SP Group (SPG) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 results with 8.8% revenue growth to DKK 786.3 million, driven by proprietary products, subcontracting, and new healthcare agreements in 2024, supported by higher volumes and positive currency effects.

• Opened a new factory in Atlanta, USA, enhancing healthcare production capacity, with a cleanroom facility expected operational in Q2 2025.

• Launched a DKK 40 million share buyback program to reduce share capital.

• Net profit grew 19.3% to DKK 79.3 million, and diluted EPS increased 19.0% to DKK 6.51.

• Growth was strongest in Healthcare (+17.1%) and other industries (+13.9%), while Cleantech and Foodtech saw slight declines.

Financial highlights

• EBIT rose 18.8% to DKK 117.1 million, and EBITDA grew 12.0% to DKK 166.3 million, with margins of 14.9% and 21.1% respectively.

• EBT climbed 19.2% to DKK 101.0 million, with an EBT margin of 12.8%.

• Operating cash flow reached DKK 131 million, and equity ratio improved to 54.9%.

• Net interest-bearing debt decreased by DKK 57.4 million to DKK 763.8 million, or 1.3x LTM EBITDA.

• Equity increased by DKK 69 million.

Outlook and guidance

• 2025 guidance maintained: revenue growth of 3–10%, EBITDA margin of 19–21%, and EBT margin of 11–13%.

• Growth expected from new products, customer needs, and expansion among existing customers.

• Management expects continued growth in Healthcare, Cleantech, and Foodtech, with focus on new products and investments.

• Ongoing risks from geopolitical uncertainty, tariffs, and trade tensions.