Announcement No. 18 / 2026
29 April 2026
CVR no. 15701315
SP Group's interim report for the first quarter of 2026
SP Group delivered a record performance in the first quarter of 2026, with revenue of DKK 966 million, an increase of 22.9%. EBITDA rose 18.5% to DKK 197 million, and profit before tax (EBT) rose 24.2% to DKK 125 million. Geopolitical uncertainty remains elevated, raw material prices are rising, and we are experiencing isolated supply challenges. At the same time, we have seen strong intake of new customers and projects, in particular within Healthcare. The guidance for 2026 is maintained, with revenue growth of 15-23%, an EBITDA margin of 19-21% and an EBT margin of 11-13%.
The Board of Directors of SP Group has today approved the interim report for the first quarter of 2026, with the following highlights (all changes are stated relative to the corresponding period of the previous year):
Q1 2026
- Revenue rose 22.9% to DKK 966 million, of which organic growth accounted for 11.3%.
- Profit before depreciation, amortisation and impairment losses (EBITDA) rose 18.5% to DKK 197 million. The EBITDA margin was 20.4%.
- Profit before tax (EBT) rose 24.2% to DKK 125 million. The EBT margin was 13.0%.
- Sales of own products rose 4.1% to DKK 235 million. Own products accounted for 24.4% of revenue for the period.
- Sales increased across all product groups, including Cleantech, Foodtech, Healthcare and other products, in the first quarter of 2026.
- Cash flows from operating activities were an inflow of DKK 159 million in the first quarter of 2026, against DKK 131 million in the year-earlier period.
- Net interest-bearing debt (NIBD) amounted to DKK 1,388 million at 31 March 2026, against DKK 764 million at 31 March 2025. The acquisition of Idé-Pro BE Holding ApS in December 2025 resulted in a net increase in debt of DKK 653 million at the end of December 2025.
- SP Meditec is well under way with the expansion of its production area in Poland with a new large controlled production environment.
- The integration of Idé-Pro is proceeding according to plan, and cross-selling has already been established, with new projects for existing SP Group customers.
- The Stourup solar park is operational and now produces green energy for SP Group.
Outlook for 2026
The guidance for 2026 is maintained:
- Revenue growth in the range of 15-23%, corresponding to total revenue of DKK 3.4-3.6 billion. Of this, Idé-Pro is expected to account for approximately 15%.
- EBITDA margin of 19-21%.
- EBT margin of 11-13%.
The conflict in the Middle East did not affect the first quarter of 2026, but we are experiencing price increases and isolated supply challenges. The price increases are being passed on, and we are finding alternative solutions for customers where we are facing supply challenges. The guidance is based on the assumption that the situation will normalise within a relatively short period.
CEO Lars Bering comments:
"The start of 2026 has been marked by a strong first quarter, with SP Group delivering robust growth on both the top and bottom lines and posting the strongest quarter in the company's history.
Geopolitical unrest is continuing, and visibility is reduced. We are seeing increases in raw material prices and isolated supply challenges, but we are well prepared and are in close dialogue with customers and suppliers about the situation. We are monitoring developments closely.
The integration of Idé-Pro is proceeding according to plan, and we continue to see significant potential in the acquisition, which has added a strong business and capable employees to SP Group. We are already seeing a number of new projects flowing from SP Group's existing customers to Idé-Pro.
Activity levels are generally very high, and it is encouraging that many companies are choosing SP Group to handle new plastics projects, which will help secure growth and momentum in the period ahead."
Invitation to SP Group's presentation of the Interim report for Q1 2026 on 30 April 2026
Following publication of the interim report, SP Group will host a webcast on 30 April 2026 at 1:00 pm CET (in Danish) and at 3:00 pm CET (in English).
SP Group will be represented by CEO Lars Bering and CFO Allan Malmos Jeppesen, who will present the Interim report for Q1 2026 and answer questions.
Registration for the Danish presentation on 30 April 2026 at 1:00 pm CET:
https://www.inderes.dk/videos/sp-group-praesentation-af-regnskabet-for-1-kvartal-2026
Registration for the English presentation on 30 April 2026 at 3:00 pm CET:
https://www.inderes.dk/videos/sp-group-presentation-of-the-quarterly-report-for-q1-2026
For further information:
Lars Bering
CEO, SP Group A/S
Phone: +45 70 23 23 79
www.sp-group.com
Financial highlights and key ratios
DKKm, except ratios | Q1 2026 (unaud.) | Q1 2025 (unaud.) | FY 2025 |
Income statement | |||
Revenue | 966.4 | 786.3 | 2,948.1 |
Profit before depreciation and amortisation (EBITDA) | 197.0 | 166.3 | 595.2 |
Depreciation, amortisation and impairment losses | -57.5 | -49.2 | -197.7 |
Profit before net financials (EBIT) | 139.5 | 117.1 | 397.6 |
Net financials | -14.0 | -16.1 | -52.5 |
Profit before tax (EBT) | 125.5 | 101.0 | 345.0 |
Profit for the period | 99.2 | 79.3 | 267.1 |
Earnings per share (EPS) | 8.40 | 6.53 | 22.21 |
Earnings per share, diluted (EPS diluted) | 8.36 | 6.51 | 22.13 |
Balance sheet | |||
Non-current assets | 2,558.3 | 1,885.0 | 2,562.7 |
Total assets | 4,095.9 | 3,215.1 | 3,994.4 |
Equity, including non-controlling interests | 1,864.6 | 1,765.7 | 1,809.1 |
Investments in property, plant and equipment, excluding acquisitions | 47.8 | 57.8 | 256.4 |
Net working capital (NWC) | 837.4 | 765.5 | 856.0 |
Net interest-bearing debt (NIBD) | 1,388.5 | 763.8 | 1,460.0 |
NIBD/EBITDA (LTM) | 2.2 | 1.3 | 2.5 |
Cash flows | |||
Cash flows from: | |||
- operating activities | 159.2 | 130.5 | 393.3 |
- investing activities, including acquisitions | -55.0 | -57.9 | -826.8 |
- financing activities | -77.1 | -107.4 | 392.3 |
Changes in cash and cash equivalents | 27.1 | -34.8 | -41.1 |
Key figures and financial ratios | |||
EBITDA margin (%) | 20.4 | 21.1 | 20.2 |
EBIT margin (%) | 14.4 | 14.9 | 13.5 |
EBT margin (%) | 13.0 | 12.8 | 11.7 |
Return on invested capital, including goodwill (%) | 13.3 | ||
Return on invested capital, excluding goodwill (%) | 16.0 | ||
Return on equity (ROE), excluding non-controlling interests (%) | 15.2 | ||
Equity ratio, excluding non-controlling interests (%) | 45.4 | 54.7 | 45.1 |
Equity ratio, including non-controlling interests (%) | 45.5 | 54.9 | 45.3 |
Financial gearing | 0.7 | 0.4 | 0.8 |
Cash flow per share (DKK) | 13.5 | 10.8 | 32.9 |
Total dividend for the year per share (DKK) | 4.00 | ||
Market price (DKK per share), end of period | 353 | 289 | 347 |
Book value per share, end of period (DKK) | 158.3 | 146.5 | 152.6 |
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 | 743,814 | 481,850 | 680,862 |
Average number of employees | 2,756 | 2,350 | 2,378 |
In case of any discrepancies, the Danish version shall prevail.
