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 Q3 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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Aarsleff Pipe Technologies Ground Engineering RailTechnical Solutions Construction 8421974054167384 7731731554113418 2025/26 2024/25 4.5% 8.6% 1.3% 3.4% 5.4% 4.3% 4.7% 9.0% 0.6% 3.7%4.0% 5.5% EBIT margin (%) 2025/26 2024/25 Denmark Abroad 37% 63% 36% 64% 16,531 DKKm 18,907 DKKm Revenue Year to date EBIT (mio.) Year to date The year in figures Aarsleff Investor relations presentation Q3 2025/ 26 3/16
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Construction 4/16Aarsleff Investor relations presentation Q3 2025/ 26 Segment results (EBIT) Order intake Order backlog DKKm 11,324 EBIT margin 4.3% 2024/25: 5.5% Revenue DKKm 17,317 Order backlog at 30 June 2026 DKKm 3,250 is expected to be carried out in the financial year Dry dock, Faroe Islands Dry dock, Faroe Islands DKKm 8,933 2024/25: DKKm 7,674 DKKm 384 2024/25: DKKm 418
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5/16 Aarsleff Investor relations presentation Q3 2025/ 26 Segment comments and market outlook Reinforcement of exposed breakwater in Hanstholm Revenue growth of 16.4%, primarily driven by high activity in the construction market in Denmark as well as the investment in ArtiCon P/f. EBIT of DKK 384 million in line with expectations, and an EBIT margin of 4.3%. High activity in the construction market with large infrastructure projects and establishment of district heating. Increasing investment in the protection of critical infrastructure and a growing focus on investment in defence. In June, a contract was awarded for a critical infrastructure project with a value of more than DKK 1 billion. Increasing tender opportunities for residential renovation projects – especially in Greater Copenhagen. The major ongoing building projects are progressing as planned. Strong market opportunities in the North Atlantic and continued high activity. However, on the Faroe Islands, activity levels have generally normalised, while the demand for residential construction is increasing. CG Jensen and Adserballe & Knudsen are included with effect from the beginning of June.
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Technical Solutions 6/16Aarsleff Investor relations presentation Q3 2025/ 26 Segment results (EBIT) Order intake Order backlog DKKm 2,101 EBIT margin 5.4% 2024/25: 4.0% Revenue DKKm 3,384 Order backlog at 30 June 2026 DKKm 650 is expected to be carried out in the financial year District heating work, Zealand District heating work, Zealand DKKm 3,079 2024/25: DKKm 2,867 DKKm 167 2024/25: DKKm 113
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7/16Aarsleff Investor relations presentation Q3 2025/ 26 Segment comments and market outlook Revenue growth of 7.4%. EBIT of DKK 167 million, in line with expectations. Positively affected by the high level of activity. A satisfactory EBIT margin of 5.4%. High level of activity within conversion from natural gas to district heating. In general, there was a high level of activity, including projects for the public sector and the pharmaceutical industry. Market opportunities are normalising. More tender opportunities within large-scale technical contracts, primarily in the Greater Copenhagen area, as well as stainless steel pipe installations, renovation of waterworks and installation of industrial heat pumps. New technology with respect for the architecture of the Danish Central Bank
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Rail 8/16Aarsleff Investor relations presentation Q3 2025/ 26 Segment results (EBIT) Order intake Order backlog DKKm 1,292 EBIT margin 3.4% 2024/25: 3.7% Revenue DKKm 2,829 Order backlog at 30 June 2026 DKKm 300 is expected to be carried out in the financial year Track renewal between Høje Taastrup and Roskilde Track renewal between Høje Taastrup and Roskilde DKKm 1,584 2024/25: DKKm 1,455 DKKm 54 2024/25: DKKm 54
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9/16Aarsleff Investor relations presentation Q3 2025/ 26 Segment comments and market outlook Copenhagen Central Station to be modernised Revenue growth of 8.9% and high activity on the projects related to the reconstruction and electrification at Aarhus Central Station. EBIT of DKK 54 million, in line with expectations. EBIT margin of 3.4%. High activity in Denmark, but a market facing declining tender opportunities over the next year. Awarded the contract for the modernisation of Copenhagen Central Station for DSB, where the station’s historic surroundings will be upgraded. Will be carried out in collaboration with Wicotec Kirkebjerg A/S. Lower activity in Norway, but good tender opportunities. Focus on earnings through selective order acquisition. Higher level of activity in Sweden. Continued focus on the current reorganisation and selective order acquisition. Increasing tender opportunities.
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Ground Engineering 10/16Aarsleff Investor relations presentation Q3 2025/ 26 Segment results (EBIT) Order intake Order backlog DKKm 3,770 EBIT margin 1.3% 2024/25: 0.6% Revenue DKKm 2,699 Order backlog at 30 June 2026 DKKm 1,000 is expected to be carried out in the financial year Haga Station, Gothenburg Haga Station, Gothenburg DKKm 3,029 2024/25: DKKm 2,616 DKKm 40 2024/25: DKKm 15
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11/16Aarsleff Investor relations presentation Q3 2025/ 26 Segment comments and market outlook Revenue growth of 15.8% driven by a higher level of activity in Sweden, Poland and the UK. EBIT of DKK 40 million and below expectations. EBIT is still affected by too low capacity utilisation at several of the pile factories combined with price pressure in several markets. In June, a contract was signed for the renovation of the quay Salzgitterkai in Port of Hamburg in a joint venture with Hochtief Infrastructure GmbH Nord Ost. Aarsleff’s share of the contract amounts to DKK 538 million. In general, we see a growing number of large projects in the tender phase. However, the current geopolitical uncertainty is affecting when individual projects are initiated. Comprehensive site investigations for future tunnel in Aarhus
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12/16Aarsleff Investor relations presentation Q3 2025/ 26 Segment results (EBIT) Order intake Order backlog DKKm 2,108 EBIT margin 8.6% 2024/25: 9.0% Revenue DKKm 1,867 Order backlog at 30 June 2026 DKKm 600 is expected to be carried out in the financial year Training of LiquiForce employees Training of LiquiForce employees DKKm 2,282 2024/25: DKKm 1,919 DKKm 197 2024/25: DKKm 173 Pipe Technologies
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13/16Aarsleff Investor relations presentation Q3 2025/ 26 Segment comments and market outlook Revenue growth of 18.9%. EBIT of DKK 197 million, in line with expectations. A satisfactory EBIT margin of 8.6%. The rising oil prices are expected to continue to affect the costs of production and installation of liners. Strong activity in all significant markets. In February, investment in the Canadian company LiquiForce Services (Ontario) Inc., who specialises in trenchless rehabilitation of service laterals. Aarsleff is contributing technology, equipment build up and training of local employees. The expectation is that the technology upgrade will significantly increase efficiency. Sewer renovation in a prominent residential building in Copenhagen
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Order backlog and order intake Order backlog DKKm 28,096 Order intake DKKm 20,595 Year to date 17,317 14,926 3,384 4,362 2,829 1,9583,121 26,40828,096 30.06.26 01.10.25 2,699 1,867 2,041 2025/26 2024/25 Construction Pipe Technologies Ground Engineering RailTechnical Solutions Aarsleff Construction Pipe Technologies Ground Engineering RailTechnical Solutions Aarsleff 11,324 7,374 2,101 2,926 1,292 2,3522,655 17,27820,5953,770 2,108 1,971 14/16Aarsleff Investor relations presentation Q3 2025/ 26
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Guidance for 2025/26 15/16Aarsleff Investor relations presentation Q3 2025/ 26 Revenue growth EBIT margin 5.0-5.3% Revenue EBIT margin 2021/222022/232023/242024/252025/26 26,100 22,620 21,719 20,244 18,118 25,400 2021/222022/232023/242024/252025/26 5.3% 5.2% 5.1% 5.3% 4.0% 5.0% 12-15%
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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.