MT Højgaard Holding A/S reported a net loss of DKK 24 million in the first half of 2026, a sharp reversal from a DKK 126 million profit in the same period a year earlier, as write-downs and project challenges weighed on its construction operations.
Revenue declined 12% to DKK 4.7 billion, while EBIT slipped to a loss of DKK 10 million from a positive figure in H1 2025. Excluding project-specific issues, the group’s EBIT margin stood at 3.5%, down from 4.4% a year prior. Operating cash flow turned negative at DKK 69 million, reflecting working-capital pressures, while financing cash flow was negative DKK 110 million, including DKK 77 million in dividend payments and debt repayments.
MT Højgaard Danmark, the group’s largest unit, posted flat year-over-year revenue of DKK 1.6 billion in Q2 but recorded an EBIT loss of DKK 68 million, driven by a DKK 52 million write-down on the Nordhavn Tunnel project. Excluding joint ventures, earnings improved 5% to DKK 106 million. The unit’s order book expanded to DKK 8.1 billion, with the total order portfolio exceeding DKK 15 billion.
Enemærke & Petersen, the group’s second-largest unit, saw revenue fall 14% to DKK 915 million in Q2, with EBIT negative DKK 5 million due to a write-down on a major new-build project. The unit’s order book stood at DKK 6.1 billion, with order intake of DKK 686 million.
The group’s total order portfolio reached a record DKK 24.7 billion at the end of June, up 7% year-over-year, with final unconditional orders rising 22% to DKK 14.2 billion. Order coverage stood at 91%. The Nordhavn Tunnel project, delayed by a write-down in June, is now targeted for completion by the end of 2028, while a challenging Enemærke & Petersen project is scheduled for handover in spring 2027.
Management maintained full-year guidance for revenue of DKK 10 billion to DKK 10.5 billion and adjusted EBIT of DKK 225 million to DKK 275 million, contingent on a planned land sale from Enemærke & Petersen before year-end. If the sale does not proceed, guidance would likely be revised, the company said.
Shares fell 2.66% to DKK 274.50, extending a decline from a 52-week high of DKK 559 to a low of DKK 257.
