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Interim Financial Report H1 2026 26 August 2026
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26 AUGUST 2026 2 TODAY'S PRESENTATION Agenda 01 Highlights 02 Growth 03 Acquisitions 04 Financials 05 Outlook 06 Q&A PRESENTERS Niels Eldrup Meidahl Group CEO Mathias Ringsted Grüner Group CFO
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26 AUGUST 2026 3 HIGHLIGHTS H1 2026 Revenue up 29.5% and adjusted EBITA up 34.6% in H1 2026 H1 2026 in line with our expectations, and the outlook for 2026 is reiterated. Listing Admitted to trading on Nasdaq Copenhagen on 11 June 2026, broadening the shareholder base and opening access to the capital markets. Revenue Up 29.5%, driven by acquisitions, the Swiss build- out and organic growth of 2.2%, while increasing adjusted EBITA by 34.6%. Denmark Revenue up 15.9%, with a margin of 9.3%, up 0.2ppt. Switzerland Revenue up more than fourfold, and loss turned to profit driven by acquisitions. Order book At a record DKK 4.3 billion, up 19% since the turn of the year, with 9.8% like for like growth.
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26 AUGUST 2026 4 ORGANIC GROWTH H1 2026 delivered organic growth of 2.2% Organic growth of 2.2% was in line with our expectations, and the 2 to 5% we communicated at the listing is unchanged. ORGANIC GROWTH, PER CENT 18.2% H1 2025 2.2% H1 2026 Growth across the portfolio Revenue up 29.5% and adjusted EBITA up 34.6% Solid underlying progress across the portfolio and in every discipline Organic growth of 2.2% A cold winter postponed project start-ups Measured against an H1 2025 that grew 18.2% We have seen organic growth pick up in Q3
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26 AUGUST 2026 5 ORDER BOOK Record order book of DKK 4.3 billion, up 72% year on year ORDER BOOK, DKK BILLION 2.5 30 Jun 2025 3.6 31 Dec 2025 4.0 31 Mar 2026 4.3 30 Jun 2026 +72% DKK 4.3 billion The highest level recorded Up 19% since the turn of the year and up 72% year on year Up 9.8% like for like, excluding the orders of the companies acquired since the turn of the year Postponed work is included The work delayed by the winter has not been lost It is contracted, sits in the order book and moves into H2 Service is not included The order book comprises signed project contracts only Service work is excluded, as are the portfolio companies that do not carry an order book
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26 AUGUST 2026 6 ACQUISITIONS IN 2026 Eight acquisitions completed in H1 2026, and a ninth in July Six in Denmark and two in Switzerland, weighted towards electrical work. Three were add-ons acquired by portfolio companies already owned, which is why eight transactions took the Group from 42 to 47 companies. E. Lytzen A/S closed on 1 July 2026, after the reporting period. # Company Discipline Country Completed 1 Byggeriets VVS-Forretning (add-on) Heating and plumbing Denmark 12 Jan 2026 2 BP Elektro AG Electrical Switzerland 4 Feb 2026 3 Tage Jensen Stoholm A/S (add-on) Heating and plumbing Denmark 11 Mar 2026 4 Elektro ERTI AG Electrical Switzerland 16 Apr 2026 5 Deber Ventilation ApS Ventilation Denmark 28 Apr 2026 6 Alpha Electric A/S Electrical Denmark 29 Apr 2026 7 HAC EL A/S Electrical Denmark 6 May 2026 8 Nøhr El Service (add-on) Electrical Denmark 22 May 2026 E. Lytzen A/S (after the period) Multi-discipline Denmark 1 Jul 2026 COMBINED REVENUE, DKK MILLION 1) c. 630 COMBINED ADJ. EBITA, DKK MILLION 1) c. 55 1) Based on each company's most recent completed annual report. Includes E. Lytzen A/S and excludes the two add-ons structured as asset deals, so the figures cover seven of the nine transactions.
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26 AUGUST 2026 7 SEGMENT PERFORMANCE Margin up in Denmark, and Switzerland profitable at 5.8% REVENUE, DKK MILLION EBITA MARGIN The Swiss margin is 3.5ppt. below the Danish level. Closing that gap through scale is the remaining upside. Denmark 42 companies 1,639 H1 2025 1,900 H1 2026 9.1% 9.3% Revenue up 15.9% and the margin up 0.2ppt., driven by operational discipline, procurement synergies and revenue management, despite the weather disruption in Q1. Switzerland 5 companies 77 H1 2025 322 H1 2026 -12.1% 5.8% Revenue up more than fourfold, and a move from a DKK 9 million loss to a DKK 19 million profit. The country organisation is already in place, so additional scale converts directly into margin.
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26 AUGUST 2026 8 Financials Mathias Ringsted Grüner, Group CFO
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26 AUGUST 2026 9 REVENUE AND MARGIN Revenue up 29.5% in H1 and adjusted EBITA margin up 0.3ppt. to 9.3% H1 revenue up 29.5% and the adjusted EBITA margin up 0.3ppt. to 9.3%, with Q2 measured against the strongest quarter we have reported. REVENUE, DKK M ADJ. EBITA MARGIN 6.6% 798 Q1 2025 11.0% 918 Q2 2025 8.7% 1,072 Q1 2026 9.9% 1,150 Q2 2026 9.0% 1,716 H1 2025 9.3% 2,222 H1 2026 Revenue Up 29.5% in H1 2026 and 25.2% in Q2 2026 Driven by the 2025 and 2026 acquisitions and the Swiss build-out In line with expectations for H1 2026 Q2 margin Q2 2025 carried a margin of 11.0%, the strongest quarter we have reported The Q2 2026 margin was 9.9%, measured against that comparative For H1 2026 the adjusted EBITA margin rose 0.3ppt. to 9.3%
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26 AUGUST 2026 10 CASH CONVERSION Adjusted cash conversion of 71.3% at the seasonal low point of the year 30 June is the seasonal peak in receivables. The working capital built up over H1 reverses over H2. ADJUSTED CASH CONVERSION, % ADJ. FREE CASH FLOW, DKK M 426 110.3% FY 2025 163 97.2% H1 2025 141 71.3% H1 2026 Operating cash flow Working capital absorbed DKK 56 million, against a small release last year Driven by the seasonal build-up of work in progress and growth in the revenue base Capital expenditure remains low, consistent with the asset-light model Adjusted free cash flow DKK 141 million, at an adjusted cash conversion rate of 71.3% Reinvestment and returns Cash generated is reinvested in acquisitions, and ROCE was 21.1% in 2025 against 18.4% in 2024
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26 AUGUST 2026 11 CAPITAL STRUCTURE Leverage of 2.0x, with headroom to the target of below 2.5x Net debt sits comfortably inside our leverage target of below 2.5x, and it does so at the seasonal high point of the year. NET DEBT, DKK M LEVERAGE 1.7x 842 31 Dec 2025 2.0x 846 30 Jun 2025 2.0x 1,090 30 Jun 2026 Net interest-bearing debt DKK 1,090 million, DKK 248 million above the turn of the year Driven by the DKK 166 million net cash cost of acquisitions, the contingent consideration revaluation, the share buy-back at the listing and the seasonal working capital build-up Leverage 2.0x against a target of below 2.5x, and 2.0x a year ago Financing New DKK 1,750 million revolving credit facility, five-year tenor, effective on the listing Leverage covenant of 3.75x
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26 AUGUST 2026 12 OUTLOOK 2026 2026 outlook reiterated: all five guided measures unchanged All five guided measures are unchanged from the outlook communicated at the listing, and H1 2026 tracks in line with them. Results for H1 2026 are in line with expectations and the outlook is reiterated. H1 revenue represents 47% of the guidance midpoint and H1 adjusted EBITA 47%; the comparable figures for 2025 were 46% and 43% of the full-year outcome. Combined revenue DKK MILLION, FULL YEAR 2026 5,450 to 5,700 The combined basis includes the acquired companies for a full year. Reported revenue DKK MILLION, FULL YEAR 2026 4,650 to 4,900 H1 2026: DKK 2,222 million, up 29.5%, or about 47% of the midpoint of the range. Combined adjusted EBITA DKK MILLION, FULL YEAR 2026 475 to 525 The combined basis includes the acquired companies for a full year. Adjusted EBITA DKK MILLION, FULL YEAR 2026 415 to 465 H1 2026: DKK 207 million, up 34.6%, at a margin of 9.3%, also about 47% of the midpoint. Reported EBIT DKK MILLION, FULL YEAR 2026 225 to 285 H1 2026: DKK 76 million, held back by the listing -related special items, which do not recur.
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26 AUGUST 2026 13 QUESTIONS Q&A Questions are taken on the telephone conference. Registration in advance is required, and the details are on our investor site. Maximillian Hjorth Beste, Head of M&A and Investor Relations +45 2899 2846 · mhb@i-g.dk · investors.installergroup.com
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26 AUGUST 2026 14 INCOME STATEMENT Adjusted EBITA up 34.6%, with the margin up 0.3ppt. to 9.3% DKK MILLION H1 2026 H1 2025 FY 2025 Revenue 2,222 1,716 3,705 Other operating income 30 18 47 Materials and purchased services (1,100) (891) (1,866) Staff costs (772) (560) (1,245) Other external expenses (182) (116) (256) EBITDA 198 167 386 EBITDA margin 8.9% 9.7% 10.4% Depreciation (47) (30) (71) EBITA 151 137 315 Special items 56 17 43 Adjusted EBITA 207 154 358 Adjusted EBITA margin 9.3% 9.0% 9.7% Revenue Up 29.5%, and in line with expectations for H1 2026 Driven by the 2025 and 2026 acquisitions and the Swiss build -out Organic growth of 2.2% EBITDA and EBITA Before Group HQ costs the two segments together delivered an EBITDA margin of 10.9% Group HQ costs rose DKK 41 million, principally listing costs, taking 1.8ppt. off the Group margin The Group EBITA margin declined 1.2ppt. as a result Special items DKK 56 million, of which DKK 47 million is listing costs DKK 9 million of transaction costs Adjusted EBITA is the basis for the 2026 guidance
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26 AUGUST 2026 15 BALANCE SHEET A balance sheet that supports continued acquisition activity DKK MILLION 30 JUN 2026 30 JUN 2025 31 DEC 2025 NON -CURRENT ASSETS Goodwill 1,601 1,344 1,460 Other intangible assets 243 261 244 Property, plant, equipment and right-of-use 234 200 218 Other non-current assets 22 40 21 Total non-current assets 2,099 1,846 1,943 CURRENT ASSETS Inventories and receivables 1,101 898 963 Contract assets 348 439 242 Cash and cash equivalents 138 120 134 Total current assets 1,587 1,457 1,339 Total assets 3,686 3,302 3,282 EQUITY AND LIABILITIES Total equity 1,232 1,191 1,276 Borrowings and lease liabilities 1,043 839 849 Contingent consideration 184 127 127 Other liabilities 1,226 1,145 1,030 Total equity and liabilities 3,686 3,302 3,282 Total assets Up on the acquisitions completed in the period and the seasonal build- up Net working capital of DKK 486 million Contract assets built up, and trade receivables track the larger revenue base Net interest-bearing debt DKK 1,090 million, DKK 248 million above the turn of the year Driven by the DKK 166 million net cash cost of acquisitions, the contingent consideration revaluation, the share buy-back at the listing and working capital Leverage 2.0x against a target of below 2.5x, and a solvency ratio of 33.4% Financing New DKK 1,750 million revolving credit facility Five-year tenor, effective on the listing on 11 June 2026
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26 AUGUST 2026 16 CASH FLOW Adjusted free cash flow of DKK 141 million at 71.3% conversion DKK MILLION H1 2026 H1 2025 FY 2025 EBITDA 198 167 386 Change in working capital (56) 2 60 Cash flow from operating activities before tax 142 169 446 Income taxes paid, net (30) (17) (34) Cash flow from operating activities 112 152 412 Acquisition of subsidiaries, net of cash (166) (258) (388) Capital expenditure, net (1) (7) (20) Payment of contingent consideration (31) (66) (69) Other investments 0 1 (9) Cash flow from investing activities (198) (330) (486) Free cash flow (85) (178) (75) Adjusted free cash flow 141 163 426 Adjusted cash conversion rate 71.3% 97.2% 110.3% Operating cash flow Working capital absorbed DKK 56 million, against a small release last year Driven by the seasonal build-up of work in progress and growth in the revenue base Capital expenditure remains low, consistent with the asset-light model Adjusted free cash flow DKK 141 million, at an adjusted cash conversion rate of 71.3% Excludes acquisitions of subsidiaries, other investments and tax 30 June is the seasonal peak in receivables, and much has been collected in Q3 Investing activities DKK 198 million, of which DKK 166 million is the net cash cost of acquisitions DKK 31 million of contingent consideration from earlier acquisitions
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26 AUGUST 2026 17 IMPORTANT NOTICE Forward-looking statements This presentation may contain forward-looking statements about future events. Forward - looking statements are statements (other than statements of historical facts) relating to future events and InstallatørGruppen's anticipated or planned financial and operational performance. The words "may", "will", "should", "expect", "anticipate", "believe", "estimate", "plan", "project", "intend", "target" or variations of these words, including negatives hereof, as well as other statements regarding matters that are not historical facts or regarding future events and prospects, constitute forward-looking statements. InstallatørGruppen has based any such forward-looking statements on various assumptions, including its current views, estimates and projections with respect to future events and financial performance. Although InstallatørGruppen believes that these assumptions were reasonable when made, they involve significant known or unknown risks, uncertainties and further assumptions, which could cause actual results to differ materially from the expectations expressed or implied in the forward -looking statements. As a result, you should not and may not rely on the forward -looking statements as a projection of the actual results. Forward-looking statements speak as of the date of this presentation and are subject to change without notice, except as required by law.