SP Group (SPG) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 revenue, EBITDA, and EBT margins, with growth driven by Healthcare and own products.

• Revenue increased 8.8% year-over-year to DKK 786.3 million in Q1 2025, with EBITDA up 12.0% to DKK 166.3 million and profit before tax up 19.2% to DKK 101.0 million.

• International sales rose 8.1%, with Danish sales up 10.6%; organic growth in local currencies was 7.9%.

• New US factory operational, supporting Healthcare segment expansion.

• Launched DKK 40 million share buy-back programme to reduce share capital.

Financial highlights

• Revenue rose 8.8% year-over-year to DKK 786m in Q1 2025.

• EBITDA increased 12.0% to DKK 166m; EBITDA margin improved to 21.1%.

• EBIT grew 18.8% to DKK 117m; EBIT margin reached 14.9%.

• EBT up 19.2% to DKK 101m; EBT margin at 12.8%.

• Diluted EPS increased 19.0% to DKK 6.5.

Outlook and guidance

• 2025 revenue growth expected at 3–10%.

• EBITDA margin guidance maintained at 19–21%.

• EBT margin guidance at 11–13%.

• Growth to be driven by new products, customers, and existing customer expansion.

• Management expects slower growth for the remainder of 2025 due to geopolitical and trade uncertainties.