Preliminary financial results for 2022


corporate announcement

Copenhagen, January 23, 2023
No. 3/2023

Preliminary financial results for 2022 – organic growth and free cash flow exceed expectations

ISS A/S (ISS.CO, ISS DC, ISSDY), a leader in workplace experiences and facility management, is pleased to announce unaudited preliminary consolidated financial figures for 2022, with organic growth and free cash flow exceeding those previously presented Trading update Q3 2022. Unless otherwise stated, the information contained in this release excludes any impact from IAS 29 (Accounting for hyperinflation).


Unaudited preliminary results

Latest outlook
(November 2, 2022)

First Outlook (02/24/2022)

Organic growth, %




Operating margin (before other items), %




Free cash flow, billion DKK




Strong financial performance continued in the fourth quarter of 2022 with organic revenue growth of 9.4% for the quarter, leading to full-year 2022 organic growth of 7.8%, beating the most recent forecast of around 6.5% surpassed. Growth for the quarter was primarily driven by return-to-office trends, customer investment in workplaces, and pricing increases across the portfolio. In 2022, price increases in Turkey contributed around 1.5 percentage points to organic growth for the year as a whole. Revenue from projects and commissioned work showed negative organic growth; However, the negative contribution of 0.3 percentage points to the Group’s organic growth for 2022 was lower than originally expected. Sales for the fourth quarter of 2022 were DKK 20.3 billion and DKK 76.5 billion for the full year 2022, including the net impact of hyperinflation accounting in Turkey (IAS 29), which increased full year sales by 0.2% .

The operating margin before other items developed as expected in line with the latest forecast of around 3.8%. Margin development was driven by improving underperforming countries and treaties, primarily the UK and Deutsche Telekom contract. In the second half of 2022, as expected, additional costs related to commercial investments and the mobilization of new contracts have been incurred. Expense inflation continued to be tightly controlled and operating margin was generally unaffected. Hyperinflation effects from IAS 29 reduced the operating margin by 5 basis points for the full year 2022.

Free cash flow for the second half of 2022 was DKK 1.1 billion and DKK 1.7 billion for the full year 2022, beating the recent forecast of around DKK 1.5 billion. The cash outflow related to restructuring projects accounted for in financial year 2020 amounted to DKK 0.5 billion. Despite the higher turnover, working capital was tightly managed and additionally benefited from certain early payments from customers in connection with 2023 of around DKK 0.2 billion.

The preliminary outlook for 2023 for an operating margin of 4.25 – 4.75% presented at the Capital Markets Day on November 7, 2022 is confirmed. The final audited consolidated financial results will be announced with the 2022 Annual Report on February 23, 2023. ISS will provide its 2023 outlook for organic growth, operating margin and free cash flow no later than the publication of the 2022 Annual Report.

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

About ISS
ISS is a leading workplace experience and facility management company. In partnership with clients, ISS promotes people engagement and well-being, minimizes environmental impact and protects and preserves property. ISS brings all of this to life through a unique combination of data, insights and superior service in offices, factories, airports, hospitals and other locations around the world. ISS has more than 350,000 employees worldwide who we call “placemakers”. In 2021, the global turnover of the ISS Group was 71 billion DKK. For more information about the ISS Group, visit

Forward-Looking Statements
This release contains forward-looking statements, including but not limited to the statements and expectations contained in the Outlook sections. Statements contained herein, other than statements of historical fact, regarding future events or prospects are forward-looking statements. The words “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “estimate”, “plan”, “predict”, “intend” or variations of these words and other statements relating thereto matters that are not historical facts or relating to future events or prospects constitute forward-looking statements. ISS has prepared these forward-looking statements based on its current views regarding future events and financial performance. These views involve a number of risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements and from ISS’s past performance. Although ISS believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove to be materially incorrect and actual results may differ materially, e.g. B. due to risks related to the facility services industry in general or ISS in particular, including the information described in ISS A/S Annual Report 2021 and other information made available by ISS.

Therefore, you should not rely on these forward-looking statements. ISS undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The final consolidated financial results for the 2022 financial year are subject to the completion and review of the 2022 Annual Report.

The ISS A/S Annual Report 2021 is available on the group’s website at

ISS A/S, ISIN DK0060542181, ISIN US4651472056, ISS Global A/S, ISIN XS2013618421, ISIN XS1145526825, ISIN XS1673102734, ISS Finance BV, ISIN XS2199343513


Leave a Comment