ISS A/S
Service·ISS · Nasdaq Copenhagen·Fiscal year to 31/12/2025
OUR BUSINESS MODEL 1) How we create value We deliver cleaning and IFS solutions that enhance the efficiency, sustainability, and user experience of our customers’ workplaces.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Digital recruitment With an employee turnover of 30%, we hire around 100,000 people annually and engage with over one million candidates each year.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Labour shortage in certain geographies, e.g. due to demographic changes from aging societies and migration as well as increased expectations towards employers and wage inflation, are all factors that limit the availability of key talent in certain regions. In addition, high turnover and sickness in certain regions increase reliance on costly short-term labour.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We hire around 100,000 employees every year – making an exceptional people experience critical to our success in both recruiting and retaining our people.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In response to changing labour markets, including persistent labour shortages and workforce increasingly becoming purpose-driven, we are accelerating our people and social sustainability agenda to improve the quality of our people processes, empowered by datadriven insights and solutions, resulting in reduced costs and higher employee retention.”
Annual report 2025A · The company itself
Healthcare and hospitals
End markets
Market
“Certain segments, such as healthcare, remain highly market specific shaped by national systems and policies, and are therefore best managed locally.”
Annual report 2025A · The company itself
Market
“In 2025, ISS strengthened its customer portfolio with a series of significant new partnerships across key markets. ISS won ten new contracts, including European contracts with Danish-based companies like COWI, covering 11 countries and 44 offices, and Velux covering 12 countries in Northern, Central & Southern Europe.”
Annual report 2025A · The company itself
Market
“Key customer segments include Office-based customers in Financial Services, Professional Services and Public Administration; Productionbased customers in Industry & Manufacturing; and Healthcare.”
Annual report 2025A · The company itself
Market
“Key customer segments include Office-based customers in Information & Communication and Financial Services; and Production-based customers in Industry & Manufacturing and Pharmaceuticals; and Healthcare.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Industrial manufacturing
End markets
Market
“Our prioritised customer segments We have prioritised four global segments where ISS can best leverage its strengths, and our focus on workplace experience creates the greatest value. These segments comprise knowledge-based industries, where attracting and engaging talent is critical to success: Financial services Professional services Technology Life sciences To maximise growth across ISS’s full portfolio, countries may also pursue opportunities outside these global segments, based on local capabilities, market conditions and attractive business cases.”
Annual report 2025A · The company itself
Market
“In 2025, ISS strengthened its customer portfolio with a series of significant new partnerships across key markets. ISS won ten new contracts, including European contracts with Danish-based companies like COWI, covering 11 countries and 44 offices, and Velux covering 12 countries in Northern, Central & Southern Europe.”
Annual report 2025A · The company itself
Market
“Key customer segments include Office-based customers in Information & Communication and Financial Services; and Production-based customers in Industry & Manufacturing and Pharmaceuticals; and Healthcare.”
Annual report 2025A · The company itself
Market
“Key customer segments include Office-based customers in Technology and Financial Services, as well as Production-based customers in Industry & Manufacturing and Life Sciences.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“Eight countries are now connected with full global onboarding planned by 2027. To drive more efficient hiring processes , we have established a global Talent Acquisition Centre of Excellence and initiated the discovery and design phase for an AI driven recruitment platform to reduce time-to-hire. Global roll-out will commence in 2026.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“To support this ambition, we established a Talent Acquisition Centre of Excellence in 2025 and initiated the discovery and design phase for an AI-driven recruitment platform. Nine countries are participating to ensure a strong, fit-for-purpose setup ahead of a global rollout starting in Q2 2026, with Pacific and Sweden as the first implementation markets.”
Annual report 2025A · The company itself
Market
“Key customer segments include Office-based customers in Technology and Financial Services, as well as Production-based customers in Industry & Manufacturing and Life Sciences.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Digitalisation
Technology
StrategyPositive impact: strengthens
“We also initiated roll-out of digital onboarding workflows to monitor and enhance engagement during the onboarding phase. The goal is to fully integrate our digital engagement and feedback platforms, MyISS and MyVoice, into one mobile-accessible solution with continuous engagement tracking.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In the summer of 2023, ISS launched the Finance Shared Service Centre (FSC) in Gdańsk, Poland, to consolidate transactional finance activities under a shared service model. The FSC transition is one of the eight strategic initiatives, supporting the efficiency priority by centralising transactional finance processes in centres of excellence to drive added quality, process effectiveness and cost efficiency. Since the initial transition of the Purchase-to-Pay (PtP) process for ISS UK&I, additional core finance processes – including PtP, Order-to-Cash (OtC) and Record-to-Report (RtR) – were subsequently transitioned from European country organisations.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“To support this ambition, we established a Talent Acquisition Centre of Excellence in 2025 and initiated the discovery and design phase for an AI-driven recruitment platform. Nine countries are participating to ensure a strong, fit-for-purpose setup ahead of a global rollout starting in Q2 2026, with Pacific and Sweden as the first implementation markets.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“A risk of failing to meet environmental sustainability obligations and commitments resulting in regulatory penalties, reputational damage, and loss of customer confidence including negatively impacting long-term growth.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Driving outcomes for our customers To win share in the market and meet evolving customer needs, our value proposition centres on delivering three critical outcomes: Efficiency and standardisation – Optimising costs while managing risks and compliance Customer experience – Creating exceptional employee experiences Sustainability – Supporting carbon-reduction targets and social progress This value proposition resonates strongly with customers seeking to actively use their workplaces to attract and engage talent – an increasingly important differentiator in knowledge-based industries.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Financial regulation
Regulation
DriverPositive impact: strengthens
“The Group’s strong capital structure and financial strength were acknowledged by Moody’s, which upgraded their long-term credit rating in October to Baa2 / Stable outlook from Baa3 / Positive outlook.”
Annual report 2025A · The company itself
Market
“Key customer segments include Office-based customers in Financial Services, Professional Services and Public Administration; Productionbased customers in Industry & Manufacturing; and Healthcare.”
Annual report 2025A · The company itself
IT operations and cloud
Raw materials and inputs
StrategyPositive impact: strengthens
“We implemented a new commercial operating model to drive future growth, established a workforce management programme to drive efficiencies, and successfully transitioned nine countries to our finance shared service centre in Poland.”
Annual report 2025A · The company itself
Market
“Key customer segments include Office-based customers in Information & Communication and Financial Services; and Production-based customers in Industry & Manufacturing and Pharmaceuticals; and Healthcare.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“ISS Türkiye Partnership with Actera ISS Türkiye is jointly owned by private equity fund Actera (39.9%), management of ISS Türkiye (10%) and ISS (50.1%) being the controlling shareholder. The shareholders’ agreement between ISS, Actera and management establishes the rights and obligations of the parties, including rights and restrictions on transferring shares, such as right of first refusal, drag along rights from Q4 2024 and right to explore a potential Initial Public Offering (IPO). As previously mentioned, and in line with the terms of the shareholders’ agreement, Actera has initiated a dialogue to explore their potential exit options, and that dialogue remains ongoing.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The acquisition of Garbialdi in Spain has reinforced our country-wide footprint adding scale, predominately within cleaning in the northern part of the country, contributing around 0.7% to Group annual revenue. In Austria, the acquisition of Franye Group further strengthened our platform, predominantly within Technical Services, and our presence in the eastern part of the country, adding around 0.2% to Group annual revenue.”
Annual report 2025A · The company itself
SMEs
End markets
Market
“This increases demand for partners who can deliver transparent, standardised, and efficient solutions at scale. ISS operates in the global outsourced facility services industry, a market valued at approximately DKK 8 trillion.”
Annual report 2025A · The company itself
Market
“In 2025, ISS strengthened its customer portfolio with a series of significant new partnerships across key markets. ISS won ten new contracts, including European contracts with Danish-based companies like COWI, covering 11 countries and 44 offices, and Velux covering 12 countries in Northern, Central & Southern Europe.”
Annual report 2025A · The company itself
Agriculture and food production
End markets
Market
“of Group revenue 8% of Group employees The Americas consists of the mature North American market as well as Mexico and Chile.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Automation and robotics
Technology
StrategyPositive impact: strengthens
“In the summer of 2023, ISS launched the Finance Shared Service Centre (FSC) in Gdańsk, Poland, to consolidate transactional finance activities under a shared service model. The FSC transition is one of the eight strategic initiatives, supporting the efficiency priority by centralising transactional finance processes in centres of excellence to drive added quality, process effectiveness and cost efficiency. Since the initial transition of the Purchase-to-Pay (PtP) process for ISS UK&I, additional core finance processes – including PtP, Order-to-Cash (OtC) and Record-to-Report (RtR) – were subsequently transitioned from European country organisations.”
Annual report 2025A · The company itself
Aviation and travel
End markets
Market
“Airport was extended and expanded, now covering enhanced aviation security and integrated services across domestic and international terminals.”
Annual report 2025A · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
Banks and insurance
End markets
Market
“Our prioritised customer segments We have prioritised four global segments where ISS can best leverage its strengths, and our focus on workplace experience creates the greatest value. These segments comprise knowledge-based industries, where attracting and engaging talent is critical to success: Financial services Professional services Technology Life sciences To maximise growth across ISS’s full portfolio, countries may also pursue opportunities outside these global segments, based on local capabilities, market conditions and attractive business cases.”
Annual report 2025A · The company itself
Defence budgets
Regulation
Market
“In the Asia & Pacific region, ISS was awarded a six year contract with the Australian Department of Defence, providing integrated facility services across 85 sites and introducing digital, operational and socially sustainable innovations.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine mixed effect
Chains out: this strengthens Defence industry
Public sector
End markets
Market
“ISS also extended its long-standing partnership with a Public Administration Customer in Australia, a contract valued at approximately DKK 800 million annually, continuing service delivery across schools, colleges and government facilities.”
Annual report 2025A · The company itself
Semiconductors and electronic components
Raw materials and inputs
Market
“Our prioritised customer segments We have prioritised four global segments where ISS can best leverage its strengths, and our focus on workplace experience creates the greatest value. These segments comprise knowledge-based industries, where attracting and engaging talent is critical to success: Financial services Professional services Technology Life sciences To maximise growth across ISS’s full portfolio, countries may also pursue opportunities outside these global segments, based on local capabilities, market conditions and attractive business cases.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Inflation
Macro
DriverNegative impact: weakens
“Organic growth is expected to be above 5% for 2026 driven by price increases across the Group to offset cost inflation and protect operating margins.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“External drivers, i.e. persistent geopolitical tensions, hybrid warfare, supply chain disruptions, inflationary pressures and economic slowdown might directly or indirectly impact service delivery and profitability.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Price increases contributed around 4%-points to organic growth with around half of this stemming from Türkiye.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Price increases remained the primary driver of organic growth, contributing with around 4%-points, with approximately half of this stemming from Türkiye.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Labour shortage in certain geographies, e.g. due to demographic changes from aging societies and migration as well as increased expectations towards employers and wage inflation, are all factors that limit the availability of key talent in certain regions. In addition, high turnover and sickness in certain regions increase reliance on costly short-term labour.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Strong foundation, clear growth path and attractive returns Equity story Market leader and strong growth potential We operate in the ~ DKK 8 trillion outsourced facility services market projected to grow faster than GDP.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Volume growth contributed around 1.5%-point to organic growth in H2 2025 driven by a combination of increased activity levels at customer sites and expansion of contracts with existing customers, mainly in Northern Europe, Asia & Pacific and Americas.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The negative organic growth was primarily driven by annualisation effects from deliberate contract exits and losses in 2024 as well as tough comparison from 2024, which benefitted from the significant hurricane response and restoration work performed by the US in Q4 2024.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Business risks Group key risks Risk assessment Trend IT Security Health & Safety Technical Services (NEW) Environmental sustainability Commercial (NEW) Strategic transformation People Contract management Macroeconomic & political environment Outside risk appetite Increasing Within risk appetite Unchanged Decreasing We focus on managing the strategic risks that could affect the achievement of our long-term objectives, such as shifts in global market dynamics and evolving customer expectations, alongside the operational risks inherent in our day-to-day activities that may impact business performance in the short to medium term.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Europe
Geography
DriverPositive impact: strengthens
“Volume growth contributed around 1.5%-point to organic growth in H2 2025 driven by a combination of increased activity levels at customer sites and expansion of contracts with existing customers, mainly in Northern Europe, Asia & Pacific and Americas.”
Annual report 2025A · The company itself
Geography
“Central & Southern Europe delivered the strongest growth being double-digit, driven mainly by price increases in Türkiye and projects and above-base work.”
Annual report 2025A · The company itself
Geography
“The largest country in the region is the UK, contributing around 37% of revenue.”
Annual report 2025A · The company itself
Geography
“As such, ISS won four significant new contracts with large key account customers, including the Danish-based Velux, COWI and a Public Administration Customer in the UK, extended several large key account contracts, and the commercial pipeline across the region remained attractive.”
Annual report 2025A · The company itself
Geography
“ISS won ten new contracts, including European contracts with Danish-based companies like COWI, covering 11 countries and 44 offices, and Velux covering 12 countries in Northern, Central & Southern Europe.”
Annual report 2025A · The company itself
United States
Geography
DriverNegative impact: weakens
“These benefits were offset, mainly by the US, where margin was impacted by commercial investments, primarily in staff and infrastructure, to strengthen the platform for future growth.”
Annual report 2025A · The company itself
Geography
“In the Americas, growth was negative, reflecting deliberate contract exits in 2024 and tough comparison against the significant hurricane response and restoration work undertaken in the US in Q4 2024.”
Annual report 2025A · The company itself
Geography
“The commercial development in 2025 was not satisfactory. In response, ISS is investing – and continues to invest – commercially to strengthen the foundation for future growth, primarily in staff and infrastructure.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“External drivers, i.e. persistent geopolitical tensions, hybrid warfare, supply chain disruptions, inflationary pressures and economic slowdown might directly or indirectly impact service delivery and profitability.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Standardised processes, governance structure and procedures, like mandatory commercial sign-off (CSO) process reviews for in scope new and renewed contracts Annual review of Request for Proposal (RFP) learnings to continuously update and improve commercial sign-off process and governance Monthly Business Review Meetings (BRM) to continuously assess contract performance, compliance with financial assumptions and to identify and mitigate risks ISS operates globally but delivers services locally, which reduces exposure to broad macroeconomic and geopolitical volatility compared to companies reliant on offshore production or centralised delivery models.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“A risk of failing to meet environmental sustainability obligations and commitments resulting in regulatory penalties, reputational damage, and loss of customer confidence including negatively impacting long-term growth.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“This was mainly driven by negative growth in Americas due to tough comparison against the significant hurricane response and restoration work in the US in Q4 2024. Solid performance in the remaining regions, most notably Central & Southern Europe, helped to slightly reduce the negative impact.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Interest rates
Macro
DriverNegative impact: weakens
“Net debt and leverage At 31 December 2025, net debt amounted to DKK 13.2 billion (2024: DKK 11.3 billion), an increase of DKK 1.9 billion primarily attributable to payments related to the share buyback programmes and dividends, which more than offset free cash flow generation and proceeds from the ECP programme.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Asia and emerging markets
Geography
Geography
“Volume growth contributed around 1%-point to organic growth driven by a combination of increased activity levels at customer sites and expansion of contracts with existing customers, mainly in Northern Europe and Asia & Pacific.”
Annual report 2025A · The company itself
Geography
“Asia & Pacific benefited from solid growth in Australia, Hong Kong and Singapore.”
Annual report 2025A · The company itself
Geography
“of Group revenue 39% of Group employees The region comprises a mix of developed markets, including Australia & New Zealand, Hong Kong and Singapore, as well as developing markets such as Indonesia, India and China. ISS has a strong presence in the region and holds a market-leading position in several countries.”
Annual report 2025A · The company itself
Geography
“Furthermore, ISS extended and expanded several large key accounts across the Group, especially with high concentration of activity in Asia & Pacific.”
Annual report 2025A · The company itself
Nordics
Geography
Geography
“Volume growth contributed around 1%-point to organic growth driven by a combination of increased activity levels at customer sites and expansion of contracts with existing customers, mainly in Northern Europe and Asia & Pacific.”
Annual report 2025A · The company itself
Geography
“In Northern Europe, growth was largely driven by the annualisation of contract start-ups in 2024, mainly Defra in the UK and the Danish Building and Property Agency in Denmark, as well as the DWP start-up in Q4 2025.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 84.68 bn DKK |
| Revenue growth vs. the year before, same method | 1.1 % |
| EBITDA reported by the company | 5.51 bn DKK |
| Net debt debt incl. leasing minus cash | 13.35 bn DKK |
| Diluted EPS per share | 15.4 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.