Revisions mainly driven by lower order intake in MTH DK
We lower our 2024e-25e sales and earnings forecasts by 2-6%, which mainly reflects lowered order intake forecasts for MTH Denmark. We forecast Q4'23 group revenues of DKK 2,810m (+10%), EBIT before special items of DKK 99m (-22%) and an order intake of DKK 2,156m (-49%). This amounts to FY'23 revenues of DKK 9,753m and EBIT before special items of DKK 390m, which is in line with and 3% below the company's FY'24 guidance, respectively.