MT Højgaard Holding reported a DKK 77 million operating loss in the second quarter of 2026, swinging from a DKK 100 million profit in the same period last year, as a DKK 175 million write-down on the Nordhavn Tunnel joint venture overshadowed solid underlying performance in its core Danish operations.
Revenue for the quarter fell 6% to DKK 2.51 billion from DKK 2.68 billion a year earlier, while the group’s order book expanded to a record DKK 24.7 billion at the end of June, up 22% from a year prior. New orders secured in Q2 totaled DKK 2.00 billion, a 21% decline from DKK 2.53 billion in the prior-year period.
For the first half of 2026, MT Højgaard posted a net loss of DKK 24 million, compared with a DKK 126 million profit in the first six months of 2025. Excluding associates and joint ventures, the group would have reported a DKK 163 million operating profit, but total operating losses reached DKK 10 million after accounting for a DKK 173 million loss from associates and joint ventures. Revenue declined 12% to DKK 4.66 billion.
The Nordhavn Tunnel write-down was the primary driver of the quarter’s losses, according to management. CEO Rasmus Untidt described the quarter as "disappointing" due to the project’s impact, while noting that MT Højgaard Danmark maintained "solid underlying profitability." The segment accounted for 64% of group revenue in Q2, with operating profit before associates and joint ventures rising to DKK 106 million from DKK 101 million a year earlier.
Enemærke & Petersen, the group’s other Danish unit, reported a DKK 5 million operating loss in Q2, down from a DKK 15 million profit in the prior-year quarter, as revenue fell to DKK 915 million from DKK 1.06 billion. The segment’s order book grew to DKK 6.11 billion, with order intake up 10% to DKK 686 million.
MT Højgaard maintained a conservative outlook for the remainder of 2026, with full-year guidance calling for revenue of DKK 10.0–10.5 billion and EBIT of DKK 225–275 million. Order coverage stood at 91% as of June 30, but management cautioned that the outlook hinges on second-half catch-up work and an expected land sale at Enemærke & Petersen. CFO Dennis Nørgaard stated that guidance would need to be revisited if the sale does not proceed as planned.
The group’s net working capital excluding properties for resale increased by DKK 271 million to DKK 174 million, while cash flow from operating activities was negative DKK 69 million, compared with a positive DKK 115 million in the prior-year period. Return on invested capital declined to 17.9% from 49.5%, and net interest-bearing deposits fell to DKK 105 million from DKK 372 million.
