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ISS (ISS) investor relations material
ISS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 organic growth reached 4.9%, mainly driven by price increases, volume growth, and project work, with commercial momentum improving and strategy execution on track.
Operating margin and free cash flow were in line with expectations, supported by price increases to manage wage and cost inflation.
21 contract announcements year-to-date, including 9 new wins, 9 expansions, and 2 reductions; retention rate improved to 94% in Q3.
Strategic initiatives progressed, including acquisitions in Austria (pending) and Spain (completed), and continued focus on customer-centric growth and efficiency.
Credit rating upgraded by Moody's to Baa2 stable.
Financial highlights
Q3 2025 revenue was DKK 20.7 billion, up 2.1% year-over-year; YTD 2025 revenue was DKK 62.3 billion, up 2.2%.
Organic growth for Q3 was 4.9% and for YTD 2025 was 4.3%, mainly from price increases and volume growth.
Retention rate improved to 94%, up from 93% in H1 2025.
DKK 2bn share buyback completed and DKK 0.5bn paid in dividends.
Total payout yield at 10%.
Outlook and guidance
FY 2025 organic growth outlook narrowed to 4–5% (from 4–6%), with margin and cash flow outlook unchanged; operating margin expected above 5%.
Free cash flow for 2025 expected above DKK 2.4 billion, with underlying FCF expected above DKK 2.6bn.
Acquisitions and divestments expected to add about 1 percentage point to 2025 revenue growth; currency expected to have a negative 3 percentage point impact.
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