Instalco Ab · OMXSTO:INSTAL
Instalco Ab — Q1 2026 Earnings Presentation
18 slides from Instalco Ab's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 presentation
Q1 2026 presentation 29 April 2026
Slide 2: This is Instalco
This is Instalco A leading northern European group within heating and plumbing, electricity, ventilation, industry and technical consulting Project planning, installation, service and maintenance of systems installed at properties and facilities Highly decentralised structure – specialised local com
Slide 3: Key financials, LTM
Key financials, LTM Net sales, million SEK Order backlog, million SEK 13,744 10,375 EBITA, million SEK EBITA margin, % 877 6.4 Cash flow from operations, million SEK Cash conversion, % 1,021 100 3
Slide 4: Quarterly summary
Quarterly summary Key financials Q1 2026 Net sales 3,438 • Clearer signs of market recovery, with growing order backlog in all three SEK million countries • Instalco 2.0 is gaining traction EBITA 201 • Positive organic growth and higher EBITA SEK million • Stronger cash flow and fewer major negative
Slide 5: Net sales and order backlog (SEK million)
Net sales and order backlog (SEK million) • Net sales growth of 4.4% to SEK 3,438 (3,293) 4,000 million 3,500 0.6% 4.9% 3,438 3,293 -1.0% • Organic growth of 4.9% (0.2), acquired growth 3,000 contributed 0.6%, FX impact of -1.0% 2,500 2,000 • Order backlog growth of 15.0%, 14.2% organically, mainly
Slide 6: EBITA development (SEK million and margin %)
EBITA development (SEK million and margin %) • EBITA amounted to SEK 201 (123) 350 9% million 8% 300 • EBITA margin of 5.8% (3.7) – higher margin driven by prior-year 7% 250 comparability effects and 6% operational improvements 200 5% 150 4% 3% 100 2% 50 1% 0 0% Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q
Slide 7: Segment Sweden
Segment Sweden Key financials Q1 2026 Net sales • Net sales amounted to SEK 2,455 (2,401) million SEK 2,455 million Organic growth of 1.5% EBITA EBITA margin 124 5.0 Acquired growth of 0.8% • EBITA amounted to SEK 124 (98) million, SEK million % corresponding to a margin of 5.0% (4.1) Order backlog
Slide 8: Segment Finland
Segment Finland Key financials Q1 2026 Net sales • Net sales amounted to SEK 431 (345) SEK 431 million million, negatively impacted by FX EBITA EBITA margin Organic growth of 30.6% • EBITA amounted to SEK 52 (7) million, corresponding to a margin of 12.0% (2.0) SEK 52 million 12.0 % Order backlog SE
Slide 9: Segment Norway
Segment Norway Key financials Q1 2026 Net sales • Net sales amounted to SEK 552 (546) SEK 552 million million, negatively impacted by FX EBITA EBITA margin Organic growth of 3.6% • EBITA amounted to SEK 26 (18) million, corresponding to a margin of 4.6% (3.3) SEK 26 million 4.6 % Order backlog SEK 2
Slide 10: Cash generation (SEK million)
Cash generation (SEK million) • Continued strong cash flow from operations supported by focused working capital management • Cash conversion of 100%, at target SEKm Q1 2026 Q1 2025 600 150% EBITDA 303 222 500 125% Change in net working capital 75 150 400 100% Cash flow from operating activities (CFF
Slide 11: Strategic targets
Strategic targets Growth Profitability ≥10% Average sales growth should be at least 10% per year over a business cycle. Growth will take place both organically and through acquisitions 8% Instalco aims to deliver an EBITA margin of 8.0% Cash conversion Capital structure (Net Debt/EBITDA) 100% Instal
Slide 12: CEO's theme: A balanced portfolio with multiple performance drivers
CEO’s theme A balanced portfolio with multiple performance drivers 12
Slide 13: A majority of our business is recurring with a lower-risk profile
A majority of our business is recurring with a lower-risk profile SALES BY PROJECT TYPE FY 2025 New production 30% c.70% service & renovation Renovation 33% Service 37% SALES BY FORM OF COMPENSATION FY 2025 Fixed-price projects 43% Majority not fixed-price Cost-plus and other forms of remuneration 5
Slide 14: Broad capabilities and customer base reduce dependency on individual segments
Broad capabilities and customer base reduce dependency on individual segments SALES BY DISCIPLINE FY 2025 Electrical 33% Heating & plumbing 28% Ventilation 15% Balanced mix across disciplines Industry 19% Tech & Consulting 5% SALES BY CUSTOMER GROUPS FY 2025 Construction companies 48% Industrial com
Slide 15: Maintained balanced exposure despite market shifts
Maintained balanced exposure despite market shifts SALES BY END MARKET FY 2024 SALES BY END MARKET FY 2025 Industrial properties 24% Industrial properties 21% Schools & hospitals 16% Schools & hospitals 16% Offices 12% Commercial properties 14% Logistics/warehousing 2% Commercial properties 14% Resi
Slide 16: Instalco 2.0: From framework to execution
REMINDER Instalco 2.0: From framework to execution Q3 Q4 Ongoing • Framework defined • Execution initiated • Consistent delivery • Operational model • Structure embedded • Continuous and principles into daily operations improvement across aligned the group 16
Slide 17: Summary
Summary • Continued EBITA improvement, with broader operational progress • Clearer signs of recovery, though still uneven across markets • Strong cash flow and strengthened financial position • Instalco 2.0 gaining traction and impacting daily operations • Increased discipline in execution, with few
Slide 18: Q&A
Q&A Full power installations from a powerful team