InstallatørGruppen, the Danish installation services provider, reported a 29.5% year-over-year increase in first-half 2026 revenue to DKK 2.2 billion, driven by acquisitions and modest organic growth. The company’s adjusted EBITDA rose 34.6% to DKK 205 million, lifting the EBITDA margin to 9.3% from 9.1% a year earlier. However, shares fell 15.09% to $10.41 following the release, erasing gains from its June Nasdaq Copenhagen listing.
Order book momentum remained robust, with the backlog reaching DKK 4.3 billion, up 19% since year-end 2025 and 72% year-over-year. Organic growth slowed to 2.2% from 18.2% in the same period last year, reflecting a more cautious market environment. The Switzerland segment contributed DKK 322 million in revenue, a significant jump from DKK 77 million a year prior, and turned profitable with an EBITDA of DKK 19 million.
Adjusted free cash flow totaled DKK 141 million, down from DKK 215 million in H1 2025, as working capital absorbed DKK 56 million. The leverage ratio rose to 2.0x from 1.7x at year-end 2025, though it remains below the company’s target ceiling of 2.5x. Group CEO Niels Eldrup Meidahl highlighted the strong order book and acquisition-driven growth, noting that the listing had broadened the shareholder base without altering operational priorities.
Full-year 2026 guidance was maintained, with revenue projected between DKK 4.65 billion and DKK 4.9 billion on a reported basis, and DKK 5.45 billion to DKK 5.7 billion when including acquisitions. Adjusted EBITDA is expected in the range of DKK 415 million to DKK 465 million, rising to DKK 475 million to DKK 525 million on a combined basis. Management reiterated a cash conversion target above 85% for the year, with CFO Mathias Ringsted Grüner acknowledging timing-related working capital pressures expected to normalize in the third quarter.
