Per Aarsleff (PAAL) investor relations material

Executive summary

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

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

• Order backlog hit an all-time high of DKK 28 billion, with order intake at DKK 7.8 billion.

• Two significant acquisitions: 49.5% of LiquiForce in Canada and 100% of CG Jensen and Adserballe & Knudsen in Denmark, plus Styrud Ingenjörsfirma AB and Bøgelund VVS A/S.

• 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 for the period was DKK 187 million, up from DKK 181 million year-over-year.

• EPS increased to DKK 9.69 from DKK 9.33.

• Gross margin was 11.4% (down from 11.8%), and ROIC after tax was 3.21%.

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

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