• JV with French group Eiffage to build Copenhagen rainfall tunnel
• MTH DK's share is just over 50%
• Guidance unchanged

Construction between 2024 - 2028

MT Højgaard Holding (MTHH) has today announced that its Danish construction unit MT Højgard DK, in collaboration with the French Eiffage Group, have been awarded the contract (tendered in June 2023) to build the "Valby Skybrudstunnel", a new underground tunnel to protect the western part of Copenhagen against flooding in the event of shadow events. The tunnel will be 2.4 km long, drilled as three separate tunnels approximately 15-21m below the ground surface with a diameter of 3.4m. Construction work will begin in 2024 is expected to be completed in 2028.

Income booked as JV

The order has a value of approx. 490 million DKK, of which MT Højgaard Danmark's share is just over half. The collaboration with Eiffage Group will be carried out by a jointly managed joint venture meaning that MTHH will book income from the collaboration as income from JV's. Today's announcement does not impact MTHH's expectations for 2024 which are unchanged at a turnover of DKK 10-10.5 billion and EBIT of DKK 400-425 million DKK

JV's are an integral part of MTHH's strategy

Collaborating with partners with special competencies in order to win particularly challenging projects is a declared strategy of MTHH. For instance, together with the Belgian construction company BESIX, MT Højgaard DK won another large tunnel project (Nordhavnstunnellen) in 2022.