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Per Aarsleff
Per Aarsleff (PAAL) investor relations material
Per Aarsleff Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary16 Dec, 2025
Executive summary
Turnover/revenue reached DKK 22.62 billion, up 4–6% year-over-year, with over a third generated outside Denmark and strong growth in several segments.
EBIT increased to DKK 1.177 billion, with a margin of 5.2–5.5%, both higher than the previous year.
Order backlog and intake hit all-time highs at DKK 26.5 billion and DKK 25 billion, respectively, supporting future growth.
Financial highlights
Construction segment revenue was DKK 10.7 billion (+6%), EBIT DKK 582 million, margin 5.5%.
M&E Technical Solutions revenue exceeded DKK 3.8 billion (+20%), EBIT DKK 162 million, margin 4.2%.
Rail segment revenue nearly DKK 2 billion (down 11%), EBIT DKK 100 million, margin 5%.
Ground engineering revenue DKK 3.55 billion (down 8%), EBIT DKK 91 million, margin 2.6%.
Pipe technologies revenue almost DKK 2.6 billion (+10%), EBIT DKK 242 million, margin 9.3% (all-time high).
Outlook and guidance
Revenue for 2025/26 expected to grow 6–11%, reaching DKK 24–25.1 billion.
EBIT margin guidance for next year is 5.0–5.5%.
Construction segment margin guided at 4.5–5%, lower than recent years due to conservative accounting for the Fehmarnbelt project and project mix.
Technical Solutions segment expects flat revenue due to high current levels and limited new large projects.
Ground engineering expected to improve in the second half, but remains the segment with the most uncertainty.
Ground engineering: path to 6-8% full-year margin?
Pipe Tech: Re-evaluate 7% long-term margin target
Fehmarnbelt: Clarify nature of project issues
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Next Per Aarsleff earnings date
Q1 202624 Feb, 2026
Per Aarsleff
Next Per Aarsleff earnings date
Q1 202624 Feb, 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.
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