Per Aarsleff Holding

What Per Aarsleff Holding does

Per Aarsleff Holding A/S is a Danish publicly-traded general infrastructure contractor (NASDAQ OMX Copenhagen: PAA), founded in 1947 and headquartered in Viby J, Denmark, with 5,001–10,000 employees. The Group plans, designs, and executes large-scale infrastructure projects — harbors and marine works, railways, roads, airports, bridges, tunnels, district heating, offshore wind foundations, and climate-adaptation assets (sewer systems, reservoirs, coastal protection) — for public-sector clients and selected large private developers across Northern Europe. It is organized into three operating pillars: Construction (buildings, renovation, technical contracts via Wicotec Kirkebjerg, Aarsleff Rail), Ground Engineering (piling, secant pile walls, anchors, groundwater lowering, foundation installation), and Pipe Technologies (trenchless UV-cured and LED-cured lateral rehabilitation, sewer renewal). Aarsleff's H1 FY2026 revenue was DKK 12,245M (+13.6% YoY), with full-year 2025/26 guidance of DKK 25.4–26.1B and a record DKK 26.5B order backlog.

Revenue is generated entirely through project-based, multi-year contracts secured via competitive bidding, with individual contract values ranging into the DKK 1B+ range and a contract mix heavily weighted toward public-sector and regulated-utility buyers. The go-to-market is direct enterprise sales: Aarsleff engages government agencies, municipalities, port authorities, and large private developers through locally established entities in Denmark, Norway, Sweden, Germany, the UK, Poland, Greenland, Iceland, and (as of 2026) Canada. Underlying technology is a mix of proprietary process IP (advanced UV-cured and LED-cured lateral lining, trenchless pipe rehabilitation) and purpose-built production assets (a Poland element factory producing 3,000-ton gravity foundations for offshore wind, in-house reinforced concrete pile production). Recent strategic moves — the 2026 acquisition of CG Jensen A/S and Adserballe & Knudsen A/S (DKK 766M) and the 49.5% stake in Canadian LiquiForce (DKK 90M) — extend the Group into Greater Copenhagen building construction and North American trenchless rehabilitation, respectively.

Name

Per Aarsleff Holding

Legal name

Per Aarsleff A/S

Website

https://aarsleff.com

Company type

Public

Founded year

1947

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Per Aarsleff Holding is a Danish publicly-traded general infrastructure contractor (founded 1947) that plans, designs, and executes large-scale harbors, railways, offshore wind, building, ground engineering, and pipe rehabilitation projects primarily for public-sector and large enterprise clients across Northern Europe, with recent expansion into Canada.

Ownership category

akta.pro rank

Product category

Infrastructure Construction Services

NAICS

Heavy and Civil Engineering Construction (237), Utility System Construction (2371)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Public Works General Contracting (IMAFAAAG)

akta.pro secondary industry

Storage & Conveyance Structures (Reservoirs, Tanks, Culverts, Tunnels) (IMAFAGAE)

Keywords

• Infrastructure construction services
• Ground engineering solutions
• Pipe rehabilitation technologies
• Offshore wind foundations
• Civil engineering contracting

Headquarters

HQ city

Risskov

HQ country

Denmark

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Infrastructure Construction Projects: Revenue generated from large-scale infrastructure construction projects including harbors, roads, railways, airports, bridges, tunnels, and urban development. Project-based revenue with multi-year contract cycles.
2. Ground Engineering Services: Specialized geotechnical services including foundation installation, pile driving, ground improvement, and excavation support for construction projects.
3. Pipe Technologies and Rehabilitation: Trenchless pipe rehabilitation and maintenance services for municipal water and wastewater infrastructure, including lateral lining solutions.
4. Building Construction and Renovation: Residential and commercial building construction, renovation, and technical contracts, especially in Greater Copenhagen area following CG Jensen and Adserballe & Knudsen acquisitions.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Per Aarsleff Holding A/S is a Danish general infrastructure contractor operating through three main divisions: Construction (new-build, renovation, technical contracts), Ground Engineering (foundations, piling, geotechnical work), and Pipe Technologies (trenchless rehabilitation). The company executes large-scale civil engineering and building projects, including harbors, railways, offshore wind farms, roads, bridges, and water/wastewater infrastructure, primarily for public-sector and enterprise customers in Northern Europe.

Product overview

Per Aarsleff Holding operates as a general infrastructure contractor offering a comprehensive portfolio of construction and civil engineering services through its main company and subsidiaries. The company is organized into three main divisions: Construction (covering buildings, renovation, and technical contracts), Ground Engineering (foundations, piles, and geotechnical work), and Pipe Technologies (trenchless rehabilitation). Key subsidiaries include Aarsleff Rail (railway services), Wicotec Kirkebjerg (technical contracts), and Aarsleff Pipe Technologies (pipe rehabilitation). The company serves sectors including harbors, wind farms, residential buildings, railways, sewage systems, and energy infrastructure across Denmark, Norway, Sweden, Germany, England, and Poland.

Differentiator

Problem solved

Functional benefit

Brands

• Aarsleff Rail: Railway construction and services division
• Aarsleff Pipe Technologies
• Wicotec Kirkebjerg
• CG Jensen
• Adserballe & Knudsen

Products and services

• Aarsleff Rail Railway construction, technical installations, and rail-related infrastructure services for transit and rail projects.
• Aarsleff Pipe Technologies Trenchless pipe rehabilitation and maintenance services for municipal water and wastewater infrastructure, including UV-cured lateral lining solutions.
• Wicotec Kirkebjerg Technical contracts specialist focused on hospital technical installations and specialized engineering services.
• Ground Engineering Services Foundation installation services including tubular steel piles, secant pile walls, anchors, construction pits, and groundwater lowering for construction projects.
• Construction Services Building construction including new buildings, renovation, shell structures, technical contracts, pile foundations, site development, and construction pits for residential, commercial, and industrial projects.
• Infrastructure Services Roads, harbors, marine construction, railways, cables, airport facilities, mining, drinking water systems, geotechnical investigations, and sports fields construction.
• Energy Services Wind turbine foundations (including offshore), combined heat and power plants, district heating, and gas infrastructure.
• Climate Change Adaptation Services Sewer systems, reservoirs, and coastal protection solutions for climate resilience.

Quantifiable outcome

• Order backlog of DKK 26.5 billion providing revenue visibility
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core, major and minor.

• CG Jensen A/ScoreStrategic or Co-development Partner · 8 June 2026Acquisition of CG Jensen A/S including associated companies CG Jensen Ejendomme A/S and CG Jensen Forsyning A/S for DKK 766 million. The acquisition strengthens Aarsleff's position within residential and building renovation as well as new-build projects, especially in Greater Copenhagen. CG Jensen shares the same culture and approach as Aarsleff with strong focus on in-house production.
• Adserballe & Knudsen A/ScoreStrategic or Co-development Partner · 8 June 2026Acquisition of Adserballe & Knudsen A/S as part of the same transaction as CG Jensen. Together these acquisitions added capacity in the construction area with combined 2025 revenue of DKK 2.3 billion and EBIT of DKK 107 million.
• LiquiForcecoreStrategic or Co-development Partner · 23 February 2026Strategic partnership between Per Aarsleff (PAA) and LiquiForce, a PURIS company, to expand and enhance lateral rehabilitation solutions across Canada. PAA became part owner of the newly formed LiquiForce partnership, combining LiquiForce's established Canadian market presence with PAA's technical leadership and equipment innovations including advanced UV-cured technologies. The partnership marks strategic expansion into the North American trenchless pipe rehabilitation market.
• PURISmajorStrategic or Co-development Partner · 23 February 2026PURIS is the parent company of LiquiForce. The partnership enables Aarsleff to enter the Canadian market for trenchless pipe rehabilitation through LiquiForce's established market presence combined with Aarsleff's technical innovations.
• ArtiConminorStrategic or Co-development Partner · 25 February 2025Aarsleff's investment in the Faroese company ArtiCon was approved. This represents strategic expansion into the Faroese construction market.
• ArtiCon (Faroese contracting company)minorStrategic or Co-development Partner · 20 January 2025Aarsleff invested in a Faroese contracting company as part of geographic expansion strategy into the Faroese Islands market.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• STRABAG SE: Austrian-based European construction leader with extensive heavy civil, building construction, and infrastructure services across Central and Northern Europe. Comparable contracting model but substantially larger scale and geographic reach.
• HOCHTIEF AG: German-headquartered global infrastructure and construction group with significant European civil engineering operations. Comparable in scope to Aarsleff but far larger and more globally diversified, including US (Turner) and Australian (CIMIC) platforms.
• Royal BAM Group: Dutch construction group with strong Northern European civil engineering, building, and property operations. Overlapping geography and infrastructure service mix; broader portfolio including UK and Irish operations.
• VINCI Construction: French-headquartered global construction and concessions giant with civil engineering, building, and infrastructure operations across Europe. Comparable infrastructure delivery capability at significantly larger scale, including offshore and energy infrastructure exposure.

Direct peers

• Skanska AB: Swedish-headquartered global construction and infrastructure contractor with heavy civil, building construction, and project development arms. Most directly comparable large Nordic general contractor across infrastructure, commercial building, and offshore-adjacent work.
• Peab AB: Swedish construction and civil engineering firm operating across construction, civil engineering, and project development in the Nordics. Comparable scale and scope to Aarsleff with overlapping infrastructure, building, and ground engineering services.
• NCC AB: Major Nordic construction and infrastructure company active across building, infrastructure, and property development in the same geographies Aarsleff serves. Direct overlap in heavy civil, building renovation, and Northern European municipal customers.
• Veidekke ASA: Norwegian construction and infrastructure contractor with strong positions in heavy civil, building construction, and asphalt/aggregates. Direct Nordic peer with similar public-sector customer base and project-based contracting model.

Emerging players

• Bilfinger SE: German industrial services and infrastructure construction provider with comparable process industry, pipe/equipment installation, and infrastructure rehabilitation capabilities — overlapping with Aarsleff's Wicotec Kirkebjerg and Pipe Technologies businesses.

Regional players

• YIT Corporation: Finnish construction company focused on housing, business premises, and infrastructure in the Nordics and Baltic states. Comparable building construction and infrastructure services with a similar Northern European operating footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Per Aarsleff Holding