SP Group (SPG) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenue up 22.9% year-over-year to DKK 966 million and EBITDA up 18.5% to DKK 197 million, driven by strong organic growth and expansion in proprietary products and subcontracting tasks.

• Growth supported by both organic expansion (11.3%) and the acquisition of Idé-Pro (11.6%), with integration progressing as planned and supporting cross-selling and international expansion.

• High activity levels and strong inflow of new customers, especially in Healthcare.

• Continued investments in healthcare production capacity, especially in Poland.

• Launched new solar park in Denmark, supporting sustainability initiatives.

Financial highlights

• Revenue increased by 22.9% year-over-year to DKK 966 million, with organic growth of 11.3%.

• EBITDA rose by 18.5% to DKK 197 million, with a margin of 20.4%.

• EBIT grew by 19.1% to DKK 140 million; EBT up 24.2% to DKK 126 million.

• Diluted EPS increased by 28.6% to DKK 8.4.

• Operating cash flow improved by DKK 28 million to DKK 159 million.

• Net interest-bearing debt reduced by DKK 72 million to DKK 1,388 million.

Outlook and guidance

• 2026 guidance maintained: revenue growth of 15–23% (DKK 3.4–3.6 billion), EBITDA margin of 19–21%, EBT margin of 11–13%.

• Growth expected from new products, new customers, and the addition of Idé-Pro, which is expected to contribute about 15% of full-year revenue.

• High activity and capacity utilization expected to continue, with growth dependent on normalization of geopolitical conditions.