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MT Højgaard Holding A/S

MT Højgaard Holding A/S is a Danish construction and infrastructure group with activities spanning contracting, civil works, and related project services through its operating companies. The group serves public and private customers in Denmark and selected Nordic markets, with work centered on building, renovation, infrastructure, and specialized construction projects.

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Revenue10.2bn DKK
−4.2 %y/y
Net income268m DKK
+41.9 %y/y
Free cash flow100m DKK
+345.7 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

0.02.55.07.510.012.5bn DKK2021: 7.2 bn DKK2021: EBIT 0.13 bn DKK20212022: 8.7 bn DKK2022: EBIT 0.18 bn DKK20222023: 9.8 bn DKK2023: EBIT 0.39 bn DKK20232024: 10.7 bn DKK20242025: 10.2 bn DKK2025TTM 2026: 9.6 bn DKKTTM9.6
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Building construction40 %

New-build and refurbishment projects for commercial, institutional, and residential properties.

Infrastructure and civil works30 %

Roads, utilities, groundworks, and other heavy civil engineering projects.

Renovation and maintenance15 %

Repair, upgrade, and lifecycle maintenance work on existing assets.

Specialized project services15 %

Specialized execution, site services, and technically complex construction packages.

Customers

The company primarily sells to public-sector buyers, private developers, property owners, and industrial clients that outsource complex construction work. Its projects are typically awarded through tenders or negotiated contracts, where buyers seek execution capability, technical expertise, and local delivery capacity.

Public sector

Municipalities, state agencies, and public institutions buying infrastructure and building projects.

Private developers

Real estate developers and investors buying new-build and refurbishment execution.

Industrial and utility customers

Customers outsourcing technically demanding civil and site works.

Property owners

Owners and managers of existing assets buying maintenance, repair, and renovation.

Strategy

The group's strategy is centered on disciplined project selection, execution quality, and maintaining a strong position in Danish construction and infrastructure markets. It also depends on balancing large civil projects with building and renovation work to diversify workload and reduce reliance on any one end market.

Project discipline and selective biddingShort term

Construction businesses are exposed to cost overruns and claims, so careful project selection is essential.

Home-market strength in DenmarkMedium term

A strong domestic franchise helps secure recurring work and local customer relationships.

Portfolio balance across construction segmentsMedium term

Mixing building, infrastructure, and renovation reduces cyclicality and single-project dependence.

Geography

MT Højgaard Holding is anchored in Denmark, where most of its operating activity and project execution takes place. The group also has exposure to nearby Nordic markets through selected projects and subsidiaries, so demand is tied to regional public spending, development cycles, and local construction conditions.

Risks

The main risks are project execution, cost inflation, and contract risk, all of which are common in construction and can materially affect earnings if scopes change or deadlines slip. Demand is also cyclical and tied to public budgets, private development, and the availability of skilled labor and subcontractors.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Project execution risk1Cost inflation and input availability2Cyclical end-market demand3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Project execution riskImpact: HighLikelihood: High

    Large construction contracts can suffer delays, design changes, and cost overruns.

    Exposure: Fixed-price building and civil works

  2. Cost inflation and input availabilityImpact: HighLikelihood: High

    Materials, subcontractor rates, and labor shortages can reduce contract profitability.

    Exposure: Construction and infrastructure projects

  3. Cyclical end-market demandImpact: MediumLikelihood: Medium

    Demand depends on public investment, private development, and macro conditions.

    Exposure: Denmark and Nordic construction markets

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Accounting

Judgemental items
Revenue recognition on construction contracts

Profit is recognized over time based on progress and cost estimates, so small estimate changes can shift earnings.

Impact: Affects reported revenue, gross margin, and working capital

Provisions for claims and warranties

Construction projects often require estimates for remediation, defects, and dispute settlement.

Impact: Affects operating profit and liabilities

Lease accounting

Equipment, offices, and site leases can create significant right-of-use assets and liabilities.

Impact: Affects leverage metrics and EBITDA comparisons

Goodwill impairment

Acquisition-related goodwill must be tested against future cash generation.

Impact: Affects reported equity and earnings if impaired

Last updated: 24/10/2026