Per Aarsleff (PAAL) investor relations material

Executive summary

• Turnover reached DKK 12.2 billion, up 14% year-over-year for the first half, with EBIT at DKK 500 million and a stable margin, supported by strong activity in civil engineering, green transition, and defense infrastructure projects.

• Revenue for the first half of 2025/26 rose 13.6% to DKK 12,245 million, with 9.2% organic growth and strong contributions from both Danish and foreign operations.

• Major ongoing projects, including Møllebroen, Mindet, and Terminal 3 extension, are progressing as planned.

• Acquisitions of CG Jensen, Adserballe & Knudsen, Styrud Ingenjörsfirma, Bøgelund VVS, and 49.5% of LiquiForce Services were completed, contributing to raised full-year guidance.

• Order intake totaled DKK 12.3 billion, with an order backlog of DKK 26.5 billion at March 31, 2026.

Financial highlights

• Construction segment revenue grew 14% to DKK 5.7 billion, EBIT margin at 3.7%; Technical Solutions revenue rose 12% to DKK 2.1 billion, EBIT margin improved to 5.4%.

• Rail segment revenue increased 7% to DKK 1 billion, EBIT margin at 1.9%; Ground Engineering revenue up 17% to DKK 2 billion, EBIT margin at 1.6%.

• Pipe Technologies revenue up 17% to DKK 1.5 billion, EBIT margin at 8.6%, driven by high capacity utilization and strong market demand.

• Net profit for H1 was DKK 384 million, up from DKK 353 million year-over-year; EPS for H1 was DKK 19.91, up from DKK 18.17.

• Equity ratio at 33.7%, net interest-bearing debt/EBITDA at 0.3, and average full-time workforce increased to 9,165.

Outlook and guidance

• Full-year turnover/revenue guidance raised to 12%-15% growth (DKK 25.4–26.1 billion), with EBIT margin guidance narrowed to 5.0%-5.3%.

• 90% of expected full-year revenue covered by existing order backlog.

• Limited EBIT contribution expected from CG Jensen and Adserballe & Knudsen in the current and next financial year due to order backlog amortization.

• Investments in property, plant, and equipment (excl. leases) raised to DKK 850–950 million.

• Higher oil prices expected to increase costs in H2, only partially offset by price adjustments.