Profit before tax came to DKK 61 million compared to DKK 48 million in the same period last financial year.

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1 1/10 NASDAQ OMX København A/S Nicolaj Plads 6 Postboks København K Aabyhoej 28 February 2012 Ref.: JSZ/til Today, the Board of Directors of Per Aarsleff A/S has discussed and approved the interim report for the first quarter of the financial year 2011/2012. The interim report has not been audited or reviewed by the company s auditors. First quarter results: Profit before tax came to DKK 61 million compared to DKK 48 million in the same period last financial year. Consolidated revenue came to DKK 1,705 million. Construction reported profit before interest of DKK 24 million. Pipe Technologies reported profit before interest of DKK 39 million. Piling reported profit before interest of DKK 4 million. Expectations for the financial year 2011/2012: The company maintains its expectations for a profit before tax of DKK 180 million for the financial year 2011/2012. Niels Skovgaard Møller Chairman of the Board Ebbe Malte Iversen General Manager Further information: General Manager Ebbe Malte Iversen, Per Aarsleff A/S, tel

2 2/10 Highlights for the Group Amounts in DKK million First quarter Financial year 2011/ / /2011 Income statement Revenue 1,705 1,377 6,147 Of this figure, work performed abroad ,793 Operating profit Profit before interest Net financials Profit before tax Profit after tax Balance sheet Non-current assets 1,593 1,445 1,588 Current assets 2,519 2,159 2,779 Total assets 4,112 3,604 4,367 Equity 1,518 1,437 1,472 Non-current liabilities Current liabilities 2,130 1,733 2,446 Total equity and liabilities 4,112 3,604 4,367 Cash flow statement Cash flows from operating activities Cash flows from investing activities Of this figure, investment in property, plant and equipment, net Cash flows from financing activities Change in liquidity for the period Financial ratios Gross margin ratio, % Profit margin (EBIT margin), % Net profit ratio (pre-tax margin), % Return on invested capital (ROIC), % * Return on equity (ROE), % * Equity interest, % Earnings per share (EPS), DKK Number of employees 3,692 3,309 3,473 Please see page 65 of the annual report 2010/2011 for financial ratio definitions. *Not translated into full year figures.

3 3/10 Management s review concerning the first quarter of the financial year 2011/2012 Financial development of the Aarsleff Group Income statement In the first quarter of the financial year 2011/2012, consolidated revenue increased by DKK 328 million or 24% from DKK 1,377 million to DKK 1,705 million. Revenue generated by the Danish operations increased by 32%, while revenue generated by the foreign operations increased by 13%. Administrative expenses and selling costs amounted to 7.5% of revenue compared to 8% in the same period last year. Operating profit came to DKK 62.9 million against DKK 50.6 million in the first quarter of last financial year. In the first quarter of the year, share of profit after tax in associates increased from DKK 2.8 million last financial year to DKK 3.7 million this year. Net financials were negative at DKK 5.4 million against a negative DKK 4.9 million last financial year. In the first quarter of the financial year 2011/2012, profit before tax reached DKK 61.2 million against a profit of DKK 48.5 million in the same quarter of last year. In the first quarter of the financial year 2011/2012, consolidated profit after tax was a profit of DKK 45.4 million against DKK 36 million last financial year. Balance sheet The consolidated balance sheet total came to DKK 4,112 million at 31 December This corresponds to a decrease of DKK 255 million compared to the balance sheet total of last financial year of DKK 4,367 million. Consolidated interest-bearing liabilities less interest-bearing assets constituted a net debt of DKK 122 million against a net debt of DKK 231 million at 30 September Equity amounted to DKK 1,518 million against DKK 1,472 million at the end of last financial year or 36.9% of the balance sheet total compared with 33.7% at the beginning of the financial year. Cash flow statement Cash flows from operating activities amounted to DKK 165 million against DKK 99 million in the same period last financial year. Cash flows from investing activities were negative at 59 million against a negative amount of DKK 82 million in the same period last financial year. Cash flows from financing activities amounted to DKK 14 million against DKK 36 million in the same period last financial year. Thus, the change in liquidity for the period was positive at DKK 120 million.

4 4/10 Segment results Construction Pipe Technologies Piling Total First quarter First quarter First quarter First quarter 2011/ / / / / / / /2011 Segment revenue Internal revenue 1, , , Revenue 1, ,705 1,377 Of this figure, work performed abroad Operating profit Profit in associates Profit before interest Net financials -6-5 Profit before tax Profit before interest, % Number of employees 2,274 1, ,692 3,309 Construction increasing revenue and profit in line with expectations First quarter revenue came to DKK 1,110 million or up 49% on last year. Revenue generated by the foreign operations was DKK 342 million compared with DKK 184 million in the same quarter of last financial year, while revenue generated by the Danish operations increased from DKK 561 million to DKK 768 million. Revenue from the activities in connection with establishment of the London Array Offshore Wind Farm will be included in the Construction segment in the current financial year, as opposed to the first quarter of last financial year when revenue from these activities were allocated between the Construction segment and the Piling segment. Profit before interest came to DKK 24 million against DKK 6 million last financial year. Profit is in line with expectations. In January 2012, we installed foundation number 100 and the first wind turbine out of a total of 177 for the London Array Offshore Wind Farm. The project's contribution to the expected results continues to be assessed in consideration of the risks involved in the project. The subsidiaries Dan Jord A/S, Wicotec A/S, Petri & Haugsted as, Aarsleff Rail A/S, Østergaard A/S, Brødrene Hedegaard A/S and VG Entreprenør A/S performed slightly above expectations at the beginning of the financial year. Our expectations for the financial year 2011/2012 remain unchanged. Construction expects increasing activity and profit before interest of 2% of revenue. Pipe Technologies high level of activity and profit above expectations First quarter revenue came to DKK 311 million or up 19% on last year. The Danish operations reported a revenue increase of 21% to DKK 141 million, and the foreign operations reported a revenue increase of 17% to DKK 170 million. Profit before interest came to DKK 39 million compared to DKK 30 million last financial year and exceeded expectations at the beginning of the financial year. A high level of activity in the public utility companies in Denmark within trenchless pipe renewal resulted in first quarter results above expectations at the beginning of the financial year. The Housing and Industry segments performed in line with expectations at the beginning of the financial year.

5 5/10 The total performance of the subsidiaries is above expectations at the beginning of the financial year. For the financial year as a whole we expect increasing activity and profit before interest of 5% of revenue compared with 4.5% at the beginning of the financial year. Piling the UK, Poland and Sweden fell short of expectations First quarter revenue came to DKK 284 million against DKK 370 million last financial year. Revenue generated by the foreign operations came to DKK 170 million compared with DKK 273 million in the first quarter of last financial year. Revenue generated by the Danish operations came to DKK 114 million against DKK 97 million last financial year. In the first quarter of the financial year 2010/2011, a share of the revenue from the activities connected with the establishment of the London Array Offshore Wind Farm was allocated to the Piling segment. In the current financial year, the total revenue has been allocated to the Construction segment. Profit before interest came to DKK 4 million compared to DKK 17 million in the same quarter of last financial year and falls short of expectations at the beginning of the financial year. The results of the subsidiaries in the UK, Poland and Sweden fell short of expectations at the beginning of the financial year. For the financial year as a whole, we expect a revenue decline attributable mainly to the organisation of Offshore Wind under the Construction segment. Profit before interest is expected to amount to 4% of revenue compared to 5.5% at the beginning of the financial year. Expectations for the financial year 2011/2012 As announced in the 2010/2011 annual report, the company maintains its expectations for a profit before tax of DKK 180 million for the financial year 2011/2012. Revenue expectations for the Group for the entire financial year remain unchanged. Revenue is expected to be above the 2010/2011 level. The activity in the market is stable at a relatively high level but will continue to be characterised by keen competition with international contracting companies tendering for work to an increasing extent. Accounting policies The interim report covering the first quarter of the financial year 2011/2012 has been prepared in accordance with IAS 34 Interim Financial Reporting and additional Danish disclosure requirements for interim reports of listed companies. No interim report has been prepared for the parent company. The accounting policies of the interim report remain unchanged from the 2010/2011 annual report which has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual report of listed companies. Please refer to the 2010/2011 annual report for a further description of the accounting policies. Certain new or changed standards or interpretations have become effective for the financial year 2011/2012. It is the Management s view that these standards and interpretations will have no significant effect on the annual report. The interim report is presented in Danish kroner (DKK) which is the parent company s functional currency.

6 6/10 Management s statement Today, the Board of Directors and Executive Management have discussed and approved the interim report of Per Aarsleff A/S for the period 1 October-31 December The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and additional Danish disclosure requirements for interim reports of listed companies. The interim report has not been audited or reviewed by the company s auditors. We consider the accounting policies used to be appropriate. Accordingly, the interim report gives a true and fair view of the financial position at 31 December 2011 of the Group as well as of the results of the Group s operations and cash flows in the period 1 October-31 December In our opinion, Management s review includes a true and fair account of the development in the operations and financial circumstances of the Group, of the results for the period and of the financial position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group. Aabyhoej, 28 February 2012 Executive Management Ebbe Malte Iversen General Manager Lars M. Carlsen Board of Directors Niels Skovgaard Møller Chairman of the Board Andreas Lundby Carsten Fode Peter Arndrup Poulsen Deputy Chairman Rikke Gulddal Christensen Staff-elected Søren Kristensen Staff-elected

7 7/10 Consolidated income statement Amounts in DKK 000 First quarter 2011/ /2011 Revenue 1,705,220 1,376,960 Production costs -1,514,835-1,216,594 Gross profit 190, ,366 Administrative expenses and selling costs -128, ,473 Other operating income and expenses Operating profit 62,936 50,555 Profit in associates 3,701 2,796 Profit before interest 66,637 53,351 Net financials -5,435-4,872 Profit before tax 61,202 48,479 Tax on profit for the period -15,835-12,461 Profit after tax 45,367 36,018 Earnings per share (EPS), DKK Statement of comprehensive income Amounts in DKK 000 First quarter 2011/ /2011 Profit after tax 45,367 36,018 Exchange rate adjustments relating to foreign entities Fair value adjustments of derivative financial instruments, net -2,657 2,161 Other comprehensive income recognised directly in equity 1,064 3,076 Total comprehensive income 46,431 39,094 Total comprehensive income accrues to Shareholders of Per Aarsleff A/S 46,431 39,205 Minority shareholders Total 46,431 39,094

8 8/10 Consolidated balance sheet Amounts in DKK / / / Assets Intangible assets 89,855 92,291 52,092 Property, plant and equipment 1,424,304 1,412,682 1,319,005 Other non-current assets 79,167 82,969 73,774 Non-current assets 1,593,326 1,587,942 1,444,871 Inventories 171, , ,987 Contracting debtors 1,404,701 1,468,201 1,014,607 Work in progress 246, , ,164 Other receivables 101, , ,745 Cash 594, , ,759 Current assets 2,518,560 2,778,905 2,159,262 Total assets 4,111,886 4,366,847 3,604,133 Equity and liabilities Equity 1,518,282 1,471,851 1,436,732 Mortgage debt and credit institutions 205, , ,684 Other debt and provisions 78,117 76,182 70,472 Deferred tax 180, , ,701 Non-current liabilities 463, , ,857 Credit institutions 511, , ,437 Work in progress 542, , ,427 Trade payables 673, , ,541 Other debt 402, , ,139 Current liabilities 2,129,747 2,445,977 1,732,544 Total liabilities 2,593,604 2,894,996 2,167,401 Total equity and liabilities 4,111,886 4,366,847 3,604,133

9 9/10 Consolidated cash flow statement Amounts in DKK 000 First quarter 2011/ /2011 Cash flow from operating activities Profit before interest 66,637 53,351 Depreciation, amortisation and impairment loss 65,270 50,833 Other adjustments 56,650 5,087 Net financials -5,435-4,872 Corporation tax paid -18,243-5,699 Cash flows from operating activities 164,879 98,700 Cash flow from investing activities Net investment in property, plant and equipment and intangible assets -66,901-65,077 Net investment in subsidiaries 0-13,982 Net investment in associates 7,636-2,770 Cash flows from investing activities -59,265-81,829 Cash flow from financing activities 14,147 35,653 Cash flows from financing activities 14,147 35,653 Change in liquidity for the period 119,761 52,524 Opening liquidity -33,611 38,138 Change in liquidity for the period 119,761 52,524 Closing liquidity 86,150 90,662

10 10/10 Statement of changes in equity, Group Amounts in DKK 000 Per Aarsleff A/S shareholders share Translation Hedging Retained Proposed Minority Share capital reserve reserve earnings dividend shareholders Total Equity at 1 October ,300-18,887-4,866 1,365,177 10, ,357,638 Changes in equity in first quarter 2010/2011 Total comprehensive income for the period 915 2,161 36, ,094 Changes in equity in first quarter 2010/ ,161 36, ,094 Equity at 31 December ,300-17,972-2,705 1,401,196 10, ,436,732 Equity at 1 October ,300-43,082 5,574 1,453,187 10, ,471,851 Changes in equity in first quarter 2011/2012 Total comprehensive income for the period 3,721-2,657 45,367 46,431 Changes in equity in first quarter 2011/ ,721-2,657 45, ,431 Equity at 31 December ,300-39,361 2,917 1,498,554 10, ,518,282 The share capital consists of DKK 2.7 million A shares and DKK 42.6 million B shares.

Interim report for the period 1 October-31 December 2012

Interim report for the period 1 October-31 December 2012 1/12 NASDAQ OMX Copenhagen A/S Nicolaj Plads 6 Postboks 1040 DK-1007 København K Aabyhoej 27 February 2013 Ref.: EMI/til Today, the Board of Directors of Per Aarsleff A/S has discussed and approved the