MT Højgaard Holding (MTHH) Q3 2025 earnings summary

Executive summary

• Q3 2025 results aligned with full-year outlook, with strengthened order coverage and ongoing strategic simplification, including integration of MT Højgaard Property Development and winding down of international operations.

• Subordinated loan of DKK 240 million repaid, reflecting improved financial position and reducing future financial expenses.

• New strategy to be presented in February.

• Net profit increased due to lower financial expenses and reduced losses from discontinued operations.

• Order portfolio expanded with significant new contracts in civil engineering, infrastructure, and refurbishment.

Financial highlights

• Q3 2025 revenue was DKK 2,397 million, down 7% year-over-year; YTD revenue reached DKK 7,697 million, up 2% year-over-year.

• Q3 2025 EBIT was DKK 99–110 million (margin 4.1–4.6%); YTD EBIT was DKK 309 million, impacted by joint venture write-downs and lower non-recurring income.

• Net profit from continuing operations after tax at DKK 235 million; total net profit at DKK 196 million, up from DKK 114 million last year.

• Cash flow from operations improved to DKK 151 million inflow, compared to DKK 216 million outflow last year.

• Net interest-bearing deposit improved to DKK 335 million.

Outlook and guidance

• Full-year 2025 revenue expected between DKK 10–10.5 billion; EBIT projected at DKK 400–450 million.

• 98% of expected 2025 revenue already contracted; order coverage for 2025 at 77%.

• Non-recurring income expected to be significantly lower than last year.

• Losses from discontinued operations anticipated to be much lower than in 2024.

• Q4 expected to benefit from lower financial expenses and reduced losses from discontinued operations, but no significant one-offs anticipated.