Per Aarsleff (PAAL) Q4 2024 earnings summary

Executive summary

• Achieved record-high order intake and impressive order backlog, with revenue surpassing DKK 21 billion and EBIT margin above 5% for the second consecutive year.

• Strong performance driven by high activity in construction, technical solutions, and ground engineering, with notable projects in infrastructure and green transition.

• Employee well-being remains a priority, with 95% reporting high job satisfaction and record participation in the employee share program.

• New four-year strategy launched, focusing on values, goals, and continued selective project acquisition to maintain high performance.

Financial highlights

• Revenue reached DKK 21,719 million, up 7.3% year-over-year; EBIT was DKK 1,101 million, a 2.1% increase.

• Net income from continuing operations was DKK 826 million; EPS (continuing) at DKK 42.35.

• Cash flow from operating activities rose to DKK 1,981 million; net interest-bearing debt reduced to DKK -1,015 million.

• Order backlog at year-end was DKK 24,345 million, with 60% of next year's revenue covered.

• Dividend per share proposed at DKK 11, up from DKK 10 last year.

Outlook and guidance

• Revenue for 2024/25 expected between DKK 21.7–22.8 billion (0–5% growth); EBIT guidance DKK 1,050–1,150 million.

• Investments in property, plant, and equipment projected at DKK 700–750 million.

• High activity anticipated in infrastructure and energy projects; building construction slowdown to continue.

• Segment guidance: Construction EBIT DKK 470–530m, Technical Solutions EBIT DKK 135–145m, Rail EBIT DKK 70–80m, Ground Engineering EBIT DKK 200–210m, Pipe Technologies EBIT DKK 175–185m.