Announcement No. 23 /2025
22 May 2025
CVR No. 15701315
Interim report for SP Group A/S - First quarter of 2025
Summary:
SP Group generated revenue of DKK 786.3 million in the Q1 2025 reporting period, an 8.8% improvement from DKK 722.9 million in Q1 2024. EBITDA was up by 12.0% to DKK 166.3 million from DKK 148.4 million last year, and profit before tax was up by 19.2% to DKK 101.0 million from DKK 84.8 million in Q1 2024. The FY 2025 guidance is maintained. FY 2025 revenue is still expected to grow by 3-10%, for an EBITDA margin of 19-21% and an EBT margin of 11-13%.
The Board of Directors of SP Group A/S has today considered and approved the interim report for Q1 2025.
The following is highlighted in this interim report for the first quarter of the year:
- Revenue grew by DKK 63.4 million to DKK 786.3 million, an 8.8% improvement over Q1 2024.
- Earnings before depreciation, amortisation and impairment losses (EBITDA) amounted to DKK 166.3 million, as against DKK 148.4 million in Q1 2024. The EBITDA margin stood at 21.1%.
- Profit before net financials (EBIT) was DKK 117.1 million, up from DKK 98.6 million in Q1 2024, a 18.8% improvement.
- Net financials were an expense of DKK 16.1 million, a DKK 2.2 million increase relative to Q1 2024 and primarily attributable to exchange rate adjustments.
- Profit before tax (EBT) was DKK 101.0 million, a 19.2% increase from DKK 84.8 million in Q1 2024. The EBT margin stood at 12.8%.
- Earnings per share (diluted) were DKK 6.51, a 19.0% improvement from DKK 5.47 in Q1 2024.
- Sales of own products grew to DKK 226.2 million, a 10.2% improvement over Q1 2024. Own products accounted for 28.8% of Q1 2025 revenue.
- Sales of Healthcare and other products grew, while Foodtech and Cleantech suffered a slight decline.
- Cash flows from operating activities were a net inflow of DKK 130.5 million, against DKK 121.3 million in Q1 2024.
- Net interest-bearing debt (NIBD) was DKK 763.8 million at 31 March 2025, compared with DKK 946.4 million at 31 March 2024. At 31 December 2024, NIBD amounted to DKK 821.1 million. NIBD was 1.3x LTM EBITDA. NIBD fell by DKK 57.4 million in Q1 2025.
- FY 2025 revenue is still expected to grow by 3-10%, for an EBITDA margin of 19-21% and an EBT margin of 11-13%.
Lars Bering, CEO:
"I am pleased that we have continued to create strong growth at SP Group in these turbulent times, both in subsupplier orders and own products. Trade wars, tariffs and geopolitical unrest make it very difficult to predict activity in the coming months, as there is a risk that the uncertainty will cause customers to exercise restraint and postpone projects and orders. We are in close dialogue with our customers, and with our global production apparatus, we manufacture where it makes the most sense."
Further information:
CEO Lars Bering, tel.: +45 70 23 23 79, www.sp-group.dk
Invitation to SP Group's presentation of the interim report for Q1 2025 on May 23, 2025
Following the publication, SP Group will hold a webcast/conference call at the following times:
• 10:00 AM in Danish
• 3:00 PM in English
SP Group will be represented by CEO Lars Bering and CFO Tilde Kejlhof, who will present the interim report and answer questions.
Registration for the Danish presentation at 10:00 AM (CEST)
Registration for the English presentation at 3:00 PM (CEST)
SP Group's interim report and IR presentation can be downloaded from www.sp-group.com after publication.
FINANCIAL HIGHLIGHTS AND KEY RATIOS
DKK '000 (key ratios excepted) | Q1 2025 | Q1 2024 (unaudited) | FY 2024 (audited) | ||
Income statement | |||||
Revenue | 786,338 | 722,893 | 2,921,728 | ||
Profit before depreciation, amortisation and impairment losses (EBITDA) | 166,275 | 148,402 | 588,591 | ||
Depreciation, amortisation and impairment losses | -49,165 | -49,786 | -203,080 | ||
Profit before net financials (EBIT) | 117,110 | 98,616 | 385,511 | ||
Net financials | -16,092 | -13,848 | -40,753 | ||
Profit before tax (EBT) | 101,018 | 84,768 | 344,758 | ||
Profit for the period | 79,292 | 66,443 | 262,435 | ||
Earnings per share (DKK) | 6.53 | 5.47 | 21.59 | ||
Earnings per share, diluted (DKK) | 6.51 | 5.47 | 21.56 | ||
Balance sheet | |||||
Non-current assets | 1,884,987 | 1,822,664 | 1,876,964 | ||
Total assets | 3,215,120 | 3,078,152 | 3,161,809 | ||
Equity, including non-controlling interests | 1,765,749 | 1,535,704 | 1,696,807 | ||
Investments in property, plant and equipment, ex acquisitions | 57,797 | 29,515 | 212,044 | ||
Net working capital (NWC) | 765,469 | 796,928 | 738,879 | ||
Net interest-bearing debt (NIBD) | 763,750 | 946,392 | 821,132 | ||
NIBD/EBITDA (LTM) | 1.3 | 2.0 | 1.4 | ||
Cash flows | |||||
Cash flows from: | |||||
- operating activities | 130,528 | 121,278 | 509,875 | ||
- investing activities | -57,896 | -29,240 | -197,402 | ||
- financing activities | -107,401 | -84,091 | -212,337 | ||
Changes in cash and cash equivalents | -34,769 | 7,947 | 100,136 | ||
Ratios | |||||
EBITDA margin (%) | 21.1 | 20.5 | 20.1 | ||
EBIT margin (%) | 14.9 | 13.6 | 13.2 | ||
Profit before tax (EBT) as a percentage of revenue | 12.8 | 11.7 | 11.8 | ||
Return on invested capital including goodwill (%) | 14.8 | ||||
Return on invested capital excluding goodwill (%) | 16.9 | ||||
Return on equity, excluding non-controlling interests (%) | 16.6 | ||||
Equity ratio, excluding non-controlling interests (%) | 54.7 | 49.7 | 53.5 | ||
Equity ratio, including non-controlling interests (%) | 54.9 | 49.9 | 53.7 | ||
Financial gearing | 0.4 | 0.6 | 0.5 | ||
Cash flow per share, DKK | 10.82 | 10.01 | 42.13 | ||
Total dividend for the year per share (DKK) | 4.00 | ||||
Market price, end of period (DKK per share) | 289.00 | 217.00 | 307.50 | ||
Book value per share, end of period (DKK) | 146.51 | 126.43 | 140.25 | ||
Market price/book value, end of period | 1.97 | 1.72 | 2.19 | ||
Number of shares, end of period | 12,490,000 | 12,490,000 | 12,490,000 | ||
Of which treasury shares, end of period | 481,850 | 377,561 | 431,838 | ||
Average number of employees | 2,350 | 2,327 | 2,360 |
In case of any discrepancies the Danish version shall prevail.
