Annual rank51
Denmark · Industrials
MT Hoejgaard Holding
Develops, plans and executes projects across construction, civil engineering, infrastructure and the green transition.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
Two Danish builders spanning infrastructure and occupied renewal
MT Højgaard Holding is the strategic owner of two independent Danish construction businesses, not one contractor taking the same role on every project. MT Højgaard Danmark handles civil engineering, infrastructure, newbuilds and transformation; Enemærke & Petersen concentrates on refurbishment, new construction, building services and strategic partnerships. The holding company sets direction and supports knowledge sharing. Its 2026-2028 plan keeps newbuilds, raises infrastructure's portfolio share and coordinates refurbishment, while Denmark is now the operating centre after the international wind-down.
Group and strategy
Two specialists, one deliberately Danish 2028 portfolio
MT Højgaard Holding says its two units run more than 300 active projects across Denmark. Its 2026-2028 strategy seeks a larger share of infrastructure revenue, stronger collaborative newbuilds and better-coordinated refurbishment. In April 2026, completion of the Arssarnerit sale in Greenland closed the group's international wind-down; the operating story is therefore Danish rather than a global-contractor narrative. On the same horizon, the group targets 80% recirculation of construction waste by 2028 and lower operational and value-chain emissions. On 30 June 2026, ownership of NemByg moved internally from Enemærke & Petersen to MT Højgaard Danmark; NemByg keeps its own name and management. Enemærke & Petersen, after previously moving its Western Denmark operations to Raunstrup, now focuses its core activities on Zealand and Funen.
- Open the Q2 group reorganisation NemByg transfer, E&P focus and cross-group collaboration
- Map the two operating businesses Distinct capabilities, active ownership and more than 300 Danish projects
- Read the 2026-2028 portfolio choices Newbuilds, infrastructure and coordinated refurbishment
- See the strategy enter operation Business-unit changes, Danish focus and current project mix
- Open the 2028 sustainability targets Emissions, material recirculation, safety and training
Transport and marine works
A finished harbour, a tunnel under construction and a metro in design
Rønne Harbour shows finished marine work: MT Højgaard Danmark used 600,000 tonnes of stone, extended the outer breakwater by 450 metres and continued from Phase 2 into Phases 3 and 4 for client Rønne Havn. At Nordhavn, its BESIX joint venture is casting a 1.4-kilometre tunnel for the Danish Road Directorate; a short official drone film shows the site. Separately, MT Højgaard Danmark, Cobe and Ramboll are only in Phase 1 on a planned 1.6-kilometre elevated M4 extension with two provisionally named stations, intended to open in 2030.
- Walk Rønne Harbour's three phases Breakwater, local stone, quays, ramps and contractor boundary
- Enter the Nordhavn Tunnel worksite In-situ casting, joint-venture role and Danish Road Directorate client
- Follow the future M4 extension Early design, elevated railway, provisional stations and 2030 target
- ▶ VideoWatch: Nordhavn's largest concrete pour Official 32-second language-neutral film of a 1,600-cubic-metre base slab
Complex facilities
Thirty-one accommodation blocks, 75,000 pallets and an electric-train workshop
In a Danish Armed Forces public-private partnership, MT Højgaard Danmark is constructing 31 accommodation buildings with 1,600 rooms at 11 sites; Raunstrup will operate and externally maintain them for 20 years after construction. For CAMPUS 4, MT Højgaard Danmark holds the turnkey construction contract on a 63,000-square-metre UNICEF world warehouse designed for more than 75,000 pallets. By & Havn is developing the facility for the Danish Building and Property Agency as tenant and UNICEF as user. The company also completed DSB's 11,500-square-metre electric-train workshop at Godsbanegården. An English OpenBIM film shows how an earlier laboratory project integrated digital design and construction.
- Map the Armed Forces partnership Ordering authority, construction role, room count and 20-year operation
- Tour the planned UNICEF world warehouse Automated high-bay storage, pallet capacity and turnkey team
- Trace the warehouse stakeholder chain Developer, tenant, user and turnkey-contractor roles
- See DSB's electric-train workshop Completed workshop, rail facility and client handover
- ▶ VideoWatch: OpenBIM on a laboratory build Official three-minute English digital-delivery case
Occupied renewal
Renovation timed around the people still living there
Enemærke & Petersen plans occupied refurbishment around residents, not just building fabric. Folehaven covers 972 homes, with repeated weekly production rhythms and work scheduled from September 2026 to March 2031. At Langkærparken, 860 apartments housing about 2,000 people were upgraded while occupied, with each stairwell completed in a nine-week cycle. At Åhaven, the contractor built 363 social homes on retained point foundations and says almost all demolished materials were recirculated for reuse or recycling. The housing organisations remain clients; Enemærke & Petersen is the contractor.
- Read the occupied-renovation method Resident dialogue, process planning and construction around daily life
- See Folehaven's weekly rhythm One gable, roof or stairwell at a repeatable production pace
- Track nine-week stairwells at Langkærparken 860 homes, about 2,000 residents and occupied energy renewal
- Follow materials through Åhaven Retained foundations, 363 homes and large-scale recirculation
- ▶ VideoWatch: renew two occupied housing blocks Official 108-second language-neutral Sjælør Boulevard project film
Official profile sources: Our history | MT Højgaard Holding · Home page | MT Højgaard Holding
Current 2026 update
What is changing at MT Højgaard Holding in 2026?
The August report separates a Nordhavn joint-venture setback from an internal reorganisation and a large order portfolio whose layers carry different certainty.
The change in one sentence
One project reset dominates reported profit while the group reallocates businesses and builds a backloaded pipeline.
The Nordhavn JV drives the quarterly loss, NemByg moves internally, and final orders cover most expected 2026 construction revenue even though other pipeline layers remain less certain.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · Nordhavn joint venture
A tunnel settlement turns one joint venture into the quarter's defining loss
MT Højgaard Danmark and BESIX are constructing the 1.4-kilometre Nordhavn Tunnel for the Danish Road Directorate. A settlement with the client led to a DKK 175 million write-down in Q2 and completion is now scheduled for end-2028. The group reported a DKK 77 million Q2 EBIT loss. Outside joint ventures, MT Højgaard Danmark recorded DKK 106 million EBIT, while Enemærke & Petersen reported a DKK 5 million loss. The DKK 225-275 million full-year EBIT guidance, revised on 3 June and maintained at Q2, already includes the Nordhavn write-down.
- Current signalNordhavn JV write-down DKK 175m · Q2 group EBIT -DKK 77m · completion end-2028
- Why it mattersThe project-specific JV charge dominates the group result but does not make every operating business profitable; it remains a test of large-project execution through 2028.
- Q2 report and group changes MT Højgaard Holding · 27 August 2026
- Nordhavn project and role map MT Højgaard Danmark · checked 28 August 2026
02 · Group structure
NemByg moves internally while Enemærke & Petersen narrows its regional focus
On 30 June, NemByg moved from Enemærke & Petersen to MT Højgaard Danmark. It keeps its own name and management and gains access to MT Højgaard Danmark expertise, including ground engineering. Enemærke & Petersen had already moved other Western Denmark activities to Raunstrup and now focuses core operations on Zealand and Funen. The report also gives a practical collaboration example: MT Højgaard Danmark builds the Armed Forces accommodation project and Raunstrup will operate it. This is an internal transfer, not an acquisition or disposal by the holding company.
- Current signalNemByg ownership transfer effective 30 June · own name and management retained · E&P focuses Zealand and Funen
- Why it mattersThe reorganisation changes where expertise, geography and project responsibility sit inside the same Danish group, while preserving distinct operating-company roles.
- Q2 report and group changes MT Højgaard Holding · 27 August 2026
03 · Layered project pipeline
A DKK 24.7 billion portfolio has four disclosed layers and conditional awards tracked separately
At 30 June, the portfolio comprised DKK 14.2 billion of final, unconditional orders, DKK 5.4 billion awarded but not contracted, DKK 4.6 billion of estimated future partnership activity and DKK 0.5 billion of JV orders, for the reported rounded total of DKK 24.7 billion. The report also cites DKK 784 million of conditional awards that enter order intake only after final contracts; it does not state whether they overlap the DKK 5.4 billion layer, so they are not added here. Final orders covered 91% of expected 2026 construction and civil-engineering revenue. New final orders include a DKK 277 million MT Højgaard Danmark main contract to expand about 3.5 kilometres of the Hillerød motorway for the Danish Road Directorate and a Nivå care home developed and sold for more than DKK 200 million to Northern Horizon, which will lease it to operator Altiden.
- Current signalDKK 14.2bn final orders of DKK 24.7bn reported total · 91% of expected 2026 contract revenue covered
- Why it mattersFinal orders anchor near-term activity; awarded, conditional, partnership and JV layers carry different certainty and must not be added or read as one uniform backlog.
- Q2 report and group changes MT Højgaard Holding · 27 August 2026
- Hillerød motorway order MT Højgaard Danmark · 18 June 2026
- Nivå care-home development MT Højgaard Danmark · 15 June 2026
04 · What to watch
Three questions for the next disclosures
The next disclosures should separate project-specific JV risk from operating-company results, internal transfers from external deals and final orders from less-certain pipeline layers.
- Nordhavn executionDoes the joint venture hold to the revised end-2028 completion and DKK 175 million write-down without further cost changes?
- Internal reorganisationDo the NemByg transfer and Enemærke & Petersen's narrower geographic focus improve execution without blurring the operating companies' separate roles?
- Pipeline conversionHow quickly does awarded-but-not-contracted work become final orders, and can backloaded projects support the expected second-half activity peak?
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 51 | +26% | +2180% | +266% |