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Continued strong business momentum – ISS enters the next phase of the OneISS strategy


Company Announcement

Copenhagen, 23 February 2023
No. 04/2023

ISS today announces its full year 2022 financial results


  • Business momentum continued during the last part of 2022 with accelerating organic growth, solid operating margin and free cash flow improvements.

  • Execution of the OneISS strategy continued, and the consolidated financial turnaround targets were achieved. ISS is now entering the next phase of the strategy, targeting to deliver strong growth at sustainable and attractive margins.

  • The five key strategic priorities are unchanged with focus on growth, brilliant operating basics, technology, planet and people. ISS will with the ‘Customer for life’ initiative, enhance the focus on customer retention.

  • ISS has well-embedded processes in place, to tightly manage inflation through price increases and operational efficiencies. As a result, the operating margin in 2022 was generally unaffected by inflation.

  • The strengthening of commercial processes is starting to show results. Since the Q3 Trading Update, ISS has won an IFS contract with a regional bank in Australia, signed a global partnership with a healthcare customer and secured important contract extensions.

  • The integration of the Swiss acquisition, Livit FM, is progressing well. Key IT migration processes were concluded ahead of plan and operational integration has been successfully completed. A significant share of the synergies is realised, leading to the business being margin accretive to both country and Group.

  • Financial results were in line with the preliminary announcement on 23 January 2023. Organic growth in Q4 2022 was 9.4% (Q4 2021: 5.8%) and 7.8% for the full-year 2022 (2021: 2.0%). The growth was driven by the return-to-office trend, as well as scope and price increases, with prices in Turkey contributing with around 1.5%-points to the organic growth the full-year. In 2022, the operating margin before other items excluding hyperinflation effect (IAS 29) was 3.8% (2021: 2.5%) and free cash flow amounted to DKK 1.7 billion (2021: DKK 1.7 billion).

  • The impact on the Group’s financial KPIs from IAS 29 (hyperinflation accounting) was immaterial.

  • Financial leverage at the end of 2022 was reduced to 2.6x from 3.8x at the end of 2021. Based on the financial results for 2022, the Board of Directors will at the annual general meeting propose a dividend for 2022 of 20% of adjusted net profit, corresponding to a total dividend of DKK 390 million and DKK 2.1 per share.

  • For 2023, organic growth is expected to be 4 - 6%. The operating margin is expected to be 4.25 - 4.75% and free cash flow is expected to be around DKK 2.0 billion.

Jacob Aarup-Andersen Group CEO, ISS A/S, says:

“Our solid business performance in 2022 was driven by the continued execution of the OneISS strategy with a strong focus on growth, operational excellence, investments in technology, sustainability and not least our dedicated placemakers. The commercial momentum remained robust throughout the year with the signing and extension of several key accounts. This proves the resilience of our business model in a challenging macroeconomic environment. As we move into the next phase of our strategy, we remain committed to deliver value to our customers and shareholders, while making a positive impact on the planet and our communities.”

For investor enquiries
Jacob Johansen, Head of Group Investor Relations, +45 21 69 35 91
Kristian Tankred, Senior Investor Relations Manager, +45 30 67 35 25

For media enquiries

Kenni Leth, Head of Global PR & Media Relations, +45 51 71 43 68

About ISS

ISS is a leading, global provider of workplace and facility service solutions. In partnership with customers, ISS drives the engagement and well-being of people, minimises the impact on the environment, and protects and maintains property. ISS brings all of this to life through a unique combination of data, insight and service excellence at offices, factories, airports, hospitals and other locations across the globe. In 2022, Group revenue was DKK 76.5 billion.

ISS A/S, ISIN DK0060542181, ISIN US4651472056, ISS Global A/S, ISIN XS2013618421, ISIN XS1145526825, ISIN XS1673102734, ISS Finance B.V., ISIN XS2199343513