Q2 2026 MT Hoejgaard Holding A/S Earnings Call Transcript
Key Points
- MT Hojgaard Holding AS (FRA:VW1) reported a 22% growth in firm and unconditional orders, reaching a record-high total order portfolio of 24.7 billion, providing a strong foundation for future growth.
- The underlying operations of MT Hojgaard Denmark delivered solid project execution, with earnings improving by 5% to 106 million when excluding joint ventures.
- The company successfully handed over the third train workshop to DSB on time and at the agreed price, demonstrating strong client relationships and repeat business.
- The settlement on the Nordhavn Tunnel project secured additional work and cost coverage, with a new timetable for completion by end of 2028, reducing uncertainty.
- The divestment of Parsanavit in Greenland was completed, finalizing the wind-up of international activities and simplifying the business structure.
- The order portfolio includes large multi-year projects, such as the Copenhagen Airport baggage factory, which will generate significant revenue from 2027-2028, supporting long-term earnings quality.
- MT Hojgaard Holding AS (FRA:VW1) reported a disappointing Q2 with a significant write-down on the Nordhavn Tunnel project, leading to an EBIT loss of 68 million.
- Enemark & Petersen experienced challenges in Q2, with a write-down on a large construction project (80% complete) and negative EBIT of 5 million, reversing recent improvements.
- The company downgraded its earnings guidance in June due to the write-down, with operating profit now projected between 225 million and 275 million.
- Cash flow from operations was an outflow of 69 million in H1, driven by negative working capital changes, impacting key financial ratios.
- The full-year guidance is contingent on a land sale gain from Enemark & Petersen, which if not realized, would likely lead to a further guidance revision.
- Revenue declined 12% in H1 to 4.7 billion, impacted by harsh winter weather and phasing of projects, with activity levels lower than expected.
/-
Thank you for joining our presentation of MCOHerber Holdings Q2 results today. I'm Rasmus Suntrit and I'm CEO. I'm joined by CFO Dennis Jarver on today's call.
Before we start the presentation, we wanted to highlight the front page photo and the fact that the construction of new barracks for the Danish Armed Forces is progressing well and has already contributed to MCOHerber Denmark's performance in the second quarter of the year.
We will now cover the highlights of the quarter and add some detail on the order portfolio before moving on to the outlook and taking your questions. Please turn to slide 2 for an overview of the quarter.
Q2 was significantly impacted by a write-down on the Lowerhound Tunnel project, announced in June after the joint venture partner entered a settlement agreement with the developer. This meant that the results for the quarter were disappointing.
Looking at the underlying operations into Hergot Denmark delivered solid project execution with good results in
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
