MT Højgaard Holding (MTHH) Q2 2025 earnings summary

Executive summary

• Stable high production and strong inflow of new orders supported Q2 2025 performance, with revenue and operating profit aligning with expectations and improved results after winding up loss-making international activities.

• Net income more than doubled year-over-year, and cash flows from operating activities improved.

• Strategic focus included ongoing portfolio simplification, integrating property development, and progressing the sale of remaining international assets.

Financial highlights

• Q2 2025 revenue was DKK 2,675 million, nearly flat year-over-year; EBIT was DKK 100 million, down from DKK 124 million in Q2 2024.

• H1 2025 revenue reached DKK 5,300 million, up from DKK 4,958 million in H1 2024.

• Net income for H1 2025 was DKK 126 million, more than doubling from DKK 54 million in H1 2024.

• Gross margin increased to 8.2% YTD, up 1.4 percentage points year-over-year.

• Order book at end of June was DKK 11.6 billion, with total order portfolio (including awarded but not contracted) at DKK 23 billion.

Outlook and guidance

• 2025 outlook maintained with expected revenue of DKK 10.0–10.5 billion and EBIT of DKK 400–450 million.

• 94% of the year's contract revenue was secured by end of June.

• Non-recurring income and loss from discontinued operations expected to be significantly lower than 2024.