MT Højgaard reported a second-quarter loss after booking a DKK 175 million write-down on its Nordhavn Tunnel joint venture, pushing operating profit to a negative DKK 77 million from a DKK 100 million profit a year earlier.
Revenue fell 6% year-over-year to DKK 2.51 billion, while net loss widened to DKK 24 million in the first half of 2026 from a DKK 126 million profit in the same period last year. The group’s EBIT margin contracted to -3.1%, reflecting weaker performance across core operations.
The impairment follows challenges at the Nordhavn Tunnel project, a joint venture with partners including the Danish Defence and Metroselskabet. MT Højgaard’s share of losses from associates and joint ventures deepened to DKK 173 million from DKK 36 million a year prior, compounding pressure on profitability.
Segment performance diverged: MT Højgaard Danmark, which accounts for 64% of Q2 revenue, saw flat sales at DKK 1.61 billion but reported an operating loss of DKK 68 million, down from a DKK 86 million profit. Enemærke & Petersen posted a DKK 5 million loss on revenue of DKK 915 million, an 11% decline.
Order intake for the quarter totaled DKK 2.0 billion, a 21% drop from Q2 2025, though the group’s order portfolio grew to DKK 24.7 billion at the end of June, up from DKK 23.1 billion a year earlier. Uncontracted orders secured in Q2 reached DKK 784 million, including a DKK 450 million turnkey contract for Copenhagen Airport’s Baggage Factory East.
CEO Rasmus Untidt emphasized profitability as a priority for Enemærke & Petersen, while CFO Dennis Nørgaard noted that the company’s 2026 guidance assumes proceeds from a planned land sale. If the transaction does not proceed, guidance may require revision, he said.
For the full year, MT Højgaard expects revenue of DKK 10.0–10.5 billion and operating profit of DKK 225–275 million, with order coverage at 91% as of June 30.
