Per Aarsleff Holding (CPSE:PAAL B) Stock Slips Despite Record Backlog

Per Aarsleff Holding stock has eased in recent weeks, with the share price down about 5% over 7 days and soft over 1 and 3 months, just as the company delivered a Q3 set of numbers that quietly leans on one clear strength. The headline is earnings power. Basic earnings per share for Q3 came in at DKK 13.33 on revenue of DKK 6,662m, supported by a record DKK 28.1b order backlog that anchors future activity.

For investors, the tension is simple: the share price has cooled while the earnings machine and order book still look very much switched on.

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Q3 2026 Earnings Summary

• Revenue (Q3 2026 vs Q3 2025): DKK 6,662m vs. DKK 5,751m (up about 15.8%)
• Net Income (Excl. Extra Items, Q3 2026 vs Q3 2025): DKK 254m vs. DKK 240m (up about 5.8%)
• Basic EPS (Q3 2026 vs Q3 2025): DKK 13.33 vs. DKK 12.37 (up about 7.8%)
• Trailing 12 Month Net Income (Excl. Extra Items, Q3 2026 vs Q3 2025): DKK 921m vs. DKK 826m (up about 11.5%)

Tired of scrolling through earnings tables and raw figures to piece together what is really going on? See Per Aarsleff Holding’s full financial picture with a clear view of its valuation in our interactive company report for Per Aarsleff Holding.

Per Aarsleff bull case: backlog and earnings muscle tested

Bulls argue that Per Aarsleff Holding has built an earnings engine backed by a deep, high quality backlog, so revenue and profit should hold up even as individual projects roll off. Q3 supports parts of that view. Revenue of DKK 6,662m and basic EPS of DKK 13.33 sit on top of a record DKK 28.1b order backlog and about DKK 21b of 9M order intake. That is a clear milestone for pipeline depth. Most segments are contributing, with Construction, Pipe Technologies and Technical Solutions all showing healthy activity and unchanged full year guidance for 12 to 15% revenue growth and a 5.0 to 5.3% EBIT margin. Integration of CG Jensen, Adserballe & Knudsen and LiquiForce is on track and not forcing a guidance reset. The bull story of scale, diversification and project visibility is being supported, although not every piece is yet working at target levels.

Per Aarsleff bear case: margin strain and execution risk

Bears focus on thin group margins, Ground Engineering weakness and the risk that acquisitions and maturing high value projects dilute returns. Q3 gives those concerns some support. Group EBIT margin for 9M is 4.5%, below the guided 5.0 to 5.3% for the full year, so the margin rebuild is incomplete. Ground Engineering earns DKK 40m on roughly DKK 3b of turnover, around 1.3% margin, with low precast utilization and project postponements still unresolved. Management itself flags this as the biggest earnings risk and now frames the return to historical margin levels as a 2 to 3 year effort. Cost inflation in diesel and inputs is another pressure point, only partly offset by pricing pass through. The share price is down about 5% over 7 days and softer over 1 and 3 months, which shows some of these risks are front of mind for investors.

Compare Per Aarsleff Holding’s record DKK 28.1b backlog and Q3 earnings power with what the market is pricing in at DKK 713 today. Then see whether analysts think this momentum holds or fades with the consensus price target analysis for Per Aarsleff Holding.

Take Control of Your Next Move

If Per Aarsleff Holding’s record DKK 28.1b backlog and recent Q3 earnings power have caught your attention, register for FREE with Simply Wall St and add it to a Watchlist to track the share price against fair value and watch for your ideal entry point. After you build a position, use the Portfolio Command Center to cut through market noise and focus on the updates that matter to your holdings. For long term context and fresh angles on Per Aarsleff Holding and other stocks, tap into crowd insights through the Community. Spot potential catalysts and emerging risks earlier so you can act with confidence and stay ahead of the market.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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