MT Højgaard Q1 2025 slides: Revenue jumps 14%, order intake surges 107%

Introduction & Market Context

MT Højgaard Holding A/S (MTHH) reported a strong start to 2025, with double-digit revenue growth and a significant surge in order intake, according to the company’s Q1 2025 interim report presented on May 9, 2025. Despite the positive operational results, the company’s shares declined 3.13% to 272 DKK following the presentation, possibly reflecting margin pressure as the EBIT margin contracted slightly year-over-year.

The Danish construction and civil engineering group highlighted stable operations and execution of its order book, while continuing to make progress on strategic priorities, including simplifying the group structure and divesting international operations.

Quarterly Performance Highlights

MT Højgaard delivered solid financial results in Q1 2025, with revenue increasing 14% to 2,625 million DKK compared to 2,293 million DKK in the same period last year. Operating profit (EBIT) grew by 5% to 99 million DKK, though the EBIT margin contracted slightly to 3.8% from 4.1% in Q1 2024.

As shown in the following chart of quarterly revenue and EBIT development:

The company’s net profit improved dramatically to 58 million DKK in Q1 2025, up from just 3 million DKK in Q1 2024. This substantial improvement was primarily driven by reduced losses from discontinued operations, which fell to -13 million DKK from -68 million DKK in the prior year.

Cash flow from operations showed significant improvement, turning positive at 39 million DKK compared to -45 million DKK in Q1 2024, reflecting enhanced working capital management and operational efficiency.

Business Unit Performance

MT Højgaard’s performance was driven by strong results across its main business units, with MT Højgaard Danmark showing particularly impressive growth in both revenue and profitability.

The following chart breaks down revenue and EBIT by business unit:

MT Højgaard Danmark, the group’s largest business unit, increased revenue by 14% to 1,570 million DKK and delivered a 28% jump in EBIT to 88 million DKK. Meanwhile, Enemærke & Petersen grew revenue by 13% to 1,068 million DKK but saw a 13% decline in EBIT to 20 million DKK.

The company’s infrastructure and construction segment showed particularly strong performance, with revenue increasing 43% to 487 million DKK and order intake surging 231% to 453 million DKK compared to Q1 2024.

As illustrated in this chart of the infrastructure segment’s growth:

The partnerships segment also delivered solid results, with revenue up 17% to 945 million DKK and order intake more than doubling to 678 million DKK, representing 106% growth year-over-year.

Strategic Initiatives

MT Højgaard continues to execute on its strategic priorities, focusing on optimizing its Danish core business while divesting international operations. Key strategic initiatives include integrating MT Højgaard Property Development into MT Højgaard Danmark and consolidating Enemærke & Petersen’s activities in Raunstrup.

The company is making progress on divesting its international business, having completed the sale and transfer of its concrete element factory, construction contracts, and other Greenlandic assets. Remaining international holdings include Arssarnerit and smaller Greenlandic assets.

Order intake showed exceptional growth, increasing 107% year-over-year to 2,593 million DKK in Q1 2025, with both main business units contributing significantly. MT Højgaard Danmark’s order intake grew 167% to 1,414 million DKK, while Enemærke & Petersen saw a 63% increase to 1,179 million DKK.

The following chart illustrates the strong order intake trend:

Despite the strong order intake, the group’s order backlog declined slightly by 6% to 11,750 million DKK compared to Q1 2024. MT Højgaard Danmark’s backlog decreased by 12% to 6,631 million DKK, while Enemærke & Petersen’s backlog grew by 4% to 5,167 million DKK.

Forward-Looking Statements

MT Højgaard maintained its full-year 2025 guidance, projecting revenue of 10.0-10.5 billion DKK and EBIT of 400-450 million DKK. The company noted that 85% of the expected 2025 revenue was already contracted as of the end of March, providing good visibility for the remainder of the year.

The following chart shows the company’s historical performance and 2025 outlook:

The company’s upcoming financial reporting dates include the Q2 2025 interim report on August 19, 2025, and the Q3 2025 interim report on November 12, 2025.

MT Højgaard’s Q1 results demonstrate the company’s ability to grow revenue and secure new orders in a competitive market, while continuing to execute on its strategic transformation. However, the slight margin pressure and decline in order backlog will be areas to monitor in upcoming quarters as the company works toward its full-year targets.

Full presentation:

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