InstallatørGruppen (IG) Q4 2025 earnings summary

Executive summary

• Achieved revenue of DKK 3,705 million in 2025, up 51% year-over-year, with 7% organic growth and significant M&A activity.

• EBITA reached DKK 315 million (margin 8.5%), with adjusted EBITA at DKK 358 million (margin 9.7%).

• Completed 10 acquisitions, including entry into Switzerland, expanding to 42 companies and over 2,100 employees.

• Strong cash generation and disciplined cost management supported growth and platform expansion.

Financial highlights

• Revenue increased from DKK 2,458 million in 2024 to DKK 3,705 million in 2025.

• EBITA rose to DKK 315 million from DKK 221 million in 2024; adjusted EBITA margin slightly decreased to 9.7%.

• Net profit for the year was DKK 75 million, up 71% from 2024.

• Operating cash flow reached DKK 412 million, with adjusted free cash flow at DKK 426 million.

• Net interest-bearing debt increased to DKK 842 million, financial leverage at 1.7x.

• Order book value at year-end was DKK 3.6 billion.

Outlook and guidance

• Expects modest single-digit organic revenue growth in 2026, with adjusted EBITA margin in line with 2025.

• Continued focus on M&A in Denmark and Switzerland, with a strong pipeline of targets.

• Market outlook supported by stable demand, energy efficiency requirements, and green transition drivers.

• Risks include project timing, customer investment patterns, macroeconomic and geopolitical uncertainties.