InstallatørGruppen (IG) Q4 2024 earnings summary

Executive summary

• Achieved 75.7% revenue growth to DKK 2.46bn in 2024, driven by 12 acquisitions and strong organic growth despite a 10% market decline.

• Expanded from 19 to 32 companies, with over 1,590 employees and entry into Switzerland as part of international growth strategy.

• EBITA margin improved to 9.0%, among the highest in the industry, with EBITA reaching DKK 221m.

• Net profit rose to DKK 44m, a significant increase from 2023.

Financial highlights

• Revenue: DKK 2,457.8m in 2024, up from DKK 1,399.2m in 2023 (75.7% increase).

• EBITA: DKK 221m (9.0% margin), up from DKK 78.7m (5.6% margin) in 2023.

• EBITDA: DKK 256.1m (10.4% margin).

• Net profit: DKK 43.8m, up from a loss of DKK 14.6m in 2023.

• Operating cash flow: DKK 117.6m; free cash flow (excl. M&A and tax): DKK 84.6m.

• Net interest-bearing debt: DKK 596.2m at year-end.

• Equity: DKK 1,091.1m; solvency ratio: 44%.

• Orderbook: DKK 2.5bn at year-end.

Outlook and guidance

• 2025 revenue expected between DKK 3.2–3.6bn; EBITA between DKK 300–340m.

• Growth to be driven by full-year effects of 2024 acquisitions and continued organic expansion.

• Continued focus on M&A in Denmark and Switzerland, with six acquisitions already completed in 2025.

• Risks include project timing, customer investment shifts, large project variances, and macroeconomic/geopolitical factors.