Instalco (INSTAL) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 16.4% to SEK 3,526m, with 8.2% organic growth; EBITA increased to SEK 254m and margin improved to 7.2% from 6.0% YoY.

• Sweden drove stronger profitability; delayed project starts continued to weigh on Norway.

• Order backlog reached SEK 11,746m, up 30.1%; Fabri added Germany as a fourth market.

• Working-capital outflow pressured cash conversion, while net debt/EBITDA remained above target.

Financial highlights

• Q3 net sales were SEK 3,526m versus SEK 3,028m; growth comprised 8.2% organic, 6.8% acquired and 1.4% currency.

• EBITA was SEK 254m versus SEK 180m; margin was 7.2% versus 6.0%, with improvement primarily driven by Sweden.

• Q3 EBIT was SEK 206m versus SEK 148m; profit for the period was SEK 201m versus SEK 75m, including a SEK 102m Fabri remeasurement gain in net financial items.

• Jan–Sep sales rose 10.2% to SEK 10,838m and EBITA rose to SEK 730m; diluted EPS was SEK 1.41 versus SEK 0.82.

• Service represented 36% of Q3 sales; LTM net sales were SEK 14,604m and EBITA SEK 1,001m.

Outlook and guidance

• Several delayed major Norwegian projects are expected to start in early 2027; no major improvement in Norway was expected during Q4.

• Market sentiment was improving gradually from low activity levels; greater project selectivity and profitability remained priorities.

• Strategic targets include 10% average annual sales growth over a business cycle, an 8% EBITA margin and 100% rolling 12-month cash conversion.

• Net debt/EBITDA target is no more than 2.5x; dividend payout target is 30% of net profit.