Interim report January – June 2021

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Strong growth and high rate of acquisition

April – June 2021

  • Net sales increased by 33.9 percent to SEK 2,311 (1,725) million. Organic growth, adjusted for currency effects, was 12.0 (2.3) percent.
  • EBIT increased to SEK 197 (154) million, which corresponds to an EBIT margin of 8.5 (8.9) percent.
  • Cash flow from operating activities for the period was SEK 104 (190) million.
  • Ten acquisitions were made during the quarter, which, on an annual basis, contribute an estimated total sales of SEK 318 million.
  • Earnings per share for the period amounted to SEK 2.90 (2.38).

January – June 2021

  • Net sales increased by 25.0 percent to SEK 4,253 (3,401) million. Organic growth, adjusted for currency effects, was 5.3 (7.6) percent.
  • EBIT increased to SEK 347 (274) million, which corresponds to an EBIT margin of 8.2 (8.1) percent.
  • Cash flow from operating activities for the period was SEK 269 (321) million.
  • A total of 15 acquisitions were made during the period, which on an annual basis contribute an estimated total sales of SEK 576 million.
  • Earnings per share for the period amounted to SEK 4.97 (4.03).

Comments from CEO Per Sjöstrand:

Sales in the second quarter were SEK 2,311 (1,725) million, which corresponds to a growth rate of 33.9 percent. Adjusted EBITA for the first quarter was SEK 195 (150) million, which corresponds to an adjusted EBITA margin of 8.4 (8.7) percent. Order backlog has remained strong and at the end of the quarter, it amounted to SEK 6,610 (6,006) million, which corresponds to an increase of 10.1 percent.

Instalco has continued delivering high profitability and robust growth for the first half of the year. This, despite the fact that Instalco and the construction & installation sector as a whole is now more intensely experiencing the effects of the pandemic, at a later stage than many other industries.

Despite relatively difficult external circumstances during the quarter, Instalco once again delivered very strong quarterly results, which I am extremely proud of. All of it demonstrates the strength of our business model. We have a positive outlook for the full year, with a steady return to a more normal society after the pandemic.

Broader geographic and operational scope
The second quarter has been busy with acquisitions, in a range of categories. For example, we are now established in Blekinge, where we have not previously been represented, in conjunction with the acquisition of El-installationer i Karlshamn and Lampans Elinstallationer in Karlskrona. One example of an add-on acquisition is by the Instalco subsidiary Henningsons El in Falun, which has expanded into the power and industrial area via the acquisition of Industriprodukter i Söderhamn.

We continue searching for, and identifying, new, exciting disciplines that complement our ordinary operations. One example is the acquisition of Nihlén Elmontage  in Gothenburg, which is specialized in the installation and operation of street lighting, which is an area with great potential.

Among the major new projects worth mentioning is the expansion of the T-bana system in Stockholm. Rörgruppen, Ohmegi and Intec have been engaged by NCC and Region Stockholm in a partnering project to expand the Högdalen depot, which will serve the higher volume of subway trains.

Challenges and opportunities
The installation sector is facing a variety of challenges, but there are also many exciting opportunities. Prices have risen for raw materials, primarily copper and steel. We have our focus on that and measures in place to compensate for it. There is also a risk of a cement shortage in Sweden, which could impact us, as well as higher absenteeism due to the pandemic, all of which is having an impact on our sector. Despite that, there are enormous opportunities in a variety of areas, such as society’s transition to a “green” economy, energy-efficiency projects, investments, renovation and modernization efforts, automation of the industrial and housing sector and much more, which, going forward, will continue to impact our sector favourably.

We started Instalco in 2014 with the vision of becoming the leading company in the Nordic region of electrical, heating & plumbing, ventilation and cooling installations. We are soon there. Seven years have gone by quickly and we have had an amazing journey so far. We now have more than one hundred subsidiaries working daily throughout the Nordic region. Throughout it all, we have delivered strong results and well-executed projects. We have also been influential in developing the industry by launching innovative ideas and actively contributing to a more environmental way of thinking and working. And, we have a modern leadership with incredibly many talented employees. Nevertheless, it still feels like it’s just the start of what we can accomplish.

I will now be moving into a new role, as Chairman of the Board for Instalco and am proud to be handing over a strong report to the market, along with a warm welcome to our new CEO, Robin Boheman. I wish him much success in developing the company further as we continue our journey. For me, as the company’s founder and departing CEO, it has been an honour to have held this role and, together will all our fantastic employees, help build this wonderful company.

Report presentation
Instalco’s CEO Per Sjöstrand will present the report in a conference call/audiocast today 25 August at 14.00 CET. Dial-ins for participants:

SE +46 8 566 427 07
UK: +44 333 300 92 71
US: +1 646 722 49 56

The presentation can also be followed at


This information is information that Instalco is required to disclose under the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was made public by the contact person listed below, on 25 August 2021 at 11:00 CET.

For further information:
Robin Boheman, CFO,
Fredrik Trahn, IR, +46-70-913 67 96


Instalco is one of the leading installation companies in the Nordic region, active in the areas of heating, plumbing, electricity, cooling, technical consulting and industrial solutions. We offer project planning, design, installation, service and maintenance of systems installed at properties and facilities throughout Sweden, Norway and Finland. The operations are conducted through approximately 95 leading and highly specialised local companies, with the support of a small central organisation. Instalco is listed at Nasdaq Stockholm under the ticker INSTAL. For further information, visit