Per Aarsleff Holding — Earnings Release 2023

Aug 15, 2023

Nasdaq Copenhagen A/S P.O. Box 1040 1007 København K

15 August 2023 Ref.: JKJ/til

Aarsleff upgrades expectations and publishes preliminary accounting figures for the first nine months

In connection with the ongoing preparation of the interim financial report for the first nine months, Per Aarsleff Holding A/S upgrades the full-year expectations for the financial year 2022/23 as follows:

• Revenue growth of 10-12% corresponding to revenue of DKK 20-20.4 billion against previously DKK 19.5-20 billion
• EBIT in the range of DKK 1,060-1,110 million against previously DKK 880-940 million.

The upgrade is based on the total realised results for the first nine months as well as the expectations for Q4. The preliminary, non-audited accounting figures for the first nine months are:

• Revenue of DKK 15,282 million (DKK 12,925 million in the first nine months of 21/22)
• EBIT of DKK 732 million (DKK 473 million in the first nine months of 21/22).

CEO Jesper Kristian Jacobsen said:

"The Aarsleff Group's third quarter was particularly strong. Our revenue was high, and earnings were very satisfactory and positively affected by more construction projects being completed above expectations. This means that we have continued our positive development from the first half of the financial year. Our expertise is in demand especially within harbour expansions as well as within energy and district heating projects, and there are also good opportunities within technical solutions and buildings for the pharma industry."

Expectations for the individual reporting segments are adjusted to:

Construction	Revenue growth of 14-16% against previously 7-10% EBIT of DKK 540-560 million against previously DKK 355-380 million
Technical Solutions	Revenue growth of 7-9% against previously 9-12% EBIT of DKK 85-90 million against previously DKK 90-100 million
Rail	Revenue growth of 18-20% against previously 16-20% EBIT of DKK 60-70 million against previously DKK 70-75 million
Ground Engineering	Revenue growth of 2-4% against previously 5-8% EBIT of DKK 200-210 million against previously DKK 205-215 million
Pipe Technologies	Revenue growth of 6-8% against previously 5-7% EBIT of DKK 175-180 million against previously DKK 160-170 million

Further information about the first nine months of the financial year 2022/23 can be seen in the interim financial report to be published on 30 August, cf. the financial calendar.

Per Aarsleff Holding A/S

Main office Hasselager Allé 5 DK-8260 Viby J Denmark Tel +45 8744 2222

Copenhagen Office

Industriholmen 2 DK-2560 Hvidovre Denmark Tel +45 3679 3333

CVR no. 24257797