SP Group (SPG) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue was DKK 1,467 million, down 1.2% year-over-year, with a sharp 10.7% drop in Q2 due to postponed projects and weaker sales in Healthcare, Foodtech, and Cleantech.

• EBITDA decreased by 3.7% to DKK 291.1 million, with a margin of 19.8%; EBT declined 6.7% to DKK 164.7 million, margin 11.2%.

• Sales of own products fell 11.5% to DKK 388.4 million, now 26.5% of total revenue.

• 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 expanded production capacity in Poland and the US are expected to drive future growth.

Financial highlights

• Net interest-bearing debt at DKK 756.9 million, down from DKK 923.8 million a year ago; NIBD/EBITDA at 1.3x.

• Equity increased by DKK 4.4 million to DKK 1,701.2 million; equity ratio at 54.6%.

• Cash flow from operations was DKK 228.7 million for H1 2025; investments totaled DKK 84.3 million.

• Dividend of DKK 4.00 per share (DKK 48 million total) paid in April 2025.

• Share buy-back program extended by DKK 40 million, running until April 2026.

Outlook and guidance

• 2025 revenue growth guidance revised to -3% to +3% (previously 3% to 10%), reflecting market uncertainty.

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

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