ISS A/S Earnings Recaps
Q2 2026
Aug 13, 2026
Shares rose 5.6% following ISS’s H1 2026 results, driven by strong organic growth, improved margins, and a positive settlement and contract extension with Deutsche Telekom that enhanced business visibility.
Key takeaways
- Delivered organic growth of 8.9% in Q2, with stable like-for-like growth of 2% for the third quarter running.
- Operating margin improved to 4.6%, benefiting from operational improvements and a better run rate on the Deutsche Telekom contract.
- Free cash flow reached DKK 600 million, helped by improved operations, seasonal working capital effects, and a one-time DKK 600 million payment from Deutsche Telekom.
- Retention rate increased to 95%, showing progress in customer relationship quality.
- Signed 13 contract changes year-to-date, with 10 positive, supporting commercial discipline and revenue quality.