ScandiByg, MTHPU and International had a challenging Q3
Q3 revenues grew by 22% to DKK 2,208m while EBIT declined by 29% to DKK 44m. Relative to our numbers, sales came in 6% below while EBIT was 26% lower than we had forecasted. Across units, we note that E&P had a very strong quarter (21% better) while MTHDK was 8% lower. The main culprits, however, were ScandiByg, MTPU and International, where the issues were broadly the same as reported alongside the Q2 report while ScandiByg appears to be particularly hit by low-margin contracts and inoptimal execution. The company maintains its full year guidance, citing that it expects healthy earnings in Q422.
