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, including 11.3% organic growth and 11.6% from the Idé-Pro acquisition.

• EBITDA increased 18.5% to DKK 197 million, with all product groups reporting higher sales.

• Strong growth in both own products (+4.1%) and subsupplier projects (+30.5%) compared to Q1 2025.

• Integration of Idé-Pro progressing as planned, with cross-selling underway and expansion plans in India.

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

Financial highlights

• Revenue reached DKK 966 million (+22.9% YoY); EBITDA: DKK 197 million (+18.5% YoY, margin 20.4%).

• EBIT: DKK 139.5 million (+19.1% YoY, margin 14.4%); EBT: DKK 126 million (+24.2% YoY, margin 13.0%).

• Net profit: DKK 99.2 million (+25.1% YoY); diluted EPS up 28.6% to DKK 8.4.

• Cash flow from operations: DKK 159 million (+21.9% YoY); net interest-bearing debt reduced by DKK 72 million to DKK 1,388 million.

• Equity increased by DKK 56 million to DKK 1,865 million; solvency ratio at 45.5%.

Outlook and guidance

• FY 2026 guidance maintained: revenue growth of 15–23% (DKK 3.4–3.6 billion), EBITDA margin 19–21%, EBT margin 11–13%.

• Idé-Pro expected to contribute about 15% of full-year revenue.

• Growth expected from new products, customers, and Idé-Pro acquisition; outlook assumes normalization of geopolitical conditions.