Instalco Ab · OMXSTO:INSTAL
Instalco Ab — Q3 2025 Earnings Presentation
20 slides from Instalco Ab's earnings presentation, Oct 24, 2025
Slide 1: Q3 2025 presentation
Q3 2025 presentation 24 October 2025
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 13,442 9,026 EBITA adj., million SEK EBITA adj. margin, % 863 6.4 Cash flow from operations, million SEK Service share of revenue, %, quarter 1,030 37 3
Slide 4: Quarterly summary
Quarterly summary Key financials Q3 2025 Net sales • Financial development not good enough • Margin improvement our highest priority SEK 3,028 million EBITA • Strong operational cash flow • New country-based organization • Updated operational model leading us SEK 180 million to Instalco 2.0 EBITA ma
Slide 5: Net sales and order backlog (SEK million)
Net sales and order backlog (SEK million) • Net sales development of -3.7% to SEK 3,028 4,000 (3,144) million 3,500 3,144 0.6% 3,028 • Organic development -3.3% (-5.0), acquired 3,000 -3.3% -0.9% growth contributed 0.6%, FX impact of -0.9% 2,500 2,000 • Order backlog growth of 5.8%, 6.4% organically
Slide 6: EBITA development (SEK million and margin %)
EBITA development (SEK million and margin %) • EBITA amounted to SEK 180 (188) 350 9% million 8% 300 • EBITA margin of 6.0% (6.0) – in line with last year 7% 250 6% 200 5% 150 4% 3% 100 2% 50 1% 0 0% Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24* Q1'25* Q2'25* Q3'25 EBITA EBITA margin
Slide 7: Segment Sweden
Segment Sweden Key financials Q3 2025 Net sales • Net sales amounted to SEK 2,060 (2,166) million SEK 2,060 million Organic development -5.7% EBITA EBITA margin Acquired growth of 0.8% • EBITA amounted to SEK 106 (119) million, corresponding to a margin of 5.1% (5.5) SEK 106 million 5.1 % Order back
Slide 8: Segment Rest of Nordics
Segment Rest of Nordics Key financials Q3 2025 Net sales • Net sales amounted to SEK 968 (978) million SEK 968 million Organic development -2.2% EBITA EBITA margin 75 7.7 Acquired growth of 0.1% • EBITA amounted to SEK 75 (68) million, SEK million % corresponding to a margin of 7.7% (6.9) Order back
Slide 9: Cash generation (SEK million)
Cash generation (SEK million) • High cash flow from operations despite the lower earnings, almost all components of working capital improved • Expected outflows related to e.g. minority buy-backs • Working capital remains a focus area for all subsidiaries SEKm Q3 2025 Q3 2024 600 150% EBITDA 282 297
Slide 10: 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 11: Fabri keeps expanding in Germany with three new acquisitions
ACQUISITIONS Fabri keeps expanding in Germany with three new acquisitions No. of Est. Sales Company Location employees (EURm) I&H Elektrotechnik- 1 Wermelskirchen 26 Meisterbetrieb GmbH 2 Adolf Kindler GmbH Gärtringen 30 Geuppert Elektrotechnik 3 Hofheim 43 GmbH & Co.KG Total 99 18.7 11
Slide 12: CEO's theme Instalco 2.0
CEO’s theme Instalco 2.0 12
Slide 13: Our road back to best in class
Our road back to best in class 320 12% 11% 10% 240 9% 8% 7% 160 6% 5% 4% 80 3% 2% 1% 0 0% EBITA EBITA margin EBITA margin target *Adjusted for Items affecting comparability: Q4’24: SEKm 65 Q1’25: SEKm 64 13 Q2’25: SEKm 11
Slide 14: Returning to proven, historical margin levels with a hands-on approach
Returning to proven, historical margin levels with a hands-on approach Focus areas • While the majority of our business units are performing well, Firmly address we have areas and units with challenges underperforming • Challenges have increased in the current market conditions business units • Acti
Slide 15: Firmly address underperforming business units
Firmly address underperforming business units Joint baseline and tailored support Operational Financial excellence result Different types of support Leaders Top performer High High Low Best-practice execution Strong performance, and strong leadership margins and cash flow Sounding- boards Establishe
Slide 16: Operational efficiency
Operational efficiency Reviewing our operational model Guidelines in our work: • Maintain decentralised responsibility and clarify the division of responsibilities • Safeguard the “entrepreneurial spirit” and local self- Develop the company Strengthen and develop determination as far as possible – w
Slide 17: Organizational capabilities
Organizational capabilities New, country-based organisation for clearer accountability CEO CFO • Sharper governance & Communication & Sustainability follow-up IR • Improved profitability Country Manager Sweden Country Manager Finland Country Manager Norway President Tech & Consulting potential • Clo
Slide 18: Decentralised and disciplined
Decentralised and disciplined What stays: What changes: • Local leadership and • Clear expectations and ownership accountability • Subsidiary autonomy in • Shared tools and execution structured performance management Entrepreneurial spirit is intact — but margin accountability is non-negotiable 18
Slide 19: Summary
Summary • Seasonality and market pressure visible in the numbers – market activity has picked up • Margin the No1 priority, closely followed by working capital management • Continued strong operational cash flow • Service and backlog continue to grow • German platform expanded further, now comprisin
Slide 20: Q&A
Q&A Full power installations from a powerful team