MT Højgaard Holding (MTHH) Q1 2025 earnings summary

Executive summary

• Revenue increased by 14% year-over-year in Q1 2025, reaching DKK 2,625 million, with strong contributions from main business units.

• EBIT rose 5% to DKK 99 million, with an EBIT margin of 3.8%.

• Net profit improved to DKK 58 million, up from DKK 3 million in Q1 2024, aided by lower losses from discontinued operations.

• Order intake more than doubled, up 107% year-over-year to DKK 2.6 billion, marking the fourth consecutive quarter of growth.

• Strategic focus on simplifying the group, integrating business units, and winding down international operations.

Financial highlights

• Gross profit increased from DKK 162 million to DKK 212 million year-over-year; gross margin rose to 8.1%.

• Net financial expenses rose to DKK -8 million from DKK -4 million.

• Cash flow from operations improved to DKK 39 million, compared to DKK -45 million in Q1 2024.

• Equity increased to DKK 1,041 million; solvency ratio at 23.9%.

• Net interest-bearing position improved to DKK 318 million from DKK 207 million.

Outlook and guidance

• Full-year 2025 revenue expected at DKK 10.0–10.5 billion; EBIT guidance maintained at DKK 400–450 million.

• 85% of expected 2025 revenue is already contracted as of end-March, up from 77% at year-end.

• Non-recurring income expected to be significantly lower than 2024; focus remains on stable earnings from ongoing assignments.

• Losses from discontinued activities projected to be much lower than in 2024.