Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
1 of 37
Interim report for 1 January – 30 June 2026
Continued improvement across all three KPIs in H1 2026
Highlights
Financial performance
• On 19 May 2026, ISS and Deutsche Telekom AG (DTAG) announced a settlement agreement and extension of
partnership until the end of 2035.
• Organic growth was 8.9% in Q2 2026 (Q2 2025: 3.8%), and 8.2% in H1 2026 (H1 2025: 4.1%) mainly driven by
contract wins, volume growth with existing customers and projects and above-base work. Mobilisation
activities for new contracts starting in H1 2026 have been high - and successful - following the commercial
momentum in late 2025 and H1 2026. Based on the settlement agreement with DTAG, ISS has reassessed
revenue recognised in previous years, resulting in a one-off revenue adjustment with a meaningful impact on
H1 2026 organic growth, but an insignificant impact on organic growth for the full year.
•
Operating margin before other items (excl. IAS 29) improved to 4.6% in H1 2026 (H1 2025: 4.2%) due to
continued robust operational performance across the Group, supported by the settlement with DTAG leading
to an underlying annual contractual improvement of 10–15 basis points at Group level.
• Free cash flow improved to DKK 0.6 billion in H1 2026 (H1 2025: DKK (0.5) billion) mainly driven by improved
operating profit and changes in working capital, partly due to the settlement with DTAG.
Business update
•
Strategic execution progressed according to plan, with a strengthened commercial focus that enabled ISS
to secure three new contracts with revenue above DKK 100 million annually.
•
Our continued strategic focus on extension of customer contracts up for renewal secured a retention rate
of 95% (LTM) and extension of 14 large key account contracts (up until 10 August 2026) of which six included
significant scope expansions. Three large key account contracts expired and were not renewed.
•
On 1 May 2026, ISS announced the acquisition of 39.9% of shares in ISS Türkiye from the minority
shareholder Actera. ISS has thereby increased its ownership of ISS Türkiye from 50.1% to 90.0%.
•
On 29 June 2026, ISS acquired Tomagruppen AS with activities in both Norway and Denmark adding an
estimated annual revenue of DKK 1.8 billion to Group revenue.
Capital distribution and outlook
•
On 6 May 2026, ISS issued a 5-year bond with a principal value of EUR 750 million under the Group’s EMTN
programme, primarily used to repay matured bonds. On 20 July 2026, Moody’s reconfirmed ISS’ credit rating.
•
On 7 August 2026, ISS concluded the first DKK 1,250 million tranche of its 2026 share buyback programme.
The second tranche has been increased by DKK 600 million bringing the total programme to DKK 3.1 billion.
• The 2026 outlook is unchanged from the upgrade on 19 May 2026 for all three financial KPIs; organic growth
of above 6% (previously above 5%), operating margin around 5.25% (previously above 5.0%) and free cash
flow above DKK 3.1 billion (previously above DKK 2.5 billion).
Kasper Fangel Group CEO, ISS A/S, says:
“Our strong results for the first half of 2026 reflect the continued strength of our operational execution and the
dedicated efforts of more than 330,000 colleagues across our global organisation. We delivered improvements in
all three of our financial KPI’s and increased revenue by DKK 3 billion, compared with the same period last year.
I’m also pleased that we reached a forward-looking agreement with Deutsche Telekom and welcomed more than
4,000 new colleagues through our bolt-on acquisition of Norwegian Tomagruppen. Our business progress makes
me very excited about the future and the long-term value ISS will continue to create for our customers, employees
and shareholders.”
Financial overview
Q1 2026
Q2 2026
H1 2026
H1 2025
DKK million (unless otherwise stated)
Revenue
21,935
22,767
44,702
41,613
Organic growth, %
7.4
8.9
8.2
4.1
Operating profit before other items
2,027
1,688
Operating profit before other items, excl. IAS 29
2,057
1,736
Operating margin (before other items), %
4.5
4.1
Operating margin (before other items), %, excl. IAS 29
4.6
4.2
Free cash flow
568
(542)
Free cash flow, excl. IAS 29
562
(558)
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
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Key figures and financial ratios
Financials
H1 2026
H1 2025
2025
(DKKm, unless otherwise stated)
Revenue, excl. IAS 29
44,533
41,821
84,703
Revenue
44,702
41,613
84,684
Operating profit before other items, excl. IAS 29
2,057
1,736
4,237
Operating profit before other items
2,027
1,688
4,169
Operating
profit
1,912
1,580
3,950
EBITDA before other items
2,817
2,453
5,724
EBITDA
2,762
2,393
5,601
Pro forma adjusted EBITDA, LTM
6,295
5,726
5,779
Finance costs, net
(364)
(296)
(661)
Net
profit
1,192
995
2,613
Net profit (adjusted)
1,306
1,088
2,820
Cash flow
Cash flow from operating activities
1,301
135
3,989
Acquisition of intangible assets, property and equipment, net
(307)
(309)
(651)
Free
cash
flow,
excl.
IAS
29
562
(558)
2,650
Free cash flow
568
(542)
2,653
Financial position
Total assets
49,928
51,084
45,601
Goodwill
21,524
19,930
20,373
Additions to property and equipment and right-of-use assets
623
575
1,198
Equity
9,282
10,395
10,540
Net
debt
15,835
14,140
13,227
Shares (Number '000)
Shares issued
160,000
174,200
174,200
Treasury shares
3,490
4,991
12,767
Average shares (basic)
157,814
171,192
167,285
Average shares (diluted)
159,000
172,214
168,868
Ratios
Financial ratios (%, unless otherwise stated)
Organic growth
8.2
4.1
4.3
Acquisitions/divestments, net
0.8
0.9
0.7
Currency adjustments
(1.6)
(2.7)
(3.9)
Total revenue growth
7.4
2.3
1.1
Operating margin, excl. IAS 29
4.6
4.2
5.0
Operating
margin
4.5
4.1
4.9
Cash conversion
28.0
(32.1)
63.6
Equity ratio
18.6
20.3
23.1
Net debt/Pro forma adjusted EBITDA
2.5x
2.5x
2.3x
Share ratios (DKK)
Earnings per share (EPS)
7.6
5.9
15.6
Diluted EPS
7.5
5.9
15.4
Non-financials
Social data
Full-time, %
78
79
78
Number of employees (end of period)
334,267
318,105
326,528
Definitions, see Annual Report 2025, 8.5 Definitions
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
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Business update
In the first six months of 2026, ISS continued the
country implementation of the three strategic
priorities. The strategic programmes developed
according to plan supporting underlying revenue
growth. An update of the status of the strategy
implementation will be presented on the capital
markets day 14 September 2026.
Operationally, the business developed as expected
in the first six months of 2026 as we continued to
successfully manage wage inflation by implementing
price increases across the customer base.
Mobilisation activities were high following the
commercial momentum in the late part of 2025 and
successful start-up of contracts in Q4 2025 and Q1
2026.
Acquisitions and divestments
On 2 February 2026, ISS acquired Cater Plus Services
in New Zealand, a cleaning and food service provider
adding an estimated annual revenue of around DKK
0.2 billion and more than 750 employees.
On 1 May 2026, ISS announced the acquisition of
39.9% of shares in ISS Türkiye from the minority
shareholder Actera. ISS has thereby increased its
ownership from 50.1% to 90.0% in ISS Türkiye.
Management continues to own the remaining 10.0%
of shares.
On 29 June 2026, ISS completed the acquisition of
Tomagruppen AS, a Norwegian-based facility
services company with activities in both Norway and
Denmark, the vast majority being in Norway. The
bolt-on acquisition has a strong strategic fit and
provides significant synergies. The estimated annual
revenue is DKK 1.8 billion with around 4,500
employees.
Finally, in the first six months of 2026, ISS divested
two minor non-core businesses with total annual
revenue of less than DKK 0.2 billion.
Geopolitical uncertainties
In the first six months of 2026, macroeconomic and
geopolitical uncertainties remained high with added
uncertainty from the situation in the Middle East.
While ISS’ business activities in the region are
insignificant in terms of financial impact, the safety
of our placemakers, partners and customer sites
remain our highest priority. In terms of volatile fuel
prices, being a provider of service and given our
price adjustment mechanisms in customer
contracts, ISS is less exposed compared to many
other industries. We continue to monitor the
development closely.
Deutsche Telekom
On 19 May 2026, ISS announced that it had reached
a settlement agreement resolving the contractual
disagreements with Deutsche Telekom AG (DTAG)
referenced in the 2025 Annual Report.
The agreement marks a positive resolution of the
past dispute between the parties and reflects a
shared commitment to moving forward through a
strengthened partnership. As part of the renewed
collaboration and long-term commitment, the
parties agreed to extend and amend the existing
contract until the end of 2035.
As previously communicated, DTAG has withheld
certain payments related to services performed by
ISS. Following the agreement, DTAG has paid these
amounts, and the parties have established clarity on
contractual positions, both historically and going
forward. Based on the agreement, ISS has
reassessed revenue recognised in previous years,
resulting in a one-off revenue adjustment with a
meaningful impact on organic growth in H1 2026
but an insignificant impact on organic growth for the
full year 2026. The settlement is expected to lead to
underlying annual contractual margin improvement
of 10-15 basis points at Group level.
Hong Kong
As previously disclosed, on 26 November 2025,
Wang Fuk Court, a residential estate in Hong Kong,
was hit by a devastating fire. ISS continues to
express its deepest condolences to the victims of the
Wang Fuk Court fire, their families, the people of
Hong Kong, and everyone who has been injured or
otherwise affected by the terrible incident.
ISS, through its subsidiary ISS EastPoint Properties
Limited (ISS EPPL), was contracted by the owners’
association of Wang Fuk Court as property manager
until 31 December 2025 but was not involved in the
major renovation project ongoing at the time of fire.
An independent committee, appointed by the
Government of the Hong Kong Special
Administrative Region of the People’s Republic of
China, has initiated a thorough review of the incident
and the parties involved, and is expected to deliver
its report by Q4 2026. ISS EPPL is cooperating fully
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
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with the committee. At this point it is too early to
speculate on the outcome of the committee’s
findings, but should any responsibility ultimately be
attached to ISS EPPL, it is the assessment that
appropriate and sufficient insurance cover is in
place. We refer to the Annual Report 2025, page 35
for a full description.
Share buyback programme
2025 programme
On 13 February 2026, ISS completed the share
buyback programme launched in 2025 as shares for
a total consideration of DKK 3.0 billion had been
repurchased.
2026 programme
On 7 August 2026, ISS completed the first tranche of
the DKK 2.5 billion programme as 4,920,250 shares
had been acquired for a total consideration of DKK
1,250 million. On 19 May 2026, ISS announced an
increase of the second tranche by DKK 600 million to
amount to DKK 1,850 million and taking the total
value of the programme to DKK 3.1 billion to
complete 22 February 2027 at the latest.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
5 of 37
Group Performance
Q2 2026
Revenue
Group revenue in Q2 2026 was DKK 22.8 billion, an
increase of 10.1% compared with the same period
last year. Organic growth was 8.9% (Q2 2025: 3.8%),
acquisitions and divestments, net increased revenue
by 0.8%, while currency effects were negative with
0.9% and the net impact from hyperinflation
restatement in Türkiye (IAS 29) were positive with
1.3%.
Organic growth was driven by price increases
implemented across the Group, net new contract
wins, volume growth and a one-off revenue
adjustment from the settlement with DTAG.
Price increases contributed around 4%-points, of
which around half came from Türkiye.
Volume growth was driven by a combination of
increased activity levels at customer sites and
expansion of contracts with existing customers and
contributed around 1%-point to organic growth.
In the second quarter, the contribution from net new
contract wins was around 1%-point, as a result of
contracts won in Central & Southern Europe and
Asia & Pacific, partly offset by deliberate contract
exits in Americas.
Revenue from projects and above-base work
accounted for 18% of Group revenue (Q2 2025: 16%)
and grew organically by around 20% mainly as a
result of projects related to customers’
refurbishment programmes and other smaller
above-base work and one-off revenue adjustment
from the settlement with DTAG.
All regions contributed to the positive organic
growth. Central & Southern Europe showed the
highest organic growth, mainly due to price
increases in Türkiye, projects and above-base work
and one-off revenue adjustment in Germany. In
Northern Europe, growth was positively impacted by
the start-up of DWP in the UK and Velux in Denmark,
both started in Q4 2025, and COWI in Denmark,
which started in Q1 2026. Asia & Pacific was mainly
supported by robust growth in Australia, India and
Singapore. In Americas, growth was positive mainly
due to Mexico which reported solid growth offset by
Chile, whereas the US was largely flat.
Revenue and growth
DKK million (unless otherwise stated)
Q2 2026
Q2 2025
Organic
growth
Acq./
div.
Currency &
other adj.
Revenue
Growth
Northern Europe
8,332
8,002
4%
-
0%
4%
Central & Southern Europe
8,325
7,144
18%
2%
(3)%
17%
Asia & Pacific
3,855
3,586
6%
1%
1%
8%
Americas
1,939
1,917
1%
-
0%
1%
Other countries
239
205
15%
-
2%
17%
Corporate / eliminations
(19)
(18)
-
-
-
-
Group, excl. IAS 29
22,671
20,836
8.9%
0.8%
(0.9)%
8.8%
Group
1)
22,767
20,683
8.9%
0.8%
0.4%
10.1%
1)
The net impact from hyperinflation restatement in Türkiye (IAS 29) was 1.3% on Group-level, that has been included in Currency & other adj.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
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H1 2026
Revenue
Group revenue in the first six months of 2026 was
DKK 44.7 billion, an increase of 7.4% compared with
the same period last year. Organic growth was 8.2%,
acquisitions and divestments, net were positive by
0.8%, whereas currency effects were negative with
2.5% and the net impact from hyperinflation
restatement in Türkiye (IAS 29) were positive with
0.9%.
Organic growth was 8.2% in the first half of 2026 (H1
2025: 4.1%), primarily driven by price increases and
an increased level of projects and above-base work,
including the one-off revenue adjustment from the
settlement with DTAG, as well as new wins and
volume increases from 2025.
ISS continued to implement price increases across
the Group in line with contractual agreements to
mitigate the effects of wage increases and general
cost inflation. This had a positive effect on organic
growth of around 4%-points of which around half
related to Türkiye.
Volume growth contributed around 1%-point to
organic growth primarily driven by increased activity
levels at customer sites, mainly in Americas and Asia
& Pacific.
Net contract wins were positive by around 1%-point,
driven by positive development in H1 2026 in all
regions except Americas due to certain deliberate
contract exits during 2025.
Projects and above-base work accounted for 17% of
Group revenue (H1 2025: 16%) and grew organically
by around 15% in H1 2026. Growth was mainly
related to customers’ refurbishment programmes
and other above-base work, especially in Northern
Europe and Central & Southern Europe, and one-off
revenue adjustment from the settlement with DTAG.
Key account customers accounted for 70% of Group
revenue (H1 2025: 70%).
All regions, except Americas who had neutral
organic growth, contributed to the positive organic
growth. Central & Southern Europe reported the
highest organic growth, mainly due to price
increases in Türkiye, solid growth in Spain and
projects and above-base work and one-off revenue
adjustment from the settlement with DTAG. Asia &
Pacific was mainly supported by solid growth in
Australia, India and Singapore. In Northern Europe,
growth was positively impacted by the start-up of
DWP in the UK and Velux in Denmark, both started
in Q4 2025, and COWI in Denmark, which started in
Q1 2026.
Revenue and growth
DKK million (unless otherwise stated)
H1 2026
H1 2025
Organic
growth
Acq./
div.
Currency &
other adj.
Revenue
Growth
Northern Europe
16,729
15,852
6%
-
(0)%
6%
Central & Southern Europe
16,017
14,377
14%
2%
(5)%
11%
Asia & Pacific
7,550
7,267
6%
1%
(3)%
4%
Americas
3,820
3,973
(0)%
-
(4)%
(4)%
Other countries
448
392
14%
-
0%
14%
Corporate / eliminations
(31)
(40)
-
-
-
-
Group, excl. IAS 29
44,533
41,821
8.2%
0.8%
(2.5)%
6.5%
Group
1)
44,702
41,613
8.2%
0.8%
(1.6)%
7.4%
1)
The net impact from hyperinflation restatement in Türkiye (IAS 29) was 0.9% on Group-level, that has been included in Currency & other adj.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
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Operating results
Operating profit before other items was DKK 2,027
million (H1 2025: DKK 1,688 million) and operating
margin was 4.5% (H1 2025: 4.1%). Excluding the
effect from IAS 29 (Türkiye hyperinflation) operating
profit before other items amounted to DKK 2,057
million (H1 2025: DKK 1,736 million) corresponding
to an operating margin of 4.6% (H1 2025: 4.2%).
The increase in operating margin in the first half of
2026 was mainly a result of continued operational
improvements and efficiencies realised across the
Group and further supported by the impact from the
one-off revenue adjustment from the settlement
with DTAG. The margin increase related to the latter
is expected to be reduced in the second half of 2026
due to commitments to invest further in the contract
and partnership with DTAG while still leading to an
underlying annual contractual margin improvement
of 10-15 basis points at Group level.
In the UK, operational and financial improvements
continued in the first half of 2026, and thus
contributed to the Group’s margin enhancement.
From a regional perspective, the margin
enhancement was supported by Central & Southern
Europe, driven by generally robust developments,
most significantly in Spain, Austria and Germany and
supported by a one-off impact from the settlement
with DTAG. In Northern Europe, margin increased as
a result of operational improvements in general
offset by increased transition cost. In Asia & Pacific,
margin decreased slightly as H1 2026 had costs
related to legal fees in Hong Kong, whereas the rest
of the business developed according to
expectations. The margin in Americas was negatively
impacted by specific commercial investments and by
the exit of certain contracts in Chile, leading to
increased one-off costs.
Corporate costs amounted to DKK 464 million (H1
2025: DKK 460 million) corresponding to 1.0% of
Group revenue (H1 2025: 1.1%). The slight decrease
relative to revenue reflected operating scale benefits
and efficiencies achieved as a result of the Group’s
strategic initiatives.
Finance income and costs, net was DKK 364 million
(H1 2025: DKK 296 million) including a monetary
gain of DKK 53 million relating to hyperinflation
restatement in Türkiye (IAS 29). Excluding the impact
from IAS 29, finance costs was, net of DKK 417
million (H1 2025: DKK 351 million). The increase was
largely due to increased interest expenses on
borrowings stemming from increased interest rates
compared to H1 2025 and a higher absolute debt
level.
The effective tax rate in H1 2026 was 23.0% (H1
2025: 22.5%) and 21.9% (H1 2025: 21.6%) when
excluding for the impact of IAS 29. The effective tax
rate was negatively impacted by higher-than-
expected income in certain countries, and the
impact from hyperinflation adjustments in Türkiye
impacted negatively.
Net profit was DKK 1,192 million (H1 2025: DKK 995
million).
Operating profit before other items
(DKKm)
H1 2026
H1 2025
Northern Europe
814
4.9%
774
4.9%
Central & Southern Europe
1,153
7.2%
802
5.6%
Asia & Pacific
478
6.3%
484
6.7%
Americas
53
1.4%
111
2.8%
Other countries
23
5.1%
25
6.4%
Corporate / eliminations
(464) -
(460) -
Group, excl. IAS 29
2,057
4.6%
1,736
4.2%
Group
2,027
4.5%
1,688
4.1%
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
8 of 37
Commercial development
The customer-centric growth initiative accelerated in
2025, and momentum continued in the first six
months of 2026, driven by a strengthened
commercial culture and a continued focus on
targeting selected segments with tailored offerings
designed to meet specific customer needs.
The positive commercial trend continued in the first
six months of 2026, evidenced by ISS securing new
contracts as well as extending and expanding
several existing partnerships.
In the first six months of 2026, ISS secured three
new contracts with large key account customers in
the UK. Furthermore, we extended 14 large key
account contracts (up until 10 August 2026), of which
six included significant scope expansions.
Consequently, the customer retention rate was
maintained at 95% (LTM) in the quarter.
The commercial pipeline for integrated facility
services solutions remains attractive and is mainly
driven by local and regional opportunities.
Three large key account contracts expired in H1
2026 (up until 10 August 2026) and was not renewed
as previously communicated.
January - June 2026
Major key account developments
1)
Countries
Segment
Term
Service
Commencement
Wins
Bank of England
UK
Financial services
4 years
Q2 2026
West Sussex County Council
UK
Education
7 years
Q3 2026
Public administration Customer
UK
Public Administration
5 years
Q4 2026
Extensions
Transportation
Customer
Switzerland
Transportation & Infrastructure
6 years
Q1 2026
Nestlé
Australia
Food and Beverage
2 years
Q2 2026
Retail Customer
Norway
Retail and Wholesale
2 years
Q2 2026
Public administration Customer
Sweden
Public Administration
4 years
Q3 2026
Healthcare Customer
Asia
Healthcare
3 years
Q3 2026
The Danish Building and Property Agency
Denmark
Public Administration
5 years
Q4 2026
Manufacturing
Customer
Europe
Industry and Manufactoring
3 years
Q1 2027
Technology Customer
Global
Business Services & IT
2 years
Q3 2027
Extensions, including expansions
Virgin Media O2
UK
Information and Communication
2 years
Q1 2026
Life Sciences & Pharmaceutical Customer
Switzerland
Healthcare
3 years
Q2 2026
Fulham Road Collaborative
UK
Healthcare
5 years
Q2 2026
Defence Organisation
Northern Europe
Public Administration
5+5 years
Q3 2026
Healthcare Customer
Central & Southern Europe
Healthcare
2 years
Q3 2026
Technology Customer
Global
Technology Customer
5 years
Q4 2026
Losses
Information and Communications Customer
UK
Business Services & IT
-
Q1 2026
Healthcare Customer
UK
Healthcare
-
Q3 2026
Healthcare Customer
Australia
Healthcare
-
Q4 2026
1)
Annual revenue above DKK 100 million.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
9 of 37
Free cash flow
Free cash flow in H1 2026 was DKK 568 million (H1
2025: DKK (542) million), an improvement of DKK
1,110 million compared with the same period last
year mainly due to increased operating profit before
other items and an improvement in changes in
working capital, partly as a result of amounts
previously withheld by DTAG being paid following
the settlement agreement.
Cash flow from operating activities in H1 2026
amounted to DKK 1,301 million (H1 2025: DKK 135
million), an improvement of DKK 1,166 million
compared with H1 2025 due to the increase in
operating profit before other items and less
negative changes in working capital.
Changes in working capital in H1 2026 was an
outflow of DKK 677 million (H1 2025: outflow of DKK
1,578 million). In line with normal seasonality,
changes in working capital were negative in the first
six months of the year. However, as a result of strong
collection efforts across the Group as well as
payment of previously withheld amounts following
the settlement with DTAG, the outflow was lower
compared with the same period last year.
Utilisation of factoring amounted to DKK 1.59 billion
(H1 2025: DKK 1.52 billion), which was at the same
level as year-end 2025.
Cash flow from investing activities in H1 2026
amounted to DKK (780) million (H1 2025: DKK (515)
million).
Acquisition of businesses amounted to DKK 421
million and related mainly to the acquisition of
Tomagruppen AS in Norway and Cater Plus Services
in New Zealand.
Investments in intangible assets and property and
equipment, net, was DKK 307 million (H1 2025: DKK
309 million), which represented 0.7% of Group
revenue (H1 2025: 0.7%) and reflected continued
strict investment discipline.
Cash flow from financing activities in H1 2026 was an
inflow of DKK 388 million (H1 2025: DKK 1,176
million).
Proceeds from the issued 5-year EMTN bond with a
principal value of EUR 750 million was DKK 5,524
million. The amount was primarily used to repay
matured bonds of DKK 3,737 million.
Proceeds from the Euro-Commercial Paper (ECP)
programme established in May 2025 amounted to
DKK 1,879 million.
Dividends paid to shareholders amounted to DKK
507 million (H1 2025: DKK 534 million).
Transactions with non-controlling interests was an
outflow of DKK 627 million reflecting the acquisition
of 39.9% of the shares in ISS Türkiye from the
previous owner Actera.
Purchase of own shares was an outflow of DKK 1,385
million (H1 2025: DKK 1,254 million) and related to
the Group’s share buyback programme.
Capital structure
In line with ISS’s capital allocation policy, our first
priority is to maintain an investment grade rating as
it is important from both a financial and commercial
perspective. To adhere to the investment grade
rating, ISS targets a net debt to pro-forma adjusted
EBITDA (LTM) of 2.0x-2.5x. ISS currently holds BBB /
Stable outlook by S&P Global and Baa2 / Stable
outlook by Moody’s.
On 30 June 2026, net debt amounted to DKK 15.8
billion, an increase of DKK 2.6 billion compared with
31 December 2025. The increase was driven by,
acquisitions and transactions with non-controlling
interests, dividends paid to shareholders and
execution of the share buyback programme, partly
offset by positive free cash flow in H1 2026. Despite
EBITDA growth, the higher net debt resulted in an
increase in financial leverage to 2.5x at 30 June 2026
based on pro forma EBITDA (LTM) compared with
2.3x at year-end 2025. The increased leverage at
half-year reflects normal seasonality, in line with
leverage of 2.5x at 30 June 2025.
On 6 May 2026, ISS issued a 5-year bond with a
principal amount of EUR 750 million and a coupon of
3.50%. The bond was issued under the Group’s EUR
3 billion European Medium Term Note (EMTN)
programme, which is listed on the Luxembourg
Stock Exchange. The net proceeds were used for
repayment of the Group's EUR 500 million EMTNs
maturing in June 2026 as well as for general
corporate purposes.
An additional EUR 600 million of EMTN bonds will
mature in August 2027. Over the next 12 months,
the Group will evaluate different financing options.
Except for this, and notes outstanding under the ECP
programme, ISS had no material short-term debt
maturities at 30 June 2026.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
10 of 37
Equity
At 30 June 2026, equity was DKK 9,282 million (31
December 2025: DKK 10,540 million), equivalent to
an equity ratio of 18.6% (31 December 2025: 23.1%).
The decrease in equity from year-end 2025 was
mainly a result of purchase of own shares of DKK
1,385 million, dividends paid to shareholders of DKK
507 million and transactions with non-controlling
interests DKK 980 million, partly offset by net profit
of DKK 1,192 million. Foreign currency adjustments
were positive DKK 155 million and hyperinflation (IAS
29) restatement of equity in Türkiye as of 1 January
2026 was DKK 245 million (1 January 2025: DKK 193
million).
On 16 April 2026, the Annual General Meeting
adopted the Board of Directors’ proposal to reduce
the Company’s share capital from 174,200,000 to
160,000,000 shares. The reduction was
implemented on 18 May 2026 by way of cancellation
of 14,200,000 own shares with an average price of
DKK 191.17 and amounting to a total value of DKK
2,715 million.
Events after the reporting period
No events have occurred subsequent to 30 June
2026, which are expected to have a material impact
on the Group's financial position.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
11 of 37
Regional Performance
Northern Europe
Q2 2026
Revenue amounted to
DKK 8,332 million,
which was an increase
of 4% compared with
the same period last
year. Organic growth
was 4% (Q2 2025: 1%),
currency effects were
net neutral, and the effect from acquisitions and
divestments, net, was neutral.
Organic growth was driven by price increases
implemented across the region and project and
above-base work, partly offset by slightly negative
volume growth and slightly net negative contract
wins. As a consequence, portfolio revenue grew
organically by 2% and projects and above-base work
both grew organically by 14%. The increase in
organic growth compared with Q2 2025 was largely
broad based, though most notably in the UK and
Denmark due to the contracts with DWP, COWI and
Velux.
H1 2026
Revenue amounted to DKK 16,729 million in the first
six months of 2026, which was an increase of 6%
compared with the same period last year. Organic
growth was 6% (H1 2025: 2%), currency effects and
acquisitions and divestments net was neutral.
Organic growth was primarily driven by the start-up
of DWP in the UK in Q4 2025. In addition, the start-
up of new contracts in Denmark, including COWI and
Velux, supported the organic growth. Lastly price
increases implemented across the region and
projects and above-base work impacted organic
growth positively. Organic growth in the region was
broad-based, though most notably in the UK and
Denmark due to the contracts with DWP, COWI and
Velux. Portfolio revenue grew organically by around
3% and revenue from projects and above-base work
grew by around 18% organically.
Operating profit before other items amounted to
DKK 814 million in H1 2026 (H1 2025: DKK 774
million) corresponding to an operating margin of
4.9% (H1 2025: 4.9%). During the first half of the
year, operational improvements and efficiencies
drove broad-based margin improvements across
the region, offset by increased transition costs due
to the high level of ongoing contract start-ups. In the
UK, operating margin continued to improve in line
with expectations.
Central & Southern Europe
Q2 2026
Revenue amounted
to DKK
8,325
million, which was
an increase of 17%
compared with the
same period last
year.
Organic
growth was 18%
(Q2 2025: 9%),
acquisitions
and
divestments net increased revenue by 2%, while
currency effects were negative with 3% and the net
impact from hyperinflation restatement in Türkiye
(IAS 29) were positive with around 3%.
Organic growth was predominately driven by
implemented price increases in Türkiye, projects and
above-base work, a robust development across the
region and lastly by the one-off revenue adjustment
from the settlement with DTAG. Portfolio revenue
grew 14% organically, while organic growth from
projects and above-base work was 36%.
H1 2026
Revenue amounted to DKK 16,017 million in the first
six months of 2026, which was an increase of 11%
compared with the same period last year. Organic
growth was 14% (H1 2025: 9%). Acquisitions and
divestments, net in Spain and Austria increased
revenue by 2%. Currency effects and the net impact
from hyperinflation restatement in Türkiye (IAS 29)
was negative with 5% and 3%, respectively.
Organic growth was primarily driven by Türkiye
where price increases were successfully passed on
to customers to offset the high level of wage
inflation, projects and above-base work, a robust
development across the region and lastly by the
one-off revenue adjustment from the settlement
with DTAG. Portfolio revenue grew by around 13%
organically, and revenue from projects and above-
base work showed organic growth of 22% driven by
increased demand for refurbishment projects,
projects and above-base work, and by the one-off
revenue adjustment from the settlement with DTAG.
Operating profit before other items excluding IAS 29
amounted to DKK 1,153 million in H1 2026 (H1 2025:
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
12 of 37
DKK 802 million) corresponding to an operating
margin of 7.2% (H1 2025: 5.6%). The margin
enhancement was driven by generally robust
development across the region and supported by
the one-off impact from the settlement with DTAG.
The margin increase related to the latter is expected
to be reduced in the second half of 2026 due to
commitments to invest further in the contract and
partnership with DTAG while still leading to an
underlying annual contractual margin improvement
of 10-15 basis points at Group level. Including the
effect of IAS 29, operating profit before other items
amounted to DKK 1,123 million, corresponding to an
operating margin of
6.9% (H1 2025:
5.3%).
Asia & Pacific
Q2 2026
Revenue amounted
to DKK 3,855 million,
which was an
increase of 8%
compared with the
same period last year. Organic growth was 6% (Q2
2025: 8%), while acquisitions and divestments and
currency effects increased revenue by 1%,
respectively. Organic growth was driven by net
contract wins, price increases implemented across
the region and volume growth from higher activity
levels at customer sites partly offset by slight
negative organic growth from projects and above-
base work.
H1 2026
Revenue amounted to DKK 7,550 million in the first
six months of 2026, which was an increase of 4%
compared with the same period last year. Organic
growth was 6% (H1 2025: 6%). The effect from
acquisitions and divestments, net increased revenue
by 1%, and currency effects impacted revenue
negatively by 3%.
Organic growth was driven by price increases, net
contract wins and volume growth from higher
activity levels at customer sites partly offset by slight
negative organic growth from projects and above-
base work. As a result, portfolio revenue grew
organically by 7%, whereas revenue from projects
and above-base work showed negative growth of 4%
organically. All countries except Hong Kong
reported robust organic growth.
Operating profit before other items amounted to
DKK 478 million in H1 2026 (H1 2025: DKK 484
million) corresponding to an operating margin of
6.3% (H1 2025: 6.7%). The development reflected
operational improvements and efficiencies being
executed across the region, partly offset by legal
fees in Hong Kong related to the public hearing
related to the devastating fire in Wang Fuk Court end
of 2025.
Americas
Q2 2026
Revenue amounted to
DKK 1,939 million,
which was an increase
of 1% compared with
the same period last
year. Organic growth
was 1% (Q2 2025:
negative 10%). The
effect from acquisitions
and divestments, and
currency effects were both net neutral. The positive
organic growth was primarily driven by net price
increases, growth from projects and above-base
work partly offset by contract exits in Chile in 2025
leading to slightly positive organic growth from
portfolio revenue. Revenue from projects and
above-base work, grew 10% organically.
H1 2026
Revenue amounted to DKK 3,820 million in the first
six months of 2026, which was a decrease of 4%
compared with the same period last year. Organic
growth was net neutral (H1 2025: negative 9%). The
effect from acquisitions and divestments, net was
neutral, while currency effects impacted revenue
negatively by 4%.
The neutral organic growth was primarily driven by
net price increases, positive volume growth with
existing customers, offset by contract exits primarily
in Chile in 2025 having full effect in the period as well
as volume reductions with existing customers. As a
result, portfolio revenue increased by 1%
organically.
Operating profit before other items amounted to
DKK 53 million in H1 2026 (H1 2025: DKK 111 million)
corresponding to an operating margin of 1.4% (H1
2025: 2.8%). The margin in Americas was negatively
impacted by specific commercial investments and by
the exit of certain contracts in Chile, leading to
increased one-off costs.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
13 of 37
Outlook
Outlook 2026
This section should be read in conjunction with
“Forward-looking statements” as shown in the table
on next page.
In H1 2026, organic growth developed better than
expected, driven by contract wins and volume
equalling a cash conversion of above 60%. However,
adjusted for DKK 0.2 billion in prepayments for
receivables paid in 2025 before due date in 2026 and
the payment by DTAG of previously withheld
amounts, the reported free cash flow is expected to
be above DKK 3.1 billion for 2026.
Outlook 2026
growth, price increases, projects and above-base
work and the one-off revenue adjustment from the
settlement with Deutsche Telekom (DTAG).
Operating margin and free cash flow also developed
ahead of expectations, leading ISS to update its
guidance on 19 May 2026. The 2026 outlook
announced on that date is confirmed for all three
financial KPIs.
Annual report
2025
1)
Based on operating profit before other items
2)
Underlying free cash flow: Above DKK 2.7 billion
3)
Underlying free cash flow: Above DKK 3.3 billion
Company Ann.
19 May 2026
Interim report
H1 2026
The outlook assumes that macroeconomic and
geopolitical uncertainties remain elevated, at the
same time making ISS’ business model more
relevant than ever. The execution of the OneISS
strategy through our updated strategic priorities
continues and will support the commercial growth
agenda, enable further cost efficiencies and ensure
continued high focus on driving shareholder value.
The outlook is excluding any effects of hyperinflation
(IAS 29).
Organic growth is expected to be above 6% for 2026
(2025: 4.3%). Growth will be driven by price increases
across the Group to offset cost inflation and protect
operating margins. In addition, positive volume
growth from increasing activity levels at customer
sites and contract expansions is expected, as well as
a positive contribution from net contract wins. The
impact from projects and above-base work is
expected to be positive.
Operating margin is expected to be around 5.25%
(2025: 5.0%). Across the Group, we expect to see
further operational improvements and efficiencies,
including scale benefits and a benefit from the
settlement with DTAG. The DTAG settlement is
leading to an annual contractual margin
improvement of 10-15 basis points at Group level.
Our focus is on increasing nominal operating profit
before other items and thereby driving increased
shareholder value.
Free cash flow is expected to be DKK 3.1 billion as
amounts previously withheld by DTAG have been
paid. The expectation continues to be based on an
underlying free cash flow of above DKK 2.7 billion,
Expected revenue impact from
acquisitions, divestments and foreign
exchange rates in 2026
Acquisitions and divestments completed by 31 July
2026 (including in 2025) are expected to have a
positive impact on revenue growth in 2026
1)
of 1.5%-
points (previously positive around 0.5%-point).
Based on the current exchange rates, a negative
impact on revenue growth of around 1%-point
2)
(previously negative around 1.5%-point) is expected
in 2026 from the development of foreign exchange
rates, excluding any effects of hyperinflation (IAS 29).
1)
As corrected 11 August 2026
2)
The forecasted average exchange rates for the financial year 2026
are calculated using the actual average exchange rates for the first
seven months of 2026 and the average forward exchange rates (as
of 10 August 2026) for the remaining five months of 2026.
Financial targets
At the Capital Markets Day in November 2022, new
financial targets were announced for organic
growth, operating margin and cash conversion.
From 2024 and beyond, ISS targets to deliver strong
growth at attractive and sustainable margins:
•
Organic growth of 4 – 6%
•
Operating margin above 5%
• Cash conversion above 60%
An update on financial targets will be presented at
the upcoming Capital Markets Day 14 September
2026.
Organic
growth
Above 5%
Above 6%
Above 6%
Operating margin
1)
Above 5%
Around 5.25%
Around 5.25%
Free cash flow
Above DKK 2.5 bn
2)
Above DKK 3.1 bn
3)
Above DKK 3.1 bn
3)
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
14 of 37
looking statements. ISS has based these statements
on its current views with respect to future events and
financial performance. These views involve risks and
Forward-looking statements
Although ISS believes that the estimates and
projections reflected in the forward-looking
statements are reasonable, they may prove
materially incorrect. Actual results may differ
materially. For example, as a result of risks related to
the facility service industry in general or to ISS in
particular, including those described in this report
and other information made available by ISS. As a
result, you should not rely on these forward-looking
statements. ISS undertakes no obligation to update
or revise any forward-looking statements, whether
as a result of new information, future events or
otherwise, except to the extent required by law.
The Annual Report for 2025 is available at the
Group’s website, www.issworld.com.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
15 of 37
Management statement
Copenhagen, 11 August 2026
The Board of Directors and the Executive Group
Management Board have today discussed and
approved the interim report of ISS A/S for the period
1 January – 30 June 2026.
The condensed consolidated interim financial
statements have been prepared in accordance with
IAS 34 “Interim Financial Reporting” as adopted by
the EU and additional requirements of the Danish
Financial Statements Act. The interim report has not
been reviewed or audited.
In our opinion, the condensed consolidated interim
financial statements give a true and fair view of the
Group's assets, liabilities and financial position at 30
June 2026 and of the results of the Group's
operations and consolidated cash flows for the
financial period 1 January – 30 June 2026.
In our opinion, the Management review includes a
fair review of the development in the Group’s
operations and financial conditions, the results for
the period, cash flows and financial position as well
as a description of the most significant risks and
uncertainty factors that the Group faces.
Executive Group Management Board
Kasper Fangel Mads Holm
Group CEO Group CFO
Board of Directors
Niels Smedegaard Jens Bjørn Andersen
Chair Deputy Chair
Kelly Kuhn Henrik Lind
Lars Petersson Reshma Ramachandran
Ben Stevens Henriette Hallberg Thygesen
Signe Adamsen (E)
Tove Møller Eriksen (E)
E = Employee representative
Rune Christensen (E)
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
16 of 37
Condensed
consolidated
interim financial
statements
Primary financial statements
Statement of profit or loss 17
Statement of comprehensive income 18
Statement of cash flows 19
Statement of financial position 20
Statement of changes in equity 21
Basis of preparation
1
Basis of preparation 22
2
Significant estimates and judgements 23
Statement of profit or loss
3
Operating and reportable segments 24
4
Disaggregation of revenue 25
5
Share-based payments 26
6
Other income and expenses, net 27
7
Finance income and costs 27
Statement of cash flows
8
Changes in working capital 28
9
Acquisitions 28
10
Free cash flow 29
Statement of financial position
11
Impairment tests 30
12
Other receivables 30
13
Equity 31
14
Non-controlling interests 31
15
Borrowings 32
16
Pensions and similar obligations 32
17
Provisions 32
18
Other liabilities 33
19
Contingent liabilities 33
Other
20
Hyperinflation in Türkiye 34
21
Subsequent events 35
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
17 of 37
Statement of profit or loss
1 January – 30 June
(DKKm)
Note YTD 2026 YTD 2025
Revenue
3, 4, 20
44,702
41,613
Employee costs
3,
5
(29,000)
(27,226)
Consumables
(3,641)
(3,460)
Other operating expenses
(9,244)
(8,474)
Depreciation and amortisation
3
(790)
(765)
Operating profit before other items
20
2,027
1,688
Other income and expenses, net
6
(55)
(60)
Amortisation/impairment of customer contracts
(60)
(48)
Operating profit
3,
20
1,912
1,580
Finance income
7
135
149
Finance costs
7
(499)
(445)
Profit before tax
1,548
1,284
Income tax
(356)
(289)
Net profit
20
1,192
995
Attributable to:
Owners of ISS A/S
1,200
1,016
Non-controlling interests
(8)
(21)
Net profit
1,192
995
Earnings per share, DKK
Basic earnings per share (EPS)
7.6
5.9
Diluted earnings per share
7.5
5.9
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
18 of 37
Statement of comprehensive income
1 January – 30 June
(DKKm)
Note YTD 2026 YTD 2025
Net profit
1,192
995
Items that will not be reclassified to profit or loss:
Defined benefit plans:
Remeasurement gain/(loss)
16
367
251
Asset ceiling
16
(399)
(183)
Tax
6
(25)
Items that may be reclassified to profit or loss:
FX adjustments of foreign entities
155
(1,009)
Hyperinflation restatement of equity at 1 January
20
245
193
Other comprehensive income
374
(773)
Comprehensive income
1,566
222
Attributable to:
Owners of ISS A/S
1,525
291
Non-controlling interests
41
(69)
Comprehensive income
1,566
222
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
19 of 37
Statement of cash flows
1 January – 30 June
(DKKm) Note YTD 2026 YTD 2025
Operating profit before other items
2,027
1,688
Depreciation and amortisation
790
765
Non-cash items related to hyperinflation
(17)
(13)
Share-based payments
48
48
Changes in working capital
8
(677)
(1,578)
Changes in provisions, pensions and similar obligations
(4)
(102)
Other expenses paid
(41)
(23)
Interest received
41
97
Interest paid
(395)
(395)
Income tax paid
(471)
(352)
Cash flow from operating activities
20
1,301
135
Acquisitions
9
(421)
(6)
Divestments
(59)
(19)
Acquisition of intangible assets, property and equipment
(321)
(315)
Disposal of intangible assets, property and equipment
14
6
Changes in cash deposits and pledges
-
(187)
Changes in financial assets
7
6
Cash flow from investing activities
20
(780)
(515)
Proceeds from issued bonds
15
5,524
-
Proceeds from Euro-Commercial Paper (ECP) programme, net
1,879
3,474
Repayment of bonds
15
(3,737)
-
Repayment of lease liabilities
(453)
(440)
Other financial payments, net
(306)
(70)
Dividends paid to shareholders
(507)
(534)
Transactions with non-controlling interests
14
(627)
-
Purchase of treasury shares
(1,385)
(1,254)
Cash flow from financing activities
20
388
1,176
Total cash flow
909
796
Cash and cash equivalents at 1 January
1,729
6,829
Total cash flow
909
796
Foreign exchange adjustments
9
(220)
Cash and cash equivalents at 30 June
2,647
7,405
Free cash flow
10, 20
568
(542)
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
20 of 37
Statement of financial position
(DKKm)
Assets
Goodwill
11, 20
21,524
19,930
20,373
Other intangible assets
11, 20
4,123
3,737
3,835
Right-of-use assets
11, 20
2,259
2,306
2,229
Property and equipment
11, 20
1,138
996
1,120
Deferred tax assets
891
806
822
Cash deposits and pledges
187
187
187
Financial assets
449
584
451
Non-current assets
30,571
28,546
29,017
Inventories
277
243
245
Trade receivables
13,839
12,885
12,872
Tax receivables
151
95
115
Other receivables
12
2,443
1,910
1,623
Cash and cash equivalents
2,647
7,405
1,729
Current assets
19,357
22,538
16,584
Total assets
49,928
51,084
45,601
Equity and liability
Equity attributable to owners of ISS A/S
9,071
9,694
9,776
Non-controlling interests
14
211
701
764
Total equity
13, 20
9,282
10,395
10,540
Borrowings
15
15,311
9,832
9,762
Pensions and similar obligations
16
1,118
1,167
1,104
Deferred tax liabilities
20
1,209
1,095
1,143
Provisions
17
388
317
311
Non-current liabilities
18,026
12,411
12,320
Borrowings
15
3,321
11,915
5,315
Trade and other payables
7,073
6,494
6,955
Tax payables
386
357
429
Other liabilities
18
11,518
9,314
9,735
Provisions
17
322
198
307
Current liabilities
22,620
28,278
22,741
Total liabilities
40,646
40,689
35,061
Total equity and liabilities
49,928
51,084
45,601
30 June
30 June
31 December
Note
2026
2025
2025
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
21 of 37
Statement of changes in equity
1 January – 30 June
Attributable to owners of ISS A/S
(DKKm)
2026
Equity at 1 January
174
(2,373)
13,670
(1,695)
9,776
764
10,540
Net profit
Other comprehensive income
-
-
-
-
1,200
(26)
-
351
1,200
325
(8)
49
1,192
374
Comprehensive income
-
-
1,174
351
1,525
41
1,566
Dividends
-
-
(507)
-
(507)
-
(507)
Share-based payments
5
-
-
48
-
48
-
48
Settlement of vested PSUs/RSUs
-
190
(190)
-
-
-
-
Purchase of treasury shares
-
(1,385)
-
-
(1,385)
-
(1,385)
Cancellation of own shares
13
(14)
2,715
(2,701)
-
-
-
-
Transactions with
non-controlling interests
14
-
-
(869)
483
(386)
(594)
(980)
Transactions with owners
(14)
1,520
(4,219)
483
(2,230)
(594)
(2,824)
Changes in equity
(14)
1,520
(3,045)
834
(705)
(553)
(1,258)
Equity at 30 June
160
(853)
10,625
(861)
9,071
211
9,282
2025
Equity at 1 January
185
(1,204)
13,133
(971)
11,143
770
11,913
Net profit
-
-
1,016
-
1,016
(21)
995
Other comprehensive income
-
-
57
(782)
(725)
(48)
(773)
Comprehensive income
-
-
1,073
(782)
291
(69)
222
Dividends
-
-
(534)
-
(534)
-
(534)
Share-based payments
-
-
48
-
48
-
48
Settlement of vested PSUs/RSUs
-
128
(128)
-
-
-
-
Purchase of treasury shares
-
(1,254)
-
-
(1,254)
-
(1,254)
Cancellation of own shares
(11)
1,513
(1,502)
-
-
-
-
Transactions with owners
(11)
387
(2,116)
-
(1,740)
-
(1,740)
Changes in equity
(11)
387
(1,043)
(782)
(1,449)
(69)
(1,518)
Equity at 30 June
174
(817)
12,090
(1,753)
9,694
701
10,395
Trans-
Non-con-
Share
Treasury
Retained
lation
trolling
Total
Note
capital
shares
earnings
reserve
Total
interests
equity
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
22 of 37
1
Basis of preparation
The condensed consolidated interim financial statements of ISS A/S for the period 1 January - 30 June 2026 comprise ISS A/S and
its subsidiaries (collectively, the Group) and have been prepared in accordance with IAS 34 "Interim Financial Reporting" as
adopted by the EU and additional requirements of the Danish Financial Statements Act.
The report does not include all the information and note disclosures required in the annual consolidated financial statements, and
should be read in conjunction with the Group’s consolidated financial statements as at 31 December 2025.
The accounting policies applied are consistent with those applied in the preparation of the Group’s consolidated financial
statements for the year ended 31 December 2025, except for the adoption of a number of new and amended standards, which
became applicable for the current reporting period. None of these amendments have had a material impact on the Group's
financial statements, including notes.
New regulation not yet mandatory
IASB issued amended standards and interpretations, which are not yet mandatory for the condensed consolidated interim financial
statements. Based on the current business setup and level of activities, except for IFRS 18, none of these standards and
interpretations are expected to have a material impact on the presentation, recognition and measurement in the condensed
consolidated interim financial statements.
IFRS 18: Presentation and Disclosure in Financial statements
From 1 January 2027, IFRS 18 will replace IAS 1, introducing new requirements in reporting, that will increase comparability of
financial performance between similar entities and provide more relevant information and transparency to users.
IFRS 18 does not change the recognition or measurement of items in the financial statements but affects the presentation of
certain items. For the statement of profit or loss, the standard introduces three defined categories: operating, investing and
financing, and requires specific subtotals, including operating profit. IFRS 18 also introduces disclosure requirements for
management-defined performance measures (MPMs), including explanations of their relevance and reconciliations to IFRS-defined
measures.
ISS continues to analyse the implications of IFRS 18. Based on the analyses performed to date, the most significant impacts are
expected to arise from the narrower definition of the financing category. As a result, certain items previously presented as finance
income or expenses are expected to be reclassified to either the operating or investing category, primarily:
-
Interest income and foreign exchange adjustments on cash and cash equivalents and securities (investing category)
-
Gains and losses on currency swaps as ISS hedges the Group’s net currency positions and IFRS 18 does not permit grossing up
the effect between the operating and financing categories based on the underlying items (operating category)
-
Foreign exchange gains and losses on intercompany balances eliminated on consolidation (operating category)
-
Certain bank and commitment fees, mainly related to undrawn or revolving credit facilities (operating category)
-
Interest income and expenses from factoring or trade receivables/payables (operating category)
ISS will finalise the analyses during the second half of 2026 and expects to disclose the impact of IFRS 18 in the notes to the 2026
Annual Report.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
23 of 37
2
Significant estimates and judgements
The preparation of condensed consolidated interim financial statements required management to make judgements, estimates
and assumptions that affected the application of policies and reported amounts of assets and liabilities, income and expenses as
well as the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities in future periods.
Except for the judgements and estimates commented upon in the notes of these condensed consolidated interim financial
statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended
31 December 2025, cf. Significant estimates and judgements on p. 115 in the consolidated financial statements for 2025.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
24 of 37
3
Operating and reportable segments
ISS is a leading, global provider of workplace and facility service solutions operating in 57 countries. The Group’s operations
and business performance are generally managed based on a geographical structure. Countries are grouped into four
regions, which represent the Group’s reportable segments.
The regions have been identified based on a key principle of grouping countries that share market conditions and cultures.
Countries where we do not have a full country-based support structure (global managed services) are combined in a separate
segment “Other countries”.
Central &
(DKKm)
YTD 2026
Revenue, excl. IAS 29
16,729
16,017
7,550
3,820
448
44,564
(31)
44,533
Revenue
16,729
16,186
7,550
3,820
448
44,733
(31)
44,702
Employee costs
(9,727)
(11,017)
(5,379)
(2,221)
(101)
(28,445)
(555)
(29,000)
Depreciation and amortisation
(314)
(284)
(71)
(40)
(1)
(710)
(80)
(790)
Operating profit before other
items, excl. IAS 29
814
1,153
478
53
23
2,521
(464)
2,057
Operating profit before other
items
814
1,123
478
53
23
2,491
(464)
2,027
Operating profit
794
1,038
478
35
23
2,368
(456)
1,912
YTD 2025
Revenue, excl. IAS 29 15,852
14,377
7,267
3,973
392
41,861
(40)
41,821
Revenue 15,852
14,169
7,267
3,973
392
41,653
(40)
41,613
Employee costs (9,416)
(9,777)
(5,124)
(2,265)
(87)
(26,669)
(557)
(27,226)
Depreciation and amortisation
(293)
(270)
(69)
(49)
(2)
(683)
(82)
(765)
Operating profit before other
items, excl. IAS 29
774
802
484
111
25
2,196
(460)
1,736
Operating profit before other
items
774
754
484
111
25
2,148
(460)
1,688
Operating profit 756
706
484
94
25
2,065
(485)
1,580
Northern
Southern
Asia &
Other
Total
Unall./
Europe
Europe
Pacific
Americas
countries
segments
IC elim
Group
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
25 of 37
4
Disaggregation of revenue
(DKKm)
YTD 2026
Revenue base
Portfolio
Projects and above-base work
13,212
3,517
13,283
2,903
6,904
646
3,463
357
338
110
(28)
(3)
37,172
7,530
Total
16,729
16,186
7,550
3,820
448
(31)
44,702
Customer category
Key accounts
12,316
10,342
5,576
2,763
443
(29)
31,411
Large and medium
3,292
4,874
1,602
1,051
-
(1)
10,818
Small and route-based
1,121
970
372
6
5
(1)
2,473
Total
16,729
16,186
7,550
3,820
448
(31)
44,702
Customer segments
Office-based
7,660
6,588
2,374
1,844
219
(25)
18,660
Production-based
3,309
3,154
1,474
891
218
(6)
9,040
Healthcare
2,373
2,846
1,810
48
-
-
7,077
Other
3,387
3,598
1,892
1,037
11
-
9,925
Total
16,729
16,186
7,550
3,820
448
(31)
44,702
Core services
Cleaning
6,572
7,797
3,510
1,031
48
(4)
18,954
Technical
4,397
4,794
662
740
112
-
10,705
Food
2,891
1,309
664
1,666
35
(5)
6,560
Other
2,869
2,286
2,714
383
253
(22)
8,483
Total
16,729
16,186
7,550
3,820
448
(31)
44,702
YTD 2025
Revenue base
Portfolio
12,860
11,902
6,564
3,542
292
(24)
35,136
Projects and above-base work
2,992
2,267
703
431
100
(16)
6,477
Total
15,852
14,169
7,267
3,973
392
(40)
41,613
Customer category
Key accounts
11,408
9,017
5,258
3,035
388
(37)
29,069
Large and medium
3,337
4,426
1,626
929
-
(1)
10,317
Small and route-based
1,107
726
383
9
4
(2)
2,227
Total
15,852
14,169
7,267
3,973
392
(40)
41,613
Customer segments
Office-based
6,669
5,656
2,295
1,841
196
(38)
16,619
Production-based
3,109
2,928
1,581
1,146
179
(3)
8,940
Healthcare
2,418
2,220
1,557
55
-
1
6,251
Other
3,656
3,365
1,834
931
17
-
9,803
Total
15,852
14,169
7,267
3,973
392
(40)
41,613
Core services
Cleaning
6,495
6,631
3,425
1,055
47
(10)
17,643
Technical
3,858
4,092
610
794
100
(17)
9,437
Food
2,765
1,273
566
1,655
30
(4)
6,285
Other
2,734
2,173
2,666
469
215
(9)
8,248
Total
15,852
14,169
7,267
3,973
392
(40)
41,613
Central &
Northern
Southern
Asia &
Other
Unall./
Europe
Europe
Pacific
Americas
countries
IC elim.
Total
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
26 of 37
5
Share-based payments
Grants in H1 2026
In March 2026, a new LTIP programme (LTIP 2026) was established, and a total of 451,834 performance-based share units (PSUs)
was granted to other senior officers of the Group. In May 2026, a further 145,773 PSUs and Restricted Share Units (RSUs) were
granted to members of the EGM, as part of LTIP 2026. In line with the updated Remuneration Policy, adopted at the annual
general meeting 16 April 2026, which now allows for vesting periods of up to five years, RSUs granted to members of the EGM
under the LTIP 2026, will vest after five years. Upon vesting and subject to the performance criteria, each PSU/RSU entitles the
holder to receive one share at no cost.
Vesting criteria (LTIP 2026)
EGM
Other Senior Officers
Weight
Vesting period
(years)
Weight
Vesting period
(years)
TSR
35%
3
40%
3
EPS
35%
3
40%
3
Service-based
30%
5
20%
3
In addition, in March 2026, 29,372 RSUs were granted to certain members of the EGM and Other Senior Officers of the Group
under the Group's Special Incentive Programme (SIP). Subject to individual service criteria, the RSUs will vest after two years. Upon
vesting, each RSU entitles the holder to receive one share at no cost.
The programme and vesting criteria are described in note 6.2 in the consolidated financial statements for 2025.
LTIP 2026
SIP 2026
Fair value (DKKm)
At grant date
143
7
PSUs and participants (number)
Participants
123
7
PSUs granted
597,607
29,372
Maximum PSUs at initial grant date
672,000
64,000
Vested programmes in H1 2026
In March 2026, the LTIP 2023 programme vested. Based on annual Earnings per share (EPS) performance and TSR performance
for the period 2023-2025, 96% of the granted PSUs vested. The SIP 2024 programme vested 100% in March 2026 based on
individual service criteria. The weighted average share price at the settlement date was DKK 225 for the vested programmes.
After vesting, no further PSUs or RSUs are outstanding under the LTIP 2023 and SIP 2024 and the programmes have lapsed.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
27 of 37
6
Other income and expenses, net
(DKKm)
YTD 2026 YTD 2025
Other
13
-
Other income
13
-
Loss on divestments
(24)
(17)
Acquisition and integration costs
(41)
(17)
Other
(3)
(26)
Other expenses
(68)
(60)
Other income and expenses, net
(55)
(60)
Other (income) comprised final settlement of the contingent consideration from Actera related to the transaction in Türkiye in
2021.
Loss on divestments mainly related to the divestment of the Aviation business in Austria and carve-out of the security business
activities of Grupo Fissa in Spain. In 2025, the loss related to adjustments to prior year divestments.
Acquisition and integration costs related to the Group’s acquisition in Norway and New Zealand in 2026 as well as prior year's
acquisitions in Spain, Austria and Belgium. Of the total amount, DKK 12 million was acquisition costs (2025: DKK 1 million).
7
Finance income and costs
(DKKm) YTD 2026 YTD 2025
Interest income on cash and cash equivalents
Monetary gain on hyperinflation restatement, Türkiye
82
53
94
55
Finance income
135
149
Interest expenses on borrowings
1)
(301)
(237)
Interest expenses on lease liabilities
1)
(76)
(76)
Net interest on defined benefit obligations
(39)
(34)
Bank and commitment fees
(37)
(34)
Interest expenses on factoring
1)
(25)
(27)
Amortisation of financing fees (non-cash)
1)
(13)
(14)
Hedge ineffectiveness of interest rate swaps
-
(4)
Other
-
(4)
Foreign exchange losses
(8)
(15)
Finance costs
(499)
(445)
1)
The total interest expensed determined on an amortised cost basis was DKK 415 million (2025: DKK 354 million).
Interest income on cash and cash equivalents decreased due to lower cash positions on average in H1 2026 compared to same
period in 2025.
Interest expenses on borrowings mainly comprised interest on issued bonds and Euro-Commercial Paper (ECP). The increase
compared to 2025 was driven by a higher net debt position during the first half of 2026 due to increased utilisation of the Euro-
Commercial Paper programme.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
28 of 37
8
Changes in working capital
(DKKm) YTD 2026
YTD 2025
Changes in inventories
Changes in receivables
Changes in payables
(22)
(1,236)
581
(5)
(1,185)
(388)
Changes in working capital
(677)
(1,578)
9
Acquisitions
The Group completed two acquisitions in the period 1 January - 30 June 2026, in addition to the acquisition of Actera's 39.9%
ownership interest in ISS Türkiye, see note 14, Non-controlling interests.
Tomagruppen AS, Norway
On 29 June 2026, ISS acquired 100% of the shares in Norwegian-based Tomagruppen AS, a provider of cleaning, catering, property
management, and other support services to both public and private sector customers, operating in Norway and Denmark, with the
vast majority of operations in Norway.
The acquisition reinforces our position among the market-leading facility services providers in Norway, while adding further scale
and know-how to ISS Denmark’s position across sectors.
Total consideration amounted to DKK 770 million of which DKK 385 million is deferred with no conditions attached and will be paid
in two tranches in January 2027 (60%) and January 2028 (40%), respectively.
The acquisition adds an estimated DKK 1.8 billion to Group annual revenue and approximately 4,500 employees.
Goodwill is attributable mainly to: 1) synergies and scale benefits; 2) strategic nationwide footprint; 3) expertise and know-how
across the platform; and 4) assembled workforce.
Consistent with the Group’s normal procedures, and given the short interval between the completion of the acquisition and the
reporting date, the acquisition accounting has not yet been completed. As a result, the fair values of certain assets and liabilities,
such as customer contracts and trade receivables, are based on management’s best estimates, as the necessary analyses and
calculations are currently ongoing.
Cater Plus Services, New Zealand
On 2 February 2026, ISS acquired 100% of the shares in Cater Plus Services in New Zealand. The acquisition strengthens our food
services capability and supports our strategy to deliver integrated facility service solutions for customers across Key customer
segments in the Pacific region.
Total consideration amounted to DKK 80 million of which DKK 11 million is contingent upon the EBITA achieved in the first year
after the acquisition and has been recognised at the maximum amount payable. Further, DKK 7 million of the total consideration is
deferred to February 2028 with no conditions attached.
The acquisition adds an estimated DKK 0.2 billion to Group annual revenue and 750 employees. Since completion, Cater Plus
Services contributed revenue of DKK 87 million to the Group.
Goodwill is attributable mainly to: 1) expertise, know-how and established market position in food services; 2) platform for growth;
3) cross-selling synergies and scale benefits; and 4) assembled workforce.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
29 of 37
9
Acquisitions (continued)
Net assets and cash flow
(DKKm)
Toma-
gruppen
Cater Plus
Services
Other/Prior
year adj. YTD 2026
YTD 2025
Customer contracts
268
17
(2)
283
-
Other non-current assets
57
12
18
87
-
Trade receivables
413
20
(1)
432
-
Other current assets
120
6
-
126
-
Non-current liabilities
(270)
(26)
12
(284)
-
Current liabilities
(494)
(36)
(51)
(581)
-
Fair value of net assets
94
(7)
(24)
63
-
Goodwill
676
87
23
786
(3)
Consideration transferred
770
80
(1)
849
(3)
Cash in acquired business
(39)
(5)
-
(44)
-
Consideration transferred, net
731
75
(1)
805
(3)
Contingent and deferred consideration
(385)
(18)
19
(384)
9
Acquisitions (cash flow)
346
57
18
421
6
Pro forma revenue/operating profit
Had the acquisitions been completed on 1 January 2026, pro forma revenue would have been DKK 45,622 million and pro forma
operating profit before other items would have been DKK 2,112 million, corresponding to adjustments of the reported amounts of
DKK 920 million and DKK 85 million, respectively.
Subsequent acquisitions
The Group completed no acquisitions from 1 July to 11 August 2026.
10
Free cash flow
Free cash flow as defined by management, see 8.5, Definitions in the consolidated financial statements for 2025, is specified below.
Free cash flow is not a financial performance measure defined by IFRS. Accordingly, the measure and its calculation is presented as
it is used by management as an alternative performance measure in managing the business.
The free cash flow measure should not be considered a substitute for those measures required by IFRS and may not be calculated
by other companies in the same manner. As such, reference is made to the IFRS measures included in the consolidated statement
of cash flows of the consolidated financial statements.
(DKKm) YTD 2026 YTD 2025
Cash flow from operating activities
1,301
135
Acquisition of intangible assets, property and equipment
(321)
(315)
Disposal of intangible assets, property and equipment
14
6
Changes in financial assets
7
9
Addition of right-of-use assets, net
(433)
(377)
Free cash flow
568
(542)
1)
Excluding changes in equity-accounted investments of DKK (0) million (2025: DKK (3) million).
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
30 of 37
11
Impairment tests
The Group performs impairment tests on intangibles, i.e. goodwill, brands and customer contracts, annually and whenever there
is an indication that intangibles may be impaired. The annual impairment test is performed as per 31 December based on
financial forecasts approved by management covering the following financial year.
At 30 June 2026, the review performed did not indicate impairment of the carrying amount of intangibles. Based on the review
performed, it is management’s opinion, that excess values are fairly resilient to any likely and reasonable deteriorations in the key
assumptions applied and presented in note 3.2 in the consolidated financial statements for 2025.
12
Other receivables
(DKKm) YTD 2026 YTD 2025
Prepayments to suppliers
703
680
Supplier rebates and bonuses
451
467
Sign-on fees
408
113
Securities
150
129
Transition and mobilisation
105
40
Salary advances and other employee-related refunds
83
56
VAT refunds
81
50
Divestment proceeds
66
60
Government grants
40
46
Derivatives
15
87
Other
341
182
Total
2,443
1,910
Other receivables increased by DKK 0.5 billion in the first six months of 2026 compared with the same period last year. The
increase was mainly driven by additions from acquired companies and sign-on fees. Sign-on fees to certain large customers are
incurred in the normal course of business and related mainly to the contract extension with DTAG, as well as to certain customer
contracts in the UK and with global key account customers. The sign-on fee related to DTAG has extended payment terms, please
refer to note 18, Other liabilities for further information. In addition, transition and mobilisation increased due to a higher level of
contract start-ups, most notably in the UK and Australia.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
31 of 37
13
Equity
On 16 April 2026, the annual general meeting adopted the Board of Directors’ proposal to reduce the Company’s share capital
from 174,200,000 to 160,000,000 shares. The reduction was implemented on 18 May 2026 by way of cancellation of 14,200,000
own shares with an average price of DKK 191.17 and amounting to a total value of DKK 2,715 million.
14
Non-controlling interests
Ownership structure in ISS Türkiye
On 1 May 2026, ISS announced the acquisition of Actera's 39.9% ownership interest in ISS Türkiye for a purchase price of DKK 985
million of which DKK 350 million is deferred and to be paid in three equal instalments in 2027, 2028 and 2029. As security for the
deferred payments, ISS delivered three irrevocable and unconditional bank guarantees. The excess value of the purchase price
over the carrying amount of the non-controlling interest was DKK 386 million and was recognised in equity as a transaction
between owners.
Actera has been a minority shareholder since 2021 following the acquisition of Rönesans. With this transaction, ISS's ownership
interest in ISS Türkiye increased from 50.1% to 90.0%. ISS remains the controlling shareholder of ISS Türkiye and Management of
ISS Türkiye continues to hold 10.0% of the shares. In connection with the acquisition of Actera's ownership interest, ISS Türkiye was
refinanced through a capital injection, in which Management of ISS Türkiye contributed its proportionate 10.0% share, amounting
to DKK 44 million.
The impact of both transactions on equity and cash flow is specified below.
Transactions with non-controlling interests
(DKKm)
YTD 2026
Consideration transferred
(985)
Transaction costs
(30)
Capital injection
44
Transactions with other non-controlling interests
(9)
Equity impact
(980)
(DKKm)
YTD 2026
Consideration transferred
(985)
Transaction costs
(30)
Capital injection
44
Transactions with other non-controlling interests
(9)
Deferred consideration
350
Settlement of 2021 contingent consideration
3
Cash flow impact
(627)
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
32 of 37
15
Borrowings
Refinancing of bonds
On 6 May 2026, ISS issued a 5-year bond with a principal amount of EUR 750 million and a coupon of 3.50%. The bond was issued
under the Group’s EUR 3 billion European Medium Term Note (EMTN) programme, which is listed on the Luxembourg Stock
Exchange. The net proceeds were used for repayment of the Group's EUR 500 million EMTNs maturing in June 2026 as well as for
general corporate purposes.
16
Pensions and similar obligations
For interim periods, the Group’s defined benefit obligations are based on valuations from external actuaries carried out at the end
of the prior financial year taking into account any subsequent movements in the obligation due to pension costs, contributions etc.
up until the reporting date. Actuarial calculations are only updated to the extent that significant changes in applied assumptions
have occurred since 1 January. Based on an overall analysis carried out by management, it is determined whether updated actuarial
calculations should be obtained for interim periods.
At 30 June 2026, the overall evaluation carried out by management resulted in updated actuarial calculations being obtained for
Switzerland and the UK due to market fluctuations, which had impacted interest rates, inflation rates and asset values. The updated
calculations led to recognition of an actuarial gain of DKK 38 million and gain on plan assets of DKK 329 million, which was offset by
a change in asset ceiling of DKK 399 million due to surplus restrictions. The net loss of DKK 32 million was recognised in other
comprehensive income with a resulting increase in the Group's defined benefit obligations.
17
Provisions
(DKKm)
Legal
claims and
disputes
Self-
insurance
Restruc-
turings
Onerous
contracts Other YTD 2026 YTD 2025
At 1 January
92
231
31
39
225
618
603
FX adjustments
1
12
-
-
2
15
(46)
Profit or loss impact:
Additions
43
128
16
-
83
270
176
Unused amounts reversed
(9)
(3)
-
(1)
-
(13)
(33)
Acquisitions
23
-
-
-
-
23
-
Used during the year (payment)
(14)
(143)
(24)
(6)
(37)
(224)
(193)
Reclass (to)/from other liabilities
21
-
-
-
-
21
8
At 30 June
157
225
23
32
273
710
515
Non-current
70
84
-
25
209
388
317
Current
87
141
23
7
64
322
198
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
33 of 37
18
Other liabilities
(DKKm) YTD 2026
YTD 2025
Accrued wages, pensions, holiday allowances and social security
6,512
5,675
Tax withholdings, VAT etc.
1,939
1,629
Prepayments from customers
1,015
1,062
Contingent consideration and deferred payments
986
220
Supplier, customer and other discounts
443
176
Savings plan
146
129
Accrued interests
119
133
Derivatives
15
14
Other
343
276
Total
11,518
9,314
Other liabilities increased by DKK 2.2 billion in the first six months of 2026 compared with the same period last year. The increase
was largely driven by higher activity levels and organic growth across the Group, resulting in higher employee-related accruals and
VAT liabilities. In addition, contingent consideration and deferred payments increased in relation to the acquisition of
Tomagruppen in Norway and the 39.9% minority stake in ISS Türkiye acquired from Actera. Finally, supplier, customer and other
discounts increased, mainly due to sign-on fees committed in connection with the extension of the contract with DTAG. The sign-
on fees have extended payment terms and will be paid over a period of time.
19
Contingent liabilities
Deutsche Telekom AG
Update on contractual disagreements
On 19 May 2026, ISS announced that it had reached a settlement agreement resolving the contractual disagreements with
Deutsche Telekom AG (DTAG) referenced in the 2025 Annual Report.
As previously communicated, DTAG has withheld certain payments related to services performed by ISS. Following the agreement,
DTAG has paid these amounts, and the parties have established clarity on contractual positions, both historically and going
forward. Based on the agreement, ISS has reassessed revenue recognised in previous years, resulting in a one-off revenue
adjustment with a meaningful impact in H1 2026. The increase in operating profit before other items related hereto is expected to
be reduced in the second half of 2026 due to commitments to invest further in the contract and partnership with DTAG. The
agreement did not result in other reassessments to prior-year estimates.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
34 of 37
20
Hyperinflation in Türkiye
During the first six months of 2026, the inflation rate increased to 17.76% (H1 2025: 16.67%) and the exchange rate for TRY/DKK
decreased from 14.79 in the beginning of year to 14.06 at 30 June 2026, leading to an average rate of 14.35 (H1 2025: 18.16).
The table below shows the accounting impact of the hyperinflation restatements for the period 1 January - 30 June 2026:
Inflation restatement,
in year effect
(DKKm)
YTD 2026
(excl.
IAS 29)
Non-
monetary
items
Profit
or loss
Retrans-
lation
(end rates)
Total
adjust-
ments
YTD 2026
Profit or loss
Revenue
44,533
-
244
(75)
169
44,702
Operating profit before other items
2,057
(42)
17
(5)
(30)
2,027
Operating profit
1,956
(56)
17
(5)
(44)
1,912
Net profit
1,203
(11)
-
-
(11)
1,192
Financial ratios
Organic growth (non-IFRS)
8.2%
-
-
-
-
8.2%
Operating margin (non-IFRS)
4.6%
(0.1%)
0.0%
(0.0%)
(0.1%)
4.5%
Cash flows
Operating activities
1,296
-
-
5
5
1,301
Investing activities
(781)
-
-
1
1
(780)
Financing activities
386
-
-
2
2
388
Free cash flow (non-IFRS)
562
-
-
6
6
568
YTD 2026
(excl.
IAS 29)
Acc.
Inflation
restate-
ment YTD 2026
Financial position
Goodwill
20,426
1,098
21,524
Other intangible assets
3,687
436
4,123
Right-of-use assets, property and equipment
3,285
112
3,397
Total assets
48,282
1,646
49,928
Other comprehensive income
1)
(1,057)
1,431
374
Other equity elements
8,830
78
8,908
Total equity
7,773
1,509
9,282
Deferred tax liabilities
1,072
137
1,209
Total equity and liabilities
48,282
1,646
49,928
1)
In year impact of restatement amounted to DKK 245 million (2025: DKK 193 million).
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim report for 1 January - 30 June 2026
35 of 37
21
Subsequent events
No events have occurred subsequent to 30 June 2026, which are expected to have a material impact on the Group’s financial
position.
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
36 of 37
Other
Conference Call
A conference call will be held on 11 August 2026 at
10:00 am CET. Presentation material will be available
online prior to the conference call.
Registration link:
Link to webcast can be found on ISS’ investor
relations webpage.
For investor enquiries
Michael Vitfell-Rasmussen,
Head of Group Investor Relations
Phone: +45 53 53 87 25
E-mail: Michael.vitfell@group.issworld.com
Anne Sophie Riis,
Senior Investor Relations Manager
Phone: +45 30 52 94 68
E-mail: anne.sophie.riis@group.issworld.com
For media enquiries
Charlotte Holm,
Head of External Communication
Phone: +45 41 76 19 89
E-mail: charlotte.holm@group.issworld.com
Contact information
ISS
A/S
Buddingevej 197
DK-2860 Søborg
Tel.: +45 38 17 00 00
Fax.: +45 38 17 00 11
www.issworld.com
CVR 28 50 47 99
ESEF
data
Name of reporting entity: ISS A/S
Domicile of entity: Denmark
Legal form of entity: A/S
Country of incorporation: Denmark
Address: Buddingevej 197, DK-2860 Søborg
Principal place of business: Global
Principal activities: Workplace and facility service
solutions
Name of the parent entity: ISS A/S
Name of the ultimate parent and Group: ISS A/S
Company announcement no. 51/2026
Copenhagen, 11 August 2026
ISS A/S – Interim Report for 1 January – 30 June 2026
37 of 37
Our global footprint
Countries in dark blue are full-scope countries
Countries in light blue are countries with Global Managed Services
ISS is a leading, global provider of workplace and facility service solutions. In
partnership with customers, ISS drives the engagement and well-being of people,
minimises the impact on the environment, and protects and maintains property.
ISS brings all of this to life through a unique combination of data, insight and
service excellence at offices, factories, airports, hospitals and other locations
across the globe. In 2025, Group revenue was DKK 84.7 billion.
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