ISS (ISS) Investor presentation summary

Market opportunity and strategy

• The outsourced Facility Services market is valued at $1.3tn within a $2.7tn total market; growth drivers include converting in-house volumes, integrated contracts, labor shortages and demand for better workplace experiences.

• Strategy targets customer-centric growth, technology-enabled efficiency and a leading frontline employer, with focus on integrated services and single-service cleaning.

• A smaller, more agile executive management team and streamlined structure aim to reduce complexity and address commercial growth opportunities.

2024 performance

• Organic growth was 6.3%, versus 9.7% in 2023; operating margin exceeded 5.0%, up from 4.3%.

• Free cash flow was DKK 2.0bn, versus DKK 1.8bn in 2023.

• Regional growth was 11% in Central & Southern Europe, 6% in Northern Europe, 2% in APAC and 0% in the Americas.

2025 outlook and commercial momentum

• 2025 outlook: organic growth of 4–6%, operating margin above 5% and free cash flow above DKK 2.4bn; FCF guidance rises above DKK 3.0bn if withheld Deutsche Telekom payments are received.

• Underlying free cash flow is projected at DKK 2.6bn, equivalent to cash conversion above 60%; reported FCF guidance adjusts for DKK 200m of 2024 prepayments.

• Four new wins were signed in 2025, each above DKK 100m; commercial initiatives include sharpening segmentation and growing existing customer relationships.