Research

ISS (One-pager): ISS maintains guidance and increases buyback as margins improve

By Rasmus KøjborgHead of Research, Stables

Read the latest ISS One-pager following the H1 2025 results, where the global workplace and facility services provider delivered H1 organic growth of 4.1%, in line with consensus, supported by pricing discipline, modest volume gains, and solid project activity. Group operating margin improved to 4.2% (excl. IAS 29) from 4.0% last year, slightly ahead of analyst expectations.

ISS announced an increase of DKK 500m to its 2025 share buyback programme, now totalling DKK 3.0bn, with the second tranche launching immediately and running until mid-February 2026. Year-to-date, the company has completed DKK 1.25bn of repurchases alongside the 2024 dividend.

The company maintained its full-year guidance for 4-6% organic growth, operating margin above 5%, and strong cash generation, despite expecting FX to impact growth by -3 to -4pp (prev. -2 to -3pp). Management highlighted solid regional performance in Central & Southern Europe (9% organic growth) and APAC (6%), stable growth in Northern Europe (2%), and ongoing mobilisation of the large UK DWP contract.

To learn more about ISS and its performance YTD and outlook for the remainder of 2025 and beyond, catch up on the latest presentation of the H1 2025 results with ISS CFO Mads Holm. Link: https://www.inderes.dk/videos/iss-praesentation-af-regnskabet-for-2-kvartal-2025

Disclaimer: HC Andersen Capital receives payment from ISS for a Digital IR / corporate visibility subscription agreement. Philip Coombes 13 August 2025 14:05.

ISS is a service company that offers services in cleaning, security, and catering. Examples of services include maintenance and supervision, floor care and window cleaning, plant decoration, and telephony services. Customers are found in most industries and on a global level, with the largest operations in the Nordic market. The company was founded in 1901 and is headquartered in Søborg, Denmark.