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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Per Aarsleff
Per Aarsleff (PAAL) investor relations material
Per Aarsleff Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary26 Aug, 2026
Executive summary
Revenue for the first nine months reached DKK 18,907 million, up 16.4% year-over-year, with 10.1% organic growth and strong activity in Denmark and from new subsidiaries.
EBIT was DKK 842 million (margin 4.5%), slightly higher in absolute terms but lower in margin compared to last year.
Order backlog reached DKK 28.1 billion, with order intake at DKK 20.6 billion, reflecting robust demand and recent acquisitions.
Recent acquisitions (CG Jensen, Adserballe & Knudsen, Styrud Ingenjörsfirma, Bøgelund VVS, and LiquiForce Services) are progressing as planned and contributing to results.
Cash flow from operating activities was DKK 1,160 million.
Financial highlights
Revenue increased to DKK 18,907 million from DKK 16,531 million year-over-year.
EBIT rose to DKK 842 million from DKK 773 million, with a margin of 4.5% versus 4.7% last year.
Construction: Revenue DKK 8,933 million (+16.4%), EBIT DKK 384 million (margin 4.3%).
Technical Solutions: Revenue DKK 3,079 million (+7.4%), EBIT DKK 167 million (margin 5.4%).
Pipe Technologies: Revenue DKK 2,282 million (+18.9%), EBIT DKK 197 million (margin 8.6%).
Outlook and guidance
Full-year revenue growth expected at 12–15%, targeting DKK 25.4–26.1 billion, with EBIT margin guidance at 5.0–5.3%.
Ground Engineering remains the segment with the highest uncertainty; profitability improvement expected next year, but medium-term margin target likely two to three years out.
Technical Solutions expected to see normalized activity in the pharmaceutical sector, with lower revenue from large hospital projects unless new orders are secured.
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Latest events from Per Aarsleff
- Revenue up 13.6% and guidance raised, with acquisitions and backlog supporting outlook.PAAL
Q2 25/26 - Revenue up 11.9% with record backlog and major acquisitions driving future growth.PAALQ1 25/26
- Revenue and EBIT margin improved, with record order backlog and strong 2025/26 outlook.PAALQ4 24/25
- Revenue and EBIT rose, order backlog hit DKK 25.1bn, outlook remains robust.PAALQ3 24/25
- Record-high revenue and strong order backlog drive positive outlook for 2024/25.PAALQ4 23/24
- Raised full-year outlook after strong revenue, EBIT, and order intake in key markets.PAALQ3 23/24
- Solid Q1 growth, record pipe tech margins, and North Atlantic expansion via ArtiCon.PAALQ1 24/25
- Raised outlook on record order backlog; Ground Engineering remains a risk.PAALQ2 24/25
Next Per Aarsleff earnings date
Q4 25/2615 Dec, 2026
Per Aarsleff
Next Per Aarsleff earnings date
Q4 25/2615 Dec, 2026
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Frequently asked questions
Per Aarsleff Holding A/S is a Denmark-based infrastructure contractor, offering a wide range of construction and engineering services. The company operates through key segments: Construction, Ground Engineering, and Pipe Technologies. Its Construction division handles projects such as roads, bridges, tunnels, and energy supply systems. The Ground Engineering segment provides solutions including foundation work with precast concrete piles and geotechnical services. The Pipe Technologies segment specializes in trenchless pipe renewal, serving clients with infrastructure maintenance needs. Per Aarsleff is active in Denmark, the United Kingdom, Germany, Poland, Sweden, and other markets, with operations supported by various subsidiaries. The company is headquartered in Viby J, Denmark, and its shares are listed on the Copenhagen Stock Exchange.