Thank you. Welcome to this first presentation of our interim report for January to March 2017. With us today to present the results, we have Group CEO, Per Sjöstrand, supported by Lotta Sjögren, Group CFO. We can move to the overview of the start of slide, and I hand over to you, Per.
Thank you very much, Adrian. I'm also saying hello and welcome. Just a short overview of Instalco, what we do, and a short update of who we are. We are a leading multidisciplinary technical installation company, we are active in the Nordic region, a pan-Nordic company. Our service offering consists electrical, heating, and plumbing, ventilation, cooling, and we are focusing on mid-size projects. We, you can see the net sales distribution here. Sweden is dominating 86%, and the rest of Nordics means Norway and Finland is 14% of net sales. You can also see the net sales per discipline. Heating and plumbing is dominating 44%, and electrical 28, and so on. Some highlights on the next slide.
We have a strong net sales growth, 45% almost. Order backlog also increasing, among them, a large order for two other companies at the hospital in the Stockholm region. We have made five acquisitions during this first three months, well, two in Finland. We have created the platform for the Helsinki region. We have a strong cash flow, and as you know, we have made a successful IPO on Nasdaq Stockholm. You can also see the net sales, SEK 689 million, with an adjusted EBITDA of 45 million, and the margin is 6.5%. Next slide, the group development.
We have tried to make a picture for how the bridges from Q1 in 2016, acquisition 171, and then organic growth, 44, that lead us to 689 million in turnover for Q1 in 2017. You can also see the margin and the difference between the four quarters during the year. Normally, quarter four is the strongest quarter two is the next strong, and little bit weaker in quarter one and quarter two. Year-to-year, 45% net sales growth and adjusted EBITDA growth of over 80%. As I said, the margin has improved from 5.3% to 6.5%.
The quarter is, quarter one is seasonally low activity during due to the fact of the Christmas and after and a little bit lower activity, especially in January. The backlog, though, has increased. We have a strong backlog, order backlog. We used to talk about order backlog ratio in of 0.8 times sales, and we mean that is a strong order backlog, and it has increased. We are very satisfied with the order backlog. Going to the next slide, we start with Sweden. The main part of our activity is in Sweden. We have a solid market demand, and we have a very strong result.
As you can see there, we have net sales growth of 31%, about 10%, almost organic, and 21.3% acquired growth. Also, you can see the backlog have grown with about 20%, and also the EBITDA, with a very good margin improvement from 5.7- 8.8. Net sales 593 million, with an EBITDA of 52 million. The margin, as I just said, 8.8, and the backlog is strong, with SEK 1.7 billion in the order backlog. Rest of Nordics, we have a little, we have a small negative EBITDA in Norway and Finland. Finland, we have just started up.
Norway, we have a little, a slow start in Norway this year, that's due to the fact that some projects have been postponed. I think we will normalize it during the next quarter or the next two quarters. There are also, you can see the growth, you can see on an EBITA margin, we started up the Norwegian and also a small company in Finland. We started up in, I think it was in February or March in Q1, 2016. It's a little bit different to compare and to talk about growth.
As you can see, net sales on 95 million, even an EBITA of -two, and order backlog 463 million. The acquisitions made during this first quarter is, as I said, two in Finland, one in Norway, and two in Sweden. The first one, where we have is just an add-on, and a small company on the West Coast in Sweden. Andersen og Aksnes , Heating and Plumbing, Norway, a large company, U-tele is a large company, and the heating and plumbing in Norway in the Oslo region. Then we have two Finnish companies, one electrical and one heating, plumbing, and ventilation, in Helsinki, and also a smaller company in Stockholm, Rörgruppen .
It's situated in Norrtälje, north of Stockholm. They are totally estimated yearly sales of SEK 315 million. As I said before, it's a platform in Helsinki in place. We will, I think we will first look up in Helsinki, and then maybe stay there also. Of course, stay there, but, we concentrate on the Helsinki region in Finland. We will still, we are still looking for high-quality companies with leading positions and documented profitability and growth to acquire. Next slide, you can see our financial targets and dividend policies. Adjusted EBITDA, just to mention, no later than end 2019, double up SEK 450 million.
The average organic sales growth will amount to 5% over time. Margin of 8% is our goal. The net debt in relation to adjusted EBITDA, not exceeding a ratio of 2.5. Cash conversion, 100%. The dividend policy, 30% on net profit. A summary. Strong net sales, profitability, and cash flow, you can see it on the next slide. Continued execution of acquisition strategy, solid development in Sweden, projects in Norway, impact EBITDA, normalized, expected in quarter two, the Finnish platform in place. That's what I want to tell you. You can see on the slide, next slides, our the Instalco model.
I don't know if I have to say something special about it. I think we have a strong entrepreneurial model, a strong spirit in the company, and the model works, I will say. You can also see that on the next slide, the responsibilities for the CEOs, and the cooperation, the business model, with best practice sharing and resource sharing and so on. On the last slide, you have some quarterly data. If you want to ask questions, please go ahead.
Ladies and gentlemen, we are now ready to take your questions. If you wish to ask a question, please press zero one on your telephone keypad. That's zero one on your telephone keypad. Please stand by until we register the first question. There are no questions in queue for the moment. Ladies and gentlemen, as a reminder, please press zero one on your telephone keypad if you wish to ask a question. As there are no questions in queue, I would like to return the conference call to the speakers.
Thank you. I don't think we have any questions, from the audio cast either. I think we can sum it up then, for this time, and we will be back again, for the second quarter report, which will be published on the 25th of August. Thank you for today. Thank you, Per, thank you, Lotta, and everyone listening in.