will continue to arise as the Group acquires companies.
See notes 2 and 3.
Financial review
Revenue
Net financials
Net financial items were an expense of DKK 136 million
against DKK 31 million in H1 2025. Beyond the one-off
effects set out above, the increase reflects interest on
borrowings and lease liabilities of DKK 50 million against
DKK 18 million in 2025, on the expanded facilities that
funded the acquisition program. See note 3.
Revenue amounted to DKK 2,222 million in H1 2026
(Q2: DKK 1,150 million), an increase of 29.5% compared
with the same period last year (Q2: +25.2%) and in line
with our expectations. The growth was mainly driven by
the acquisitions completed in 2025 and 2026 and the
continued build‑out of the Swiss platform, supported by
organic growth of 2.2%. Organic growth came from
across our portfolio, despite project delays and a strong
H1 2025.
Taxation and net result
Tax was an expense of DKK 20 million despite a pre-tax
loss of DKK 59 million, as a significant part of the costs
in the period is non-deductible, including transaction
costs and fair value adjustments of contingent
consideration.
Switzerland accounted for 14.5% of Group revenue (H1
2025: 4.5%). The development in each segment is set
out under Segment review.
EBITDA and EBITA
Most of the H1 loss falls in Q1: a loss of DKK 61 million
in Q1 and DKK 18 million in Q2. Three items explain the
DKK 112 million movement year on year: DKK 67 million
from the movement in fair value adjustments of
contingent consideration, DKK 39 million of additional
special items and DKK 19 million of additional
amortisation of acquired intangible assets, partly offset
by growth in underlying earnings.
Before unallocated Group HQ costs, the two operating
segments together delivered an EBITDA margin of
10.9% (H1 2025: 9.9%).
Unallocated Group HQ costs increased by DKK 41
million, from DKK 3 million to DKK 44 million. These
costs consist principally of costs relating to the listing.
Adjusted EBITA and special items
Cash flows
Adjusted EBITA was DKK 207 million (Q2: DKK 113
million), up 34.6% (Q2: +11.9%), at a margin of 9.3%
against 9.0% in H1 2025. The increase came from three
sources: the acquisitions completed in 2025 and 2026,
the improvement in the Danish EBITA margin to 9.3%
from 9.1% on operational discipline, procurement
synergies and pricing, and the Swiss platform moving
from an EBITA loss of DKK 9 million to a profit of DKK
19 million. The H1 margin rose 0.3ppt., while the Q2
margin was 1.2ppt. below a strong comparative quarter.
Adjusted EBITA is the Group’s primary measure of
underlying earnings.
H1 is the seasonal low point in the Group's cash year.
Operating cash flow reflects a working capital outflow
driven by the seasonal build-up of work in progress and
the growth in the Group's revenue base. Capital
expenditure remains low, consistent with the Group's
asset‑light business model. See note 4 and the
consolidated cash flow statement.
Balance sheet
Total assets grew on the acquisitions completed in the
period and a seasonal build-up in working capital. Net
working capital was DKK 486 million (31 December
2025: DKK 425 million), on the seasonal build-up of
contract assets and the growth in trade receivables that
tracks the larger revenue base.
H1 carries an unusually high level of special items and
one-off effects, the majority of which relate to the listing.
Special items recognised within EBITA amounted to
DKK 56.0 million (H1 2025: DKK 16.6 million), of which
IPO-related costs were DKK 47.4 million. The
revaluation of contingent considerations recognised
within financial items was DKK 74.8 million (H1 2025:
DKK 7.7 million). Together these amount to DKK 130.8
million before tax (H1 2025: DKK 24.4 million), in addition
to the write-off of previously capitalised borrowing costs
under the previous loan agreement on the refinancing
completed at listing.
Net interest‑bearing debt was DKK 1,090 million, DKK
248 million above 31 December 2025. The DKK 166
million net cash cost of acquisitions, the fair value
increase in contingent consideration, the buy-back of
own shares in relation to the IPO and the working capital
build-up account for most of the increase, partly offset by
cash from operations. Financial leverage was 2.0x (30
June 2025: 2.0x; 31 December 2025: 1.7x) and the
solvency ratio 33.4%. The capital structure supports
continued acquisition activity.
Adjusted EBITA adjusts only for the special items
recognised within EBITA. The revaluation of contingent
consideration and the write-off of capitalised borrowing
costs are recognised in financial items and are therefore
not adjusted for in the Group's primary measure of
underlying earnings. Both arose in connection with the
listing; the revaluation relates principally to one
arrangement where settlement was linked to the share
price at IPO and which was triggered by the listing itself,
and Management does not expect charges of this nature
to recur. The same line was a gain of DKK 34.9 million
in the financial year 2025. Amortisation of acquired
intangible assets of DKK 74.6 million (H1 2025: DKK
55.7 million) arises from purchase price allocations and
Financing
In May 2026 the Group signed a new DKK 1,750 million
revolving credit facility with DNB, Nordea, Nykredit and
SEB, replacing the previous Senior Facilities Agreement.
It has a five-year tenor, can be drawn in local currency,
and took effect on completion of the listing on 11 June
2026.
Equity
Selling owners of acquired companies reinvest part of
their consideration by subscribing for shares at fair
market value, which ties their interests to the long-term
InstallatørGruppen A/S | Interim report H1 2026
5 / 34
