MT Højgaard Holding (MTHH) Q3 2026 earnings summary

Executive summary

• Q3 was the busiest and most profitable quarter of 2026 to date; revenue rose 12% YoY to DKK 2,691m and EBIT reached DKK 125m.

• FY2026 guidance was maintained, with firm unconditional orders covering 98% of expected annual construction and civil engineering revenue.

• Firm unconditional orders rose 21% to DKK 13.3bn and the total order portfolio reached DKK 24.4bn.

Financial highlights

• 9M revenue fell 5% to DKK 7,349m and EBIT declined to DKK 115m from DKK 309m; the period included a DKK 175m Nordhavn Tunnel JV write-down.

• 9M net profit was DKK 65m vs DKK 196m; continuing-operations profit was DKK 75m vs DKK 235m, and discontinued-operations loss narrowed to DKK 10m from DKK 39m.

• Q3 gross profit was DKK 199m vs DKK 169m and net profit was DKK 89m vs DKK 70m.

• The 9M result from associates and JVs was -DKK 171m vs -DKK 37m, primarily reflecting the Nordhavn Tunnel write-down.

Outlook and guidance

• FY2026 guidance remained revenue of DKK 10.0–10.5bn and EBIT of DKK 225–275m, including the Nordhavn Tunnel JV write-down.

• Excluding the Nordhavn Tunnel agreement, revenue and EBIT are expected to be on par with 2025; Q4 EBIT is expected to be in line with Q3.

• Outlook depends on continued Q4 progress at MT Højgaard Danmark and completion and payment of Enemærke & Petersen’s land sale before year-end.

• Financial expenses and discontinued-operations losses are expected below last year; discontinued operations are not expected to affect H2 P&L.