SP Group (SPG) Q2 2025 earnings summary

Executive summary

• Q1 2025 delivered record revenue and earnings, but Q2 saw a slowdown due to postponed orders, project delays, and customer uncertainty, especially in own products and key segments like Healthcare, Foodtech, and Cleantech.

• Full-year revenue and earnings are expected to be in line with 2024, despite a downgraded revenue outlook.

• New agreements and projects in Healthcare, Cleantech, and Defence are expected to drive future growth.

• Strategic focus remains on Healthcare, Cleantech, and Foodtech, with ongoing investments in medical production capacity in the U.S. and Poland.

• International sales declined by 5.1%, while Danish sales increased by 10.2%.

Financial highlights

• H1 2025 revenue was DKK 1,467 million, down 1.2% year-over-year; Q2 revenue was DKK 680 million, down 10.7%.

• EBITDA for H1 was DKK 291 million, down 3.7%; Q2 EBITDA was DKK 125 million, down 18.8%.

• EBT for H1 was DKK 164.7 million, down 6.7%; net profit was DKK 165 million; EPS at 10.6, down 6.2%.

• Net interest-bearing debt reduced by DKK 64 million to DKK 757 million; equity reached DKK 1.7 billion.

• Cash flow from operations was DKK 228.7 million in H1; investments totaled DKK 84.3 million.

Outlook and guidance

• Full-year 2025 revenue growth guidance revised to -3% to +3% (from 3%-10%), with EBITDA margin at 19%-21% and EBT margin at 11%-13%.

• Revenue and earnings for 2025 expected to be in line with the record year 2024.

• Margins expected to be maintained despite revenue uncertainty.