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SP Group (SPG) investor relations material
SP Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Nov, 2025
Executive summary
Revenue for the first nine months of 2025 declined by 3.3% year-over-year to DKK 2,122 million, with EBITDA down 6.7% and EBT down 9.8%.
Q3 2025 saw a 7.7% drop in revenue and a 13.1% decrease in EBITDA compared to Q3 2024.
Guidance for the full year is maintained, expecting results similar to 2024, with revenue guidance of -3% to +3% and EBITDA margin of 19%-21%.
Growth in subsupplier projects and new initiatives in Healthcare, Cleantech, and Defence are expected to drive future growth.
Leadership transition: new CFO to join in January 2026, with current CFO moving to a new role.
Financial highlights
9M 2025 revenue: DKK 2,122 million (down 3.3% year-over-year); EBITDA: DKK 417 million (down 6.7%); EBIT: DKK 270 million (down 8.9%).
Q3 2025 revenue: DKK 655 million; EBITDA: DKK 126 million; EBIT: DKK 77 million (down 17%).
Profit before tax (EBT) dropped by 9.8% to DKK 229 million; diluted EPS decreased by 8.8% to DKK 14.8.
Net interest-bearing debt reduced by DKK 98 million to DKK 723 million; equity at DKK 1.7 billion.
Cash flow from operations: DKK 328 million; investments: DKK 124 million; DKK 50 million each for share buybacks and dividends; DKK 100 million debt repayment.
Outlook and guidance
Full-year 2025 guidance maintained: revenue growth of -3% to +3%, EBITDA margin 19%-21%, EBT margin 11%-13%.
Q4 revenue target is ambitious but considered achievable based on Q1 performance and current order book.
Order book for Q4 is growing, but some risk of customer postponements into January remains.
U.S. factory expected to reach break-even in 2026 and be fully utilized by 2028-2029, with additional DKK 100 million investment planned.
How will SP Meditec Atlanta achieve 2026 EBT break-even?
Impact of own product sales decline on margins?
What specific Q4 drivers support 2025 guidance?
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Q4 202531 Mar, 2026
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Frequently asked questions
SP Group A/S is a Danish company primarily engaged in the plastics industry. It specializes in the manufacture of molded plastic components and performs coatings on plastic and metal components. The company operates through two main business areas: Surface Solutions and Plastic Solutions. Surface Solutions, led by Accoat AS in Norway, delivers surface solutions with Teflon (PTFE) across various industries globally. Plastic Solutions includes activities such as developing, creating prototypes, producing, and refining plastic parts, with Plexx AS being a notable part of this segment. The company is listed on NASDAQ Copenhagen and is headquartered in Søndersø, Denmark.
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