SP Group (SPG) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 declined by 3.3% year-over-year to DKK 2,122 million, with EBITDA down 6.7% and EBT down 9.8%.

• Q3 2025 saw a 7.7% drop in revenue and a 13.1% decrease in EBITDA compared to Q3 2024.

• Guidance for the full year is maintained, expecting results similar to 2024, with revenue guidance of -3% to +3% and EBITDA margin of 19%-21%.

• Growth in subsupplier projects and new initiatives in Healthcare, Cleantech, and Defence are expected to drive future growth.

• Leadership transition: new CFO to join in January 2026, with current CFO moving to a new role.

Financial highlights

• 9M 2025 revenue: DKK 2,122 million (down 3.3% year-over-year); EBITDA: DKK 417 million (down 6.7%); EBIT: DKK 270 million (down 8.9%).

• Q3 2025 revenue: DKK 655 million; EBITDA: DKK 126 million; EBIT: DKK 77 million (down 17%).

• Profit before tax (EBT) dropped by 9.8% to DKK 229 million; diluted EPS decreased by 8.8% to DKK 14.8.

• Net interest-bearing debt reduced by DKK 98 million to DKK 723 million; equity at DKK 1.7 billion.

• Cash flow from operations: DKK 328 million; investments: DKK 124 million; DKK 50 million each for share buybacks and dividends; DKK 100 million debt repayment.

Outlook and guidance

• Full-year 2025 guidance maintained: revenue growth of -3% to +3%, EBITDA margin 19%-21%, EBT margin 11%-13%.

• Q4 revenue target is ambitious but considered achievable based on Q1 performance and current order book.

• Order book for Q4 is growing, but some risk of customer postponements into January remains.

• U.S. factory expected to reach break-even in 2026 and be fully utilized by 2028-2029, with additional DKK 100 million investment planned.