A strong end of the year

October – December 2025

• Net sales increased by 4.4 percent and amounted to SEK 3,766 (3,610) million. Organic growth, adjusted for currency effects, amounted to 4.9 (-7.4) percent.
• EBITA amounted to SEK 272 (195) million, corresponding to an EBITA margin of 7.2 (5.4) percent.
• Operating profit (EBIT) amounted to SEK 240 (126) million.
• Cash flow from operating activities amounted to SEK 451 (471) million.
• Earnings per share before and after dilution for the period amounted to SEK 0.47 (0.14).

January – December 2025

• Net sales decreased by 0.7 percent and amounted to SEK 13,598 (13,690) million. The organic change, adjusted for currency effects, amounted to -0.3 (-6.5) percent.
• EBITA amounted to SEK 800 (879) million, corresponding to an EBITA margin of 5.9 (6.4) percent.
• Operating profit (EBIT) amounted to SEK 668 (690) million.
• Cash flow from operating activities amounted to SEK 1,010 (946) million.
• Earnings per share before and after dilution for the period amounted to SEK 1.28 (1.31).
• One acquisition was made during the year, which, on an annual basis, contributes an estimated total sales of SEK 55 million.
• The Board of Directors proposes dividends of SEK 0.50 (0.68) per share.

Comments from CEO Per Sjöstrand:

Steps in the right direction with a stronger financial foundation characterised the end of the year. The operational improvements introduced during the autumn are now delivering results. This is starting to be reflected in the outcome, but also in how we work, prioritise and follow up the business. We have “turned up the heat”. The temperature has begun to rise, even if this is not yet fully visible in our numbers. We are proud of, but not yet satisfied, with our performance in the fourth quarter. For the first time in seven quarters, EBITA is higher than in the corresponding period of the previous year.

External market assessments point to improving market conditions, albeit with substantial geographical variation. The installation market is late-cyclical, and we are cautious about drawing overly broad conclusions. What matters most is that we are not relying on the market. The improvement is primarily the result of our own performance.

Through our improvement programme, Instalco 2.0, we have also raised the level of ambition across the organisation. We are driving several initiatives in parallel, with clearer direction and higher demands on execution. The improvement work is now being rolled out across the business, with a focus on measures that deliver tangible results.

Energising a decentralised model

Since my return as CEO on 1 August, the focus has been on getting close to the operations and, together, setting a clearer direction forward. The autumn has been characterised by change, but also by strong engagement and a clear determination to continue developing Instalco. I would like to thank the Board for the confidence placed in me to lead the company at this stage. My mandate is clear: to strengthen execution, improve profitability and create long-term value together with the organisation. I am fully committed to this work and prepared to continue leading Instalco for as long as it takes to get there.

Our effort is directed not at any single area, but at strengthening operational capability across the Group. Instalco’s decentralised model, built on strong, independent companies and local entrepreneurs, enables swift decision-making and rapid implementation of improvement initiatives.

What has been reinforced during the autumn is clearer accountability throughout the organisation. Significant freedom under significant responsibility remains a cornerstone, but with sharper demands on execution. Being part of the team is not enough; there is also an expectation to deliver. Responsibility is increasingly shared beyond the individual company to the Group as a whole. Collaboration, support and the exchange of experience have been strengthened, while expectations and requirements have become clearer.

A stronger financial foundation

Our financial position strengthened during the quarter. At its core, this is the result of a consistent focus on profitability. Margin improvement remains our single most important priority, forming the foundation for stronger cash flow and increased financial stability over time.

During the period, we continued to work in a disciplined manner with capital employed, cost control and follow-up, which is now beginning to have an impact across the Group. This strengthens our financial and strategic flexibility and improves our ability to make well-balanced decisions – even in a world marked by turbulence and uncertainty. At the same time, we see continued scope for further improvements. Capital will be deployed selectively, with a clear focus on initiatives that strengthen margins and long-term value creation.

Stepwise value creation with Fabri

Progress continues with our German platform, Fabri. During the quarter, it acquired two additional companies that enhance the platform’s market position and industrial logic.

A long-term agreement underpins the collaboration between Instalco and Fabri. We are approaching the next phase of ownership in line with our multi-phase model. At the same time, execution is dependent on the right timing and preparations, and our current assessment is that step two is expected to become relevant during the second half of 2026.

A strong culture, even in times of change

At the end of 2025, we conducted our employee survey, measuring employee satisfaction using eNPS for the third consecutive year. Once again, we achieved a very strong result of 31, well above the industry average. This was achieved in a year characterised by change and higher demands.

This reflects a continued strong Instalco spirit. Our employees are the foundation of our business, and the result confirms that engagement and pride remain intact even as we raise the bar. I would like to take this opportunity to thank all employees for the work, responsibility and commitment demonstrated throughout the year.

Clear direction with continued discipline

We enter 2026 with cautious confidence. Seasonally, the first quarter tends to be weak, and we can expect variation across regions. At the same time, we continue to strengthen our own capabilities. We have tightened our approach, prioritised more clearly and raised the bar on implementation across the organisation, always with our customers’ needs in focus. Still, more remains to be done.

Presentation of the report

The report will be presented in a telephone conference/audiocast today, 12 February 09:30 CET via
https://instalco.events.inderes.com/q4-report-2025

To participate by phone, register via
https://events.inderes.com/instalco/q4-report-2025/dial-in

For further information:
Per Sjöstrand, CEO
Christina Kassberg, CFO, christina.kassberg@instalco.se
Mathilda Eriksson, Head of IR, mathilda.eriksson@instalco.se +46 (0)70-972 34 29