SP Group (SPG) Q2 2025 earnings summary

Executive summary

• Q1 2025 delivered record results, but Q2 saw a slowdown due to postponed projects, weaker sales in Healthcare, Foodtech, and Cleantech, and geopolitical uncertainty.

• H1 2025 revenue declined by 1.2% year-over-year to DKK 1,467 million, with Q2 revenue down 10.7%.

• EBITDA fell 3.7% to DKK 291 million; EBT dropped 6.7% to DKK 164.7 million.

• Full-year 2025 revenue and earnings are expected to be in line with 2024, despite a downgraded revenue outlook.

• New projects in Healthcare, Cleantech, Defence, and expansion of medical device production in Poland and the US are expected to drive future growth.

Financial highlights

• H1 2025 revenue declined by 1.2% to DKK 1,467 million; Q2 revenue down 10.7% year-over-year.

• EBITDA margin for H1 2025 was 19.8%, down from 20.3% in H1 2024.

• EBT margin for H1 2025 was 11.2%, compared to 11.9% in H1 2024.

• Net interest-bearing debt reduced to DKK 756.9 million; equity ratio improved to 54.6%.

• Cash flow from operating activities at DKK 228.7 million for H1 2025.

Outlook and guidance

• 2025 revenue growth guidance revised to -3% to +3% (from 3–10%); EBITDA and EBT margin guidance maintained at 19–21% and 11–13%.

• Full-year revenue and earnings expected to match 2024 levels.