Instalco (INSTAL) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 were SEK 13.6 billion, down 0.7% year-over-year, with a year-end backlog of SEK 9.51 billion and a book-to-bill ratio of 70%.

• EBITDA/EBITA for the year was SEK 800 million (margin 5.9%), or SEK 875 million (margin 6.4%) when adjusted for one-off costs.

• Q4 marked the first year-on-year EBITDA/EBITA growth in seven quarters, with net sales up 4.4% to SEK 3,766 million and EBITDA/EBITA up 39% to SEK 272 million (margin 7.2%).

• Service business remained robust, accounting for 38% of net sales in both Q4 and the full year.

• Instalco 2.0 initiatives and a new organisational structure led to sharper priorities, clearer accountability, and improved financial control.

Financial highlights

• Q4 net sales grew 4.4% to SEK 3,766 million; organic growth was 4.9%.

• Q4 EBITDA/EBITA increased 39% year-over-year to SEK 272 million (margin 7.2%).

• Full-year net sales declined by 0.7%, with organic decline of 0.3%.

• Cash flow from operations in Q4 was SEK 451 million; full-year cash conversion reached 108%.

• Net debt/EBITDA at year-end was 2.8x, above the target of 2.5x.

Outlook and guidance

• Market recovery is gradual and uneven, with cautious optimism in major Swedish cities and stabilization in Norway.

• Focus remains on profitability, disciplined project selection, and margin improvement over volume growth.

• Instalco 2.0 rollout and operational discipline continue, aiming for long-term resilience and improved execution.

• No specific forecasts provided, but ongoing emphasis on cash flow and working capital efficiency.