MT Højgaard Holding (MTHH) Q3 2025 earnings summary

Executive summary

• Q3 2025 results align with full-year outlook, with revenue and operating profit slightly lower year-over-year, but net profit increased due to improved net financials and reduced losses from discontinued operations.

• Strategic simplification and consolidation continued, including the integration of MT Højgaard Property Development and winding up of international operations, notably in Greenland.

• A new strategy is being developed, and the repayment of a subordinated loan was completed.

• The order portfolio expanded with significant new contracts in civil engineering, infrastructure, and refurbishment.

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, with a margin of 4.1–4.6%; YTD EBIT was DKK 309 million, down from DKK 345 million.

• Q3 2025 net profit was DKK 71 million (up from DKK 59 million); YTD net profit rose to DKK 196 million from DKK 114 million.

• Gross profit increased to DKK 605 million, while EBIT margin declined to 4.0% from 4.6% year-over-year.

• Cash flows from operating activities improved to DKK 151 million YTD, up from negative DKK 216 million.

Outlook and guidance

• 2025 outlook remains unchanged, with 98% of expected revenue already contracted by end-September.

• Revenue guidance for 2025 is DKK 10.0–10.5 billion, with EBIT expected between DKK 400–450 million.

• 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.