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
First half of 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:
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 |