Yes, good morning and a warm welcome to InstallatørGruppen's presentation of our interim report for the first half of 2026. My name is Niels Eldrup Meidahl.

I'm Group CEO. With me today, I have Mathias Ringsted Grüner, our Group CFO.

This is our first interim report as a listed company. We were admitted to trading on Nasdaq Copenhagen on June 11th, the period covers both the run-up to the listing and the first weeks after being a public company.

Let's look at what we will be covering this morning. I'll take the highlights, our growth and acquisition.

Then Mathias will take you through the financials and the outlook. After the presentation, we will open up for questions.

Let's look at the highlights for the first half. There are five points we see as the most important for the first half of the year.

I'll start with the listing. We were admitted to trading on Nasdaq Copenhagen on June 11th, and I'm very pleased that we took that step.

A very warm welcome to our new shareholders in InstallatørGruppen. The listing of the group is broadening out our shareholder base and creates visibility for our company and will help us with the next phase of our expansion.

It does, however, not change the way that we run our company. Second point, our revenue.

We have delivered 2.2 billion, up 29.5% on the first half. The growth came from acquisition we completed in 2025 and 2026, our Swiss platform, and organic growth of 2.2%.

We managed to increase our EBITDA by 34.6%, a bit faster than the revenue. Third, Denmark.

Revenue in Denmark was 1.9 billion, up 15.9% on last year. We had an EBITDA margin of 9.3% against 9.1% last year.

This is our consolidated platform, and it improves margin in the first half despite harsh weather in Q1. Fourth point, Switzerland.

Here, revenue is up from 77 million last year to now 322 million this year. We have moved the business from a loss making of 9 million last year now to being profitable with 19 million this year.

Fourth point is our order book. It stands at a record high level of 4.3 billion.

It's up 19% since the end of the year, and when you look at it on like-for-like, it's up 9.8% compared to last year. Overall, the first half was in line with our expectation, and based on that, we confirm our outlook for 2026.

Let's look at the organic growth. We saw solid underlying growth across our portfolio in every discipline in the first half.

First half of 2026 was, however, impacted by strong comparison in the first half of 2025 as well as postponed projects into the second half of 2026, mainly due to the harsh winter we saw in the first quarter. Our organic growth ended up at 2.2% in the first half against 18.2% the year earlier.

The growth we saw in the first half was in line with our expectations. We have already seen growth picking up in Q3, and the 2% to 5% organic growth that we have communicated earlier is still our expectations for 2026.

This brings me to the order book. It stands at 4.3 billion today, the highest level we have ever recorded.

That's up 19% as of beginning of the year and 72% compared to last year. On a like-for-like basis, it's up 9.8%.

The work the winter pushed out has not been lost. It is contracted work and it sits in our order book, and we anticipate it to move into the second half of the year.

The same effect that held back the growth in the first half, we anticipate to have positive effects into the second half of 2026. Bear in mind, our order book is only the signed contracts.

All service work is not included in it. The figures understand the secured revenue rather than overstating it.

Let's talk a bit about our acquisitions. I'll not read through the whole list, but I'll take three points from it.

We have completed eight acquisitions in the first half, six of them in Denmark and two in Switzerland. The majority of the companies we bought was within the electrical discipline.

We have also bought a ninth company, [El-Glutsen?] , that was completed the 1st of July, just after the period closed.

Three out of eight were acquisitions by portfolio companies that we already owned. That is why the eight transactions took us from 42 to 47 and not to 50.

Looking at the discipline, the list is weighted towards electrical work, with heating and plumbing and one ventilation business alongside with it. [El-Glutsen?]

covers all the three disciplines. In total, the acquired companies represent 630 million in revenue and 55 million in EBITDA based on their last full year result.

Now to the two segments. Denmark first, revenue of 1.9 billion, up 15.9% on last year.

The margin is up from 9.1% to 9.3%. The improvement came from procurement synergies and from revenue management and pricing.

Switzerland, here we saw a revenue of 322 million, up from 77 million last year. The margin has went from -12.1% to now being profitable with 5.8%.

The country organization was built first, and revenue is arriving now. The Swiss margin is still 3.5% below the Danish one, and the gap will be closed when we get more scale in Switzerland.

Switzerland is now 14.5% of group revenue against 4.5% last year. We are moving it from loss making to being profitable.

That is where the business stands. Mathias, will you take over on the financials?

Thank you, Niels, and welcome also from me. I will take you through the financials and the outlook before we open up for questions.

Let me start with revenue and margin. Revenue for the half year was 2.2 billion, up 29.5%, driven by the 2025, the '26 acquisitions, the Swiss build-up, and the organic growth of 2.2%, in line with expectations.

In the second quarter, revenue grew 25%. On margin, the comparison is with Q2 last year, an unusually strong quarter to be measured against.

As the chart shows, the second quarter is generally busy, and the higher Q2 margins reflect that. This year's split, 8.7% in Q1 and 9.9% in Q2, follows that normal pattern.

Last year's was higher than normal, the cleanest comparison is the half year, an adjusted EBITDA margin of 9.3% this year, up 0.3 percentage point compared to last year. Turning to slide 10 on cash flow, adjusted cash conversion came in at 71.3% for the half year against 97.2% last year and 110.3% for the full year of '25.

The first half is seasonally the softest period for our cash flow. 30th June, 30th June remarks the peak in receivables and the working capital build-up over the first half and is released over the second.

Much of the June position has, in fact, already been collected in the third quarter. Working capital tied up 56 million in the period, partly the seasonal build-up of work in progress and receivables, also reflecting the much larger revenue base.

CapEx remains low, consistent with the asset-light model. Adjusted free cash flow was 141 million.

The adjusted measure excludes acquisitions of subsidiaries and tax. It measures the operation, not the acquisitions.

Cash flow is what funds our compounding model, it has our constant attention. The cash we generate is redeployed into acquisitions, and the returns on that capital are attractive, reflected in the 2025 return on capital employed of 21.1%, up from 18.4% in previous year.

Reinvesting at those returns is what compounds value. Moving on to slide 11, the capital structure, net interest-bearing debt ended at for the half at 1.09 billion, 248 million above the year-end.

The increase mainly reflects acquisitions, together with the revaluation of contingent consideration, the buyback of own shares at the listing, and the seasonal working capital build-up. Leverage stands at 2 times against our target of below 2.5.

The 2 times is at the same level as a year ago, up from 1.7 at year-end. Regarding financing, at the listing, we put in place a new revolving credit facility of 1.75 billion with a five-year tenor.

The headroom to our leverage target is backed by committed facilities, ready to fund further acquisitions. That brings me to the outlook for '26 on slide 12.

All five guided measures are unchanged from the listing: reported revenue of 4.65 billion to 4.9 billion, and adjusted EBITDA of 415 to 465 million. On the combined basis, which includes the acquired companies for a full year, we expect revenue to be between 5.45 to 5.7 billion and adjusted EBITDA of 475 to 525 million.

At last, reported EBIT of 225 to 285 million, where the first half carried the listing-related special items which do not repeat. Results are in line with our expectations, and the outlook is reiterated.

Reported revenue and adjusted EBITDA both stands at about 47% of the guidance midpoint. For reference, the same point last year corresponded to 46% and 43% of the eventual full year.

There's still a half year to deliver, but with the seasonally stronger period ahead, the record order book, and postponed work now sitting in it, we consider the outlook well underpinned. That concludes our prepared remarks.

Operator, please open the line for questions.

Thank you. A couple of questions from me.

I'll just do them one by one. Firstly on growth, maybe if you can elaborate a bit on sort of the difference between the 2% organic growth and the 10% like-for-like growth in your order book.

Why hasn't the order book development pushed up the organic growth to a high extent?

Kristian, I think first of all, it is a like-for-like comparison, the 2% 2.2% organic growth is generated from the same company's order book. Those companies' order book has increased with 10%.

I think some of the reasons why this haven't materialized in the growth generated so far is due to the reasons that Niels has described here. Some of the orders have come in during the half year, and secondly, we've also been impacted by this cold winter creating some delays in the startup of projects.

Yeah. Can you help us then on the 4.3 billion backlog, how much of that is expected to be recognized as revenue in the second half of the year?

To be honest, Kristian, we don't have that kind of exact numbers on how the order book is played out. As it's 48 companies and it's put out on several hundreds different projects.

The order book sits at a really good place, and we for sure anticipate a large part of this to be delivered in the second half.

All right. If I can then move to cash flow, the noticeable increase in your work in progress and hence the drag on cash flow, that's materially different to the performance last year.

Maybe if you can elaborate on that one.

Kristian, we consider this a timing element. As we've seen a lot of these receivables and work in progress coming in here in Q3, we expect to see a catch-up in Q3.

Okay. Would that also mean that we should expect your adjusted cash conversion to end above the 85% and in line with your medium-term guidance for '26 as well?

We expect to deliver on what we've promised.

Great. Then last question for me is just a bit of commentary around your M&A pipeline and if you expect to sort of reach the acquisition equaling 100 million in adjusted EBITDA for the full year.

Yes, that is for sure still the plan. There's a lot of activity going on at the moment, and we believe that we will be in line with our expectations put out forward around the 100 million.

Maybe for some expectation management, those deals we are waiting for then, when could we expect that they would close?

I think as we mentioned, I think also earlier, was that most of that will be in Q4. So.

All right. Great.

Thank you. That was all for me.

Thank you, Kristian.

Hi, good morning, Niels and Mathias, and first of all, congratulations on your first report as a listed company. Maybe for start, could you talk a bit around how you see the overall Danish and Swiss installation markets shaping up currently?

It appears that your Swedish peers have seen a sort of inflection point in terms of growth. I guess for your markets, we are in a somewhat different place in the cycle.

Maybe for start, if you could talk around the overall market developments, also on if you would like to highlight some specific disciplines, that would be great.

Yeah. I will be happy to do that.

I think compared to the Swedish market, the Swedish market has been really under pressure the last years, and there you're seeing a strong rebound into that. The Danish market has not been falling in the same way.

However, when you look from '22 and to where we stand at the moment, it is down around 14%, the Danish market. I think the Swedish market is more or less the double of that.

When we look at the expectation for the Danish market this year, we anticipate around 4% to 5% growth in the Danish market. In Switzerland, we anticipate a bit lower growth, around 2% market growth in Switzerland.

Bear in mind, in Switzerland, there is hardly any inflation, and if you put that on top, the Swiss market are more or less developing in the same pace as the Danish market.

Okay. How about if we look at disciplines, Niels, are there any disciplines that stands out or is it broad-based, you expect the 4% to 5% in Denmark, for instance?

I think it's fair to say that the pharma industry in Denmark has stopped up a bit, and we've seen that in the first half. We can see that the pharma part is growing in the second half, or we anticipate it to grow in the second half.

We have also seen a lot of the military investments that was planned to start up in the first half have been postponed into the second half. I think that is the two biggest swing that we have seen.

We're also now seeing that the legislation are coming in place in order for the starting up the green transition in the municipalities, and we also anticipate that to start up with a stronger pace, but not until next year.

Okay. Thank you.

Great. If I look and sort of on the same line here, if I look at your performance benchmarking to your Swedish peers, your organic growth in particular for the quarters seems slightly underwhelming.

I guess I understand that we are in a different place in the cycle in Denmark, and I also understand that you allude to difficult comparisons from Q2 last year as well as some project delays. On the latter two, maybe you could possibly try to expand a bit more on these dynamics.

I guess maybe the organic growth comparisons, are they to ease in the second half of the year? In terms of these project delays, are these only driven by weather or, as you put it, is it also some structural challenges here in place or how should we think of these dynamics?

Yeah. I think there's two things around this.

We have seen quite good growth in the majority of our businesses. There are two companies that are below last year and significantly below last year.

They had, as you said, very strong revenue in the first half last year, and we have not seen the same kind of revenue in those two businesses this year. That is a timing.

We anticipate that to pick up in the second half for those businesses, and the rest of the businesses are developing in line with where we had anticipated it. It's very difficult for us to compare Denmark against the comparables in Sweden.

Some of the Swedish comparables have also been out with measurements for their Danish business, and there that was driven by very large pharma projects where they have seen significant growth. Finally, on the second half, I think the comparable will be significantly more easy in the second half than in the first half.

Great stuff. Just my last question, if I may, on the M&A pipeline, if we look at the acquisitions year to date, it's been heavily skewed towards electrical companies.

What is sort of the strategic direction going forward in terms of M&A? Do you still prefer building a stronger platform within electricals or how should we think of M&A in terms of disciplines moving forward?

I think, Sebastian, for the coming half year, we are still slightly skewed towards electrical companies, but are getting a more balanced split. I think from there on, we cannot give direction around how the mix will be.

For the near future here, we still expect to have an overbalance in electrical discipline.

Okay. Thank you, Mathias.

Great stuff, guys. Thank you for taking my questions.

Good morning both, Niels and Mathias. Again, one question on the revenue and it being impacted by these order postponements.

Are you already seeing some uptake here in July and August?

Yes, I think we're not specifically commenting on months, but we are seeing a pick up here in the first half of Q3.

All right, thank you. Then maybe I will turn to Switzerland.

Switzerland is now profitable, and which should we expect in terms of the timing of improving margins in Switzerland going forward? Is that with the same pace as we have seen the last year, or maybe, yeah, some color on that, that would be helpful.

I think it's difficult to set the full timing of when will Switzerland be as profitable as the Danish business. It takes some economy of scale to bring it up.

Today, the HQ in Switzerland is a bit higher when you look at the full company down there compared to the Danish one. Over time, we anticipate the margins in Switzerland to come to the same level.

Bear in mind that the revenue down there is only 15% of the Danish one, it will take some time for the margins to come up due to the lack of scale that we have in Switzerland.

We should expect to see margins improvement going from quarter to quarter as revenue grows, right?

Yes, that you should anticipate. I just cannot promise you when the Swiss margins will be in line with the Danish ones.

You will see an increased margin quarter-over-quarter in Switzerland.

All right, thank you. Maybe some additional color on the third market.

It is now between Austria and Ireland. What will be the main swing factors in terms of deciding the new third market?

I think there's there will be two things. We are looking at what kind of management can you get in the two different markets.

Management having a strong local management is super, super important for that, for us. We both see the the two market as being very attractive, but also very different.

When you look at the Austrian market, there's been hardly any consolidation happening in that market. The the Austrian market very much looks as the Danish market when we started up in 2022.

Hardly any consolidators, a lot of companies that are looking for for for succession and so on. That's the Austrian market.

The Swiss well, the Irish market, there you're really seeing a market booming. There the consolidation is starting, but you have a really, really strong underlying growth in that market.

Also a strong population growth of almost 2% in in the Irish market. It's a little bit also if do you want to go into a market that looks very much like the the Danish three years ago, or do you prefer to go into this very, very strong growth market and have more competition from other compounders?

It will be a part of the management, what what kind of management can we have, and and then a final decision on whether we would like the one kind of market or the other. Overall, super interesting market, both of them.

All right. Thank you, that was all for me.

Yeah.

Thank you all for attending this meeting today. We are looking very much forward to meet you all again already on our Q3 announcement later this year.

Thank you very much.