Interim report January – June 2026

Power in change

April – June 2026

• Net sales increased by 10.3 percent and amounted to SEK 3,874 (3,512) million. Organic growth, adjusted for currency effects, amounted to 8.4 (-2.8) percent.
• EBITA amounted to SEK 274 (225) million, corresponding to an EBITA margin of 7.1 (6.4) percent.
• Operating profit (EBIT) amounted to SEK 242 (192) million.
• Cash flow from operating activities amounted to SEK 104 (202) million.
• Earnings per share before dilution were SEK 0.46 (0.42) and after dilution were SEK 0.45 (0.42).
• One acquisition was made during the period, which, on an annual basis, contribute an estimated total sales of SEK 190 million.

January – June 2026

• Net sales increased by 7.5 percent and amounted to SEK 7,313 (6,805) million. Organic growth, adjusted for currency effects, amounted to 6.7 (-1.3) percent.
• EBITA amounted to SEK 475 (348) million, corresponding to an EBITA margin of 6.5 (5.1) percent.
• Operating profit (EBIT) amounted to SEK 412 (280) million.
• Cash flow from operating activities amounted to SEK 338 (426) million.
• Earnings per share before dilution were SEK 0.73 (0.57) and after dilution were SEK 0.72 (0.57).

Comments from CEO Per Sjöstrand:

Driving change. Powering the group. We are ending the first half of the year with an organisation that has taken clear steps forward. The efforts we initiated in the autumn continue to take root, with the effects now evident across several parts of the Group. Although the market is contributing more than before, the improvements we have implemented have been a critical factor, along with streamlining of our working methods.

We are reporting strong growth during the quarter and a marked improvement in earnings. Growth in all segments has been good, with further growth in the order backlog. A particularly positive development is the improvement in earnings in Sweden, where we are seeing the effects of the initiatives that have been implemented.

Nevertheless, unevenness in market conditions across geographic regions, segments and customer categories persists. We also still have ground to cover before reaching our long-term margin target. This quarter marked an important step in the right direction, but our work continues.

From insight to improvement

During the spring, our companies carried out self-assessments within the framework of Instalco 2.0. It has given us a clearer understanding of both our strengths and areas for improvement, enabling us to focus our efforts where they will have the greatest impact. Instalco 2.0 is not a project with a fixed end date. Rather, it is a well-developed approach to managing our decentralised business. Our improvement efforts will continue, yet with even greater precision.

Majority ownership in Germany

Subsequent to the end of the quarter, we took the next planned step with our platform in Germany, Fabri, by increasing our ownership stake from 24 to 51 percent. This makes Instalco the majority shareholder in Fabri, which will be consolidated as part of the Instalco Group as of Q3.

When we announced our investment in Fabri in 2024, the Group comprised 12 companies with around 400 employees. Now, we have 23 companies with around 800 employees. This growth reinforces our confidence in Fabri’s model and the long-term potential of the German installation market.

Fabri will continue to operate under local leadership, using the same decentralised model as before. The benefit for Instalco is a strong platform for long-term growth in one of Europe’s largest installation markets.

Ongoing financial discipline

Operating cash flow was weaker during the quarter, primarily due to more capital being tied up in accounts receivable as a result of strong growth and high levels of invoicing towards the end of the period. Another important difference is that older overdue accounts receivable have not increased to the same extent.

Strong cash flow and a healthy balance sheet are key to our long-term growth. We will continue to prioritise financial discipline and selective investments with a clear strategic rationale.

Opportunities from AI in the installation sector

In the installation sector, we see AI as a source of opportunity. We will still need electricians, plumbers and other skilled tradespeople to build and physical infrastructures in society. AI, however, can be used to simplify administrative tasks, improve decision-making and free up time for value-creating activities.

In my 45 years in this industry, I have rarely seen a technological shift with as much potential as the one we are witnessing today. I am convinced that the companies that learn to use AI effectively at an early stage will build a lasting competitive advantage. That is why we have chosen to act now.

During the quarter, we launched Instalco AI, our own internal platform for AI support across the business. The platform provides the companies with secure access to AI and is already being used to improve efficiency in areas such as estimating, planning and documentation.

At the same time, developments in AI are creating new business opportunities. Investments in data centres and related technical infrastructure are increasing, driving significant demand for electrical installations, cooling and ventilation. This is a growing end market in which we are already delivering projects and see strong opportunities for further growth. The substantial investments in data centres are also increasing demand for installation expertise and absorbing significant resources across the market. This is strengthening market conditions in many other types of installation projects as well.

Continuing in the same direction

Our progress during the quarter reinforces my confidence that Instalco is on the right path. Improvements have been made in many parts of the business. We can see the results of our efforts, and in Germany we have taken an important step in our strategic plan.

But we are not there yet. Profitability is still not at the level we are aiming for and implementing change across a Group of more than 150 companies takes time. However, motivation across our organisation is stronger than it has been for a long time. We will therefore continue our systematic efforts to improve project execution, clarify responsibilities, strengthen cash flow and increase profitability.

We can already see the effects of our efforts. We still have a way to go. And we will keep going.

Presentation of the report

The report will be presented in a telephone conference/audiocast today, 17 July 11:00 CET via
https://instalco.events.inderes.com/q2-report-2026

To participate by phone, register via
https://events.inderes.com/instalco/q2-report-2026/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