Nasdaq CopenhagenIFRS · DKK

InstallatørGruppen A/S

InstallatørGruppen A/S is a Danish technical installation group based in Roskilde that combines a portfolio of local operating companies under one consolidated platform. Its businesses provide electrical, plumbing, heating, ventilation and related building-services work across Denmark, with a smaller presence in Switzerland through acquired subsidiaries.

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Revenue3,705m DKK
Operating profit (EBIT)185m DKK
EBIT margin5.0%
Net income75.0m DKK
Free cash flow397m DKK

Fiscal year 2025 · change from previous year

Development 2025–2025

01,0002,0003,0004,000m DKK2025: 3,705 m DKK2025: EBIT 185 m DKK20253,705185
RevenueOperating profit (EBIT)
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Business

Share of revenue
Electrical installation30 %

Installation, service and maintenance work for electrical systems in buildings and facilities.

Plumbing and sanitary20 %

Plumbing, water and sanitary installation work for residential and commercial properties.

Heating and ventilation20 %

Heating, ventilation and climate-control installation and related service work.

Other building services10 %

Additional technical installation disciplines and cross-trade building services.

Acquisition platform services20 %

Group-level integration, support and ownership platform for portfolio companies.

Customers

The company serves customers that need technical installation work for buildings and infrastructure, with demand coming from both recurring service work and project-based installations. Its portfolio companies sell to local clients in Denmark and Switzerland, including owners, developers and businesses that need electrical and other building-services trades. The group model is designed to keep customer relationships local while using central support for financing, M&A and integration.

Residential and property owners

Buy installation, repair and maintenance services for homes and buildings, especially electrical, plumbing and heating work.

Commercial and institutional clients

Buy technical installation and service work for workplaces, facilities and larger building assets.

Construction and renovation projects

Buy trade installation packages tied to new builds, refurbishments and fit-outs.

Local regional customers

Buy from portfolio companies that have established local market positions and customer relationships.

Strategy

InstallatørGruppen's strategy is built around acquiring quality technical installation companies and integrating them into a shared platform while preserving local entrepreneurial cultures. The group is also broadening its footprint beyond Denmark, with Switzerland already established and another market under consideration, which supports scale, diversification and a larger acquisition base. Its platform model relies on disciplined acquisition sourcing, reinvestment by selling owners and group-level support to improve operating capability.

Continue buy-and-build acquisition programShort term

Fragmented installation markets create room to add scale and local market coverage through acquisitions.

Integrate acquired businesses into the platformShort term

Integration supports operational consistency, financing efficiency and cross-discipline collaboration across trades.

Expand into additional European marketsMedium term

New country presence can increase the acquisition universe and reduce reliance on a single market.

Geography

InstallatørGruppen's core market is Denmark, where 42 portfolio companies operated as of 30 June 2026 and covered multiple technical installation disciplines. Switzerland is the second operating market, with five portfolio companies focused primarily on electrical installation, while the group has also indicated plans to expand into another country in 2027. Geography matters because the business depends on locally rooted trade businesses, country-specific regulation and access to fragmented installation markets.

Risks

The business is exposed to acquisition execution risk because its model depends on finding attractive local installation companies and integrating them without disrupting operations or customer relationships. It also faces typical construction and technical-services risks such as labour availability, local competition, project timing and exposure to economic cycles in building activity. As the platform expands across countries, cross-border integration, valuation of earn-outs and retained management incentives become additional sources of complexity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Acquisition execution risk1Labour and capacity constraints2Contingent consideration valuation3Cyclical construction demand4Cross-border expansion risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Acquisition execution riskImpact: HighLikelihood: High

    Growth depends on buying quality technical installation companies and integrating them successfully.

    ExposureDeal sourcingValuationIntegrationRetention of local management
  2. Labour and capacity constraintsImpact: HighLikelihood: High

    Installation businesses rely on skilled technicians and local capacity to complete work on time.

    ExposureElectricalPlumbingHeatingVentilation trades
  3. Contingent consideration valuationImpact: MediumLikelihood: High

    Earn-outs and deferred payments depend on future EBITDA and discount rates.

    Exposure: Level 3 fair value estimates on acquisition liabilities

  4. Cyclical construction demandImpact: MediumLikelihood: Medium

    A meaningful part of demand is tied to new build, renovation and project timing.

    ExposureResidentialCommercialInstitutional installation work
  5. Cross-border expansion riskImpact: MediumLikelihood: Medium

    Entering new countries requires local regulatory, operational and cultural adaptation.

    ExposureDenmarkSwitzerlandPlanned new markets
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Accounting

Judgemental items
Purchase price allocation

Goodwill reflects the value of local market position and expected synergies from acquisitions.

Impact: Can materially affect balance sheet size and future impairment risk

Contingent consideration

Earn-out liabilities are valued using unobservable inputs such as future cash flows and discount rates.

Impact: Changes in assumptions can move reported liabilities and P&L remeasurements

Acquisition accounting

Recently acquired entities are consolidated and individually immaterial transactions are aggregated.

Impact: Affects revenue and earnings comparability period to period

Share structure and capital increases

The company uses capital increases and previously had multiple share classes.

Impact: Influences equity presentation and per-share analysis

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Last updated: 24/10/2026

InstallatørGruppen A/S (XCSE) – Financial Analysis & Key Metrics – Clarifo