SP Group A/S
Announcement No. 36 /2025
19 August 2025
CVR No. 15701315
SP Groups Interim Report for first half of 2025
SP Group generated revenue of DKK 1,466.9 million in the H1 2025 reporting period, a year-on-year decline of 1.2%. EBITDA was down by 3.7% to DKK 291.1 million, and profit before tax (EBT) was down by 6.7% to DKK 164.7 million. As announced on 10 July 2025, our full-year revenue guidance for 2025 has been lowered to a range of -3% to +3% (previously +3% to +10%), while our earnings margin guidance is maintained at an EBITDA margin of 19-21% and an EBT margin of 11-13%. We therefore expect to achieve revenue and earnings at the same level as the record year of 2024.
The Board of Directors of SP Group A/S today considered and approved the interim report for the six months ended 30 June 2025, which includes the following highlights (all changes are calculated in relation to the first half of 2024):
- Revenue fell by 1.2% to DKK 1,466.9 million in H1. Revenue for Q2 was down by 10.7% year on year.
- Earnings before depreciation and amortisation (EBITDA) declined by 3.7% to DKK 291.1 million in H1 for an EBITDA margin of 19.8%. EBITDA for Q2 was down by 18.8% to DKK 124.8 million for an EBITDA margin of 18.3%.
- Profit before tax (EBT) fell by 6.7% to DKK 164.7 million in H1 for an EBT margin of 11.2%. EBT for Q2 was down by 30.6% to DKK 63.6 million for an EBT margin of 9.4%.
- H1 sales of own products declined by 11.5% to DKK 388.4 million. Own products accounted for 26.5% of revenue for the period.
- Sales of other products grew in H1, while Healthcare, Foodtech and Cleantech suffered a setback.
- Cash flows from operating activities were a net inflow of DKK 228.7 million in H1 against DKK 256.6 million in the year-earlier period.
- Net interest-bearing debt (NIBD) was DKK 756.9 million at 30 June 2025, compared to DKK 923.8 million at 30 June 2024. At 31 December 2024, NIBD amounted to DKK 821.1 million. NIBD was 1.3x LTM EBITDA. NIBD fell by DKK 64.2 million in H1 2025.
- SP Meditec is nearing completion of its production ramp-up in Peachtree City, near Atlanta, USA. Due to a high number of customer projects, we are currently exploring options to expand production capacity further.
- In Poland, we have initiated the conversion of one of our factory buildings for the manufacturing of components for medical devices.
- Ergomat has successfully launched new sales activities in Asia, including in key markets such as India and Japan.
- We expect only marginal impact from a new US-EU trade agreement.
- SP Group expects revenue growth for FY 2025 in the range of -3% to +3% (previously +3% to +10%) for an EBITDA margin of 19-21%.
Lars Bering, CEO:
"Following a record-breaking first quarter in terms of revenue and earnings, SP Group generated lower-than-expected sales and earnings in the second quarter of 2025 due to the postponement of several orders and projects during the period. The Q2 performance was impacted by ongoing geopolitical unrest, leading to increased uncertainty in global markets with several of our customers postponing the launch of new projects. However, we are pleased to see increased activity in the defence industry, which has led to several exciting projects for SP. Our subsupplier production grew in the course of H1 2025, as did the inflow of medical device industry projects, resulting in high activity levels at our US factory and the factories in Europe."
For further information:
CEO Lars Bering
Phone: +45 70 23 23 79
www.sp-group.dk
Invitation: Presentation of interim report for the first half of 2025
In continuation of the release of this interim report, SP Group will host a webcast on 20 August 2025 at 1:00 p.m. (in Danish) and at 3:00 p.m. (in English).
SP Group will be represented by CEO Lars Bering and CFO Tilde Kejlhof, who will present the interim report for H1 2025 and answer any questions.
To register for the Danish presentation at 1:00 p.m. CEST, click here.
To register for the English presentation at 3:00 p.m. CEST, click here.
Financial highlights and key ratios
| DKKm, except ratios | Q2 2025 (unaud.) | Q2 2024 (unaud.) | Acc. Q2 2025 (unaud.) | Acc. Q2 2024 (unaud.) | FY 2024 (aud.) |
| Income statement | |||||
| Revenue | 680.6 | 762.2 | 1,466.9 | 1,485.1 | 2,921.7 |
| Profit before depreciation, amortisation and impairment losses (EBITDA) | 124.8 | 153.7 | 291.1 | 302.1 | 588.6 |
| Depreciation, amortisation and impairment losses | -49.6 | -49.9 | -98.7 | -99.7 | -203.1 |
| Profit before net financials (EBIT) | 75.2 | 103.9 | 192.3 | 202.5 | 385.5 |
| Net financials | -11.6 | -12.2 | -27.7 | -26.1 | -40.8 |
| Profit before tax (EBT) | 63.6 | 91.6 | 164.7 | 176.4 | 344.8 |
| Profit for the period | 49.8 | 71.4 | 129.1 | 137.9 | 262.4 |
| Earnings per share (DKK) | 10.66 | 11.34 | 21.59 | ||
| Earnings per share, diluted (DKK) | 10.63 | 11.33 | 21.56 | ||
| Balance sheet | |||||
| Non-current assets | 1,840.9 | 1,847.8 | 1,877.0 | ||
| Total assets | 3,117.5 | 3,157.5 | 3,161.8 | ||
| Equity, including non-controlling interests | 1,701.2 | 1,576.0 | 1,696.8 | ||
Investments in property, plant and equipment (ex acquisitions) | 28.9 | 66.0 | 86.7 | 95.5 | 212.0 |
| Net working capital (NWC) | 741.3 | 792.3 | 738.9 | ||
| Net interest-bearing debt (NIBD) | 756.9 | 923.8 | 821.1 | ||
| NIBD/EBITDA (LTM) | 1.3 | 1.8 | 1.4 | ||
| Cash flows | |||||
| Cash flows from: | |||||
| - operating activities | 98.2 | 135.3 | 228.7 | 256.6 | 509.9 |
| - investing activities | -26.4 | -66.0 | -84.3 | -95.2 | -197.4 |
| - financing activities | -61.7 | -52.5 | -169.1 | -136.6 | -212.3 |
| Changes in cash and cash equivalents | 10.0 | 16.8 | -24.7 | 24.8 | 100.1 |
| Ratios | |||||
| EBITDA margin (%) | 18.3 | 20.2 | 19.8 | 20.3 | 20.1 |
| EBIT margin (%) | 11.1 | 13.6 | 13.1 | 13.6 | 13.2 |
| Profit before tax (EBT) as a percentage of revenue | 9.4 | 12.0 | 11.2 | 11.9 | 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 (%) | 54.4 | 49.8 | 53.5 | ||
| Equity ratio, including non-controlling interests (%) | 54.6 | 49.9 | 53.7 | ||
| Financial gearing | 0.4 | 0.6 | 0.5 | ||
| Cash flow per share, DKK | 19.0 | 21.2 | 42.1 | ||
| Total dividend for the year per share (DKK) | 4.00 | ||||
| Market price, end of period (DKK per share) | 314.00 | 258.00 | 307.50 | ||
| Book value per share, end of period (DKK) | 141.7 | 129.7 | 140.3 | ||
| Market price/book value, end of period | 2.2 | 2.0 | 2.2 | ||
| Number of shares, end of period | 12,490,000 | 12,490,000 | 12,490,000 | ||
| Of which treasury shares, end of period | 529,133 | 377,561 | 431,838 | ||
| Average number of employees | 2,366 | 2,331 | 2,360 |
In case of any discrepancies, the Danish version shall prevail.
