Off the Call

Research evidence excerpt

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M

Update

August 11, 2026 10:09 AM GMT

ISS A/S | Europe

Morgan Stanley & Co. International plc+

Annelies Vermeulen

Equity Analyst

Off the Call

Zachariah Al-Qaryooti

Equity Analyst

Key Takeaways

Shares +3-4% today, reflecting the slight beat, FY guidance looking well

underpinned, confident tone from management and ongoing SBB.

ISS A/S (ISS.CO, ISS DC)

Business Services | Denmark

Stay Overweight; 12.5x EV/EBIT undemanding given improved commercial

Stock Rating

Industry View

Price target

Shr price, close (Aug 10, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

momentum, margin progression, removal of DT overhang and increased

* = GAAP or approximated based on GAAP

Q&A focused on the Deutsche Telekom settlement, Americas performance,

growth guidance, margin developments and commercial activity. Key highlights

below.

Overweight

Attractive

DKr 300.00

DKr 273.00

DKr 296.60- 182.10

DKr 46,101

DKr 15,202

DKr 59,599

shareholder returns.

FY26 organic growth guidance. Too early to raise the >6% organic growth guidance

further, despite the strong 2Q print. The current guidance is intended to provide

some cushion, rather than imply growth only marginally above 6%. Key reasons for

caution are a tough 4Q comp, including DWP and other contract starts last year, and

limited visibility on above-base activity. There is no negative trend in above-base,

just lower visibility. Excluding Deutsche Telekom, above-base activity was still

positive and an underlying 2Q contribution of roughly c.1.5% is a reasonable

assumption to make.

Americas. Management remains positive on the US opportunity and said recent

customer meetings and pipeline development reinforced confidence that the current

investments are targeted correctly and returns should come over time. The

Americas pipeline improved through Q2, with ISS progressing further in several

active processes and receiving increasingly positive customer feedback. This does

not yet imply contract wins, but both the go-to-market proposition and operating

model are improving. The investment is significant but is being funded within

…