MT Højgaard Holding A/S: Consolidation and strengthening of order portfolio in Q2

Core Insights - The second quarter of 2024 showed high production levels and a significant intake of new orders, aligning with full-year expectations for revenue and operating profit, while profit after tax improved due to the winding-up of loss-making international activities [1][6]. Order Intake and Order Book - New orders won in the second quarter amounted to DKK 8.1 billion, marking a high level for a single quarter [2]. - The order portfolio was valued at DKK 23 billion, providing strong resilience against potential market fluctuations, with DKK 11.6 billion in final and awarded orders, DKK 5.8 billion in awarded but not yet contracted orders, DKK 4.9 billion in future projects under construction partnerships, and DKK 0.7 billion in joint ventures [6]. Financial Performance - Revenue for the quarter was DKK 2,675 million, slightly up from DKK 2,665 million, with Enemærke & Petersen showing growth while MT Højgaard Danmark experienced a slight decline [6]. - Operating profit (EBIT) was DKK 100 million, down from DKK 124 million, impacted by capacity-building investments and losses in joint ventures [6]. - Profit after tax improved to DKK 68 million from DKK 52 million in the previous year, attributed to lower losses from discontinued operations [6]. - Cash flows from operating activities improved from an outflow of DKK 52 million to an inflow of DKK 76 million [6]. Guidance for Future Performance - The company maintains its guidance for 2025, expecting revenue to be around DKK 10.0-10.5 billion and operating profit (EBIT) to be DKK 400-450 million [3][6]. - The outlook is supported by a high order coverage, a solid pipeline, and strong exposure to growth segments of the market [3].