Per Aarsleff Holding A/S
Per Aarsleff Holding A/S is a Danish construction and infrastructure group that delivers civil engineering, building, and specialist contracting services through operating subsidiaries such as Aarsleff, Wicotec Kirkebjerg, and related companies. Its activities span infrastructure, utility work, building projects, renovation, and specialized drilling and tunneling services across Denmark and selected Nordic markets.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueRoads, bridges, underground works, and other public infrastructure projects.
District heating, water, sewer, electrical, and building technical systems.
New residential and non-residential building projects.
Housing and building renovation, modernization, and repair work.
Directional drilling, hammer drilling, tunneling, and other niche works.
Customers
The group sells primarily to public-sector and commercial clients that need complex construction and technical installation capability. Its customer base also includes housing developers, property owners, utilities, and industrial customers that outsource large-scale building, renovation, and infrastructure projects.
Government and municipal buyers commissioning roads, rail-adjacent works, and utility infrastructure.
Water, district heating, and other network owners buying trenching, installation, and maintenance-related works.
Developers and owners buying new build and renovation services for residential and commercial properties.
Customers buying niche drilling, tunneling, and technical contracting capabilities for difficult projects.
Owners and associations purchasing renovation and building-service installations.
Strategy
The group appears focused on broadening its capabilities across infrastructure, utility, building, and specialist contracting so it can bid on a wider range of projects. Recent acquisitions mentioned in the report suggest a strategy of adding technical expertise, strengthening positions in new build and renovation, and extending the group’s Nordic platform.
A wider mix of construction and technical services improves cross-selling and tender scope.
Acquired capabilities can fill gaps in specialties, geography, and customer access.
Large public and utility projects provide recurring tender opportunities and scale.
Geography
Per Aarsleff Holding is anchored in Denmark, with operating subsidiaries serving the domestic construction and infrastructure market as well as nearby Nordic markets. The report excerpts also show acquired operations in Sweden, reflecting a wider Nordic footprint in specialized contracting and infrastructure-related services.
Risks
The business is exposed to project execution risk, bidding competition, and swings in public and private construction activity. It also carries acquisition and integration risk, while specialist contracting exposes the group to technical complexity, cost overruns, and site-specific delays.
- Project execution riskImpact: HighLikelihood: High
Large construction and infrastructure contracts can suffer from delays, claims, and cost overruns.
Exposure: Civil engineering and technical contracting projects
- Construction cycle exposureImpact: HighLikelihood: Medium
Demand for new build, renovation, and infrastructure depends on macro conditions and public spending.
Exposure: Nordic construction markets
- Technical and ground-condition riskImpact: MediumLikelihood: High
Drilling, tunneling, and underground works are sensitive to difficult site conditions.
Exposure: Specialist drilling and tunneling services
- Acquisition integration riskImpact: MediumLikelihood: Medium
Bought-in businesses may not integrate smoothly operationally or culturally.
Exposure: Recent acquisitions in Denmark and Sweden
Accounting
Judgemental itemsConstruction contracts typically require judgment on progress, claims, and expected losses.
Impact: Can change revenue and margin timing across reporting periods
Recent acquisitions created significant goodwill and fair value allocations.
Impact: Future impairment charges could affect earnings and equity
Project accounting depends on estimates for completion, warranty, and remedial work.
Impact: Can move reported profit as projects progress
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Last updated: 24/10/2026