Per Aarsleff (PAAL) Q2 2025 earnings summary

Executive summary

• Turnover reached DKK 10.8 billion for the first half of 2024-25, up 2.9% year-over-year, with one-third generated outside Denmark.

• EBIT was DKK 465 million, representing a 4.3% margin, matching last year’s percentage but higher in absolute terms.

• Order backlog hit an all-time high at DKK 25.2 billion, with order intake just above DKK 11 billion.

• Strong cash flow from operating activities at DKK 1,663 million, supported by a DKK 997 million reduction in working capital.

• Acquisition of 80% of ArtiCon P/f in the Faroe Islands was completed, expanding market presence.

Financial highlights

• Revenue: DKK 10,780 million (up 2.9% year-over-year); EBIT: DKK 465 million (margin 4.3%).

• Net profit for H1: DKK 353 million; EPS: DKK 18.17 (up from DKK 17.55 year-over-year).

• Gross margin: 11.8%; ROIC (after tax): 6.0%; ROE: 7.5%.

• Cash flow from operating activities: DKK 1,663 million; net interest-bearing debt/EBITDA: 0.3.

• Equity ratio: 34.5%; total assets: DKK 14,837 million.

Outlook and guidance

• Raised full-year guidance: revenue expected between DKK 22-23 billion, EBIT DKK 1.1-1.2 billion, margin around 5%.

• 90% of expected full-year revenue is covered by the current order backlog.

• Investments in property, plant, and equipment (excl. leases) expected at DKK 700–750 million.

• Segment outlooks adjusted: Construction, Technical Solutions, and Pipe Technologies raised, Ground Engineering lowered.

• Technical solutions and pipe technologies segments anticipate continued high activity, especially in infrastructure and energy transition projects.