MT Højgaard Holding (MTHH) Q3 2025 earnings summary

Executive summary

• Q3 2025 results aligned with full-year outlook, reflecting stability, strategic consolidation, and ongoing simplification efforts, including the integration of MT Højgaard Property Development and winding up of international operations, notably in Greenland.

• The order portfolio expanded, with significant new contracts in civil engineering, infrastructure, and refurbishment, and a new strategy is being developed.

• Subordinated loan repaid, reducing future financial expenses and supporting a strengthened financial position.

Financial highlights

• Q3 2025 revenue was DKK 2,397 million, down 7% year-over-year; YTD revenue reached DKK 7,697 million, up 2% year-over-year.

• Q3 2025 EBIT was DKK 99–110 million (margin 4.1–4.6%); YTD EBIT was DKK 309 million, impacted by joint venture write-downs and lower non-recurring income.

• Net profit from continuing operations nearly flat at DKK 235 million; total net profit YTD rose to DKK 196 million from DKK 114 million last year.

• Cash flow from operations improved to DKK 151 million inflow from DKK 216 million outflow last year.

• Net interest-bearing deposit improved to DKK 335 million.

Outlook and guidance

• Full-year 2025 revenue expected at DKK 10–10.5 billion; EBIT guidance unchanged at DKK 400–450 million.

• 98% of expected 2025 revenue already contracted by end-September; high order coverage supports outlook.

• Non-recurring income, especially from land sales, expected to be significantly lower than last year.

• Losses from discontinued operations anticipated to be much lower than in 2024.

• Q4 will face tough comparisons due to last year’s one-offs; focus remains on consolidating progress and stabilizing earnings.