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Instalco
Interim / Quarterly Report • Jul 18, 2025
2929_ir_2025-07-18_0e6b54c0-95a6-4733-a31a-202ef157c117.pdf
Interim / Quarterly Report
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Instalco
Interim report January – June 2025
Gradual progress in a cautiously improving market
April – June 2025
- Net sales decreased by 3.9 percent and amounted to SEK 3,512 (3,656) million. The organic change, adjusted for currency effects, amounted to -2.8 (-6.4) percent.
- EBITA amounted to SEK 225 (265) million, corresponding to an EBITA margin of 6.4 (7.2) percent.
- EBITA not including items affecting comparability amounted to SEK 236 million, which corresponds to an EBITA margin of 6.7 percent.
- Operating profit (EBIT) amounted to SEK 192 (224) million.
- Cash flow from operating activities amounted to SEK 202 (158) million.
- Earnings per share before dilution were SEK 0.42 (0.47) and after dilution were SEK 0.42 (0.47).
January – June 2025
- Net sales decreased by 1.9 percent and amounted to SEK 6,805 (6,938) million. The organic change, adjusted for currency effects, amounted to -1.3 (-7.0) percent.
- EBITA amounted to SEK 348 (495) million, corresponding to an EBITA margin of 5.1 (7.1) percent.
- EBITA not including items affecting comparability amounted to SEK 423 million, which corresponds to an EBITA margin of 6.2 percent.
- Operating profit (EBIT) amounted to SEK 280 (414) million.
- Cash flow from operating activities amounted to SEK 426 (356) million.
- Earnings per share before dilution were SEK 0.57 (0.84) and after dilution were SEK 0.57 (0.84).
- One acquisition was made during the period, which, on an annual basis, contributes an estimated total sales of SEK 55 million.
Key figures1)
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK M | 2025 | 2024 | ∆% | 2025 | 2024 | ∆% 12 months | 2024 | |
| Net sales | 3,512 | 3,656 | -3.9 | 6,805 | 6,938 | -1.9 | 13,557 | 13,690 |
| EBITDA | 325 | 359 | -9.4 | 547 | 680 | -19.5 | 1,146 | 1,278 |
| EBITA | 225 | 265 | -15.0 | 348 | 495 | -29.8 | 731 | 879 |
| EBITA margin, % | 6.4 | 7.2 | 5.1 | 7.1 | 5.4 | 6.4 | ||
| Operating profit (EBIT) | 192 | 224 | -14.4 | 280 | 414 | -32.4 | 555 | 690 |
| Profit/loss before tax | 151 | 170 | -10.8 | 214 | 308 | -30.5 | 392 | 486 |
| Cash flow from operating activities | 202 | 158 | 28.4 | 426 | 356 | 19.6 | 1,016 | 946 |
| Net debt/EBITDA, times | 3.1 | 2.6 | 3.1 | 2.6 | 3.1 | 2.7 | ||
| Cash conversion (12-Month rolling),% | 107 | 89 | 107 | 89 | 108 | 89 | ||
| Earnings per share before dilution, SEK | 0.42 | 0.47 | -11.7 | 0.57 | 0.84 | -32.2 | 1.03 | 1.31 |
| Earnings per share after dilution, SEK | 0.42 | 0.47 | -11.7 | 0.57 | 0.84 | -32.2 | 1.03 | 1.31 |
| Order backlog | 9,347 | 9,058 | 3.2 | 9,347 | 9,058 | 3.2 | 9,347 | 9,002 |
1 For definitions of alternative key figures as per the ESMA guidelines, please see the definitions of key figures at instalco.se.
CEO Comments
The development in the second quarter indicates that we are gradually moving in the right direction. The market remains challenging, but we are seeing cautious signs of a turnaround, with metropolitan areas in particular beginning to regain momentum. However, the recovery is taking place from low levels and varies significantly between regions.
Despite continued price pressure, we are seeing more projects in the market, allowing for increased selectivity in the tendering process in line with our clear focus on margin over volume. Against this backdrop, it is particularly encouraging that our order backlog continues to grow. This reflects both our competitiveness and the strong demand for installation expertise.
At the same time, the challenging market conditions we have faced for some time are still visible in our results for the second quarter. We are not satisfied with the margin level, even though it is improving sequentially. We continue to focus on increasing efficiency through continuous improvements and cost control, strengthening profitability, and developing our service offering, particularly in a market where new construction remains subdued.
Strong cash flow and new credit agreement
Operating cash flow was strong this quarter, with cash conversion well above our long-term objective. It stems from our clear focus on working capital, project governance and payment terms. A slight sequential increase in the leverage ratio has also occurred, consistent with our expectations Furthermore, we entered into a new credit agreement with our existing banking consortium during the quarter. It ensures continued financial capacity to operate and grow the business long-term, providing a stable and secure foundation for our efforts.
Growth in Germany
Our German platform, Fabri, is making solid progress. The company made another three acquisitions during the quarter and strengthened its market position. It currently consists of 17 companies. We continue to advance the collaboration focused on knowledge exchange and structural capital – and we see significant long-term potential – both for Fabri's development and for our goal of building a strong platform beyond the Nordic region.
Certified environmental efforts in Norway
Environmental efforts are a natural and important component of Instalco's business. We have set ambitious targets to reduce both our own climate footprint and that of our customers – operating in accordance with the majority of our industry's certification systems. I am proud to report that we obtained Eco-Lighthouse (ELH) certification in Norway during the quarter. It is Norway's most widely used environmental management system and serves as confirmation that we meet the required high environmental standards. The Eco-Lighthouse scheme also serves as a tool for helping businesses systematically improve their sustainability performance and achieve continuous improvement.
Passing the baton
We announced during the quarter that I will be leaving my role as CEO as of 31 July. It marks the end of an eleven-year journey during which I've had the privilege to be part of leading and shaping Instalco, essentially from the start, into the company it is
today. It has been a great honour to contribute from the company's inception to its evolution into a Nordic group with SEK 14 billion in annual sales.
Although the past few years have been challenging for the entire industry, we have made significant progress in building a stronger, more resilient Instalco.
We've expanded our offering, grown our service, industrial and technical consulting operations, launched automation, and laid the foundation for growth beyond the Nordic region. I am proud of how we, as a cohesive Group, have taken responsibility, stood together, and continued to grow as a team.
As of August, Per Sjöstrand will take over as the interim CEO. He knows the company well, having been instrumental in shaping it since its inception. This will help ensure a smooth transition at a time when continuity is essential.
Signs of recovery boost confidence for the future
Although times remain challenging, we have noticed signs of recovery in the market, albeit from low levels and with conditions varying widely by location. That said, we see a number of strengths that position us well for long-term resilience: growing demand for technical installations, increased defence industry investment across the Nordics, rising requirements for energy efficiency improvements, and a decentralised model that drives commitment and profitability.
Instalco will keep doing what Instalco does best – building strong companies and teams in close collaboration with our customers.
Robin Boheman CEO
Performance of the Instalco Group
The Nordic market of installation services
The underlying demand for technical installations and services remains stable, especially in areas related to energy efficiency, electrification, and digitalisation. However, the market remains fragmented, with considerable variation across regions. Activity levels increased slightly during the quarter, particularly in the major metropolitan areas – driven by interest rate cuts and a gradually improving investment appetite.
Public sector projects – including investments in schools, hospitals, and defence – remain key drivers across the Nordic region. Price pressure persists in several segments, but the growing project pipeline allows for greater selectivity in tendering and focus on profitability. The green transition, increased investments in security and defence, and the need to modernise ageing property holdings create strong long-term prospects for Instalco's offering.
Order backlog
Order backlog at the end of the period amounted to SEK 9,347 (9,058) million, which is an increase of 3.2 percent. Organically, for comparable units, the order backlog increased, adjusted for currency effects, by 4.6 percent. The order backlog of acquired companies contributed with growth of 0.0 percent.
The following three Instalco subsidiaries, Klimateknikk, Vito and Istech were contracted during the quarter for a joint assignment in Oslo. They will be responsible for design and installation of the heating & plumbing and ventilation systems at Baker Hansen's new production facility. The total order value for Instalco is approximately SEK 30 million with specialist expertise required in ventilation systems specially adapted for baking ovens, along with the plumbing and cooling systems. The project is scheduled for completion during spring 2026.
Net sales
Second quarter
Net sales for the quarter amounted to SEK 3,512 (3,656) million, which is a decrease of 3.9 percent Adjusted for currency effects, the organic change amounted to -2.8 percent and acquired growth amounted to 0.3 percent. Currency fluctuations amounted to -1.5 percent.
January – June
Net sales for the period amounted to SEK 6,805 (6,938) million, which is a decrease of 1.9 percent. Adjusted for currency effects, the organic change amounted to -1.3 percent and acquired growth amounted to 0.4 percent. Currency fluctuations amounted to -1.0 percent.
Earnings
Second quarter
Operating profit before amortisation of acquired intangible assets (EBITA) for the period amounted to SEK 225 (265) million, which corresponds to an EBITA margin of 6.4 (7.2) percent. The lower earnings are primarily the result of the development in segment Rest of Nordics.
EBITA adjusted for items affecting comparability amounted to SEK 236 million, with a corresponding EBITA margin of 6.7 percent. Items affecting comparability amounted to SEK -11 million during the quarter, attributable to compensation for the departing President and CEO.
Operating profit (EBIT) for the quarter amounted to SEK 192 (224) million. Amortisation and impairment of acquired intangible assets amounted to SEK 33 (41) million.
Net financial items for the quarter amounted to SEK -40 (-54) million, of which unrealised value changes amounted to SEK 5 (-3) million, interest expense for leasing to SEK -7 (-6) million and the interest expense on external loans to SEK -33 (-42) million.
Tax for the quarter was SEK -31 (-39) million, which corresponds to an effective tax rate of 21 (23) percent.
Earnings for the quarter were SEK 120 (131) million, which corresponds to earnings per share before dilution of SEK 0.42 (0.47) and earnings per share after dilution of SEK 0.42 (0.47).
January – June
Operating profit before amortisation of acquired intangible assets (EBITA) for the period amounted to SEK 348 (495) million, which corresponds to an EBITA margin of 5.1 (7.1) percent.
EBITA adjusted for items affecting comparability amounted to SEK 423 million, with a corresponding EBITA margin of 6.2 percent. Items affecting comparability amounted to SEK -75 million during the period, attributable to compensation for the departing President and CEO, along with an impairment loss on accounts receivable that was recognised in the first quarter.
Operating profit (EBIT) for the quarter amounted to SEK 280 (414) million. Amortisation of acquired intangible assets decreased by SEK 13 million and amounted to SEK 68 (81) million. The decrease is attributable to a lower rate of acquisition and lower proportion of identified depreciable assets.
Net financial items for the period amounted to SEK -66 (-106) million, of which unrealised value changes amounted to SEK 20 (-10) million, interest expense for leasing to SEK -14 (-11) million and the interest expense on external loans to SEK -63 (-83) million.
Tax for the quarter was SEK -44 (-66) million, which corresponds to an effective tax rate of 21 (21) percent.
Earnings for the period were SEK 169 (242) million, which corresponds to earnings per share before dilution of SEK 0.57 (0.84) and earnings per share after dilution of SEK 0.57 (0.84).
Cash flow
Second quarter
Cash flow from operating activities amounted to SEK 202 (158) million, of which the change in working capital was SEK -12 (-134) million. The Group's working capital fluctuates from one quarter to the next primarily because of fluctuations in these line items: work-in-progress, accounts receivable and accounts payable.
Cash flow from investing activities amounted to SEK -60 (-84) million, of which acquisitions of subsidiaries and businesses amounted to SEK -37 (-59) million.
Cash flow from financing activities amounted to SEK 193 (-141) million, of which the net change in loans amounted to SEK 456 (211) million, the acquisition of non-controlling interests to SEK 0 (-108) million and amortisation of lease liabilities to SEK -80 (- 74) million. Dividends of SEK 0.68 (0.68) per share were paid out during the quarter, which corresponds to SEK 182 (179) million.
January – June
Cash flow from operating activities amounted to SEK 426 (356) million, with a change in working capital of SEK 138 (-92) million. The Group's working capital fluctuates from one quarter to the next primarily because of fluctuations in these line items: work-inprogress, accounts receivable and accounts payable.
Cash flow from investing activities amounted to SEK -224 (-192) million, of which acquisitions of subsidiaries and businesses amounted to SEK -151 (-164) million and acquisition of shares in the associated company, Fabri AG, amounted to SEK -30 (0) million.
Cash flow from financing activities amounted to SEK 29 (-422) million, of which the net change in loans amounted to SEK 370 (0) million, the acquisition of non-controlling interests to SEK 0 (-108) million and amortisation of lease liabilities to SEK -159 (-145) million. Dividends of SEK 0.68 (0.68) per share were paid out during the period, which corresponds to SEK 182 (179) million.
Financial position
Equity at the end of the period amounted to SEK 3,422 (3,328) million, with an equity ratio of 32.1 (31.6) percent.
Cash and cash equivalents at the end of the period amounted to SEK 421 (17) million.
Interest-bearing debt including leasing at the end of the period amounted to SEK 3,989 (3,711) million, of which leasing amounts to SEK 657 (716) million.
As of the end of the period, Instalco's total credit facility, including unutilised credit, amounted to a total of SEK 3,850 (3,850) million, of which SEK 3,050 (2,950) million had been utilised.
Interest-bearing net debt at the end of the period amounted to SEK 3,573 (3,695) million, with a gearing ratio of 111.0 (116.6) percent. Net debt in relation to EBITDA was 3.1 (2.6) times, which is higher than the target that it should not exceed 2.5 times. At the end of the quarter, the Group had a margin to the limits of its loan covenants, which are the ratio of net debt/EBITDA and interest coverage. Currency changes impacted interest-bearing net debt by SEK 0 (-5) million.
Parent Company
The main operations of Instalco AB are activities like group-wide management and administration, along with finance and accounting. The comments below pertain to the period 1 January through 30 June 2025.
Net sales for the Parent Company amounted to SEK 9 (10) million. Operating profit was SEK -13 (-1) million. Net financial items amounted to SEK 176 (51) million. Earnings before taxes were SEK 163 (50) million and earnings for the period were SEK 163 (50) million.
Transactions with related parties
Besides remuneration to senior executives, there were no transactions between Instalco and related parties that had a significant impact on the company's financial position or earnings during the period.
Risks and uncertainties
The Instalco Group is active in the Nordic market and it has a decentralised structure whereby each unit runs its own operations, with a large number of customers and suppliers. The business model limits the aggregated business and financial risks.
Instalco's earnings and financial position, as well as its strategic position, are affected by several internal factors that Instalco has control over, as well as some external factors where the ability to impact the outcome is limited. The most significant risk factors are the state of economy and market situation, including inflation and interest rates, along with structural changes and competition, which impact the demand for new construction of homes and offices, as well as investments from the public sector and industry. The demand for service and maintenance work is less impacted by these risk factors.
Ongoing geopolitical conflicts do not currently have a direct impact on Instalco's sales or purchases. The indirect effects, such as reduced willingness to invest among customers, potential disturbances in logistics chains and rising prices for raw materials that are not possible to compensate for in our own contracts, could however impact some of the subsidiaries in the Group. We are monitoring developments carefully, but it is currently difficult to assess what future consequences these conflicts could have on the market and economy.
For more information, please see the section on Risks (pages 43- 46) in the 2024 Annual Report. The Parent Company is indirectly impacted by the aforementioned risks and uncertainties via its function in the Group.
Significant events during the reporting period
On 17 March, Instalco completed the acquisition of a minority stake of 24 percent in the German installation group Fabri AG.
On 9 June, Instalco announced that Robin Boheman, would leave his role as President and CEO on 31 July 2025. Instalco's Chairman of the Board and founder, Per Sjöstrand, will then take over as the interim CEO. In connection with that, the Board has appointed current Board Member Johnny Alvarsson as Chairman of the Board. The work to recruit a new, permanent CEO is already underway.
In June, Instalco signed a new credit agreement for SEK 3.4 billion with its existing banking consortium. The new agreement replaces the prior one and consists of a term loan and revolving credit facility, both with a two-year duration and option to extend.
Significant events after the end of the reporting period Nothing to report.
Operations in Sweden
Market
The market in Sweden is showing clear signs of a cautious recovery, particularly in the large metropolitan areas where several major projects are underway or in preparation for tender. The technical consulting market has improved and a growing number of automation projects are being planned, which is an early signal of growing activity. At the same time, conditions remain weak – particularly in parts of northern and central Sweden – where there is some overcapacity and low price levels. The industrial segment is mixed, with stable growth in electric power and defence projects alongside some delays in major industrial investments.
Order backlog
Order backlog at the end of the period amounted to SEK 6,644 (6,619) million, which is an increase of 0.4 percent. Organically, for comparable units, order backlog increased by 0.4 percent. The order backlog of acquired companies contributed with growth of 0.0 percent.
For example, the Instalco subsidiary, Ohmegi Elektro AB, was contracted during the quarter for the electrical and telecom installations at a new office building called Olivin, located on Kungholmen, Stockholm. The building will, among others, serve as the new head office for Skanska, with a lettable space of 23,000 square metres. The order value of the project for Instalco is approximately SEK 50 million, with high ambitions for sustainability, focus on recycling and environmental certifications. The project is expected to be completed towards the end of 2026.
Net sales
Second quarter
Net sales for the quarter amounted to SEK 2,532 (2,550) million, which is a decrease of SEK 18 million. The organic change amounted to -0.8 percent and acquired growth was 0.1 percent.
January – June
Net sales for the period amounted to SEK 4,918 (4,798) million, which is an increase of SEK 120 million. The organic change amounted to 2.2 percent and acquired growth was 0.3 percent.
Earnings
Second quarter
EBITA for the quarter was SEK 170 (182) million, which corresponds to an EBITA margin of 6.7 (7.1) percent. Operating profit (EBIT) amounted to SEK 154 (165) million.
January – June
EBITA for the period amounted to SEK 269 (359) million, which corresponds to a EBITA margin of 5.5 (7.5) percent. Operating profit/loss was SEK 237 (324) million.
EBITA adjusted for items affecting comparability amounted to SEK 333 million, with a corresponding EBITA margin of 6.8 percent. Items affecting comparability amounted to SEK -64 million during the period, attributable to an impairment loss on accounts receivable that was recognised in the first quarter.
Net sales per quarter, SEK m EBITA PER QUARTER, SEK m 0 5 000 10 000 15 000 0 1 000 2 000 3 000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 21 22 23 24 25 Net sales by quarter (left axis) Net sales rolling 12 months (right axis)
Key figures for Sweden
| AMOUNTS IN SEK M | Apr-Jun 2025 |
Apr-Jun 2024 |
∆% | Jan-Jun 2025 |
Jan-Jun 2024 |
Rolling ∆% 12 months |
Jan-Dec 2024 |
|
|---|---|---|---|---|---|---|---|---|
| Net sales | 2,532 | 2,550 | -0.7 | 4,918 | 4,798 | 2.5 | 9,547 | 9,427 |
| EBITA | 170 | 182 | -6.8 | 269 | 359 | -25.2 | 523 | 613 |
| EBITA margin, % | 6.7 | 7.1 | 5.5 | 7.5 | 5.5 | 6.5 | ||
| Order backlog | 6,644 | 6,619 | 0.4 | 6,644 | 6,619 | 0.4 | 6,644 | 6,816 |
Operations in Rest of Nordics
Market
The market situation in Norway improved somewhat during the quarter, particularly in Oslo and the southern parts of the country. Several large public-sector projects are now in the start-up phase. Investments in residential construction have been very low, especially for electrical installations. The activity level remains low in the north, but there are signs of a recovery particularly linked to tourism, housing and upcoming defence investments. A lower policy rate – along with signals of further cuts – is fuelling cautious optimism heading into the autumn.
The level of activity remains low in the Finnish market, with delays in anticipated investment decisions particularly for new construction and major industrial investments. The Helsinki area remains weak, although some signs of stabilisation are beginning to emerge. On a more positive note, long-term demand is expected to be driven by investments in the energy and defence sectors.
Order backlog
Order backlog at the end of the period amounted to SEK 2,703 (2,440) million, which is an increase of 10.8 percent. Organically, for comparable units, order backlog increased by 15.9 percent, adjusted for currency effects. The acquired order backlog increased by 0.0 percent.
During the quarter, the Instalco subsidiary Rørteft won an assignment for the heating & plumbing installations at a 169-unit apartment complex that is being built at Lillestrøm, near Oslo. There will also be retail and restaurant premises on the ground
floor. The order value for Instalco is approximately SEK 45 million. The project is expected to be completed during spring 2028.
Net sales
Second quarter
Net sales for the quarter amounted to SEK 980 (1,106) million, which is a decrease of SEK 126 million. The organic change, adjusted for currency effects, amounted to -7.3 percent and acquired growth was 0.6 percent.
January – June
Net sales for the period amounted to SEK 1,887 (2,141) million, which is an increase of SEK 254 million. The organic change, adjusted for currency effects, amounted to -9.4 percent and acquired growth was 0.7 percent.
Earnings
Second quarter
EBITA for the quarter was SEK 65 (85) million, which corresponds to an EBITA margin of 6.6 (7.7) percent. Operating profit (EBIT) amounted to SEK 48 (62) million. Sales and earnings were affected by continued underutilisation of capacity in some companies, following major project completions that have now been partly replaced in the order backlog.
January – June
EBITA for the period was SEK 90 (140) million, which corresponds to an EBITA margin of 4.8 (6.5) percent. Operating profit/loss was SEK 54 (94) million.
Key figures, Rest of Nordics
| AMOUNTS IN SEK M | Apr-Jun 2025 |
Apr-Jun 2024 |
∆% | Jan-Jun 2025 |
Jan-Jun 2024 |
Rolling ∆% 12 months |
Jan-Dec 2024 |
|
|---|---|---|---|---|---|---|---|---|
| Net sales | 980 | 1,106 | -11.4 | 1,887 | 2,141 | -11.9 | 4,010 | 4,263 |
| EBITA | 65 | 85 | -23.6 | 90 | 140 | -35.6 | 215 | 265 |
| EBITA margin, % | 6.6 | 7.7 | 4.8 | 6.5 | 5.4 | 6.2 | ||
| Order backlog | 2,703 | 2,440 | 10.8 | 2,703 | 2,440 | 10.8 | 2,703 | 2,186 |
Acquisitions
Instalco made one acquisition during the period January through June. Acquisition costs for the period amount to SEK 0 (0) million and they are reported among Other operating expenses in the income statement.
Instalco typically applies an acquisition structure that consists of the purchase price and contingent consideration. Payment of contingent consideration is based on future results. Companies that achieve higher profits over a specified period of time will thus be paid a higher amount of contingent consideration. Contingent consideration is paid within three years of the acquisition date and there is a fixed maximum level.
The Group's goodwill is the result of sustained and strategically driven acquisition activities. The amount allocated to goodwill on the acquisition date corresponds to the cost of acquisition less the fair value of the acquired net assets. The value of goodwill is motivated by the earnings capacity of our companies and it represents the future economic benefits of collaboration between
subsidiaries, cross-selling and joint purchasing. The benefits have not, however, been individually identified or reported separately. At the end of the period, the Group's total goodwill amounted to SEK 5,265 (5,325) million. The Group's goodwill is tested for impairment as required, and at least annually, by cash-generating unit. Other identified goodwill, such as customer relations and the order backlog, have been measured at present value of future cash flows and as a rule, is amortised over a period of 3 to 10 years.
Instalco's acquired net sales over the last 12-month period (RTM), in accordance with the assessed situation on the acquisition date, amounted to SEK 95 million.
For more information on acquisition-related items, see Note 4 Impact of acquisitions and Note 5 Shares in associated companies.
Company acquisitions
Instalco made the following company acquisitions during the period January – June 2025.
| Share of the | ||||||
|---|---|---|---|---|---|---|
| votes and | Net sales, SEK | Number of | ||||
| Access gained | Acquisition | Discipline | Segment | capital | million¹ | employees |
| March | Alf Näslunds Eltjänst AB | Electrical | Sweden | 100% | 55 | 30 |
| Total | 55 | 30 |
1 Pertains to the assessed annual sales on the acquisition date, based on the most recent financial year that was subject to audit.
Financial reporting
Condensed consolidated income statement and statement of comprehensive income
| AMOUNTS IN SEK M | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun 2024 |
Rolling 12 months |
Full-year 2024 |
|---|---|---|---|---|---|---|
| Net sales | 3 512 | 3 656 | 6 805 | 6 938 | 13 557 | 13 690 |
| Other operating revenue | 26 | 21 | 68 | 77 | 123 | 132 |
| Operating income | 3 538 | 3 676 | 6 873 | 7 015 | 13 680 | 13 822 |
| Materials and purchased services | -1 634 | -1 727 | -3 173 | -3 249 | -6 380 | -6 456 |
| Other external expenses | -261 | -297 | -587 | -568 | -1 180 | -1 161 |
| Personnel costs | -1 312 | -1 292 | -2 559 | -2 512 | -4 962 | -4 916 |
| Depreciation and amortization of tangible and intangible fixed assets |
-134 | -135 | -267 | -266 | -590 | -589 |
| Other operating expenses | -5 | -2 | -7 | -6 | -11 | -11 |
| Operating costs | -3 346 | -3 452 | -6 593 | -6 601 | -13 124 | -13 133 |
| Operating profit (EBIT) | 192 | 224 | 280 | 414 | 555 | 690 |
| Net financial items | -40 | -54 | -66 | -106 | -164 | -204 |
| Profit/loss before tax | 151 | 170 | 214 | 308 | 391 | 486 |
| Tax on profit for the year | -31 | -39 | -44 | -66 | -100 | -122 |
| Profit/loss for the period | 120 | 131 | 169 | 242 | 292 | 364 |
| Other comprehensive income | ||||||
| Exchange rate difference when translating subsidiaries abroad | 11 | 3 | -83 | 44 | -116 | 11 |
| Comprehensive income for the period | 130 | 134 | 86 | 286 | 175 | 375 |
| Comprehensive income for the period attributable to: | ||||||
| Parent Company's shareholders | 122 | 128 | 70 | 267 | 158 | 356 |
| Non-controlling interests | 9 | 6 | 17 | 18 | 17 | 19 |
| Earnings per share for the period, before dilution, SEK | 0,42 | 0,47 | 0,57 | 0,84 | 1,03 | 1,31 |
| Earnings per share for the period, after dilution, SEK | 0,42 | 0,47 | 0,57 | 0,84 | 1,03 | 1,31 |
| Average number of shares before dilution¹ | 266 734 001 | 264 107 025 | 266 734 001 | 264 107 025 | 264 107 025 | 264 107 025 |
| Average number of shares after dilution¹ | 266 734 001 | 264 107 025 | 266 734 001 | 264 107 025 | 264 107 025 | 264 107 025 |
1) Instalco has three outstanding warrants schemes corresponding to a total of 6,950,000 shares.
Condensed consolidated balance sheet
| AMOUNTS IN SEK M | 30 Jun 2025 |
30 Jun 2024 |
31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 5,265 | 5,325 | 5,301 |
| Right of use asset | 676 | 738 | 697 |
| Other non-current assets | 1,114 | 974 | 943 |
| Total non-current assets | 7,055 | 7,037 | 6,941 |
| Accounts receivable | 1,828 | 2,076 | 1,943 |
| Contract assets | 751 | 768 | 648 |
| Other current assets | 593 | 622 | 570 |
| Cash and cash equivalents | 421 | 17 | 208 |
| Total current assets | 3,593 | 3,484 | 3,368 |
| Total assets | 10,648 | 10,521 | 10,310 |
| Equity and liabilities | |||
| Equity | 3,219 | 3,167 | 3,209 |
| Non-controlling interests | 202 | 161 | 173 |
| Total equity | 3,422 | 3,328 | 3,382 |
| Non-current liabilities | 3,704 | 3,505 | 3,375 |
| Lease liabilities | 389 | 472 | 411 |
| Total non-current liabilities | 4,092 | 3,977 | 3,786 |
| Lease liabilities | 268 | 244 | 263 |
| Trade payables | 1,070 | 1,088 | 905 |
| Contract liabilities | 550 | 532 | 528 |
| Other current liabilities | 1,245 | 1,352 | 1,446 |
| Total current liabilities | 3,134 | 3,215 | 3,142 |
| Total liabilities | 7,226 | 7,192 | 6,928 |
| Total equity and liabilities | 10,648 | 10,521 | 10,310 |
| Of which interest-bearing liabilities | 3,993 | 3,711 | 3,665 |
| Equity attributable to: | |||
| Parent Company shareholders | 3,219 | 3,167 | 3,209 |
| Non-controlling interests | 202 | 161 | 173 |
Statement of changes in equity
| N | Accumulated | |||||||
|---|---|---|---|---|---|---|---|---|
| o | Other | profit or loss | Non | |||||
| t | Share | contributed | Translation | incl.profit (loss) | controlling | |||
| AMOUNTS IN SEK M | e | capital | capital | reserve | for the year | Total | interests | Total equity |
| Opening balance 2025-01-01 ID |
1 | 1,126 | 10 | 2,072 | 3,209 | 173 | 3,382 | |
| Profit/loss for the period | - | - | - | 153 | 153 | 17 | 169 | |
| Translation effect for the period fo | ||||||||
| foreign operations | - | - | -83 | - | -83 | -0 | -84 | |
| Comprehensive income for the period | - | - | -83 | 153 | 70 | 16 | 86 | |
| Transactions with owners | ||||||||
| Dividends | - | - | - | -182 | -182 | 0 | -182 | |
| New issue | 0 | 138 | - | - | 138 | - | 138 | |
| Change in non-controlling interests | 0 | - | - | -14 | -14 | 13 | -1 | |
| Total transactions with owners | 0 | 138 | - | -197 | -59 | 13 | -46 | |
| Closing balance 2025-06-30 | 1 | 1,264 | -73 | 2,027 | 3,219 | 202 | 3,422 | |
| N | Other | Accumulated | Non | |||||
| o | Share | contributed | Translation | profit or loss | controlling | |||
| t | capital | capital | reserve | incl.profit (loss) | Total | interests | Total equity | |
| capital t |
capital | reserve | incl.profit (loss) | Total | interests | Total equity | |
|---|---|---|---|---|---|---|---|
| Opening balance 2024-01-01 | 1 | 1,126 | -1 | 2,080 | 3,207 | 183 | 3,390 |
| Profit/loss for the period | - | - | - | 223 | 223 | 18 | 242 |
| Translation effect for the period fo | |||||||
| foreign operations | - | - | 44 | - | 44 | -1 | 43 |
| Comprehensive income for the period | - | - | 44 | 223 | 267 | 17 | 285 |
| Transactions with owners | |||||||
| Dividends | - | - | - | -179 | -179 | - | -179 |
| Change in non-controlling interests | - | - | - | -137 | -137 | -40 | -177 |
| Change in warrants | - | - | - | 10 | 10 | - | 10 |
| Total transactions with owners | #SAKNAS!- | #SAKNAS!- | #SAKNAS!- | #SAKNAS! -307 | #SAKNAS! -307 | #SAKNAS! -40 | #SAKNAS! -347 |
| Closing balance 2024-06-30 | 1 | 1,126 | 43 | 1,996 | 3,167 | 161 | 3,328 |
Condensed consolidated cash flow statement
| AMOUNTS IN SEK M | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun | Rolling 2024 12 months |
Full-year 2024 |
|---|---|---|---|---|---|---|
| Cash flow from operating activities | ||||||
| Profit/loss before tax | 151 | 170 | 214 | 308 | 392 | 486 |
| Adjustments for non-cash items | 141 | 132 | 279 | 268 | 664 | 654 |
| Tax paid | -78 | -11 | -205 | -128 | -233 | -157 |
| Changes in working capital | -12 | -134 | 138 | -92 | 193 | -37 |
| Cash flow from operating activities | 202 | 158 | 426 | 356 | 1 016 | 946 |
| Investing activities | ||||||
| Acquisitions and divestments of subsidiaries and businesses | -37 | -58 | -151 | -164 | -184 | -197 |
| Investments in other financial assets | -1 | - | -32 | - | -32 | - |
| Other | -22 | -25 | -42 | -28 | -114 | -100 |
| Cash flow from investing activities | -60 | -83 | -224 | -192 | -329 | -297 |
| Financing activities | ||||||
| Warrants | -0 | 10 | -0 | 10 | -1 | 9 |
| Acquisition of non-controlling interests | - | -108 | - | -108 | -92 | -200 |
| Dividends | -182 | -179 | -182 | -179 | -182 | -179 |
| Net change of loan | 456 | 211 | 370 | 0 | 352 | -18 |
| Amortisation leasing | -80 | -74 | -159 | -145 | -332 | -318 |
| Cash flow from financing activities | 193 | -141 | 29 | -422 | -255 | -706 |
| Cash flow for the period | 335 | -67 | 230 | -258 | 431 | -57 |
| Cash and cash equivalents at the beginning of the period | 87 | 80 | 208 | 267 | 17 | 267 |
| Translation differences in cash and cash equivalents | -1 | 4 | -16 | 8 | -27 | -3 |
| Cash and cash equivalents at the end of the period | 421 | 17 | 421 | 17 | 421 | 208 |
Condensed Parent Company income statement
| AMOUNTS IN SEK M | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun | Rolling 2024 12 months |
Full-year 2024 |
|---|---|---|---|---|---|---|
| Net sales | 4 | 5 | 9 | 10 | 20 | 21 |
| Operating costs | -16 | -5 | -22 | -12 | -31 | -21 |
| Operating profit (EBIT) | -12 | -1 | -13 | -1 | -12 | -0 |
| Net financial items | 178 | 53 | 176 | 51 | 171 | 46 |
| Profit/loss after net financial items | 166 | 52 | 163 | 50 | 159 | 46 |
| Group contribution received | - | - | - | - | 9 | 9 |
| Profit/loss before tax | 166 | 52 | 163 | 50 | 167 | 54 |
| Income tax | - | - | - | - | -0 | -0 |
| Profit/loss for the period | 166 | 52 | 163 | 50 | 167 | 54 |
Condensed Parent Company balance sheet
| AMOUNTS IN SEK M | 30 Jun 2025 |
30 Jun 2024 |
31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Financial assets | 1,514 | 1,375 | 1,375 |
| Deferred tax asset | 3 | 2 | 3 |
| Total non-current assets | 1,517 | 1,377 | 1,378 |
| Other current assets | 3 | 6 | 9 |
| Cash and cash equivalents | 17 | 13 | 13 |
| Total current assets | 20 | 19 | 22 |
| Total assets | 1,537 | 1,396 | 1,400 |
| Equity and liabilities | |||
| Equity | 1,363 | 1,241 | 1,245 |
| Total equity | 1,363 | 1,241 | 1,245 |
| Non-current liabilities | 147 | 147 | 145 |
| Current liabilities | 27 | 7 | 12 |
| Total liabilities | 174 | 155 | 155 |
| Total equity and liabilities | 1,537 | 1,396 | 1,400 |
Quarterly data
| AMOUNTS IN SEK M | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Net sales | 3,512 | 3,293 | 3,610 | 3,144 | 3,656 | 3,283 | 3,873 | 3,310 |
| Growth in net sales, % | -3.9 | 0.3 | -6.8 | -5.0 | -4.6 | 0.6 | 7.9 | 18.7 |
| EBITDA | 325 | 222 | 302 | 297 | 359 | 321 | 406 | 327 |
| EBITDA margin, % | 9.3 | 6.7 | 8.4 | 9.4 | 9.8 | 9.8 | 10.5 | 9.9 |
| EBITA | 225 | 123 | 195 | 188 | 265 | 231 | 310 | 246 |
| EBITA margin, % | 6.4 | 3.7 | 5.4 | 6.0 | 7.2 | 7.0 | 8.0 | 7.4 |
| Operating profit (EBIT) | 192 | 88 | 126 | 149 | 224 | 190 | 271 | 194 |
| Operating profit/loss (EBIT), % | 5.5 | 2.7 | 3.5 | 4.7 | 6.1 | 5.8 | 7.0 | 5.9 |
| Profit/loss before tax | 151 | 63 | 72 | 106 | 170 | 138 | 239 | 179 |
| Profit/loss for the period | 120 | 49 | 34 | 88 | 131 | 111 | 176 | 142 |
| Equity, provisions and liabilities | ||||||||
| Return on equity, % | 9.1 | 9.5 | 11.3 | 15.7 | 17.4 | 18.4 | 19.6 | 20.3 |
| Return on capital employed, % | 7.9 | 8.6 | 10.1 | 12.5 | 12.7 | 13.0 | 14.1 | 13.9 |
| Interest-bearing net debt | 3,573 | 3,479 | 3,458 | 3,793 | 3,695 | 3,419 | 3,461 | 3,599 |
| Gearing ratio, % | 111.0 | 106.0 | 107.8 | 119.6 | 116.6 | 102.2 | 107.9 | 114.8 |
| Net debt/EBITDA, times | 3.1 | 2.9 | 2.7 | 2.7 | 2.6 | 2.4 | 2.4 | 2.6 |
| Key financial performance indicatiors | ||||||||
| Working capital | 328 | 325 | 314 | 443 | 518 | 360 | 322 | 325 |
| Equity ratio, % | 32.1 | 34.1 | 32.8 | 32.0 | 31.6 | 33.9 | 31.6 | 30.9 |
| Cash conversion (rolling 12 months), % | 107 | 96 | 89 | 87 | 89 | 91 | 90 | 88 |
| Cash flow from operating activities | 202 | 223 | 471 | 119 | 158 | 198 | 432 | 119 |
| Order backlog | ||||||||
| Order backlog | 9,347 | 9,019 | 9,002 | 8,533 | 9,058 | 8,921 | 8,437 | 9,201 |
| Key figures, employees | ||||||||
| Average number of employees | 5,997 | 6,076 | 6,139 | 6,126 | 6,144 | 6,188 | 6,237 | 6,076 |
| Number of employees at the end of the period | 6,215 | 6,199 | 6,197 | 6,208 | 6,233 | 6,224 | 6,282 | 6,228 |
| Acquisition-related items | ||||||||
| Revaluation of contingent consideration | -2 | 2 | 15 | 10 | 5 | 4 | 14 | 5 |
| Acquisition costs | -0 | -0 | -1 | -1 | -0 | -0 | -2 | -1 |
| Total acquisition-related items | -2 | 2 | 14 | 10 | 5 | 4 | 12 | 4 |
| Key figures per share SEK | ||||||||
| Average number of shares before dilution | 266,734,001 | 264,713,250 | 264,107,025 | 264,107,025 | 264,107,025 | 264,107,025 | 264,107,025 | 263,996,442 |
| Average number of shares after dilution | 266,734,001 | 264,713,250 | 264,107,025 | 264,107,025 | 264,107,025 | 264,107,025 | 264,107,025 | 263,996,442 |
| Profit/loss for the period attributable to the Parent | ||||||||
| Company´s shareholders | 111 | 42 | 37 | 85 | 124 | 99 | 187 | 137 |
| Earnings per share for the period before dilution, | ||||||||
| SEK | 0.42 | 0.16 | 0.14 | 0.32 | 0.47 | 0.37 | 0.71 | 0.52 |
| Earnings per share for the period after dilution, SEK | 0.42 | 0.16 | 0.14 | 0.32 | 0.47 | 0.37 | 0.71 | 0.52 |
| Cash flow from operating activities per share, SEK | 0.76 | 0.84 | 1.78 | 0.40 | 0.60 | 0.75 | 1.64 | 0.45 |
| Equity per share, SEK | 12.07 | 12.40 | 12.15 | 12.01 | 11.99 | 12.67 | 12.13 | 11.89 |
| Share price at the end of the period, SEK | 24.30 | 30.80 | 32.96 | 41.00 | 40.56 | 42.28 | 40.90 | 32.50 |
Reconciliation of key figures not defined in accordance with IFRS
The Company presents certain financial measures in the interim report, which are not defined under IFRS. The Company believes that these measures provide useful supplemental information to investors and the company's management, since they allow for the evaluation relevant trends. Instalco's definitions of these measures may differ from other companies using the same terms. These financial measures should therefore be viewed as a supplement, rather than as a replacement for measures defined under IFRS. Presented below are definitions of measures that are not defined under IFRS and which are not mentioned elsewhere in the interim report. Reconciliation of these measures is provided in the table, below. For definitions of key figures, see instalco.se.
Earnings measures and margin measures
| AMOUNTS IN SEK M | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|
| (A) Net sales | 3,512 | 3,293 | 3,610 | 3,144 | 3,656 | 3,283 | 3,873 | 3,310 |
| (B) EBITDA | 325 | 222 | 302 | 297 | 359 | 321 | 406 | 327 |
| Depriciation/amortisation and | ||||||||
| impairment of property, plant and | ||||||||
| equipment and intangible assets | -101 | -99 | -107 | -109 | -95 | -90 | -96 | -81 |
| (C) EBITA | 225 | 123 | 195 | 188 | 265 | 231 | 310 | 246 |
| Depriciation/amortisation and | ||||||||
| impairment of intangible assets | -33 | -34 | -69 | -39 | -41 | -40 | -39 | -52 |
| (D) Operating profit/loss (EBIT) | 192 | 88 | 126 | 149 | 224 | 190 | 271 | 194 |
| (B/A) EBITDA margin, % | 9.3 | 6.7 | 8.4 | 9.4 | 9.8 | 9.8 | 10.5 | 9.9 |
| (C/A) EBITA margin, % | 6.4 | 3.7 | 5.4 | 6.0 | 7.2 | 7.0 | 8.0 | 7.4 |
| (D/A) Operating profit/loss, (EBIT), % | 5.5 | 2.7 | 3.5 | 4.7 | 6.1 | 5.8 | 7.0 | 5.9 |
Capital structure
| AMOUNTS IN SEK M | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|
| Calculation of working capital and | ||||||||
| working capital in relation to net sales | ||||||||
| Inventories | 207 | 208 | 209 | 207 | 212 | 213 | 202 | 187 |
| Accounts receivable | 1,828 | 1,715 | 1,943 | 1,971 | 2,076 | 1,906 | 2,091 | 2,029 |
| Contract assets | 751 | 796 | 648 | 814 | 768 | 774 | 628 | 885 |
| Prepaid expenses and accrued income | 230 | 226 | 204 | 206 | 234 | 199 | 271 | 255 |
| Other current assets | 156 | 139 | 157 | 162 | 176 | 246 | 168 | 173 |
| Trade payables | -1,070 | -1,085 | -905 | -1,100 | -1,088 | -1,065 | -1,052 | -1,279 |
| Contract liabilities | -550 | -545 | -528 | -504 | -532 | -512 | -549 | -590 |
| Other current liabilities | -366 | -292 | -606 | -612 | -515 | -526 | -642 | -652 |
| Accrued expenses and deferred income, | ||||||||
| including provisions | -858 | -835 | -808 | -701 | -814 | -875 | -795 | -684 |
| (A) Working capital | 328 | 325 | 314 | 443 | 518 | 360 | 322 | 325 |
| (B) Net sales (12-months rolling) | 13,557 | 13,700 | 13,690 | 13,956 | 14,122 | 14,298 | 14,279 | 13,996 |
| (A/B) Working capital as a percentage | ||||||||
| of net sales, % | 2.4 | 2.4 | 2.3 | 3.2 | 3.7 | 2.5 | 2.3 | 2.3 |
| AMOUNTS IN SEK M | |
|---|---|
| ------------------ | -- |
| Calculation of interest-bearing net | ||||||||
|---|---|---|---|---|---|---|---|---|
| debt and gearing ratio | ||||||||
| Non-current, interest-bearing financial | ||||||||
| liabilities | 3,722 | 3,292 | 3,396 | 3,496 | 3,465 | 3,155 | 3,492 | 3,412 |
| Current, interest-bearing financial | ||||||||
| liabilities | 272 | 274 | 269 | 420 | 247 | 344 | 236 | 293 |
| Cash and cash equivalents | -421 | -87 | -208 | -122 | -17 | -80 | -267 | -106 |
| (C) Interest-bearing net debt | 3,573 | 3,479 | 3,458 | 3,793 | 3,695 | 3,419 | 3,461 | 3,599 |
| (D) Equity | 3,219 | 3,283 | 3,209 | 3,172 | 3,167 | 3,347 | 3,207 | 3,136 |
| (C/D) Gearing ratio, % | 111.0 | 106.0 | 107.8 | 119.6 | 116.6 | 102.2 | 107.9 | 114.8 |
| (E) EBITDA (12-months rolling) | 1,146 | 1,180 | 1,278 | 1,382 | 1,413 | 1,435 | 1,416 | 1,375 |
| (C/E) Interest-bearing net debt in | ||||||||
| relation to EBITDA (12-months rolling) | 3.1x | 2.9x | 2.7x | 2.7x | 2.6x | 2.4x | 2.4x | 2.6x |
| Calculation of operating cash flow and | ||||||||
| cash conversion (12-months rolling) | ||||||||
| (F) EBITDA | 1,146 | 1,180 | 1,278 | 1,382 | 1,413 | 1,435 | 1,416 | 1,375 |
| Net investments in property, plant and | ||||||||
| equipment and intangible assets | -114 | -118 | -100 | -97 | -78 | -78 | -102 | -91 |
| Changes in working capital | 193 | 72 | -37 | -83 | -80 | -46 | -47 | -80 |
| (G) Operation cash flow (12-months | ||||||||
| rolling) | 1,225 | 1,134 | 1,142 | 1,202 | 1,255 | 1,311 | 1,267 | 1,204 |
| (G/F) Cash conversion % (12-months | ||||||||
| rolling) | 107 | 96 | 89 | 87 | 89 | 91 | 90 | 88 |
| (H) Earnings for the period (12-months | ||||||||
| rolling) | 292 | 303 | 364 | 506 | 559 | 590 | 615 | 621 |
| (H/D) Return on equity, % | 9.1 | 9.5 | 11.3 | 15.7 | 17.4 | 18.4 | 19.6 | 20.3 |
| (I) EBIT | 192 | 88 | 126 | 149 | 224 | 190 | 271 | 194 |
| (J) Financial income | 13 | 21 | 7 | 10 | 15 | 13 | 93 | 63 |
| (K) Total assets | 10,648 | 10,193 | 10,310 | 10,426 | 10,521 | 10,472 | 10,716 | 10,775 |
| (L) Interest-free liabilities | 3,232 | 3,152 | 3,262 | 3,171 | 3,480 | 3,423 | 3,598 | 3,741 |
| (I+J)/(K-L) Return on capital employed, | ||||||||
| % | 7.9 | 8.6 | 10.1 | 12.5 | 12.7 | 13.0 | 14.1 | 13.9 |
Notes
Note 1. Accounting policies
The interim report has been prepared in accordance with IFRS that have been adopted by the EU, with the application of IAS 34 Interim Financial Reporting. Disclosures as per IAS 34.16A are provided in the financial statements, notes and other parts of the interim report. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act and the Swedish Securities Market Act, which is in accordance with RFR 2 Accounting for Legal Entities. The same accounting policies and bases of computation have been applied in this interim report as in the most recent annual report. New and revised IFRS and IFRIC pronouncements applicable as of the 2025 financial year have not had any significant impact on the consolidated financial statements. The implementation of IFRS 18, which replaces IAS 1 on 1 January 2027 will result in changes to the presentation and disclosures in financial statements.
Note 2. Seasonal variations
The company's revenue, profitability and cash flow are impacted by seasonal variations and holidays, which limits comparability of the various interim periods. Instalco reports its revenue based on the percentage of completion of its projects. Accordingly, in periods with fewer workdays, the revenue of ongoing projects decreases. For example, sales and profitability during the first and third quarters of the year are impacted by the summer vacation period and lower level of activity. The industrial business area also tends to have its lowest level of activity during the first quarter, which is another reason why sales are lower in the quarter. The second quarter coincides with spring and early summer, when there is a higher level of activity than what typically occurs in the first quarter. The highest earnings tend to come in the fourth quarter, when many projects are completed.
Note 3. Segment reporting
The Group's operations are divided into segments based on the geographic location of companies. These segments are Sweden and Rest of Nordics, which are reportable segments for the Group. The portion of operations that does not yet meet the definition of an operating segment is reported as the line item "Group-wide".
Distribution of revenue
| Apr-Jun 2025 | Apr-Jun 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Rest of | Rest of | ||||||||
| AMOUNTS IN SEK M | Sweden | Nordics | Total | Share | Sweden | Nordics | Total | Share | |
| Service | 936 | 319 | 1,255 | 36% | 837 | 352 | 1,189 | 33% | |
| Contract | 1,596 | 661 | 2,257 | 64% | 1,713 | 754 | 2,467 | 67% | |
| Total | 2,532 | 980 | 3,512 | 100% | 2,550 | 1,106 | 3,656 | 100% |
Revenue by segment
| Apr-Jun 2025 | Apr-Jun 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Rest of | Rest of | |||||||
| AMOUNTS IN SEK M | Sweden | Nordics | Group-wide | Total | Sweden | Nordics | Group-wide | Total |
| Net sales | 2,532 | 980 | - | 3,512 | 2,550 | 1,106 | - | 3,656 |
| Share of the total, % | 72% | 28% | - | 100% | 70% | 30% | - | 100% |
| EBITA | 170 | 65 | -10 | 225 | 182 | 85 | -3 | 265 |
| EBITA margin, % | 6.7% | 6.6% | - | 6.4% | 7.1% | 7.7% | - | 7.2% |
| Depriciation/amortisation and | ||||||||
| impairment of intangible assets | -16 | -17 | - | -33 | -17 | -23 | - | -41 |
| Net financial items | -4 | -2 | -34 | -40 | -3 | -3 | -48 | -54 |
| Profit/loss before tax | 149 | 46 | -44 | 151 | 162 | 59 | -51 | 170 |
Note 4. Impact of acquisitions
Acquisitions had the following impact on the Group's assets and liabilities. The acquisition analysis for the company acquired in 2025 is preliminary. Instalco regards the calculations as preliminary until final figures pertaining to the acquired companies have been received.
| AMOUNTS IN SEK M | Fair value, Group |
|---|---|
| Intangible assets | - |
| Deferred tax asset | - |
| Other non-current assets | 0 |
| Other current assets | 10 |
| Cash and cash equivalents | 13 |
| Deferred tax asset | -0 |
| Other liabilities | -10 |
| Total identifiable assets and liabilities (net) | 14 |
| Goodwill | 20 |
| Consideration paid | |
| Cash and cash equivalents | 33 |
| Contingent consideration including settlement via issue in kind | 1 |
| Total transferred consideration | 33 |
| Impact on cash and cash equivalents | |
| Cash consideration paid | 33 |
| Cash and cash equivalents of the acquired units | -13 |
| Total impact on cash and cash equivalents | 19 |
| Settled contingent consideration attributable to acquisitions in the current year and | |
| prior years | 130 |
| Exchange rate difference | 2 |
| Total impact on cash and cash equivalents | 151 |
| Impact after the acquisition date included in the Instalco Group's net sales and operating profit/loss |
|
| Net sales | 17 |
| Operating profit (EBIT) | 2 |
Impact on net sales and operation profit/loss until the acquisition date if the
| acquisitions had been completed on 1 January 2025 | ||
|---|---|---|
| Net sales | 15 | |
| Operating profit (EBIT) | 1 |
In accordance with IFRS, contingent consideration has been measured at fair value via profit or loss. It is classified in Level 3 of the fair value hierarchy and reported under Non-current liabilities and Other current liabilities in the balance sheet. The fair value of other financial assets and liabilities does not differ significantly from the carrying amounts. At the end of the period, the Group's estimated total amount of contingent consideration was SEK 49 million, of which SEK 1 million is for acquisitions made in 2025.
The maximum, non-discounted amount that could be paid to prior owners is SEK 247 million, of which SEK 12 million pertains to acquisitions that were made in 2025. Revaluation of contingent consideration had a net impact on the period of SEK 0 (9) million, which is reported in Other operating expenses and Other operating income in the income statement.
| Jan-Jun | Jan-Dec | |
|---|---|---|
| AMOUNTS IN SEK M | 2025 | 2024 |
| Opening carrying amounts | 180 | 349 |
| Revaluation of contingent consideration | -0 | -35 |
| Paid contingent consideration | -130 | -151 |
| Added through acquistions made during the period |
1 | 15 |
| Exchange rate difference | -2 | 2 |
| Closing carrying amounts | 49 | 180 |
Changes in reported contingent consideration.
Note 5. Shares in associated companies
Associated companies refer to entities over which the Group exercises significant influence, but which are neither subsidiaries nor part of a joint arrangement. Shares in associated companies are accounted for using the equity method and are initially recognised at cost. Acquired assets and liabilities are measured in accordance with the same principles applied to Group companies. The carrying amount of associated companies includes any recognised goodwill and consolidation adjustments.
On 17 March, Instalco finalized its acquisition of a minority stake in Fabri AG, whereby the Group has acquired a 24 percent share in both voting rights and equity. The Group´s share of the post-acquisition profit of associated companies is recognized under the item Other operating revenue. The share of the profit is calculated using Instalco´s ownership share in the associated company which has had a marginal impact in the period.
Specification of equity interests in associated companies, SEK m
| Company | Share of the | ||||
|---|---|---|---|---|---|
| name | Organization number | HQ | votes and capital Booked value | ||
| Fabri AG | HRB 40312 | Nürnberg, Germany | 24% | 235 | |
| Total | 235 |
Share Information
At the end of the period, the number of shares and votes in Instalco AB amounted to 268,754,752.
Instalco's ten largest shareholders, 2025-06-30
| 1 Per Sjöstrand | 22,957,835 | 8.5% |
|---|---|---|
| 2 Capital Group | 21,878,892 | 8.1% |
| 3 AMF Pension & Fonder | 20,602,859 | 7.7% |
| 4 Första AP-fonden | 13,345,356 | 5.0% |
| 5 Wipunen varainhallinta OY | 13,100,000 | 4.9% |
| 6 Heikintorppa Oy | 12,800,000 | 4.8% |
| 7 Cliens Fonder | 11,165,978 | 4.2% |
| 8 ODIN Fonder | 10,755,515 | 4.0% |
| 9 Vanguard | 9,423,227 | 3.5% |
| 10 Baillie Gifford & Co | 8,588,895 | 3.2% |
| Total, ten largest shareholders | 144,618,557 | 53.8% |
| Other | 124,136,195 | 46.2% |
| Total | 268,754,752 | 100.0% |
The ten largest known shareholders (grouped) of Instalco AB as of 30 June 2025. Source: Monitor by Modular Finance AB. Compiled and processed data from Euroclear, Morningstar and FI.
Outstanding share-related incentive programmes
Instalco has three outstanding warrants scheme corresponding to a total of 6,950,000 shares that are directed at the expanded Group management team, CEOs of subsidiaries and other key individuals of the Group. The warrants have been transferred on market terms at a price that was established based on an estimated market value using the Black & Scholes valuation model calculated by an independent valuation institute. Conditions for subscription price per share in the programmes correspond to 115 percent of the volume-weighted average price during the period of five trading days after each AGM.
| Outstanding | Number of | Percentage of the total | Redemption rate | ||
|---|---|---|---|---|---|
| programme | options | number of shares | Price per option | per option | Redemption period |
| 2023/2026 | 2,350,000 | 0.9% | SEK 2.09/SEK 7.27 | SEK 64.90 | 22 May 2026 - 16 June 2026 |
| 2024/2027 | 2,350,000 | 0.9% | SEK 7.74 | SEK 44.32 | 24 May 2027 - 18 June 2027 |
| 2025/2028 | 2,250,000 | 0.8% | SEK 2.55 | SEK 31.40 | 22 May 2028 - 16 June 2028 |
Signatures
Future reporting dates
Interim Report January – September 2025 24 October 2025 Year-end Report January – December 2025 12 February 2026 Interim Report January – March 2025 29 April 2026
Assurance
The Board of Directors and CEO ensure that the year-end report provides a fair view of the Group's operations, position and earnings, and describes significant risks and uncertainties faced by company and the companies belonging to the Group.
| Per Sjöstrand | Camilla Öberg | Carina Qvarngård | Ulf Wretskog |
|---|---|---|---|
| Chairman | Director | Director | Director |
| Per Leopoldsson | Carina Edblad | Johnny Alvarsson | Robin Boheman |
| Director | Director | Director | CEO |
Stockholm, 18 July 2025 Instalco AB (publ)
Robin Boheman CEO
This report has not been reviewed by the company's auditors.
Presentation of the report
The report will be presented in a telephone conference/audiocast today, 18 July 09:30 CET via https://instalco.events.inderes.com/q2-report-2025
To participate by phone, register via https://conference.inderes.com/teleconference/?id=50051817
Note
This information is information that Instalco is required to disclose under the EU Market Abuse Regulation and the Securities Markets Act. The information was made public by the contact person listed below, on 18 July 2025 at 07:30 CET.
Additional information
Robin Boheman, CEO Christina Kassberg, CFO, [email protected] Mathilda Eriksson, Head of IR, [email protected] +46 (0)70-972 34 29
Instalco in brief
Instalco has a decentralised structure, where operations are conducted in each unit, in close cooperation with customers and with the support of a very streamlined central organisation. The Instalco model is designed to benefit from the advantages of both strong local ties and joint functions.
1 Cumulative distribution of net sales for the reporting period
Instalco AB (publ) Sveavägen 56C 111 34 Stockholm [email protected]