INSTALNasdaq StockholmIndustrialsIFRS · SEK

Instalco

Instalco is a Swedish company specializing in multidisciplinary installation services across the Nordics. It operates a decentralized model with strong local units supported by a streamlined central organization. The company focuses on heating, plumbing, electrical, ventilation, and industrial installations, as well as tech and consulting services. Instalco leverages its local presence and joint functions to deliver tailored solutions and cross-selling opportunities to its clients.

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Revenue13.6bn SEK
−0.7 %y/y
Operating profit (EBIT)4,887m SEK
+608.3 %y/y
EBIT margin35.9%
+30.9 ppy/y
Net income376m SEK
+3.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

051015bn SEK2021: 8.9 bn SEK2021: EBIT 0.72 bn SEK20212022: 12.1 bn SEK2022: EBIT 0.78 bn SEK20222023: 14.3 bn SEK2023: EBIT 0.90 bn SEK20232024: 13.7 bn SEK2024: EBIT 0.69 bn SEK20242025: 13.6 bn SEK2025: EBIT 4.9 bn SEK2025TTM 2026: 14.6 bn SEKTTM14.6
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Heating & Plumbing28 %

Includes installation and maintenance of heating and plumbing systems.

Electrical33 %

Covers electrical installations and maintenance services.

Ventilation15 %

Involves installation and servicing of ventilation systems.

Industry19 %

Focuses on industrial installation projects.

Tech & Consulting5 %

Provides technical consulting and related services.

Customers

Instalco serves a diverse range of customers primarily in the Nordic region. Its clientele includes construction companies, industrial firms, and public sector entities that require comprehensive installation services. The company's decentralized model allows it to maintain close relationships with local clients, ensuring tailored solutions that meet specific needs. Instalco's multidisciplinary approach enables it to offer cross-selling opportunities, enhancing value for its customers.

Construction Companies

Purchase comprehensive installation services for building projects.

Industrial Firms

Require specialized installations for industrial applications.

Public Sector

Need reliable infrastructure solutions for public projects.

Strategy

Instalco's strategic priorities focus on enhancing operational efficiency and expanding its market presence through acquisitions. The company aims to strengthen its financial foundation and improve profitability by optimizing its decentralized model. Instalco is also committed to sustainability and talent development, ensuring long-term value creation. The Instalco 2.0 program reflects its ambition to drive performance improvements across the organization.

Operational EfficiencyMedium term

To optimize the decentralized model and improve profitability.

Market ExpansionLong term

To increase market presence through acquisitions.

Geography

Instalco operates primarily in the Nordic countries, with Sweden being its largest market, accounting for 71% of sales. The rest of the Nordics, including Norway and Finland, contribute the remaining 29%. This geographic focus allows Instalco to leverage local expertise and maintain strong client relationships. The company's decentralized structure supports its ability to adapt to regional market conditions and capitalize on local opportunities.

Risks

Instalco faces several business and financial risks, including market volatility and economic downturns in the Nordic region. The decentralized model, while advantageous, may lead to challenges in maintaining consistent service quality across units. Financial risks include fluctuations in working capital and potential goodwill impairments from acquisitions. Industry-specific risks involve regulatory changes and competitive pressures in the installation services market.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Goodwill Impairment1Market Volatility2
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. Goodwill ImpairmentImpact: HighLikelihood: High

    Acquisitions may not perform as expected, leading to impairments.

  2. Market VolatilityImpact: HighLikelihood: Medium

    Economic fluctuations in the Nordic region can impact demand.

  3. Service Quality ConsistencyImpact: Medium

    Decentralized model may lead to inconsistent service delivery.

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Accounting

Judgemental items
Revenue Recognition

Percentage of completion method leads to seasonal revenue fluctuations.

Goodwill Impairment

Acquisitions may not meet performance expectations, leading to impairments.

Lease Accounting

IFRS 16 impacts interest expenses and financial reporting.

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Last updated: 24/09/2026