Denmark's MT Hoejgaard Q2 hit by project delays, write-down charge

MT Hoejgaard Holding A/S

27/08/2026 07:07

Overview
Denmark construction group's Q2 revenue fell 6% as major projects contributed modestly
Q2 operating loss driven by DKK 175 mln write-down on Nordhavn Tunnel joint venture
Order portfolio rose 7%, now equals nearly 2.5 times expected annual revenue

Outlook
MT Hoejgaard Holding maintains 2026 revenue guidance at DKK 10.0-10.5 bln
Company expects 2026 EBIT of DKK 225-275 mln after DKK 175 mln write-down
At 30 June 2026, 91% of expected full-year revenue covered by final, unconditional orders

Result Drivers
NORDHAVN TUNNEL WRITE-DOWN - Q2 operating loss was driven by DKK 175 mln write-down on Nordhavn Tunnel joint venture
MODEST PROJECT CONTRIBUTIONS - MT Højgaard Danmark’s revenue was largely unchanged, as several major projects are making only modest contributions during their start-up phase this year
ADDITIONAL WRITE-DOWNS - Enemærke & Petersen’s EBIT was a loss of DKK 5 million following additional write-downs, primarily on one newbuild project

Company press release: ID:nGNE4WMjJl

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
DKK 2.50 bln
 
Q2 Operating Income
 
-DKK 77 mln
 

Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the construction & engineering peer group is "buy."
Wall Street's median 12-month price target for MT Hoejgaard Holding A/S is DKK430.00, about 52.5% above its August 26 closing price of DKK282.00
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)