MT Højgaard Holding (MTHH) Q2 2026 earnings summary

Executive summary

• Q2 2026 results were negatively impacted by a DKK 175 million write-down on the Nordhavn Tunnel joint venture, leading to a group operating loss and reversing recent performance improvements at Enemærke & Petersen.

• MT Højgaard Danmark delivered solid project execution, while Enemærke & Petersen faced challenges and a major write-down on a new build project.

• The order portfolio reached a record DKK 24.7 billion, up 8% year-over-year, providing strong future visibility.

• Ownership of NemByg was transferred to MT Højgaard Danmark, and the divestment of Arssarnerit completed the exit from international activities.

Financial highlights

• Group revenue for H1 2026 declined 12% to DKK 4,658 million, mainly due to lower activity at Enemærke & Petersen.

• EBIT for H1 was negative DKK 10 million, impacted by the Nordhavn Tunnel write-down and low Q1 capacity utilization.

• Net result for H1 was a loss of DKK 24 million, compared to a profit of DKK 126 million in H1 2025.

• Cash flow from operations was an outflow of DKK 69 million, mainly due to negative working capital development.

• Return on invested capital declined to 17.9% as invested capital increased and earnings declined.

Outlook and guidance

• Revenue for 2026 is expected to be DKK 10–10.5 billion, with operating profit projected at DKK 225–275 million after the write-down.

• 91% of expected 2026 revenue is covered by final, unconditional orders as of 30 June.

• Guidance assumes higher growth from MT Højgaard Danmark in H2 and a land sale by Enemærke & Petersen before year-end; missing the land sale would require revisiting the outlook.

• Large multi-year projects are expected to contribute to revenue and earnings from 2027 and 2028.