InstallatørGruppen Reports Strong Third Quarter Growth and Confirms 2026 Outlook
News related to:InstallatørGruppen · 2 min read
InstallatørGruppen, a Danish company, reported strong growth in the third quarter of 2026, with organic revenue increasing by 15.2%, driven by newly won orders that moved into execution over the summer and by delayed projects that have now moved into execution. For the first nine months of 2026, organic growth reached 6.2%.
The company's revenue for the third quarter of 2026 was DKK 1,235 million, a 42.8% increase from the same period in 2025, when it was DKK 865 million. Revenue for the first nine months of 2026 was DKK 3,458 million, up 34% from the same period in 2025, which saw DKK 2,588 million in revenue.
Adjusted EBITA for the third quarter of 2026 was DKK 104 million, marking an 18.4% increase from DKK 87 million in the same period of 2025. The adjusted EBITA margin for the quarter was 8.4%, down from 10.0% in the previous year. For the first nine months, adjusted EBITA was DKK 311 million, in line with expectations, with an adjusted EBITA margin of 9.0%, compared to 9.3% in the first nine months of 2025.
Adjusted free cash flow for the third quarter was DKK 55 million, equating to an adjusted cash conversion of 48.7%, down from 89.4% in the same period of 2025. Excluding IPO-related costs, the adjusted free cash flow was DKK 88 million, and the conversion was 78.0%. The cash conversion for the last twelve months was 86.1%.
The company's order book stood at DKK 4.6 billion as of the end of the third quarter, up 13.6% organically since the start of the year. In the third quarter, revenue in Switzerland was DKK 188 million, with an adjusted EBITA margin of 6.8%, compared to DKK 97 million and a margin of 4.7% in the same period of 2025.
InstallatørGruppen completed the acquisition of Erik Lytzen A/S on July 1, 2026, and nine acquisitions were completed in the first nine months, including three add-on acquisitions to existing portfolio companies. The acquisition of Poul Sejr Nielsen is expected to close in December 2026, and the company is conducting due diligence on several other potential acquisitions. In Switzerland, the acquisition of Steinmann Haustechnik AG was completed in October.
The company's outlook for 2026 remains unchanged, with combined revenue expected to range between DKK 5,450 million and DKK 5,700 million, reported revenue between DKK 4,650 million and DKK 4,900 million, combined adjusted EBITA between DKK 475 million and DKK 525 million, adjusted EBITA between DKK 415 million and DKK 465 million, and reported EBIT between DKK 225 million and DKK 285 million.
The company's net interest-bearing debt was DKK 1,175 million, and financial leverage was 2.1x, up from 2.0x in the same period of 2025. The increase in debt was driven by a build-up in trade receivables related to growth in the quarter and the acquisition of Erik Lytzen A/S.