SP Group (SPG) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenue up 22.9% year-over-year to DKK 966 million, driven by 11.3% organic growth and the Idé-Pro acquisition.

• EBITDA margin reached 20.4% and EBT margin 13%, both at the upper end of guidance and historical highs.

• Growth was broad-based across all product groups, with strong performance in proprietary products (+4.1%) and subcontracting/subsupplier projects (+30.5%).

• Integration of Idé-Pro is progressing well, supporting cross-selling and capacity expansion, especially in India.

• Expansion of healthcare production in Poland and operational launch of Stourup solar park.

Financial highlights

• Revenue for Q1 2026 was DKK 966 million, up 22.9% from Q1 2025.

• EBITDA grew 18.5% year-over-year to DKK 197 million (margin 20.4%).

• EBT increased by 24.2% to DKK 125–126 million (margin 13.0%).

• Diluted EPS up 28.4% to DKK 8.4; net profit DKK 99.2 million (+25.1%).

• Operating cash flow improved to DKK 159 million, up DKK 28 million from last year; net interest-bearing debt reduced by DKK 72 million to DKK 1,388 million.

Outlook and guidance

• Full-year 2026 guidance maintained: revenue growth of 15–23%, EBITDA margin of 19–21%, EBT margin of 11–13%.

• Growth expected from new products, customers, and continued integration of Idé-Pro.

• Guidance reflects caution due to ongoing geopolitical uncertainty, especially in the Middle East.