Instalco Ab · OMXSTO:INSTAL
Instalco Ab — Q2 2025 Earnings Presentation
20 slides from Instalco Ab's earnings presentation, Jul 18, 2025
Slide 1: Q2 2025 presentation
Q2 2025 presentation 18 July 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 13,557 9,347 EBITA adj., million SEK EBITA adj. margin, % 871 6.4 Cash flow from operations, million SEK Service share of revenue, % 1,016 36 3
Slide 4: Quarterly summary
Quarterly summary Key financials Q2 2025 Net sales • Sequential margin improvements, still impacted by weak market SEK 3,512 million • Strong operational cash flow EBITA adj. 236 • New bank facility signed • Technical consultants remain at SEK million profitability above group average EBITA margin a
Slide 5: Net sales and order backlog (SEK million)
Net sales and order backlog (SEK million) • Net sales development of -3.9% to SEK 3,512 4,000 0.3% (3,656) million 3,500 3,656 3,512 -2.8% -1.4% • Organic development -2.8% (-6.4), while 3,000 acquired growth contributed 0.3% – FX impact 2,500 of -1.4% 2,000 • Order backlog growth of 3.2%, 4.6% 1,50
Slide 6: EBITA development (SEK million and margin %)
EBITA development (SEK million and margin %) • EBITA amounted to SEK 225 (265) 350 9% million 8% 300 • EBITA margin of 6.4% (7.2) – adjusted for non-recurring costs 7% 250 margin amounted to 6.7% 6% Non-recurring costs: 200 5% SEK 11 million impacted EBITA 4% • Decrease primarily driven by 150 segme
Slide 7: Segment Sweden
Segment Sweden Key financials Q2 2025 Net sales • Net sales amounted to SEK 2,532 (2,550) million SEK 2,532 million Organic growth -0.8% EBITA EBITA margin Acquired growth of 0.1% • EBITA amounted to SEK 170 (182) million, corresponding to a margin of 6.7% (7.1) SEK 170 million 6.7 % Order backlog S
Slide 8: Segment Rest of Nordics
Segment Rest of Nordics Key financials Q2 2025 Net sales • Net sales amounted to SEK 980 (1,106) million SEK 980 million Organic development -7.3% EBITA EBITA margin 65 6.6 Acquired growth of 0.6% • EBITA amounted to SEK 65 (85) million, SEK million % corresponding to a margin of 6.6% (7.7) Order ba
Slide 9: Cash generation (SEK million)
Cash generation (SEK million) • Very high cash flow from operations despite the lower earnings • Paid dividend and earn-outs, Q3 will include minority buy-backs • New SEK 3.4 billion credit facility strengthens liquidity and flexibility SEKm Q2 2025 Q2 2024 600 110% EBITDA 325 359 500 85% Change in
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: BeBe
BeBe L catzk Freudenberg La laTGA Josef Michal Haustochnk ea . atabeterbau Winmer L ‘ThvingerGesunhelatechnik Licks L FrenzBath _ 70a Upherdt Kunz + Strobel Elektrotechnik . " Lb Hilgers: Hifner Heger Energietechnik Hentich Elektroanlagen FABRI Alois Mehihart Haberstock 27% (514 Qi FABRI @ Options 1
Slide 12: Continued momentum in Germany: Fabri expands with three new companies
ACQUISITIONS Continued momentum in Germany: Fabri expands with three new companies No. of Est. Sales Company Location employees (EURm) Rhineland- 1 Franz Both GmbH 26 4.9 Palatinate Henrich 2 Elektroanlagen Hesse 25 4.9 GmbH & Co. KG 3 To be announced Aachen 20 4.7 12
Slide 13: Quarter’s theme: The road forward
Quarter’s theme The road forward 13
Slide 14: Instalco’s journey through expansion and external challenges
Instalco’s journey through expansion and external challenges OMX 2013 2014 2015 2016 2017 2018 Growth in Growth and The foundation The start The Nordics IPO Sweden conslidation 2019 2020 2021 2022 2023 2024 Expansion in Technical Expanded Focused Automation and Industry Norway and consulting industr
Slide 15: Proud to be different
Proud to be different Built a well- Strong offering in Profitable and Launched functioning service industrial Entry into Germany growing technical automation business consultancy New customers, major First step outside the New skills, new The basis for repeat projects, strong Nordics – long-term Hig
Slide 16: 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 17: 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 17
Slide 18: Summary
Summary • Market remains tough but showing positive early signs • Service and backlog continues to grow • Margin sequentially improved but remains under pressure in parts of the business • Action programme progressing, with further measures taken where needed • Continued strong operational cash flow
Slide 19: Q&A
Q&A Full power installations from a powerful team
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