MT Højgaard Reports Mixed 2025 Results Amid Strategic Consolidation
Event summary
- Revenue declined 4% to DKK 10.2 billion in 2025, missing expectations due to major project completions and low startup revenue from new multi-year projects.
- Operating profit (EBIT) fell 12% to DKK 429 million, impacted by one-time land sale profits in 2024.
- Order intake rose 15% to DKK 10.3 billion, with a total order book reaching a historic high of DKK 24.2 billion.
- Board proposes DKK 10 per share dividend, equivalent to 29% of 2025 profit.
- 2026 outlook projects stable revenue (DKK 10.0-10.5 billion) and operating profit (DKK 400-450 million), with backloaded contributions from large projects.
The big picture
MT Højgaard's 2025 results reflect the challenges of transitioning from one-time profits to sustainable growth from large, phased projects. The group's strategic consolidation and focus on core construction expertise aim to position it favorably in a competitive market, though revenue backloading in 2026 introduces execution risks. The historic high order book suggests strong demand, but the group must demonstrate its ability to convert these orders into profitable revenue streams.
What we're watching
- Execution Risk
- How the group will manage the phasing of large, multi-year projects that contribute minimally to 2026 revenue.
- Market Positioning
- Whether MT Højgaard can sustain its construction expertise and financial discipline amid competitive market dynamics.
- Financial Discipline
- The pace at which the group can reduce financial expenses following the repayment of the subordinated loan from Knud Højgaards Fond.
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