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ISS (ISS) investor relations material
ISS Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Organic growth reached 4.1% in H1 2025, mainly from price increases and above-base work, partially offset by deliberate contract exits and net negative contract wins, especially in the Americas.
Operating margin before other items improved to 4.2% in H1 2025, reflecting operational improvements across the group.
Free cash flow improved to DKK -0.6bn (DKK -542m) in H1 2025 from DKK -1.1bn in H1 2024, driven by higher operating profit and better working capital management.
Share buyback programme increased by DKK 500 million to DKK 3.0 billion, with DKK 1.25bn completed.
15 contract announcements YTD, including 6 new large key account wins and several significant expansions.
Financial highlights
H1 2025 revenue was DKK 41,613 million, up 2.3% year-over-year; organic growth was 4.1%.
Operating margin improved to 4.2% in H1 2025 from 4.0% in H1 2024.
Net profit rose to DKK 995 million in H1 2025 from DKK 869 million in H1 2024.
Free cash flow improved by DKK 553 million year-over-year, mainly due to improved working capital and higher operating profit.
Equity at 30 June 2025 was DKK 10,395 million, with an equity ratio of 20.3%.
Outlook and guidance
2025 outlook reconfirmed: organic growth of 4–6%, operating margin above 5%, and free cash flow above DKK 2.4bn.
Growth expected from price increases and higher volume with existing customers; net new wins slightly down.
Free cash flow could exceed DKK 3.0bn if payments withheld by Deutsche Telekom in 2024 are received in 2025.
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