Instalco Ab · OMXSTO:INSTAL
Instalco Ab — Q3 2026 Earnings Presentation
18 slides from Instalco Ab's earnings presentation, Oct 23, 2026
Slide 1: Q3 2026 presentation
Q3 2026 presentation 23 October 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 14,604 11,746 EBITA, million SEK EBITA margin, % 1,001 6.9 Cash flow from operations, million SEK Cash conversion, % 723 74 3
Slide 4: Quarterly summary
Quarterly summary Key financials Q3 2026 Net sales 3,526 • Continued organic growth and improved profitability SEK million • Strong performance in Sweden, challenges remain in Norway EBITA • Instalco 2.0 driving operational improvements and business development SEK 254 million • Fabri consolidated,
Slide 5: Net sales and order backlog (SEK million)
Net sales and order backlog (SEK million) • Net sales growth of 16.4% to SEK 3,526 (3,028) 4,000 million 3,500 8.2% 1.4% 3,526 6.8% 3,028 • Organic growth of 8.2% (-3.3), acquired growth 3,000 contributed 6.8%, FX impact of 1.4% 2,500 2,000 • Order backlog growth of 30.1%, 14.2% organically, and 12.
Slide 6: EBITA development (SEK million and margin %)
EBITA development (SEK million and margin %) • EBITA amounted to SEK 254 (180) 350 9% million 8% 300 • EBITA margin of 7.2% (6.0) – The improvement was primarily driven 7% 250 by Sweden 6% 200 5% 150 4% 3% 100 2% 50 1% 0 0% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'2
Slide 7: Segment Sweden
Segment Sweden Key financials Q3 2026 Net sales • Net sales amounted to SEK 2,437 (2,075) million SEK 2,437 million Organic growth of 15.2% EBITA EBITA margin Acquired growth of 2.2% • EBITA amounted to SEK 179 (105) million, corresponding to a margin of 7.4% (5.0) SEK 179 million 7.4 % Order backlo
Slide 8: Segment Norway
Segment Norway Key financials Q3 2026 Net sales • Net sales amounted to SEK 553 (518) SEK 553 million million, positively impacted by FX EBITA EBITA margin Organic development of -1.7% • EBITA amounted to SEK 20 (28) million, corresponding to a margin of 3.5% (5.4) SEK 20 million 3.5 % Order backlog
Slide 9: Segment Finland & Germany
Segment Finland & Germany Key financials Q3 2026 Net sales • Net sales amounted to SEK 536 (435) million, positively impacted by one month of Fabri consolidation SEK 536 million Organic growth of -13.3% EBITA EBITA margin 56 10.4 Acquired growth of 36.9% • EBITA amounted to SEK 56 (48) million, SEK
Slide 10: Cash generation (SEK million)
Cash generation (SEK million) • Operating cash flow impacted by longer payment terms in industrial projects and high invoicing at quarter end • Receivables with established customers and no increase in overdue receivables • Net debt increased following the Fabri acquisition and purchase of minority
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: The Economics of Installations
CEO’s theme The Economics of Installations 12
Slide 13: Market conditions shape project margins
Market conditions shape project margins Stronger market Weaker market More projects to choose from Fewer projects available Greater pricing power Increased price competition More selective bidding Pressure on tender assumptions Market conditions influence both pricing and the assumptions behind proj
Slide 14: Project execution is where margins are made
Project execution is where margins are made 1 Tendering & 2 Planning 3 Execution 4 Completion estimation • Realistic cost • Resource planning • Right first time • Change-order assumptions • Customer • Continuous financial management • Project selection & coordination follow-up • Documentation risk C
Slide 15: What really drives profitability?
What really drives profitability? Not necessarily More important Technical discipline Customer and end-market Service vs. projects Specialisation and experience Project size Project and contract characteristics Customer collaboration Profitability is driven by the characteristics of the business, no
Slide 16: Turning discipline into performance
Turning discipline into performance Project selection & Project execution Operational excellence estimation • Greater discipline in project • Improved project monitoring • Sharing best practices across selection and follow-up the group • Stronger focus on risk and • Earlier identification of • Stren
Slide 17: Summary Q3
Summary Q3 • Organic growth and higher margin in a seasonally weak quarter • Sweden drove the improvement, Norway held back by delayed project starts • Order backlog strengthened further, organically and through Fabri • Weaker cash flow, working capital a clear priority • Market activity gradually i
Slide 18: Q&A
Q&A Full power installations from a powerful team