MT Højgaard Holding A/S: Solid results and fair order intake in the third quarter

Core Insights - The third-quarter results for 2025 align with full-year expectations, indicating stable performance [1] Order Intake and Portfolio - There was a strong intake of new orders from various sources, leading to an increase in the total order portfolio, primarily driven by large, multi-annual contracts [2] Financial Performance - Revenue decreased by 7% to DKK 2.4 billion, attributed to the current phasing of the order portfolio, particularly in MT Højgaard Danmark [7] - Operating profit (EBIT) fell by 13% to DKK 110 million, with Enemærke & Petersen improving its operating margin while MT Højgaard Danmark's margin declined [7] - Profit after tax from continuing operations was DKK 90 million, with net profit rising to DKK 71 million due to lower financial expenses [7] - Cash flows from operating activities improved to an inflow of DKK 36 million [7] Order Portfolio Details - The total order portfolio increased to DKK 22.5 billion, consisting of various categories of orders including final unconditional orders and future projects [7] Guidance for 2025 - The outlook for 2025 remains unchanged, supported by a high order coverage and a strong pipeline, with revenue forecasted between DKK 10.0-10.5 billion [3][7] - Operating profit (EBIT) is expected to be between DKK 400-450 million, with ongoing project earnings anticipated to remain stable [7] Strategic Focus - The company is focused on consolidating progress, stabilizing earnings, and expanding the order portfolio, particularly for 2026 and 2027 [4]