Slides
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Q&A session participants can submit questions by phone Dial-in numbers + Conference code: 265094 +45 78 76 84 90 +46 31-311 50 03 +47 21 95 63 42 +49 30 21789327 +44 20 3769 6819 +1 646 787 0157 This conference call is open to everyone. However, it is particularly relevant for analysts and investors. To ensure that the content of the call is reproduced accurately and that quotations are made in accordance with good practice and with sufficient regard to the context in which the statements are made, media representatives and others wishing to reproduce content from the conference call are encouraged to submit draft reproductions, including quotations, in writing to Per Aarsleff Holding A/S for review prior to publication. WE CREATE A BETTER FUTURE Investor relations presentation Q1 2025/26
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The Information and any opinions contained therein are provided as at the date of the presentation and are subject to change without notice. In giving this presentation, Per Aarsleff Holding A/S does not undertake any obligation to provide the recipient with access to any additional information or to update the Information, or to correct any inaccuracies in the Information, including any data or forward- looking statements. The Information contains statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data pertaining to Per Aarsleff Holding A/S’s business and markets. Unless otherwise indicated, such information is based on Per Aarsleff Holding A/S’s analysis of multiple sources such as industry publications, market research and other publicly available information. Such information has been accurately reproduced and, as far as Per Aarsleff Holding A/S is aware and able to ascertain, no facts have been omitted which would render the reproduced information provided inaccurate or misleading. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but there is no guarantee of the accuracy or completeness of such data. While Per Aarsleff Holding A/S reasonably believes that each of these publications, studies and surveys has been prepared by a reputable party, Per Aarsleff Holding A/S has not verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Information come from Per Aarsleff Holding A/S’s own internal research and estimates based on the knowledge and experience of Per Aarsleff Holding A/S management in the markets in which Per Aarsleff Holding A/S operates. While Per Aarsleff Holding A/S reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in the Information. The Information may include statements that are, or may be deemed to be, “forward looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “targets”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Past performance of Per Aarsleff Holding A/S cannot be relied on as a guide to future performance. Any forward-looking statements reflect Per Aarsleff Holding A/S’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Per Aarsleff Holding A/S’s business, results of operations, financial position, liquidity, prospects, growth or strategies, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in Per Aarsleff Holding A/S’s records (and those of its affiliates) and other data available from third parties. Although Per Aarsleff Holding A/S believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of Per Aarsleff Holding A/S and its affiliates or the industry to differ materially from those results expressed or implied in the Information by such forward looking-statements. No representation is made that any forward- looking statements will come to pass or that any forecast result will be achieved. As a result, undue influence should not be placed on any forward-looking statement. Forward-looking statements speak only as of the date they are made. Disclaimer
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Q1 in figures Aarsleff Investor relations presentation Q1 2025/ 26 3/17 Aarsleff GroupPipe Technologies Ground Engineering RailTechnical Solutions Construction 2547814-258106 2397431139112 2025/26 2024/25 4.1% 9.9% 1.4% -0.4% 5.2% 3.8% 4.3% 11.0% 0.4% 2.1% 4.2%4.4% EBIT margin (%) 2025/26 2024/25 Denmark Abroad 38% 62% 34% 66% 5,523 DKKm 6,180 DKKm Revenue Year to date EBIT (DKKm) Year to date
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Construction 4/17Aarsleff Investor relations presentation Q1 2025/ 26 Installation of a 108-ton steel element Segment results (EBIT) Order intake Order backlog DKKm 4,420 EBIT margin 3.8% 2024/25: 4,4% Revenue DKKm 2,801 2024/25: DKKm 2,551 DKKm 106 2024/25: DKKm 112 DKKm 16,545 Order backlog at 31 December 2025 DKKm 7,250 is expected to be carried out in the financial year
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5/17 Strategy and potential High activity in Iceland, including infrastructure projects such as the construction of the country’s first wind farm, which will complement the large renewable energy production. Revenue growth of 9.8%, primarily driven by high activity in the construction market in Denmark as well as the investment in ArtiCon. EBIT of DKK 106 million in line with expectations, and an EBIT margin of 3.8%. High activity in the construction market with large infrastructure projects and establishment of district heating. During the quarter, two additional contracts were signed with I/S Vestforbrænding for the expansion of the district heating network with a total value of DKK 1.7 billion. There is an increased supply of building renovation projects – especially in Greater Copenhagen. The major ongoing building projects are progressing as planned. High activity and good market opportunities in the North Atlantic. Aarsleff Investor relations presentation Q1 2025/ 26 Segment comments and market outlook Foundations and cables for Iceland’s first wind farm Photo by Pétur Hannesson
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Technical Solutions 6/17Aarsleff Investor relations presentation Q1 2025/ 26 Framework agreement with the Danish Building and Property Agency Segment results (EBIT) Order intake Order backlog DKKm 1,227 EBIT margin 5.2% 2024/25: 4.2% Revenue DKKm 1,109 2024/25: DKKm 923 DKKm 58 2024/25: DKKm 39 DKKm 4,480 Order backlog at 31 December 2025 DKKm 2,100 is expected to be carried out in the financial year
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7/17 Strategy and potential An example of how we capitalise on the strengths of One Company collaborations. Aarsleff Investor relations presentation Q1 2025/ 26 New stem cell research centre is well underway Segment comments and market outlook Revenue growth of 20.2%. EBIT of DKK 58 million, in line with expectations. A satisfactory EBIT margin of 5.2%, which continues the positive earnings development. A generally high level of activity, and market opportunities are normalising. The One Company project to establish district heating in the municipalities of Furesø, Egedal and Frederikssund is proceeding as expected, and during the first quarter, contracts were signed with I/S Vestforbrænding for two additional phases. Continued strategic focus on strengthening specialist expertise, most recently with the acquisition of Bøgelund VVS A/S on 1 October.
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Rail 8/17Aarsleff Investor relations presentation Q1 2025/ 26 Official opening of the Greater Copenhagen Light Rail Segment results (EBIT) Order intake Order backlog DKKm 401 EBIT margin -0.4% 2024/25: 2.1% Revenue DKKm 531 2024/25: DKKm 531 DKKm -2 2024/25: DKKm 11 DKKm 2,991 Order backlog at 31 December 2025 DKKm 1,000 is expected to be carried out in the financial year
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9/17 Strategy and potential High activity level in Denmark, where the Aarsleff Group is involved in the largest and most complex station reconstruction projects, currently at Aarhus Central Station and most recently with a new contract for the modernisation of Copenhagen Central Station. Aarsleff Investor relations presentation Q1 2025/ 26 Complex station reconstructions Segment comments and market outlook Revenue is at the same level as last financial year. EBIT at DKK -2 million and affected by normal seasonal fluctuations as expected. EBIT margin of -0.4%. High level of activity in Denmark and many tender opportunities. Focus on selective order acquisition. Lower level of activity in Norway, but good tender opportunities. Focus on earnings through selective order acquisition. Higher level of activity in Sweden in the first quarter. Continued focus on the current reorganisation and selective order acquisition.
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Ground Engineering Kajrenovering i Hamborg Havn 10/17Aarsleff Investor relations presentation Q1 2025/ 26 Pile foundation in Poland Segment results (EBIT) Order intake Order backlog DKKm 1,122 EBIT margin 1.4% 2024/25: 0.4% Revenue DKKm 950 2024/25: DKKm 847 DKKm 14 2024/25: DKKm 3 DKKm 2,130 Order backlog at 31 December 2025 DKKm 1,800 is expected to be carried out in the financial year
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11/17 Strategy and potential The Third Limfjord Link and the Eastern Ring Road in Copenhagen represent future projects of interest. At present, the data basis is being established, and Aarsleff is contributing by carrying out the geotechnical investigations to depths of up to 60 metres below sea level. Aarsleff Investor relations presentation Q1 2025/ 26 Geotechnical site investigations for new large infrastructure projects Segment comments and market outlook Revenue growth of 12.1% driven by a higher level of activity in Sweden and Germany. EBIT of DKK 14 million in line with expectations. EBIT continues to be affected by lower capacity utilisation and price pressure in several markets, however, there are several large projects with precast concrete piles in the tender phase with expected delivery later in the financial year. Slightly increasing activity level on projects involving foundation work in Denmark and a slight improvement in the Swedish market, which provides better capacity utilisation. Acquisition of Styrud Ingenjörsfirma AB, one of Sweden’s leading specialists in No-Dig solutions. The acquisition took place in October, and the company is jointly owned by Ground Engineering and Pipe Technologies.
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Pipe Technologies 12/17Aarsleff Investor relations presentation Q1 2025/ 26 Sewer renovation in Gothenburg Segment results (EBIT) Order intake Order backlog DKKm 592 EBIT margin 9.9% 2024/25: 11.0% Revenue DKKm 789 2024/25: DKKm 671 DKKm 78 2024/25: DKKm 74 DKKm 1,844 Order backlog at 31 December 2025 DKKm 1,300 is expected to be carried out in the financial year
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13/17 Strategy and potential The acquisition of Styrud Ingenjörsfirma strengthens Aarlseff’s position. Particularly in Sweden, there is an increasing demand for comprehensive No-Dig expertise from a single contractor; solutions that protect the environment and minimise inconvenience. Aarsleff Investor relations presentation Q1 2025/ 26 Strengthened No-Dig expertise in Sweden Segment comments and market outlook Revenue growth of 17.5%. EBIT of DKK 78 million, in line with expectations. EBIT margin of 9.9%. Strong activity in all significant markets. The first quarter of the financial year is usually Pipe Technologies’ peak season, but during recent years, revenue has been more evenly distributed over the year. Acquisition of Styrud Ingenjörsfirma AB, one of Sweden’s leading specialists in No-Dig solutions. The acquisition took place in October, and the company is jointly owned by Ground Engineering and Pipe Technologies.
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Order backlog and order intake Order backlog DKKm 27,990 Order intake DKKm 7,666 Year to date Construction Pipe Technologies Ground Engineering RailTechnical Solutions Aarsleff Group Construction Pipe Technologies Ground Engineering RailTechnical Solutions Aarsleff Group 16,545 14,926 4,480 4,362 2,991 1,9583,121 26,40827,990 31.12.25 01.10.25 2,130 1,844 2,041 Q1 2025/26 Q1 2024/25 4,420 4,652 1,227 1,247 401 5601,527 5,3967,7621,122 592 450 14/17Aarsleff Investor relations presentation Q1 2025/ 26
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15/17Aarsleff Investor relations presentation Q1 2025/ 26 Guidance for 2025/26 Revenue growth EBIT margin 5.0-5.5% Revenue EBIT margin 2021/222022/232023/242024/252025/26 25,100 22,620 21,719 20,244 18,118 24,000 2021/222022/232023/242024/252025/26 5.5% 5.2% 5.1% 5.3% 4.0% 5.0% 6-11%
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Aarsleff enters the Canadian market for trenchless pipe rehabilitation CG Jensen and Adserballe & Knudsen become part of the Aarsleff Group Events after the balance sheet date Acquires 49.5% of the Canadian company LiquiForce Services (Ontario) Inc., which specialises in trenchless rehabilitation of service laterals. A purchase price of DKK 90.7 million. In 2025, LiquiForce generated revenue of DKK 87.5 million, and EBIT amounted to DKK 8.3 million. LiquiForce is owned by the company Puris, which is among the largest No-Dig rehabilitation specialists in North America. Acquires 100% of the shares in the companies CG Jensen A/S and Adserballe & Knudsen A/S as well as three smaller companies. A purchase price of DKK 766 million. The agreement includes a number of purchase price adjustments. In 2024, CG Jensen generated revenue of DKK 2.1 billion and an EBIT of DKK 58 million, whereas Adserballe & Knudsen generated revenue of DKK 570 million and an EBIT of DKK 12 million. The acquisition is subject to a number of approvals, including from the competition authorities. 16/17Aarsleff Investor relations presentation Q1 2025/ 26
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Q&A participants can submit questions by phone Dial-in numbers + Conference code: 265094 +45 78 76 84 90 +46 31-311 50 03 +47 21 95 63 42 +49 30 21789327 +44 20 3769 6819 +1 646 787 0157 This conference call is open to everyone. However, it is particularly relevant for analysts and investors. To ensure that the content of the call is reproduced accurately and that quotations are made in accordance with good practice and with sufficient regard to the context in which the statements are made, media representatives and others wishing to reproduce content from the conference call are encouraged to submit draft reproductions, including quotations, in writing to Per Aarsleff Holding A/S for review prior to publication.