MT Højgaard Holding (MTHH) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue and earnings declined due to a harsh winter and project phasing, but strong project execution and resource reallocation enabled robust results and a sharp increase in order intake and the order book, supporting a solid outlook.

• Order portfolio grew by 33% year-over-year, driven by strong conversion of awarded contracts into firm orders.

• Strategic priorities advanced, including streamlining, consolidation in Enemærke & Petersen, and the completed wind-up of international activities.

Financial highlights

• Group revenue fell 18% year-over-year to DKK 2,153m, mainly due to weather-related delays and project phasing.

• EBIT was DKK 67m (margin 3.1%), down from DKK 98m (3.8%) last year; net income was DKK 42m, down from DKK 58m.

• Cash flow from operations was an outflow of DKK 36m, compared to an inflow of DKK 39m last year.

Outlook and guidance

• Full-year 2026 guidance maintained: revenue of DKK 10.0–10.5bn and EBIT of DKK 400–450m, with 78% of expected revenue already secured in the order book.

• Management expects revenue and profit to peak in the latter part of the year as delayed projects ramp up.

• Limited impact from geopolitical tensions on costs so far; situation is being monitored.