Interim report
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InstallatørGruppen A/S | Company registration no. 43891871 | Roskilde, Denmark, 26 August 2026 1 / 34 Interim Financial Report H1 2026 The preferred home for local installation champions InstallatørGruppen is a decentralised compounder of technical installation companies in Denmark and Switzerland. The Group comprises 47 portfolio companies and more than 2,300 professionals across heating and plumbing, electrical, ventilation, cooling and adjacent disciplines. Each company keeps its own management, employees and brand; scale is added centrally through procurement, capital, specialist support and data.
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InstallatørGruppen A/S | Interim report H1 2026 2 / 34 Contents Management review Welcome to our new shareholders 3 Financial overview 4 Financial review 5 Segment review 6 Business update 6 Outlook 2026 6 Other matters 6 Forward-looking statements 7 Consolidated interim financial statements Statement by Management 8 Consolidated income statement 10 Consolidated statement of comprehensive income 11 Consolidated balance sheet 12 Consolidated statement of changes in equity 14 Consolidated cash flow statement 16 Notes to the consolidated interim financial statements 18
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InstallatørGruppen A/S | Interim report H1 2026 3 / 34 Welcome to our new shareholders Our first report as a listed company On 11 June, InstallatørGruppen became a listed company, a little more than three years after we established the Group. We welcome our new shareholders to InstallatørGruppen. With the listing, investors become co -owners of a consolidated platform for skilled technical installation companies across Denmark and Switzerland, where local expertise, independent management and owner‑led culture are not compromised but strengthened by scale. We are 47 companies and more than 2,300 skilled professionals . Our model is straightforward, and we are selective in applying it: we acquire and partner with well-run installation businesses that want to remain themselves. This operating model is not a slogan. It is what we do. Every company in the Group keeps its name, its management and its way of working. What we add is what no single company can buy on its own: purchasing scale, financial strength, specialist support, and a route to succession for an owner who has spent a working life building something. Being listed makes that offer visible in a way it has never been before. This is our first interim report as a public company. The underlying business performed well in H1, and the fundamental shift in our market is clear: fragmentation in technical installation is giving way to consolidation, and we are positioned as the platform for that transition. M&A s trategy execution continued in H1 2026 , with further consolidation in Denmark and build ‑out of the Swiss platform, and we completed eight acquisitions in the period, six in Denmark and two in Switzerland. The Swiss segment moved into profit. On the date of this report several companies are in due diligence, and the pipeline remains strong. At the same time, we continue our strategic expansion into new markets. We are actively developing our entry into a third country, with plans to establish operations in either Austria or Ireland in 2027, bringing our consolidated platform model to new geographies. Niels Eldrup Meidahl Group CEO
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InstallatørGruppen A/S | Interim report H1 2026 4 / 34 Financial overview DKK million (unless otherwise stated) Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Income statement Revenue 1,150 918 2,222 1,716 3,705 Organic growth, % (0.7) 14.3 2.2 18.2 7.0 EBITDA 115 107 198 167 386 EBITDA margin, % 10.0 11.6 8.9 9.7 10.4 EBITA 88 92 151 137 315 EBITA margin, % 7.7 10.0 6.8 8.0 8.5 Special items 25 9 56 17 43 Adjusted EBITA 113 101 207 154 358 Adjusted EBITA margin, % 9.9 11.0 9.3 9.0 9.7 EBIT 52 63 76 81 185 Financial items, net (61) (7) (136) (31) (70) Result for the period (18) 41 (79) 33 75 Cash flow Cash flow from operating activities 25 73 112 152 412 Cash flow from investing activities (121) (280) (198) (330) (486) Cash flow from financing activities 45 249 89 236 147 Adjusted free cash flow 141 163 426 Adjusted cash conversion rate, % 71.3 97.2 110.3 Balance sheet and capital structure Net working capital 486 407 425 Net interest-bearing debt 1,090 846 842 Leverage, x 2.0 2.0 1.7 Equity 1,232 1,191 1,276 Solvency ratio, % 33.4 36.1 38.9 Operational Number of companies 47 40 42 Stand-alone acquisitions in the period 5 7 10 Order book, DKK billion 4.3 2.5 3.6 FTEs, end of period 2,341 1,752 2,158 Share data Earnings per A-share, DKK (2.13) (1.44) (2.59) Weighted average number of A-shares 66,560,003 20,065,216 20,114,165 Shares outstanding, end of period 300,503,757 107,818,389 110,676,680
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InstallatørGruppen A/S | Interim report H1 2026 5 / 34 Financial review Revenue Revenue amounted to DKK 2,222 million in H1 2026 (Q2: DKK 1,150 million), an increase of 29.5% compared with the same period last year (Q2: +25.2%) and in line with our expectations. The growth was mainly driven by the acquisitions completed in 2025 and 2026 and the continued build‑out of the Swiss platform, supported by organic growth of 2.2%. Organic growth came from across our portfolio, despite project delays and a strong H1 2025. Switzerland accounted for 14.5% of Group revenue (H1 2025: 4.5%). The development in each segment is set out under Segment review. EBITDA and EBITA Before unallocated Group HQ costs, the two operating segments together delivered an EBITDA margin of 10.9% (H1 2025: 9.9%). Unallocated Group HQ costs increased by DKK 41 million, from DKK 3 million to DKK 44 million . These costs consist principally of costs relating to the listing. Adjusted EBITA and special items Adjusted EBITA was DKK 207 million (Q2: DKK 113 million), up 34.6% (Q2: +11.9%), at a margin of 9.3% against 9.0% in H1 2025. The increase came from three sources: the acquisitions completed in 2025 and 2026, the improvement in the Danish EBITA margin to 9.3% from 9.1% on operational discipline, procurement synergies and pricing, and the Swiss platform moving from an EBITA loss of DKK 9 million to a profit of DKK 19 million. The H1 margin rose 0.3ppt. , while the Q2 margin was 1.2ppt. below a strong comparative quarter. Adjusted EBITA is the Group’s primary measure of underlying earnings. H1 carries an unusually high level of special items and one-off effects, the majority of which relate to the listing. Special items recognised within EBITA amounted to DKK 56.0 million (H1 2025: DKK 16.6 million), of which IPO-related costs were DKK 47.4 million. The revaluation of conting ent consideration s recognised within financial items was DKK 74.8 million (H1 2025: DKK 7.7 million). Together these amount to DKK 130.8 million before tax (H1 2025: DKK 24.4 million), in addition to the write-off of previously capitalised borrowing costs under the previous loan agree ment on the refinancing completed at listing. Adjusted EBITA adjusts only for the special items recognised within EBITA. The revaluation of contingent consideration and the write -off of capitalised borrowing costs are recognised in financial items and are therefore not adjusted for in the Group's primary measure of underlying earnings. Both arose in connection with the listing; the revaluation relates principally to one arrangement where settlement was linked to the share price at IPO and which was triggered by the listing itself, and Management does not expect charges of this nature to recur. The same line was a gain of DKK 34.9 million in the financial year 2025. Amortisation of acquired intangible assets of DKK 74.6 million (H1 2025: DKK 55.7 million) arises from purchase price allocations and will continue to arise as the Group acquires companies. See notes 2 and 3. Net financials Net financial items were an expense of DKK 136 million against DKK 31 million in H1 2025. Beyond the one -off effects set out above, the increase reflects interest on borrowings and lease liabilities of DKK 50 million against DKK 18 million in 2025, on the expanded facilities that funded the acquisition program. See note 3. Taxation and net result Tax was an expense of DKK 20 million despite a pre-tax loss of DKK 59 million, as a significant part of the costs in the period is non -deductible, including transaction costs and fair value adjustments of contingent consideration. Most of the H1 loss falls in Q1: a loss of DKK 61 million in Q1 and DKK 18 million in Q2. Three items explain the DKK 112 million movement year on year: DKK 67 million from the movement in fair value adjustments of contingent consideration, DKK 39 million of additional special items and DKK 19 million of additional amortisation of acquired intangible assets, partly offset by growth in underlying earnings. Cash flows H1 is the seasonal low point in the Group's cash year. Operating cash flow reflects a working capital outflow driven by the seasonal build-up of work in progress and the growth in the Group's revenue base. Capital expenditure remains low, consistent with t he Group's asset‑light business model. See note 4 and the consolidated cash flow statement. Balance sheet Total assets grew on the acquisitions completed in the period and a seasonal build -up in working capital. Net working capital was DKK 486 million (31 December 2025: DKK 425 million), on the seasonal build -up of contract assets and the growth in trade recei vables that tracks the larger revenue base. Net interest ‑bearing debt was DKK 1,090 million, DKK 248 million above 31 December 2025. The DKK 166 million net cash cost of acquisitions, the fair value increase in contingent consideration, the buy -back of own shares in relation to the IPO and the working capital build-up account for most of the increase, partly offset by cash from operations. Financial leverage was 2.0x (30 June 2025: 2.0x; 31 December 2025: 1.7x) and the solvency ratio 33.4%. The capital structure supports continued acquisition activity. Financing In May 2026 the Group signed a new DKK 1,750 million revolving credit facility with DNB, Nordea, Nykredit and SEB, replacing the previous Senior Facilities Agreement. It has a five -year tenor, can be drawn in local currency, and took effect on completion o f the listing on 11 June 2026. Equity Selling owners of acquired companies reinvest part of their consideration by subscribing for shares at fair market value, which ties their interests to the long -term
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InstallatørGruppen A/S | Interim report H1 2026 6 / 34 development of the Group. The two share classes were combined into a single class during the period, and bonus shares with a nominal value of DKK 185.7 million were issued by capitalising reserves, taking the share capital to 300,503,757 shares of a single class. See notes 9 and 10. Segment review Denmark The H1 EBITA margin rose 0.2ppt. on operational discipline across the portfolio, procurement synergies and pricing, and it did so despite the project postponements. The improvement came in Q1, at 9.1% against 6.6% in 2025. In Q2 the margin was 2.1ppt. below the comparative quarter. Six acquisitions were completed in Denmark during H1. See note 1. Switzerland Switzerland turned profitable as the platform established in 2025 gained scale and as BP Elektro AG and Elektro ERTI AG were onboarded. The business now reaches beyond greater Zürich into the Bern region. Moving from loss to profit added 1.4ppt. to the Group EBITA margin. The Swiss margin remains 3.5ppt. below the Danish level, which reflects the earlier stage of the platform and the cost of the country organisation, and we expect it to increase as the platform reaches scale. The Swiss season is somewhat more back -end weighted than the Danish, reflecting local weather patterns. See note 1. Group HQ Costs not allocated to the operating segments were DKK 44 million at EBITDA level (Q2: DKK 15 million) against DKK 3 million in H1 2025, an increase of DKK 41 million. The increase covers the build ‑out of the central organisation, advisory costs on M&A activity, and the cost of listing on Nasdaq Copenhagen and of preparing to operate as a listed company. Q1 carried DKK 29 million of it against DKK 15 million in Q2, as listing preparation costs concentrated early. A substantial part of this relates to special items. See note 2. Business update Listing on Nasdaq Copenhagen On 11 June 2026 the shares in InstallatørGruppen A/S were admitted to trading and official listing on Nasdaq Copenhagen. Ahead of the listing the previous split into class A and class B shares was discontinued, the two classes being combined into a single share class. The listing broadens the shareholder base and opens access to the capital markets for continued expansion. It does not change the decentralised operating model. See notes 2 and 9. Acquisitions in H1 2026 Eight acquisitions were completed in H1, six in Denmark and two in Switzerland, with three of them being add‑on or asset acquisitions integrated into existing portfolio companies. All met the Group’s M&A criteria of strong local market positions, entrepreneurial management and alignment with the Group's core disciplines. In each case the selling owners reinvested part of their consideration in shares in InstallatørGruppen A/S. The businesses acquired in the period contributed revenue of DKK 110 million and profit before tax of DKK 16 million from their respective acquisition dates, and onboarding is progressing to plan. The Group also agreed to acquire Erik Lytzen A/S, which was approved by the competition authorities in late June and completed on 1 July 2026. See notes 5 and 8. Strategic focus areas Strategy execution continued as set out at the listing , with further consolidation in Denmark and further build‑out of the Swiss platform, which moved into profit. At the date of this report several companies are in due diligence and the pipeline remains active. Commercially, the systematic follow-up on pricing across the portfolio companies was strengthened, which supports margin discipline and the prioritisation of higher-value work. On the procurement side the Group is consolidating the combined volume so that a larger share of the benefit obtained is retained in earnings, while purchasing decisions remain with the local companies. Outlook 2026 For the financial year 2026, the outlook is reiterated as communicated at the time of the listing: • Combined revenue of DKK 5,450 to 5,700 million • Reported revenue of DKK 4,650 to 4,900 million • Combined adjusted EBITA of DKK 475 to 525 million • Adjusted EBITA of DKK 415 to 465 million • Reported EBIT of DKK 225 to 285 million H1 2026 tracks in line with these expectations. We expect H2 to benefit from the seasonally higher activity level, from the conversion of project activity postponed from H1, and from a full period of contribution from the nine acquisitions completed in 2026 to date. Risks The principal risks and uncertainties are unchanged from those described in the Annual Report 2025, supplemented by the risks set out in the prospectus published in connection with the listing. Other matters Auditor Deloitte Statsautoriseret Revisionspartnerselskab is the Group's auditor and has not reviewed these consolidated interim financial statements. Deloitte has announced that it will separate the part of its Danish business serving small and medium-sized enterprises into a separate firm, Cedra, with effect from 1 September 2026. The change affects the practice that has served InstallatørGruppen and a number of the Group's subsidiaries. Going forward, Cedra will audit the Group's Danish subsidiaries, while the remaining Group companies, including the parent company, will continue to be audited by Deloitte.
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InstallatørGruppen A/S | Interim report H1 2026 7 / 34 Any change of Group auditor requires shareholder approval in general meeting. As a public -interest entity, the Group will in any event conduct a mandatory audit tender in 2027, and the review of the Group's audit arrangements forms part of the preparation for that process. The Board of Directors, advised by the Audit Committee, will complete its assessment and make a recommendation to shareholders in due course. Deloitte continues as the Group's auditor until then. The review has no effect on the Group's fi nancial reporting for the period, on the accounting policies applied, or on the internal control environment. Forward-looking statements This report 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 operationa l 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 assumpt ions 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 report and are subject to change without notice, except as required by law. The factors that could cause such a difference are those described under Risks above and are set out in more detail in the Annual Report 2025 and in the prospectus published in connection with the listing.
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InstallatørGruppen A/S | Interim report H1 2026 8 / 34 Statement by Management The Board of Directors and the Executive Management have today considered and approved the consolidated interim financial statements of InstallatørGruppen A/S for the accounting period 1 January to 30 June 2026. The consolidated interim financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU, and Danish disclosure requirements for listed companies, as described in the summary of significant accounting policies. In our opinion, the interim financial statements give a true and fair view of the Group’s financial position on 30 June 2026 and of the results of its operations and cash flows for the accounting period 1 January 2026 to 30 June 2026. In our opinion, the management's review included in these interim financial statements provides a fair review of developments in the Group's activities and financial position, the results for the period and the Group's overall financial position. Copenhagen, 26 August 2026 Executive Management Niels Eldrup Meidahl Peter Frandsen Mathias Ringsted Grüner Board of Directors Jesper Teddy Lok Søren Drewsen Britta Korre Stenholt Eskil Gundersen Koffeld Christian Erik Bering Jelsbech Lise Skaarup Mortensen Per Brask Ikov
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InstallatørGruppen A/S | Interim report H1 2026 9 / 34 Contents Consolidated interim financial statements Consolidated Income Statement 10 Consolidated Statement of Comprehensive Income 11 Consolidated Balance Sheet 12 Consolidated Statement of Changes in Equity 14 Consolidated Cash Flow Statement 16 Notes to the consolidated interim financial statements 1 Segmentation of operations 18 2 Special items 20 3 Financial income and expenses 20 4 Cash flow specification 21 5 Acquisitions 21 6 Financial instruments and fair value 26 7 Contingent consideration 27 8 Acquisitions after end of reporting period 28 9 Equity 29 10 Earnings per share 30 11 Transactions with related parties 31 12 Events after the reporting date 31 13 Accounting policies 31 14 Key definitions 32
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InstallatørGruppen A/S | Interim report H1 2026 10 / 34 Consolidated Income Statement DKK'000 Notes H1 2026 H1 2025 FY 2025 Revenue 1 2,222,434 1,716,063 3,705,467 Other operating income 29,567 17,792 46,566 Materials and purchased services (1,100,191) (890,777) (1,865,713) Staff costs (772,160) (559,661) (1,244,572) Other external expenses 2 (181,744) (116,165) (255,997) Operating profit before depreciation, amortisation and impairments (EBITDA) 197,906 167,252 385,751 Depreciation (47,076) (30,279) (70,983) Operating profit before amortisation and impairments (EBITA) 150,830 136,973 314,768 Amortisation and impairments (74,569) (55,737) (129,596) Operating profit (EBIT) 76,261 81,236 185,172 Financial income 3 1,855 17,659 45,216 Financial expenses 3 (137,521) (48,549) (115,500) Profit/loss before tax (59,405) 50,346 114,888 Tax on profit/loss (19,876) (17,733) (39,871) Profit/loss for the period (79,281) 32,613 75,017 Attributable to: Non-controlling interests 375 37 97 Shareholders in InstallatørGruppen A/S (79,656) 32,576 74,920 Earnings per share (DKK) Earnings per A-share (2.13) (1.44) (2.59) Diluted earnings per A-share (2.13) (1.44) (2.59) Adjusted EBITA DKK'000 Notes H1 2026 H1 2025 FY 2025 Operating profit before amortisation and impairments (EBITA) 150,830 136,973 314,768 Special items 2 55,984 16,623 42,994 Adjusted EBITA 206,814 153,596 357,762
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InstallatørGruppen A/S | Interim report H1 2026 11 / 34 Consolidated Statement of Comprehensive Income DKK'000 Notes H1 2026 H1 2025 FY 2025 Profit/loss for the period (79,281) 32,613 75,017 Other comprehensive income for the period Items that will not be reclassified to the income statement in subsequent periods: Retirement benefit obligations - - 861 Items to be reclassified to the income statement in subsequent periods: Foreign exchange adjustment on translation of foreign entities (61) 42 21 Fair value adjustments of hedging instruments - 77 (468) Other comprehensive income for the period, net of tax (61) 119 414 Total comprehensive income for the period (79,342) 32,732 75,431 Attributable to Non-controlling interests 375 37 97 Shareholders in InstallatørGruppen A/S (net profit) (79,717) 32,695 75,334
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InstallatørGruppen A/S | Interim report H1 2026 12 / 34 Consolidated Balance Sheet Assets DKK'000 Notes H1 2026 H1 2025 FY 2025 Non-current assets Goodwill 5 1,600,781 1,344,176 1,460,073 Customer relationships 177,764 165,869 162,217 Order backlog 57,984 87,847 75,423 Other intangible assets 6,792 7,091 6,005 Property, plant and equipment 51,608 45,246 50,103 Associates and other investments 10,725 7,170 10,803 Right-of-use assets 182,170 155,136 168,372 Other receivables 11,001 32,979 9,745 Total non-current assets 2,098,825 1,845,514 1,942,741 Current assets Inventories 76,421 63,779 66,744 Trade receivables 938,457 784,004 838,657 Contract assets 5 347,889 438,504 242,008 Other receivables 86,087 50,365 57,623 Cash and cash equivalents 138,024 120,072 134,418 Total current assets 1,586,878 1,456,724 1,339,450 TOTAL ASSETS 3,685,703 3,302,238 3,282,191
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InstallatørGruppen A/S | Interim report H1 2026 13 / 34 Equity and liabilities DKK'000 Notes H1 2026 H1 2025 FY 2025 Equity Share capital 9 300,504 107,817 110,677 Retained earnings 931,455 1,083,314 1,165,485 Reserve for foreign exchange adjustments (73) 9 (12) Total equity, shareholders in InstallatørGruppen A/S 1,231,886 1,191,140 1,276,150 Non-controlling interests 391 (44) 16 Total equity 1,232,277 1,191,096 1,276,166 Non-current liabilities Borrowings 848,213 664,705 425,182 Deferred tax liabilities 170,896 136,043 186,074 Provisions 5,739 5,708 14,143 Lease liabilities 129,034 102,600 115,618 Contingent consideration 6, 7 65,444 124,355 89,756 Other non-current liabilities 43,441 30,665 35,478 Total non-current liabilities 1,262,767 1,064,076 866,251 Current liabilities Borrowings 2,272 17,794 249,216 Lease liabilities 63,765 54,235 59,379 Contingent consideration 6, 7 119,011 2,335 37,231 Contract liabilities 227,854 368,022 188,222 Trade payables 469,825 356,156 385,197 Tax payables 42,766 42,559 13,548 Other current liabilities 265,166 205,965 206,981 Total current liabilities 1,190,659 1,047,066 1,139,774 Total liabilities 2,453,426 2,111,142 2,006,025 TOTAL EQUITY AND LIABILITIES 3,685,703 3,302,238 3,282,191
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InstallatørGruppen A/S | Interim report H1 2026 14 / 34 Consolidated Statement of Changes in Equity DKK'000 Notes Share capital Reserve for foreign exchange adjustments Retained earnings Equity, shareholders in InstallatørGruppen A/S Non- controlling interests Total equity Equity at 1 Jan 2026 110,677 (12) 1,165,485 1,276,150 16 1,276,166 Profit/(loss) for the period - (79,656) (79,656) 375 (79,281) Other comprehensive income - (61) - (61) - (61) Total comprehensive income for the period - (61) (79,656) (79,717) 375 (79,342) Capital increase 9 4,155 - 66,518 70,673 - 70,673 Group contribution, non - cash 185,672 - (185,672) - - - Purchase of treasury shares - - (38,775) (38,775) - (38,775) Other entries on equity - - 3,555 3,555 - 3,555 Total transactions with owners 189,827 - (154,374) 35,453 - 35,453 Equity at 30 Jun 2026 300,504 (73) 931,455 1,231,886 391 1,232,277
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InstallatørGruppen A/S | Interim report H1 2026 15 / 34 Consolidated Statement of Changes in Equity DKK'000 Notes Share capital Reserve for foreign exchange adjustments Retained earnings Equity, shareholders in InstallatørGruppen A/S Non- controlling interests Total equity Equity at 1 Jan 2025 103,506 (33) 987,640 1,091,113 - 1,091,113 Profit/(loss) for the period - - 32,576 32,576 37 32,613 Other comprehensive income - 42 77 119 - 119 Total comprehensive income for the period - 42 32,653 32,695 37 32,732 Capital increase 9 4,311 - 61,558 65,869 - 65,869 Other entries on equity - - 1,463 1,463 (81) 1,382 Total transactions with owners 4,311 - 63,021 67,332 (81) 67,251 Equity at 30 Jun 2025 107,817 9 1,083,314 1,191,140 (44) 1,191,096
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InstallatørGruppen A/S | Interim report H1 2026 16 / 34 Consolidated Cash Flow Statement DKK'000 Notes H1 2026 H1 2025 FY 2025 Operating profit before depreciation, amortisation and impairments (EBITDA) 197,906 167,252 385,751 Change in working capital 4 (55,971) 2,141 60,027 Cash flow from operating activities before tax 141,935 169,393 445,778 Income taxes received - - 4,698 Income taxes paid (29,648) (17,359) (38,688) Cash flow from operating activities 112,287 152,034 411,788 Acquisition of subsidiaries, net of cash acquired 5 (166,002) (258,285) (388,379) Other investments 24 864 (9,156) Acquisition of intangible assets - (1,614) (8,494) Acquisition of property and equipment (3,645) (7,373) (14,746) Proceeds on disposal of property, plant and equipment 2,806 2,245 2,992 Payment of contingent consideration 7 (30,881) (66,250) (68,650) Cash flow from investing activities (197,698) (330,413) (486,432) Cash flow from operating and investing activities (Free cash flow) (85,411) (178,379) (74,644) Interest received 572 654 2,852 Interest paid (27,737) (13,945) (78,112) Proceeds from capital increase 31,863 5,222 8,615 Purchase of treasury shares (38,775) (309) (309) Proceeds from borrowings 163,624 292,179 340,400 Repayments of borrowings - (30,500) (65,398) Repayment of lease liabilities (40,530) (17,007) (61,143) Cash flow from financing activities 89,017 236,294 146,905 Cash and cash equivalents at 1 Jan 134,418 62,157 62,157 Change in cash and cash equivalents 3,606 57,915 72,261 Cash and cash equivalents at end of period 138,024 120,072 134,418 Adjusted free cash flow Adjusted free cash flow comprises cash flow from operating activities before tax, less capital expenditure on intangible assets and property, plant and equipment, and less investment in financial assets. Excludes M&A payments, contingent consideration and income taxes.
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InstallatørGruppen A/S | Interim report H1 2026 17 / 34 DKK'000 H1 2026 H1 2025 FY 2025 Cash flow from operating activities before tax 141,935 169,393 445,778 Cash flow from investments and disposals in intangible assets, property plant and equipment (839) (6,742) (20,248) Cash flow used for investment in financial assets - - - Free cash flow, adjusted for acquisitions of subsidiaries, other investments and tax 141,096 162,651 425,530 Adjusted cash conversion H1 2026 H1 2025 FY 2025 Adjusted cash conversion rate 71.3% 97.2% 110.3% Alternative performance measures (APMs) presented above, including Adjusted free cash flow and Adjusted cash conversion rate, are defined in note 14 (Key definitions).
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InstallatørGruppen A/S | Interim report H1 2026 18 / 34 Notes to the consolidated interim financial statements 1 Segmentation of operations InstallatørGruppen operates through two reportable segments, Denmark and Switzerland, reflecting the Group's geographic structure and the two distinct compounding platforms through which the Group pursues its buy ‑and‑build strategy within technical installation services. The Danish segment comprised 42 portfolio companies as at 30 June 2026, providing technical installation services across Denmark within electricity, plumbing, heating, ventilation and other building services disciplines. The portfolio companies are operate d under InstallatørGruppen's proven decentralised operating model, preserving local management and entrepreneurial culture while benefiting from Group -level financial strength, operational support and M&A capabilities. In H1 2026, InstallatørGruppen completed six acquisitions in the Danish segment, comprising three new portfolio companies, one add ‑on acquisition (Tage Jensen Stoholm A/S) by the Group's subsidiary H.J. Christensen A/S, and two business/activity acquisitions integrated into existing portfolio companies. The Swiss segment comprised 5 portfolio companies as at 30 June 2026, providing technical installation services primarily within electrical installation in the German -speaking part of Switzerland. The Swiss platform was established as InstallatørGruppen's second geographic platform, replicating the Group's proven Danish compounding model. In H1 2026, InstallatørGruppen completed two acquisitions in the Swiss segment. No single customer accounts for more than 10% of the Group's total revenue. H1 2026 DKK'000 Denmark Switzerland Group HQ Total Revenue 1,900,468 321,966 - 2,222,434 Other operating income 28,043 1,524 - 29,567 Materials and purchased services (897,448) (202,743) - (1,100,191) Staff costs (678,952) (84,076) (9,132) (772,160) Other external expenses (129,532) (17,126) (35,086) (181,744) Operating profit before depreciation, amortisation and impairments (EBITDA) 222,579 19,545 (44,218) 197,906 Depreciation (46,270) (806) - (47,076) Operating profit before amortisation and impairments (EBITA) 176,309 18,739 (44,218) 150,830 Amortisation and impairments (74,569) Operating profit (EBIT) 76,261 Financial income 1,855 Financial expenses (137,521) Profit/loss before tax (59,405) Tax on profit/loss (19,876) Profit/loss for the period (79,281)
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InstallatørGruppen A/S | Interim report H1 2026 19 / 34 H1 2025 DKK'000 Denmark Switzerland Group HQ Total Revenue 1,639,359 76,704 - 1,716,063 Other operating income 17,503 289 - 17,792 Materials and purchased services (827,193) (63,584) - (890,777) Staff costs (546,048) (11,401) (2,212) (559,661) Other external expenses (104,198) (11,201) (766) (116,165) Operating profit before depreciation, amortisation and impairments (EBITDA) 179,423 (9,193) (2,978) 167,252 Depreciation (30,161) (118) - (30,279) Operating profit before amortisation and impairments (EBITA) 149,262 (9,311) (2,978) 136,973 Amortisation and impairments (55,737) Operating profit (EBIT) 81,236 Financial income 17,659 Financial expenses (48,549) Profit/loss before tax 50,346 Tax on profit/loss (17,733) Profit/loss for the period 32,613 The Group headquarters (HQ) column includes costs not allocated to the operating segments, primarily comprising staff costs at Group level, consulting and advisory costs related to the Group's M&A activity, and costs associated with strengthening the Group's platform and organisational readiness for its next phase of development, including the planned listing on Nasdaq Copenhagen. Entity-wide disclosures In addition to the segment information above, the following geographic information is provided. Non -current assets are located in the countries in which the respective segments operate. The table below presents the carrying amount of non - current assets by geographic location: Non-current assets by geography DKK'000 H1 2026 H1 2025 Denmark 1,586,935 1,536,441 Switzerland 511,890 309,073 Total non-current assets 2,098,825 1,845,514 Non-current assets comprise goodwill, customer relations, order backlogs, other intangible assets, property, plant and equipment, and right-of-use assets, financial instruments and deferred tax assets, as presented in the balance sheet.
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InstallatørGruppen A/S | Interim report H1 2026 20 / 34 2 Special items Special items comprise significant income and expenses of a special nature in relation to the Group's operating activities that cannot be attributed to ordinary operating activities. In H1 2026 and H1 2025, special items primarily relate to IPO related costs and transaction costs associated with corporate transactions, the latter including costs related to build -up activities to strengthen the Group's platform and organisational readiness for its next phase of growth. DKK'000 H1 2026 H1 2025 FY 2025 Transaction costs 8,570 16,623 25,301 IPO related costs 47,414 - 17,693 Total special items 55,984 16,623 42,994 3 Financial income and expenses DKK'000 H1 2026 H1 2025 FY 2025 Financial income Interest income 1,281 171 2,409 Other financial income 107 223 7,909 Share of result in associates 467 - - Fair value adjustment on contingent consideration 7 - 17,265 34,898 Total financial income 1,855 17,659 45,216 Financial expenses Interest on borrowings 42,162 12,217 38,093 Interest expense on lease liabilities 7,650 5,776 11,723 Interest on financial liabilities measured at amortised cost 49,812 17,993 49,816 Other financial expenses 12,924 5,556 15,685 Reversal of prepayment of consideration related to acquisition of businesses - - 50,000 Fair value adjustment on contingent consideration 7 74,785 25,000 - Total financial expenses 137,521 48,549 115,500
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InstallatørGruppen A/S | Interim report H1 2026 21 / 34 4 Cash flow specification Net working capital DKK'000 H1 2026 H1 2025 FY 2025 Changes in inventory (4,619) 1,332 1,912 Changes in trade receivables (56,459) (30,559) (23,676) Changes in other receivables (21,628) 3,481 2,555 Changes in contract assets/liabilities (49,672) 29,413 94,856 Changes in trade payables 65,176 837 24,823 Changes in other liabilities 11,231 (2,363) (40,443) Total change in working capital (55,971) 2,141 60,027 5 Acquisitions Investment model The Group's growth strategy is primarily based on the acquisition of profitable, owner ‑led companies with strong local market positions within technical installation services across Denmark and Switzerland. The Group applies a disciplined acquisition model underpinned by well-defined investment criteria, structured sourcing processes, and consistent valuation principles, targeting businesses with stable earnings, strong cash generation and cultural alignment with the Group's decentralised operating model. Acquisition consideration typically comprises a combination of cash, shares issued in InstallatørGruppen A/S, and contingent consideration linked to future financial performance. The Group's acquisitions are primarily funded through internally generated ca sh flows from portfolio companies, supplemented by drawings under the Senior Facilities Agreement. As part of the Group's acquisition model, former owners are required to reinvest a portion of the consideration received through subscription for shares in InstallatørGruppen A/S, which is reinvested at a fair market value. This reinvestment mechanism aligns the interests of former owners with the long -term development of the Group and supports continued engagement and motivation following the acquisition. The shares issued as part of the purchase consideration in H1 2026 of DKK 39,186 thousand (H1 2025: DK K 67,059 thousand) reflect this element of the acquisition model, please refer to note 9. In certain cases, selling owner -managers are also participating in contingent consideration arrangements, further aligning their incentives with the financial performance of their respective businesses post‑acquisition. Revenue and profit before tax from businesses acquired in H1 2026 The businesses acquired in H1 2026 contributed revenue of DKK 109,667 thousand and profit before tax of DKK 15,511 thousand to the consolidated income statement for the period from their respective acquisition dates to 30 June 2026. As the acquisitions completed in H1 2026 have been individually assessed as immaterial to the consolidated financial statements, revenue and profit or loss information as if the acquisitions had occurred at the beginning of the reporting period has not been provided. Acquisitions in H1 2026 InstallatørGruppen completed eight acquisitions in H1 2026, six in Denmark and two in Switzerland, continuing the Group's disciplined compounder strategy across Denmark and Switzerland. Control was obtained through acquisition of 100% of the share capital and voting rights in each entity; two of the Danish acquisitions were completed as business/activity transfers integrated into existing portfolio companies. The acquisitions have been individually assessed for materiality and are considered individually immaterial to the consolidated financial statements. The acquisitions are therefore presented on an aggregate basis, and the acquired companies contribute to the Group from their respective acquisition dates.
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InstallatørGruppen A/S | Interim report H1 2026 22 / 34 Entity Country Acquisition date Tage Jensen Stoholm A/S Denmark 11 March 2026 Byggeriets VVS-Forretning Denmark 12 January 2026 Deber Ventilation ApS Denmark 28 April 2026 Alpha Electric A/S Denmark 29 April 2026 HAC EL A/S Denmark 6 May 2026 Nøhr El Service Denmark 22 May 2026 BP Elektro AG Switzerland 4 February 2026 Elektro ERTI AG Switzerland 16 April 2026 Description of acquired businesses · Tage Jensen Stoholm A/S (Denmark) : a Danish technical installation company headquartered in Stoholm, with expected sales of approximately DKK 15 million. A cquired as an add ‑on by H.J. Christensen A/S, a subsidiary of InstallatørGruppen, strengthening its geographic coverage and specialist capabilities within the existing Danish platform. · Deber Ventilation ApS (Denmark): headquartered in Fredericia, with expected sales of approximately DKK 60 million. A specialised ventilation company with nearly 50 years of experience delivering ventilation solutions to residential, commercial and industrial customers, broadening the Group's service offering within technical installations. · Alpha Electric A/S (Denmark): headquartered in Slangerup, with expected sales of approximately DKK 75 million. An established electrical installation company with more than 20 years of experience serving commercial and private customers, strengthening the Group's platform in the Zealand region. · HAC EL A/S (Denmark): headquartered in Kjellerup, with expected sales of approximately DKK 30 million. An electrical installation company specialising in contractor services for new construction and renovation projects, strengthening the Group's presence in Mid-Jutland. · BP Elektro AG (Switzerland): a Swiss electrical installation company headquartered in Dietikon , with expected sales of approximately DKK 140 million. The experienced team focuses on serving B2B clients such as hospitals, financial institutions and energy companies and strengthens the Group’s presence in the greater Zürich area. · Elektro ERTI AG (Switzerland) : headquartered in Bern, with expected sales of approximately DKK 60 million. An electrical installation company with a strong position as a high-quality provider in the Bern region, primarily serving the B2B segment, strengthening the Swiss platform beyond the greater Zürich area. · Byggeriets VVS -Forretning (Denmark) : a Danish plumbing, heating and ventilation (VVS) installation business, acquired as an add‑on by Nordbyens Energi og VVS A/S, a subsidiary of InstallatørGruppen. · Nøhr El Service (Denmark ): a Danish electrical installation business, acquired as an add ‑on by MH Elektric A/S, a subsidiary of InstallatørGruppen, strengthening its geographic coverage and specialist capabilities within the existing Danish platform. Strategic rationale The acquisitions are aligned with InstallatørGruppen's M&A strategy of acquiring quality technical installation companies with strong local market positions, entrepreneurial management teams and a profile consistent with the Group's core disciplines. The acquisitions are expected to contribute positively to t he Group's earnings on a full -year basis, and integration is progressing in line with plan.
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InstallatørGruppen A/S | Interim report H1 2026 23 / 34 Fair value of acquired net assets and goodwill The purchase price allocation has been prepared on a preliminary basis and is subject to finalisation within the 12-month period mandated by IFRS 3. Acquired goodwill is not tax deductible. DKK'000 Denmark Switzerland Total Contract assets 57,242 15,025 72,267 Contract liabilities (51,340) (3,348) (54,688) Customer relationships 16,561 28,520 45,081 Order backlog 10,950 17,058 28,008 Cash 13,255 50,671 63,926 Receivables 25,841 18,971 44,812 Other assets 12,200 10,226 22,426 Other liabilities (14,216) (26,949) (41,165) Deferred tax liability (12,059) (8,386) (20,444) Payables (11,277) (8,412) (19,690) Net identifiable assets acquired 47,159 93,376 140,535 Add: Goodwill 48,825 93,319 142,145 Net assets acquired 95,984 186,695 282,679 Goodwill arising on acquisitions reflects the value of the assembled and skilled workforce, expected synergies and the strategic value of each acquired company's established local market position. For Danish acquisitions, goodwill additionally reflects the expected benefits from integration into the Group's procurement framework and cross -selling opportunities across technical disciplines. For Swiss acquisitions, goodwill further reflects the strategic value of the established platform in a new and highly f ragmented market, including the benefit of local management expertise and established customer relationships in the Swiss market. Goodwill is not expected to be deductible for tax purposes. The fair value of acquired trade receivables amounts to DKK 44,812 thousand. The gross contractual amounts correspond in all material respects to the fair value recognised, as no significant loss allowance was recognised at the acquisition date. The fair value of shares issued as part of the purchase consideration of DKK 39,186 thousand was determined based on a fair value estimation of InstallatørGruppen A/S calculated based on relevant multiples. Consideration DKK'000 Denmark Switzerland Total Cash consideration 80,301 149,627 229,929 Shares issued 13,919 25,267 39,186 Contingent consideration 7 1,763 11,801 13,564 Total purchase consideration 95,984 186,695 282,679 Outflow of cash to acquire subsidiaries, net of cash acquired Cash consideration 80,301 149,627 229,929 Less: cash balances acquired (13,255) (50,671) (63,926) Net outflow, investing activities 67,046 98,956 166,002
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InstallatørGruppen A/S | Interim report H1 2026 24 / 34 Acquisitions in H1 2025 (comparative period) InstallatørGruppen completed nine acquisitions in H1 2025, seven in Denmark and two in Switzerland, continuing the Group's disciplined compounder strategy. Control was obtained through acquisition of 100% of the share capital in each entity. The acquisitions were individually assessed for materiality and considered individually immaterial to the consolidated financial statements. The acquisitions are therefore presented on an aggregate basis. Entity Country Acquisition date Jürgensen VVS Denmark 29 January 2025 Blikob Denmark 20 January 2025 TeknikGruppen A/S Denmark 7 February 2025 AG VVS Teknik Denmark 28 February 2025 PH Elteknik ApS Denmark 4 April 2025 Skydstrup EL-service Denmark 20 May 2025 APJ EL-Anlæg Denmark 26 May 2025 Rohr Gebäudetechnik AG Switzerland 17 April 2025 W. Rokitzky AG Switzerland 22 May 2025 Strategic rationale All acquisitions are aligned with InstallatørGruppen's M&A strategy of acquiring quality technical installation companies with strong local market positions, entrepreneurial management teams and a profile consistent with the Group's core disciplines. The acquisitions have contributed positively to the Group's earnings and integration was completed in line with plan. Fair value of acquired net assets and goodwill The purchase price allocation is final. Acquired goodwill is not tax deductible. DKK'000 Denmark Switzerland Total Contract assets 40,353 49,940 90,293 Contract liabilities (27,306) (2,771) (30,077) Customer relationships 22,062 36,783 58,845 Order backlog 8,256 55,027 63,283 Cash 31,479 40,461 71,940 Receivables 26,645 79,987 106,632 Other assets 18,228 19,080 37,309 Other liabilities (22,423) (31,199) (53,622) Deferred tax liability (9,748) (24,374) (34,122) Payables (14,072) (25,640) (39,711) Net identifiable assets acquired 73,475 197,295 270,771 Add: Goodwill 76,877 99,497 176,374 Net assets acquired 150,353 296,792 447,145 Goodwill arising on acquisitions reflects the value of the assembled and skilled workforce, expected synergies and the strategic value of each acquired company's established local market position. For Danish acquisitions, goodwill additionally reflects the expected benefits from integration into the Group's procurement framework and cross -selling opportunities across technical disciplines. Goodwill is not expected to be deductible for tax purposes. The fair value of acquired trade receivables amounts to DKK 106,632 thousand. The gross contractual amounts correspond in all material respects to the fair value recognised, as no significant loss allowance was recognised at the acquisition date.
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InstallatørGruppen A/S | Interim report H1 2026 25 / 34 The fair value of shares issued as part of the purchase consideration of DKK 67,059 thousand was determined based on a fair value estimation of InstallatørGruppen A/S calculated based on relevant multiples. Consideration DKK'000 Denmark Switzerland Total Cash consideration 118,812 211,413 330,225 Shares issued 25,129 41,929 67,059 Contingent consideration 7 6,412 43,449 49,861 Total purchase consideration 150,353 296,792 447,145 Outflow of cash to acquire subsidiaries, net of cash acquired Cash consideration 118,812 211,413 330,225 Less: cash balances acquired (31,479) (40,461) (71,940) Net outflow, investing activities 87,332 170,952 258,285
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InstallatørGruppen A/S | Interim report H1 2026 26 / 34 6 Financial instruments and fair value Classification of financial instruments The table below presents the carrying amounts of the Group's financial assets and liabilities by measurement category. Financial instruments not included in the table (primarily lease liabilities, contract assets and contract liabilities) are outside the scope of IFRS 7. The carrying amount of financial instruments measured at amortised cost is considered to be a reasonable approximation of fair value. DKK'000 H1 2026 H1 2025 FY 2025 Financial assets measured at amortised cost Trade receivables 938,457 784,004 838,657 Other receivables 97,088 83,344 67,368 Cash and cash equivalents 138,024 120,072 134,418 Total financial assets measured at amortised cost 1,173,569 987,420 1,040,443 Financial liabilities measured at amortised cost Borrowings 850,485 682,499 674,398 Trade payables 469,825 356,156 385,197 Total financial liabilities at amortised cost 1,320,310 1,038,655 1,059,595 Financial liabilities measured at fair value (Level 3) Contingent consideration 7 184,455 126,690 126,987 Total financial liabilities at fair value 184,455 126,690 126,987 Key assumptions for Level 3 fair value measurement Contingent consideration is the Group's sole financial instrument classified as Level 3 in the fair value hierarchy. There were no transfers between levels during H1 2026 or H1 2025. The fair value is determined using a discounted cash flow (DCF) model based on probability -weighted expected EBITDA for each acquired entity over the remaining earn ‑out period. The key unobservable inputs and their values at the relevant measurement dates are set out below: H1 2026 H1 2025 FY 2025 Discount rate (Denmark) 5.60% 6.10% 5.60% Discount rate (Switzerland) 2.00% 4.00% 4.00% Expected EBITDA Management estimate Management estimate Management estimate
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InstallatørGruppen A/S | Interim report H1 2026 27 / 34 Reconciliation of level-3 fair value measurement The following table shows the reconciliation of contingent consideration classified as level 3 in the fair value hierarchy. DKK'000 H1 2026 H1 2025 FY 2025 As at 1 Jan 126,987 160,344 160,344 Arising from business combinations 13,564 49,861 70,191 Fair value changes recognised in profit and loss 74,785 (17,265) (34,898) Settled during the period/year (30,881) (66,250) (68,650) Closing balance 184,455 126,690 126,987 Of which non-current 65,444 124,355 89,756 Of which current 119,011 2,335 37,231 Total 184,455 126,690 126,987 For a sensitivity analysis of the fair value measurement, please refer to note 7. 7 Contingent consideration DKK'000 H1 2026 H1 2025 FY 2025 Non-current contingent consideration 65,444 124,355 89,756 Current contingent consideration 119,011 2,335 37,231 Total contingent consideration 184,455 126,690 126,987 Description As part of the Group's compounder strategy, InstallatørGruppen continuously acquires owner -managed installation companies in Denmark and Switzerland. Acquisition consideration typically comprises a combination of cash, shares issued in InstallatørGruppen A/S, and contingent consideration linked to the future financial performance of the acquired company. The contingent consideration is primarily based on the achievement of EBIT, EBITDA or EBITA targets measured over a period of one to three years from the acquisition date. The specific measurement period is determined individually in each share purchase ag reement. In certain cases, agreements also contain deferred compensation structures triggered by specific non -operational events. The arrangements align the interests of selling owners and the Group during the post‑acquisition period and form an integral part of InstallatørGruppen's acquisition model. Fair value measurement (Level 3) Contingent consideration totalling DKK 184,455 thousand as at 30 June 2026 (30 June 2025: DKK 126,690 thousand; 1 January 2026: DKK 126,987 thousand) is classified as Level 3 in the fair value hierarchy, as significant inputs cannot be observed in the market. The fair value of each contingent consideration obligation is determined using a discounted cash flow (DCF) model incorporating the following significant unobservable inputs: • Probability-weighted expected cash flows (EBITDA, EBITA or EBIT targets) for each acquired entity over the remaining earn‑out period. • A discount rate reflecting the Group's financing rate in the relevant geographic market (Denmark: 5.60%; Switzerland: 2.00%). • Contractual minimum and maximum payment amounts pursuant to each individual share purchase agreement. The fair value of contingent consideration increases with higher expected cash flows (EBITDA) and decreases with a higher discount rate, and vice versa . The significant unobservable inputs are updated quarterly to reflect Management's most recent expectations. For the majority of obligations, the payment date is contractually fixed; for a limited number of agreements, payment is conditional upon specific future non-operational corporate events.
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InstallatørGruppen A/S | Interim report H1 2026 28 / 34 Sensitivity analysis An increase (decrease) in the discount rate of 1 percentage point decreases (increases) the fair value of the contingent consideration by DKK 1,449 thousand at 30 June 2026 (31 December 2025: DKK 2,035 thousand). The sensitivity reflects that the primary driver of fair value is the probability-weighted EBITDA expectation rather than the discount rate. Maturity analysis of undiscounted cash flows The total undiscounted contractual cash flows that the Group expects to pay in respect of contingent consideration amount to DKK 191,060 thousand as at 30 June 2026 (31 December 2025: DKK 134,615 thousand), of which DKK 132,702 thousand is expected to be s ettled in 2026, DKK 22,858 thousand in 2027 and DKK 35,500 thousand in 2028. The difference between total undiscounted cash flows and the carrying amount represents the discounting effect. Maximum undiscounted amount The maximum undiscounted amount the Group could potentially be required to pay under existing earn ‑out agreements amounts to DKK 354,200 thousand (31 December 2025: DKK 499,800 thousand). The difference between the maximum amount and the expected undiscounted payments reflects that performance targets are not expected to be fully achieved in all cases. Payments are expected to be settled in the period 2026 to 2028. A reconciliation of the level-3 fair value measurement is provided in note 6. 8 Acquisitions after end of reporting period After the end of the reporting period and up to the date of approval of these interim financial statements, the Group acquired the following company: Acquisitions in Denmark · Erik Lytzen A/S, headquartered in Hjørring, acquired 1 July 2026 by InstallatørGruppen Danmark ApS, with expected sales of approximately DKK 280 million. Erik Lytzen A/S is primarily an electrical installation business, complemented by a significant offering within plumbing and heating (VVS) and ventilation. The company was acquired at 100 percent and in line with the Group's strategy of expanding its platform of technical installation companies in Denmark. Acquisition balance sheets, reflecting the fair values of assets acquired and liabilities assumed (including receivables and any contingent liabilities), have not yet been finalised. Accordingly, no information on the acquired assets and liabilities or the resulting goodwill amount has been included in these interim financial statements. Final Purchase Price Allocations (PPAs) will be prepared and disclosed in the Annual Report 2026. Transaction costs related to the acquisition have not yet been fully determined at the date of approval of these financial statements, as not all advisor invoices have been received. When incurred, transaction costs will be recognised in the income statement under other external expenses.
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InstallatørGruppen A/S | Interim report H1 2026 29 / 34 9 Equity Share capital The table below shows the development in the Group's share capital during the period. During H1 2026, the Company's share classes were consolidated: the B-shares were consolidated into the A-share class, and bonus shares were subsequently issued, resulting in a single share class as at 30 June 2026. The tables below show the development in share capital for H1 2026 (including the consolidation of share classes and the issuance of bonus shares) and for the H1 2025 comparative period. H1 2026 Class A- shares Class B- shares Total No. of shares Nom. value DKK'000 No. of shares Nom. value DKK'000 No. of shares Nom. value DKK'000 Share capital at 31 December 2025 20,235,764 20,236 90,440,916 90,441 110,676,680 110,677 Capital increase 98,966 99 4,055,739 4,056 4,154,705 4,155 Consolidation of share classes 94,496,655 94,497 (94,496,655) (94,497) - - Share capital after consolidation 114,831,385 114,831 - - 114,831,385 114,831 Issuance of bonus shares 185,672,372 185,672 - - 185,672,372 185,672 Share capital at 30 June 2026 300,503,757 300,504 - - 300,503,757 300,504 H1 2025 Class A- shares Class B- shares Total No. of shares Nom. value DKK'000 No. of shares Nom. value DKK'000 No. of shares Nom. value DKK'000 Share capital at 31 Dec 2024 20,021,872 20,022 83,484,788 83,484 103,506,660 103,506 Capital increase 293,584 293 4,018,145 4,018 4,311,729 4,311 Share capital at 30 Jun 2025 20,315,456 20,315 87,502,933 87,502 107,818,389 107,817 Until the consolidation of the share classes during H1 2026 (described below), the share capital was divided into two classes. A-shares carried one vote, whereas the B -shares carried no voting rights and were not ordinary shares. When distributing proceeds in the event of a sale of shares to a third party, an initial public offering, dividends, capital decrease or repurchase of shares, liquidation or merger, demerger or exchange of shares or a combination hereof, the distribution should be made in an order, where firstly shareholders holding B-shares pro rata should receive an amount equal to their investments with an addition of an interest of 12% p.a. calculated from 23 March 2023 until payment of such amount was made. Any excess proceeds should be distributed pro rata to shareholders holding A-shares. All shares issued were fully paid-up. In connection with the Company's contemplated initial public offering (IPO) on Nasdaq Copenhagen, the Company's share capital structure was simplified during H1 2026. The two share classes were consolidated into a single class of ordinary shares, whereby the B-shares were converted into A-shares on a one-for-one basis. Following the consolidation, all shares rank equally and carry the same rights, and the preferential rights previously attaching to the B-shares ceased to apply. As part of the same process, the Company issued bonus shares with an aggregate nominal value of DKK 185,672 thousand by capitalising reserves (a non -cash transaction). Following the capital increases for the period, the consolidation of the share classes a nd the issuance of bonus shares, the Company's share capital amounted to a nominal value of DKK 300,504 thousand, comprising 300,503,757 ordinary shares of a single class, as at 30 June 2026.
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InstallatørGruppen A/S | Interim report H1 2026 30 / 34 Capital increases in InstallatørGruppen A/S are primarily carried out in connection with acquisitions of new companies. As part of the acquisition price, selling owners provide a vendor loan -in-kind, which converts to new shares in InstallatørGruppen A/S through contribution in kind. This happens simultaneously at closing. In addition, key employees have been offered the opportunity to participate in employee incentive programs through cash capital increases in InstallatørGruppen A/S. Capital increases are partly made in cash and partly by contribution of vendor loans (non-cash). InstallatørGruppen A/S has carried out eight cash capital increases in H1 2026 in relation to the employee incentive program established in InstallatørGruppen A/S in 2025. Other incentives for key employees As part of the total compensation package, key employees within the Group have been offered the opportunity to purchase shares in InstallatørGruppen A/S at an estimated fair market value. The purpose is to enhance and strengthen the Group's ability to attract and retain key personnel. The shares acquired by the participants under the program comprise a combination of ordinary (class A -shares) and preference shares (class B -shares). The rights associated with the respective share classes are described in the share capital section above. Under the program, the Group has a right but not an obligation to repurchase all shares held by the participant upon termination of employment at a fair market value at that point in time. The shares may not be sold to a third party. All shares acquired under the incentive program are purchased by the participants at market terms. The consideration paid by the participants therefore corresponds to the fair market value of the share at the date of acquisition, please refer to the Annual Report 2025. Thus, no discount has been afforded to the participants and consequently, no costs related to the share-based compensation have been recognised. Accordingly, the incentive program has no effect on the income statement or equity. During 2025, key employees participating in the incentive program purchased a total of 8,020 (2024: 59,579; 2023: 1,404,433) class A-shares and 163,356 (2024: 536,828; 2023: 3,242,468) class B-shares in InstallatørGruppen A/S. Split between cash and non-cash capital DKK'000 Cash Non-cash Total H1 2026 Share capital at 1 Jan 2026 77,309 33,368 110,677 Capital increase 1,843 2,312 4,155 Issuance of bonus shares - 185,672 185,672 Share capital at 30 Jun 2026 79,152 221,352 300,504 H1 2025 Share capital at 1 Jan 2025 76,897 26,609 103,506 Capital increase 293 4,018 4,311 Share capital at 30 Jun 2025 77,190 30,627 107,817 10 Earnings per share DKK H1 2026 H1 2025 FY 2025 Earnings (loss) per A-share (2.13) (1.44) (2.59) Diluted earnings (loss) per A-share (2.13) (1.44) (2.59) Basic and diluted EPS are equal as there are no dilutive potential ordinary shares outstanding. There are no instruments that could potentially dilute basic EPS in future periods.
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InstallatørGruppen A/S | Interim report H1 2026 31 / 34 Subsequent to 31 December 2025, the Parent issued a total of 41,554 A-shares and 1,620,782 B-shares on three individual dates. Had these shares been outstanding at the beginning of the period, the weighted average number of A-shares used in the EPS calculation would not have changed significantly. The following table reflects the income and share data used in the basic and diluted EPS calculations: DKK'000 H1 2026 H1 2025 FY 2025 Profit (loss) for the period (79,281) 32,613 75,017 Less: B-share preference accrual (62,335) (61,527) (127,184) Profit (loss) attributable to A -shareholders used in calculating basic and diluted EPS (141,616) (28,914) (52,165) H1 2026 H1 2025 FY 2025 Weighted average number of A-shares for basic and diluted EPS 66,560,003 20,065,216 20,114,165 Until the consolidation of the share classes during H1 2026, the B -shares carried no voting rights and were not ordinary shares. B-shareholders were entitled to receive their original investment plus a return of 12% per annum, accruing daily and compounding on 31 December each year. The annual accrual on the B-share preference up to the consolidation has been deducted from profit for the period in arriving at earnings attributable to A-shareholders, which are the ordinary shares. 11 Transactions with related parties The Group's registered office is located at Støden 6, Roskilde, which is leased from Ejendomsselskabet Støden 2-8 ApS, a company owned by a member of Executive Management. The lease is conducted on arm's length terms and is subject to six months' notice of termination. Rent expenses for the period amounted to DKK 581 thousand (H1 2025: DKK 520 thousand). 12 Events after the reporting date The following events have occurred after the end of the reporting period: On 1 July 2026, InstallatørGruppen A/S acquired Erik Lytzen A/S. Please refer to note 8 for more information. Other than the acquisition of Erik Lytzen A/S described above, no significant events have occurred after the end of the reporting period that materially affect the interim financial statements for H1 2026. 13 Accounting policies The accounting policies applied in the preparation of these consolidated interim financial statements are unchanged compared to the accounting policies applied in the preparation of the Annual Report for 2025. Please refer to the Annual Report 2025 for a full description of the accounting policies applied. The consolidated interim financial statements of InstallatørGruppen A/S are prepared on a going concern basis in accordance with the IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. The consolidated financial statements are presented in Danish Kroner (DKK) and rounded to the nearest thousand. Basis for presentation The consolidated interim financial statements have been presented in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU, and Danish disclosure requirements for listed companies. The interim financial statements include only selected relevant notes, given the purpose of these interim financial statements.
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InstallatørGruppen A/S | Interim report H1 2026 32 / 34 Changes in accounting policies New and amended standards adopted by the Group The following Amendments to IFRS Accounting Standards became effective as of 1 January 2026: · Amendments to IFRS 9 and IFRS 7 "Classification and Measurement of Financial Instruments" · Annual Improvements to IFRS Accounting Standards – Volume 11 · Amendments to IFRS 9 and IFRS 7 "Contracts Referencing Nature-dependent Electricity" The implementation of the Amendments has not had any significant impact on the financials or the Group's accounting policies, as they cover areas that are not relevant for the Group.” Significant estimates and judgments Valuation in connection with purchase price allocation In applying the acquisition method of accounting, estimates are an integral part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available. Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition. More significant estimates were applie d in estimating the fair value of customer relationships and order backlog. As a result of the uncertainties inherent in fair value estimation, measurement period adjustments may be applied. 14 Key definitions The following alternative performance measures (APMs) are used throughout this interim report. The measures are used by Management to monitor and assess the Group's financial performance and position, and are not defined or specified under IFRS. The definitions are consistent with those applied in the Annual Report 2025.
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InstallatørGruppen A/S | Interim report H1 2026 33 / 34 Item Definition Formula Growth metrics Revenue growth (%) Revenue growth in percentage compared to the previous period. (Revenue N - Revenue N-1) / Revenue N-1 Organic growth (%) Organic growth is defined as the growth generated by companies that were part of the Group on or before 31 December 2025, i.e. excluding the effect of companies acquired after that date. n/a Earnings metrics EBITDA Earnings before interest, taxes, depreciation, impairments and amortisation. n/a EBITDA margin (%) EBITDA as a percentage of revenue. EBITDA / Revenue × 100 EBITA Earnings before interest, taxes and amortisation. n/a EBITA margin (%) EBITA as a percentage of revenue. EBITA / Revenue × 100 Adjusted (”Adj”) EBITDA EBITDA adjusted for special items to show underlying earnings. EBITDA + Special items Adj. EBITDA margin (%) Adj. EBITDA as a percentage of revenue. Adj. EBITDA / Revenue × 100 Adj. EBITA EBITA adjusted for special items to show underlying earnings. EBITA + Special items Adj. EBITA margin (%) Adj. EBITA as a percentage of revenue. Adj. EBITA / Revenue × 100 EBIT Earnings before interest and taxes. n/a EBIT margin (%) EBIT as a percentage of revenue. EBIT / Revenue × 100 Special items Non-recurring income or expenses excluded from operating results to show underlying performance. Includes M&A -related expenses, strategic organisational initiatives and other non-recurring costs. n/a EPS, earnings per A - share Profit/loss for the period divided by the weighted average number of A-shares outstanding. Measures profitability on a per-share basis. Profit/(loss) / Weighted avg. A- shares Financial items and debt Net financial items Net financial income and expenses, including interest income, interest expenses, foreign exchange gains/losses, fair value adjustments of contingent consideration and other financial items. Reported below EBITA in the income statement. n/a NIBD, net interest - bearing debt Net interest-bearing debt including lease liabilities (IFRS 16). Defined as long and short -term borrowings, lease liabilities and contingent consideration, less cash and cash equivalents. Borrowings + Leases + Cont. consideration - Cash Financial leverage Gearing ratio showing how many times annual earnings net debt corresponds to. Adj. annualised EBITDA is calculated as the last twelve months’ EBITA, adjusted for special items and annualised for acquisitions completed during the period as if they had been owned for a full twelve months. Depreciation is based on the depreciation for the last six months and multipled by 2 to account for M&A. NIBD / Adj. annualised EBITDA Capital and returns Solvency ratio (%) Equity as a percentage of total assets. Equity / Total assets × 100 Cash flow and liquidity Free cash flow Cash flow from operating and investing activities (including M&A). CF operating + CF investing Adjusted free cash flow Cash flow from operating activities before tax, less capital expenditure on intangible assets and property, plant and equipment, and less investment in financial assets. Excludes M&A payments, contingent consideration and income taxes. CF before tax - Capex (intangibles + PP&E) - Financial asset investments Adjusted cash conversion rate (%) Measure of how much of EBITDA is converted into adjusted free cash flow. Adjusted free cash flow / EBITDA
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InstallatørGruppen A/S | Interim report H1 2026 34 / 34 Net working capital Inventories, trade receivables, contract assets and other receivables, less contract liabilities, trade payables, other payables and other current liabilities. (Inventories + Trade rec. + Contract assets + Other rec.) - (Contract liabilities + Trade payables + Other payables + Other curr. liabilities) Operational metrics Order book The contracted amount not yet recognised as revenue as of the balance sheet date, based on the exchange rates at the balance sheet date. n/a