MT Højgaard Holding A/S: Positive momentum in Danish activities in the first quarter



  • As expected, MT Højgaard Holding improved earnings in the first quarter, in spite of unsatisfactory results from the international activities.
  • Revenue rose by 27% to DKK 2.3 billion, driven by double-digit growth in the Danish business units.
  • Operating profit before special items rose by 23% to DKK 42 million after positive momentum in the Danish business units and MT Højgaard Danmark in particular.
  • MT Højgaard International recorded an operating loss of DKK 19 million. The work to restructure the activities in Greenland was intensified after losses on ongoing construction projects.
  • Profit from continuing operations before tax doubled to DKK 18 million.
  • Return on invested capital (ROIC) improved to 21.6% in line with the financial ambitions.
  • Operating activities generated a cash inflow of DKK 44 million, an improvement of DKK 58 million.
  • Interest-bearing debt was DKK 534 million, down from DKK 700 million at the end of the first quarter of 2022.


  • Although demand in the Danish construction and civil engineering market declined, order intake grew. Strategic construction partnerships and other collaboration projects contributed to the growth.
  • The order intake of DKK 4.1 billion was 130% higher than in the first quarter of 2022. The mix of project types and project sizes and the geographical spread were good.
  • The portfolio of orders amounted to DKK 15.7 billion at the end of the quarter, a 13% increase since the turn of the year and a 48% increase compared to the first quarter of 2022.
  • In addition, the Group had orders awarded but not yet contracted worth DKK 1.5 billion. To this figure should be added contributions from strategic construction partnerships and joint ventures.


  • The outlook for 2023 is unchanged and supported by a healthy order book and a strong exposure to growth areas in an otherwise slumping market.
  • Revenue is still expected to increase by 4-10% to DKK 9.0-9.5 billion.
  • Operating profit before special items is still expected to increase by 9-18% to DKK 300-325 million.
  • The increase is expected to be driven by higher activity and better margins in the Danish companies. The work to restructure the international companies continues.
  • Based on the known phasing of projects, revenue and earnings are still expected to peak in the second half of the year.
  • By the end of the first quarter, about 88% of the expected contract revenue for 2023 had been contracted.

“The Danish business units continued to create growth and good results in the first quarter. In spite of a market slowdown, Group activity was high. We generated a good return on the capital invested and strengthened both cash flows and cash and cash equivalents. At the same time, we intensified the restructuring of our international activities,” says CEO Henrik Mielke.


CEO Henrik Mielke and CFO Rasmus Untidt can be contacted on telephone +45 22 70 93 65.

Henrik Mielke and Rasmus Untidt will be presenting the interim financial report at a teleconference today (11 May) at 10.00 am (CEST). The teleconference can be followed live here.



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