SP Group's Interim Report for the first half of 2026
Company Announcement no. 37/2026
20 August 2026
CVR no. 15701315
SP Group's Interim Report for the first half of 2026:
SP Group delivered record results in the first half of 2026 – in terms of both revenue and earnings. In Q2 2026, revenue rose by 44.6% to DKK 984 million, EBITDA rose by 59.9% to DKK 200 million and earnings before tax (EBT) rose by 91.9% to DKK 122 million.
In connection with the acquisition of OGM Moulding Ltd. on 19 August 2026, the outlook for 2026 has been raised to revenue growth of 24–30% (previously 22–28%), while the outlook for the earnings margins is maintained.
The Board of Directors of SP Group today approved the Interim Report for the first half of 2026, which contains the following highlights (all changes are stated relative to the same period last year):
Q2 2026
- Revenue rose by 44.6% to DKK 984 million, of which organic growth accounted for 29.4% and acquisitions for 15.2%.
- Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 59.9% to DKK 200 million. The EBITDA margin was 20.3%.
- Earnings before tax (EBT) rose by 91.9% to DKK 122 million. The EBT margin was 12.4%.
First half of 2026
- Revenue rose by 32.9% to DKK 1,950 million, of which organic growth accounted for 19.7% and acquisitions for 13.2%.
- Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 36.2% to DKK 397 million. The EBITDA margin was 20.3%.
- Earnings before tax (EBT) rose by 50.3% to DKK 248 million. The EBT margin was 12.7%.
- Sales of own products rose by 21.6% to DKK 472 million. Own products accounted for 24.2% of revenue for the period.
- Sales rose in all product groups in the first half of 2026: Healthcare by 17.9% to DKK 688 million, Cleantech by 40.0% to DKK 560 million, Foodtech by 61.2% to DKK 276 million, and Other products by 36.6% to DKK 427 million.
- Cash flows from operating activities were positive in the first half of 2026 at DKK 291 million, against DKK 229 million in the same period last year.
- Net interest-bearing debt (NIBD) was DKK 1,341 million at the end of June 2026, against DKK 757 million at the end of June 2025. NIBD/EBITDA has been reduced to 1.9, against 2.4 at the end of 2025.
- SP Meditec in Poland has added 1,700 m² of controlled-environment production space for new injection moulding assignments. In the USA, the Atlanta plant is increasing output, and new production machinery is scheduled for delivery.
- The integration of Idé-Pro is proceeding according to plan, and cross-selling has already begun, with new assignments for existing SP Group customers.
- The capital reduction of nominally DKK 780,000 was registered on 4 June 2026, following which the share capital amounts to nominally DKK 24,200,000, divided into 12,100,000 shares.
- At the same time, a share buy-back programme of DKK 40 million was launched, cf. Company Announcement no. 17/2026, running until and including 31 December 2026.
- On 19 August 2026, SP Group entered into and completed an agreement to acquire the UK-based company OGM Moulding Ltd., which has approximately 190 employees, cf. Company Announcement no. 36/2026.
Outlook for 2026
The outlook for 2026 was raised on 10 July 2026, cf. Company Announcement no. 31/2026, to revenue growth of 22–28%, while the outlook for the earnings margins was maintained.
The outlook for 2026 was raised again on 19 August 2026, cf. Company Announcement no. 36/2026, in connection with the acquisition of OGM Moulding Ltd.
Revenue growth of 24–30% is now expected, corresponding to revenue of DKK 3.6–3.8 billion, with acquisitions accounting for 16–17% of the growth. An EBITDA margin of 19–21% and an EBT margin of 11–13% are still expected:
- Revenue growth of 24–30%.
- EBITDA margin of 19–21%.
- EBT margin of 11–13%.
Geopolitical unrest continues, with new political agendas continually emerging from several sides. The war in the Middle East did not affect us significantly in the first half of 2026, but we continue to experience price increases and isolated supply challenges. We expect this to continue in the second half of 2026.
CEO Lars Bering comments:
“Despite geopolitical unrest, SP Group generated higher-than-expected revenue and earnings in the second quarter of 2026, and we are proud to present the strongest half-year results in the Company’s history.
The acquisition of OGM Moulding Ltd. on 19 August 2026 gives us a foothold in the UK market and at the same time strengthens our customer portfolio – offering good opportunities for closer collaboration and cross-selling. We also welcome some 190 new colleagues.
Activity levels remain high, and it is encouraging to see that many companies continue to entrust SP Group with new projects, providing a solid foundation for continued growth in the remainder of the year.”
Invitation to SP Group's presentation of the Interim Report for the first half of 2026
Following the announcement, SP Group will host a webcast on 21 August 2026 at 12:00 CEST (in Danish) and at 15:00 CEST (in English).
SP Group will be represented by CEO Lars Bering and CFO Allan Malmos Jeppesen, who will present the Interim Report for the first half of 2026 and answer questions.
Registration for the Danish presentation on 21 August 2026 at 12:00 CEST:
https://www.inderes.dk/videos/sp-group-praesentation-af-regnskabet-for-2-kvartal-2026
Registration for the English presentation on 21 August 2026 at 15:00 CEST:
https://www.inderes.dk/videos/sp-group-presentation-of-the-quarterly-report-for-q2-2026
Further information:
Lars Bering
CEO, SP Group A/S
+45 70 23 23 79
www.sp-group.com
In case of any discrepancies the Danish version shall prevail.
KEY FIGURES AND RATIOS
| DKK million, except ratios | Q2 2026 (unaudited) | Q2 2025 (unaudited) | H1 2026 (unaudited) | H1 2025 (unaudited) | Full year 2025 (audited) |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | 983.9 | 680.6 | 1,950.3 | 1,466.9 | 2,948.1 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 199.6 | 124.8 | 396.5 | 291.1 | 595.2 |
| Depreciation, amortisation and impairment | -59.4 | -49.6 | -116.9 | -98.7 | -197.7 |
| Earnings before interest and tax (EBIT) | 140.2 | 75.2 | 279.7 | 192.3 | 397.6 |
| Net financial items | -18.1 | -11.6 | -32.1 | -27.7 | -52.5 |
| Earnings before tax (EBT) | 122.1 | 63.6 | 247.6 | 164.7 | 345.0 |
| Profit for the period | 97.3 | 49.8 | 196.5 | 129.1 | 267.1 |
| Earnings per share (EPS) | 8.20 | 4.12 | 16.56 | 10.66 | 22.21 |
| Diluted earnings per share (diluted EPS) | 8.17 | 4.11 | 16.49 | 10.63 | 22.13 |
| Balance sheet | |||||
| Non-current assets | 2,537.7 | 1,840.9 | 2,562.7 | ||
| Total assets | 4,135.0 | 3,117.5 | 3,994.4 | ||
| Equity including non-controlling interests | 1,900.3 | 1,701.2 | 1,809.1 | ||
| Investments in property, plant and equipment excluding acquisitions | 35.6 | 28.9 | 83.5 | 86.7 | 256.4 |
| Net working capital (NWC) | 867.5 | 741.3 | 856.0 | ||
| Net interest-bearing debt (NIBD) | 1,340.6 | 756.9 | 1,460.0 | ||
| NIBD/EBITDA (last 12 months) | 1.9 | 1.3 | 2.4 | ||
| Cash flows | |||||
| Cash flows from: | |||||
| - operating activities | 131.6 | 98.2 | 290.8 | 228.7 | 393.3 |
| - investing activities, including acquisitions | -36.4 | -26.4 | -91.4 | -84.3 | -826.8 |
| - financing activities | -68.2 | -61.7 | -145.3 | -169.1 | 392.3 |
| Net change in cash and cash equivalents | 27.0 | 10.0 | 54.1 | -24.7 | -41.1 |
| Financial ratios | |||||
| EBITDA margin (%) | 20.3 | 18.3 | 20.3 | 19.8 | 20.2 |
| EBIT margin (%) | 14.2 | 11.1 | 14.3 | 13.1 | 13.5 |
| EBT margin (%) | 12.4 | 9.4 | 12.7 | 11.2 | 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 (%) | 45.8 | 54.4 | 45.1 | ||
| Equity ratio including non-controlling interests (%) | 46.0 | 54.6 | 45.3 | ||
| Financial gearing | 0.7 | 0.4 | 0.8 | ||
| Cash flow per share, DKK | 24.5 | 19.0 | 32.9 | ||
| Total dividend per share for the year, DKK | 4.00 | ||||
| Share price, end of period (DKK per share) | 402 | 314 | 347 | ||
| Book value per share, end of period (DKK) | 161.5 | 141.7 | 152.6 | ||
| Price/book value, end of period | 2.5 | 2.2 | 2.3 | ||
| Number of shares, end of period | 12,100,000 | 12,490,000 | 12,490,000 | ||
| Of which treasury shares, end of period | 361,847 | 529,133 | 680,862 | ||
| Average number of employees | 2,757 | 2,366 | 2,378 |