Trading update for 1 January – 30 September 2023

Continued strong organic growth and strengthened focus on the execution of the OneISS strategy.
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Organic growth

Organic growth was 9.3% in Q3 2023 and 10.7% for the first nine months of 2023. Total revenue for the quarter amounted to DKK 20.0 billion.

Volume growth

The continued strong organic growth in Q3 2023 was driven by price increases and underlying volume growth. Organic growth for projects and above-base work was slightly positive


The OneISS strategic direction remains unchanged. Now, three years after the launch of the strategy, the new and streamlined Executive Group Management team has reviewed and prioritised OneISS initiatives to ensure all initiatives generate the expected value and strengthen the strategic execution.

Focus on strategic initiatives

The enhanced focus on strategic initiatives is expected to generate operational benefits and cost savings of an estimated DKK 200-250 million annually with the majority expected to have effect in 2024. Related to the review, one-off costs of around DKK 200-250 million are expected to be recognised in H2 2023. 

Operating margin

Improvements in underlying margin have been realised, and ISS is well on track to deliver the targeted operating margin of above 5% in 2024.

Commercial development

Commercial development remained solid, and customer retention rate was maintained at a high level at 95% (LTM).

Divestment of ISS France

The divestment process of ISS France is developing in line with plan. Due diligence is in progress with potential buyers. In Spain, the bolt-on acquisition of Grupo Fissa was completed in September 2023. The integration is progressing according to plan and is expected to be finalised during Q1 2024.

2023 outlook

The 2023 outlook is updated. 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%. Including one-off costs related to the OneISS review, operating margin is expected to be reported at around 4.3%. Given the high growth, free cash flow is now expected to be around DKK 1.8 billion (previously around DKK 2.0 billion).


Around 9%

organic growth

Around 4,6%

underlying operating margin

Around DKK 1.8 BN

free cash flow


It is satisfying that our strong growth and development throughout 2023 was maintained in the third quarter. ISS is well on track to deliver on our financial targets for 2024.

Kasper Fangel, Group CEO, ISS A/S

Kasper Fangel Group CEO, ISS A/S, says:

It is satisfying that our strong growth and development throughout 2023 was maintained in the third quarter. ISS is well on track to deliver on our financial targets for 2024. The demand for our services is still increasing across markets and we are constantly focusing on improving our service offerings whilst delivering best-in-class service experiences for our many customers world-wide – achieved through the tireless efforts of our more than 350,000 dedicated placemakers. The OneISS strategy execution continues to drive value. We launched the strategy three years ago and
during the second half of this year we have reviewed and focused the strategic initiatives to further improve the execution, accelerate strategic development and continue to build a stronger and value-creating ISS. This will enhance our ability to seize the opportunities that lie ahead

Revenue overview Q3 2023 Q3 2022 YTD 2023 YTD 2022
DKK million
Revenue 19,973 18,648 58,309 54,222
Organic growth, % 9.3% 8.7% 10.7% 7.8%
Acquisitions & Divestments, % 0.6% (5.7)% 0.5% (6.0)%
Currency & other adjustments, % (2.8)% 2.2% (3.7)% 1.3%
Revenue growth, % 7.1% 5.2% 7.5% 3.1%

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Charlotte Holm
Senior Media Relations Manager
+45 41761989  


Jacob Schmidt Johansen
Head of Group Investor Relations
+45 21693591
Kristian Tankred
Senior Investor Relations Manager
+45 30673525