Per Aarsleff Holding

Earnings Release • May 28, 2025

INTERIM FINANCIAL REPORT FOR 1 OCTOBER 2024-31 MARCH 2025

Today, the Board of Directors of Per Aarsleff Holding A/S has discussed and approved the interim financial report for the first six months of the financial year 2024/25. The interim financial report has not been audited or reviewed by the company's auditors.

Highlights

• The first six months generated revenue in line with expectations and satisfactory earnings.
• Revenue increased by 2.9% to DKK 10,780 million.
• EBIT amounted to DKK 465 million, corresponding to an EBIT margin of 4.3%.
• Order intake of DKK 11.7 billion and order backlog of DKK 25.2 billion.
• Very positive cash flow from operating activities of DKK 1,663 million, affected by DKK 997 million from a decreasing working capital.

Outlook for 2024/25

The outlook for the full financial year was adjusted on 14 May:

• Revenue growth of 2 to 6%, corresponding to revenue of DKK 22 to 23 billion against previously DKK 21.7 to 22.8 billion.
• EBIT between DKK 1,100 to 1,200 million against previously DKK 1,050 to 1,150 million.

More information: Jesper Kristian Jacobsen, Group CEO, phone no. +45 8744 2222 Per Aarsleff Holding A/S www.aarsleff.com CVR no. 24257797

"The first six months show a satisfactory result with a good order intake and a market demanding the Aarsleff Group's expertise. 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. We also see potential in the region's increased focus on defence, just as we continue to see many opportunities withing energy and infrastructure."

Jesper Kristian Jacobsen Group CEO

Financial highlights

	January quarter		H1		Financial year
(DKKm)	2024/25	2023/24	2024/25	2023/24	2023/24
Income statement
Revenue	5,257	5,171	10,780	10,475	21,719
Of this, work performed abroad	1,760	1,743	3,624	3,713	7,827
Operating profit (EBIT)	226	245	465	451	1,101
Net financials	5	-7	6	6	-13
Profit before tax	231	238	471	457	1,088
Profit for the year	172	182	353	342	826
Balance sheet
Non-current assets			5,544	4,862	5,133
Current assets			9,293	7,813	8,933
Total assets			14,837	12,675	14,066
Equity			5,115	4,572	4,998
Non-current liabilities			2,573	2,146	2,364
Current liabilities			7,149	5,957	6,704
Total equity and liabilities			14,837	12,675	14,066
Invested capital (IC)			5,592	5,318	6,013
Working capital			1,180	1,391	2,078
Net interest-bearing deposits/debt (+/-)			-481	-747	-1,015
Statement of cash flows
Cash flow from operating activities	809	338	1,663	1,469	1,981
Cash flow from investing activities	-384	-134	-559	-308	-794
Of which, investment in property, plant and equipment net	-181	-131	-354	-230	-707
Cash flow from financing activities	-238	-386	-328	-1,305	-1,376
Change in cash and cash equivalents for the period	187	-182	776	-144	-189

	January quarter		H1		Financial year
	2024/25	2023/24	2024/25	2023/24	2023/24
Financial ratios
Gross margin, %	11.9	12.1	11.8	11.3	12.1
Operating margin (EBIT margin), %	4.3	4.7	4.3	4.3	5.1
Profit margin (pre-tax margin), %	4.4	4.6	4.4	4.4	5.0
ROIC (after tax), %			6.0	6.5	14.0
Net interest-bearing debt/EBITDA (gearing)			0.3	0.4	0.5
Return on equity (ROE), %			7.5	8.2	18.8
Equity ratio, %			34.5	36.1	35.5
Earnings per share (EPS), DKK	8.84	9.40	18.17	17.55	42.35
Share price, DKK			488.00	345.00	404.00
Price/net asset value			1.83	1.45	1.55
Net asset value per share, DKK			266,37	237,93	260,55
Number of outstanding shares, (thousands)			18,927	19,075	18,987
Number of treasury shares, (thousands)			648	1,310	587
Full-time workforce (average)			8,656	8,766	8,782

1 Not translated into full-year figures.

See page 165 of the 2023/24 annual report for a definition of financial ratios.

Interim financial report – financial development of the Group

Income statement

Consolidated revenue amounted to DKK 10,780 million in the first half of the financial year 2024/25, corresponding to an increase of 2.9 % compared to last financial year. Revenue of the Danish operations increased by 5.8%, while revenue of the foreign operations decreased by 2.4%.

Operating profit (EBIT) amounted to DKK 465 million (EBIT margin: 4.3%) against DKK 451 million (EBIT

margin: 4.3%) in the same period of last financial year.

Construction delivered results above expectations. Revenue increased by 1% driven by a high level of activity within construction projects in Denmark.

Technical Solutions delivered results in line with expectations. Revenue increased by 17.8% driven by a high level of activity within the infrastructure and project division.

EBIT (DKKm) Year to date

Technical Rail Solutions

3.1% 3.7%

Construction

2024/25 2023/24

5.1%

Rail delivered results in line with expectations. Revenue decreased by 5.9%, as the level of activity in the second quarter has been lower, especially in Norway and Sweden.

Ground Engineering's results are lower than expected and are due to a declining demand, resulting in low capacity utilisation and severe price competition – particularly in the market for precast concrete piles. Revenue decreased by 5.1% due to a lower

Ground Engineering

EBIT margin (%)

-0.6%

level of activity primarily in Denmark and Sweden. In general, the demand for precast concrete piles was lower, and especially the Swedish market is still affected by excess capacity after the decline within residential building. In all markets, however, we still see more large projects with precast concrete piles in the tender phase with delivery later in the financial year, but in several countries, we still experience that the start of a number of large projects is being postponed.

Pipe Technologies delivered results above expectations. There was a revenue increase of 10.4%, and there was a good level of activity in all significant markets.

Quarterly results

Operating profit (EBIT) of the second quarter amounted to DKK 226 million (EBIT margin: 4.3%) compared to DKK 245 million. (EBIT margin: 4.7%) in the same period of last financial year.

Construction delivered results above expectations in the second quarter, due to good project execution and a high level of activity.

Technical Solutions and Rail delivered results in line with expectations in the second quarter.

Ground Engineering's results in the second quarter were below expectations. This is due to both a general decline in residential construction, resulting in a lower capacity utilisation, as the start of several projects is postponed.

Pipe Technologies' second quarter results were above expectations due to a strong level of activity in all main markets.

Aarsleff invests in Faroese contracting company

On 20 January 2025, Aarsleff announced that an agreement had been made to become the main shareholder of the Faroese contracting company ArtiCon P/f. The investment amounts to DKK 144 million. ArtiCon is a large, local contracting company with its main office in Torshavn. The company's 300 employees carry out building and construction work for public and private customers at the Faroe Islands. In 2023, the company's revenue was DKK 654 million and EBIT was DKK 40 million.

The Faroe Islands are a new market for the Aarsleff Group. Aarsleff will get a local presence and thus a strengthened position in the North Atlantic, where there is a current, great development with investments in infrastructure and building activities, especially in the large cities. Aarsleff's ownership share will amount to 80%, while the remaining ownership share will be distributed with 10% for ArtiCon's current owners and 10% for three executive employees. The transaction was subject to the approval of the Faroese competition authorities, which we received on 25 February 2025. The transaction was completed in mid-March, and the company will be recognised from 1 April 2025.

Statement of cash flows

Cash flow from operating activities

DKKm 1,663

H1 2023/24: DKKm 1,469

Cash flow from investing activities

DKKm -559

H1 2023/24: DKKm -308

Cash flow from financing activities

DKKm -328

H1 2023/24: DKKm -1,305

Change in cash and cash equivalents for the period

DKKm 776 H1 2023/24: DKKm -144

Order backlog and order intake

	Order backlog beginning of the period	Execution in the period	Order intake in the period	Order backlog end of the period	Of which, to be executed in the current year
Construction	15,272	5,030	4,361	14,603	4,700
Technical Solutions	3,575	1,870	2,055	3,760	1,300
Rail	1,842	964	2,345	3,223	900
Ground Engineering	2,000	1,642	1,655	2,013	1,500
Pipe Technologies	1,656	1,274	1,246	1,628	1,000
Total	24,345	10,780	11,662	25,227	9,400

Order backlog

At 31 March 2025, the Group's order backlog amounted to DKK 25,227 million (30 September 2024: DKK 24,345 million). The order intake in the first half of the year was DKK 11,662 million. This includes the order backlog at the acquisition of Arti-Con with a total value of DKK 681 million.

Statement of cash flows

As expected, the Group's liquidity was positively affected by a decreasing working capital contributing with a cash flow effect of DKK 431 million in the second quarter and DKK 997 million for the first half of the financial year. The decreasing working capital was due to a decrease in work in progress, net and a decrease in receivables.

Cash flows from investing activities amounted to DKK -559 million, affected by the usual investments in equipment as well as Aarsleff making a significant investment in March 2025 in ArtiCon, which is the largest contracting company of the Faroe Islands. Cash flows from financing activities were affected by the usual repayment of lease debt, the current share buyback programme and the payment of dividends.

The Group's outlook for investments of the year in property, plant and equipment exclusive of leased assets is still expected to amount to DKK 700-750 million.

Balance sheet

Consolidated interest-bearing debt decreased by DKK 534 million as a result of the lower working capital. Solvency came to 34.5%, which is below the objective of at least 35%, but this is due to the dividend payment in February 2025. Net interest-bearing debt compared to EBITDA amounted to 0.3 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 share programme, under which the participants for their own account acquire B shares in 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 2,059 employees signed up for the programme and purchased 99,515 shares. The costs are expected to amount to DKK 42.4 million and will be recognised as an expense over the threeyear vesting period.

Balance sheet

Balance sheet total

DKKm 14,837

30/09 2024: DKKm 14,066

Equity

DKKm 5,115 30/09 2024: DKKm 4,998

Net interest-bearing debt

DKKm -481

30/09 2024: DKKm -1,015

Solvency

34.5% 30/09 2024: 35.5%

Construction Technical Solutions Rail Ground Engineering Pipe Technologies

New screw pile, low-noise and vibration-free

Construction

31 March 2025

DKKm 14,603 Order backlog at

DKKm 4,700

is expected to be carried out in the financial year

The first six months in brief

Revenue increased by 1% driven by a high level of activity in Denmark. –

The results for Construction are above expectations due to strong project execution and a high level of activity – particularly in the construction market.

– A satisfactory EBIT margin of 5.2%.

Outlook

The outlook for the financial year has been adjusted and also includes ArtiCon:

Revenue growth of 3 to 7% against previously 0 to 5%.

– EBIT between DKK 530 to 570 million against previously DKK 470 to 530 million.

Construction projects

High level of activity for example with the Fehmarnbelt Link project and the establishment of Lynetteholm.

– There are still many tender opportunities in the construction market, including large infrastructure projects. –

High level of activity within projects driven by the green transition, for example conversion from natural gas to district heating. The One Company project to establish district heating in the municipalities of Furesø, Egedal and Frederikssund is proceeding as planned.

Building projects

There are still many opportunities, particularly within building projects for the pharma industry. At the same time, there is an increasing supply of building renovations, especially in Greater Copenhagen, and recently Hansson & Knudsen has signed a contract for the renewal of 270 homes in Elleparken in Valby.

– 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 abroad

–

–

On 20 January 2025, Aarsleff announced that an agreement had been made to become the main shareholder of the Faroese contracting company ArtiCon P/f. The investment amounts to DKK 144 million. The transaction was completed in March, and the company's results will be included in the income statement from 1 April.

The level of activity in Iceland has decreased to a more normal level. There are still good market opportunities in areas such as the establishment of land-based fish farming, infrastructure and residential building construction. A contract has recently been signed for the construction work related to the establishment of Iceland's first wind farm.

– The market opportunities in Greenland remain good, particularly within building projects in Nuuk and expansion projects at Pituffik Space Base.

The large Swedish One Company harbour project Masthuggskajen in Gothenburg is progressing as expected.

Technical Solutions

Revenue	Segment results (EBIT)	EBIT margin
1,870 DKKm 2023/24: DKKm 1,587	68 DKKm 2023/24: DKKm 54	3.7 % 2023/24: 3.4%
Order intake	Order backlog
2,055 DKKm	3,760 DKKm Order backlog at	1,300 DKKm is expected to be carried out

31 March 2025

The first six months in brief

Revenue growth of 18% driven by a high level of activity within the infrastructure and project division.

• EBIT was as expected.
• A satisfactory EBIT margin of 3.7% which was positively affected by the high level of activity.

Outlook

in the financial year

The adjusted outlook for the financial year is:

Revenue growth of 13 to 18% against previously 10 to 15%.

– EBIT between DKK 155 to 165 million against previously DKK 135 to 145 million.

Projects

In general there was a high level of activity, among other things due to projects for the public sector, but also because several new projects for the pharma industry have begun.

– Continued good tender opportunities within large technical contracts, primarily in Greater Copenhagen.

Service and installation

A general high level of activity.

– High demand for expertise within energy optimisation, building automation and facility management.

–

The agreement with DSB, Danish State Railways, which is carried out in a One Company collaboration with Rail, regarding the maintenance and service of buildings and technical installations at the more than 400 stations in Denmark, has been extended by an additional two years.

Industry

Increasing level of activity and many tender opportunities especially within the pharma industry.

– High demand for expertise and services within stainless steel pipe installations, industrial heat pumps and industry in general.

Infrastructure

–

High level of activity within conversion from natural gas to district heating with many tender 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.

Rail

Revenue

DKKm 964 2023/24: DKKm 1,024

Order intake

DKKm 2,345

DKKm 30 2023/24: DKKm 21

Segment results (EBIT)

Order backlog

DKKm 3,223 Order backlog at 31 March 2025

The first six months in brief

Revenue decreased by 6% due to a lower level of activity in the second quarter, particularly in Norway and Sweden.

– EBIT was as expected.

–

A satisfactory EBIT margin of 3.1%.

DKKm 900 is expected to be carried out in the financial year

EBIT margin

2023/24: 2.0%

3.1%

Outlook

The adjusted outlook for the financial year is:

Revenue growth of -9 to -5% against previously -10 to -5%.

– EBIT between DKK 100 to 110 million against previously DKK 70 to 80 million.

Denmark

High level of activity in Denmark and a market with many tender opportunities, where the focus is on selective order acquisition.

– Continued high level of activity on a number of large projects such as the Greater Copenhagen Light Rail along Ring 3, the electrification of the railway section Aarhus-Aalborg and the reconstruction of Aarhus Central Station. –

Continued focus on increasing the activity within service and maintenance. In December, we entered into four new framework agreements with an expected revenue of almost DKK 700 million over the next eight years: The contracts include two framework agreements for the removal of redundant signal equipment in connection with the phasing-in of the new signalling system, as well as two framework agreements for manual track maintenance on the long-distance railway line around Copenhagen and the Copenhagen S-train line. At the same time, the agreement with DSB, regarding the maintenance and service of buildings and technical installations at the more than 400 stations in Denmark, has been extended by an additional two years.

Norway

A somewhat lower level of activity, but the tender opportunities are good both within the construction and the railway area.

– Focus on increasing earnings through selective order acquisition and ensuring the right organisation.

– New contract in December for the renovation of the stations in Verdal and Sparbu. The contract has a value of almost NOK 150 million.

Sweden

Low activity, with a continued focus on the ongoing reorganisation of activities and a more selective order acquisition.

– Continued focus on investing in the development of the organisation.

– Contracts have been signed for several projects, including track renewal at Älmhult and Grimstorp as well as earthworks on the track Silverhöjdspåret between Ställdalen and Grängesberg.

Ground Engineering

DKKm 1,655

DKKm 2,013 Order backlog at 31 March 2025

DKKm 1,500

is expected to be carried out in the financial year

The first six months in brief

–

–

The first six months showed disappointing results, but better expectations for the next six months.

– Revenue decreased by 5% due to a lower level of activity primarily in Denmark and Sweden.

– In general, there is a lower demand for precast concrete piles, and especially the Swedish market is still affected by excess capacity after the decline within residential building.

Results are strongly affected by a lower capacity utilisation. An increased level of activity and a better capacity utilisation are expected for the second half of the year.

There are still several large projects with precast concrete piles in the tender phase with possible delivery later in the financial year, but in general, the commencement of several projects is being postponed.

Outlook

The adjusted outlook for the financial year is:

Revenue growth of -9 to -5% against previously -3 to 2%.

– EBIT between DKK 110 to 140 million against previously DKK 200 to 210 million.

Denmark A lower level of activity, among other things due to fewer projects with ground engineering work and especially precast concrete piles. Results are strongly affected by a lower capacity utilisation. Stable level of activity within groundwater lowering. Good level of activity within No Dig activities, primarily due to the green transition. The UK – Continued satisfactory level of activity within pile foundation and sheet piling projects contributing to satisfactory results. Good opportunities in the Sweden The decline within the residential building area continues to affect the market negatively resulting in a lower capacity utilisation, while price competition increases. –

–

construction market, for example within marine construction and other infrastructure.

– Strengthening of project management skills.

The Czech Republic

–

–

–

Poland

–

Increasing activity in the Czech Republic where the subsidiary in Brno covers the Czech market in collaboration with the Polish company.

A slightly lower level of activity, and results are affected by a more intense price competition.

Continued good market opportunities in London and in connection with piling and soil improvement for logistic centres, climate impact protection and large industrial facilities.

– Building up project management skills.

Relatively low activity, and the results are affected by a too low

Continued sound market opportunities, among other things as a result of projects related to the green transition and energy

Norway

Germany

–

supply.

capacity utilisation.

Good activity within No-Dig with increased activity within combined projects.

– Continued fierce competition within ground engineering work, however, we are expanding our expertise and thereby increasing the palette we can offer for combined projects.

Building up skills for the execution of major combined projects.

The work on the large harbour project Masthuggskajen progresses as planned.

Pipe Technologies

DKKm 1,628

Order backlog at 31 March 2025

DKKm 1,246

The first six months in brief

There was a revenue increase of 10% as well as a good level of activity in all significant markets.

– Pipe Technologies delivered results above expectations due to good capacity utilisation.

– A very satisfactory EBIT margin of 9.2%.

in the financial year

Outlook

The adjusted outlook for the financial year is:

DKKm 1,000 is expected to be carried out

Revenue growth of 7 to 12% against previously 2 to 7%.

– EBIT of DKK 205 to 215 million against previously DKK 175 to 185 million.

The Nordic region

Normal level of activity within the utility area in Denmark, and in the first half of the year, a number of framework agreements with utility companies have been regained. The level of activity within housing and industry is increasing.

– Continued good level of activity in the Norwegian market with satisfactory earnings.

Good activity in Sweden with satisfactory earnings.

–

Western Europe

Satisfactory level of activity 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.

In the Netherlands, the level of activity is still satisfactory. –

–

The sale of the Bluelight technology is progressing in line with expectations, and there is continued focus on new markets.

Eastern Europe

–

In the Baltic countries, there are still very few tenders, and therefore the level of activity continues to be low.

The Polish market remains difficult and it is expected that it will take a longer period before a recovery is seen.

Outlook for the financial year Financial calendar

The outlook for the full financial year 2024/25 was adjusted on 14 May to:

• Revenue growth of 2 to 6%, corresponding to revenue of DKK 22 to 23 billion against previously DKK 21.7 to 22.8 billion.
• EBIT in the range of DKK 1,100 to 1,200 million against previously DKK 1,050 to 1,150 million.
• The investment in ArtiCon P/f was approved by the Faroese competition authorities on 25 February, and the transaction was completed in mid-March. The earnings impact from ArtiCon will be included from 1 April 2025.
• Investments in property, plant and equipment exclusive of leased assets are expected to be in the range of DKK 700 to 750 million.
• 90% of the expected full-year revenue is covered by the existing order backlog.

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 2023/24 annual report and note 2 on Accounting estimates and judgments. As mentioned under joint venture risk in the annual report, the Fehmarnbelt Link project is our largest one-off project. The recognition 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 concerning the scenarios for the expected final result. 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.

28 August 2025	Interim financial report for the period 1 October 2024-30 June 2025
16 December 2025	Annual report for the financial year 2024/25

Management's statement

Today, the Board of Directors and the Executive Management of Per Aarsleff Holding A/S has discussed and approved the interim financial report for the first six months of the financial year 2024/25.

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.

We consider the accounting policies used to be appropriate. Accordingly, the interim financial report gives a true and fair view of the Group's assets, liabilities and financial position at 31 March 2025 and of the results of the Group's operations and cash flows for the period 1 October 2024 to 31 March 2025.

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.

Executive Management

Group CEO Group CFO

Jesper Kristian Jacobsen Mogens Vedel Hestbæk

Board of Directors

Jørgen Dencker Wisborg Lars-Peter Søbye Chairman of the Board Deputy Chairman

Board member Board member Board member Board member

Charlotte Strand Klaus Kaae Pernille Lind Olsen Mette Kynne Frandsen

Board member Staff-elected Staff-elected Staff-elected

Per Asmussen Britta Hoier Dan Bentsen Julie Briand Madsen

Income statement Statement of comprehensive income

	January quarter		H1
(DKKm)	2024/25	2023/24	2024/25	2023/24
Revenue	5,257	5,171	10,780	10,475
Production costs	-4,632	-4,543	-9,504	-9,288
Gross profit	625	628	1,276	1,187
Administrative expenses and selling costs	-407	-394	-831	-787
Other operating income and expenses	8	11	20	43
Profit in associates and joint ventures	0	0	0	8
Operating profit (EBIT)	226	245	465	451
Net financials	5	-7	6	6
Profit before tax	231	238	471	457
Tax on profit for the period	-59	-56	-118	-115
Profit after tax	172	182	353	342
Earnings per share (DKK)	8.84	9.40	18.17	17.55

	January quarter		H1
(DKKm)	2024/25	2023/24	2024/25	2023/24
Profit after tax	172	182	353	342
Items that may become reclassified to the income statement
Foreign exchange adjustment on translation of foreign entities	26	-10	36	12
Fair value adjustment of derivative financial instruments, net	17	-6	-16	-11
Tax on other comprehensive income	-5	1	4	2
Other comprehensive income recognised directly in equity	38	-15	24	3
Total comprehensive income	210	167	377	345
Comprehensive income is attributable to
Per Aarsleff Holding A/S shareholders	208	163	370	337
Minority shareholders	2	4	7	8
Total	210	167	377	345

Balance sheet

Assets

(DKKm)	31/3 2025	30/9 2024	31/3 2024
Goodwill	452	417	416
Patents and other intangible assets	221	172	261
Land and buildings	1,309	1,261	1,234
Plant and machinery	2,049	2,009	1,712
Other fixtures and fittings, tools and equipment	222	176	173
Assets in progress	362	287	308
Lease assets	885	774	712
Other non-current assets	44	37	46
Non-current assets	5,544	5,133	4,862
Inventories	536	514	501
Construction contract debtors	4,055	4,495	3,852
Work in progress	2,728	2,696	2,240
Other receivables	340	362	302
Securities	471	479	483
Cash and cash equivalents	1,163	387	435
Current assets	9,293	8,933	7,813
Total assets	14,837	14,066	12,675

Equity and liabilities

(DKKm)	31/3 2025	30/9 2024	31/3 2024
Equity, shareholders of Per Aarsleff Holding A/S	5,042	4,947	4,533
Minority interests' share of equity	73	51	39
Equity	5,115	4,998	4,572
Mortgage debt and credit institutions	1,003	935	798
Lease liabilities	647	557	511
Provisions	303	307	201
Other payables	73	79	74
Deferred tax	547	486	562
Non-current liabilities	2,573	2,364	2,146
Mortgage debt and credit institutions	150	81	89
Lease liabilities	242	230	193
Work in progress	2,258	1,845	1,760
Trade payables	3,017	2,940	2,774
Other payables	1,482	1,608	1,141
Current liabilities	7,149	6,704	5,957
Total liabilities	9,722	9,068	8,103
Total equity and liabilities	14,837	14,066	12,675

		H1
(DKKm)	2024/25	2023/24
Cash flow generated from operations
Operating profit (EBIT)	465	451
Depreciation, amortisation and impairment, intangible assets	16	17
Depreciation, amortisation and impairment, property, plant and equipment	420	366
Other adjustments	-18	-37
Change in working capital	997	733
Net financials	18	14
Income tax paid	-235	-75
Cash flow from operating activities	1,663	1,469
Cash flow generated from investments
Acquisitions	-195	-73
Sale of equity investments	3	0
Net investment in property, plant and equipment and intangible assets	-374	-244
Securities	7	9
Cash flow from investing activities	-559	-308
Repayment of mortgage debt and credit institutions	112	-986
Dividend paid	-208	-191
Lease payments	-147	-128
Purchase of treasury shares	-85	0
Cash flow from financing activities	-328	-1,305
Change in cash and cash equivalents for the period	776	-144
Opening cash and cash equivalents	387	579
Change in cash and cash equivalents for the period	776	-144
Closing cash and cash equivalents	1,163	435

Statement of cash flows Net interest-bearing deposit

		H1
(DKKm)	2024/25	2023/24
Cash and cash equivalents	1,163	435
Securities	471	483
Total interest-bearing assets	1,634	918
Mortgage debt and credit institutions	1,153	887
Lease liabilities	889	704
Other payables	73	74
Total interest-bearing liabilities	2,115	1,665
Net interest-bearing deposits/debt (+/-)	-481	-747

Statement of changes in equity

						Total, Per Aarsleff
(DKKm)	Share capital	Translation reserve	Hedging reserve	Retained earnings	Proposed dividend	Holding A/S shareholders	Minority shareholders	Total
Equity 1 October 2024	39	-131	19	4,805	215	4,947	51	4,998
Comprehensive income
Profit for the period				344		344	9	353
Other comprehensive income
Foreign exchange adjustment of foreign entities		38				38	-2	36
Fair value adjustments of derivative financial instruments			-16			-16		-16
Tax on derivative financial instruments			4			4		4
Total other comprehensive income	0	38	-12	0	0	26	-2	24
Total comprehensive income	0	38	-12	344	0	370	7	377
Transactions with owners
Addition, minority shareholders							15	15
Employee share programme				17		17		17
Purchase of treasury shares				-85		-85		-85
Dividend paid					-215	-215		-215
Dividend, treasury shares				8		8		8
Total transactions with owners	0	0	0	-60	-215	-275	15	-260
Equity 31 March 2025	39	-93	7	5,089	0	5,042	73	5,115
Equity 1 October 2023	41	-149	35	4,241	204	4,372	32	4,404
Comprehensive income
Profit for the period				334		334	8	342
Other comprehensive income
Foreign exchange adjustment of foreign entities		12				12	0	12
Fair value adjustments of derivative financial instruments			-11			-11		-11
Tax on derivative financial instruments			2			2		2
Total other comprehensive income	0	12	-9	0	0	3	0	3
Total comprehensive income	0	12	-9	334	0	337	8	345
Transactions with owners
Dividend, minority shareholders							-1	-1
Employee share programme				15		15		15
Dividend paid					-204	-204		-204
Dividend, treasury shares				13		13		13
Total transactions with owners	0	0	0	28	-204	-176	-1	-177
Equity 31 March 2024	41	-137	26	4,603	0	4,533	39	4,572

Notes

Note 1 – Results and financial ratios for the reportable segments, H1

		Construction	Technical Solutions		Rail		Ground Engineering		Pipe Technologies		Total
(DKKm)	2024/25	2023/24	2024/25	2023/24	2024/25	2023/24	2024/25	2023/24	2024/25	2023/24	2024/25	2023/24
Revenue	5,030	4,979	1,870	1,587	964	1,024	1,642	1,730	1,274	1,155	10,780	10,475
Of this, work performed abroad	1,473	1,477	0	0	124	265	1,074	1,113	953	858	3,624	3,713
Operating profit (EBIT)	259	253	68	54	30	21	-9	43	117	80	465	451
Net financials											6	6
Profit before tax											471	457
EBIT margin, %	5.2	5.1	3.7	3.4	3.1	2.0	-0.6	2.5	9.2	6.9	4.3	4.3
Full-time workforce (average)	3,385	3,606	1,566	1,499	972	941	1,623	1,584	1,110	1,136	8,656	8,766

Notes

Note 2 – Allocation of revenue from contracts with customers

	H1
(DKKm)	2024/25	2023/24
Domestic
Sale of goods 1	49	187
Income from service contracts	348	445
Income from construction contracts 2	6,759	6,130
Total domestic	7,156	6,762
International
Sale of goods 1	200	136
Income from service contracts	197	153
Income from construction contracts 2	3,227	3,424
Total international	3,624	3,713
Total
Sale of goods 1	249	323
Income from service contracts	545	598
Income from construction contracts 2	9,986	9,554
Total	10,780	10,475

1 Revenue from the sale of goods derives predominantly from the Ground Engineering segment.

2 Construction contracts are recognised over time.

Note 3 – Accounting policies

The interim financial report, which has not been audited or reviewed by the company's auditor, 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 2023/24, 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 2023/24 financial year, including Amendment to IAS 1 Presentation of Financial Statements.

The amendment has not had any significant impact on recognition or measurement in the consolidated financial statements for the first six months of 2024/25. Also, no significant impact is expected on future periods.

Notes

Note 4 – Acquisitions

In mid-March 2025, Per Aarsleff Holding A/S invested in 80% of the shares of the company ArtiCon P/f.

(DKKm)	ArtiCon
Fair value at acquisition date
Intangible assets	63
Property, plant and equipment	109
Associate	2
Inventories	21
Receivables	253
Cash and cash equivalents	2
Non-current liabilities	-80
Other current liabilities	-246
Net assets acquired	124
Minority interests	-15
Goodwill	35
Acquisition cost	144
Of which cash and cash equivalents/bank debt	51
Cash acquisition cost	195

The nominal value of the above receivables is 253

The acquired company's revenue and profit, included in the consolidated financial statements as of 1 April, amount to DKK 0 million and DKK 0 million, respectively.

Transaction costs amount to DKK 1 million.

Per Aarsleff Holding A/S

Hasselager Allé 5 8260 Viby J Denmark

CVR no. 24 25 77 97