SP Group (SPG) Q2 2025 earnings summary

Executive summary

• Strong growth in Q1 2025 with record sales and margins, but a slowdown in Q2 due to postponed projects, geopolitical uncertainty, and weaker sales in Healthcare, Foodtech, and Cleantech.

• Expansion of production capacity in the US and Poland, with new projects in Healthcare and Cleantech expected to drive future growth.

• Ongoing focus on reducing complexity and optimizing operations to improve profitability.

• Marginal impact expected from new US/EU trade agreement, with costs to be passed on to customers due to local production focus.

Financial highlights

• Revenue for H1 2025 was DKK 1,467 million, down 1.2% year-over-year, with a sharper 10.7% drop in Q2.

• EBIT fell 5.0% to DKK 192 million; EBITDA decreased 3.7% to DKK 291.1 million, with a margin of 19.8%.

• EBT declined 6.7% to DKK 164.7 million; diluted EPS dropped 6.2% to DKK 10.63.

• Own product sales declined 11.5% to DKK 388.4 million, now 26.5% of total revenue.

• Equity increased by DKK 4.4 million; net interest-bearing debt decreased by DKK 64.2 million.

Outlook and guidance

• 2025 revenue growth guidance revised to -3% to +3%, down from 3–10% previously, reflecting market uncertainty.

• EBITDA and EBT margin guidance maintained at 19–21% and 11–13%, respectively.

• Full-year revenue and earnings expected to be in line with record 2024 levels.