Per Aarsleff (PAAL) investor relations material

Executive summary

• Revenue for the first half of 2025/26 rose 13.6% year-over-year to DKK 12,245 million, with EBIT at DKK 500 million and a stable margin of 4.1%, supported by strong activity in civil engineering, green transition, and defense infrastructure projects.

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

• Major acquisitions completed, including CG Jensen, Adserballe & Knudsen, and 49.5% of LiquiForce Services, contributing to raised full-year guidance.

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

• Cash flow from operating activities was DKK 761 million, impacted by increased working capital.

Financial highlights

• Construction segment revenue grew 13.4% to DKK 5,704 million, with EBIT margin at 3.7%.

• Technical Solutions revenue rose 12% to DKK 2,094 million, EBIT margin improved to 5.4%.

• Rail segment revenue increased 6.9% to DKK 1,030 million, EBIT margin at 1.9%.

• Ground Engineering revenue up 16.9% to DKK 1,920 million, EBIT margin at 1.6%.

• Pipe Technologies revenue up 17.4% to DKK 1,497 million, EBIT margin at 8.6%.

Outlook and guidance

• Full-year revenue growth guidance raised to 12%-15% (DKK 25.4–26.1 billion), up from 6%-11%.

• EBIT margin guidance narrowed to 5.0%-5.3% from previous 5.0%-5.5%.

• Limited EBIT contribution expected from recent acquisitions in the current and next financial year due to order backlog amortization.

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

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