Interim report
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More information: Jesper Kristian Jacobsen, Group CEO, phone no. +45 8744 2222 Per Aarsleff Holding A/S www.aarsleff.com CVR no. 24257797 INTERIM FINANCIAL REPORT FOR THE PERIOD 1 OCTOBER 2025-30 JUNE 2026 ”We deliver satisfactory results and a very strong order intake. The infrastructure markets remain attractive, and the contract for Bornholm Energy Island highlights the opportunities we see within energy infrastructure in the region. Our Northern European focus and public-sector customer base provide a robust foundation, although continued high oil prices affect costs. At the same time, our recent acquisitions strengthen our position in Denmark and support the strategic expansion within trenchless pipe rehabilitation in North America.” Jesper Kristian Jacobsen Group CEO Today, the Board of Directors of Per Aarsleff Holding A/S has discussed and approved the interim financial report for the first nine months of the financial year 2025/26. The interim financial report has not been audited or reviewed by the company’s auditors. Highlights • Revenue during the first nine months of the financial year was in line with expectations, and earnings were satisfactory. • Revenue increased by 14.4% to DKK 18,907 million. • EBIT amounted to DKK 842 million, corresponding to an EBIT margin of 4.5%. • During the first nine months of the financial year, the order intake amounted to DKK 20.6 billion and is satisfactory. • Cash flow from operating activities amounted to DKK 1,160 million and is satisfactory. Outlook for 2025/26 The outlook for the financial year is maintained: • Revenue growth of 12 to 15%, corresponding to revenue of DKK 25.4 to 26.1 billion. • EBIT margin of 5.0 to 5.3%. Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 ARoS, The Next Level
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Financial highlights April quarter Year to date Financial year 2025/26 2024/25 2025/26 2024/25 2024/25 Financial ratios Gross margin, % 12.3 12.8 11.8 12.2 12.2 Operating margin (EBIT margin), % 5.1 5.4 4.5 4.7 5.2 Profit margin (pre-tax margin), % 5.2 5.2 4.5 4.7 5.3 ROIC (after tax), % 9.8¹ 10.0¹ 15.3 Net interest-bearing debt/EBITDA (gearing) 0.7 0.3 0.0 Return on equity (ROE), % 11.2¹ 11.7¹ 17.1 Solvency ratio, % 30.2 34.4 35.2 Earnings per share (EPS), DKK 13.33 12.37 33.24 30.54 46.33 Share price, DKK 743.00 657.00 686.00 Price/net asset value 2.39 2.37 2.34 Net asset value per share, DKK 311.50 277.54 293.02 Number of outstanding shares (thousands) 18,841 18,828 18,787 Number of treasury shares (thousands) 734 747 788 Full-time workforce (average) 9,371 8,737 8,903 1 Not converted into full-year figures. See page 171 of the 2024/25 annual report for a definition of financial ratios. April quarter Year to date Financial year (DKKm) 2025/26 2024/25 2025/26 2024/25 2024/25 Income statement Revenue 6,662 5,751 18,907 16,531 22,620 Of this, work performed abroad 2,524 2,331 7,076 5,955 8,468 Operating profit (EBIT) 342 308 842 773 1,177 Net financials 5 -8 9 -2 15 Profit before tax 347 300 851 771 1,192 Profit for the period 254 240 638 593 896 Balance sheet Non-current assets 7,162 5,536 5,652 Current assets 12,486 9,798 10,128 Total assets 19,648 15,334 15,780 Equity 5,930 5,273 5,558 Non-current liabilities 4,208 2,704 2,278 Current liabilities 9,510 7,357 7,944 Total equity and liabilities 19,648 15,334 15,780 Invested capital (IC) 7,278 5,923 5,584 Working capital 2,199 1,561 1,151 Net interest-bearing deposits/debt (+/-) -1,458 -653 -30 Statement of cash flows Cash flow from operating activities 399 136 1,160 1,799 2,788 Cash flow from investing activities -1,080 -155 -1,669 -714 -1,014 Of which, investment in property, plant and equipment net -247 -179 -603 -533 -772 Cash flow from financing activities 581 -8 702 -336 -931 Change in cash and cash equivalents for the period -100 -27 193 749 843 Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 2/21
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Interim financial report – financial development of the Group Revenue Year to date EBIT (DKKm) Year to date Income statement Consolidated revenue amounted to DKK 18,907 mil- lion in the first nine months of the financial year 2025/26, corresponding to an increase of 14.4% compared to last financial year, of which 10.1% was organic growth. Revenue of the Danish operations increased by 11.9%, while revenue of the foreign operations increased by 18.8%. Operating profit (EBIT) amounted to DKK 842 million (EBIT margin: 4.5%) compared with DKK 773 million (EBIT margin: 4.7%) in the first nine months of last financial year . Construction delivered results in line with expec- tations. Revenue increased by 16.4% driven by a high level of activity within construction projects in Denmark as well as the investment in ArtiCon P/f. Technical Solutions delivered results in line with expectations. Revenue increased by 7.4% driven by a high level of activity within the project division. Rail delivered results in line with expectations. Reve- nue increased by 8.9% and is related to high activity on the projects in connection with the reconstruc- tion and electrification at Aarhus Central Station. Ground Engineering’s results were below expecta- tions and affected by lower capacity utilisation at several of the pile factories combined with price pressure in several markets. Revenue increased by 15.8% driven by an increased level of activity in Sweden, Poland and the UK. Pipe Technologies delivered results in line with ex- pectations. Revenue increased by 18.9%, and activity has been strong in all significant markets. Quarterly results Operating profit (EBIT) of the third quarter amount- ed to DKK 342 million (EBIT margin: 5.1%) compared with DKK 308 million (EBIT margin: 5.4%) in the same period of last financial year . Construction delivered results in line with expecta- tions in the third quarter . In general, there has been strong project execution and a high level of activity. CG Jensen A/S and Adserballe & Knudsen A/S are in- cluded with effect from the beginning of June 2026. Technical Solutions, Rail and Pipe Technologies delivered results in line with expectations in the third quarter . Ground Engineering’s results in the third quarter were slightly below expectations. Several markets EBIT (DKKm) Q3 Revenue (DKKm) Q3 AarsleffPipe 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 Of this, work performed abroad (%) 6,662 5,751 41%38% 2025/26 2024/25 EBIT margin (%) 342 308 5.4%5.1% 2025/26 2024/25 Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 3/21
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continue to be affected by a low level of activity, resulting in pricing pressure and low capacity utilisa- tion at several pile factories. Order backlog At 30 June 2026, the Group’s order backlog amount- ed to DKK 28,096 million (30 September 2025: DKK 26,408 million). The order intake during the first nine months of the year was DKK 20,595 million. This includes the order backlog at the acquisition of CG Jensen A/S and Adserballe & Knudsen A/S with a total value of DKK 1,889 million. Statement of cash flows Liquidity is affected by an increase in the working capital of DKK 282 million, partly due to the relatively high working capital level at CG Jensen. Cash flows from investing activities amounted to a negative DKK 1,669 million and were affected by ordinary investments in equipment as well as the acquisitions of Styrud Ingenjörsfirma AB, Bøgelund VVS A/S, CG Jensen A/S, Adserballe & Knudsen A/S and the investment in the associated company LiquiForce Services (Ontario) Inc. Cash flows from financing ac- tivities were affected by drawings on the company’s credit facilities, primarily as a result of the acquisi- tions. Ordinary repayments of lease liabilities were made, dividends were paid, and share buybacks were completed under the programme, which was completed at the end of February. The Group’s expected investments in property, plant and equipment, exclusive of leased assets, are DKK 850 to 950 million for the year . Order backlog and order intake Order backlog beginning of the period Executed in the period Order intake in the period Order backlog end of period Of which, to be executed in the current year Construction 14,926 8,933 11,324 17,317 3,250 Technical Solutions 4,362 3,079 2,101 3,384 650 Rail 3,121 1,584 1,292 2,829 300 Ground Engineering 1,958 3,029 3,770 2,699 1,000 Pipe Technologies 2,041 2,282 2,108 1,867 600 Total 26,408 18,907 20,595 28,096 5,800 Balance sheet Consolidated interest-bearing debt increased by DKK 1,428 million as a result of higher working capital and investments in Styrud Ingenjörsfirma AB, Bøge- lund VVS A/S and LiquiForce Services (Ontario) Inc., CG Jensen A/S and Adserballe & Knudsen A/S. Sol- vency ratio came to 30.2%, which is below the target of at least 35%. Net interest-bearing debt compared to EBITDA amounted to 0.7 and remains within the target of maximum 1.5. Employee share programme In February, the employees of the Danish part of the Group were once again offered to participate in the employee share programme. The share programme is a matching shares programme, under which the participants for their own account acquire B shares in Cash flow from operating activities DKKm 1,160 Nine months 2024/25: DKKm 1,799 Cash flow from investing activities DKKm -1,669 Nine months 2024/25: DKKm -714 Cash flow from financing activities DKKm 702 Nine months 2024/25: DKKm -336 Change in cash and cash equivalents for the period DKKm 193 Nine months 2024/25: DKKm 749 Statement of cash flows Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 4/21
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the company (investment shares), which are subject to a three-year vesting period, earning them the right to receive, free of charge, one B share (matching share) in the company per acquired investment share (1:1). A total of 2,283 employees signed up for the programme and purchased 63,833 shares. The costs are expected to amount to DKK 53.2 million and will be expensed over the three-year vesting period. Aarsleff enters the Canadian market for trenchless pipe rehabilitation On 19 February, Per Aarsleff Holding A/S announced that an agreement had been entered into to acquire 49.5% of the Canadian company LiquiForce Ser- vices (Ontario) Inc., which specialises in trenchless rehabilitation of service laterals. The total purchase price for 49.5% of the company is DKK 90.7 million. LiquiForce is owned by the company Puris, which is among the largest No-Dig rehabilitation specialists in North America. Converted into Danish kroner, LiquiForce generated revenue of DKK 87.5 million in 2025, and EBIT amounted to DKK 8.3 million. Aarsleff’s LED technology, Bluelight, used for trench- less rehabilitation of service laterals, will now be introduced to the Canadian market. The jointly owned Canadian company will receive a licence to Aarsleff’s technology, and Aarsleff will contribute by building equipment and training local Balance Balance sheet total DKKm 19,648 30/09 2025: DKKm 15,780 Equity DKKm 5,930 30/09 2025: DKKm 5,558 Net interest-bearing debt DKKm -1,458 30/09 2025: DKKm -30 Solvency ratio 30.2% 30/09 2025: 35.2% employees. The expectation is that the technolo- gy upgrade will significantly increase efficiency. In addition, Aarsleff and LiquiForce will establish a jointly owned company in the United States, with the expectation that the collaboration can be expanded to a larger market. CG Jensen and Adserballe & Knudsen become part of the Aarsleff Group On 24 February, Per Aarsleff Holding A/S announced that an agreement had been entered into to acquire 100% of the shares in the companies CG Jensen A/S and Adserballe & Knudsen A/S as well as three smaller companies. With 550 employees, CG Jensen is one of the larger construction companies in Den- mark. The company has its main office in Glostrup and carries out building and construction projects for public and private customers in Denmark. Adserballe & Knudsen employs 150 people who primarily carry out major residential renovation projects as well as small and medium sized new-build projects in Greater Copenhagen. The other companies are CG Jensen Ejendomme A/S and Ryttermarken 6 ApS, which own properties in Harlev near Aarhus and in Farum, respectively. The fifth company is CG Jensen Forsyning A/S, which has limited activity. The total price for the companies is set at DKK 793 million at closing. The agreement includes a number of purchase price adjustments. The companies have been included in the consolidated financial state- ments with effect from the beginning of June 2026. Bornholm Energy Island On 17 July, Per Aarsleff A/S was awarded the design & build contract by Energinet for the execution of the land facilities for Bornholm Energy Island. The two facilities will receive and distribute power from the future offshore wind farms in the Baltic Sea and connect the electricity generated to the Danish and German grids. A significant part of the work will be performed in-house across the Aarsleff Group. This supports efficient execution and a robust project process. Among other things, a large part of the concrete elements will be prefabricated at Aarsleff’s element facility in Poland, and Wicotec Kirkebjerg A/S will carry out the technical installations. The design phase commenced on 1 August, and the first earthworks and concrete works are expected to begin around the turn of the year 2027/28. The land facilities are expected to be handed over in 2030 and 2031, respectively. The total contract value is DKK 3.7 billion and will be included in the order intake in the fourth quarter of the 2025/26 financial year . Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 5/21
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Construction Technical Solutions Rail Ground Engineering Pipe Technologies Dry dock, Faroe Islands Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 6/21
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Construction First nine months in brief Revenue increased by 16.4%, of which 10.4% was organic growth. The increase is due to strong activity within construction projects in Denmark as well as the investment in ArtiCon P/f. – EBIT of DKK 384 million in line with expectations. – EBIT margin of 4.3%. – CG Jensen A/S and Adserballe & Knudsen A/S are included with effect from the beginning of June 2026. Construction projects High activity on, among other projects, the Fehmarnbelt pro- ject, where three tunnel elements have been immersed by the beginning of August. – The perimeter around Lynet- teholm has been completed. Lynetteholm is Copenhagen’s new peninsula and a key contribution to the city’s flood protection. – More opportunities to bid for large infrastructure projects, increasing public-sector invest- ment in the protection of critical infrastructure, and an increased focus on investment in defence. For example, in June, we signed a contract for a critical infrastruc- ture project with a total value of more than DKK 1 billion. – High level of activity within projects driven by the green transition, for example conversion from natural gas to district heat- ing. The One Company project to establish district heating in the municipalities of Furesø, Egedal and Frederikssund is proceeding as expected. During the first quarter, contracts were signed with I/S Vestforbrænding for two additional phases with a total value of DKK 1.7 billion. Building projects Increasing tender opportuni- ties for residential renovation projects, especially in Greater Copenhagen. – The large ongoing building projects – the residential building project Mejlbryggen and the high-rise office building Mindet in Aarhus as well as the expansion of Terminal 3 in Copenhagen Airport – are all progressing as planned. The North Atlantic and other international operations On the Faroe Islands, activity levels have generally normalised, while demand for residential construction is increasing. – There is a high level of activity in Iceland and still good market opportunities in areas such as the establishment of land-based fish farming, residential construction and infrastructure. In the first nine months of the year, for ex- ample, three major new contracts were signed – one for the con- struction of a new bridge in Rey- kjavik with a value of approx. DKK 400 million, one for the fitting-out work at Nýr Landspítali with a value of approx. DKK 675 million and most recently, an expansion of the Sigalda hydropower plant with a value of approx. DKK 375 million. – The market opportunities in Greenland remain good, particu- larly within building projects in Nuuk and expansion projects at Pituffik Space Base. Segment results (EBIT) Order intake Order backlog DKKm 11,324 EBIT margin 4.3% 2024/25: 5.5% Revenue DKKm 8,933 2024/25: DKKm 7,674 DKKm 384 2024/25: DKKm 418 DKKm 17,317 Order backlog at 30 June 2026 Outlook Continued strong project execution and the completion of several construction projects are expected in the fourth quarter . The adjusted outlook for the financial year is: – Revenue growth of 15 to 18%. – EBIT margin of 4.5 to 5.0% com- pared with previously 4.4 to 4.8%. DKKm 3,250 is expected to be carried out in the financial year Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 7/21
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Technical Solutions First nine months in brief Revenue increased by 7.4%, of which 5.6% was organic growth. The in - crease was due to high activity within the project division. – EBIT in line with expectations and positively affected by the high level of activity. – A satisfactory EBIT margin of 5.4%. Projects In general, there was a high level of activity, including projects for the public sector and the pharmaceutical industry. – After a period of exceptionally high activity, market opportuni- ties are generally returning to a more normalised level. However, there are several tender oppor- tunities within large technical contracts, primarily in Greater Copenhagen. Service and installation A generally high level of activity. – High demand for expertise with- in energy optimisation, building automation, services and facility management. – Continued focus on strength- ening service expertise, most recently through the acquisi- tion of Bøgelund VVS A/S on 1 October . Industry High level of activity on projects for the pharmaceutical industry and utility companies. – After a period of exceptionally high activity, market opportuni- ties are generally returning to a more normalised level. However, there are several tender oppor- tunities within stainless steel pipe installations, renovation of waterworks and installation of industrial heat pumps. Infrastructure High level of activity within conversion from natural gas to district heating with many ten- der opportunities in and around Greater Copenhagen. – 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. Outlook The outlook for the financial year is maintained: – Revenue growth of 5 to 7%. – EBIT margin of 5.2 to 5.5%. Segment results (EBIT) EBIT marginRevenue Order intake Order backlog DKKm 2,101 5.4% 2024/25: 4.0% DKKm 3,079 2024/25: DKKm 2,867 DKKm 167 2024/25: DKKm 113 DKKm 3,384 Order backlog at 30 June 2026 DKKm 650 is expected to be carried out in the financial year Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 8/21
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Rail First nine months in brief Revenue increased by 8.9%. There has been a high level of activity on the projects related to the reconstruction and electrification at Aarhus Central Station. – EBIT in line with expectations. – EBIT margin of 3.4%. Denmark High activity in Denmark, but a market facing declining tender opportunities over the next year . – Continued high level of activity on a number of large projects such as track renewal between Roskilde and Høje Taastrup, the electrification of the railway section Aarhus-Aalborg and the reconstruction of Aarhus Central Station. The extensive modern- isation of Copenhagen Central Station for DSB has commenced and includes upgrading of the station’s historic surroundings with a focus on accessibility, indoor climate and passenger experience. The project is carried out in collaboration with Wicotec Kirkebjerg A/S. Norway A somewhat lower level of activ- ity, but the tender opportunities are good both within the con- struction and the railway areas. – Focus on increasing earnings through selective order acqui- sition. Sweden Higher activity, with a continued focus on the ongoing reorgan- isation of activities and a more selective order acquisition. – Continued focus on investing in the development of the organ- isation. – Increasing opportunities. Outlook The outlook for the financial year is maintained: – Revenue growth of 1 to 4%. – EBIT margin of 4.3 to 4.8%. Segment results (EBIT) EBIT marginRevenue Order intake Order backlog DKKm 1,292 3.4% 2024/25: 3.7% DKKm 1,584 2024/25: DKKm 1,455 DKKm 54 2024/25: DKKm 54 DKKm 2,829 Order backlog at 30 June 2026 DKKm 300 is expected to be carried out in the financial year Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 9/21
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Ground Engineering First nine months in brief Revenue increased by 15.8% driven by a higher level of activity in Sweden, Poland and the UK. Organic growth was 12.3%. – EBIT was below expectations and affected by lower capacity utilisation at several of the pile factories combined with price pressure in several markets. – In general, we see a growing number of large projects in the tender phase that fit well with our expertise. However, the current geopolitical uncertain - ty is affecting when individual projects are initiated. Outlook The adjusted outlook for the finan - cial year is: – Revenue growth of 15 to 20%. – EBIT margin of 2.0 to 3.5% com- pared with previously 3.0 to 4.0%. Denmark Slightly increasing activity in ground engineering projects and strong activity within geotechnical investigations. – Strong activity during the quarter and high production of precast concrete piles. – A somewhat lower activity within No-Dig work. Poland High level of activity within various ground engineering disci- plines contributes to satisfactory results. The activity level at the pile factory remains too low due to the current product mix. – Good opportunities within projects related to industrial con- struction, harbour projects and other infrastructure. – Continued strengthening of project management expertise and capacity for execution of larger and more complex ground engineering projects. The Czech Republic Increased activity, with sheet piling and anchoring work in par- ticular contributing to a satisfac- tory result. Sweden A slight improvement in the market, which continues to be characterised by intense competi- tion and price pressure. – Building up project management expertise and capacity for execu- tion of larger and more complex projects. – Strengthening competitiveness in the eastern part of Sweden with a pile factory in Mälardalen. – Acquisition of Styrud Ingenjörsfir- ma AB, one of Sweden’s leading specialists in No-Dig solutions. The acquisition took place in Oc- tober, and the company is jointly owned by Ground Engineering and Pipe Technologies. Norway The level of activity within No-Dig is stable, but earnings are below expectations. – Competition remains intense, but our expertise is expanding, and the portfolio we can offer in combined projects has been strengthened. Germany The market is currently experienc- ing overcapacity, which is affecting the activity level and prices. – The piling market, particularly in southern Germany, has been characterised by low activity and poor capacity utilisation. – The German infrastructure plan is not expected to have an impact until the course of the 2027 calendar year . – In June, a contract was signed for the comprehensive 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. The UK A high level of activity with good capacity utilisation affects the results positively. – Good market opportunities within combined ground engineering solutions for data and logistic centres, climate impact protection and large industrial facilities. Segment results (EBIT) EBIT marginRevenue Order intake Order backlog DKKm 3,770 1.3% 2024/25: 0.6% DKKm 3,029 2024/25: DKKm 2,616 DKKm 40 2024/25: DKKm 15 DKKm 2,699 Order backlog at 30 June 2026 DKKm 1,000 is expected to be carried out in the financial year Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 10/21
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Pipe Technologies First nine months in brief There was a revenue increase of 18.9% as well as strong activity in all major markets. Organic growth was 13.7%. – EBIT in line with expectations. – 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. – Volatile oil prices are expected to continue to affect the costs of production and installation of liners. The Nordic region Normal activity in the utilities sector in Denmark, while the activity level within housing and industry is increasing. – Continued strong activity in the Norwegian market with satisfac- tory earnings. – Strong activity in Sweden with satisfactory earnings. Western Europe Satisfactory activity level and earnings in Germany. – In Germany, we are still working on switching to a more regional approach with more offices to ensure an improved geographic coverage. – Continued satisfactory activity level in the Netherlands. – The sale of the Bluelight tech- nology is progressing in line with expectations, and there is con- tinued focus on new markets. Eastern Europe Higher market activity is seen in the Baltic countries. – The Polish market remains chal- lenging, and it is expected that it will take a longer period before a recovery is seen. North America On 19 February, Per Aarsleff Holding A/S announced that an agreement had been entered into to acquire 49.5% of the Canadian company LiquiForce Services (Ontario) Inc., who specialises in trenchless rehabili- tation of service laterals. – Aarsleff is contributing technol- ogy, equipment build up and training of local employees, with the expectation that the tech- nology upgrade will significantly increase efficiency. – The company is recognised in the income statement as part of the share of profit/loss of associates. Outlook The outlook for the financial year is maintained: – Revenue growth of 15 to 20%. – EBIT margin of 8.0 to 8.5%. Segment results (EBIT) EBIT marginRevenue Order intake Order backlog DKKm 2,108 8.6% 2024/25: 9.0% DKKm 2,282 2024/25: DKKm 1,919 DKKm 197 2024/25: DKKm 173 DKKm 1,867 Order backlog at 30 June 2026 DKKm 600 is expected to be carried out in the financial year Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 11/21
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Outlook for the financial year Financial calendar The outlook for the financial year is maintained: • Revenue growth of 12 to 15%, corresponding to revenue of DKK 25.4 to 26.1 billion. • EBIT margin of 5.0 to 5.3%. • Investments in property, plant and equipment exclusive of leased assets are expected to amount to DKK 850 to 950 million. The expectations for the future financial performance are subject to uncertainties and risks that may cause the development to differ from the expectations. Significant commercial risks are described in Significant risks of the 2024/25 annual report and note 2 on Accounting estimates and judgments. As mentioned under joint venture risk in the annual report, the Fehmarnbelt project is our largest one-off project. The recogni- tion of the expected project results follows the usual principles that the Aarsleff Group uses for large and complex projects. Due to the size and complexity of the project, there is a wide outcome range concern- ing the scenarios for the expected final result. In general, the significant risks and uncertainties remain unchanged compared with the description in the annual report, as our focus on the Northern European market and primarily public customers means that we are only affected to a limited extent by the particular geopolitical situation. 15 December 2026 Annual report for the financial year 2025/26 Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 12/21
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Management’s statement Today, the Board of Directors and the Executive Management have dis- cussed and approved the interim financial report of Per Aarsleff Holding A/S for the first nine months of the financial year 2025/26. The interim financial report, which has not been audited or reviewed by the company’s auditors, was prepared in accordance with IAS 34 “Inter- im Financial Reporting” as adopted by the EU and additional disclosure requirements of the Danish Financial Statements Act. We consider the accounting policies used to be appropriate. According- ly, the interim financial report gives a true and fair view of the Group’s assets, liabilities and financial position at 30 June 2026 and of the re- sults of the Group’s operations and cash flows for the period 1 October 2025-30 June 2026. In our opinion, the interim financial report includes a true and fair account of the development in the Group’s operations and financial circumstances, of the results for the period, and of the financial position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group. Viby J, 26 August 2026 Executive Management Jesper Kristian Jacobsen Mogens Vedel Hestbæk Group CEO Group CFO Board of Directors Jørgen Dencker Wisborg Lars-Peter Søbye Chairman of the Board Deputy Chairman Charlotte Strand Klaus Kaae Pernille Lind Olsen Mette Kynne Frandsen Board member Board member Board member Board member Per Eslund Asmussen Britta Hoier Dan Bentsen Julie Briand Madsen Board member Staff-elected Staff-elected Staff-elected Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 13/21
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Income statement Statement of comprehensive income April quarter Nine months (DKKm) 2025/26 2024/25 2025/26 2024/25 Revenue 6,662 5,751 18,907 16,531 Production costs -5,841 -5,013 -16,675 -14,517 Gross profit 821 738 2,232 2,014 Administrative expenses and selling costs -494 -433 -1,441 -1,264 Other operating income and expenses 15 3 51 23 Profit in associates and joint ventures 0 0 0 0 Operating profit (EBIT) 342 308 842 773 Net financials 5 -8 9 -2 Profit before tax 347 300 851 771 Tax on profit for the period -93 -60 -213 -178 Profit after tax 254 240 638 593 Earnings per share (DKK) 13.33 12.37 33.24 30.54 April quarter Nine months (DKKm) 2025/26 2024/25 2025/26 2024/25 Profit after tax 254 240 638 593 Items that may be reclassified to the income statement Foreign exchange adjustment on translation of foreign entities -2 -20 4 16 Fair value adjustment of derivative financial instruments, net -6 25 -22 9 Tax on other comprehensive income 2 -7 6 -3 Other comprehensive income recognised directly in equity -6 -2 -12 22 Total comprehensive income 248 238 626 615 Comprehensive income is attributable to Per Aarsleff Holding A/S shareholders 243 230 615 600 Non-controlling shareholders 5 8 11 15 Total 248 238 626 615 Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 14/21
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Balance sheet Assets (DKKm) 30/6 2026 30/9 2025 30/6 2025 Goodwill 791 451 454 Patents and other intangible assets 423 327 330 Land and buildings 1,395 1,328 1,328 Plant and machinery 2,200 2,146 2,046 Other fixtures and fittings, tools and equipment 239 244 217 Assets in progress 439 246 226 Lease assets 1,204 862 885 Other non-current assets 471 48 50 Non-current assets 7,162 5,652 5,536 Inventories 546 516 522 Construction contract debtors 5,151 4,466 4,528 Work in progress 4,498 3,055 2,746 Other receivables 388 388 398 Securities 472 465 468 Cash and cash equivalents 1,431 1,238 1,136 Current assets 12,486 10,128 9,798 Total assets 19,648 15,780 15,334 Equity and liabilities (DKKm) 30/6 2026 30/9 2025 30/6 2025 Equity, shareholders of Per Aarsleff Holding A/S 5,869 5,506 5,225 Non-controlling interests’ share of equity 61 52 48 Equity 5,930 5,558 5,273 Mortgage debt and credit institutions 1,920 692 1,132 Lease liabilities 918 625 657 Provisions 627 277 300 Other payables 57 53 73 Deferred tax 686 631 542 Non-current liabilities 4,208 2,278 2,704 Mortgage debt and credit institutions 124 114 152 Lease liabilities 342 247 243 Work in progress 3,538 2,665 2,496 Trade payables 3,805 3,366 2,921 Other payables 1,701 1,552 1,545 Current liabilities 9,510 7,944 7,357 Total liabilities 13,718 10,222 10,061 Total equity and liabilities 19,648 15,780 15,334 Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 15/21
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Statement of cash flows Net interest-bearing deposit (DKKm) 30/6 2026 30/6 2025 Cash and cash equivalents 1,431 1,136 Securities 472 468 Total interest-bearing assets 1,903 1,604 Mortgage debt and credit institutions 2,044 1,284 Lease liabilities 1,260 900 Other payables 57 73 Total interest-bearing liabilities 3,361 2,257 Net interest-bearing deposits/debt (+/-) -1,458 -653 Nine months (DKKm) 2025/26 2024/25 Cash flow generated from operations Operating profit (EBIT) 842 773 Depreciation, amortisation and impairment, intangible assets 49 27 Depreciation, amortisation and impairment, property, plant and equipment 738 649 Other adjustments -46 -19 Change in working capital -282 609 Net financials 32 15 Income tax paid -173 -255 Cash flow from operating activities 1,160 1,799 Cash flow generated from investments Acquisitions -954 -192 Sale of equity investments -603 -533 Net investment in property, plant and equipment and intangible assets -105 0 Securities -7 11 Cash flow from investing activities -1,669 -714 Cash flow generated from financing Mortgage debt and credit institutions 1,218 243 Dividend paid -225 -208 Lease payments -236 -198 Purchase of treasury shares -55 -140 Purchase of non-controlling interests 0 -33 Cash flow from financing activities 702 -336 Change in cash and cash equivalents for the period 193 749 Opening cash and cash equivalents 1,238 387 Change in cash and cash equivalents for the period 193 749 Closing cash and cash equivalents 1,431 1,136 Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 16/21
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Statement of changes in equity (DKKm) Share capital Translation reserve Hedging reserve Retained earnings Proposed dividend Total, Per Aarsleff Holding A/S shareholders Non-controlling shareholders Total Equity 1 October 2025 39 -114 25 5,321 235 5,506 52 5,558 Comprehensive income Profit for the period 625 625 13 638 Other comprehensive income Foreign exchange adjustment of foreign entities 6 6 -2 4 Fair value adjustments of derivative financial instruments -22 -22 -22 Tax on derivative financial instruments 6 6 6 Total other comprehensive income 0 6 -16 0 0 -10 -2 -12 Total comprehensive income 0 6 -16 625 0 615 11 626 Transactions with owners Additions, non-controlling shareholders 0 -2 -2 Employee share programme 28 28 28 Purchase of treasury shares -55 -55 -55 Dividend paid -235 -235 -235 Dividend, treasury shares 10 10 10 Total transactions with owners 0 0 0 -17 -235 -252 -2 -254 Equity 30 June 2026 39 -108 9 5,929 0 5,869 61 5,930 Equity 1 October 2024 39 -131 19 4,805 215 4,947 51 4,998 Comprehensive income Profit for the period 578 578 15 593 Other comprehensive income Foreign exchange adjustment of foreign entities 16 16 0 16 Fair value adjustments of derivative financial instruments 9 9 9 Tax on derivative financial instruments -3 -3 -3 Total other comprehensive income 0 16 6 0 0 22 0 22 Total comprehensive income 0 16 6 578 0 600 15 615 Transactions with owners Addition, non-controlling shareholders -18 -18 Employee share programme 25 25 25 Purchase of treasury shares -140 -140 -140 Dividend paid -215 -215 -215 Dividend, treasury shares 8 8 8 Total transactions with owners 0 0 0 -107 -215 -322 -18 -340 Equity 30 June 2025 39 -115 25 5,276 0 5,225 48 5,273 Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 17/21
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Notes Note 1 – Results and financial ratios for the reportable segments, nine months Construction Technical Solutions Rail Ground Engineering Pipe Technologies Total (DKKm) 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 Revenue 8,933 7,674 3,079 2,867 1,584 1,455 3,029 2,616 2,282 1,919 18,907 16,531 Of this, work performed abroad 2,737 2,526 0 0 205 210 2,236 1,781 1,898 1,438 7,076 5,955 Operating profit (EBIT) 384 418 167 113 54 54 40 15 197 173 842 773 Net financials 9 -2 Profit before tax 851 771 EBIT margin, % 4.3 5.5 5.4 4.0 3.4 3.7 1.3 0.6 8.6 9.0 4.5 4.7 Full-time workforce (average) 3,718 3,476 1,711 1,586 917 910 1,748 1,634 1,277 1,131 9,371 8,737 Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 18/21
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Notes Note 3 – Accounting policies The interim financial report, which has not been audited or reviewed by the company’s auditors, was prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and additional disclosure requirements of the Danish Financial Statements Act. No interim financial report has been prepared for the parent company. The interim financial report is presented in Danish kroner (DKK) which is the parent company’s functional currency. Changes in accounting policies and disclosures Except for the changes below, the accounting policies remain unchanged compared to the annual report for 2024/25, to which reference is made. Aarsleff has implemented all new or amended accounting standards and interpretations as adopted by the EU and applicable for the 2025/26 financial year, including: Amendment to IAS 21 concerning non-convertible currencies. The amendment has not had any significant impact on recognition or measurement in the consolidated financial statements for the first nine months of the financial year 2025/26. Also, no significant impact is expected on future periods. Note 2 – Allocation of revenue from contracts with customers Nine months (DKKm) 2025/26 2024/25 Domestic Sale of goods 1 116 75 Income from service contracts 681 541 Income from construction contracts 2 11,034 9,960 Total domestic 11,831 10,576 Abroad Sale of goods 1 282 276 Income from service contracts 418 351 Income from construction contracts 2 6,376 5,328 Total abroad 7,076 5,955 Total Sale of goods 1 398 351 Income from service contracts 1,099 892 Income from construction contracts 2 17,410 15,288 Total 18,907 16,531 1 Revenue from the sale of goods derives predominantly from the Ground Engineering segment. 2 Construction contracts are recognised over time. Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 19/21
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Notes Note 4 – Acquisitions 2025/26 In the financial year 2025/26, the Aarsleff Group has made the following acquisitions: As at 1 October 2025, Per Aarsleff Holding A/S invested in 100% of the company Styrud Ingenjörsfirma AB. The total consideration for 100% of the company was DKK 97 million, and DKK 105 million was paid in cash. Styrud has strong expertise in directional drilling, hammer drilling and tunnelling. The company employs approx. 90 people across seven locations in Sweden. Identifiable assets and liabilities are measured at fair value. On this basis, goodwill has been determined at DKK 32 million. As at 1 October 2025, Wicotec Kirkebjerg A/S has invested in 100% of the shares in Bøgelund VVS A/S. The total consideration for 100% of the shares in the company was calculated at DKK 39 million, and DKK 28 million was paid in cash. The company employs 60 people and is based in Rødovre. Identifiable assets and liabilities are measured at fair value. On this basis, goodwill has been determined at DKK 16 million. With effect from 1 June 2026, Per Aarsleff A/S completed the acquisition of 100% of the shares in the companies CG Jensen A/S, CG Jensen Ejendomme A/S, CG Jensen Forsyning A/S, Adserballe & Knudsen A/S and Ryttermarken 6 ApS. The total consideration for 100% of the companies was DKK 793 million, and DKK 800 million was paid in cash. With the acquisition, we are adding more of the expertise that the building and construction market demands, and which fit well into the Aarsleff Group. In addition, the Group’s position in new construction and residential and building renovation is strengthened. Identifiable assets and liabilities are measured at fair value. On this basis, goodwill has been determined at DKK 292 million. Indemnification assets have also been measured and recognised at the amount expected to be recovered from the counterparty, but not exceeding the recognised liabi- lity. Indemnification assets primarily relate to performance-related contractual obligations undertaken by the sellers in connection with the acquisition. Due to the short period between the completion of the acquisition and the balance sheet date, the purchase price allocation has not yet been finalised. Accordingly, the fair values of certain assets and liabilities are based on management’s best estimates, as the necessary analyses and calculations have not yet been completed. Fair value at acquisition date: (DKKm) CG Jensen A/S and Adserballe & Knudsen A/S m.fl. Styrud Ingenjörsfirma AB Bøgelund VVS A/S Other Intangible assets 88 36 11 0 Property, plant and equipment 99 43 0 15 Inventories 0 3 0 9 Receivables 1,459 51 21 5 Cash and cash equivalents 66 0 11 2 Non-current liabilities -423 -23 -2 -1 Other current liabilities -788 -45 -18 -7 Net assets acquired 501 65 23 23 Goodwill 292 32 16 0 Acquisition cost 793 97 39 23 Of which cash and cash equivalents -66 0 -11 -2 Of which bank debt 73 8 0 0 Cash acquisition cost 800 105 28 21 The nominal value of the above receivables is 1,459 51 21 5 The acquired companies’ revenue and profits included in the consolidated financial statements from the acquisition date amounted to DKK 400 million and DKK -2 million respectively. Transaction costs amounted to DKK 6 million. Interim financial report for the period 1 October 2025-30 June 2026. Company announcement no. 35 / 26.08.2026 www.aarsleff.com 20/21
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Per Aarsleff Holding A/S Hasselager Allé 5 8260 Viby J Denmark CVR no. 24 25 77 97