Interim report
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Interim report 2026 1 January to 30 June 2026
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MT Højgaard Holding Interim report Q2 2026 2 Highlights Revenue 2.5 bn 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2,505 2,153 2,532 2,397 2,675 Revenue decreased 6%. MT Højgaard Danmark’s revenue was largely unchanged and reflected the current phasing of the order portfolio. Enemærke & Petersen’s revenue decreased 14% due to lower activity. Partnerships and other collaborative ventures accounted for 33% of Group revenue. EBIT -77 m 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 -77 67 120 111 100 Earnings were significantly impacted by a DKK 175 million write-down on the Nordhavn Tunnel joint venture following a settlement with the client. Excluding joint ventures, MT Højgaard Danmark generated an operating profit of DKK 106 million (2025: DKK 101 million), while Enemærke & Petersen reported an operating profit of DKK -5 million (2025: DKK 15 million). EBIT margin -3.1% 3.7% 4.6% 4.7% 3.1% -3.1% Q2 Q3 Q4 Q1 Q2 2025 2025 2025 2026 2026 The EBIT margin decreased markedly due to the write- down on the Nordhavn Tunnel joint venture, and for the first time since 2018, the Group reported a negative EBIT margin for the quarter. Excluding joint ventures, the EBIT margin was 3.9% against 4.3% in Q2 2025. Order intake (final, unconditional) 2.0 bn 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 1,996 4,998 3,384 1,818 2,531 The Group won orders totalling DKK 2 billion, of which MT Højgaard Danmark accounted for DKK 1.3 billion and Enemærke & Petersen DKK 0.7 billion. In addition, the Group had orders awarded but not yet contracted for DKK 0.8 billion. Most of the orders were for newbuilds. Order book (final, unconditional) 14.2 bn 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 14,215 14,724 11,879 11,027 11,606 The portfolio of final, unconditional orders grew by 22% to DKK 14.2 billion. In addition, the Group had orders awarded but not yet contracted to a value of DKK 5.4 billion, future activity in construction partnerships totalling DKK 4.6 billion and orders in joint ventures for DKK 0.5 billion. The total order portfolio increased by 8% to DKK 24.7 billion. Outlook for operating profit (EBIT) for 2026 225-275 m (2025: DKK 429 million) The Group expects revenue of DKK 10.0-10.5 billion and an operating profit (EBIT) of DKK 225-275 million in 2026. Amounts in DKKm A write-down on the Nordhavn Tunnel led to unsatisfactory Q2 results despite good underlying performance in MT Højgaard Danmark. Expectations for 2026 are maintained at the levels announced on 3 June, and the order coverage for the year has increased significantly.
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MT Højgaard Holding Interim report Q2 2026 3 Consolidated financial highlights Amounts in DKKm Q2 2026 Q2 2025 YTD 2026 YTD 2025 Full Year 2025 Income statement Revenue 2,505 2,675 4,658 5,300 10,229 Gross profit 196 224 359 436 813 Share of profit/loss of associates and joint ventures -174 -15 -173 -36 -35 Operating profit (EBIT) -77 100 -10 198 429 Net financials -7 -6 -7 -13 -26 Net profit/loss for the period from continuing operations -66 75 -14 146 313 Profit/loss for the period from discontinued operations - -7 -10 -20 -45 Net profit/loss for the period -66 68 -24 126 268 Balance sheet Non-current assets 970 1,022 1,077 Current assets 2,963 3,651 3,109 Total assets 3,933 4,673 4,186 Share capital 156 156 156 Equity 1,129 1,105 1,229 Non-current liabilities 344 442 357 Current liabilities 2,460 3,126 2,600 Cash flows Cash flows from operating activities -33 76 -69 115 181 Cash flows for investing activities, net -14 -12 -46 31 -11 Of which for investments in property, plant and equipment -16 -19 -46 -32 -81 Cash flows from financing activities -17 -97 -110 -252 -401 Net increase/decrease in cash and cash equivalents -64 -33 -225 -106 -231 Amounts in DKKm Q2 2026 Q2 2025 YTD 2026 YTD 2025 Full Year 2025 Other information Order intake 1,996 2,531 6,994 5,124 10,327 Order book 14,215 11,606 11,879 Working capital 174 -97 73 Net interest-bearing deposit/debt (+/-) 105 372 329 EBITDA for the last 12 months (LTM) 331 571 537 Net interest-bearing debt relative to EBITDA -0.3 -0.7 -0.6 Average invested capital 962 733 816 Average number of employees 2,874 3,026 3,088 Financial ratios, % Gross margin 7.8 8.4 7.7 8.2 7.9 EBIT margin -3.1 3.7 -0.2 3.7 4.2 EBIT margin excluding associates and joint ventures 3.9 4.3 3.5 4.4 4.5 Return on invested capital (ROIC)* 17.9 49.5 41.0 Return on equity (ROE)* 10.6 25.9 23.7 Solvency ratio 28.7 23.6 29.4 Share-related ratios Number of shares, end of period, million shares 7.8 7.8 7.8 Earnings per share (EPS), DKK -3.0 16.2 34.7 Diluted earnings per share (EPS-D), DKK -3.0 16.2 34.4 Earnings per share from continuing operations, DKK -1.7 18.8 40.5 Diluted earnings per share from continuing operations, DKK -1.7 18.7 40.2 Book value per share, DKK 145.0 141.8 157.6 Proposed dividend per share, DKK - - 10.0 Market price per share end of period, DKK 278 357 520 Total market capitalisation, end of period, DKK million 2,161 2,780 4,049 * Key figures are calculated on a rolling 12-month basis
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MT Højgaard Holding Interim report Q2 2026 4 Management review The order portfolio was strengthened in the second quarter, though the phasing of the portfolio did result in a small decline in activities. Earnings were impacted by a write-down on the Nordhavn Tunnel joint venture. The ownership of NemByg A/S has been transferred from Enemærke & Petersen to MT Højgaard Danmark. Comparative figures for Q2 2025 are restated to re- flect the transfer. Second-quarter results Revenue decreased 6% to DKK 2.5 billion, while EBIT was a loss of DKK 77 mil- lion following a DKK 175 million write-down on the Nordhavn Tunnel joint ven- ture. Profit before share of result from associates and joint ventures was DKK 97 million (2025: DKK 115 million). Strategic priorities Efforts to reduce complexity, streamline decision-making processes and pro- mote coordination across the Group continued in the second quarter. Work is under way to create more opportunities for collaboration within the Group simi- lar to the large-scale project for the Danish Armed Forces, where accommoda- tion facilities are being constructed by MT Højgaard Danmark and will be oper- ated by Raunstrup. The ownership of NemByg A/S was transferred from Enemærke & Petersen to MT Højgaard Danmark on 30 June. NemByg will continue to operate under its own name and management. Access to MT Højgaard Danmark’s knowledge and expertise – for example, in the field of ground engineering – is expected to strengthen NemByg’s competitiveness. The transfer secures MT Højgaard Dan- mark the same position in the South Jutland market as the business unit has in the rest of Jutland. Enemærke & Petersen has previously transferred its other operations in western Denmark to Raunstrup and is now focusing on its core activities on Zealand and Funen. The focus is on consolidating the changes that have been implemented and delivering lasting improvements to project execution and risk manage- ment. The Greenlandic technical company Arssarnerit was sold on 1 April 2026, thus bringing to a close the winding up of the Group’s international activities, which began in October 2023. Order intake The business units contracted orders and extra works to a value of DKK 2 billion (2025: DKK 2.5 billion), of which MT Højgaard Danmark accounted for DKK 1.3 billion and Enemærke & Petersen DKK 0.7 billion. The orders were won through tenders, partnerships, various forms of collaboration and based on own project development. Furthermore, MT Højgaard Danmark and NemByg, in particular, secured conditional orders totalling DKK 784 million, which will be included in the order intake once the contracts are finalised. The business units maintained a selective approach to new projects, ensuring balanced contribution ratios and sensible risk profiles. MT Højgaard Danmark’s largest contracts in Denmark were an extension of the Hillerød motorway, a corporate headquarters project in Copenhagen and the construction of a private care home in Nivå. The Nivå project, which was devel- oped in-house and also included senior housing, marked the culmination of a multi-year development of the Teglsøerne district. Enemærke & Petersen’s order intake was driven in particular by its subsidiary Raunstrup, which secured contracts for the construction of student accommo- dation in Vejle and the refurbishment of a school in Vejen, among other pro- jects. The parent company secured a few orders, including projects from con- struction partnerships. Order portfolio Following the high order intake in the first quarter of this year and throughout last year, the value of final, unconditional orders rose to DKK 14.2 billion at 30 June 2026 (2025: DKK 11.6 billion). The order book is spread widely across seg- ments, project sizes and geographies, and 26% (2025: 33%) originates from projects from construction partnerships and other collaboration projects. In addition to the order book, the Group had orders awarded but not yet con- tracted to a total value of DKK 5.4 billion (2025: 5.8 billion). These include major infrastructure projects with early involvement for DSB and Metroselskabet. Add to this future assignments in construction partnerships with an estimated value of some DKK 4.6 billion (2025: DKK 4.9 billion) and orders in joint ventures total- ling DKK 0.5 billion (2025: DKK 0.7 billion). The total order portfolio thus rose to approximately DKK 24.7 billion at 30 June 2026 (2025: DKK 23.1 billion). The portfolio equals just under 2.5 times this year’s expected revenue, providing the Group with significant resilience to any fluctuations in the market and de- mand. Order intake and order book DKKm (%) Civil engineering Newbuilds Refurbishment Other & infrastructure Development in order portfolio DKKbn Final, unconditional orders Estimated future activity in partnerships Awarded, not yet contracted Orders in joint ventures Q2 2025 Q2 2026 Q2 2025 Q2 2026 11.6 11.0 11.9 14.7 14.2 5.8 6.3 8.5 4.7 5.4 4.9 4.6 3.3 4.2 4.6 0.7 0.6 0.5 0.5 0.5 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 23.0 22.5 24.2 24.1 24.7 Order intake Order book 39% 14% 45% 32% 4% 2,531 1,996 20% 37% 0% 12% 12% 40% 1% 11,606 14,215 19% 13% 1 0 5% 55% 19% 30% 26% 43% 47%
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MT Højgaard Holding Interim report Q2 2026 5 First-half results The ownership of NemByg A/S has been transferred from Enemærke & Petersen to MT Højgaard Danmark. Comparative figures for first half of 2025 are restated to reflect the transfer. Revenue Revenue declined by 12% to DKK 4,658 million (2025: DKK 5,300 million). Fol- lowing a challenging first quarter, in which revenue decreased 18% due to the harsh and prolonged winter and the phasing of the project portfolio, the de- cline in revenue in the second quarter was more moderate at 6%. The expecta- tion is still that activity levels will rise in the second half of the year. MT Højgaard Danmark’s revenue decreased 11% in the first half of the year, but by only 1% in the second quarter, when several newbuild orders – including the new accommodation facilities for the Danish Armed Forces – began to contrib- ute to revenue. However, as expected, revenue was still affected by the phas- ing of the order portfolio, with large multi-year projects making only modest contributions during their start-up phases in 2026. Enemærke & Petersen’s revenue decreased 14%, affected by the lower activity levels in the parent company, while the subsidiary Raunstrup reported stable operations. Across the Group, revenue from Newbuilds remained unchanged at DKK 2,353 million. Revenue from Refurbishment decreased 19% to DKK 1,345 million, while the contribution from Civil Engineering & Infrastructure projects decreased 21% to DKK 833 million. Projects from construction partnerships and collaboration accounted for 33% of revenue (2025: 35%) and continued to make a significant contribution, even though MT Højgaard Danmark completed major collaboration projects. Results EBIT was a loss of DKK 10 million in H1 2026 (2025: profit of DKK 198 million), for an EBIT margin of -0.2% (2025: 3.7%). This decline was primarily due to the write-down recognised on the Nordhavn Tunnel joint venture in the second quarter and the challenging winter weather in the first quarter, which reduced capacity utilisation in both business units. Excluding joint ventures, MT Højgaard Danmark achieved a satisfactory EBIT margin of 5.1% (2025: 6.6%). Enemærke & Petersen's EBIT margin was 1.4% (2025: 1.4%) following increased write-down on challenged projects. Return on invested capital (ROIC) on a 12-month basis was 18% (2025: 50%). The decline was due to higher invested capital and lower earnings. Net financial items amounted to an expense of DKK 7 million (2025: expense of DKK 13 million). The improvement was driven by higher interest income from debtors and on deposits, as well as lower interest expenses following the repay- ment of a subordinated loan last year. The result of continuing operations was a loss after tax of DKK 14 million (2025: profit of DKK 146 million), primarily due to write-down on Nordhavn Tunnel. The result of discontinued operations improved to a loss DKK 10 million (2025: loss of DKK 20 million) after recent years’ sale and winding up of international activi- ties. The loss on discontinued operations was recognised in the first quarter, while there was no P&L effect in the second quarter. The result for the first half year was therefore a net loss of DKK 24 million (2025: profit of DKK 126 million). Equity Equity amounted to DKK 1,129 million at 30 June 2026, against DKK 1,229 million at 31 December 2025 and DKK 1,105 million at 30 June 2025. The change since the beginning of the year reflects the result for the period and dividend paid for 2025. The solvency ratio was 28.7%, against 29.4% at 31 December 2025 and 23.6% at 30 June 2025. Cash flows and debt Cash flows from operating activities were an outflow of DKK 69 million (2025: inflow of DKK 115 million), primarily due to changes in working capital, which has deteriorated by DKK 272 million year on year as a result of developments in ongoing construction contracts and lower trade payables. Cash flows from investing activities amounted to an outflow of DKK 46 million (2025: inflow of DKK 31 million) and were adversely affected by a final earn-out payment relating to the sale of Ajos, which took place in 2021. The comparative period was favourably affected by proceeds from the sale of companies and activities in the wound-up international business. Financing activities generated a cash outflow of DKK 110 million (2025: outflow of DKK 252 million) and included dividends of DKK 77 million and repayments of lease liabilities of DKK 33 million, while the comparative period was affected by larger repayments on a subordinated loan from Knud Højgaards Fond, which was repaid ahead of schedule in 2025. Net interest-bearing debt (NIBD) was a deposit of DKK 105 million, a decline of DKK 225 million from 31 December 2025 and of DKK 268 million year on year. Capital resources At 30 June, capital resources comprised cash and cash equivalents of DKK 315 million, unused credit facilities with banks and a DKK 250 million facility pro- vided by Knud Højgaards Fond. The Board of Directors takes the view that the capital resources will be adequate to cover the projected activity levels, realise the strategic plans and withstand potential fluctuations in liquidity. Amounts in DKKm Revenue EBIT Order intake* Order book* Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 MT Højgaard Danmark 1,610 1,630 -68 86 1,311 1,966 8,112 7,144 Enemærke & Petersen 915 1,064 -5 15 686 626 6,108 4,552 Other, including eliminations -20 -19 -4 -1 -1 -61 -5 -90 MT Højgaard Holding Group 2,505 2,675 -77 100 1,996 2,531 14,215 11,606 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 MT Højgaard Danmark 2,893 3,261 -26 179 4,137 3,396 8,112 7,144 Enemærke & Petersen 1,810 2,071 25 29 2,859 1,790 6,108 4,552 Other, including eliminations -45 -32 -9 -10 -2 -62 -5 -90 MT Højgaard Holding Group 4,658 5,300 -10 198 6,994 5,124 14,215 11,606 * Final, unconditional orders
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MT Højgaard Holding Interim report Q2 2026 6 Outlook for 2026 At 30 June 2026, 91% of the expected revenue for the year from construction and civil engineering contracts had been covered by final, unconditional orders. MT Højgaard Holding maintains the guidance announced on 3 June following the conclusion of a settlement agreement with the Danish Road Directorate re- garding the completion of the Nordhavn Tunnel in Copenhagen: Revenue is forecast to be DKK 10.0-10.5 billion (2025: DKK 10.2 billion). Operating profit (EBIT) is expected to be DKK 225-275 million (2025: DKK 429 million). This guidance includes a DKK 175 million write-down on the Nordhavn Tunnel joint venture. Excluding the impact of the agreement on the Nordhavn Tunnel, expectations are that revenue and operating profit will remain on a par with last year. The Group’s expectation remains to drive growth from 2027 onwards. Excluding the contribution from the Nordhavn Tunnel joint venture, MT Højgaard Danmark expects its operating profit to stabilise with revenue remain- ing largely unchanged, supported by the successful execution of its projects. Several large, phased projects are expected to have a modest impact during their start-up phase this year, before they begin to make solid contributions as they go into production from 2027-28 onwards. Enemærke & Petersen expects lower revenue and operating profit due to the additional write-downs in Q2. The earnings outlook includes an expected gain from a major land sale. At 30 June, 91% of the Group’s expected revenue for the year from construc- tion and civil engineering contracts had been covered by final, unconditional orders. Order coverage is almost on level with last year (2025: 94%), following a period earlier this year when it was below the usual level. The strengthening was driven by both new orders and the conversion of projects, which were pre- viously awarded, but not yet contracted. The war in the Middle East and its derivative effects on global trade and energy prices have, so far, had a limited impact on raw material prices and the overall cost levels in the business units. Management is monitoring the situation closely and is continuously assessing how best to mitigate any potential ef- fects. Financial expenses are expected to decrease following last year’s repayment of a subordinated loan from Knud Højgaards Fond. The loss from discontinued op- erations is expected to be significantly lower following the sale of the last busi- ness operation in Greenland, and discontinued operations are not expected to have any P&L effect in the second half of the year. Accordingly, there is a basis for the net profit for the year to decrease less than the operating profit. Focus will continue to be on achieving a robust return on invested capital and improving productivity across the value chain, from submission of tenders to handover of the final projects. Other assumptions • Based on the known phasing of projects, as well as the harsh winter weather in the first quarter, revenue and operating profit are expected to peak in the second half of the year. • The outlook does not take into account any acquisitions or divestments of activities. • Apart from the aforementioned gain in Enemærke & Petersen, no other sig- nificant non-recurring items have been recognised from any land sales etc. • Overall activity within Civil Engineering & Infrastructure, Newbuilds and Re- furbishment is projected to grow by 2-3%. The Group sees particularly good project opportunities in the areas of infrastructure, climate protection, elec- trification, the upgrading of the Danish Armed Force’s facilities and the transformation of the existing building stock across all segments. • Interest from customers in construction partnerships, integrated project processes and other forms of collaboration is expected to remain solid. Revenue 10.0-10.5 bn Outlook 2026 Realised 2025 10.0-10.5 bn 10.2 bn EBIT 225-275 m Outlook 2026 Realised 2025 225-275 m 429 m Forward-looking statements The interim report contains forward-looking statements, includ- ing projections for 2026, which, by their nature, involve risks and uncertainties that may cause actual performance to differ from that contained in the forward-looking statements. Reference is made to the risk management section on pages 14- 17 of the annual report for 2025.
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MT Højgaard Holding Interim report Q2 2026 7 MT Højgaard Danmark Strong order book following a chal- lenging first half The first half of the year was affected by lower levels of activity during a harsh and prolonged winter combined with an write- down on the Nordhavn Tunnel joint venture that impacted the result. The strong order book provides a solid foundation for operations in the coming years. Comparative figures are shown in brackets and have been restated to reflect the transfer of NemByg A/S to MT Højgaard Danmark from Enemærke & Petersen. Revenue in the second quarter remained largely unchanged at DKK 1,610 mil- lion (2025: DKK 1,630 million), while EBIT amounted to a loss of DKK 68 million (2025: profit of DKK 86 million) following a DKK 175 million write-down on the Nordhavn Tunnel joint venture. Excluding the result of joint ventures, the oper- ating profit (EBIT) was DKK 106 million (2025: DKK 101 million). Revenue for the first half of the year was DKK 2,893 million (2025: DKK 3,261 million), while EBIT was a loss of DKK 26 million (2025: profit of DKK 179 million). Special projects and initiatives In the second quarter, MT Højgaard Danmark and N.V. BESIX S.A., through their 50/50 joint venture BESIX-MTH JV, reached a settlement with the Danish Road Directorate regarding the ongoing construction of the Nordhavn Tunnel. Fol- lowing constructive discussions, the parties reached an agreement on extra works, delays and a new time schedule with handover at the end of 2028. The ownership of NemByg A/S was transferred from Enemærke & Petersen to MT Højgaard Danmark on 30 June. The business will continue under the NemByg name, with its headquarters in Esbjerg and the current management team. With the addition of NemByg, MT Højgaard Danmark is strengthening its position in Jutland, while NemByg is enhancing its competitiveness through ac- cess to the knowledge, expertise and colleagues at MT Højgaard Danmark. In the second quarter, MT Højgaard Danmark entered into an agreement with Fredensborg Municipality, Altiden and Northern Horizon to develop and con- struct a comprehensive project in Nivå comprising a care home for 88 resi- dents and 12 senior housing units. The project marks the completion of the de- velopment of the Teglsøerne district, in line with MT Højgaard Danmark’s focus on developing projects in close collaboration with clients and investors. The project provides much-needed senior care places in the municipality. In the second quarter, MT Højgaard Danmark handed over the third DSB work- shop in Aarhus. The collaboration with DSB continues in relation to the Vinge project north of Copenhagen, with MT Højgaard Danmark designing and build- ing a new workshop for the future driverless trains together with Artelia, Holm & Grut Architects, M.J. Eriksson, Siemens, Systra and Thing Brandt Landskab. In North Zealand, MT Højgaard Danmark is to extend the northern section of the Hillerød motorway. The project involves upgrading the section between Peder Oxes Allé and Isterødvejen near Hillerød from an expressway to a motorway. The extension is a significant contribution to the transport infrastructure of North Zealand and is closely linked to MT Højgaard Danmark’s involvement in major motorway projects, including the expansion of the E45 motorway in east- ern Jutland. Order intake and order book Order intake reached DKK 1,311 million (2025: DKK 1,966 million) in the second quarter and DKK 4,137 million (2025: DKK 3,396 million) in the first half of 2026. At 30 June 2026, the order book amounted to DKK 8,112 million (2025: DKK 7,144 million). In addition, MT Højgaard Danmark has secured orders worth DKK 5.3 billion, which have yet to be contracted. Major new projects and activities • Extension of the northern section of the Hillerød motorway. • Construction of a private care home in Nivå for 88 care and 12 senior hous- ing units. • Internal works on a corporate headquarters project in Copenhagen. Revenue 1.6 bn 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 1,610 1,283 1,604 1,475 1,630 EBIT -68 m 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 -68 42 92 79 86 EBIT margin -4.2 % 5.3% 5.4% 5.7% 3.3% -4.2% Q2 Q3 Q4 Q1 Q2 2025 2025 2025 2026 2026 Order intake (final, unconditional) 1.3 bn 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 1,311 2,826 1,958 844 1,966 Order book (final, unconditional) 8.1 bn 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 8,112 8,411 6,868 6,514 7,144 Amounts in DKKm
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MT Højgaard Holding Interim report Q2 2026 8 Enemærke & Petersen Reduced profitability and lower activity Efforts to strengthen project execution and risk management continued in the second quarter, during which results were affected by additional write-downs on particular one newbuild project. Comparative figures are shown in brackets and have been restated to reflect the transfer of NemByg A/S from Enemærke & Petersen to MT Højgaard Danmark. Revenue amounted to DKK 915 million in the second quarter of 2026 (2025: DKK 1,064 million), representing a 14% decline due to lower activity levels fol- lowing the completion of certain projects, while new projects were in their start-up phases. Operating profit decreased to DKK -5 million (2025: DKK 15 mil- lion), as results were affected by additional write-downs particularly related to one newbuild project, which has previously entailed write-downs. This new- build project is 80% completed with expected final handover in spring 2027. Revenue amounted to DKK 1,810 million in the first half of 2026 (2025: DKK 2,071 million), and operating profit came to DKK 25 million (2025: DKK 29 mil- lion), corresponding to an EBIT margin of 1.4% (2025: 1.4%). Special projects and initiatives Enemærke & Petersen delivered the final stage of the Galgebakken refurbishment project in Albertslund, thereby completing the project comprising a complex of atrium homes and terraced houses totalling 688 units. In addition, Enemærke & Petersen completed the Øparken social housing refurbishment project in Slangerup, which involved the replacement of doors, windows and entire façade elements in the terraced housing development. As part of the TRUST partnership, Enemærke & Petersen completed the refurbishment and expansion of Tingbjerg Skole in Brønshøj. The works were undertaken with due consideration to the school’s cultural and historical context and its architectural features. Some 200 square metres of reclaimed bricks were used in the construction of the new building for the after-school programme. Having previously contributed to the refurbishment of several Netto stores to the Netto 3.0 standard, Raunstrup has been involved in the development of new Netto 4.0 refurbishment projects and has already received its first orders for refurbishment projects in Tilst and Aarup. Order intake and order book The order intake in the second quarter of 2026 was DKK 686 million (2025: DKK 626 million), an increase of 10% year on year. The increase was primarily driven by new orders received by Raunstrup and a few orders received within the TRUST partnership. The order book at the end of the second quarter amounted to DKK 6,108 million (2025: DKK 4,552 million). And at 30 June, Enemærke & Petersen had orders awarded but not yet contracted to a value of DKK 124 million. Major new projects and activities Construction of the day care centre Bystævneparken in Brønshøj (Ene- mærke & Petersen). The project is being realised in the area where Ene- mærke & Petersen is constructing the Rønnebo assisted-living housing units and its outdoor areas as part of the master plan for the district. All the projects are carried out under the TRUST partnership scheme. Final contract signed for Solbakken in Odense (Enemærke and Petersen). Construction of 57 student accommodation units for the ØsterBo housing association in Vejle (Raunstrup). Redevelopment of Fodboldens Hus in Søholt for Silkeborg Municipality (Raunstrup). Refurbishment and transformation of Hærvejens Skole & Dagtilbud for Vejen Municipality (Raunstrup). Revenue 915 m 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 915 895 967 946 1,064 EBIT -5 m 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 -5 30 33 35 15 EBIT margin -0.5 % 1.4% 3.7% 3.4% 3.4% -0.5% Q2 Q3 Q4 Q1 Q2 2025 2025 2025 2026 2026 Order intake (final, unconditional) 0.7 bn 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 686 2,173 1,433 988 626 Order book (final, unconditional) 6.1 bn 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 6,108 6,337 5,059 4,593 4,552 Amounts in DKKm
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MT Højgaard Holding Interim report Q2 2026 9 ESG ESG efforts continued in the first half of 2026, character- ised, among other things, by lower GHG emissions from own operations, a higher recirculation rate and a continued focus on health and safety. ESG focus in the first half of 2026 During the first half of the year, the Group focused on strengthening accounta- bility throughout the value chain by implementing supplier screening, with a view to preventing occupational crime, social dumping and financial crime. At the same time, the Group continued working on its climate action plans, focus- ing particularly on CO2 reductions through increased use of low-emission fuels, energy optimisation at construction sites and the gradual electrification of ma- chinery and the vehicle fleet. Health and safety at work remains one of the Group’s top priorities. The acci- dent rate was not satisfactory, and efforts to prevent workplace accidents and strengthen the safety culture have therefore been increased. In addition, the Group focuses on absence due to illness, staff turnover and training pro- grammes with a view to retaining and developing skills within the Group. ESG performance in the first half of 2026 In the first half of 2026, the Group’s Scope 1 emissions decreased compared with the same period last year, while Scope 2 emissions increased. The com- bined Scopes 1 and 2 emissions intensity decreased. The volume of waste in- creased, while the recirculation rate improved. In the social sphere, the propor- tion of women in the Group and in salaried positions increased, while the pro- portion of women in hourly-paid positions decreased. The number of workplace accidents with absence increased, leading to a higher accident rate. GHG emissions from own operations (Scopes 1 and 2) Total GHG emissions from the Group’s own operations decreased in the first half of 2026 to 5,543 tonnes of CO2e (2025: 6,610 tonnes of CO2e), driven by the above-mentioned reduction in Scope 1 emissions. The reduction in Scope 1 emissions was primarily due to lower consumption of fossil fuels as a result of reduced activity levels as well as a change in the project mix. At MT Højgaard Danmark, the final stages of the E45 motorway and Port of Rønne projects con- tributed to lower diesel consumption, while Enemærke & Petersen’s fuel con- sumption decreased, partly due to the ongoing electrification of its vehicle fleet. Scope 2 emissions increased to 515 tonnes of CO2e (2025: 499 tonnes of CO2e), primarily as a result of increased electrification of the vehicle fleet and higher electricity consumption on the projects. The harsh winter also contrib- uted to increased electricity consumption. Emissions intensity stood at 1.18 tonnes of CO2e per DKK million of turnover (2025: 1.24 tonnes of CO2e per DKK million) and had thus improved. Despite this positive trend, there is still a need for reductions and efficiency improve- ments to ensure progress towards the Group’s climate targets. Waste The total waste volume increased in the first half of 2026 to 6,242 tonnes (2025: 5,648 tonnes), while the recirculation rate improved to 63.4% (2025: 59.7%). The higher recirculation rate was in particular driven by Enemærke & Petersen, whose increased focus on waste sorting and a greater number of cer- tified projects contributed to a higher degree of circularity. At MT Højgaard Danmark, the recirculation rate decreased as a result of the disposal of contam- inated timber from Horsens Marina and other projects. The Group is continuing its efforts to improve waste sorting through enhanced sorting processes at construction sites and close collaboration with waste management operators. Diversity and inclusion The proportion of women in the Group increased to 12.8% (2025: 12.1%) as a re- sult of a higher proportion of women in salaried positions, which increased to 26.7% (2025: 25.1%). The share of women in hourly-paid positions decreased to 2.7% (2025: 3.1%). The Group’s targets of 5% women in hourly-paid positions and 30% women in salaried positions have not yet been achieved. Efforts to promote diversity therefore continued through targeted initiatives in the areas of recruitment, talent development and retention. Health and safety The number of workplace accidents with absence rose to 55 (2025: 47), leading to an increase in the accident rate to 21.4 (2025: 17.0). This trend was partly due to cold weather conditions in the first few months of the year, which led to an increase in the number of slip and fall injuries. The result emphasises that health and safety at work continues to require ongoing attention, and there is still a long way to go to achieve the target of an accident rate of less than 12. The Group is therefore continuing its efforts to strengthen its safety culture. ESG key figures Unit YTD 2026 YTD 2025 Full Year 2025 Climate and environment Scope 1 GHG emissions Tonnes 5,028 6,111 12,118 Scope 2 location-based GHG emissions Tonnes 515 499 882 Emission intensity Scopes 1 and 2 Tonnes/DKKm 1.18 1.24 1.26 Waste volume* Tonnes 6,242 5,648 10,787 Waste recirculation* % 63.4 59.7 61.5 Social Average full-time workforce FTEs 2,914 3,103 3,172 Women in the Group % 12.8 12.1 12.2 Women in hourly paid positions % 2.7 3.1 3.1 Women in salaried positions % 26.7 25.1 25.3 Workplace accidents with absence Number 55 47 97 Rate of accidents Rate 21.4 17.0 17.6 *Data do not include demolition waste or waste from suppliers not covered by a Group agreement. Comparative figures have been restated .
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MT Højgaard Holding Interim report Q2 2026 10 Consolidated financial statements 1 January to 30 June 2026 In January, Grundfos and MT Højgaard Danmark signed an unconditional contract for the construc- tion of the Grundfos group’s new headquarters in Bjerringbro.
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MT Højgaard Holding Interim report Q2 2026 11 Income statement Amounts in DKKm Q2 2026 Q2 2025 YTD 2026 YTD 2025 Full Year 2025 Revenue 2,505 2,675 4,658 5,300 10,229 Production costs -2,309 -2,451 -4,299 -4,864 -9,416 Gross profit 196 224 359 436 813 Distribution costs -32 -34 -67 -67 -133 Administrative expenses -67 -75 -129 -135 -216 Profit before share of profit/loss of associates and joint ventures 97 115 163 234 464 Share of profit/loss of associates and joint ventures -174 -15 -173 -36 -35 EBIT -77 100 -10 198 429 Financial income 2 6 11 9 17 Financial expense -9 -12 -18 -22 -43 Profit/loss before tax from continuing operations -84 94 -17 185 403 Tax on profit/loss for the period from continuing operations 18 -19 3 -39 -90 Net profit/loss for the period from continuing operations -66 75 -14 146 313 Profit/loss for the period after tax from discontinued operations - -7 -10 -20 -45 Net profit/loss for the period -66 68 -24 126 268 Statement of comprehensive income Amounts in DKKm Q2 2026 Q2 2025 YTD 2026 YTD 2025 Full Year 2025 Net profit/loss for the period -66 68 -24 126 268 Other comprehensive income Items that may be reclassified to the income statement: Foreign exchange adjustments arising on translation of foreign entities 0 -5 2 -7 -7 Other comprehensive income after tax 0 -5 2 -7 -7 Total comprehensive income -66 63 -22 119 261
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MT Højgaard Holding Interim report Q2 2026 12 Balance sheet Assets Amounts in DKKm 30/06 2026 30/06 2025 31/12 2025 Non-current assets Intangible assets 363 378 371 Property, plant and equipment 310 285 310 Lease assets 155 143 150 Investments in associates and joint ventures 13 12 14 Other investments 32 32 32 Receivables 67 104 173 Deferred tax assets 30 68 27 Total non-current assets 970 1,022 1,077 Current assets Inventories 238 231 232 Receivables 1,752 1,945 1,682 Contract assets 583 682 593 Prepayments 75 80 33 Cash and cash equivalents 315 665 540 Current assets from continuing operations 2,963 3,603 3,080 Assets held for sale - 48 29 Total current assets 2,963 3,651 3,109 Total assets 3,933 4,673 4,186 Equity and liabilities Amounts in DKKm 30/06 2026 30/06 2025 31/12 2025 Equity Share capital 156 156 156 Translation reserve -4 -6 -6 Retained comprehensive income 977 955 1,079 Total equity 1,129 1,105 1,229 Non-current liabilities Deferred tax liabilities 29 32 31 Provisions 140 141 145 Mortgage debt 13 28 13 Lease liabilities 135 137 138 Subordinated loan - 80 - Other liabilities 27 24 30 Total non-current liabilities 344 442 357 Current liabilities Mortgage debt 1 2 1 Lease liabilities 66 62 64 Contract liabilities 830 1,209 1,176 Trade payables 1,213 1,346 1,051 Other liabilities 251 329 170 Income tax 10 9 12 Provisions 88 120 92 Deferred income 1 6 5 Current liabilities from continuing operations 2,460 3,083 2,571 Liabilities related to assets held for sale - 43 29 Total current liabilities 2,460 3,126 2,600 Total liabilities 2,804 3,568 2,957 Total equity and liabilities 3,933 4,673 4,186
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MT Højgaard Holding Interim report Q2 2026 13 Cash flow statement Amounts in DKKm Q2 2026 Q2 2025 YTD 2026 YTD 2025 Full Year 2025 Operating profit (EBIT) -77 100 -10 198 429 Operating profit (EBIT) from discontinued operations - -6 -13 -17 -42 Depreciation, amortisation and impairment losses 28 29 56 57 114 Changes in provisions -23 -41 -18 -52 -73 Share of profit/loss of associates and joint ventures 174 15 173 36 35 Other non-cash operating items, net -1 -3 - -4 -4 Cash flows from operating activities before working capital changes 101 94 188 218 459 Working capital changes: Inventories 13 2 19 43 43 Receivables -202 -395 -171 -368 -125 Construction contracts in progress -138 341 -338 368 425 Trade and other current payables 200 38 242 -123 -577 Cash flows from operations (operating activities) -26 80 -60 138 225 Financial income received 2 6 11 9 17 Financial expenses paid -9 -11 -18 -22 -44 Income taxes paid - 1 -2 -10 -17 Cash flows from operating activities -33 76 -69 115 181 Amounts in DKKm Q2 2026 Q2 2025 YTD 2026 YTD 2025 Full Year 2025 Purchase of intangible assets - - - - -1 Purchase of property, plant and equipment -16 -16 -46 -32 -81 Sale of property, plant and equipment - 2 3 40 48 Sale of companies and activities * - - -7 7 7 Sale of joint ventures - - - 10 10 Dividends from joint ventures 2 2 4 6 6 Cash flows from investing activities -14 -12 -46 31 -11 Loan financing: Payment of bank loans 0 -1 0 -6 -22 Payment of lease debt -17 -16 -33 -33 -66 Payment of loans from Knud Højgaards Fond - -80 - -160 -240 Shareholders: Dividends distributed - - -77 -50 -50 Purchase of treasury shares - - - -3 -23 Cash flows from financing activities -17 -97 -110 -252 -401 Net increase (decrease) in cash and cash equivalents -64 -33 -225 -106 -231 Cash and cash equivalents at 01-01 379 698 540 771 771 Cash and cash equivalents at 30-06 315 665 315 665 540 *Related to the payment of the final earn-out on Ajos, offset by the proceeds from the sale of Arssarnerit, which was sold on 1 April 2026
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MT Højgaard Holding Interim report Q2 2026 14 Equity statement 2026 Amounts in DKKm Share capital Translation reserve Retained comprehensive income Total equity Equity at 01-01 156 -6 1,079 1,229 Net profit after tax - - -24 -24 Other comprehensive income: Foreign exchange adjustments arising on translation of foreign entities - 2 - 2 Transactions with owners: Dividends distributed - - -77 -77 Dividend, treasury shares - - 0 0 Purchase of treasury shares - - - - Share-based payments - - -1 -1 Equity at 30-06 156 -4 977 1,129 2025 Share capital Translation reserve Retained comprehensive income Total equity 156 1 880 1,037 - - 126 126 - -7 - -7 - - -50 -50 - - 0 0 - - -3 -3 - - 2 2 156 -6 955 1,105
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MT Højgaard Holding Interim report Q2 2026 15 Notes Note 1 Revenue and segment information Q2 2026 Amounts in DKKm MT Højgaard Danmark Enemærke & Petersen Segments Other Eliminations Group Civil Engineering & Infrastructure 404 - 404 - - 404 Newbuilds 1,016 304 1,320 - - 1,320 Refurbishment 175 531 706 - - 706 Other revenue 15 56 71 4 - 75 Revenue to external customers 1,610 891 2,501 4 - 2,505 Intersegment revenue - 24 24 26 -50 - Total revenue 1,610 915 2,525 30 -50 2,505 Production costs -1,451 -878 -2,329 -5 25 -2,309 Gross profit 159 37 196 25 -25 196 Depreciation, amortisation and impairment losses -16 -9 -25 -3 - -28 Share of profit/loss of associates and joint ventures -174 - -174 - - -174 EBIT -68 -5 -73 -4 - -77 YTD 2026 Civil Engineering & Infrastructure 833 - 833 - - 833 Newbuilds 1,707 646 2,353 - - 2,353 Refurbishment 328 1,017 1,345 - - 1,345 Other revenue 24 99 123 4 - 127 Revenue to external customers 2,892 1,762 4,654 4 - 4,658 Intersegment revenue 1 48 49 51 -100 - Total revenue 2,893 1,810 4,703 55 -100 4,658 Production costs -2,633 -1,710 -4,343 -7 51 -4,299 Gross profit 260 100 360 48 -49 359 Depreciation, amortisation and impairment losses -31 -17 -48 -7 - -55 Share of profit/loss of associates and joint ventures -173 - -173 - - -173 EBIT -26 25 -1 -9 - -10 Total assets 3,238 1,753 4,991 548 -1,606 3,933 Total liabilities 2,013 1,119 3,132 1,278 -1,606 2,804 Q2 2025 MT Højgaard Danmark Enemærke & Petersen Segments Other Eliminations Group 569 - 569 - - 569 816 317 1,133 - - 1,133 152 695 847 - - 847 92 34 126 - - 126 1,629 1,046 2,675 - - 2,675 1 18 19 25 -44 - 1,630 1,064 2,694 25 -44 2,675 -1,469 -1,012 -2,481 -2 32 -2,451 161 52 213 23 -12 224 -15 -9 -24 -3 - -27 -15 - -15 - - -15 86 15 101 -1 - 100 YTD 2025 1,056 - 1,056 - - 1,056 1,759 619 2,378 - - 2,378 300 1,352 1,652 - - 1,652 145 69 214 - - 214 3,260 2,040 5,300 - - 5,300 1 31 32 49 -81 - 3,261 2,071 5,332 49 -81 5,300 -2,934 -1,970 -4,904 -4 44 -4,864 327 101 428 45 -37 436 -29 -17 -46 -8 - -54 -36 - -36 - - -36 179 29 208 -10 - 198 3,787 1,848 5,635 693 -1,655 4,673 2,432 1,268 3,700 1,523 -1,655 3,568
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MT Højgaard Holding Interim report Q2 2026 16 Notes Note 2 Discontinued operations and assets held for sale Amounts in DKKm Q2 2026 Q2 2025 YTD 2026 YTD 2025 Revenue - 23 22 48 Costs, including impairment losses - -29 -35 -65 EBIT - -6 -13 -17 Net financials - 0 0 0 Profit/loss before tax - -6 -13 -17 Tax on profit/loss - -5 1 -5 Net profit/loss after tax - -11 -12 -22 Gains/losses on sales - 1 2 0 Tax effect of gain/loss - 3 0 2 Profit/loss for the period from discontinued operations - -7 -10 -20 Cash flows from operating activities - -13 -5 -30 Cash flows from investing activities - 2 -5 54 Cash flows from financing activities - 0 -1 -7 Total cash flows from discontinued operations - -11 -11 17 Amounts in DKKm 30/06 2026 30/06 2025 Assets held for sale Property, plant and equipment - 19 Inventories - 6 Receivables - 23 Total, assets held for sale - 48 Lease liabilities - 15 Provisions - 11 Other liabilities - 17 Liabilities related to assets held for sale - 43 Note 3 Accounting policies This interim financial report covers the period 1 January to 30 June 2026. The interim financial report is presented in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and Danish disclosure requirements for listed companies. Other than the implementation of amended standards and interpretations (see ‘New standards’ below), the accounting policies are unchanged from those applied in the consolidated financial statements for 2025. A full description of the accounting policies is provided in the consolidated financial statements for 2025. New standards MT Højgaard Holding A/S has implemented new or amended standards and interpretations effective at of 1 January 2026, as adopted by the EU. The adopted standards and interpretations have not had any material impact on recogni- tion or measurement in the Group’s financial statements for 2026 and are not expected to have a material effect on the Group’s financial position or performance going forward. Note 4 Accounting estimates and judgments The preparation of the interim financial statements requires management to make accounting estimates and judgments that affect the application of accounting policies and recognised assets, liabilities, income and expenses. Actual results may differ from such estimates. The significant estimates made by management applying the Group’s accounting policies and the associated signifi- cant estimation uncertainties are the same for the preparation of the interim financial statements as for the preparation of the 2025 consolidated financial statements.
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MT Højgaard Holding Interim report Q2 2026 17 The Board of Directors and the Executive Board have today discussed and ap- proved the interim report of MT Højgaard Holding A/S for the period 1 January to 30 June 2026. The interim financial statements, which have not been audited or reviewed by the company’s auditors, have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and the additional disclosure require- ments of the Danish Financial Statements Act. In our opinion, the interim financial statements give a true and fair view of the Group’s assets, liabilities and financial position at 30 June 2026 and of the re- sults of the Group’s operations and cash flows for the period 1 January to 30 June 2026. Furthermore, in our opinion, the management’s review provides a fair presenta- tion of the development in the Group’s activities and financial affairs, the re- sults for the period and the Group’s financial position as a whole as well as a description of the most significant risks and uncertainty factors faced by the Group. Søborg, 27 August 2026 MT Højgaard Danmark’s work at the Port of Rønne is progressing according to plan. The photo shows personnel and machinery carrying out anchoring work. The project will be handed over at the end of the year. Statement by the Executive Board and the Board of Directors Executive Board Rasmus Untidt CEO Board of Directors Morten Hansen Chairman Knut Akselvoll Deputy Chairman Christine Thorsen Christian Poulsen Marie Louise Hansen Torben Bender Lars Tesch Olsen Jimmy Laursen
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MT Højgaard Holding A/S Knud Højgaards Vej 7 DK-2860 Søborg CVR no. 16888419 +45 7012 2400 mthh.dk