Per Aarsleff Holding A/S reported group turnover of DKK 18.9 billion for the first nine months of 2026, a 14% increase year-over-year, while EBIT reached DKK 842 million, translating to a 4.5% margin. The company’s order backlog climbed to an all-time high of DKK 28.1 billion, with Q3 order intake exceeding DKK 8 billion and the nine-month total approaching DKK 21 billion.
All five business segments contributed to growth, led by Construction with DKK 8.9 billion in turnover and a 16% revenue increase. Pipe Technologies delivered the strongest margin at 8.6%, supported by pricing power in a tight market. Ground Engineering remained the segment with the greatest uncertainty, according to Group CEO Jesper Kristian Jacobsen, while Technical Solutions and Rail posted moderate gains.
The group’s international operations accounted for 37% of turnover, equivalent to roughly DKK 7 billion, spanning projects in Poland, Sweden, Norway, Germany, the U.K., Iceland, Greenland, and the Faroe Islands. Group CFO Mogens Vedel Hestbæk described the project pipeline as "extremely big," noting that resource allocation is being optimized toward markets offering the best pricing and conditions.
Per Aarsleff’s shares fell 2.8% to $756 following the results, extending a decline from the prior session’s close of $778. The stock now trades 17.9% below its 52-week high of $910 and 23.9% above its low of $610. The company maintained its full-year guidance for revenue growth of 12% to 15% and an EBIT margin of 5.0% to 5.3%, with Q4 execution hinging on factory utilization and project timing.
Return on equity stood at 17% over the last 12 months, while the gross profit margin improved to 12%. The group’s P/E ratio was 15.61, with a market capitalization of approximately $2.31 billion and a beta of 0.63.
