MT Højgaard Reports 18% Revenue Drop Amid Harsh Winter, But Order Intake Surges 93%
Event summary
- Revenue fell 18% to DKK 2.2bn in Q1 2026 due to winter weather delays and project phasing.
- Operating profit (EBIT) dropped 31% to DKK 67m, but margin held at 3.1%.
- Order intake surged 93% to DKK 5.0bn, with total order portfolio growing 33% to DKK 24.1bn.
- 2026 guidance maintained: revenue forecast DKK 10.0-10.5bn, EBIT DKK 400-450m.
- Discontinued operations losses narrowed to DKK 10m after Greenland divestment.
The big picture
MT Højgaard's Q1 results highlight the volatility of weather-dependent construction sectors, where project phasing and portfolio composition can amplify seasonal disruptions. The 93% order intake surge suggests strong demand, but the challenge will be converting this backlog into stable earnings amid execution risks. The company's ability to maintain guidance despite Q1 headwinds reflects either operational resilience or potential revenue deferral into later quarters.
What we're watching
- Weather Impact
- How prolonged winter delays will affect full-year revenue concentration in Q4.
- Order Portfolio
- Whether the 33% increase in order backlog can sustain growth beyond 2026.
- Cost Management
- The pace at which workforce expansion costs will pressure margins in 2027.
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