Instalco AB (publ) (INSTAL) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, welcome to this presentation of Instalco's report for the fourth quarter and full year 2025. My name is Per Sjöström, I'm CEO of Instalco and with me today is our CFO Kristina Kasberg and our head of IR Mathilda Eriksson. The fourth quarter concludes a challenging year but also marks an important shift driven by our own actions. 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. Local companies close to customers combined with common standards, tools and governance. With over 6,000 employees, we are exposed to market segments driven by long-term needs such as energy efficiency and electrification. Over to slide three. First, for a quick glance at our LTM numbers, which for the fourth quarter also represents the full year. Net sales amounted to 13.6 billion and we ended the year with a backlog of 9.5 billion, which represents a steady book to build of about 70%. Exactly where we want it to be. It allows us to be disciplined in the projects we take on, focusing on quality and profitability rather than growth for growth own sake. Our EBITDA for the full year amounted to 800 million, corresponding to a margin of 5.9%. When adjusting for one-off costs taken in the first and second quarters, this would amount to 875 million, corresponding to a margin of 6.4%. Despite the extraordinary circumstances around these one-offs, I believe that this is the cost of doing business in a project-based environment, and we have during the year taken several steps to take down our risk. With or without adjustments, we are, however, not satisfied with this level, but the quarter shows that we are moving in the right direction. Servic...