SP Group A/S
Announcement No. 57 /2025
18 November 2025
CVR No. 15701315
SP Groups Interim report for third quarter of 2025
The interim report is attached to this company announcement.
Summary of the interim report:
In the first nine months of 2025, SP Group generated revenue of DKK 2,122 million, a year-on-year decline of 3.3%. EBITDA decreased by 6.7% to DKK 417 million, and profit before tax (EBT) decreased by 9.8% to DKK 229 million. As expected, the order book grew in Q3, and several previously postponed projects have been started up for delivery in Q4. Therefore, we maintain our expectation of delivering revenue and earnings in line with the record year 2024.
The Board of Directors of SP Group A/S today considered and approved the interim report for the first nine months of 2025, which includes the following highlights (all changes stated relative to the same period last year):
- For FY 2025, we expect a revenue performance in the range of -3% to +3%, an EBITDA margin of 19-21% and an EBT margin of 11-13%.
- Revenue for the first nine months of 2025 decreased by 3.3% to DKK 2,122 million. Q3 revenue decreased by 7.7%.
- Profit before depreciation and amortisation (EBITDA) decreased by 6.7% in the first nine months of 2025 to DKK 417 million for an EBITDA margin of 19.7%. EBITDA for Q3 decreased by 13.1% to DKK 126 million for an EBITDA margin of 19.3%.
- Profit before tax (EBT) decreased by 9.8% to DKK 229 million in the first nine months of 2025 for an EBT margin of 10.8%. EBT for Q3 decreased by 17.1% to DKK 65 million for an EBT margin of 9.9%.
- Sales of own products decreased by 16.1% in the first nine months of 2025 to DKK 563 million. Own products accounted for 26.5% of revenue for the period.
- Sales of Foodtech and other products increased the first nine months of 2025, while Healthcare and Cleantech suffered a setback.
- Cash flows from operating activities were a net inflow of DKK 328 million the first nine months of 2025, against DKK 402 million in the year-earlier period.
- Net interest-bearing debt (NIBD) was DKK 723 million on 30 September 2025 compared with DKK 826 million on 30 September 2024. At 31 December 2024, NIBD amounted to DKK 821 million, corresponding to 1.3x LTM EBITDA. NIBD fell by DKK 98 million in 9M 2025.
- SP Meditec's start-up of the factory in Atlanta, USA is expected to negatively affect EBT by DKK 20-22 million in 2025, but we expect break-even EBT in 2026.
- The order book is generally growing, and we plan to hire 30-40 new colleagues in Poland in Q4.
CEO Lars Bering:
"Our 2025 performance has been characterised by the ramp-up of the new plant in the US, postponement of orders for own products and growth in subsupplier production.
Activity levels at our new factory in the United States remain high, and the costs related to establishing new production will have a larger adverse impact on FY 2025 than budgeted. The factory is expected to achieve break-even at EBT level in 2026.
After several months of postponed orders and customer restraint, we are now seeing growing order intake and expect strong activity in the Q4. We are pleased to see many new projects, particularly within Healthcare. This promises a high level of activity at our new US factory and the factories in Europe in the coming years."
For further information:
CEO Lars Bering
Phone: +45 70 23 23 79
www.sp-group.dk
Invitation: Presentation of interim report for third quarter 2025
In continuation of the release of this interim report, SP Group will host a webcast on 19 November 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 Q3 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 | Q3 2025 (unaud.) | Q3 2024 (unaud.) | Acc. 9M 2025 (unaud.) | Acc. 9M 2024 (unaud.) | FY 2024 (aud.) |
| Income statement | |||||
| Revenue | 654.8 | 709.7 | 2,121.7 | 2,194.9 | 2,921.7 |
| Profit before depreciation, amortisation and impairment losses (EBITDA) | 126.2 | 145.2 | 417.3 | 447.3 | 588.6 |
| Depreciation, amortisation and impairment losses | -49.0 | -51.9 | -147.7 | -151.6 | -203.1 |
| Profit before net financials (EBIT) | 77.2 | 93.3 | 269.5 | 295.8 | 385.5 |
| Net financials | -12.7 | -15.5 | -40.3 | -41.6 | -40.8 |
| Profit before tax (EBT) | 64.5 | 77.8 | 229.2 | 254.2 | 344.8 |
| Profit for the period | 49.7 | 60.6 | 179.4 | 198.5 | 262.4 |
| Earnings per share (DKK) | 14.8 | 16.3 | 21.6 | ||
| Earnings per share, diluted (DKK) | 14.8 | 16.3 | 21.6 | ||
| Balance sheet | |||||
| Non-current assets | 1,837.4 | 1,826.3 | 1,877.0 | ||
| Total assets | 3,179.0 | 3,073.5 | 3,161.8 | ||
| Equity, including non-controlling interests | 1,731.8 | 1,612.9 | 1,696.8 | ||
Investments in property, plant and equipment (ex acquisitions) | 44.8 | 36.4 | 131.5 | 131.9 | 212.0 |
| Net working capital (NWC) | 748.0 | 755.3 | 738.9 | ||
| Net interest-bearing debt (NIBD) | 723.0 | 825.6 | 821.1 | ||
| NIBD/EBITDA (LTM) | 1.3 | 1.5 | 1.4 | ||
| Cash flows | |||||
| Cash flows from: | |||||
| - operating activities | 98.8 | 145.0 | 327.5 | 401.5 | 509.9 |
| - investing activities | -39.7 | -30.3 | -124.0 | -125.5 | -197.4 |
| - financing activities | -32.3 | -108.6 | -201.4 | -245.2 | -212.3 |
| Changes in cash and cash equivalents | 26.8 | 6.1 | 2.1 | 30.8 | 100.1 |
| Ratios | |||||
| EBITDA margin (%) | 19.3 | 20.5 | 19.7 | 20.4 | 20.1 |
| EBIT margin (%) | 11.8 | 13.2 | 12.7 | 13.5 | 13.2 |
| Profit before tax (EBT) as a percentage of revenue | 9.9 | 11.0 | 10.8 | 11.6 | 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 (%) | 54.2 | 52.3 | 53.5 | ||
| Equity ratio, including non-controlling interests (%) | 54.5 | 52.5 | 53.7 | ||
| Financial gearing | 0.4 | 0.5 | 0.5 | ||
| Cash flow per share, DKK | 27.3 | 33.0 | 42.1 | ||
| Total dividend for the year per share (DKK) | 4.00 | ||||
| Market price, end of period (DKK per share) | 269.0 | 336.5 | 307.50 | ||
| Book value per share, end of period (DKK) | 144.9 | 133.2 | 140.3 | ||
| Market price/book value, end of period | 1.9 | 2.5 | 2.2 | ||
| Number of shares, end of period | 12,490,000 | 12,490,000 | 12,490,000 | ||
| Of which treasury shares, end of period | 594,218 | 416,466 | 431,838 | ||
| Average number of employees | 2,370 | 2,330 | 2,360 |
In case of any discrepancies, the Danish version shall prevail.