Annual rank81
Denmark · Industrials
Per Aarsleff Holding
Infrastructure contractor combining construction, ground engineering, rail, technical contracts and trenchless pipe renewal.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
Five specialist businesses, one Northern European contractor
Per Aarsleff Holding is the listed parent of a Danish construction and engineering group organised into five reporting segments: Construction, Technical Solutions, Rail, Ground Engineering and Pipe Technologies. Its One Company model combines separately accountable specialist businesses on complex contracts, backed by in-house design, factories and equipment. The examples below distinguish the holding company from operating entities such as Per Aarsleff A/S, Aarsleff Rail and Wicotec Kirkebjerg, and separate their roles from clients, partners and infrastructure operators.
Construction and technical solutions
Build the land facilities, not the energy island
Energinet awarded Per Aarsleff A/S the DKK 3.7 billion design-and-build contract for two future land facilities for Bornholm Energy Island. They will receive and distribute electricity from planned Baltic offshore wind farms to Danish and German grids; Aarsleff is neither the power-system owner nor the wind-farm developer. The Q3 report says design began on 1 August, first earthworks and concrete works are expected around the turn of 2027/28, and handovers remain planned for 2030 and 2031. Concrete elements will be prefabricated at Aarsleff's Polish facility and Wicotec Kirkebjerg will install technical systems.
- Track Bornholm from design to mobilisation Design start, expected earthworks and 2030-31 handovers in the Q3 report
- See the five reporting segments Construction, Technical Solutions, Rail, Ground Engineering and Pipe Technologies
- Explore the construction platform Specialist contractors combined into turnkey projects with substantial own production
- Open the technical-installation scope Power, cooling, ventilation, process piping, IT and building systems
- Map the Bornholm contract Client, partners, future facilities, project value and expected handovers
- Understand the One Company model Independent specialists collaborating without losing operating accountability
- ▶ VideoWatch: specialists assemble one building project Official Aarsleff film illustrating the One Company approach
Rail
Electrify main lines and charge battery trains
Aarsleff Rail, a group company owned by Per Aarsleff Holding, builds and maintains rail infrastructure; it does not operate trains. In Banedanmark's electrification programme, the EPAS consortium brings Aarsleff together with Siemens. Aarsleff's scope includes foundations, masts, catenary wires, transformers and grid connections. At Hårlev, Aarsleff Rail and Siemens Mobility were selected to build a 9 MW charging hub for operator Lokaltog, designed to charge four battery trains at once. Construction is expected in 2027, with completion scheduled for summer 2028.
- Meet Aarsleff Rail The controlled group company that builds and maintains railway infrastructure
- Inspect the EPAS work package Foundations, masts, catenary wires, transformers and grid connections
- Read the client's electrification programme Banedanmark's network scope, infrastructure and public purpose
- Open the Hårlev charging-hub project Lokaltog operator role, 9 MW capacity, four-train charging and planned timing
- ▶ VideoWatch: a railway bridge takes shape Aarsleff's film of the Masnedsund double-track bridge for Banedanmark
Ground engineering
Design the foundation, cast the pile and deploy the rig
Ground Engineering links geotechnical investigation, in-house design, pile factories, specialist equipment and site execution across Denmark, Sweden, Norway, Germany, Poland and the UK. The business reports about 80 piling and drilling rigs and roughly 1,500 employees. At Aarhus Ø, Per Aarsleff A/S was design-and-build contractor for the Lighthouse United consortium. Its foundation used 28 bored piles, each two metres in diameter and reaching up to 70 metres. The project shows how the group's engineering, production and construction roles meet beneath one building.
- Explore Ground Engineering Six-country footprint, design teams, factories, specialist rigs and workforce
- See how pile foundations are delivered Design, reinforced-concrete production, installation and load testing
- Read Aarsleff's Lighthouse contract Design-and-build scope, client consortium and project partners
- ▶ VideoWatch: 28 piles descend beneath Lighthouse Bilingual Aarsleff project film showing two-metre piles reaching 70 metres
Pipe Technologies
Manufacture the liner, supply the equipment and renew the pipe
Pipe Technologies works as both supplier and contractor. It develops and manufactures felt and glass CIPP liners and installation equipment; the liners can be cured with UV, LED, steam, air or water, and the range includes a drinking-water liner. The specialism began with a 90-metre sewer renewal in Holstebro in 1979. The Q3 report treats the 49.5% LiquiForce Services (Ontario) investment as an associated company. The Canadian company receives a BlueLight technology licence while Aarsleff builds equipment and trains local employees; the parties also state an intention to establish a jointly owned US company.
- See the current North American structure 49.5% associated company, technology transfer and planned US entity
- Explore Pipe Technologies Turnkey renewal from method development and factory production to installation
- Open the no-dig product range Felt and glass liners, curing methods, laterals, manholes and drinking-water systems
- Return to the first CIPP project A 90-metre Holstebro sewer renewed from inside the old pipe in 1979
- Trace the Canadian partnership 49.5% LiquiForce interest, BlueLight licence, equipment and local training
- ▶ VideoWatch: renew a drinking-water pipe Official Aarsleff CIPP film from the Pipe Technologies technical archive
- ▶ VideoWatch: cure a glass liner with UV Official Aarsleff film from liner manufacture through UV installation
Official profile sources: Pipe Technologies · Steady and controlled growth since 1947 · Ground Engineering · Construction
Current 2026 update
What is changing at Per Aarsleff Holding in 2026?
Per Aarsleff's latest report shows three ways to widen an infrastructure platform: mobilise an energy-infrastructure land-facilities contract, integrate five Danish entities and transfer trenchless technology through a minority partnership.
The change in one sentence
The group is extending reach through in-house execution, acquisition integration and licensed technology.
Bornholm has entered design, five Danish companies have entered the accounts, and LiquiForce is an associated-company route into Canada with a jointly owned US company still intended.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · Energy mobilisation
Bornholm moves from award to active design
Per Aarsleff A/S holds the DKK 3.7 billion design-and-build contract for two land facilities for Bornholm Energy Island. They will receive and distribute power from planned Baltic offshore wind farms into Danish and German grids; Aarsleff is building the land interface, not the wind farms or power system. The 26 August report says design began on 1 August. First earthworks and concrete works are expected around the turn of 2027/28, with the two handovers still planned for 2030 and 2031. The contract was not in the DKK 28.096 billion backlog at 30 June; it is due to enter order intake in the fourth quarter. A significant part is kept inside the group: concrete elements will be prefabricated at Aarsleff's Polish element facility and Wicotec Kirkebjerg will perform technical installations.
- Current signalDesign began 1 August · mobilisation around 2027/28 · handovers 2030/31
- Why it mattersBornholm turns the One Company model into a dated sequence of design, factory production, technical installation and construction roles.
- Q3 execution and integration Per Aarsleff Holding · 26 August 2026
- Bornholm land-facilities award Per Aarsleff Holding · 17 July 2026
- Cross-specialist operating model Per Aarsleff Holding · Current official page
02 · Danish integration
Five acquired companies entered the accounts from June
Per Aarsleff Holding acquired 100% of CG Jensen, Adserballe & Knudsen and three smaller companies, which the Q3 report includes from the beginning of June. The closing price was DKK 793 million including purchase-price adjustments, replacing the earlier DKK 766 million cash-price shorthand for the current account. CG Jensen brings about 550 employees and broad building and civil work; Adserballe & Knudsen brings about 150 employees focused on residential renovation and small or medium new-build projects in Greater Copenhagen. Two other entities own properties and the fifth has limited activity. Their DKK 1.889 billion order backlog is included in the group backlog at 30 June. This clarifies the acquired perimeter without claiming that it explains all group performance movement.
- Current signal100% of five companies · DKK793m closing price · DKK1.889bn acquired backlog
- Why it mattersThe Danish platform now contains more civil, renovation and new-build capacity, with an exact perimeter and integration date that later reports can track.
- Q3 execution and integration Per Aarsleff Holding · 26 August 2026
- Danish platform acquisition Per Aarsleff Holding · 8 June 2026
03 · Technology transfer
BlueLight enters Canada through a 49.5% associated-company route
Per Aarsleff Holding invested DKK 90.7 million for 49.5% of LiquiForce Services (Ontario), a specialist in trenchless rehabilitation of service laterals backed by North American No-Dig group Puris. LiquiForce reported 2025 revenue of DKK 87.5 million and EBIT of DKK 8.3 million. The Q3 report recognises it as an associated company through the share of profit or loss, not as a consolidated subsidiary. The operating arrangement transfers capability rather than full ownership: the jointly owned Canadian company receives a licence to Aarsleff's BlueLight LED technology, while Aarsleff builds equipment and trains local employees. Aarsleff and LiquiForce also state an intention to establish a jointly owned company in the United States. That intended entity and any wider US expansion were not completed at the evidence cutoff.
- Current signal49.5% · DKK90.7m · licence, equipment and training · US company still intended
- Why it mattersAarsleff is using minority ownership and technology transfer to enter a new market while keeping the accounting and control boundary explicit.
- Q3 execution and integration Per Aarsleff Holding · 26 August 2026
- LiquiForce and BlueLight Per Aarsleff Holding · 19 February 2026
04 · What to watch
Three questions for the next disclosures
The next evidence should show whether design, integration and technology transfer become operating results.
- Bornholm mobilisationDoes the project reach earthworks and concrete mobilisation around the disclosed 2027/28 window?
- Danish integrationHow do the five acquired companies contribute to backlog conversion, project mix and construction performance after June?
- North American routeDo the licence, equipment build and local training produce documented Canadian use, and does the intended Aarsleff-LiquiForce US company form?
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 81 | +24% | +95% | +299% |