SP Group (SPG) Q2 2026 earnings summary

Executive summary

• Achieved record revenue and earnings in H1 2026, with revenue up 32.9% year-over-year to DKK 1,950 million and EBITDA up 36.2% to DKK 397 million, driven by both organic growth and acquisitions.

• Expanded global footprint to 14 countries with the acquisition of OGM Moulding Ltd. in the UK and production expansion in Poland.

• Upgraded full-year 2026 guidance twice, now expecting 24%-30% revenue growth with stable margins, following robust H1 results.

• Strong performance across all product groups, with Healthcare, Cleantech, and Foodtech showing notable growth.

• Significant growth in both own products and sub-supplier projects, supported by organic expansion and acquisitions.

Financial highlights

• Q2 2026 revenue grew 44.6% year-over-year to DKK 984 million; H1 2026 revenue reached DKK 1,950 million, up 32.9% year-over-year, with organic growth at 19.7%.

• EBITDA margin for H1 2026 was 20.3%, up from the prior year; EBIT increased 45.4% to DKK 280 million; EBT margin was 12.7%.

• Profit before tax rose 50.3% to DKK 248 million; earnings per share (diluted) increased 55.1% to DKK 16.49.

• Cash flow from operations improved to DKK 291 million in H1 2026; equity increased by DKK 91 million to DKK 1,900 million.

• Net interest-bearing debt reduced by DKK 119 million in H1 2026, now at DKK 1,341 million.

Outlook and guidance

• Full-year 2026 revenue expected at DKK 3.6–3.8 billion, reflecting 24%-30% growth, with EBITDA margin at 19%-21% and EBT margin at 11%-13%.

• Growth driven by both organic expansion and acquisitions, with 16%-17% of growth from acquisitions.

• High activity levels and capacity utilization expected to continue, despite ongoing geopolitical and supply chain challenges.

• Cautious approach to guidance due to geopolitical tensions and potential stockpiling effects.