Danish installation services consolidator InstallatørGruppen A/S reported a 29.5% year-over-year increase in first-half revenue to DKK 2.2 billion, alongside a 34.6% rise in adjusted EBITDA to DKK 204 million. The group’s order book reached a record DKK 4.3 billion, up 19% from year-end 2025 and 72% year-over-year, though organic growth slowed to 2.2% from 18.2% in H1 2025.
Shares in the company, listed on Nasdaq Copenhagen since June 11, 2026, fell 15.09% to $10.41, erasing $1.85 per share from the prior close of $12.26. The decline followed the release of full-year 2026 guidance, which analysts noted fell short of some expectations despite the strong operational metrics.
Adjusted EBITDA margin improved to 9.3% from 9.1% in H1 2025, with Denmark’s segment maintaining a 9.3% margin while Switzerland’s segment turned profitable at 5.8%, a significant recovery from a 12.1% loss in the prior year. The group completed eight acquisitions in H1 2026, including six in Denmark and two in Switzerland, primarily in electrical services, and added a ninth acquisition—Erik Lytzen A/S—on July 1, 2026. Portfolio companies grew from 42 to 47 through these transactions.
Cash flow dynamics weighed on investor sentiment, with adjusted free cash flow of DKK 141 million and cash conversion of 71.3%, down from 97.2% in H1 2025. Net interest-bearing debt rose to DKK 1.09 billion, lifting the leverage ratio to 2.0x from 1.7x at year-end 2025, though still within the group’s target of below 2.5x.
Full-year 2026 guidance calls for revenue of DKK 4.65 billion to DKK 4.9 billion on a reported basis, with adjusted EBITDA of DKK 415 million to DKK 465 million. On a combined basis, including acquired companies, revenue is projected at DKK 5.45 billion to DKK 5.7 billion, with adjusted EBITDA of DKK 475 million to DKK 525 million. The group expects organic growth of 2% to 5% and full-year cash conversion above 85%.
