Announcement • Jun 09
Per Aarsleff Holding A/S (CPSE:PAAL B) completed the acquisition of CG Jensen/Adserballe & Knudsen/CG Jensen Ejendomme/Ryttermarken Aps/Cg Jensen Forsyning. Per Aarsleff Holding A/S (CPSE:PAAL B) entered into an agreement to acquire CG Jensen/Adserballe & Knudsen/CG Jensen Ejendomme/Ryttermarken Aps/Cg Jensen Forsyning for approximately DKK 770 million on February 24, 2026. A cash consideration of DKK 766 million will be paid by Per Aarsleff Holding A/S. The agreement includes a number of purchase price adjustments, including interest on the purchase price until closing as well as performance-based adjustments.
The acquisition is subject to a number of approvals, including from the competition authorities, which are expected in the third quarter of 2026. The acquisition can therefore be completed at the earliest in the final months of the 2025/26 financial year.
Per Aarsleff Holding A/S (CPSE:PAAL B) completed the acquisition of CG Jensen/Adserballe & Knudsen/CG Jensen Ejendomme/Ryttermarken Aps/Cg Jensen Forsyning on June 8, 2026. For the period ended December 31, 2025, CG Jensen/Adserballe & Knudsen/CG Jensen Ejendomme/Ryttermarken Aps/Cg Jensen Forsyning reported a total revenue of DKK 2.3 billion and an EBIT of DKK 107 million. The transaction has received all the necessary regulatory approvals. Reported Earnings • May 28
Second quarter 2026 earnings released: EPS: kr.10.22 (vs kr.8.84 in 2Q 2025) Second quarter 2026 results: EPS: kr.10.22 (up from kr.8.84 in 2Q 2025). Revenue: kr.6.07b (up 15% from 2Q 2025). Net income: kr.197.0m (up 14% from 2Q 2025). Profit margin: 3.2% (down from 3.3% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Board Change • May 20
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Per Asmussen was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 20
Per Aarsleff Holding A/S (CPSE:PAAL B) entered into an agreement to acquire 49.50% stake in Liqui-Force Services (Ontario) Inc. from PURIS LLC for DKK 90.7 million. Per Aarsleff Holding A/S (CPSE:PAAL B) entered into an agreement to acquire 49.50% stake in Liqui-Force Services (Ontario) Inc. from PURIS LLC for DKK 90.7 million on February 19, 2026. A cash consideration of DKK 90.7 million will be paid by Per Aarsleff Holding A/S. As part of consideration, DKK 90.7 million is paid towards common equity of Liqui-Force Services (Ontario) Inc.
For the period ending December 31, 2025, Liqui-Force Services (Ontario) Inc. reported total revenue of DKK 87.5 million and EBIT of DKK 8.3 million. Announcement • Dec 17
Per Aarsleff Holding A/S announces Annual dividend, payable on January 30, 2026 Per Aarsleff Holding A/S announced Annual dividend of DKK 12.0000 per share payable on January 30, 2026, ex-date on January 28, 2026 and record date on January 29, 2026. Announcement • Sep 19
Per Aarsleff Holding A/S, Annual General Meeting, Jan 27, 2026 Per Aarsleff Holding A/S, Annual General Meeting, Jan 27, 2026, at 15:00 Romance Standard Time. Location: group headquarters, hasselager, alle 5, 8260 viby j, Denmark Announcement • May 17
Per Aarsleff Holding A/S Makes Upward Adjustment of the Earnings Guidance for the Financial Year 2024/25 In connection with the ongoing preparation of the interim financial report for H1, Per Aarsleff Holding A/S makes upward adjustment of the full-year expectations for the financial year 2024/25 as follows: Revenue growth of 2% to 6%, corresponding to revenue of DKK 22 billion to DKK 23 billion against previously DKK 21.7 billion to DKK 22.8 billion. EBIT in the range of DKK 1,100 million to DKK 1,200 million against previously DKK 1,050 million to DKK 1,150 million. Announcement • Jan 21
Per Aarsleff Holding A/S (CPSE:PAAL B) agreed to acquire 80% stake in Articon As from from it's current owners for approximately DKK 140 million. Per Aarsleff Holding A/S (CPSE:PAAL B) has made an agreement to acquire 80% stake in Articon As from from it's current owners for approximately DKK 140 million on January 20, 2025. A cash consideration of DKK 144 million will be paid by Per Aarsleff Holding A/S. As part of consideration, DKK 144 million is paid towards common equity of Articon As. In 2023, the company’s revenue was DKK 654 million and EBIT was DKK 40 million. Post completion of the acquisition, Aarsleff’s ownership share will amount to 80%, while the remaining ownership share will be dis-tributed with 10% for ArtiCon’s current owners as well as 10% for three executive employees.
The takeover requires the approval from the Faroese competition authorities. Also, the earnings expectation for the financial year 2024/25 for ArtiCon will not be incorporated until the invest-ment has been approved. Announcement • Sep 23
Per Aarsleff Holding A/S, Annual General Meeting, Jan 30, 2025 Per Aarsleff Holding A/S, Annual General Meeting, Jan 30, 2025, at 15:00 Romance Standard Time. Location: at the group headquarters, hasselager alle 5, 8260 viby j, Denmark Reported Earnings • Aug 29
Third quarter 2024 earnings released: EPS: kr.11.80 (vs kr.11.99 in 3Q 2023) Third quarter 2024 results: EPS: kr.11.80 (down from kr.11.99 in 3Q 2023). Revenue: kr.5.77b (up 8.6% from 3Q 2023). Net income: kr.231.0m (flat on 3Q 2023). Profit margin: 4.0% (down from 4.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jun 18
Per Aarsleff Holding A/S Announces Resignation of Nicolai Schultz, Deputy Group CEO On 18 June 2024, it has been decided that the Executive Management of Per Aarsleff Holding A/S will be changed on 18 June 2024, as Deputy Group CEO Nicolai Schultz resigns after mutual agreement. Nicolai Schultz has been employed since February 2019 and became a member of the Executive Management in January 2020. As a part of the top management, he has been responsible for the Group’s building activities. In the future, the Executive Management will consist of Group CEO Jesper Kristian Jacobsen and Group CFO Mogens Vedel Hestbæk. Announcement • Jun 13
Per Aarsleff Holding A/S (CPSE:PAAL B) announces an Equity Buyback Plan for 10% of its issued share capital, under the authorization approved on January 29, 2024. Per Aarsleff Holding A/S (CPSE:PAAL B) commences share repurchases on June 3, 2024, under the program mandated by the shareholders in the Annual General Meeting held on January 29, 2024. As per the mandate, the company is authorized to repurchase up to nominally 3,645,000 its own B shares, representing 10% of its share capital. The price which is to be paid for each share must not deviate by more than 10% from the market price which applies at the time of acquisition. The authority is valid till January 29, 2029.
On May 28, 2024, the company entered into an agreement with Nordea Danmark to repurchase up to 550,000 B shares for DKK 150 million. The shares will not be purchased at a price exceeding the higher of the price of the latest independent transaction and the highest current independent bid on Nasdaq Copenhagen A/S at the time of trading. The purpose of the plan is to meet the obligations arising from share based incentive program for employees. The repurchases will commence from June 3, 2024. The repurchase program is valid till May 31, 2025. Reported Earnings • Feb 29
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr.5.30b (flat on 1Q 2023). Net income: kr.160.0m (down 1.2% from 1Q 2023). Profit margin: 3.0% (down from 3.1% in 1Q 2023). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Construction industry in Europe. New Risk • Feb 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.03% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.03% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (105% cash payout ratio). Board Change • Feb 15
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director Lars-Peter Søbye was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jan 23
Upcoming dividend of kr.10.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 30 January 2024. Payment date: 01 February 2024. Payout ratio is a comfortable 22% and the cash payout ratio is 84%. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (3.9%). Reported Earnings • Dec 20
Full year 2023 earnings released Full year 2023 results: Revenue: kr.20.2b (up 12% from FY 2022). Net income: kr.792.0m (up 54% from FY 2022). Profit margin: 3.9% (up from 2.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Construction industry in Germany. New Risk • Dec 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 31
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr.5.31b (up 14% from 3Q 2022). Net income: kr.233.0m (up 72% from 3Q 2022). Profit margin: 4.4% (up from 2.9% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Jun 05
Second quarter 2023 earnings released: EPS: kr.7.65 (vs kr.4.60 in 2Q 2022) Second quarter 2023 results: EPS: kr.7.65 (up from kr.4.60 in 2Q 2022). Revenue: kr.4.68b (up 14% from 2Q 2022). Net income: kr.146.0m (up 62% from 2Q 2022). Profit margin: 3.1% (up from 2.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 8.4% p.a. on average during the next 2 years, while revenues in the Construction industry in Europe are expected to grow by 2.8%. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Feb 26
First quarter 2023 earnings released: EPS: kr.8.36 (vs kr.6.21 in 1Q 2022) First quarter 2023 results: EPS: kr.8.36 (up from kr.6.21 in 1Q 2022). Revenue: kr.5.29b (up 28% from 1Q 2022). Net income: kr.162.0m (up 31% from 1Q 2022). Profit margin: 3.1% (up from 3.0% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.1% p.a. on average during the next 2 years, while revenues in the Construction industry in Europe are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • Jan 20
Upcoming dividend of kr.8.00 per share Eligible shareholders must have bought the stock before 27 January 2023. Payment date: 31 January 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 21% share price gain to €34.15, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Construction industry in Europe. Total returns to shareholders of 28% over the past three years. Reported Earnings • Dec 18
Full year 2022 earnings released Full year 2022 results: Revenue: kr.18.1b (up 23% from FY 2021). Net income: kr.513.0m (up 8.7% from FY 2021). Profit margin: 2.8% (down from 3.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.3% p.a. on average during the next 2 years, while revenues in the Construction industry in Europe are expected to grow by 3.3%. Reported Earnings • Aug 27
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr.4.67b (up 25% from 3Q 2021). Net income: kr.135.6m (down 1.5% from 3Q 2021). Profit margin: 2.9% (down from 3.7% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 2.8% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Aug 27
Per Aarsleff Holding A/S Provides Outlook for the Full Year 2022 Per Aarsleff Holding A/S provides outlook for the full year 2022. The outlook for the full financial year remains unchanged. EBIT from continuing operations is expected to be in the range of DKK 700 million. Revenue expectations are changed to a growth of approx. 20% against previously approx. 12%. Announcement • Jun 25
Per Aarsleff Holding A/S (CPSE:PAAL B) agreed to acquire a 66.6% stake in Trym Anlegg AS from Tes As for NOK 240 million. Per Aarsleff Holding A/S (CPSE:PAAL B) agreed to acquire a 66.6% stake in Trym Anlegg AS from Tes As for NOK 240 million on June 24, 2022. The transaction is subject to approval by the Norwegian Competition Authority. Reported Earnings • Jun 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr.4.12b (up 26% from 2Q 2021). Net income: kr.90.1m (up 3.0% from 2Q 2021). Profit margin: 2.2% (down from 2.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.0%, compared to a 7.6% growth forecast for the industry in Germany. Announcement • Feb 01
Per Aarsleff Holding A/S Approves Dividend for 2021 Per Aarsleff Holding A/S approves a dividend of DKK 8 be paid for each share of a nominal value of DKK 2 was adopted. Upcoming Dividend • Jan 25
Upcoming dividend of kr.8.00 per share Eligible shareholders must have bought the stock before 01 February 2022. Payment date: 03 February 2022. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (3.4%). Lower than average of industry peers (3.1%). Reported Earnings • Dec 23
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: kr.14.7b (up 11% from FY 2020). Net income: kr.472.1m (up 25% from FY 2020). Profit margin: 3.2% (up from 2.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 4.8%, compared to a 9.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Aug 27
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker profit margins, although earnings were flat and revenues improved. Third quarter 2021 results: Revenue: kr.3.72b (up 12% from 3Q 2020). Net income: kr.137.6m (flat on 3Q 2020). Profit margin: 3.7% (down from 4.2% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Jun 02
Second quarter 2021 earnings released: EPS kr.4.37 (vs kr.1.07 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr.3.28b (up 8.6% from 2Q 2020). Net income: kr.87.6m (up 341% from 2Q 2020). Profit margin: 2.7% (up from 0.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Announcement • May 07
Per Aarsleff Holding A/S (CPSE: PAAL B) agreed to acquire 70% stake in Permagreen Gronland A/S for DKK 38.7 million. Per Aarsleff Holding A/S (CPSE: PAAL B) agreed to acquire 70% stake in Permagreen Gronland A/S for DKK 38.7 million on May 6, 2021 The remaining ownership interest of 30% will be equally shared between Permagreen’s current Chief Executive Officer Jeppe B. Steffensen and the current Production Director Jesper J. Petersen, who both continue in the management. For the year ended 2020, Permagreen reported a revenue of approximately DKK 400 million. Permagreen Gronland has 350 employees. The former principal shareholder Preben Kold Larsen will continue in Permagreen until June 2022, after which time he will work as a consultant. The acquisition is subject to the approval of the Greenlandic competition authorities and is not expected to change Aarsleff’s earnings expectations for 2020/21. Is New 90 Day High Low • Jan 18
New 90-day high: €42.85 The company is up 20% from its price of €35.75 on 20 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €69.08 per share. Is New 90 Day High Low • Dec 23
New 90-day high: €41.40 The company is up 19% from its price of €34.85 on 24 September 2020. The German market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €68.92 per share. Analyst Estimate Surprise Post Earnings • Dec 22
Revenue beats expectations Revenue exceeded analyst estimates by 0.3%. Over the next year, revenue is forecast to stay flat compared to a 2.0% growth forecast for the Construction industry in Germany. Is New 90 Day High Low • Oct 05
New 90-day high: €37.40 The company is up 17% from its price of €32.10 on 07 July 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €58.67 per share. Announcement • Sep 07
Per Aarsleff Holding A/S (CPSE:PAAL B) acquired Sor-Norsk Boring As. Per Aarsleff Holding A/S (CPSE:PAAL B) acquired Sor-Norsk Boring As on July 2, 2020. Mads Reinholdt Sorensen of Kromann Reumert acted as legal advisor to Per Aarsleff Holding.
Per Aarsleff Holding A/S (CPSE:PAAL B) completed the acquisition of Sor-Norsk Boring As on July 2, 2020 
