ISS

We have updated our investment case on ISS A/S following the Q1 2026 trading update. The company delivered solid momentum in Q1 2026 with organic growth of 7.4% and a more balanced growth mix across price, volume, net new wins, and projects, which supports the 2026 guidance of organic growth above 5%, operating margin above 5%, and underlying free cash flow above DKK 2.7bn (and DKK 3.1bn if the Deutsche Telekom case is successful).