Instalco AB (publ) (INSTAL) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to this presentation of Instalco's report for the first quarter 2026. My name is Per Sjöström, I'm CEO of Instalco and with me today is our CFO Kristina Kasberg and for the Q&A part our head of IR Mathilda Eriksson. The start of 2026 is further proof that we are moving in the right direction. And as always, I will start with a short snapshot of Instalco today. We are a leading installation group across the Nordics with an established platform also in Germany. Our strength is our decentralization, I would say. Local companies close to customers combined with common standards, tools and governance. With over 6000 employees, we are exposed to market segments driven by long-term needs such as energy efficiency and electrification. First, for a quick glance at our LTM numbers. Net sales amount to 13.7 billion and we ended the quarter with a backlog of almost 10.4 billion, which represents a steady book to build of around 75%. This is a sign of more activity in the market, as well as proactive selling from our companies. At the same time, we will still have the available capacity to take on more projects when the market improves further. Our EBITDA for rolling 12 months amounts to 877 million, corresponding to a margin of 6.4%, a significant step up compared to Q4. The strong cash flow in Q1 as well as throughout the last year kept our LTM cash flow from operations above 1 billion, showcasing our strong focus on improving working capital. This means that we report a cash conversion of 100% that is exactly on target in fact. Then let me briefly summarize the quarter. we are starting to see clear signs that the market is improving. Activity is picking up, although it's still uneven. And we see that in our order backlog, which is growing in all three countries. At the...