This article first appeared on GuruFocus .
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Overall Revenue:DKK 6.2 trillion, a growth of roughly 12% compared to the same period last year.
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EBITDA:DKK 2.5 billion, corresponding to an EBITDA margin of 4.1%.
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Construction Segment Revenue:DKK 2.8 billion, with a growth of 10% driven by infrastructure projects.
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Construction Segment EBIT:DKK 106 million, corresponding to a margin of 3.8%.
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Technical Solutions Revenue:DKK 1.1 billion, a growth of 20%.
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Technical Solutions EBIT:DKK 58 million, with an EBITDA margin of over 5%.
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Rail Segment Revenue:Over DKK 500 million, with an EBITDA margin of 0.4%.
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Ground Engineering Revenue:Roughly DKK 1 billion, a growth of 12%.
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Ground Engineering EBIT:DKK 40 million, with an EBITDA margin of 1.4%.
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Pipe Technologies Revenue:Almost DKK 800 million, a growth of 17-18%.
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Pipe Technologies EBIT:Almost DKK 80 million, with an EBITDA margin of roughly 10%.
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Order Backlog:Almost DKK 28 billion, an all-time high.
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Order Intake:Almost DKK 7.7 billion, with significant contributions from small and medium-sized contracts.
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Recent Acquisitions:LiquiForce in Canada and Silson and Isabella Knusen for DKK 800 million.
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Release Date: February 24, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Per Aarsleff Holding AS ( FRA:PE9 ) reported a 12% growth in turnover, reaching almost DKK 6.2 trillion compared to the same period last year.
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The company achieved an EBITDA result of DKK 2.5 billion, corresponding to an EBITDA margin of 4.1%.
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High activity levels were noted in the construction segment, particularly in infrastructure projects driven by defense and green transition initiatives.
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The pipe technologies segment showed strong performance with a turnover growth of 17% and an EBITDA margin of approximately 10%.
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The company has a robust order backlog of almost DKK 28 billion, marking an all-time high, with significant contributions from small and medium-sized contracts.
Negative Points
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The rail segment reported an EBITDA margin of only 0.4%, with seasonal fluctuations affecting performance.
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Ground engineering faced challenges with low demand for precast concrete piles, leading to low-capacity utilization and price pressure in some markets.
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The construction segment's Q1 margin was impacted by conservative revenue recognition on the FMA belt project and a mix of projects.
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The recent acquisitions, while strategically beneficial, are expected to be margin dilutive in the short term due to depreciation and amortization.
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Weather conditions, particularly a colder winter, could potentially impact activity levels and financial performance, although the company does not use weather as an excuse for results.
Q & A Highlights
Q: Can you elaborate on the motivation and integration plans for the recent acquisition of CENSON? A: Jesper Jacobsen, Group CEO, explained that part of CENSON is owned by employees, and they are motivated to continue with the company. The integration will follow past practices, allowing CENSON to operate under its current name within the group, similar to previous acquisitions.
Q: How do you plan to improve the profitability of newly acquired businesses like Siggy Jensen and Isabella? A: Jacobsen stated that being part of the group will bring new competencies and synergies, which should help improve margins. The goal is to reach similar margin levels as the construction segment, acknowledging past challenges with fixed-price contracts and inflation.
Q: What is the strategic rationale behind the LiquiForce acquisition in North America, and what are the investment plans? A: The expansion into the US will require investment in installation equipment, but it will be a joint effort with partners. The US market offers significant potential, and the strategy involves partnering with a major player to navigate the complex market.
Q: How has the cold winter affected your operations, and what impact should we expect on your numbers? A: Jacobsen emphasized that weather is a part of the construction business, and they do not use it as an excuse for performance. While acknowledging a colder winter, they remain focused on managing operations without attributing results to weather conditions.
Q: Can you provide more details on the Q1 construction segment margin and the impact of the FMA belt project? A: The conservative revenue recognition on the FMA project contributed to the Q1 margin, along with the project mix. The company is in dialogue with the project owner to resolve issues, but specific project details are confidential.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
