InstallatørGruppen (IG) investor relations material

Executive summary

• Q3 organic growth accelerated to 15.2%, lifting 9M organic growth to 6.2%; 9M revenue was DKK 3,458m, up 34%.

• 9M adjusted EBITA was DKK 311m, up 29.5%, at a 9.0% margin; FY 2026 outlook was reiterated.

• The DKK 4.6bn order book was up 13.6% like for like since year-start and 3.5% in Q3.

Financial highlights

• Q3 revenue rose 42.8% to DKK 1,235m; adjusted EBITA increased 20.3% to DKK 104m, with an 8.4% margin versus 10.0% a year earlier.

• LTM revenue was DKK 4,582m, up 24%; LTM adjusted EBITA was DKK 429m, up 20%, at a 9.4% margin versus 9.7% for FY 2025.

• Q3 result for the period was DKK 41m profit versus DKK 60m; 9M result was a DKK 39m loss versus DKK 93m profit, with net financial items of DKK -147m versus DKK -54m.

• Q3 special items were DKK 12m, mainly listing-related; remaining 2026 special items are expected to relate to acquisitions only.

Outlook and guidance

• FY 2026 guidance was reiterated: combined revenue DKK 5,450–5,700m; reported revenue DKK 4,650–4,900m; combined adjusted EBITA DKK 475–525m; adjusted EBITA DKK 415–465m; reported EBIT DKK 225–285m.

• Guidance implies an adjusted EBITA margin just above 9%, versus 9.7% in 2025; after 9M, reported revenue and adjusted EBITA were 72% and 71% of their guidance midpoints.

• Q4 is the highest-activity quarter; delivery depends on project starts, order-book conversion, acquisition contributions and Switzerland’s backloaded season.

• Medium-term ambitions remain 3–5% organic growth, ~9% EBITA margin, adjusted cash conversion above 85%, combined adjusted ROCE ~20% and leverage below 2.5x.