Per Aarsleff (PAAL) Q3 25/26 earnings summary

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.