InstallatørGruppen, the Danish installation-services consolidator, reported first-half 2026 revenue of DKK 2.22 billion, a 29.5% increase from DKK 1.72 billion a year earlier. The company, which listed on Nasdaq Copenhagen in June, posted adjusted EBITA of DKK 207 million, up 34.6% on the prior period, while the adjusted EBITA margin expanded to 9.3% from 9.0%.
Organic growth slowed sharply to 2.2% in the first half, down from 18.2% in the same period of 2025, as the group absorbed eight acquisitions completed during the half. Revenue in Switzerland surged more than fourfold to DKK 322 million, swinging the segment to a DKK 19 million profit from a DKK 9 million loss a year earlier. Denmark, the group’s core market, grew revenue 15.9% to DKK 1.90 billion with a 9.3% EBITA margin.
The order book reached DKK 4.3 billion at June 30, a 72% year-over-year increase and up 19% since year-end. Management maintained its full-year organic growth target of 2% to 5%, forecasting reported revenue of DKK 4.65 billion to DKK 4.90 billion and adjusted EBITA of DKK 415 million to DKK 465 million on a standalone basis.
Cost pressures weighed on cash flow, with adjusted cash conversion falling to 71.3% in the first half from 97.2% a year earlier. Adjusted free cash flow totaled DKK 141 million, while net working capital rose to DKK 486 million. Net interest-bearing debt increased to DKK 1.09 billion, leaving leverage steady at 2.0 times, within the group’s target ceiling of 2.5 times.
Shares in InstallatørGruppen fell 15.09% to DKK 10.52, extending losses after the results were released. The stock had traded between DKK 10.36 and DKK 15.48 over the past 52 weeks.
