Per Aarsleff (PAAL) Q4 2025 earnings summary

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.