Instalco (INSTAL) Q1 2026 earnings summary

Executive summary

• Net sales for the last twelve months reached SEK 13.7 billion, with Q1 net sales up 4.4% year-over-year to SEK 3,438 million and organic growth of 4.9% adjusted for currency effects.

• Order backlog grew 15% year-over-year to SEK 10,375 million, with growth in all countries, especially Norway.

• EBITA increased 63.4% to SEK 201 million, with margin improving to 5.8% from 3.7% last year.

• Cash flow from operations was SEK 234 million in Q1, maintaining a 100% cash conversion rate.

• Instalco 2.0 transformation is progressing, driving operational improvements and more stable performance.

Financial highlights

• EBITDA rose 36.8% to SEK 303 million; EBIT nearly doubled to SEK 170 million.

• Earnings per share before and after dilution increased to SEK 0.27 from SEK 0.16.

• Service business contributed 33% of Q1 sales, acting as a stabilizing factor.

• Cash flow from operations for the last twelve months exceeded SEK 1 billion.

• Board proposes a dividend of SEK 0.5 per share.

Outlook and guidance

• Management expects continued gradual improvement in margins and profitability, with a focus on disciplined project selection and selective acquisitions.

• Market activity is picking up but remains uneven, with cautious optimism for long-term growth supported by public sector and green transition investments.

• No significant cost inflation impact seen in Q1, but company remains vigilant and prepared for future pressures.

• Broader market recovery in Finland is not expected near-term; energy transition and public investments support demand.

• Strategic targets include ≥10% average sales growth, 8% EBITA margin, 100% cash conversion, and net debt/EBITDA not exceeding 2.5x.