Interim report January – September 2026
Summary by AI BETAClose X
A stronger Instalco emerges
July – September 2026
- Net sales increased by 16.4 percent and amounted to SEK 3,526 (3,028) million. Organic growth, adjusted for currency effects, amounted to 8.2 (-3.3) percent.
- EBITA amounted to SEK 254 (180) million, corresponding to an EBITA margin of 7.2 (6.0) percent.
- Operating profit (EBIT) amounted to SEK 206 (148) million.
- Cash flow from operating activities amounted to SEK -66 (133) million.
- Earnings per share before dilution were SEK 0.70 (0.24) and after dilution were SEK 0.69 (0.24).
- In July, Instalco announced the acquisition of an additional 27 percent of the shares in Fabri AG, bringing Instalco’s ownership to 51 percent of the shares and voting rights. Obtaining control resulted in a positive revaluation effect of SEK 102 million, recognised in net financial items.
January - September 2026
- Net sales increased by 10.2 percent and amounted to SEK 10,838 (9,832) million. Organic growth, adjusted for currency effects, amounted to 6.8 (-2.6) percent.
- EBITA amounted to SEK 730 (528) million, corresponding to an EBITA margin of 6.7 (5.4) percent.
- Operating profit (EBIT) amounted to SEK 619 (428) million.
- Cash flow from operating activities amounted to SEK 272 (559) million.
- Earnings per share before dilution were SEK 1.42 (0.82) and after dilution were SEK 1.41 (0.82).
- Two acquisitions were made during the period, which, on an annual basis, contribute an estimated total sales of SEK 1,135 million.
Comments from CEO Per Sjöstrand:
For the third quarter, we are delivering improved profitability and organic growth, while continuing to build our order backlog. The margin has also improved compared with Q2, even though seasonal factors typically make the third quarter weak. This is a noteworthy development, demonstrating that our change initiatives are yielding results.
Just over a year ago, we set out very clearly what needed to change at Instalco, and since then we have seen the results of our efforts emerge step by step. We are well on our way, but our ambitions remain high and our efforts to develop the company are in full swing.
Instalco 2.0 – a continuing process
Our decentralised model, built on local entrepreneurship and independent companies, is the foundation of Instalco 2.0. It is within these companies that improvements are made. When we launched Instalco 2.0, we placed considerable emphasis on clear responsibilities, improved follow-up and stronger operational control. It has changed how we work within the Group. Today, there is a whole new sense of drive across our organisation – fresh energy, a forward-looking spirit and a renewed sense of accountability.
We are now pressing ahead with even greater drive to strengthen the business. During the quarter, for example, we stepped up our sales training initiatives and provided additional practical support to our subsidiaries. It is all about better equipping our subsidiaries to select the right projects and run their operations more profitably.
Instalco 2.0 is not an action plan with a fixed deadline. Continuous improvement needs to be a natural part of our culture, in every company and every project. This work is also about developing our offering. One example is our Finnish start-up Enervion, which was established last year to meet demand for energy storage and which began work on two large-scale battery storage projects during the quarter.
Sweden – the driving force behind strong performance
Sweden is driving much of the improvement in performance, where the majority of subsidiaries are performing better than a year ago, with several companies performing very well. The development is particularly strong among our companies serving, with their technical expertise and ability to meet specific customer needs contributing to good profitability. This also applies to our industrial scaffolding offering.
We are also seeing positive developments in our Finland & Germany segment. Our companies in Finland continue to deliver good results, while our German platform, Fabri, made a positive contribution in its very first month as part of the Group. In Norway, however, earnings continue to be affected by the project delays we previously reported, with several of these major projects now expected to get underway in early 2027. Norway’s earnings for the quarter were also affected by some project-related losses and credit losses.
Overall, we are seeing positive organic growth and a marked increase in the order backlog. Although competition for projects remains intense, we are seeing some encouraging signs in the market.
Conscious priorities for profitable growth
The growing share of industrial customers has a mix effect. This business generates good profitability but ties up more working capital, both due to longer payment terms and a higher proportion of work being invoiced in arrears. Together with substantial invoicing towards the end of the quarter, this has negatively impacted cash conversion. Our accounts receivable are sound, with balances attributable to established customers. Maintaining strong cash flow remains a key priority.
During the quarter, we completed the acquisition of our majority stake in Fabri, along with repurchases of minority interests in subsidiaries, resulting in an increase in net debt. The debt related to the acquisition is already fully included, while Fabri has so far contributed only one month of earnings. Including Fabri’s earnings for a full year therefore provides a more representative picture of our leverage.
Ambitions remain high
Progress over the past year has strengthened our conviction that Instalco has enormous potential. We will continue to develop our existing operations while working to further strengthen the Group over the long term.
It is encouraging to see the enthusiasm, commitment and forward-looking spirit evident throughout the organisation. I am proud of what our employees have achieved over the past year and would like to thank everyone for their efforts. Together, we have put the company in an entirely new position for continued growth and development.
Presentation of the report
The report will be presented in a telephone conference/audiocast today, 23 October at 09:30 CET via
https://instalco.events.inderes.com/q3-report-2026
To participate by phone, register via
https://events.inderes.com/instalco/q3-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
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