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. Live News • Jun 05
Per Aarsleff Holding Delivers 14% Revenue Growth With Order Backlog at DKK 26.5b Per Aarsleff Holding reported 14% revenue growth in Q2 2026, supported by strong activity in its construction and technical solutions segments.
The company approved the acquisitions of CGNS and Asabella Knusen, which are expected to support future growth plans.
Order backlog stands at about DKK 26.5b, while profitability came under pressure, including a slight decline in the construction segment EBIT margin and expected earnings dilution from the new acquisitions.
The combination of double-digit revenue growth and a sizeable order backlog indicates solid demand, while the margin pressure and expected dilution show that growth is not translating cleanly into earnings at present.
The key trade-off to monitor is whether management can integrate CGNS and Asabella Knusen efficiently enough for the expanded business and larger project pipeline to offset the current pressure on profitability. Reported Earnings • May 28
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind 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 exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 3.6%. 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 29% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 26
First quarter 2026 earnings released: EPS: kr.9.69 (vs kr.9.33 in 1Q 2025) First quarter 2026 results: EPS: kr.9.69 (up from kr.9.33 in 1Q 2025). Revenue: kr.6.18b (up 12% from 1Q 2025). Net income: kr.187.0m (up 3.3% from 1Q 2025). Profit margin: 3.0% (down from 3.3% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. 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. Price Target Changed • Feb 18
Price target increased by 11% to kr.995 Up from kr.898, the current price target is an average from 3 analysts. New target price is 16% above last closing price of kr.860. Stock is up 67% over the past year. The company is forecast to post earnings per share of kr.53.47 for next year compared to kr.46.38 last year. Upcoming Dividend • Jan 21
Upcoming dividend of kr.12.00 per share Eligible shareholders must have bought the stock before 28 January 2026. Payment date: 30 January 2026. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Danish dividend payers (4.8%). Lower than average of industry peers (3.1%). Declared Dividend • Dec 18
Dividend increased to kr.12.00 Dividend of kr.12.00 is 9.1% higher than last year. Ex-date: 28th January 2026 Payment date: 30th January 2026 Dividend yield will be 1.4%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Dec 17
Price target increased by 9.3% to kr.898 Up from kr.822, the current price target is an average from 3 analysts. New target price is 5.7% above last closing price of kr.850. Stock is up 82% over the past year. The company is forecast to post earnings per share of kr.54.23 for next year compared to kr.43.58 last year. 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. Price Target Changed • Nov 18
Price target increased by 7.9% to kr.815 Up from kr.755, the current price target is an average from 3 analysts. New target price is 15% above last closing price of kr.708. Stock is up 72% over the past year. The company is forecast to post earnings per share of kr.46.60 for next year compared to kr.42.35 last year. 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 Reported Earnings • Aug 31
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: kr.12.37 (up from kr.11.80 in 3Q 2024). Revenue: kr.5.75b (flat on 3Q 2024). Net income: kr.240.0m (up 3.9% from 3Q 2024). Profit margin: 4.2% (up from 4.0% in 3Q 2024). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates by 7.7%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 28
Now 24% undervalued Over the last 90 days, the stock has risen 6.5% to kr.635. The fair value is estimated to be kr.835, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Price Target Changed • Aug 04
Price target increased by 8.2% to kr.734 Up from kr.678, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of kr.705. Stock is up 87% over the past year. The company is forecast to post earnings per share of kr.46.85 for next year compared to kr.42.35 last year. Price Target Changed • Jul 31
Price target increased by 8.2% to kr.700 Up from kr.647, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of kr.706. Stock is up 80% over the past year. The company is forecast to post earnings per share of kr.46.70 for next year compared to kr.42.35 last year. Reported Earnings • May 30
Second quarter 2025 earnings released: EPS: kr.8.84 (vs kr.9.40 in 2Q 2024) Second quarter 2025 results: EPS: kr.8.84 (down from kr.9.40 in 2Q 2024). Revenue: kr.5.26b (up 1.7% from 2Q 2024). Net income: kr.172.0m (down 5.5% from 2Q 2024). Profit margin: 3.3% (down from 3.5% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. 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. Reported Earnings • Mar 03
First quarter 2025 earnings released: EPS: kr.9.33 (vs kr.8.15 in 1Q 2024) First quarter 2025 results: EPS: kr.9.33 (up from kr.8.15 in 1Q 2024). Revenue: kr.5.52b (up 4.1% from 1Q 2024). Net income: kr.181.0m (up 13% from 1Q 2024). Profit margin: 3.3% (up from 3.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year and the company’s share price has also increased by 24% per year. Upcoming Dividend • Jan 24
Upcoming dividend of kr.11.00 per share Eligible shareholders must have bought the stock before 31 January 2025. Payment date: 04 February 2025. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Danish dividend payers (5.2%). Lower than average of industry peers (3.7%). 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. Declared Dividend • Dec 22
Dividend of kr.11.00 announced Shareholders will receive a dividend of kr.11.00. Ex-date: 31st January 2025 Payment date: 4th February 2025 Dividend yield will be 2.2%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 27% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Dec 20
Price target increased by 7.7% to kr.556 Up from kr.516, the current price target is an average from 4 analysts. New target price is 14% above last closing price of kr.489. Stock is up 50% over the past year. Reported Earnings • Dec 20
Full year 2024 earnings: Revenues in line with analyst expectations Full year 2024 results: Revenue: kr.21.7b (up 7.3% from FY 2023). Net income: kr.806.0m (up 1.8% from FY 2023). Profit margin: 3.7% (down from 3.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Construction industry in Europe. 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 11% 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. Price Target Changed • Jun 13
Price target increased by 7.7% to kr.491 Up from kr.456, the current price target is an average from 2 analysts. New target price is 27% above last closing price of kr.388. Stock is up 17% over the past year. The company is forecast to post earnings per share of kr.41.66 for next year compared to kr.41.33 last year. 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. Major Estimate Revision • May 29
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr.19.5b to kr.21.0b. EPS estimate increased from kr.36.55 to kr.41.00 per share. Net income forecast to shrink 1.4% next year vs 12% growth forecast for Construction industry in Denmark . Consensus price target up from kr.435 to kr.456. Share price rose 2.7% to kr.380 over the past week. 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 Danish dividend payers (4.9%). Lower than average of industry peers (3.9%). Reported Earnings • Dec 20
Full year 2023 earnings: Revenues exceed analyst expectations 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 exceeded analyst estimates by 4.8%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Construction industry in Europe. 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. Price Target Changed • Jun 06
Price target increased by 10% to kr.435 Up from kr.395, the current price target is provided by 1 analyst. New target price is 32% above last closing price of kr.330. Stock is up 34% over the past year. The company is forecast to post earnings per share of kr.34.31 for next year compared to kr.26.00 last year. 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 2.7%. 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. Price Target Changed • May 24
Price target increased by 12% to kr.420 Up from kr.375, the current price target is provided by 1 analyst. New target price is 28% above last closing price of kr.328. Stock is up 29% over the past year. The company is forecast to post earnings per share of kr.34.27 for next year compared to kr.26.00 last year. Reported Earnings • Feb 25
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 2.7%. 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 14% 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 Danish dividend payers (6.4%). Lower than average of industry peers (3.8%). Price Target Changed • Jan 11
Price target increased to kr.375 Up from kr.340, the current price target is provided by 1 analyst. New target price is 31% above last closing price of kr.287. Stock is down 8.5% over the past year. The company is forecast to post earnings per share of kr.33.47 for next year compared to kr.26.00 last year. Major Estimate Revision • Jan 11
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from kr.17.7b to kr.19.3b. EPS estimate increased from kr.27.89 to kr.33.47 per share. Net income forecast to grow 24% next year vs 12% growth forecast for Construction industry in Denmark. Consensus price target up from kr.340 to kr.375. Share price rose 3.4% to kr.287 over the past week. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 20% share price gain to kr.254, 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: Revenues exceed analyst expectations 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 exceeded analyst estimates by 6.2%. 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%. Price Target Changed • Nov 16
Price target decreased to kr.360 Down from kr.395, the current price target is provided by 1 analyst. New target price is 68% above last closing price of kr.215. Stock is down 26% over the past year. The company is forecast to post earnings per share of kr.24.82 for next year compared to kr.23.53 last year. Buying Opportunity • Oct 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.6%. The fair value is estimated to be kr.230, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 9.9%. Revenue is forecast to grow by 4.2% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. 
