Iss A/s · OMXCOP:ISS
Iss A/s — Investor Day (2026)
103 slides from Iss A/s's investor day presentation, 2026
Slide 1: Capital Markets Day 2026
CAPITAL 5, MARKETS , DAY 2026
Slide 2: Agenda
Agenda 11:15 – 11:45 14:20 – 14:45 Executing our strategy Efficiency Kasper Fangel, Group CEO Troels Bjerg, Group COO 11:45 – 12:15 14:45 – 15:05 Customer centric growth Leading frontline employer Carl-Fredrik Bjor, Group CCRO Liz Benison, Group CPTO 12:15 – 12:35 15:05 – 15:25 Deep dive: North Amer
Slide 3: Safety moment | Emergency Evacuation Procedures
Safety moment | Emergency Evacuation Procedures Escape route sign at exit • No fire drills are planned today Exit in escape route Water pressure extinguisher Grease- and oil extinguisher • Familiarise yourself with the Dry powder extinguisher location of the nearest exits Carbon dioxide extinguisher
Slide 4: Executing our strategy
CAPITAL MARKETS DAY 2026 Executing our strategy Kasper Fangel Group CEO
Slide 5: 5 | © ISS
5 | © ISS
Slide 6: A large and growing market with tailwind from macro trends
A large and growing market with tailwind from macro trends Outsourced facility service spend Market growth outlook to 2030 Tailwind from macro trends ISS is a global top-5 player holding ~1% of outsourced market GDP+ Annual growth in Talent attraction & in line with historical outsourced facility en
Slide 7: Uniquely positioned to address customer needs
Uniquely positioned to address customer needs Our advantages Customer needs Self-delivery enabling best experience with lowest cost and highest social sustainability Efficiency and standardisation Integrated Facility Services addressing customer needs across their workplace instead by service line C
Slide 8: We are the only global IFS and Cleaning self-delivery provider
We are the only global IFS and Cleaning self-delivery provider TRADITIONAL FACILITY MANAGEMENT OPERATING MODEL ISS IFS OPERATING MODEL Facility Management partner drives customer outcomes Integrated Facility Services partner hires, trains, engages, by managing sub-contractors and instils sense of pu
Slide 9: Self-delivery brings advantages
Self-delivery brings advantages - that are not yet fully unlocked Our strategy: Unlocking the full potential of our Owning the user Global productivity Scaling methods self-delivery model experience benchmarks and tools by leveraging our global scale to make targeted investments and execute with dis
Slide 10: 10 | © ISS
10 | © ISS
Slide 11: ISS has made a step-change in the past 3 years
ISS has made a step-change in the past 3 years All values in DKK RESOLVED 4 HOTSPOTS EXECUTING OUR STRATEGY STRONG PERFORMANCE 26-YEAR 2025 2026 Turned around to AVERAGE1 ACTUALS OUTLOOK Focused smaller sustainable growth management team ORGANIC GROWTH 3.7% 4.3% >6% Extension and retroactive payment
Slide 12: What we've learned from the past
What we’ve learned from the past We have addressed the root causes behind the previous 4 hotspots: Governance for Monitoring our Focused execution new contracts current portfolio • Solid risk management • Executive Group • Clear alignment on global framework for large bids Management are closer to a
Slide 13: Strong Executive Group Management team
Strong Executive Group Management team 13 | © ISS
Slide 14: Leading global IFS and Cleaning provider
Leading global IFS and Cleaning provider GEOGRAPHIES SERVICES SEGMENTS 1% 6% 17% 7% 6% 33% 39% 42% 9% REVENUE EMPLOYEES REVENUE REVENUE 2025 2025 53% 15% 2025 2025 67% 73% 8% 24% Global Local1 Cleaning Support Financial Healthcare Technical FM Professional I&M Europe APAC Americas GMS Technology Avi
Slide 15: Unlocking the potential
Unlocking the ‘POTENTIAL
Slide 16: Our strategic choices and priorities
Our strategic choices and priorities Potential Geographies Segments Customer needs Priorities Global initiatives Efficiency and Group Commercial Financial services standardisation operating model Optimise customers’ costs Customer centric Segment-focused while managing risk Global Technology Solutio
Slide 17: Technology is becoming a core enabler of ISS growth, employee experience and efficiency
Technology is becoming a core enabler of ISS growth, employee experience and efficiency Customer centric growth Leading frontline employer Efficiency Powered by Technology Global Technology Solutions operating model Cyber secure Scalable & flexible Data discipline Right sourced delivery AI ready Sec
Slide 18: Good momentum in executing priorities
Good momentum in executing priorities Customer centric growth Leading frontline employer Efficiency Accelerating organic growth Efficiently and sustainably Delivering service experience through improved commercial bringing the best people to our in a consistent and efficient operating model customer
Slide 19: New mid-term targets
New mid-term targets Previous mid-term targets New mid-term targets (Set in 2022) Average annual organic growth over 2026-2028 >5% 2024 and beyond Organic growth 4-6% Operating margin Operating margin >5% in 20281 5.5-6.0% Cash conversion >60% Cash conversion in 2026, 2027 and 20282 >60% 1: Operatin
Slide 20: Capital allocation policy to maximise shareholder returns
Capital allocation policy to maximise shareholder returns Protect the balance sheet Pay reliable dividend Balanced capital allocation Maintain leverage 2.0-2.5x Annual dividend of 20-40% of Value accretive, bolt on M&A net debt/EBITDA and adjusted net profit will be considered against preserve inves
Slide 21: 21 | © ISS
21 | © ISS
Slide 22: Unlocking the full potential of our self-delivery model
Unlocking the full potential of our self-delivery model Focus for the rest of today New mid-term targets Mads Holm, Group CFO Attractive market Stronger platform Unlocking the potential Customer centric growth Carl-Fredrik Bjor, Group CCRO Steven Quick, CEO Americas Efficiency Troels Bjerg, Group CO
Slide 23: Customer centric growth
CAPITAL MARKETS DAY 2026 Customer centric growth Carl-Fredrik Bjor Group CCRO
Slide 24: H1 organic growth of 8.2% with increasing volume growth
H1 organic growth of 8.2% with increasing volume growth 8.2%2 Growth Drivers Win new customers 4.1% Keep existing customers 3.7% Grow existing customers Price increases 26-year Organic Growth Organic Growth average1 H1 2025 H1 2026 1: 2000-2025 2: Including a one-off revenue adjustment based on sett
Slide 25: Driving commercial performance through an enterprise-wide growth culture
Driving commercial performance through an enterprise-wide growth culture Annual Growth Summits Global Sales Competitions Celebrating performance For 100 plus Commercial leaders with Embedded in an above-base growth With significant wins and losses CEO sponsorship, to reinforce growth programme invol
Slide 26: From Sales to Strategic Growth
Win new customers Keep existing customers 1. New wins 2. Retention From Sales to Strategic Growth Customer Accelerating growth across all lifecycle revenue levers throughout the customer lifecycle under a single accountable unit Grow existing customers 3. Scope | 4. Price | 5. Above-base 26 | © ISS
Slide 27: Implemented systematic approach across customer life cycle
Implemented systematic approach across customer life cycle Win new customers Keep existing customers Grow existing customers Market segmentation and focus Annual customer engagement survey Consistent enterprise sales approach Account development plans Standardised solutions tailored to customers Exe
Slide 28: 28 | © ISS
28 | © ISS
Slide 29: Building on segment leadership positions across markets
Building on segment leadership positions across markets GLOBAL SEGMENTS prioritised in all markets LOCAL SEGMENTS prioritised locally based on business case Financial Financial Financial Financial Financial Professional Healthcare I&M Financial Financial Financial Financial Technology Life Science A
Slide 30: Driving a focused commercial strategy across all markets
Driving a focused commercial strategy across all markets Segments prioritised country-by-country Global outsourced market based on 4 criteria Unique selling proposition Prioritised segments References represent ~1/3 of the $1.3tn global outsourced Size and growth outlook market Profitability and pay
Slide 31: Implemented proactive customer engagement to improve sales conversion
Implemented proactive customer engagement to improve sales conversion Commercial excellence Winning Value Propositions A global operating model with strong physical presence, vast Targeted segment Account-based Consistent enterprise campaigns marketing sales approach workforce depth and proven opera
Slide 32: Segment-focused strategy combined with proactive customer engagement is delivering tangible results
Segment-focused strategy combined with proactive customer engagement is delivering tangible results Outcome New wins hit rate, % Initiatives • Focusing commercial resources towards prioritised +48% segments • Engage proactively and early with customer stakeholders • Tailoring solutions to customer n
Slide 33: Case study | Transforming commercial performance in the UK
Case study | Transforming commercial performance in the UK through segment focus and a consistent sales approach From 2021-2023, the UK prioritised early engagement in a Continued momentum targeted set of attractive segments to maximise win rates Examples of public announcements since 2024 Outcomes
Slide 34: Keep & Grow
ees n _ ey 4. KEEP & GROW
Slide 35: Implemented annual process across 900+ Key Accounts
Implemented annual process across 900+ Key Accounts delivering on mid-term retention aspiration set in 2022 Annual process for customer engagement survey to keep and grow customers Today our customer portfolio is a strong basis for future growth Act Listen +10 improvement in customer net promoter sc
Slide 36: Significant growth potential with existing customers
Significant growth potential with existing customers Our existing portfolio of key accounts is an ~DKK 80 bn estimated growth attractive growth opportunity potential with existing key accounts Leverage • Expand service scope to IFS In-house competitive ISS advantage • Expand geographical footprint L
Slide 37: Strengthened approach to account growth driving existing customer expansion
Strengthened approach to account growth driving existing customer expansion Outcome Scope increases >DKK 75m hit rate, % Initiatives • Customer engagement survey and account +135% development plans in place across all key accounts • Developing and scaling segment-led solutions to grow share of walle
Slide 38: Clear actions in place to harness above-base growth potential
Clear actions in place to harness above-base growth potential Outcome Above-base, DKKbn Initiatives • Clear visibility of work that should be invoiced as +7% above-base according to the contract • Best practices for driving above-base revenue being scaled through playbooks • Targeted campaigns and c
Slide 39: Case study | International growth of Technology customer
Case study | International growth of Technology customer Potential of DKK 5m DKK 100m DKK 260m DKK >600m Local partnership in Spain grows from a International growth to Germany, Future expansion plans in US, EMEA and 5m to 100m Key Account through Italy and Mexico, more than doubling Pacific whilst
Slide 40: 40 | © ISS
40 | © ISS
Slide 41: Our strategy is delivering results… with visibility to future growth
Our strategy is delivering … with visibility to results… future growth Contract wins (new wins Share of countries with positive Pipeline for new wins and scope, DKK and scope) >DKK 100m volume growth before price 20 36% 44% 11 8 2024 2025 2026 YTD 2024 2025 2026 YTD 2024 2025 2026 YTD 41 | © ISS
Slide 42: Like-for-like to contribute a larger share of our growth algorithm going forward
Like-for-like to contribute a larger share of our growth algorithm going forward Organic growth target 2026-2028 >5% Net price increases Like-for-like1 Projects and above-base Average annual organic growth over 2026-2028 1: Volume + net new wins 42 | © ISS
Slide 43: Key takeaways
Key takeaways …driving broader-based … translating into improved Strategic approach to growth volume growth, underpinned win rates, larger contract implemented with commercial by the capabilities, culture and wins, stronger account focus and accountability operating model needed to growth, and resil
Slide 44: North America deep dive
CAPITAL MARKETS DAY 2026 North America deep dive Steven Quick CEO Americas
Slide 45: 25+ years of executive expertise
25+ years of executive expertise 1998 – 2012 2012 – 2013 2013 – 2020 2020 – 2024 2024 – PRESENT in the commercial real Various VP Executive Managing CEO, Global Global CEO CEO, Americas estate and facilities functions Director of Global Occupier Services management sectors Corporate Services 45 | ©
Slide 46: Long growth runway in North American market
Long growth runway in North American market Large addressable market… … highly fragmented … … with ample room for growth 29% 79% <1% of global FM market is in of spend sits outside the market share for ISS today North America largest competitors 46 | © ISS
Slide 47: Our North American business today
Our North American business today GEOGRAPHIES SERVICES SEGMENTS 1% 7% 3% 15% 35% 42% REVENUE EMPLOYEES REVENUE REVENUE 49% 51% 2025 2025 2025 53% 2025 58% 65% 22% Global Local1 Food FM Financial Retail NAM East Division NAM West Division Technical Support Professional I&M Technology Aviation Cleanin
Slide 48: ISS is a differentiated platform in the North American market
ISS is a differentiated platform in the North American market A market fatigued with Hospitality mindset Strong culture, heritage, Self-delivery model the traditional Facility embedded across the people and sustainability driving experience, Management model, business enabling profile efficiency and
Slide 49: We have addressed previous challenges
We have addressed previous challenges Our current focus Scale and Fragmented focus Inconsistent Leadership Strengthen market position synergies not across markets execution of turnover affecting and demonstrate the value of fully leveraged and services strategic priorities momentum our self-delivery
Slide 50: Built scalable platform through targeted investments
Built scalable platform through targeted investments Leadership and Operations Commercial organisation • Upgraded sales team with • Invested in central • Implementing global experienced professionals resourcing to support “customer life cycle”- • Trained Key Account operational excellence framework
Slide 51: Strong leadership team in place to execute on the strategy
DEEP DIVE | UPSKILLED COUNTRY LEADERSHIP TEAM Strong leadership team in place to execute on the strategy Leadership team with multi-country experience and expertise from ISS and the industry STRATEGIC Joe Appointed September 2022 Appointed January 2025 51 | © ISS
Slide 52: Claiming position in the market by leading with service experience
DEEP DIVE | DIGITAL MARKETING CAMPAIGNS Claiming position in the market by leading with service experience 300% Increase in website visits 65% LinkedIn audience growth 12M LinkedIn impressions 150+ Pieces of media coverage 2.15M Media impressions 52 | © ISS
Slide 53: Self-delivery brings advantages
DEEP DIVE | PRICING STRATEGY Self-delivery brings advantages In North America we have a strong focus on leveraging the following advantages from self-delivery For ISS Reduced employee turnover For our customers Growing talent pipeline Higher quality Enhanced compliance Extension of their organisatio
Slide 54: Leverage self-delivery for more competitive pricing at higher margins
DEEP DIVE | PRICING STRATEGY Leverage self-delivery for more competitive pricing at higher margins New pricing strategy CONCEPTUAL Competitive on bid Share of ISS vs competition ISS vs competition price and provide true price in the past going forward customers with a Management fee Higher Competiti
Slide 55: Early indicators of success
Early indicators of success – with the aspiration to grow faster than the Group Keep existing customers Grow existing customers Win new customers +9 p.p. +30% +300% YoY Retention Rate (LTM) YoY improvement in growth Qualified NAM pipeline1 improvement within existing accounts in increase YoY 2025 1:
Slide 56: Key takeaways
Key takeaways Past performance Large, fragmented Self-delivery is a was constrained Strong leadership Early indicators of market that is differentiator by fragmented in place with the success with long- fatigued with enabling better focus, inconsistent right profiles to term ambition of existing mod
Slide 57: Kasper Fangel, Carl-Fredrik Bjor, Steven Quick
Kasper Fangel Carl-Fredrik Bjor Steven Quick Group CEO Group CCRO CEO Americas 57 | © ISS
Slide 58: Capital Markets Day will resume at CEST 13:40
Capital Markets Day will resume at CEST 13:40 58 | © ISS
Slide 59: Capital Markets Day will resume at CEST 14:20
2 TOUR TEAM BOARD 1 3 TOUR TOUR DIGITAL ABOVE-BASE ON/OFFBOARDING SELLING GUIDE GUIDE Cristina Jacob BJERREGAARD RAIS GUIDE GUIDE GUIDE GUIDE PwC Site Manager Key Account Christian Liz Executive Cecilia Carl-Fredrik LAURITZEN BENISON VESTERAGER BJOR People & Culture Director, Group CPTO Head of Tech
Slide 60: Efficiency
CAPITAL MARKETS DAY 2026 Efficiency Troels Bjerg Group COO
Slide 61: Invigorating Performance Management 'The ISS Way'
Invigorating Performance Management ‘The ISS Way’ ‘In ISS we have A 100 B passion for C performance’ D E Instilling and promoting Closeness to the Rigorous Business Performance a strong performance business through a Review cadence driving benchmarks and best culture as part of who we simplified str
Slide 62: The nature of our portfolio business
The nature of our portfolio business Run-rate decreasing movements Run-rate increasing movements What happens automatically every year What needs to be driven by management every year Margin Ambition Run-rate starting point Wage Cost Customer Contract Contract Price Increase Overhead Increase Gap cl
Slide 63: The essence of our unique value proposition addressing two customer needs
The essence of our unique value proposition addressing two customer needs: The best SERVICE EXPERIENCE OUTCOMES… …with the LOWEST INPUT OF HOURS AND COSTS 63 | © ISS
Slide 64: Delivered through the ISS Service Experience System
Delivered through the ISS Service Experience System 64 | © ISS
Slide 65: While unlocking unparalleled cost synergies through self-delivery
While unlocking unparallelled cost synergies through self- delivery 100% of revenue DKK 55bn Employee compensation and Wage Costs 65% temporary workers cost representing 65% of revenue… … managed by 10,000 first-line managers with teams averaging 32 placemakers Share of total revenue in %1 1: Full y
Slide 66: Case study Cleaning | Leveraging full productivity potential based on global ISS benchmarks
Case study Cleaning | Leveraging full productivity potential based on global ISS benchmarks and best practices Placemaker factor cost1 Taking waste out of processes 1.2 Productivity potential 1.1 Global productivity benchmarks 1.0 0.9 Tried and tested methods and tools 0.8 0.7 0.6 Trained and engage
Slide 67: Workforce Management as a strategic priority
Workforce Management as a strategic priority 65% 10,000 1/3 36 million of our revenue is first-line managers of the scheduled decentralised decisions spent on wage costs managing wage costs workforce with daily impacting total wage daily interventions costs every year Workforce Management is about s
Slide 68: Workforce Management end-to-end process is the core labour optimisation activity
Workforce Management end-to-end process is the core labour optimisation management activity across the enterprise Workforce Management Process Framework Service productivity Time & Attendance Monitor and control Workforce planning Shift planning Value capture and Costing Management hours daily 1 Pro
Slide 69: 3 examples of how AI will be supporting labour optimisation
3 examples of how AI will be supporting labour optimisation across the Workforce Management process in ISS Workforce Management Process Framework Service productivity Time & Attendance Monitor and control Workforce planning Shift planning Value capture and Costing Management hours daily Predictive m
Slide 70: Efficiency potential from co-bots is limited while we explore humanoids
Efficiency potential from co-bots is limited while we are exploring the future potential of humanoids Autonomous Mobile Robots (co-bots) Humanoids We have ~850 cleaning co-bots deployed globally Humanoids technology not yet matured ~3% of our total cleaning scope can be We are exploring how this can
Slide 71: Workforce Management powered by technology is our single most important driver of profitable growth
Workforce Management powered by technology is our single most important driver of profitable growth Strong momentum in unlocking potential… … driving profitable growth Gross benefits, DKKm Supporting pricing Launch at ISS Capital Markets Day in London Investments in new technology including AI and r
Slide 72: Improvement in underlying business to drive margin growth towards 2028
Improvement in underlying business to drive margin growth towards 2028 Operating margin target by 2028 5.5-6.0% ~5.25% 5.0% 2025 Improved Improved Outlook 2026 Operating Workforce In 2028 DTAG runrate underlying leverage management business1 Note: Operating margin before other items, excl. IAS 29 1:
Slide 73: Key takeaways
Key takeaways Eliminating waste in work Selectively scaling AI The only global IFS and processes and hours technology to optimise the Cleaning self-delivery provider management will continue to end-to-end workforce creating superior service unlock significant wage cost management process where it ex
Slide 74: Leading frontline employer
CAPITAL MARKETS DAY 2026 Leading frontline employer Liz Benison Group CPTO
Slide 75: Our people are the foundation for exceptional service and profitable growth
Our people are the foundation for exceptional service and profitable growth We make space for people and businesses to thrive 325,000+ We make space for our people to thrive… employees eo Our p ple 40 languages 100+ O ur s ers nationalities t om …enabling our …so they can deliver ha business to deli
Slide 76: Since the beginning, people have been at the heart of ISS
Since the beginning, people have been at the heart of ISS Our people, our story Formed in 1901, ISS grew from a night-watchman business into a multi-service and then integrated facility services company 1940 over a century-long history. Throughout that history, we have Gerda Buhl recognised that if
Slide 77: Over the past 3 years, we have tightened our People focus
Over the past 3 years, we have tightened our People focus Focused interventions aimed at making sure we consistently attract, enable, and engage our placemakers, so that in turn they deliver great service to our customers As a result, we have lowered our turnover by -3 p.p. and increased our global
Slide 78: 4 initiatives underpin our leading frontline employer ambition
4 initiatives underpin our leading frontline employer ambition Focus of today’s presentation Creating a Seamless Strengthening our Social Developed a structured and Driving a global People Journey, Sustainability approach, standardised approach to programme around increasingly digitised, and creatin
Slide 79: Seamless people journey
Seamless people journey PROCESS BUSINESS OUTCOMES A seamless people journey enables our people to thrive… … and delivers tangible business outcomes I START AND Improved time-to-hire BELONG I LEAVE AND I EXPLORE Deep dive AND APPLY STAY I PERFORM Deep dive CONNECTED AND Reduced administration CONTRIB
Slide 80: Seamless people journey | "I explore and apply"
DEEP DIVE | I EXPLORE AND APPLY Seamless people journey | “I EXPLORE AND APPLY” We are improving the candidate and manager experience combining human and AI interactions AI-enabled Human effort BUSINESS OUTCOMES faster time-to-hire than ~3x industry average faster time-to-interview APPLICATION SCHED
Slide 81: Seamless people journey | "I start and belong"
DEEP DIVE | I START AND BELONG Seamless people journey | “I START AND BELONG” MyISS consistently gives all placemakers a great and personalised start at ISS BUSINESS OUTCOMES Scalable | Same experience, regardless of location, Improved employee 11.15 5G language or role MyISS engagement Personalised
Slide 82: Social Sustainability | Our partnership with Social Value Portal creates a structural bidding advantage
Social Sustainability | Our partnership with Social Value Portal creates a structural bidding advantage Case study X Social value has become a structural bidding First-of-its-kind partnership developing a unified global advantage framework measuring ISS's social sustainability impact Minimum social
Slide 83: Social Sustainability | Global banking customer
Social Sustainability | Global banking customer ISS translated social, economic and environmental actions across the global banking contract’s operations in UK into measurable social value NOT EXHAUSTIVE Creating & sustaining Employment of Supporting local Supporting growth employment targeted group
Slide 84: Key takeaways
Key takeaways We are powering our people Leading the way on social Great service is delivered by processes with technology sustainability which is engaged, enabled people and AI, to deliver tangible increasingly important for our which is why we have strived business outcomes and a employees, our cu
Slide 85: Troels Bjerg, Liz Benison, Kasper Fangel
Troels Bjerg Liz Benison Kasper Fangel Group COO Group CPTO Group CEO 85 | © ISS
Slide 86: Capital Markets Day will resume at CEST 15:50
Capital Markets Day will resume at CEST 15:50
Slide 87: Financials & outlook
CAPITAL MARKETS DAY 2026 Financials & outlook Mads Holm Group CFO
Slide 88: We delivered a strong set of financial fundamentals since the 2022 CMD
We delivered a strong set of financial fundamentals since the 2022 CMD All values in DKK We slightly overdelivered on our ambitions set in 2022 for 2024 and beyond 2024 2025 2026 OUTLOOK ORGANIC 4-6% Organic growth GROWTH 6.3% 4.3% >6% OPERATING >5% Operating margin MARGIN1 5.0% 5.0% ~5.25% CASH 3 >
Slide 89: Disciplined capital allocation and earnings growth compound shareholder value
Disciplined capital allocation and earnings growth compound shareholder value Earnings per share, DKK 17 14 16 12 12 11 11 101 6 7 3 2 Invested capital down significantly, Neg. ROIC nearly doubled since IPO COVID-19 Return on invested capital EPS is fully restored Invested capital, DKKbn2 ROIC, %2 1
Slide 90: We are committed to maximising shareholder returns
We are committed to maximising shareholder returns All values in DKK What we´ve done since 2024 Our capital allocation priorities Protect the balance sheet 7.6bn Share buyback Maintain leverage 2.0-2.5x net announced debt/EBITDA and preserve 9.1bn investment-grade credit rating Distributed to shareh
Slide 91: Our growing financial flexibility enables disciplined investment through bolt-on M&A
Our growing financial flexibility enables disciplined investment through bolt-on M&A What we buy: 3 non-negotiables for bolt-on M&A targets Strategic fit Financially Clear low risk attractive synergies Where we buy: 3 non-negotiables for country activation Stable outlook Well-functioning Experienced
Slide 92: Case study | Value creation through bolt-on M&A in Spain
Case study | Value creation through bolt-on M&A in Spain Successfully integrated 3 bolt-on acquisitions while sustaining solid organic growth and cash conversion above Group levels Strategic acquisitions solidified ISS’ position with stronger Key Account coverage, greater scale in Madrid, healthcare
Slide 93: Our successful acquisitions support the strategic journey
Our successful acquisitions support the strategic journey, in line with the M&A strategy outlined at the last CMD Acquired revenue in DKK 1.0bn 1.7bn 1.8bn LEVERAGING PLATFORM Livit FM; gammaRenax Fissa; BN; Garbialdi Toma • Strengthened platform, market • Expanded scale and market • Secures scale a
Slide 94: We are building a scalable and global finance platform
We are building a scalable and global finance platform, delivering structural cost efficiencies and stronger control From European transition to a global, resilient and productivity-led finance platform while reducing our local operations 1 2 3 Structural cost efficiency Foundation Scale Doing Optim
Slide 95: New targets to accelerate value creation towards 2028
New targets to accelerate value creation towards 2028 >5% 5.5-6.0% >60% Average annual organic growth Operating margin Cash conversion over 2026-2028 in 20281 in 2026, 2027 and 20282 1: Operating margin before other items, excl IAS 29 2: Cash conversion under current framework (corresponding to esti
Slide 96: Like-for-like to contribute a larger share of our growth algorithm going forward
Like-for-like to contribute a larger share of our growth algorithm going forward Organic growth target 2026-2028 >5% Net price increases Like-for-like1 Projects and above-base Average annual organic growth over 2026-2028 1: Volume + net new wins 96 | © ISS
Slide 97: Improvement in underlying business to drive margin growth towards 2028
Improvement in underlying business to drive margin growth towards 2028 Operating margin target by 2028 5.5-6.0% ~5.25% 5.0% 2025 Improved Improved Outlook 2026 Operating Workforce In 2028 DTAG runrate underlying leverage management business1 Note: Operating margin before other items, excl. IAS 29 1:
Slide 98: Cash conversion target over 2026-2028
Cash conversion target over 2026-2028 Cash conversion target 2026-2028 100% >60% Operating profit D&A, Capex & Changes in Payment Net interests Tax payments Cash conversion additions to working capital from DTAG in 2026, 2027 leased assets and 20281 1: Cash conversion under current framework (corres
Slide 99: Key takeaways
Key takeaways Significantly Top-line growth Continued focus on Revised guidance strengthened the enabled by a world- disciplined M&A reinforces ability to financial class cost base create strategy with bolt-on deliver attractive fundamentals of the benefits to scale and acquisitions with shareholder
Slide 100: Kasper Fangel, Mads Holm and management team
Kasper Fangel Mads Holm Liz Benison Group CEO Group CFO Group CPTO Troels Bjerg Carl-Fredrik Bjor Steven Quick Group COO Group CCRO CEO Americas 100 | © ISS
Slide 101: Closing remarks
CAPITAL MARKETS DAY 2026 Closing remarks Kasper Fangel Group CEO
Slide 102: Why invest in ISS
Why invest in ISS Attractive EPS growth Market leader Focus Robust cash flow Driving sustainable and strong on and disciplined impact and social growth potential profitability capital allocation responsibility 102 | © ISS
Slide 103: Slide 103