560 -3,325 -2,422 -4,588 Net profit for the period 5,472 1,302 15,283 8,293 13,643 Earnings per share (DKK) Earnings per share 0 .22 0 .05 0 .60 0 .33 0 .55 Diluted earnings per share 0 .22 0 .05 0 .60 0 .33 0 .54 CONSOLIDATED INCOME STATEMENT
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8 HOVE HALF-YEAR REPORT 2026 Note DKK '000 30 June 2026 30 June 2025 31 Dec 2025 ASSETS Completed development projects 5,304 6,265 6,348 Development projects in progress 2,944 2,304 2,039 Intangible assets 8,248 8,568 8,387 Land and buildings 18,891 13,880 18,854 Plant and machinery 2,985 1,893 2,025 Other equipment, fixtures and fittings 626 631 581 Property, plant and equipment in progress 0 56 855 Property, plant and equipment 22,502 16,460 22,315 Deposits 449 181 344 Financial assets 449 181 344 Non-current assets 31,199 25,209 31,046 Raw materials and consumables 27,345 24,506 29,664 Finished goods 18,486 10,831 15,228 Inventories 45,831 35,337 44,892 Trade receivables 53,146 36,581 32,280 Other receivables 4,639 2,909 3,223 Prepayments 1,292 1,512 1,702 Receivables 59,077 41,001 37,204 Cash 4,758 11,234 2,161 Current assets 109,666 87,573 84,257 ASSETS 140,864 112,782 115,304 CONSOLIDATED BALANCE SHEET
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9 HOVE HALF-YEAR REPORT 2026 Note DKK '000 30 June 2026 30 June 2025 31 Dec 2025 EQUITY AND LIABILITIES Share capital 2,528 2,508 2,528 Share premium 33,484 33,428 33,484 Reserve revaluation 4,607 4,660 4,607 Reserve for development costs 6,542 6,559 6,542 Translation reserve -1,231 -1,497 -1,722 Retained earnings 50,687 36,305 35,404 Proposed dividend 0 0 6,321 Equity 96,618 81,963 87,164 Deferred tax 2,995 2,849 3,041 Non-current liabilities 2,995 2,849 3,041 Mortgage institutions 9,988 3,609 3,491 Other payables 879 1,000 856 Long-term current liabilities 10,866 4,610 4,347 Mortgage institutions 527 242 233 Credit institutions 170 482 2,516 Trade payables 20,137 17,486 14,095 Income tax 4,459 2,979 2,201 Other payables 5,091 1,932 1,646 Deferred income 0 240 60 Short-term current liabilities 30,384 23,361 20,752 Liabilities 44,246 30,819 28,140 EQUITY AND LIABILITIES 140,864 112,782 115,304 CONSOLIDATED BALANCE SHEET 2 Related parties 3 Accounting policies 4 Ratio definitions 5 Events after the balance sheet date
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10 HOVE HALF-YEAR REPORT 2026 GROUP DKK '000 Share capital Share premium Reserve for revaluation Reserve for development costs Translation reserve Retained earnings Proposed dividend Total 1 JANUARY - 30 JUNE 2026 Equity at 1 January 2026 2,528 33,484 4,607 6,542 -1,722 35,404 6,321 87,164 Capital increase 0 0 0 0 0 0 0 0 Profit for the period 0 0 0 0 0 15,283 0 15,283 Additions for the period 0 0 0 0 492 0 0 492 Disposals for the period 0 0 0 0 0 0 0 0 Distributed dividend 0 0 0 0 0 0 -6,321 -6,321 Equity at 30 June 2026 2,528 33,484 4,607 6,542 -1,231 50,687 0 96,618 STATEMENT OF CHANGES IN EQUITY GROUP DKK '000 Share capital Share premium Reserve for revaluation Reserve for development costs Translation reserve Retained earnings Proposed dividend Total 1 JANUARY - 30 JUNE 2025 Equity at 1 January 2025 2,465 33,258 4,660 6,559 917 28,012 3,452 79,324 Capital increase 43 170 0 0 0 0 0 213 Profit for the period 0 0 0 0 0 8,293 0 8,293 Additions for the period 0 0 0 0 0 0 0 0 Disposals for the period 0 0 0 0 -2,415 0 0 -2,415 Distributed dividend 0 0 0 0 0 0 -3,452 -3,452 Equity at 30 June 2025 2,508 33,428 4,660 6,559 -1,497 36,305 0 81,963
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11 HOVE HALF-YEAR REPORT 2026 DKK '000 Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 EBITDA 6,574 3,640 19,553 13,192 22,561 Change in inventories -5,917 -1,345 -939 1,345 -8,210 Change in receivables 3,089 7,257 -21,978 -6,439 -2,805 Change in trade payables -310 -4,231 9,427 7,370 3,512 Other adjustments -137 -2,563 196 -2,019 -1,972 Change in working capital -3,275 -882 -13,294 256 -9,474 Financial income received 700 219 1,240 341 466 Financial expenses paid -697 -1,289 -1,189 -1,793 -2,774 Total financial items 3 -1,070 51 -1,453 -2,308 Income tax paid -307 -306 -1,066 -1,093 -4,037 Cash flow from operating activities 2,994 1,382 5,244 10,904 6,742 Purchase of intangible assets -164 -211 -277 -552 -915 Purchase of fixed assets -401 -82 -749 -82 -6,509 Cash flow from investing activities -565 -293 -1,026 -635 -7,425 Debt financing: Proceeds from mortgage loan 3,951 0 6,915 0 0 Repayment of mortgage loan -149 -126 -195 -281 -552 Shareholders: Capital increase 0 213 0 213 289 Distributed dividend -6,321 -3,452 -6,321 -3,452 -3,452 Cash flow from financing activities -2,519 -3,365 399 -3,520 -3,715 Cash flow for the period -90 -2,276 4,616 6,749 -4,398 Cash, beginning of the year 4,678 13,396 -28 4,370 4,370 Cash, end of period 4,588 11,119 4,588 11,119 -28 CONSOLIDATED CASH FLOW STATEMENT Cash 4,758 11,234 4,758 11,234 2,161 Short-term payables to credit insitutions -170 -115 -170 -115 -2,190 Cash, end of period 4,588 11,119 4,588 11,119 -28 Cash end of period comprises:
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12 HOVE HALF-YEAR REPORT 2026 1. OTHER EXTERNAL COSTS DKK '000 Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Sales and marketing 1,930 1,402 2,700 2,219 3,828 Research & Development 37 193 343 349 959 Premises 677 609 1,104 969 2,120 Administration 2,605 2,699 4,900 4,550 9,715 Total 5,249 4,904 9,048 8,087 16,621 NOTES 2. RELATED PARTIES There have been transactions between the Group and its related parties during the first six months of the financial year . Controlling transactions between related parties have taken place on market terms . There are no related parties with controlling influence as of 30 June 2026 . 3. ACCOUNTING POLICIES The half-year report for Hove A/S is presented in accordance with the Danish Financial Statements Act for class C companies and additional disclosure requirements for companies listed on Nasdaq First North . The used accounting policy is unchanged compared to the accounting policies used in the Annual Report for 2025 . RATIO FORMULA Gross margin (%) (Gross profit * 100) / Revenue EBITDA-margin (%) (EBITDA * 100) / Revenue Return of invested capital (ROIC) (%) (EBIT * 100) / Average invested capital Return on equity (%) (Net profit * 100) / Average equity Solvency ratio (%) (Equity * 100) / Total assets Number of shares The total number of shares outstanding Number of shares diluted The total number of shares and warrants outstanding Earnings per share (EPS) (Net profit * 100) / Average number of shares Diluted EPS (Net profit * 100) / Average number of shares diluted Net working capital (NWC) Current assets minus current liabilities Invested capital Net working capital + intangible assets + fixed assets 4. RATIO DEFINITIONS 5. EVENTS AFTER THE BALANCE SHEET DATE No significant events have occured after 30 June 2026 that affects the half-year report .
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HOVE A/S Herstedøstervej 7 DK - 2600 Glostrup CVR-no. 25804821 Board of Directors Knud Andersen, Chair Michael Gaarmann Jesper Bregendahl Executive Management Hans Christian Hansen, CEO Thomas Alexander Kjeldbæk, COO Thomas Cramer, CCO Bent Faurskov, CFO Financial year 1 January – 31 December Auditor Dansk Revision Hillerød Godkendt Revisionsaktieselskab