MT Højgaard Maintains 2026 Guidance Despite Nordhavn Tunnel Write-Down — MT Højgaard Holding A/S

Event summary

Revenue declined 6% to DKK 2.5 billion in Q2 2026, impacted by a DKK 175 million write-down on the Nordhavn Tunnel project.
Order portfolio grew 7% to DKK 24.7 billion, providing 2.5x revenue coverage and resilience against market fluctuations.
MT Højgaard Danmark's EBIT (excluding joint ventures) was DKK 106 million, while Enemærke & Petersen reported a DKK 5 million loss.
Full-year revenue guidance remains DKK 10.0-10.5 billion, with EBIT expected at DKK 225-275 million despite the write-down.

The big picture

MT Højgaard's ability to maintain guidance despite the Nordhavn Tunnel write-down highlights the resilience of its order portfolio. The construction sector's volatility is evident in Enemærke & Petersen's struggles, while MT Højgaard Danmark's stability suggests stronger project execution. The DKK 24.7 billion order portfolio provides a buffer against demand fluctuations, but execution risks remain a critical watchpoint.

What we're watching

Execution Risk: Whether MT Højgaard Danmark can sustain profitability amid project start-up phases and Enemærke & Petersen's write-downs.
Order Portfolio: The pace at which conditional orders convert to final, unconditional contracts.
Financial Restructuring: How the sale of Greenland operations and western Denmark reorganization impact Enemærke & Petersen's recovery.