InstallatørGruppen, the Danish installation services consolidator, reported first-half 2026 revenue of DKK 2.22 billion, a 29.5% increase from the same period a year earlier, as the company marked its Nasdaq Copenhagen listing debut on June 11. Adjusted EBITA rose 34.6% to DKK 207 million, lifting the margin to 9.3%, a 0.3 percentage point expansion year-over-year.
Organic growth decelerated to 2.2%, down from 18.2% in H1 2025, reflecting a broader moderation in demand. Adjusted EBITDA totaled DKK 198 million, with a margin of 8.9%. Special items amounted to DKK 56 million, including DKK 47 million in listing-related costs and DKK 9 million in transaction expenses. Free cash flow adjusted to DKK 141 million, a 71.3% conversion rate compared with 97.2% in H1 2025.
Net interest-bearing debt increased to DKK 1.09 billion from DKK 842 million at year-end 2025, while the leverage ratio remained at 2.0x. Capital expenditure was minimal at DKK 1 million. The company operates 47 businesses across Denmark and Switzerland, with Denmark contributing DKK 1.90 billion in revenue and an adjusted EBITA margin of 9.3%, up 0.2 percentage points.
Switzerland’s five businesses generated DKK 322 million in revenue, a sharp rise from DKK 77 million a year earlier, swinging to a DKK 19 million profit with a 5.8% margin after posting a DKK 9 million loss in H1 2025. Quarterly performance showed a 9.9% adjusted EBITA margin in Q2, following an 8.7% margin in Q1, which was impacted by winter weather conditions.
The order book reached a record DKK 4.3 billion, up 72% year-over-year and 19% since December 31, 2025, with like-for-like growth of 9.8%. Management noted that work delayed by winter weather remains contracted and is expected to shift into the second half of the year. The company completed nine transactions during the period, including the acquisition of E. Lytzen A/S, which closed on July 1.
Full-year 2026 guidance on a reported basis calls for revenue of DKK 4.65 billion to DKK 4.90 billion and adjusted EBITA of DKK 415 million to DKK 465 million. On a combined basis, including full-year contributions from acquired companies, revenue is expected to reach DKK 5.45 billion to DKK 5.70 billion, with adjusted EBITA of DKK 475 million to DKK 525 million. Organic growth is projected at 2% to 5% for the full year, with cash conversion expected above 85% and leverage maintained below 2.5x.
Shares fell 15.09% following the release, trading near the bottom of their 52-week range of DKK 10.36 to DKK 15.48.
