MT Højgaard Buys Nordisk Fundering for DKK 52 Million

MT Højgaard Holding's contracting business MT Højgaard Danmark agreed on 30 September 2026 to acquire 100% of the shares in Danish foundation engineering specialist Nordisk Fundering A/S for a purchase price of DKK 52 million on an enterprise value basis, of which DKK 16 million is structured as an earn-out contingent on future conditions. The target, based in Aarhus, reported 2025 revenue of DKK 127 million and EBIT of DKK 9 million, and employs eight salaried staff plus roughly 20 hourly-paid workers. The transaction requires competition authority approval and is expected to complete during Q4 2026.

Context — Why MT Højgaard Is Buying a Subcontractor It Already Uses

The report gives no prior-period valuation for Nordisk Fundering and no earlier guidance on the deal, so the transaction has to be read against the numbers the company itself disclosed. On DKK 127 million of 2025 revenue and DKK 9 million of EBIT, the DKK 52 million headline price equals roughly 0.41 times sales and about 5.8 times operating profit, with the earn-out meaning only DKK 36 million is committed at closing.

MT Højgaard Danmark and Nordisk Fundering already work together as contractor and subcontractor on several major infrastructure projects, which is the catalyst chain the company describes: an existing commercial relationship, a shared project pipeline, and a seller who says the timing suits a divestment.

Nordisk Fundering has previously run operations in select locations abroad, and that part of the business is being divested as part of the sale, so the acquired perimeter is the Danish foundation operation rather than the historical group.

The acquired company will keep its own name and operate as a focused unit responsible for anchor drilling and specialist contracts in the external market, while also contributing to MT Højgaard Danmark's own large and complex projects.

MT Højgaard Danmark's area manager for foundations, Christian Dyregaard, said the target provides access to know-how and equipment that strengthens the business as a whole, and that Nordisk Fundering's foundation specialists will work closely with MT Højgaard Danmark's own foundation team.

Data — Revenue, EBIT and the DKK 52 Million Price Tag

The disclosed figures are narrow but internally consistent. Nordisk Fundering's 2025 revenue of DKK 127 million against EBIT of DKK 9 million implies an operating margin of about 7.1%, and the DKK 52 million enterprise value implies an EBIT multiple of roughly 5.8 times on that 2025 result.

Metric	Nordisk Fundering (2025)
Revenue	DKK 127 million
EBIT	DKK 9 million
Implied EBIT margin	~7.1%
Enterprise value	DKK 52 million
Earn-out portion	DKK 16 million
Upfront portion	DKK 36 million
Salaried staff	8
Hourly-paid workers	~20

Before the deal, MT Højgaard Danmark contracted Nordisk Fundering as a key subcontractor on major infrastructure work; after completion, the same capability sits inside the group, with the earn-out shifting part of the consideration to future performance rather than closing-day cash.

The report provides no peer multiple and no sector comparison, so no external benchmark is asserted here. What the company does state is that the acquisition has no effect on MT Højgaard Holding's expectations for 2026, but is expected to contribute positively to the Group's results from 2027 onwards — meaning the DKK 127 million of revenue is not being folded into 2026 guidance.

The report also does not disclose the earn-out conditions, the financing of the upfront DKK 36 million, or Nordisk Fundering's balance sheet.

Analysis — What the Deal Means for Construction and Infrastructure Exposure

The strategic logic runs through vertical integration rather than scale. Nordisk Fundering is described as a leader in ground anchors, with both parties strong and complementary in secant piling and sheet piling work — capabilities that sit at the early, schedule-critical stage of large infrastructure and civil works.

Bringing that capability in-house reduces MT Højgaard Danmark's reliance on an external specialist for anchor drilling and foundation packages on its own projects, while leaving Nordisk Fundering free to bid specialist contracts in the wider market under its own name.

For investors in Danish construction and infrastructure exposure, the read-across is that the group is buying capability and equipment, not revenue scale: DKK 127 million of sales is small against a listed contractor group, and the company explicitly frames 2026 guidance as unchanged. The earnings contribution is therefore a 2027 story.

A counter-argument is that the deal adds only about 28 people and a specialised machinery fleet, and the earn-out structure means part of the price depends on conditions the company has not disclosed — so the DKK 52 million headline is not the full committed outlay.

The transaction is also subject to competition authority approval, which the company flags as a condition rather than a formality, and completion is expected in Q4 2026 rather than immediately.

Positioning follows the calendar: no earnings effect in 2026, a positive contribution from 2027, and a closing date that depends on a regulator. Jesper Schack Fønss Bach, Nordisk Fundering's current CEO and co-owner, will continue to lead the unit, which the company presents as continuity of management rather than integration by replacement.

Outlook — Approval, Closing and the 2027 Contribution

Three dates and conditions frame the next steps. Competition authority approval is the gating item, and the company expects completion during Q4 2026 — a window that starts in October 2026 and runs to the end of December 2026.

The second catalyst is the 2026 reporting cycle, where the company has already said the acquisition will have no effect on its expectations for the year. The third is 2027, when the deal is expected to contribute positively to Group results.

The report names no price levels, no valuation multiples for comparables and no financing terms, so there are no levels to watch here beyond the DKK 52 million enterprise value, the DKK 16 million earn-out and the DKK 127 million of 2025 revenue. What to monitor is the earn-out conditions, which the company did not disclose, and confirmation that the divestment of Nordisk Fundering's prior foreign operations has completed alongside the Danish acquisition.

Further information is available from CEO Rasmus Untidt and CFO Dennis Nørgaard on telephone +45 31 21 68 72.

Frequently Asked Questions

What does the Nordisk Fundering acquisition mean for MT Højgaard Holding shareholders?

The company said the acquisition has no effect on its expectations for 2026 but is expected to contribute positively to Group results from 2027 onwards. Nordisk Fundering generated DKK 127 million of revenue and DKK 9 million of EBIT in 2025, so the earnings contribution is small relative to a listed contractor group. The earn-out structure means DKK 16 million of the DKK 52 million price is contingent on future conditions.

When will the MT Højgaard Danmark and Nordisk Fundering deal complete?

Completion is expected during Q4 2026 and is subject to approval by competition authorities, which the company described as a condition of the agreement. The transaction was announced on 30 September 2026. Until approval is granted, the two businesses continue to operate separately, with Nordisk Fundering already serving as a key subcontractor to MT Højgaard Danmark on several major infrastructure projects.

Why is Nordisk Fundering being sold now?

Jesper Schack Fønss Bach, the target's CEO and co-owner, said the two businesses share values and complement each other in secant piling and sheet piling work, with Nordisk Fundering holding a leading position in ground anchors, and called it the right buyer and a good time for the divestment. Nordisk Fundering's prior operations in select locations abroad are being divested in connection with the acquisition.

Bottom Line

MT Højgaard is paying DKK 52 million, DKK 16 million of it contingent, to bring a DKK 127 million-revenue foundation specialist in-house from 2027.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.