Per Aarsleff (PAAL) Q1 25/26 earnings summary

Executive summary

• Revenue reached DKK 6,180 million in Q1 2025/26, up 11.9% year-over-year, with strong foreign operations and 7.4% organic growth.

• EBIT was DKK 254 million (margin 4.1%), slightly up from DKK 239 million last year.

• Order backlog hit a record DKK 28 billion, with order intake at DKK 7.7–7.8 billion.

• Major acquisitions included 49.5% of LiquiForce in Canada, 100% of CG Jensen and Adserballe & Knudsen, and Styrud Ingenjörsfirma AB and Bøgelund VVS A/S, expanding market presence and competencies.

• Cash flow from operating activities was DKK 158 million, impacted by a DKK 248 million increase in working capital.

Financial highlights

• Revenue up 11.9% year-over-year to DKK 6,180 million.

• Net profit was DKK 187 million, EPS increased to DKK 9.69, and gross margin was 11.4%.

• Group EBIT margin at 4.1% (down from 4.3% year-over-year).

• Net interest-bearing debt/EBITDA was 0.1, equity ratio 34.2%, and cash and cash equivalents DKK 1,767 million.

• Order intake for the quarter was DKK 7,666–7,800 million.

Outlook and guidance

• Full-year revenue growth expected at 6–11%, or DKK 24.0–25.1 billion.

• EBIT margin guidance maintained at 5.0–5.5%.

• 80% of expected full-year revenue is covered by the current order backlog.

• Management expects margin improvements in recent acquisitions within a few years, targeting Construction segment levels.

• Investments in property, plant, and equipment (excl. leases) expected at DKK 750–850 million.