ISS (ISS) CMD 2026 summary

Strategic direction and market outlook

• Focus on customer-centric growth, operational efficiency, and being a leading frontline employer, with a simplified and aligned strategy across 57 countries.

• Unlocking the full potential of the self-delivery model, leveraging global scale for targeted investments and disciplined execution.

• Positioned as the only global IFS and Cleaning self-delivery provider, addressing efficiency, customer experience, and sustainability.

• Targeting attractive, growing markets with macro tailwinds, especially in North America where market share is under 1%.

• No plans for major geographic expansion or transformational M&A; focus remains on bolt-on acquisitions in proven markets.

Financial guidance and capital allocation

• Targets average annual organic growth above 5% for 2026–2028, with price contribution expected to decrease and like-for-like growth at least 2%.

• Operating margin is set to rise from 5.25% in 2026 to 5.5–6.0% by 2028, driven by operating leverage and workforce management.

• Cash conversion is expected to remain above 60% annually, supporting both reinvestment and shareholder returns.

• Capital allocation policy prioritizes maintaining investment-grade credit rating, reliable dividends, and value-accretive bolt-on M&A.

• Disciplined M&A focused on strategic fit, proven management, and synergy realization, with no obligation to pursue deals unless returns exceed alternatives.

Operational and commercial execution

• Workforce management and productivity programs have removed 28 million work hours in 3.5 years, supporting margin expansion and scalability.

• AI and technology investments are enhancing labour optimisation, productivity, and customer outcomes, with pilots in predictive maintenance, scheduling, and recruitment.

• Self-delivery model enables cost synergies, lower wage costs, and improved service experience.

• Employee engagement and turnover have improved, with digital platforms and targeted onboarding reducing early attrition and supporting customer satisfaction.

• Social sustainability is a measurable differentiator, with externally certified social value reporting and increasing importance in public and private tenders.