SP Group (SPG) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of DKK 2.922 billion in 2024, up 12.1% year-over-year, driven by strong growth in own products and strategic focus on key sectors.

• Own products now account for 30% of revenue, supporting margin improvements and global expansion.

• Opened a new U.S. factory, expanding injection molding capacity and reducing tariff risks.

• Closed underperforming facilities in Denmark, including Neptune Plastic and Kvistgård, to optimize operations.

• Strategic initiatives include acquisitions, sustainability, and increasing the share of own products.

Financial highlights

• Q4 2024 revenue: DKK 727 million (+11.3%); full-year revenue: DKK 2.922 billion (+12.1%).

• EBITDA for 2024: DKK 599 million (+34%); EBIT: DKK 386 million (+60%); EBT: DKK 345 million (+71.5%).

• Earnings per share rose to DKK 21.6 from DKK 13; equity increased 16% to DKK 1.7 billion.

• Net interest-bearing debt reduced to DKK 821 million; debt/EBITDA at 1.4; equity ratio nearly 54%.

• Share return in 2024 was 45%; proposed dividend of DKK 4 per share (19.1% payout ratio).

Outlook and guidance

• 2025 revenue growth expected at 3%-10%, with EBITDA margin of 19%-21% and EBIT/EBT margin of 11%-13%.

• Long-term ambition for 2030: DKK 4.5 billion revenue, DKK 600 million EBIT/EBT, 6%-9% annual growth.

• Continued focus on organic growth, own product expansion, and selective acquisitions.