Recent Insider Transactions • May 28
Board Member recently sold kr.851k worth of stock On the 19th of May, Rune Christensen sold around 3k shares on-market at roughly kr.279 per share. This transaction amounted to 76% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Live News • May 28
ISS Expands Share Buyback to DKK 3.1b and Lifts 2026 Growth Forecasts After Nordic Acquisition ISS A/S launched a share buyback programme in February 2026, initially up to DKK 2.5b through February 2027, aimed at returning excess cash to shareholders, reducing share capital and servicing share-based incentive schemes.
The company later expanded the programme to DKK 3.1b, increasing the second tranche from DKK 1.25b to DKK 1.85b after its H1 2026 report, and subsequently completed a capital reduction that lowered treasury shares to 2,251,359, representing under 5% of share capital and voting rights.
Alongside these actions, ISS upgraded its 2026 outlook, indicating expectations for organic growth above 6%, an operating margin near 5.25%, and higher free cash flow, and also strengthened its Nordic footprint via the acquisition of Norwegian facility services firm Tomagruppen AS.
The combination of an expanded buyback, capital reduction and upgraded 2026 guidance reflects a focus on capital return while also investing in geographic reach through acquisitions.
Investors may want to monitor execution of the enlarged buyback, delivery against the updated 2026 targets and integration of Tomagruppen, as these factors may influence how the company’s capital allocation and strategic plans are viewed. Recent Insider Transactions • May 22
Board Member recently sold kr.851k worth of stock On the 19th of May, Rune Christensen sold around 3k shares on-market at roughly kr.279 per share. This transaction amounted to 76% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • May 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Deputy Chair Jens Andersen was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 06
ISS A/S Maintains Earnings Guidance for the Fiscal Year 2026 ISS A/S maintained earnings guidance for the fiscal year 2026. For the year, the company's operating margin is expected to be above 5%. Upcoming Dividend • Apr 10
Upcoming dividend of kr.3.20 per share Eligible shareholders must have bought the stock before 17 April 2026. Payment date: 21 April 2026. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Danish dividend payers (4.5%). Lower than average of industry peers (2.7%). Declared Dividend • Mar 23
Dividend increased to kr.3.20 Dividend of kr.3.20 is 3.2% higher than last year. Ex-date: 17th April 2026 Payment date: 21st April 2026 Dividend yield will be 1.4%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 22
ISS A/S announces Annual dividend, payable on April 21, 2026 ISS A/S announced Annual dividend of DKK 3.2000 per share payable on April 21, 2026, ex-date on April 17, 2026 and record date on April 20, 2026. Announcement • Mar 21
ISS A/S, Annual General Meeting, Apr 16, 2026 ISS A/S, Annual General Meeting, Apr 16, 2026, at 11:00 Romance Standard Time. Location: iss a/s, buddingevej 197, dk-2860, soborg, Denmark Board Change • Mar 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Deputy Chair Jens Andersen was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: kr.15.60 (vs kr.14.55 in FY 2024) Full year 2025 results: EPS: kr.15.60. Revenue: kr.84.7b (up 1.1% from FY 2024). Net income: kr.2.60b (down 1.1% from FY 2024). Profit margin: 3.1% (in line with FY 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Commercial Services industry in Europe. Announcement • Feb 20
ISS A/S Provides Earnings Guidance for the Fiscal Year 2026 ISS A/S provided earnings guidance for the fiscal year 2026. for the year, the company's operating margin is expected to be above 5%. Announcement • Feb 19
ISS A/S (CPSE:ISS) announces an Equity Buyback for DKK 2,500 million worth of its shares. ISS A/S (CPSE:ISS) announces a share repurchase program. Under the program, the company will repurchase up to 24,000,000 shares for DKK 2,500 million. The purchase price paid in connection with acquisition of treasury shares must not deviate by more than 10% from the price quoted on Nasdaq Copenhagen at the time of acquisition and the shares may not be bought at a price exceeding the higher of the share price of the last independent transaction on the trading venue where the purchase is carried out and the highest independent purchase bid on the trading venue where the purchase is carried out. The purpose of the program is to reduce the share capital and to meet obligations arising from the company's share-based incentive program. The program is expected to be completed in two separate tranches. The program will expire on February 22, 2027. Price Target Changed • Jan 21
Price target increased by 8.0% to kr.237 Up from kr.220, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of kr.236. Stock is up 81% over the past year. The company is forecast to post earnings per share of kr.16.28 for next year compared to kr.14.55 last year. Price Target Changed • Jan 13
Price target increased by 9.7% to kr.231 Up from kr.210, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of kr.233. Stock is up 80% over the past year. The company is forecast to post earnings per share of kr.16.32 for next year compared to kr.14.55 last year. Price Target Changed • Oct 21
Price target increased by 7.7% to kr.198 Up from kr.184, the current price target is an average from 10 analysts. New target price is 5.3% below last closing price of kr.209. Stock is up 52% over the past year. The company is forecast to post earnings per share of kr.16.23 for next year compared to kr.14.55 last year. Price Target Changed • Sep 11
Price target increased by 8.4% to kr.194 Up from kr.179, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of kr.203. Stock is up 60% over the past year. The company is forecast to post earnings per share of kr.16.20 for next year compared to kr.14.55 last year. New Risk • Aug 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 13
First half 2025 earnings released: EPS: kr.5.94 (vs kr.5.11 in 1H 2024) First half 2025 results: EPS: kr.5.94 (up from kr.5.11 in 1H 2024). Revenue: kr.41.6b (up 2.3% from 1H 2024). Net income: kr.1.02b (up 8.7% from 1H 2024). Profit margin: 2.4% (up from 2.3% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Commercial Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Apr 11
ISS A/S Approves Board Elections ISS A/S at its AGM held on April 11, 2025, approved the election of Jens Bjørn Andersen and Henrik Lind as new members of the Board of Directors. Constitution of the Board of Directors: After the Annual General Meeting, the Board of Directors constituted itself by electing Niels Smedegaard as Chair of the Board of Directors and Jens Bjørn Andersen as Deputy Chair of the Board of Directors. Upcoming Dividend • Apr 07
Upcoming dividend of kr.3.10 per share Eligible shareholders must have bought the stock before 14 April 2025. Payment date: 16 April 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Danish dividend payers (5.0%). Lower than average of industry peers (3.8%). Price Target Changed • Mar 06
Price target increased by 7.6% to kr.166 Up from kr.154, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of kr.162. Stock is up 31% over the past year. The company is forecast to post earnings per share of kr.16.54 for next year compared to kr.14.55 last year. Declared Dividend • Feb 23
Dividend increased to kr.3.10 Dividend of kr.3.10 is 35% higher than last year. Ex-date: 14th April 2025 Payment date: 16th April 2025 Dividend yield will be 1.8%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 21
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: kr.14.59 (up from kr.10.42 in FY 2023). Revenue: kr.83.8b (up 6.5% from FY 2023). Net income: kr.2.63b (up 36% from FY 2023). Profit margin: 3.1% (up from 2.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Commercial Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Feb 21
ISS A/S announces Annual dividend, payable on April 16, 2025 ISS A/S announced Annual dividend of DKK 3.1000 per share payable on April 16, 2025, ex-date on April 14, 2025 and record date on April 15, 2025. Announcement • Feb 20
ISS A/S (CPSE:ISS) announces an Equity Buyback for DKK 2,500 million worth of its shares. ISS A/S (CPSE:ISS) announces a share repurchase program. Under the program, the company will repurchase up to DKK 2,500 million worth of its shares. The purchase price paid in connection with acquisition of treasury shares must not deviate by more than 10% from the price quoted on Nasdaq Copenhagen at the time of acquisition and the shares may not be bought at a price exceeding the higher of the share price of the last independent transaction on the trading venue where the purchase is carried out and the highest independent purchase bid on the trading venue where the purchase is carried out. The purpose of the program is to reduce the share capital; and to meet obligations arising from the company's share-based incentive program. The program is expected to be completed in two separate tranches. The program will expire on February 13, 2026. Announcement • Jan 10
ISS A/S, Annual General Meeting, Apr 11, 2025 ISS A/S, Annual General Meeting, Apr 11, 2025. Announcement • Dec 04
ISS A/S Announces Board Changes ISS A/S announced that a supplementary election of a group employee representative to the Board of Directors of ISS A/S has been held with the following elected as a Board member for the remainder of the existing 4-year term (until April 2027): Tove Møller Eriksen (Head of Optimization and Internal Controls). The newly elected group employee representative, Tove Møller Eriksen, will join the Board of Directors as of December 3, 2024. As alternates Tom Ketil Lund (Global Account Director), Vered Gilboa (People and Culture Director, GKA and Products) and Carsten Rasmussen (Financial Systems Manager) have been elected (in the listed order). Reported Earnings • Aug 14
First half 2024 earnings released: EPS: kr.5.11 (vs kr.4.16 in 1H 2023) First half 2024 results: EPS: kr.5.11 (up from kr.4.16 in 1H 2023). Revenue: kr.40.7b (up 6.1% from 1H 2023). Net income: kr.935.0m (up 21% from 1H 2023). Profit margin: 2.3% (up from 2.0% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Commercial Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Aug 12
ISS A/S Announces Resignation of Nada Elboayadi as Board Member ISS A/S announced that Nada Elboayadi is stepping down as an employee elected member of the Board of Directors of the company, as of 12 August 2024. Nada Elboayadi joined the ISS A/S Board of Directors in April 2019 as a member elected by the employees and joined the ISS Group 18 years ago. Announcement • Apr 11
ISS A/S Approves Election of Henriette Hallberg Thygesen as New Member of the Board of Director ISS A/S announced that at its AGM held on April 11, 2024, shareholders approved the election of Henriette Hallberg Thygesen as new member of the Board of Directors. Upcoming Dividend • Apr 05
Upcoming dividend of kr.2.30 per share Eligible shareholders must have bought the stock before 12 April 2024. Payment date: 16 April 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Danish dividend payers (5.6%). Lower than average of industry peers (2.7%). Declared Dividend • Mar 18
Dividend increased to kr.2.30 Dividend of kr.2.30 is 9.5% higher than last year. Ex-date: 12th April 2024 Payment date: 16th April 2024 Dividend yield will be 1.9%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 15
ISS A/S Proposes Dividend for the Year 2023 ISS A/S at its annual meeting to be held on April 11, 2024, proposed distribution of a dividend of DKK 2.3 per share of nominally DKK 1 for the year 2023. Announcement • Feb 23
ISS A/S (CPSE:ISS) announces an Equity Buyback for 18,000,000 shares, for DKK 1,000 million. ISS A/S (CPSE:ISS) announces a share repurchase program. Under the program, the company will repurchase up to 18,000,000 shares for a total of DKK 1,000 million. The purchase price paid in connection with acquisition of treasury shares must not deviate by more than 10% from the price quoted on Nasdaq Copenhagen at the time of acquisition and the shares may not be bought at a price exceeding the higher of the share price of the last independent transaction on the trading venue where the purchase is carried out and the highest independent purchase bid on the trading venue where the purchase is carried out. The purpose of the program is to reduce the share capital; and to meet obligations arising from the company's share-based incentive program (LTIP). The program is expected to be completed in two separate tranches of DKK 500 million each. The program will expire on February 19, 2025. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: kr.10.38 (vs kr.10.43 in FY 2022) Full year 2023 results: EPS: kr.10.38. Revenue: kr.78.7b (up 2.8% from FY 2022). Net income: kr.1.93b (flat on FY 2022). Profit margin: 2.5% (in line with FY 2022). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Commercial Services industry in Europe. Announcement • Jan 09
ISS A/S Appoints Mads Holm as New Group Chief Financial Officer, Effective No Later Than 1 August 2024 ISS A/S announced the appointment of Mads Holm as Group Chief Financial Officer. He will join ISS no later than 1 August 2024 and will be based in the Group’s Headquarters in Copenhagen. Mads Holm joins ISS from Equinor, where he currently holds the position as CFO of Equinor Renewables, as well as Member and former Chair of the Board for Equinor Asset Management. Since joining Equinor in 2012, Mads held several finance leadership positions including responsibility of Financial Reporting, Tax, Treasury, Investor Relations, Asset Management and supply chain excellence. Prior to Equinor, Mads held various positions within Danske Bank where he started in 2003, and he holds an MSc in Finance and Accounting from Copenhagen Business School. Interim Group CFO, Carsten Højlund, will continue in the current role to ensure a smooth hand over when Mads joins. Announcement • Nov 18
ISS A/S Announces Change of Board of Directors ISS A/S announced that Kadir Ünver is stepping down as an employee elected member of the Board of Directors of ISS A/S as of 20 November 2023. For the remaining part of the term, Kadir Ünver will be succeeded by the alternate Rune Christensen, who is Head of Legal Affairs & M&A Support. Announcement • Nov 10
ISS A/S to Report First Half, 2024 Results on Aug 13, 2024 ISS A/S announced that they will report first half, 2024 results on Aug 13, 2024 Recent Insider Transactions • Nov 06
Key Executive recently bought kr.399k worth of stock On the 3rd of November, Kasper Fangel bought around 3k shares on-market at roughly kr.114 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr.4.2m. Kasper has been a buyer over the last 12 months, purchasing a net total of kr.699k worth in shares. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr.117, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Commercial Services industry in Europe. Total returns to shareholders of 23% over the past three years. Major Estimate Revision • Nov 02
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from kr.10.70 to kr.8.00 per share. Revenue forecast steady at kr.79.0b. Net income forecast to grow 240% next year vs 25% growth forecast for Commercial Services industry in Denmark. Consensus price target down from kr.172 to kr.162. Share price rose 11% to kr.110 over the past week. Announcement • Nov 02
ISS A/S Revises Earnings Guidance for the Year 2023 ISS A/S revised earnings guidance for the year 2023. For the year, the company organic growth is now expected to be around 9% (previously ‘7% – 9%’). Operating margin remains within the previous range (‘4.25% - 4.75%') with underlying margin expected to be around 4.6%. Announcement • Aug 24
Gloria Diana Glang Steps Down as a Member of the Board of Directors of ISS A/S, Effective End of August 2023 ISS A/S announced that Gloria Diana Glang steps down as a member of the Board of Directors. Gloria Diana Glang has taken up a new executive position and is required to step down from board positions in public listed companies. The resignation is effective end of August 2023. Gloria Diana Glang joined the ISS A/S’ Board of Directors in April 2023 and is a member of the Audit & Risk Committee as well as the Transaction Committee. Recent Insider Transactions • Aug 21
Key Executive recently bought kr.4.2m worth of stock On the 18th of August, Jacob Aarup-Andersen bought around 35k shares on-market at roughly kr.119 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jacob has been a buyer over the last 12 months, purchasing a net total of kr.8.1m worth in shares. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr.120, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Commercial Services industry in Europe. Total returns to shareholders of 23% over the past three years. New Risk • Aug 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.9% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Recent Insider Transactions • Aug 11
Key Executive recently bought kr.1.3m worth of stock On the 10th of August, Jacob Aarup-Andersen bought around 10k shares on-market at roughly kr.130 per share. This transaction amounted to 5.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jacob has been a buyer over the last 12 months, purchasing a net total of kr.4.0m worth in shares. Reported Earnings • Aug 11
First half 2023 earnings released First half 2023 results: Revenue: kr.39.7b (up 7.4% from 1H 2022). Net loss: kr.589.0m (down 177% from profit in 1H 2022). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Commercial Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 28
Key Executive recently bought kr.1.3m worth of stock On the 25th of May, Jacob Aarup-Andersen bought around 10k shares on-market at roughly kr.132 per share. This transaction amounted to 5.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jacob has been a buyer over the last 12 months, purchasing a net total of kr.2.6m worth in shares. Board Change • May 09
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Director Reshma Ramachandran was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.