Slides
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Trading Statement Q3 2026 28 October 2026
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28 OCTOBER 2026 2 TODAY'S PRESENTATION Agenda 01 Highlights 02 Market and 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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28 OCTOBER 2026 3 HIGHLIGHTS Q3 2026 Organic growth picked up in Q3, increasing year-to-date growth to 6.2% Organic growth of 15% in Q3, lifting organic growth for the first nine months to 6% at an adjusted EBITA margin of 9%. Outlook reiterated. Revenue Up 34.0% in the first nine months, with organic growth of 15.2% in Q3 and 6.2% year to date. Margin Adjusted EBITA margin of 8.4% in Q3 and 9.0% year to date. Order book DKK 4.6 billion at the end of Q3, up 13.6% like-for-like in the first nine months and 3.5% in the quarter. Acquisitions Nine acquisitions in the first nine months. Steinmann completed in October and Poul Sejr Nielsen signed. Third market The market validation phase for Austria or Ireland is progressing according to plan.
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28 OCTOBER 2026 4 ORGANIC GROWTH Organic growth picked up to 15.2% in Q3 2026 Growth picked up in early Q3 and continued through the quarter. ORGANIC GROWTH, % 21.3% 14.3% -2.5% 0.8% 5.0% -0.7% 15.2% 7.0% 6.2% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 FY 2025 9M 2026 Q3 2026 Organic growth of 15.2% in Q3 and 6.2% in the first nine months Driven by newly won orders that moved into execution over the summer and by orders on delayed projects that have now moved into execution Highest growth in the project companies, while the wider portfolio grew in line with the market Soft comparison in Q3 2025 Market Market activity increased in Q3, with growth across segments in Denmark and Switzerland Driven by construction activity and defence spending, supported by demand for energy efficiency, electrification and building automation
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28 OCTOBER 2026 5 ORDER BOOK Order book of DKK 4.6 billion, up 13.6% organically since January ORDER BOOK, DKK BILLION 2.3 Q3 2025 3.6 Q4 2025 4.3 Q2 2026 4.6 Q3 2026 +28% DKK 4.6 billion Up 3.5% organically in Q3 despite the high organic growth, and 13.6% since the turn of the year on a like-for-like basis Conversion into revenue Most projects are small and delivered within twelve months Typically, 80% of the order book has converted into revenue in the next twelve months Service and acquisitions The order book does not include service revenue Acquired companies are included from completion, so Steinmann and Poul Sejr Nielsen are not yet included
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28 OCTOBER 2026 6 ACQUISITIONS IN 2026 Nine acquisitions completed in the first nine months, with Erik Lytzen in Q3 Grey rows: Poul Sejr Nielsen, signed in Q3, and Steinmann Haustechnik AG, closed in October. # 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 9 Erik Lytzen A/S Multi-discipline Denmark 1 Jul 2026 Poul Sejr Nielsen (signed) Plumbing and electrical Denmark Exp. Dec 2026 Steinmann Haustechnik AG Heating and plumbing Switzerland Oct 2026 COMBINED REVENUE, DKK MILLION 1) ~950 COMBINED ADJ. EBITA, DKK MILLION 1) ~80 1) Nine of the eleven transactions in the table, including Poul Sejr Nielsen (signed) and Steinmann Haustechnik AG (closed in October). The two add-ons structured as asset deals are not included. Most recent annual reports.
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28 OCTOBER 2026 7 POUL SEJR NIELSEN Poul Sejr Nielsen adds DKK 230 million of revenue in North Zealand Once approved, Poul Sejr Nielsen is our 44th acquisition in Denmark. REVENUE 2025, DKK M ~230 EBITA 2025, DKK M ~16 EMPLOYEES ~220 Founded in 1956 and one of the larger installation businesses in North Zealand and the Greater Copenhagen area. We acquire the electrical and plumbing activities, led by Group CEO Michael Madsen. Completion is conditional on approval by the competition authorities, and is expected in December 2026. Poul Sejr Nielsen Service A/S Jonas Bach, CEO Plumbing, heating and district heating, service and turnkey solutions Poul Sejr Nielsen EL A/S Mikkel Gulbæk, CEO Electrical installation, lighting and LED, and energy optimisation Strategic fit Strengthens our presence in North Zealand and the Greater Copenhagen area Adds a substantial service organisation and multi-year framework agreements
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28 OCTOBER 2026 8 STEINMANN HAUSTECHNIK Steinmann Haustechnik takes us into the canton of Zug Steinmann is our sixth company in Switzerland. FOUNDED 1881 REVENUE, CHF M ~12 EMPLOYEES ~40 Founded in 1881 in Baar, in the canton of Zug, and one of the oldest heating and plumbing companies in Switzerland. A recognised specialist in the region, completed in October 2026. Steinmann Haustechnik AG Philippe Steinmann, CEO Plumbing and heating installations in Central Switzerland Strategic fit Expands the Group into the economically strong Central Switzerland region Led by Philippe Steinmann, owner manager in the fifth generation of the family, and continues under its own name
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28 OCTOBER 2026 9 Financials Mathias Ringsted Grüner, Group CFO
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28 OCTOBER 2026 10 REVENUE AND MARGIN Revenue up 42.8% in Q3, at an adjusted EBITA margin of 8.4% The outlook for 2026 implies an adjusted EBITA margin of around 9%, against 9.7% in 2025. REVENUE, DKK M ADJ. EBITA MARGIN 10.0% 865 Q3 2025 10.5% 1,124 Q4 2025 8.7% 1,072 Q1 2026 9.9% 1,150 Q2 2026 8.4% 1,235 Q3 2026 9.3% 2,581 9M 2025 9.0% 3,458 9M 2026 Revenue Up 42.8% in Q3 and 34.0% in the first nine months Driven by acquisitions and organic growth of 15.2% Adjusted EBITA DKK 104 million in Q3 and DKK 311 million in the first nine months Lower margin from growth in the project business, and higher central costs incl. the cost of being listed Special items of DKK 12 million, mainly related to the listing. Special items for the rest of 2026 expected to relate to acquisitions only
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28 OCTOBER 2026 11 LAST TWELVE MONTHS LTM revenue of DKK 4.6 billion and adjusted EBITA of DKK 429 million LTM adjusted EBITA is up 20% since Q4 2025, at an LTM margin of 9.4%, against 9.7% for the full year 2025. LTM REVENUE, DKK M 3,705 Q4 2025 3,980 Q1 2026 4,212 Q2 2026 4,582 Q3 2026 +24% LTM ADJUSTED EBITA, DKK M ADJ. EBITA MARGIN, LTM 9.7% 358 Q4 2025 10.0% 399 Q1 2026 9.8% 411 Q2 2026 9.4% 429 Q3 2026 +20%
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28 OCTOBER 2026 12 DENMARK Denmark: Revenue up 36.3% in Q3 and LTM revenue of DKK 3.9 billion Denmark accounts for 85% of Group revenue on an LTM basis. REVENUE, DKK M ADJ. EBITA MARGIN 10.2% 3,361 Q4 2025 LTM 11.0% 3,477 Q1 2026 LTM 10.5% 3,622 Q2 2026 LTM 10.1% 3,901 Q3 2026 LTM 11.2% 768 Q3 2025 Quarter 9.3% 1,047 Q3 2026 Quarter Q3 2026 Revenue of DKK 1,047 million, up 36.3%, including Erik Lytzen from 1 July Organic growth from newly won orders and delayed projects moving into execution, strongest in plumbing and heating and in ventilation Adjusted EBITA margin of 9.3% against 11.2%, reflecting growth in the project business and higher central costs incl. the cost of being listed First nine months Revenue of DKK 2,948 million, up 22.4%, at an adjusted EBITA margin of 9.9% (9M 2025: 10.1%) Last twelve months Revenue up 16% since Q4 2025, at an adjusted EBITA margin of 10.1%
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28 OCTOBER 2026 13 SWITZERLAND Switzerland: Revenue up 94.0% in Q3, at an adjusted EBITA margin of 6.8% Switzerland accounts for 15% of Group revenue on an LTM basis, and we expect the margin to increase as the platform reaches scale. REVENUE, DKK M ADJ. EBITA MARGIN 6.2% 344 Q4 2025 LTM 6.6% 503 Q1 2026 LTM 7.5% 590 Q2 2026 LTM 7.7% 681 Q3 2026 LTM 4.7% 97 Q3 2025 Quarter 6.8% 188 Q3 2026 Quarter Q3 2026 Revenue of DKK 188 million, up 94.0% Adjusted EBITA margin of 6.8% against 4.7% The margin remains below the Danish level, reflecting the earlier stage of the platform and the cost of the country organisation Q4 is a larger share of full year activity than in Denmark First nine months Revenue of DKK 510 million at an adjusted EBITA margin of 6.7% Last twelve months Revenue up 98% since Q4 2025, and the margin up from 6.2% to 7.7%
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28 OCTOBER 2026 14 CASH CONVERSION Adjusted cash conversion of 86.1% on an LTM basis Cash generation is seasonal, and the last twelve months is the more useful read of the underlying conversion. ADJ. CASH CONVERSION, % ADJ. FREE CASH FLOW, DKK M 85 79.6% 2023 161 62.7% 2024 426 110.3% 2025 445 109.1% LTM Q1 2026 404 97.0% LTM Q2 2026 371 86.1% LTM Q3 2026 Adjusted cash conversion Q3 2026: adjusted free cash flow of DKK 55 million and conversion of 48.7% (Q3 2025: DKK 88 million and 89.4%) Excluding the IPO-related costs of DKK 33 million expensed in previous quarters, adjusted free cash flow was DKK 88 million and the conversion 78.0% Cash was released at the start of the quarter The high organic growth through the rest of the quarter built up trade receivables at the end of the quarter
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28 OCTOBER 2026 15 CAPITAL STRUCTURE Leverage of 2.1x, within the target of below 2.5x The capital structure supports continued acquisition activity within our leverage target. NET DEBT, DKK M LEVERAGE 2.0x 844 Q3 2025 2.1x 1,175 Q3 2026 Net interest-bearing debt DKK 1,175 million (Q2 2026: DKK 1,090 million), of which bank debt of DKK 882 million Driven by the acquisition of Erik Lytzen, the working capital movement and the payment of IPO-related costs, partly offset by cash from operations Financing Available liquidity of DKK 904 million DKK 1,750 million revolving credit facility, running until June 2031 The new bank agreement has lowered interest expenses Share buy-back Programme of up to DKK 25 million to cover the selling owners' reinvestment in acquisitions with treasury shares, limiting the dilution of existing shareholders Runs from 2 November 2026 until 31 March 2027 at the latest, with ABG Sundal Collier as lead manager Limited effect on leverage of approximately 0.05x
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28 OCTOBER 2026 16 OUTLOOK 2026 2026 outlook reiterated: all five guided measures unchanged All five guided measures are unchanged, and the first nine months are in line with them. 9M revenue is 72% of the guidance midpoint and 9M adjusted EBITA 71%. The comparable figures for 2025 were 70% and 67% 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 9M 2026: DKK 3,458 million, up 34.0%, or 72% 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 9M 2026: DKK 311 million at a margin of 9.0%, or 71% of the midpoint. Reported EBIT DKK MILLION, FULL YEAR 2026 225 to 285 After special items and amortisation of acquired intangible assets.
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28 OCTOBER 2026 17 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 FINANCIAL CALENDAR Full year results 2026 4 March 2027 Annual report 2026 18 March 2027 Annual general meeting 22 April 2027
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28 OCTOBER 2026 18 IMPORTANT NOTICE Forward-looking statements This presentation includes forward-looking statements. 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. The factors that could cause such a difference are set out in more detail in the Annual Report 2025 and in the prospectus published in connection with the listing.